HOS 8-K
Hornbeck Offshore Services, Inc. (HOS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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| Item 7.01. | Regulation FD Disclosure. |
On September 2, 2026, Hornbeck Offshore Services, Inc., a Delaware corporation (the “Company”), posted a presentation to its website to be used, or the basis of which will be used, in communications with investors. The presentation materials are attached hereto as Exhibit 99.1 and are incorporated herein by reference. The presentation materials are also available on the “Investors” page of the Company’s website, https://hornbeckoffshore.com/. Investors and others should note that the Company routinely uses the “Investors” page of its website to announce material information to investors and the marketplace. While not all of the information that the Company posts on its website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in the Company to review the information that it shares on https://hornbeckoffshore.com/. Information contained on, or accessible through, the Company’s website is not a part of and is not incorporated by reference in this Current Report on Form 8-K or in any of the Company’s other filings with the U.S. Securities and Exchange Commission.
The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | Presentation. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HORNBECK OFFSHORE SERVICES, INC. | ||
| By: | /s/ Todd M. Hornbeck | |
| Todd M. Hornbeck | ||
| President and Chief Executive Officer | ||
Date: September 3, 2026
Exhibit 99.1 Hornbeck Offshore Services A Premier Integrated Offshore Services Company
Combination with Helix Creates an Integrated Offshore Services Leader in Deepwater Merger completed September 1, 2026 ▪ P R O F O R M A C O M B I N E D C O M P A N Y Hornbeck Offshore Services, Inc. Fleet of High-Specification Deepwater Vessels Well Intervention, Robotics and Technical Services NYSE: HOS (1) • 57 OSVs, including 22 ultra high-spec ~327 million fully diluted shares outstanding • Seven well intervention vessels • 15 MPSVs, including two newbuilds to be completed in 2027 & 2028• Five chartered vessels (2) • 57 U.S. Jones Act-qualified vessels• 41 work-class ROVs and six subsea trenching systems A recognized leader in offshore marine solutions • United States and Latin America• United States, North Sea, Brazil, West Africa and Asia Pacific 85 $2.0bn $551mm ~$3.4bn 0.4x (4) (5) (6) Vessels in the Total backlog LTM Adj. EBITDA Market Capitalization Net Debt / (3) (4) combined fleet as of 2Q2026 LTM Adj. EBITDA Combination creates a premier integrated offshore services company providing innovative marine and subsea solutions to customers across the deepwater oilfield, defense and renewables industries Source: Company Filings EBITDA is a non-GAAP financial measure. See Appendix for reconciliations. 1. Fully diluted shares outstanding, including Jones Act Warrants, as of 8/31/2026. 5. Market capitalization calculated using pro forma fully diluted shares outstanding of ~327mm as of 2. Includes two-work class ROVs expected in service 3Q2026. 8/31/2026 and Helix closing price per share of $10.30 as of 8/31/2026. 3. Vessel count includes two newbuild MPSVs expected in 2027 and 2028, as well as the HP1 production 6. As of June 30, 2026, pro forma net leverage displayed includes impact of transaction-related fees and facility; excludes four non-owned managed OSVs. expenses; Net Debt is a non-GAAP financial measure, see Appendix for reconciliations. HornbeckOffshore.com | © 2026 Hornbeck Offshore 4. Reflects the sum of Hornbeck's and Helix’s 2Q2026 LTM Adjusted EBITDA as of June 30, 2026. Adjusted 2
Post-Merger Executive Leadership Deepwater leadership spanning marine transportation, subsea services and well intervention ▪ Todd M. Hornbeck Scotty Sparks Carl Annessa President, Chief Executive Officer & Director EVP & Chief Operating Officer, Subsea EVP - Defense / Emerging Technologies Services and Well Intervention 34+ years of industry experience 36+ years of industry experience 47+ years of industry experience Ben Todd Potter Adams Daniel Stuart EVP & Chief Operating Officer, Marine EVP & Chief Financial Officer EVP & Chief Commercial Officer Transportation and Specialty 25+ years of industry experience 20+ years of industry experience 15+ years of industry experience Michael Nicaud Sam Giberga GOVERNANCE & OWNERSHIP EVP, General Counsel & Secretary SVP & Associate General Counsel, Chief Compliance Officer 7 55% / 45% 22+ years of industry experience 20+ years of industry experience BOARD MEMBERS Hornbeck / Helix (1) Ownership at Close 4 Brian Cook Priscilla Heistad Designated by Hornbeck EVP & Chief Accounting Officer EVP & Chief Human Resources Officer (three independent) ~25 YEARS 3 Designated by Helix Average Executive 20+ years of industry experience 14+ years of industry experience (all independent) Industry Experience HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. Ownership based on fully diluted shares outstanding, including Jones Act Warrants, as of 8/31/2026. 3
Global Operating Footprint and Asset Base Complementary positions in core cabotage -protected markets and technical capabilities create enhanced opportunities for asset ▪ optimization, customer expansion and integrated service delivery (1) Geographic Footprint Revenue by Region Other, Mexico, 7% 3% North Sea, 17% $1.9 U.S., 49% Billion Hornbeck Brazil, Helix 24% Differentiated Asset Base 85 57 13 7 48 5 58 2 2 Vessels in the Offshore Supply Multi-Purpose Well Intervention Robotics and Chartered ROV U.S. Jones U.S. Jones Act Robotics assets (2) combined fleet Vessels Support Vessels Vessels trenching assets Vessels Act-qualified Newbuild MPSVs expected to enter (OSVs) (MPSVs) (Two Chartered) vessels arriving 2027-2028 service 3Q2026 1. Combined Hornbeck and Helix 2Q2026 LTM revenue by region. HornbeckOffshore.com | © 2026 Hornbeck Offshore 2. Vessel count includes two newbuild MPSVs expected in 2027 and 2028, as well as the HP1 production facility; excludes four non-owned managed OSVs. 4
Strategic Vision Hornbeck delivers innovative and integrated marine solutions for deepwater through a diversified fleet of specialty vessels, subsea ▪ robotics, well interventio n, marine and technical service capabilities Leverage Proprietary Technologies and Engineering Integrate Industry-Leading Assets with Best-in-Class Expanded Global Presence with Diversified Customer, Capabilities to Accelerate Growth Across Diversified Service Capabilities Industry, and Geographic Exposure End Markets Combining complementary vessels, robotics, well Hornbeck’s team of industry professionals and in-house The combined company will have strong and enhanced intervention and technical service capabilities creates a engineers are developing bespoke assets and holistic exposure to key deepwater markets across oilfield, defense, differentiated platform to meet customers’ deepwater needs service capabilities that are uniquely able to deliver and renewables industries. Market potential for our high- customer solutions across a range of specialty end-markets, quality asset base will increase including oilfield, defense and renewables Diversified assets, technical expertise and integrated service offerings support sustainable growth across oilfield, defense and renewables markets HornbeckOffshore.com | © 2026 Hornbeck Offshore 5
The Hornbeck Value Proposition Increased scale, diversified end -market exposure, strong free cash flow generation and a conservatively capitalized balance shee t ▪ position Hornbeck for sustained shareholder value creation (1) (2) Strong Adjusted Free Cash Flow ($mm) Diversified End Markets Well-Capitalized Balance Sheet Defense $290 ~$518mm 8% Pro forma cash position as of 2Q2026, net of estimated transaction-related costs $175 Oilfield Renewables $1.9 72% $238mm $115 & Other (3) Billion Pro forma net debt 20% 0.4x (3) (4) Pro forma Net debt / LTM Adj. EBITDA HOS HLX Pro Forma 53% ~$618mm 28% 1.1 – 16.5 Yrs (5) (6) (7) Adj. FCF Conversion of Adj. EBITDA Non-Oil and Gas End Markets Defense contract durations Pro forma Liquidity as of 2Q2026 ● Leverage well inside the offshore services peer range ● Combined business benefits from increased scale, with a ● Expanded exposure to defense, renewables, and subsea 96% increase in LTM Adjusted EBITDA relative to legacy specialty services, reducing through-cycle earnings volatility ● Capacity to fund organic and acquisitive growth Hornbeck ● Defense contracts underpinned by multi-year contracts ● Strong capitalization and liquidity support strategic flexibility ● Strong adjusted free cash flow conversion of 53% reflects a ● Diverse portfolio of blue-chip customers supported by disciplined capital expenditures profile and supports balance attractive contract economics sheet flexibility Cash generation, diversification and conservative leverage provide a platform for growth 1. Adj. Free Cash Flow is a Non-GAAP metric that reflects LTM 2Q2026, see Appendix for reconciliation. 2. Reflects LTM pro forma revenue as of June 30, 2026. 3. As of June 30,2026, pro forma net leverage displayed includes impact of transaction-related fees and expenses. 4. LTM Adjusted EBITDA as of 2Q2026. Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation. 5. Reflects pro forma LTM 2Q2026 Adjusted free cash flow divided by pro forma LTM 2Q2026 Adjusted EBITDA. See Appendix for reconciliation. 6. Inception to date, inclusive of expected renewals. HornbeckOffshore.com | © 2026 Hornbeck Offshore 7. Gives effect to retirement of existing HLX ABL facility and expansion of HOS RCF capacity to $125mm; $25mm of current borrowings under HOS RCF as of June 30, 2026. 6
Three Core Segments with Integrated Service Capability Three operating segments create a diversified deepwater offshore services platform spanning marine transportation, subsea ▪ services and well intervention Segment Description LTM Revenue as of 2Q2026 Transportation of equipment, materials and supplies to offshore oilfield, renewables and defense customers; deepwater drilling, FPSO, subsea construction, IRM, offshore wind and Marine Transportation & Specialty $606mm defense support Deepwater subsea construction, commissioning, IRM, field decommissioning, trenching and Subsea Services $414mm site clearance Subsea well intervention focused on deepwater production maximization and well Well Intervention $851mm abandonment (1) Total $1,879mm Oil and Gas Customers Non-Oil and Gas Customers Diverse base of world-class customers Note: Displays pro forma reported segments snapshot, see Appendix for full detail. HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. Total displays LTM combined revenue from continued operations as of 2Q2026, inclusive of ~$8mm revenue generated outside the three core segments. 7
Operating Segments Overview The merger creates a diversified deepwater offshore services platform organized across three operating segments, providing ▪ enhanced transparency into the primary drivers of revenue, utilization and profitability Relevant Operating Statistics by Segment | 2Q2026 LTM Marine Transportation & Specialty Subsea Services Well Intervention (1) 9 MPSVs + 5 Chartered Vessels 7 Well Intervention Vessels (3) Fleet / Asset Count 57 OSVs + 6 MPSVs Fleet / Asset Count Fleet / Asset Count (2) 41 ROVs + 6 Trenching Systems 12 Subsea Systems LTM Active Utilization 77.1% LTM Active Utilization 68.4% LTM Active Utilization 88.2% LTM Average Dayrate LTM Average Dayrate LTM Average Dayrate $49,383 $106,722 $342,144 for Active Vessels for Active Vessels for Active Vessels LTM Revenue $606mm LTM Revenue $414mm LTM Revenue $851mm (4) (4) (4) As a % of Total 32% As a % of Total 22% As a % of Total 46% Utilization × average dayrate × vessel days Utilization × average dayrate × vessel days Utilization × average dayrate × vessel days Note: Fleet and asset counts per the June 2026 update. 1. Includes two newbuild MPSVs expected to deliver in 2027 and 2028. 2. Includes two work-class ROVs expected in service 3Q2026. 3. Fleet count and average utilization and dayrates for Well Intervention segment include the HP1 production facility. HornbeckOffshore.com | © 2026 Hornbeck Offshore 4. Percentages of total revenue calculated based on LTM combined revenue from continued operations as of 2Q2026, which includes ~$8mm revenue generated outside the three core segments. 8
Diversified Service Offerings Across Various Deepwater End-Markets (1) 2Q2026 LTM Combined Revenue Mix Oil & Gas Non–Oil & Gas Oilfield Drilling • Operational logistics for submarine fleet • Submarine rescue, training & support 13% Drilling Support Defense • Long range acoustic survey support • Autonomous vessels $1.9 Oilfield Non-Drilling • Offshore wind farm survey & installation support 59% Billion Renewable • Turbine operation, maintenance and repair Non-Oil and Gas Oilfield Specialty • Geophysical survey Energy 28% • Bubble curtain deployment; boulder and UXO removal • Rocket component landing and recovery platform Well Intervention & Aerospace + • Vessel support for testing and retrieval Decommissioning Telecom • Fiber-optic cable trenching, installation and repair • Hurricane relief • Aircraft incident response Integration of complementary service offerings increases Subsea Services / IRM HADR • Vessel salvage operations customer relevance and creates unique cross-selling • Environmental response opportunities that drive growth and improve margins Combined fleet of vessels and specialty equipment enables suite of combined services as a “one stop shop” for customers while enhancing profitability through asset optimization and scale HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. Reflects LTM pro forma revenue as of June 30, 2026. 9
U.S. Defense Industry – Driving Non-Oil and Gas Growth Defense continues to grow as a share of revenue, providing longer -term contract visibility and reduced cyclicality underpinned b y ▪ specialized fleet capabilities and long -held security clearances (1) Defense Sector Revenue Key Attributes of HOS Defense Operations ($mm) Long-term track ROVs complement Trusted High-level security $160 record Robust and flexible vessel assets to relationships with clearances for History of providing $146 (20 years since fleet capable of provide integrated $142 key military personnel and creative solutions original military diverse operations services to defense stakeholders facilities vessel tender) customers $116 $120 HOS Defense Sector Support Functions $106 $80 Submarine Support Stern-Landing Vessel Vessel Support Blocking Vessel Misc. $40 • Submarine support • Proof of concept • Vessel support for • Proof of concept • SURTASS-E sonar training design by HOS SBX sea-based, X- design by HOS system support and band radar system transportation • General logistical • Transportation and • T-AGSE O&M services/special landing of military contract missions mobile equipment • Submarine security -- for USMC and resupply 2023 2024 2025 2Q2026 LTM Hornbeck’s excellent 20+ year relationship with the U.S. military extends beyond direct vessel services and includes participation in the U.S. Navy Mentor-Protégé Program, as well as a recently announced partnership with Saronic HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. Reflects HOS standalone defense sector revenue since 2023. 10
New and Emerging Technologies Hornbeck actively pursues partnerships to develop cutting -edge technologies that expand growth opportunities and enhance ▪ existing vessel offerings Hornbeck Technology Partnerships – Recent Announcements Sea Machines Robotics – August 2026 Deployable Energy – August 2026 Saronic – January 2026 ● Sea Machines installed their drop-in SM300 autonomous ● Memorandum of Understanding signed August 2026 to ● Strategic partnership announced January 2026 to command and control system on HOS Resolution in nine collaborate on bringing Deployable Energy’s Unity Nuclear accelerate deployment of autonomous platforms, software days in May 2026 Battery to Hornbeck vessels and maritime solutions ● In August, the 257-foot HOS-owned vessel completed an ● The Unity Nuclear Battery is a 1 MWe transportable, ● Pilot projects planned for Marauder, Saronic's 180-foot 18-hour fully autonomous open-sea transit from Pearl emissions-free microreactor with refueling intervals autonomous ship Harbor to the Big Island of Hawaii beyond five years ● Evaluating autonomy across voyage planning, service ● Army proof-of-concept –autonomous resupply vessels are ● Target of achieving at least a 20% reduction in total cost of delivery, fleet management and predictive maintenance a key part of Army’s strategy for sustaining Indo-Pacific ownership versus conventional marine diesel or grid-power ● Targets safer crew operations and scalable next- operations alternatives generation offshore services within existing safety and ● Concurrently, Hornbeck has made a strategic investment compliance standards in Deployable Energy HornbeckOffshore.com | © 2026 Hornbeck Offshore Source: Company press releases. 11
Significant Revenue and Cost Synergy Opportunity Prioritizing business continuity while quickly capturing the most actionable synergy opportunities to improve utilization, ex pand ▪ margins, reduce costs and capture more value from customers Expected Revenue Synergies Synergy Potential | Utilization and Margin Enhancements (1) Increase in Margin Asset H1 2026 Utilization ● Integrated service offerings (2) Incremental Utilization ● Asset optimization ~$100 HOS MPSVs 58% ● Expanded portfolio of services to existing customers ● Increased exposure to growing defense market ~$75 HOS OSVs 77% $60 Expected Cost Synergies HLX Well Intervention 87% ~$50 $45 Vessels ● Reduced reliance on third-party vessel charters ~$40 ● G&A / Support cost rationalization $30 HLX ROVs 62% $25 ● Streamlined marine operations $40 ● Scaled procurement $30 HLX Robotics 74% $20 Vessels $15 Increase in 1.8% 2.0% 2.5% 3.0% Margin: $75 million of Revenue and Cost Synergies Annually Expected within Three Years Following Close Incremental 0.8% 1.0% 1.5% 2.0% Utilization: Note: Excludes impact of MPSV newbuilds, stacked fleet and any potential additional ROV purchases. 1. Assumes increases in EBITDA margin across the fleet. 2. Assumes 85% contribution margin for incremental utilization. HornbeckOffshore.com | © 2026 Hornbeck Offshore 3. Adjusted EBITDA is a non-GAAP financial measure. 12 (3) Incremental Adj. EBITDA ($mm)
Conservative Balance Sheet with Ample Liquidity and Strong Free Cash Flow Hornbeck’s low leverage, strong liquidity, and disciplined capital allocation framework provide flexibility to fund growth, m anage ▪ through cycles and support long -term shareholder value creation Well-Capitalized with Flexible Balance Sheet Disciplined Strategic Growth and Capital Allocation Plan 1 ~$3.4bn Maintain asset base and execute on strategic priorities Market Capitalization • Maintain a solid asset base to ensure targeted returns and reinvest in existing business • Pursue strategic growth opportunities when capital structure and return objectives are met ~$618mm (1) Liquidity• Reactivate stacked vessels as market demands on accretive economic terms 2 Maintain a conservative capital structure and balance sheet 0.4x (2) (3) Net Debt / LTM Adjusted EBITDA with ample liquidity • Target a capital structure that is sustainable through-cycle with a <1.0x net leverage target Strong Adjusted Free Cash Flow and Margins • Hold liquidity as necessary to protect against downturns or take advantage of opportunities • Maintain leverage within the targeted through-cycle range $290mm (4) 2Q2026 LTM Adjusted Free Cash Flow 3 Fund high-return strategic growth and preserve optionality 53%• Prioritize reinvestment in core service offerings that meet targeted return thresholds (5) 2Q2026 LTM Adj. FCF Conversion of Adj. EBITDA • Advance organic and acquisitive growth selectively while maintaining capital structure discipline 1. Gives effect to retirement of existing HLX ABL facility and expansion of HOS RCF capacity to $125mm; $25mm of current borrowings under HOS RCF as of June 30, 2026. 2. As of June 30, 2026, pro forma net leverage displayed includes impact of transaction-related fees and expenses; Net Debt is a non-GAAP financial measure, see Appendix for reconciliations. 3. LTM Adjusted EBITDA as of 2Q2026. Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation. 4. Adj. Free Cash Flow is a Non-GAAP metric that reflects LTM 2Q2026, see Appendix for reconciliation. HornbeckOffshore.com | © 2026 Hornbeck Offshore 5. Reflects pro forma LTM 2Q2026 Adjusted free cash flow divided by pro forma LTM 2Q2026 Adjusted EBITDA. See Appendix for reconciliations. 13
Embedded Organic Growth Opportunities Well-Positioned for Future Growth and Sustained Shareholder Value Supported by Increased Scale, Balance Sheet Strength and ▪ Robust Free Cash Flow Generation Potential Growth Drivers Growth Driver Detail ($mm) Integrated services pull-through 4 1 Two 400-class MPSV newbuilds – Expected in 2027 & 2028 • Expected to be the largest Jones Act-qualified MPSVs in the industry on overall length and 3 Dayrate and utilization expansion total lifting capacity; delivery expected in 2027 2 Stacked fleet reactivation 2 Stacked fleet reactivation - Available 1 Two 400-class MPSV newbuilds $551 • Mid-, High- and Ultra High-Spec OSVs held in the stacked fleet, reactivated selectively as contract cover supports the cost of return to service $270 3 Dayrate and utilization expansion – Market-Driven • Potential increases in effective dayrates across the active vessel fleet, with well intervention dayrates supported by an improving offshore workover market $281 4 HLX Integrated services pull-through - Commercial HOS • Single-counterparty offering across vessels, robotics, engineering, and intervention services expands wallet share with existing customers (1) 2Q2026 LTM Adj. EBITDA HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. LTM Adjusted EBITDA as of 2Q2026. Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation. 14
Conclusions Hornbeck benefits from its integrated end-to-end deepwater service offerings, diverse customer base and end markets, and ▪ strong balance sheet flexibility Key Highlights Integrated offshore solutions for deepwater applications supported by specialty 1 vessels, subsea and well intervention capabilities increase customer relevance and drive revenue pull-through Diversified service offerings for a wide range of world-class customers across a 2 variety of end markets, driving cash flow stability and reducing through-cycle volatility Conservatively capitalized balance sheet with ample liquidity supporting future 3 growth and sustained shareholder value Meaningful near-term synergy opportunities for both cost and revenue via 4 integration of legacy Hornbeck and Helix businesses HornbeckOffshore.com | © 2026 Hornbeck Offshore 15
21 96 130 255 109 29 25 107 36 15 158 213 Appendix 160 43 147 78 167 46 70 120 134 150 96 125 HornbeckOffshore.com | © 2026 Hornbeck Offshore 16
Operating Segment Framework Active Fleet Utilization 92.4% 100.0% Marine Transportation 75.0% 73.7% 64.2% Subsea Services 50.0% 25.0% Well Intervention - 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Historical Utilization, Dayrate, and Vessel Count Metrics 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 HOS Marine Transportation (Active Fleet): Average number of active vessels 35.0 35.7 36.5 38.3 4 0.8 43.0 4 4.0 4 4.0 43.3 41.0 4 1.0 39.9 39.3 39.7 Utilization rate for active vessels 75.5% 81.2% 79.2% 70.9% 66.5% 71.4% 71.2% 58.2% 63.2% 82.4% 81.7% 73.9% 79.2% 73.7% Average dayrate for active vessels $ 40,123 $ 39,854 $ 43,625 $ 42,059 $ 42,268 $ 43,709 $ 44,154 $ 46,168 $ 45,579 $ 47,949 $ 47,593 $ 49,733 $ 4 9,589 $ 50,882 Effective dayrate for active vessels $ 30,307 $ 32,343 $ 34,536 $ 29,800 $ 2 8,123 $ 31,227 $ 31,420 $ 26,851 $ 28,786 $ 39,490 $ 38,860 $ 36,745 $ 39,250 $ 37,519 Hornbeck Offshore Subsea Services (Active Fleet): Average number of active vessels 1 0.6 12.0 12.6 12.2 12.0 13.0 13.0 12.5 1 1.0 13.2 13.3 12.9 12.4 13.0 Utilization rate for active vessels 68.3% 83.7% 81.3% 63.6% 53.1% 87.1% 81.5% 80.9% 46.7% 83.3% 79.7% 69.3% 59.2% 64.2% Average dayrate for active vessels $ 8 1,919 $ 87,230 $ 92,211 $ 88,023 $ 76,337 $ 97,302 $ 95,497 $ 108,615 $ 99,397 $ 108,948 $ 114,647 $ 104,186 $ 91,725 $ 1 12,348 Effective dayrate for active vessels $ 55,931 $ 73,016 $ 74,946 $ 5 6,000 $ 40,509 $ 84,771 $ 77,867 $ 87,838 $ 46,449 $ 90,701 $ 91,334 $ 72,231 $ 54,333 $ 7 2,178 Helix Well Intervention (Active Fleet): Average number of active vessels 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 7 .0 7 .0 7 .0 7 .0 8.0 8.0 Utilization rate for active vessels 82.1% 86.3% 93.5% 95.2% 91.4% 95.1% 97.3% 82.2% 81.4% 86.0% 90.1% 85.9% 84.4% 92.4% Average dayrate for active vessels $ 254,649 $ 253,748 $ 330,220 $ 303,982 $ 332,024 $ 328,106 $ 257,315 $ 3 90,300 $ 410,164 $ 305,224 $ 343,638 $ 336,455 $ 363,145 $ 326,545 Effective dayrate for active vessels $ 2 09,102 $ 2 19,067 $ 3 08,756 $ 2 89,361 $ 303,519 $ 312,080 $ 250,427 $ 320,672 $ 333,685 $ 2 62,555 $ 309,734 $ 288,881 $ 306,626 $ 301,601 Stacked Vessels: Average number of Marine Transport vessels 2 4.0 22.5 22.0 21.4 21.0 2 1.0 2 1.0 21.0 21.7 23.3 23.0 24.7 25.4 24.2 Average number of Subsea Services vessels - - - - - - - - - - - - - - Average number of Well Intervention vessels - - - - - - - - 1.0 1.0 1.0 1.0 - - Demonstrated organic growth expanding the fleet while maintaining strong utilization and dayrate performance HornbeckOffshore.com | © 2026 Hornbeck Offshore Source: Company provided historical vessel data. 17
A Complementary Deepwater Platform Offering Scale, Durability and Diversification Combination creates a differentiated offshore services provider enhancing scale, earnings resilience and end -market exposure ▪ (1) (2) 2Q2026 LTM Revenue 2Q2026 LTM Adjusted EBITDA $551 $1.9 HOS HOS HLX HLX 39% 51% 61% 49% Million Billion (1) (1) 2Q2026 LTM Revenue by End Market 2Q2026 LTM Revenue by Segment Defense Subsea Services 8% 22% $1.9 $1.9 Oilfield Well Intervention Renewables & 72% 46% Billion Billion Other Marine Transportation 20% & Specialty 32% Large fleet with bolstered leadership positions in core markets and segments Source: Company filings. 1. Reflects combined LTM Revenue as of 2Q2026. HornbeckOffshore.com | © 2026 Hornbeck Offshore 2. LTM Adjusted EBITDA as of 2Q2026. Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation. 18
Marine Transportation and Specialty Largest high-spec Jones Act fleet heading into a tightening supply market ▪ 57 6 57 24 $724mm U.S. Jones Act- Stacked vessels Total OSVs, incl. Accommodation and Contracted backlog qualified vessels available (1) 22 ultra-deepwater-high-spec specialty vessels As of 2Q2026 PRO FORMA HORNBECK + HELIX STRENGTHS NEAR-TERM GROWTH OPPORTUNITIES • Strategic focus on U.S. Jones Act and other • Vessel orderbook declines in cabotage cabotage protected markets that limit foreign protected markets are creating a shortage of competition highly capable OSVs and MPSVs • 87% of revenue outside oilfield drilling• Hornbeck could further benefit from the earnings power of up to 24 stacked vessels, • 20+ year U.S. military track record providing material upside beyond expected organic dayrate growth • In-house engineering and 7,700 mT floating drydock ULTRA HIGH-SPEC FLEET Supply-constrained, cabotage-protected fleet with embedded growth for limited incremental capital HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. Hornbeck Marine Transportation and Specialty contracted backlog of $723.6mm as of July 28,2026. 19
Subsea Services Equipment-led subsea earnings with increasing demand from oilfield, renewables and military customers ▪ 41 6 3 9 5 $483mm Work-class Subsea trenching IROV MPSVs, incl. two Chartered ROV Combined subsea services (1) (2) Vessels ROVs systems Boulder grabs newbuilds in 2027 and 2028 backlog as of 2Q2026 PRO FORMA HORNBECK + HELIX STRENGTHS NEAR-TERM GROWTH OPPORTUNITIES • Active across five regions from the Gulf of • Two 400-class MPSV newbuilds expected to America to Asia Pacific arrive 2027 and 2028 • Combined fleet includes the highest number • Multi-year NKT and CNR North Sea cable work of vessels with 250+ ton cranes • Strong trenching demand expected • Complementary and modular assets allow • Significant investment in subsea capex combined services to be bid as one package supporting a strengthening offshore market • Blue-chip customers such as Shell, Subsea 7 and Petrobras represent significant portion of backlog TRENCHING AND ROV SPREAD Robust subsea earnings on a $483mm backlog of blue-chip work Source: Company filings and presentations. 1. Includes two work-class ROVs expected in service 3Q2026. HornbeckOffshore.com | © 2026 Hornbeck Offshore 2. Helix consolidated backlog for subsea services of ~$369.8mm as of June 30, 2026, and Hornbeck consolidated backlog for subsea services of ~$112.7mm as of July 28, 2026. 20
Well Intervention Regulation-driven P&A activity supports demand, regardless of commodity price environment ▪ 7 12 2,700+ $40-70bn $755mm Well intervention Subsea intervention GoA wells overdue Estimated GoA Contracted backlog (1) (1) (2) Vessels systems for plugging decommissioning cost As of 2Q2026 PRO FORMA HORNBECK + HELIX STRENGTHS NEAR-TERM GROWTH OPPORTUNITIES • Riserless capability undercuts rig-based P&A• Decommissioning represents about half of intervention revenue • Full-field deepwater abandonment • Patriot delivered Jan 2026; Seawell back • Gulf of America, North Sea, Brazil and Asia online Pacific positions • Integrated vessel-plus-system P&A tenders • HOS tonnage supplies Helix campaigns • U.K. abandonment enforcement tightening in • Opex-funded work, decoupled from E&P 2026 capex SEMI-SUBMERSIBLE INTERVENTION VESSEL A $40-70bn Gulf of America liability underwrites the intervention fleet for decades Source: Company filings ,U.S. GAO Report GAO-24-106229 (January 2024). 1. GAO-24-106229: over 2,700 wells and 500 platforms in the Gulf of America were overdue for decommissioning as of June 2023; BOEM held ~$3.5bn in supplemental bonds against $40-70bn of estimated decommissioning cost. HornbeckOffshore.com | © 2026 Hornbeck Offshore 2. Helix well intervention contracted backlog of $755.5mm as of June 30,2026; includes backlog associated with HP1 production facility and Helix Fast Response System (“HFRS”). 21
Hornbeck’s Industry-Leading Deepwater Fleet (1) (1) (1) 57 Vessel OSV Fleet 15 Vessel MPSV Fleet 7 Vessel Well Intervention Fleet Vessel Class Active / (Stacked) Vessel Class Active / (Stacked) Vessel Class Active / (Stacked) HOSFLEX 370 1/(1) HOSMPSV 430 2 Semi-Submersible 3 2 HOSMAX 320 HOSMPSV 400ES Riser-Based Mono-Hull 10 2 (2027 / 2028 Delivery) HOSMAX 310 4 HOSMPSV 310ES 2 Riserless-Based Mono-Hull 2 HOSMAX 300 HOSMPSV 310 6 1 (1) 5 Vessel Robotics Fleet Vessel Class Active / (Stacked) HOSMAX 280 10/(4) HOSMPSV FLOTEL 2 HLXMPSV 420 2 HOS 270 2 HOSCSOV WIND 1 AMPHIBIOUS HLXMPSV 320 1 HOS 265 1/(1) 1 LANDING VESSEL HLXMPSV 240 2 HOS 250 0/(3) HOSMPSV 250-265 2 (1) Other Vessels HOS 240 HOSMPSV 240 1/(13) 0/(2) Vessel Class Active / (Stacked) Production Facility 1 Note: Individual specifications can vary by vessel within a vessel class. HornbeckOffshore.com | © 2026 Hornbeck Offshore 1. As of August 19, 2026. 22
Hornbeck | Non-GAAP Reconciliation ($ in thousands, unaudited) Six Months Ended Twelve Months Ended December 31, June 30, 2026 June 30, 2025 June 30, 2026 2025 Reconciliation from Net Income to EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow: Net income $ 30,239 $ 74,733 $ 128,896 $ 173,390 Interest, net Interest expense 18,433 15,929 35,063 32,559 Interest income 1,896 2,345 6,069 6,518 Total interest, net 16,537 13,584 28,994 26,041 Income tax expense (benefit) 10,356 6,340 (6,966) (10,982) Depreciation expense 24,256 19,990 45,820 41,554 Amortization expense 28,107 18,965 52,957 43,815 EBITDA $ 109,495 $ 133,612 $ 249,701 $ 273,818 Loss on early extinguishment of debt - 67 - 67 Stock-based compensation expense 4,250 3,453 8,520 7,723 Interest income 1,896 2,345 6,069 6,518 Merger and integration costs 12,445 - 12,445 - Postponed offering costs 3,617 - 3,617 - Research and development expense 86 - 86 - Adjusted EBITDA $ 131,789 $ 139,477 $ 280,438 $ 288,126 Cash paid for deferred drydocking charges (44,516) (32,712) (75,725) (63,921) Cash paid for maintenance capital improvements (12,028) (10,511) (24,640) (23,123) Cash paid for non-vessel capital expenditures (484) (283) (8,565) (8,364) Cash paid for interest (21,487) (18,401) (42,951) (39,865) Cash paid for income taxes, net of refunds (9,220) (11,590) (13,546) (15,916) Adjusted Free Cash Flow $ 44,054 $ 65,980 $ 115,011 $ 136,937 HornbeckOffshore.com | © 2026 Hornbeck Offshore 23
Helix | Non-GAAP Reconciliation ($ in thousands, unaudited) Six Months Ended Twelve Months Ended December 31, June 30, 2026 June 30, 2025 June 30, 2026 2025 Reconciliation from Net Income to EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow (Continuing Operations): Net income from continuing operations $ 10,023 $ 6,322 $ 21,637 $ 17,936 Interest, net Interest expense 16,521 16,489 33,005 32,973 Interest income 6,740 4,276 11,555 9,091 Total interest, net 9,781 12,213 21,450 23,882 Income tax expense 6,209 1,335 17,179 12,305 Depreciation expense 58,159 58,131 116,409 116,381 Amortization expense 19,716 18,161 49,511 47,956 EBITDA from continuing operations $ 103,888 $ 96,162 $ 226,186 $ 218,460 Stock-based compensation expense 2,772 3,274 6,002 6,504 Interest income 6,740 4,276 11,555 9,091 Merger and integration costs 8,340 - 8,340 - Long-lived asset impairment - - 18,064 18,064 Adjusted EBITDA from continuing operations $ 121,740 $ 103,712 $ 270,147 $ 252,119 Cash paid for deferred drydocking charges (8,412) (30,571) (26,682) (48,841) Cash paid for maintenance capital improvements (9,988) (8,580) (15,740) (14,332) Cash paid for interest (15,405) (15,442) (30,807) (30,844) Cash paid for income taxes, net of refunds (13,294) (20,254) (22,272) (29,232) Adjusted Free Cash Flow from continuing operations $ 74,641 $ 28,865 $ 174,646 $ 128,870 HornbeckOffshore.com | © 2026 Hornbeck Offshore 24
Hornbeck Pro Forma | Credit Statistics and Reconciliation for Non-GAAP Debt Metrics ($ in thousands, unaudited) As of June 30, 2026 HOS HLX Adjs Combined Co Cash Balance $ 95,650 $ 652,234 $ (230,256) $ 517,628 Total Debt, per GAAP $ 451,550 $ 304,305 $ - $ 7 55,855 Original Issue Discount 5,264 816 - 6,080 Deferred Financing Costs 2,384 4,761 - 7,145 Total Debt $ 459,198 $ 309,882 $ - $ 7 69,080 Total Revolving Credit Facility 75,000 - 50,000 125,000 Amount Drawn (25,000) - - (25,000) Available Revolving Credit Facility $ 50,000 $ - $ 50,000 $ 1 00,000 LTM Adjusted EBITDA 280,438 270,147 - 550,585 GAAP Debt to Adj EBITDA 1.6x 1.1x 1.4x Gross Debt to Adj EBITDA 1.6x 1.1x 1.4x GAAP Net Debt to Adj EBITDA 1.3x (1.3x) 0.4x Gross Debt to Adj EBITDA 1.3x (1.3x) 0.5x Total Available Liquidity $ 1 45,650 $ 652,234 $ (180,256) $ 6 17,628 HornbeckOffshore.com | © 2026 Hornbeck Offshore 25
Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of present or historical fact included in this presentation are forward-looking statements. Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words, and the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements include, but are not limited to, statements regarding the combined company’s expectations, hopes, beliefs, intentions or strategies regarding the combined company’s growth and stockholder value; the timeline and ability to realize anticipated benefits and expected synergies of the merger; and the combined company’s anticipated financial and operating performance, business strategy and growth opportunities. Forward-looking statements are based on current expectations and assumptions and involve known and unknown risks, uncertainties and other important factors, many of which are beyond the combined company’s control, including, but not limited to, risks related to potential litigation relating to the merger, including the effects of any outcomes related thereto; the ability of the combined company to retain and hire key personnel, to retain customers or maintain relationships with Helix’s and Hornbeck’s respective suppliers and customers; the diversion of management’s time and attention from ordinary course of business operations to the integration of Helix’s and Hornbeck’s businesses and the ability to achieve the anticipated synergies and value creation contemplated by the merger; potential adverse reactions or changes to business relationships resulting from the completion of the merger; legislative, regulatory and economic developments; potential business uncertainty following completion of the merger that could affect the combined company’s financial performance, business and management strategies, expansion and growth; actions by governments, regulatory authorities, customers, suppliers and partners; market conditions; demand for services; the performance of contracts by suppliers, customers and partners; operating hazards and delays, including delays in delivery, chartering or customer acceptance of assets or the terms of their acceptance; complexities of global political and economic developments; the impact of general economic conditions, including inflation, on economic activity and on the combined company’s operations; the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry; and other risks described from time to time in Helix’s and the combined company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Forward-looking statements speak only as of the date they are made. The forward-looking statements in this presentation are based upon information available to the combined company as of the date of this presentation and, while the combined company believes such information forms a reasonable basis for such statements, these statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements. Actual outcomes may vary materially from those described in these statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Helix’s and the combined company’s filings with the SEC, including Helix’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Helix’s subsequent Quarterly Reports on Form 10-Q and Helix’s Definitive Proxy Statement/Prospectus filed with the SEC on July 31, 2026. The combined company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, other than as may be required by applicable law or regulation. Non-GAAP Financial Measures This presentation contains certain financial measures not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow and net debt. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the historical financial results of Helix and Hornbeck or the financial results of the combined company. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is included in the Appendix to this presentation. The combined company’s management believes the non-GAAP financial measures contained in this presentation provide useful information to management and investors regarding certain financial and business trends relating to the combined company’s financial condition and results of operations. However, these non-GAAP financial measures are subject to inherent uncertainty and reflect the exercise of judgments by the combined company’s management about which items of expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the Appendix to this presentation for additional information about the items of expense and income that are included in determining the non-GAAP financial measures contained in this presentation and for a reconciliation of the non-GAAP financial measures contained in this presentation to the most directly comparable GAAP measure. For purposes of this presentation, the presentation of legacy Helix non-GAAP metrics has been aligned to Hornbeck’s historical calculation and presentation of such non-GAAP metrics and may therefore differ from Helix’s presentation of non-GAAP metrics elsewhere. HornbeckOffshore.com | © 2026 Hornbeck Offshore 26
21 96 130 255 109 29 25 107 36 15 158 213 160 43 147 78 167 46 70 120 134 150 96 125