SEC 8-K filings with transcript text
Nov 5, 2026
2 d134833dex991.htm
Exhibit 99.1
Hornbeck Offshore Announces Third Quarter 2026 Results
Key Operational and Financial Highlights
•
Announced five-year integrated services agreements with Shell in the U.S. Gulf of America, commencing in 2027
•
Awarded a two-year decommissioning contract for integrated well
intervention services in the North Sea, commencing in 2Q2027
•
Committed to acquire eight new work-class ROV systems, with deliveries beginning in the second quarter of 2027
•
Implemented $20 million of annualized cost savings to date
•
Revenue of $293 million and Adjusted EBITDA of $106 million, resulting in an Adjusted EBITDA margin of 36%
•
Adjusted Free Cash Flow of $59 million and Adjusted Free Cash Flow conversion of 56%
•
Provided Adjusted EBITDA guidance of $90 to 100 million for fourth quarter 2026 and $500 to 550 million for full year 2027
HOUSTON and COVINGTON, La. – November 4, 2026 – Hornbeck Offshore Services, Inc. (“Hornbeck” or “the Company”) (NYSE: HOS), a premier integrated offshore services company, today announced results for the third quarter ended September 30, 2026.
Todd M. Hornbeck, Hornbeck’s President and CEO, commented, “The completion of our combination with Helix marks an important milestone for Hornbeck and creates a differentiated offshore services company with capabilities spanning marine transportation, subsea services and well intervention. By bringing together complementary assets, technical expertise and customer relationships, we believe we can address a broader scope of our customers’ offshore needs, improve utilization across our assets and capture a greater share of the value created on complex offshore projects. The recently announced integrated services agreements with Shell demonstrate the revenue synergy opportunities by bringing together Hornbeck’s marine platform with Helix’s subsea and well intervention capabilities. Our priorities remain to operate safely, maintain asset reliability, capture revenue and cost synergies from the combination and maintain disciplined capital allocation. With a broader geographic footprint, differentiated capabilities and meaningful financial flexibility, we believe Hornbeck is well positioned to generate attractive returns across offshore cycles.”
Third Quarter 2026 Financial Summary
The Company’s third quarter financial results include three months of legacy Hornbeck operations and one month of legacy Helix operations following the closing of the merger on September 1, 2026. Accordingly, historical comparisons are significantly affected by the timing of the transaction and are not indicative of the expected quarterly run-rate of the combined company.
Three Months Ended
(in thousands, except for % and per share data)
September 30, 2026
June 30, 2026
September 30, 2025
Total revenue
$ 293,341
$ 183,255
$ 199,116
Operating income (loss)
(59,748 )
26,015
60,556
Net income (loss)
(85,689 )
11,136
51,926
Adjusted EBITDA
105,918
66,692
84,701
Adjusted EBITDA margin
36.1 %
36.4 %
42.5 %
Adjusted Free Cash Flow
$ 58,726
$ 25,571
$ 44,197
Adjusted operating income
59,851
34,529
60,556
Adjusted operating margin
20.4 %
18.8 %
30.4 %
Adjusted net income
28,167
16,290
51,926
Basic earnings (loss) per share
$ (0.40 )
$ 0.07
$ 0.32
Diluted earnings (loss) per share
$ (0.40 )
$ 0.06
$ 0.28
Adjusted diluted earnings per share
$ 0.13
$ 0.09
$ 0.28
Note:
The table above includes Non-GAAP measures. Reconciliations for such
measures are provided with the statements included in this press release
As of September 30, 2026, the Company had the following total basic shares outstanding:
Common Shares Outstanding
221,971,035
Jones Act Warrants (strike price $0.00001 per share)
103,637,456
Total Basic Shares Outstanding
325,608,491
Note:
As of September 30, 2026, the Company had 10,089,644 of issued and outstanding Jones Act Warrants exercisable into 10.27167 shares of Company common stock at an exercise price of $0.00001 per share, subject to the U.S. citizen determination procedures
Third Quarter 2026 Financial Results
Revenues were $293.3 million for the third quarter of 2026, an increase of $110.0 million compared to $183.3 million for the second quarter of 2026. Operating loss was $(59.7) million, or (20.4)% of revenues, for the third quarter of 2026 compared to operating income of $26.0 million, or 14.2% of revenues, for the sequential quarter. The Company reported a net loss for the third quarter of 2026 of $(85.7) million, or $(0.40) per diluted share, compared to net income of $11.1 million, or $0.06 per diluted share, for the sequential quarter. The Company recorded $119.8 million of merger and integration costs, one-time stock-based compensation expense that was accelerated due to the combination, and $0.2 million of terminated offering costs during the third quarter of 2026, compared to $12.1 million of such costs in the second quarter
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