Hornbeck Offshore Services, Inc.

hornbeckoffshore.com

What Do They Do?

Decommissions offshore oil and gas wells and infrastructure for energy producers, and provides well-intervention and subsea robotics services to oil and gas producers, renewable energy companies and offshore engineering firms.

How Do They Make Money?

Helix charges for offshore services at hourly or monthly rates as the work is provided; lump-sum jobs are billed against project milestones. It also earns from owned oil and gas properties based on monthly production volumes.

revenue

Segment	Share	How money arrives
Production maximization Usage-based	30% FY2022: 51%	Usage-based
Decommissioning Usage-based	55% FY2022: 37%	Usage-based
Renewables Usage-based	12% FY2022: 9.5%	Usage-based
Other	2.2% FY2022: 3.3%

Who Are Their Customers?

Buyers include oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies, and offshore engineering and construction firms.

Customers above 10% of revenue, FY2025

of revenue from two customers (18%, 10%)

FY2023: 21% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

5% of revenue

▼ −49% vs FY2024 ($127.4M, 9%)

Net income, FY2025

2% of revenue

▼ −45% vs FY2024 ($55.6M, 4%)

Free cash flow, FY2025

9% of revenue

▼ −26% vs FY2024 ($162.7M, 12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +21%; vs $251.7M in Q2 FY2025
Net income: ▲ Now profitable; vs −$2.6M in Q2 FY2025

Decommissioning share of revenue vs 51.4% in Q2 FY2025

Sep 4, 2026 Todd Hornbeck becomes president and CEO His employment agreement sets out his role as president and chief executive officer of the company.
Sep 2, 2026 Helix replaces KPMG with Ernst & Young as auditor The audit committee dismissed KPMG and approved Ernst & Young as the company's independent accounting firm.
Sep 1, 2026 Helix and Hornbeck complete their merger Helix terminated its existing asset-based credit facility at the transaction's effective time.
Aug 11, 2026 Helix sells Helix Alliance The sale ended the shallow-water decommissioning business and shifted Helix's focus toward deepwater operations.

Growing. Revenue grew 91% in 4 years, from $674.7M in FY2021 to $1.3B in FY2025, about 18% a year.

Revenue over time

Production maximization Decommissioning Renewables Other

$2B$1B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AKOFS Offshore, Baker Hughes, C-Innovation, Expro, Oceaneering, TechnipFMC, Trendsetter, Well-Safe Solutions, Asso Divers, Atlantic Marine, Briggs Marine, DeepOcean, DOF Subsea, Fugro, James Fisher, UTROV, Aries Marine, C-Dive, Cardinal Services, and Chet Morrison

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