HORNBECK OFFSHORE SERVICES, INC. (HLX) has a significant shareholder group led by Whitebox Advisors LLC and Whitebox General Partner LLC, which each report beneficial ownership of 37,873,696 shares of common stock, representing 15.0% of the class, including shares underlying Jones Act-related warrants subject to a Beneficial Ownership Limitation.
Whitebox Multi-Strategy Partners, LP reports beneficial ownership of 19,491,691 shares, or 8.2% of the common stock, also including shares underlying Jones Act Warrants. The ownership calculations are based on 222,293,745 shares outstanding as of September 9, 2026, with warrant exercises constrained so non-U.S. holders do not exceed 4.9% ownership.
Positive
None.
Negative
None.
Key Figures
Beneficial ownership (WA and WGP):37,873,696 sharesBeneficial ownership (WMP):19,491,691 sharesPercent of class (WA and WGP):15.0%+5 more
8 metrics
Beneficial ownership (WA and WGP)37,873,696 sharesCommon Stock beneficially owned by each of Whitebox Advisors LLC and Whitebox General Partner LLC
Percent of class (WA and WGP)15.0%Ownership percentage of HLX common stock for WA and WGP
Percent of class (WMP)8.2%Ownership percentage of HLX common stock for WMP
Shares outstanding222,293,745 sharesHLX common stock outstanding as of September 9, 2026 used for calculations
Jones Act Warrants held by WA’s clients2,885,061 warrantsWarrants exercisable into 29,634,393 HLX shares, subject to Beneficial Ownership Limitation
Current exercisable shares under WA clients’ warrants21,441,616 sharesShares currently exercisable from Jones Act Warrants after applying Beneficial Ownership Limitation
Current exercisable shares under WMP warrants8,296,345 sharesShares currently exercisable from WMP’s Jones Act Warrants after Beneficial Ownership Limitation
Key Terms
Beneficial Ownership Limitation, Jones Act Warrants, Rule 13d-3(d)(1)(i), U.S. Citizen, +1 more
5 terms
Beneficial Ownership Limitationregulatory
"subject to the Beneficial Ownership Limitation (defined below)"
A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.
Jones Act Warrantsfinancial
"shares of Common Stock underlying 2,885,061 warrants, each exercisable"
Rule 13d-3(d)(1)(i)regulatory
"added to the shares of Common Stock outstanding in accordance with Rule 13d-3(d)(1)(i)"
U.S. Citizenregulatory
"establish to the Issuer's reasonable satisfaction that it is a "U.S. Citizen""
cabotage lawsregulatory
"within the meaning of the U.S. citizenship and cabotage laws commonly referred"
FAQ
What percentage of HORNBECK OFFSHORE SERVICES, INC. (HLX) shares do Whitebox Advisors LLC and Whitebox General Partner LLC report owning?
Whitebox Advisors LLC and Whitebox General Partner LLC each report beneficial ownership of 37,873,696 shares of HLX common stock, representing approximately 15.0% of the outstanding shares, including shares underlying Jones Act Warrants counted under Rule 13d-3(d)(1)(i).
How many HORNBECK OFFSHORE (HLX) shares does Whitebox Multi-Strategy Partners, LP report beneficially owning?
Whitebox Multi-Strategy Partners, LP reports beneficial ownership of 19,491,691 shares of HLX common stock, equal to about 8.2% of the class. This total includes 3,002,569 shares owned outright and 16,489,122 shares underlying Jones Act Warrants, subject to a Beneficial Ownership Limitation.
What is the Jones Act Warrants structure referenced in the HLX Schedule 13G?
The Jones Act Warrants are exercisable at $0.00001 per share, with each warrant exercisable for 10.27167 HLX common shares. WA’s clients hold 2,885,061 such warrants, potentially for 29,634,393 shares, constrained by a 4.9% Beneficial Ownership Limitation for non-U.S. citizens.
What share count did HORNBECK OFFSHORE (HLX) report as outstanding for the Schedule 13G calculations?
The ownership percentages in the Schedule 13G are calculated using 222,293,745 shares of HLX common stock outstanding as of September 9, 2026, a figure provided by HORNBECK OFFSHORE SERVICES, INC. and used as the base for all percent-of-class calculations.
How does the Beneficial Ownership Limitation affect Whitebox’s HLX warrant exercises?
The Beneficial Ownership Limitation restricts non-U.S. citizen holders from exercising Jones Act Warrants if doing so would cause them to beneficially own more than 4.9% of HLX common stock. Based on this limit, WA’s clients can currently exercise warrants for up to 21,441,616 shares.
What portion of Whitebox Multi-Strategy Partners’ HLX warrants is currently exercisable?
Subject to the Beneficial Ownership Limitation, Jones Act Warrants held by Whitebox Multi-Strategy Partners, LP are currently exercisable for up to 8,296,345 HLX common shares, so WMP may currently be deemed to beneficially own approximately 4.9% of the outstanding common stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
HORNBECK OFFSHORE SERVICES, INC.
(Name of Issuer)
Common Stock, par value $0.00001 per share
(Title of Class of Securities)
42330P107
(CUSIP Number)
09/01/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
42330P107
1
Names of Reporting Persons
WHITEBOX ADVISORS LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
37,873,696.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
37,873,696.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
37,873,696.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
15 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
42330P107
1
Names of Reporting Persons
WHITEBOX GENERAL PARTNER LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
37,873,696.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
37,873,696.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
37,873,696.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
15 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
42330P107
1
Names of Reporting Persons
Whitebox Multi-Strategy Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
19,491,691.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
19,491,691.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
19,491,691.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
HORNBECK OFFSHORE SERVICES, INC.
(b)
Address of issuer's principal executive offices:
103 Northpark Boulevard, Suite 300, Covington, Louisiana 70433
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Whitebox Advisors LLC, a Delaware limited liability company ("WA");
(ii) Whitebox General Partner LLC, a Delaware limited liability company ("WGP"); and
(iii) Whitebox Multi-Strategy Partners, LP, a Cayman Islands exempted limited partnership ("WMP" and, together with WA and WGP, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
The address of the business office of WA and WGP is:
3033 Excelsior Boulevard
Suite 500
Minneapolis, MN 55416
The address of the business office of WMP is:
Mourant Governance Services (Cayman) Limited
94 Solaris Avenue, Camana Bay
PO Box 1348
Grand Cayman, KY1-1108
Cayman Islands
(c)
Citizenship:
WA and WGP are organized under the laws of the State of Delaware. WMP is organized under the laws of the Cayman Islands.
(d)
Title of class of securities:
Common Stock, par value $0.00001 per share
(e)
CUSIP Number(s):
42330P107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of the date hereof, each of WA and WGP is deemed to be the beneficial owner of 37,873,696 shares of Common Stock, as a result of WA's clients' ownership of (i) 8,239,303 shares of Common Stock and (ii) 29,634,393 shares of Common Stock underlying 2,885,061 warrants, each exercisable to purchase 10.27167 shares of Common Stock at $0.00001 per share (the "Jones Act Warrants"), subject to the Beneficial Ownership Limitation (defined below).
As of the date hereof, WMP may be deemed to be the beneficial owner of 19,491,691 shares of Common Stock, as a result of its ownership of (i) 3,002,569 shares of Common Stock and (ii) 16,489,122 shares of Common Stock underlying the Jones Act Warrants, subject to the Beneficial Ownership Limitation.
The Jones Act Warrants are subject to certain restrictions on ownership of the Issuer's capital stock by non-U.S. citizens, including a beneficial ownership limitation (the "Beneficial Ownership Limitation") that prevents any holder that cannot establish to the Issuer's reasonable satisfaction that it is a "U.S. Citizen" within the meaning of the U.S. citizenship and cabotage laws commonly referred to as the "Jones Act" (principally 46 U.S.C. Section 50501(a), (b), and (d) and 46 U.S.C. Chapters 121 and 551) from exercising the Jones Act Warrants to the extent that, after giving effect to the issuance of shares of Common Stock upon such exercise, the holder would beneficially own more than 4.9% of the shares of Common Stock outstanding.
Based solely on the application of the Beneficial Ownership Limitation to each of WA's clients individually, and based on 222,293,745 shares of Common Stock outstanding as of September 9, 2026, provided by the Issuer, the 2,885,061 Jones Act Warrants held by WA's clients' are currently exercisable for up to an aggregate 21,441,616 shares of Common Stock, including 1,605,301 Jones Act Warrants held by WMP that are currently exercisable for up to 8,296,345 shares of Common Stock.
(b)
Percent of class:
As of the date hereof, each of WA and WGP is deemed to beneficially own approximately 15.0% of the shares of Common Stock outstanding.
This percent of class was calculated based on the sum of (i) 222,293,745 shares of Common Stock outstanding as of September 9, 2026, provided by the Issuer, and (ii) 29,634,393 shares of Common Stock that WA and WGP have the right to acquire upon exercise of the Jones Act Warrants, subject to the Beneficial Ownership Limitation, which amount has been added to the shares of Common Stock outstanding in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended.
As of the date hereof, WMP is deemed to beneficially own approximately 8.2% of the shares of Common Stock outstanding.
This percent of class was calculated based on the sum of (i) 222,293,745 shares of Common Stock outstanding as of September 9, 2026, provided by the Issuer, and (ii) 16,489,122 shares of Common Stock that WMP has the right to acquire upon exercise of the Jones Act Warrants, subject to the Beneficial Ownership Limitation, which amount has been added to the shares of Common Stock outstanding in accordance with Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934, as amended. Subject to the Beneficial Ownership Limitation, the Jones Act Warrants held by WMP are currently exercisable for up to an aggregate 8,296,345 shares of Common Stock, such that WMP may currently be deemed to beneficially own approximately 4.9% of the shares of Common Stock outstanding.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
WA and WGP: 0
WMP: 0
(ii) Shared power to vote or to direct the vote:
WA and WGP: 37,873,696
WMP: 19,491,691
(iii) Sole power to dispose or to direct the disposition of:
WA and WGP: 0
WMP: 0
(iv) Shared power to dispose or to direct the disposition of:
WA and WGP: 37,873,696
WMP: 19,491,691
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
WA's clients, including WMP, are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
