Hornbeck Offshore sees Merced Capital 5.3% stake

Merced Capital and affiliates report shared beneficial ownership of 5.3% of Hornbeck Offshore Services, Inc. common stock.

Rhea-AI Filing Summary

Hornbeck Offshore Services, Inc. (HLX) is the subject of a Schedule 13G reporting a significant institutional ownership position by Merced Capital, L.P. and related parties. As of September 1, 2026, the reporting persons may be deemed beneficial owners of 11,733,106 shares of Common Stock, representing 5.3% of the outstanding shares of Hornbeck Offshore Services, Inc. common stock. These shares are held across three Merced-affiliated investment entities, and the reporting persons have shared voting and dispositive power over all reported shares, with no sole voting or dispositive power.

Key Figures

Beneficial ownership: 11,733,106 shares Ownership percentage: 5.3% Shares outstanding: 222,201,763 shares +5 more

8 metrics

Beneficial ownership 11,733,106 shares Shares of Hornbeck Offshore Services, Inc. common stock beneficially owned as of September 1, 2026

Ownership percentage 5.3% Percentage of Hornbeck Offshore Services, Inc. outstanding common stock beneficially owned as of September 1, 2026

Shares outstanding 222,201,763 shares Hornbeck Offshore Services, Inc. common stock outstanding as of September 1, 2026

First MP holdings 4,139,410 shares Common stock held for the account of Athilon Capital Corp. LLC (First MP)

Second MP holdings 2,941,533 shares Common stock held for the account of Merced Capital Partners V, L.P. (Second MP)

Third MP holdings 4,652,163 shares Common stock held for the account of Merced Partners Limited Partnership (Third MP)

Shared voting power 11,733,106 shares Shares over which the reporting persons have shared power to vote or direct the vote

Shared dispositive power 11,733,106 shares Shares over which the reporting persons have shared power to dispose or direct disposition

Key Terms

Schedule 13G, beneficial owner, shared voting power, shared dispositive power, +2 more

6 terms

Schedule 13G regulatory

"Hornbeck Offshore Services, Inc. is the subject of a Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficial owner financial

"each reporting person may be deemed to be the beneficial owner of 11,733,106 shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 11,733,106.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 11,733,106.00"

investment adviser financial

"Merced is the general partner of and/or investment adviser to each of Athilon Capital Corp."

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

beneficial ownership financial

"each of the Reporting Persons may be deemed to be the beneficial owner of 5.3% of the outstanding shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

What percentage of Hornbeck Offshore Services, Inc. (HLX) shares does Merced Capital report owning?

Merced Capital and the other reporting persons may be deemed to beneficially own 5.3% of Hornbeck Offshore Services, Inc. common stock as of September 1, 2026, based on 222,201,763 shares of common stock outstanding.

How many Hornbeck Offshore Services, Inc. (HLX) shares are beneficially owned by the Merced reporting group?

The reporting persons may be deemed to beneficially own 11,733,106 shares of Hornbeck Offshore Services, Inc. common stock as of September 1, 2026, held through three Merced-affiliated investment entities.

How are the 11,733,106 HLX shares allocated among the Merced entities?

Of the 11,733,106 Hornbeck Offshore Services, Inc. shares, 4,139,410 are held for First MP, 2,941,533 for Second MP, and 4,652,163 for Third MP, each a Merced-affiliated investment entity.

Do the Merced reporting persons have sole or shared voting power over HLX shares?

The reporting persons have shared voting power over 11,733,106 shares and no sole voting power. They also have shared dispositive power over the same number of shares and no sole dispositive power.

What is the total number of HLX shares outstanding referenced in this Schedule 13G?

The filing states that there were 222,201,763 shares of Hornbeck Offshore Services, Inc. common stock outstanding as of September 1, 2026, according to the issuer's transfer agent.

Do the individual managers at Merced Capital claim beneficial ownership of HLX shares?

The filing states that David A. Ericson, Vincent C. Vertin, and Stuart B. Brown may be deemed to share voting and investment control, but each of them disclaims beneficial ownership of the Hornbeck Offshore Services, Inc. shares reported.

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Available on EDGAR 09/09/2026 - 11:38 AM Accepted by SEC EDGAR 09/09/2026 - 11:37 AM Learn about SEC filing dates

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

Merced Capital, L.P.

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 11,733,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,733,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,733,106.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 42330P107

1

Names of Reporting Persons

Series E of Merced Capital Partners, 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 11,733,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,733,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,733,106.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 42330P107

1

Names of Reporting Persons

David A. Ericson

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,733,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,733,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,733,106.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 42330P107

1

Names of Reporting Persons

Vincent C. Vertin

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,733,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,733,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,733,106.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 42330P107

1

Names of Reporting Persons

Stuart B. Brown

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,733,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,733,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,733,106.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

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 Schedule 13G is being filed by Merced Capital, L.P. ("Merced Capital"); Merced is the general partner of and/or investment adviser to each of Athilon Capital Corp. LLC ("First MP"), Merced Capital Partners V, L.P. ("Second MP") and Merced Partners Limited Partnership ("Third MP") (collectively, the "Merced Entities") that directly hold shares of common stock of the Issuer reported on this Schedule 13G; Merced Capital is managed by Series E of Merced Capital Partners, LLC ("Merced Capital Partners"), a series of a Delaware limited liability company; David A. Ericson, Vincent C. Vertin, and Stuart B. Brown collectively have voting control over the interests in Merced Capital Partners. In such capacities, each of Merced Capital, Merced Capital Partners, Mr. Ericson, Mr. Vertin, and Mr. Brown (each of whom may be referred to herein as a "Reporting Person") may be deemed to share voting and investment control over the shares of common stock of the Issuer reported in this Schedule 13G; however, each of Mr. Ericson, Mr. Vertin, and Mr. Brown disclaim beneficial ownership of the shares of common stock of the Issuer reported in this Schedule 13G.
(b)	Address or principal business office or, if none, residence: The principal business address for Merced, Merced Capital Partners, Mr. Ericson, Mr. Vertin, Mr. Brown, and each of the Merced Entities is 701 Carlson Parkway, Suite 1110, Minnetonka, MN, 55305.
(c)	Citizenship: Merced Capital is a Delaware limited partnership. Merced Capital Partners is a Delaware limited liability company. Each of Mr. Ericson, Mr. Vertin, and Mr. Brown are citizens of the United States
(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 September 1, 2026, each reporting person may be deemed to be the beneficial owner of 11,733,106 shares of Common Stock, which amount includes (i) 4,139,410 shares of Common Stock held for the account of First MP, (ii) 2,941,533 shares of Common Stock held for the account of Second MP and (iii) 4,652,163 shares of Common Stock held for the account of Third MP.
(b)	Percent of class: As of September 1, 2026, each of the Reporting Persons may be deemed to be the beneficial owner of 5.3% of the outstanding shares of Common Stock (there were 222,201,763 shares of Common Stock outstanding as of September 1, 2026, according to the Issuer's transfer agent).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 11,733,106
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 11,733,106
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.
	Not Applicable
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.

Merced Capital, L.P.

Signature:	/s/ Joel Anderson
Name/Title:	Joel Anderson/Authorized Representative
Date:	09/08/2026

Series E of Merced Capital Partners, LLC

Signature:	/s/ Joel Anderson
Name/Title:	Joel Anderson/Authorized Representative
Date:	09/08/2026

David A. Ericson

Signature:	/s/ David A. Ericson
Name/Title:	David A. Ericson
Date:	09/08/2026

Vincent C. Vertin

Signature:	/s/ Vincent C. Vertin
Name/Title:	Vincent C. Vertin
Date:	09/08/2026

Stuart B. Brown

Signature:	/s/ Stuart B. Brown
Name/Title:	Stuart B. Brown
Date:	09/08/2026