Hornbeck Offshore posts $85.7M Q3 2026 net loss

Hornbeck committed to acquire eight work-class ROV systems, with deliveries beginning in the second quarter of 2027.

Available on EDGAR 11/05/2026 - 06:04 AM EST Accepted by SEC EDGAR 11/04/2026 - 07:07 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Hornbeck Offshore Services, Inc. (HOS) reported third-quarter 2026 revenue of $293.3 million and Adjusted EBITDA of $105.9 million. The quarter included three months of legacy Hornbeck operations and one month of legacy Helix operations after the September 1, 2026 merger; the company said historical comparisons are significantly affected by transaction timing and are not indicative of the combined company’s expected quarterly run-rate.

GAAP net loss was $85.7 million; merger-related and other specified costs totaled $119.8 million. As of September 30, 2026, cash was $471.6 million and net debt was $259.0 million. Management expects Adjusted EBITDA of $90 million to $100 million for the fourth quarter of 2026 and $500 million to $550 million for full-year 2027.

Contracted revenue backlog was approximately $1.9 billion. Hornbeck said implemented actions represent approximately $20 million of expected annualized cost savings; it targets $30 million in annual cost synergies and approximately $15 million in revenue synergies within the first year after the merger, within at least $75 million of synergies expected within three years. Five-year integrated services agreements with Shell in the U.S. Gulf of America commence in 2027.

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Positive

• Moderate pointAdjusted EBITDA was $105.9 million versus $66.7 million; merger timing affects comparability.

Negative

• Moderate pointNet loss: $85.7 million; merger-related and other specified costs totaled $119.8 million. 6% of market cap

Filing Explained

The all-stock merger closed on September 1, 2026; at closing, legacy Hornbeck holders owned 55% and legacy Helix holders 45% on a fully diluted basis, while the September 30, 2026 count listed 221,971,035 common shares and 103,637,456 Jones Act warrants.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $293.3 million Adjusted EBITDA: $105.9 million Net loss: $85.7 million +5 more

8 metrics

Revenue $293.3 million Third quarter 2026

Adjusted EBITDA $105.9 million Third quarter 2026; $66.7 million in the second quarter of 2026

Net loss $85.7 million Third quarter 2026

Merger-related and other specified costs $119.8 million Third quarter 2026

Contracted revenue backlog Approximately $1.9 billion As of September 30, 2026

Cash $471.6 million As of September 30, 2026

Fourth-quarter 2026 Adjusted EBITDA outlook $90 million to $100 million Fourth quarter 2026

Full-year 2027 Adjusted EBITDA outlook $500 million to $550 million Full year 2027

Key Terms

Adjusted EBITDA, Adjusted Free Cash Flow, Jones Act Warrants, effective dayrate, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA of $105.9 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted Free Cash Flow financial

"Adjusted Free Cash Flow for the third quarter of 2026"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Jones Act Warrants financial

"Jones Act Warrants (strike price $0.00001 per share)"

effective dayrate technical

"Effective dayrates for the active fleet increased"

contracted revenue backlog financial

"contracted revenue backlog was approximately $1.9 billion"

Contracted revenue backlog is the total value of sales or service agreements a company has signed but has not yet recorded as revenue because the work or delivery is still pending. It matters to investors because it shows future revenue that is already committed—like a schedule of booked appointments—helping gauge near-term cash flow and growth visibility, though timing and collectability can vary by contract terms.

Earnings Snapshot

Revenue: $293.3 million · Guidance included

Third quarter 2026

Revenue $293.3 million Compared with $183.3 million in the second quarter of 2026.

Operating income (loss) $59.7 million loss Compared with $26.0 million of operating income in the second quarter of 2026.

Net income (loss) $85.7 million loss Compared with $11.1 million of net income in the second quarter of 2026.

Adjusted EBITDA $105.9 million Compared with $66.7 million in the second quarter of 2026.

Adjusted Free Cash Flow $58.7 million Compared with $25.6 million in the second quarter of 2026.

Guidance

Adjusted EBITDA of $90 million to $100 million for the fourth quarter of 2026 and $500 million to $550 million for full-year 2027.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were HOS's third-quarter 2026 revenue and Adjusted EBITDA?

Revenue was $293.3 million and Adjusted EBITDA was $105.9 million. The quarter included three months of legacy Hornbeck operations and one month of legacy Helix operations. The company said historical comparisons are significantly affected by transaction timing and are not indicative of the combined company’s expected quarterly run-rate.

Why did HOS report a third-quarter net loss?

Hornbeck reported a GAAP net loss of $85.7 million. The company recorded $119.8 million in merger-related and other specified costs, including merger and integration costs, one-time stock-based compensation accelerated due to the combination, and terminated offering costs.

How much contracted backlog did HOS report?

As of September 30, 2026, contracted revenue backlog was approximately $1.9 billion. Approximately $333.2 million was expected to be recognized during the remainder of 2026, approximately $792.8 million during 2027, and approximately $741.3 million thereafter.

What Shell agreements did HOS announce?

Hornbeck announced five-year integrated services agreements with Shell in the U.S. Gulf of America, commencing in 2027.

How many new ROV systems did HOS commit to acquire?

Hornbeck committed to acquire eight new work-class ROV systems, with deliveries beginning in the second quarter of 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0000866829 0000866829 2026-11-04 2026-11-04

UNITED STATES`

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 4, 2026

HORNBECK OFFSHORE SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-32936		95-3409686
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

103 Northpark Boulevard, Suite 300 Covington, Louisiana		70433
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (985) 727-2000

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.00001 per share		HOS		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On November 4, 2026, Hornbeck Offshore Services, Inc. (the “Company”) issued a press release announcing the Company’s financial and operating results for the third quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

Also on November 4, 2026, the Company made available on its website an earnings presentation regarding the Company’s financial results for the third quarter ended September 30, 2026, which will be used for investor relations purposes. The earnings presentation is furnished as Exhibit 99.2.

The information in this report and the exhibits attached hereto shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1		Press Release, dated November 4, 2026
99.2		Investor Presentation, dated November 4, 2026
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.

Dated: November 4, 2026

HORNBECK OFFSHORE SERVICES, INC.
By:		/s/ R. Potter Adams
		R. Potter Adams
		Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

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 of 2026. Excluding the impact of these costs, operating income, operating margin, net income and diluted EPS for the third quarter of 2026 would have been $59.9 million, 20.4%, $28.2 million and $0.13 per share, respectively. Excluding the impact of these costs for the sequential quarter, operating income, operating margin, net income and diluted EPS would have been $38.1 million, 20.8%, $16.3 million and $0.09 per share, respectively. Adjusted EBITDA and Adjusted Free Cash Flow for the third quarter of 2026 were $105.9 million and $58.7 million, respectively, compared to $66.7 million and $25.6 million for the second quarter of 2026, respectively. The sequential variances in our financial results are primarily related to the incremental contribution of the legacy Helix operations for the period following the September 1 closing of the merger.

2

Third Quarter 2026 Segment Results

In connection with the combination, Hornbeck realigned its operations and established a new reportable segment structure. Accordingly, the new segments do not directly correspond to the historical reportable segments of either legacy Hornbeck or legacy Helix.

Marine Transportation & Specialty

Vessel revenues were $141.2 million for the third quarter of 2026, an increase of $5.6 million from $135.6 million in the second quarter of 2026. Non-vessel revenues were $12.3 million for both the current and sequential quarters. This segment operated an average active fleet of 38.5 vessels, compared to 39.7 vessels in the second quarter. Average dayrates increased to $51,959 from $50,882, and active vessel utilization increased to 76.7% from 73.7%. As a result, effective dayrates for the active fleet increased to $39,852 from $37,500. The increases in average dayrates and utilization primarily reflected higher activity among the Company’s high- and ultra-high specification offshore supply vessels and fewer days out of service for regulatory drydockings. Operating income was $42.1 million, or 27.4% of total segment revenues, compared to $42.3 million, or 28.6% of total segment revenues, in the second quarter. Adjusted EBITDA increased to $67.6 million from $66.3 million. The increase in vessel revenues was partially offset by higher vessel operating costs, including crew expenses associated with the timing of regulatory drydockings, and a higher allocation of general and administrative expenses related to the Company’s new segment reporting structure.

Subsea Services

Vessel revenues were $53.3 million for the third quarter of 2026, an increase of $17.8 million from $35.5 million in the second quarter. Non-vessel revenues were $5.0 million, all of which was related to legacy Helix operations following the merger. This segment operated an average of 9.0 vessels, compared with 7.0 vessels in the second quarter, reflecting a full-quarter contribution from seven legacy Hornbeck vessels and a partial-quarter contribution from six legacy Helix vessels, including in-chartered vessels. Average dayrates decreased to $86,024 from $92,377, while utilization increased to 75.2% from 60.3%. Effective dayrates increased to $64,690 from $55,703. The reduction in average dayrates primarily reflected downtime associated with the conversion of a legacy Hornbeck vessel during the quarter. The improvement in utilization primarily reflected higher activity among the legacy Hornbeck vessels. Operating income was $18.1 million, or 31.0% of total segment revenues, compared to $15.2 million, or 42.8% of total segment revenues, in the second quarter. Adjusted EBITDA increased to $25.3 million from $18.7 million. This segment’s third-quarter results included a partial-quarter contribution from the acquired legacy Helix operations.

Well Intervention

Well Intervention was not part of the Company’s historical results and, thus, solely reflects the contribution of the legacy Helix operations from September 1 through September 30, 2026. Vessel and non-vessel revenues for the third quarter of 2026 were $76.6 million and $1.4 million, respectively. The segment operated an average fleet of 2.6 vessels, with average dayrates of $362,162, utilization of 88.1%, and effective dayrates of $319,065. The current-quarter average fleet count reflects a partial-quarter contribution from eight legacy Helix vessels, inclusive of in-chartered vessels. Operating income was $26.0 million, or 33.4% of total segment revenue, and Adjusted EBITDA was $32.4 million.

3

Integration and Synergies Update

Hornbeck continues to integrate the legacy Hornbeck and Helix businesses and to pursue the revenue and cost synergy opportunities identified in connection with the business combination. These anticipated synergies include corporate efficiencies, procurement and maintenance savings, operating efficiencies, reduced reliance on third-party vessel charters, cross-selling opportunities, improved asset utilization, and integrated service offerings.¹

At the time the transaction was announced, the Company identified at least $75 million of annual revenue and cost synergies expected to be realized within three years following the closing of the merger, consisting of $45 million of revenue synergies and $30 million of cost synergies. The Company has implemented actions representing approximately $20 million of expected annualized cost savings and expects to achieve the $30 million annual cost synergy run-rate target within the first year following the combination. The Company is also targeting approximately $15 million of revenue synergies within the first year, with additional opportunities expected from integrated service offerings, asset optimization, expanded services to existing customers and increased exposure to the defense market. The recently announced services agreements with Shell demonstrate the commercial opportunities created by the combined platform and the Company’s ability to provide a broader suite of offshore services to its customers.

Third Quarter 2026 Backlog

As of September 30, 2026, the Company’s contracted revenue backlog² was approximately $1.9 billion, of which approximately $333.2 million is expected to be recognized during the remainder of 2026, approximately $792.8 million during 2027 and approximately $741.3 million thereafter. Our total backlog is comprised of $667.8 million, $431.5 million and $759.9 million for the Marine Transportation & Specialty, Subsea Services and Well Intervention segments, respectively.

Third Quarter 2026 Liquidity and Capital Resources

As of September 30, 2026, the Company had a cash balance of $471.6 million and $730.6 million of total face value of debt, resulting in net debt of $259.0 million.

In addition, the Company has an undrawn revolving line of credit with a current borrowing base of $125.0 million. Cash plus undrawn capacity under the revolving credit facility is $596.6 million.

Fourth Quarter 2026 and Full Year 2027 Outlook

Based on current backlog, customer commitments and operating plans, Hornbeck expects to achieve Adjusted EBITDA of $90 million to $100 million for the fourth quarter of 2026 and $500 million to $550 million for full-year 2027.

¹  The amount and timing of synergies actually achieved may differ materially from the Company’s current expectations and may take longer to realize or may not be fully realized. Achievement of the anticipated synergies is subject to integration execution, customer demand, commercial adoption, market conditions, operating activity, employee retention, implementation costs, and other risks and uncertainties, including, but not limited to, those described under “Risk Factors” in the Company’s public filings with the SEC.

²  Backlog represents contracted revenue that the Company expects to earn in future periods. The amount and timing of actual revenue recognition may differ from current expectations as a result of customer cancellation and termination rights, contractual options, project delays, changes in project scope, weather, vessel availability, scheduled and unscheduled downtime, mobilizations and other factors. Backlog is not necessarily indicative of future revenue or profitability.

4

Potter Adams, Executive Vice President and Chief Financial Officer, added, “Our 2027 outlook is supported by contracted backlog, an expanded geographic and service-line footprint, and the anticipated contribution of the combined platform. We remain constructive on the long-term deepwater market and are seeing the benefits of a more diversified business, including exposure to international deepwater activity, subsea services, well intervention, defense and other non-oilfield specialty markets. The guidance range assumes no material contribution from operations outside of our three core reporting segments, incorporates a heavier regulatory drydock schedule weighted toward the first half of the year, and includes approximately $20 million of anticipated cost synergy benefits from actions implemented to date. The guidance also includes an anticipated contribution from the first of our two HOS 400-class MPSV newbuilds following its expected entry into commercial service late in the third quarter 2027. Importantly, our guidance assumes U.S. Gulf of America deepwater drilling activity remains generally consistent with current levels and does not depend on a meaningful increase in activity during the year. We will remain disciplined on pricing, contract quality, duration and full-cycle returns rather than pursuing utilization at the expense of value.”

This guidance range reflects the Company’s current expectations for typical seasonality, project timing, geographic and service-line mix, vessel availability, out-of-service periods for anticipated regulatory drydockings, customer activity and the pace of integration. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA guidance to the most directly comparable GAAP measure without unreasonable effort due to the inherent difficulty in forecasting the timing and magnitude of items that have not yet occurred.

Webcast and Conference Call Details

The Company will host a conference call to discuss its third quarter 2026 financial results and recent developments at 9:00 a.m. Eastern (8:00 a.m. Central) tomorrow, November 5, 2026. To participate in the call, dial (412) 902-0003 and ask for the Hornbeck Offshore call at least 10 minutes prior to the start time. To access it live over the Internet, log onto the web at http://www.hornbeckoffshore.com, on the “Investors” homepage of the Company’s website. An archived version of the webcast will be available shortly after the call for a period of 60 days on the “Investors” homepage of the Company’s website. In addition, a telephonic replay will be available through November 19, 2026, and may be accessed by calling (201) 612-7415 and using the passcode 13763345#.

5

About Hornbeck Offshore Services

Hornbeck is a global offshore services leader, providing innovative and integrated marine and subsea solutions to customers across the deepwater oilfield, defense and renewables industries.

Contacts:

Potter Adams

Executive Vice President and CFO

985-727-6815

ir@hornbeckoffshore.com

Ken Dennard / Alex Harp

Dennard Lascar Investor Relations

713-529-6600

HOS@dennardlascar.com

Cautionary Note Regarding Forward-Looking Statements

This press release 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 press release 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: our future performance, our Adjusted EBITDA guidance for the fourth quarter of 2026 and full-year 2027, contracted backlog and the timing of its conversion to revenue, the integration of the Company and the amount and timing of anticipated synergies, the delivery of the MPSV newbuilds, the delivery of new ROV systems, the commencement of awarded contracts, market conditions and outlook. 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 company’s control, including, but not limited to, risks related to 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, which includes delays in delivery, chartering or customer acceptance of assets or 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 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 the Company’s filings with the SEC.

Forward-looking statements speak only as of the date they are made. The forward-looking statements in this press release are based upon information available to the company as of the date of this press release and, while the 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 the Company’s filings with the SEC. The 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.

6

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations

(in thousands, except per share data)

		Three Months Ended												Nine Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Revenue:
Vessel revenue		$	271,159			$	171,026			$	186,445			$	602,552			$	507,582
Non-vessel revenue			22,182				12,229				12,671				46,764				37,963
Total Revenue		$	293,341			$	183,255			$	199,116			$	649,316			$	545,545
Costs and expenses:
Operating expenses			165,774				98,912				93,437				355,716				280,669
Depreciation expense			20,222				12,231				10,026				44,478				30,016
Amortization expense			19,197				15,332				11,244				47,304				30,209
General and administrative expense			27,492				19,824				22,259				65,722				57,274
Stock-based compensation expense			43,368				3,090				1,737				47,618				5,190
Merger and integration costs			78,980				8,514				—				91,425				—
Total costs and expenses			355,033				157,903				138,703				652,263				403,358
Gain on sale of assets			1,944				663				143				3,586				13,022
Operating income (loss)			(59,748	)			26,015				60,556				639				155,209
Other income (expense):
Loss on early extinguishment of debt			—				—				—				—				(67	)
Terminated offering costs			(177	)			(3,617	)			—				(3,794	)			—
Foreign currency gain (loss)			(855	)			107				(219	)			(562	)			(148	)
Interest expense			(17,423	)			(9,174	)			(7,665	)			(35,856	)			(23,594	)
Interest income			4,328				1,262				1,357				6,224				3,702
Other income			426				68				—				494				—
Other expense, net			(13,701	)			(11,354	)			(6,527	)			(33,494	)			(20,107	)
Income (loss) before income taxes			(73,449	)			14,661				54,029				(32,855	)			135,102
Income tax expense			12,240				3,525				2,103				22,596				8,443
Net income (loss)		$	(85,689	)		$	11,136			$	51,926			$	(55,451	)		$	126,659
Basic earnings (loss) per common share		$	(0.40	)		$	0.07			$	0.32			$	(0.31	)		$	0.77
Diluted earnings (loss) per common share		$	(0.40	)		$	0.06			$	0.28			$	(0.31	)		$	0.69
Weighted average basic shares outstanding			213,236				158,819				164,542				177,090				164,368
Weighted average diluted shares outstanding			213,236				178,886				184,398				177,090				184,164

7

Hornbeck Offshore Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

(in thousands)

		September 30, 2026				December 31, 2025
		(Unaudited)				(Audited)
ASSETS
Current assets:
Cash and cash equivalents		$	471,551			$	54,167
Accounts receivable, net			439,532				164,695
Prepaid expenses			27,211				4,941
Other current assets			107,012				33,206
Total current assets			1,045,306				257,009
Property, plant and equipment, net			1,974,779				754,135
Other assets			686,825				141,643
Total assets		$	3,706,910			$	1,152,787
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	245,935			$	58,251
Accrued payroll and benefits			75,897				24,429
Current maturities of long-term debt, net			40,429				30,259
Other current liabilities			159,246				29,330
Total current liabilities			521,507				142,269
Long-term debt, net			695,730				410,352
Other long-term liabilities			467,111				31,804
Total long-term liabilities			1,162,841				442,156
Total liabilities			1,684,348				584,425
Stockholders’ equity:
Total stockholders’ equity			2,022,562				568,362
Total liabilities and stockholders’ equity		$	3,706,910			$	1,152,787

8

Hornbeck Offshore Services, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(in thousands)

		Nine Months Ended September 30,
		2026				2025
		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(55,451	)		$	126,659
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion expense			92,092				60,225
Stock-based compensation expense			47,618				5,190
Loss on early extinguishment of debt			—				67
Provision for (recovery of) credit losses			(646	)			2,505
Deferred tax expense			6,896				2,355
Amortization of deferred financing costs and debt premium or discount			1,130				1,382
Amortization of deferred contract-specific costs of sales			95				1,951
Gain on sale of assets			(3,586	)			(13,022	)
Changes in operating assets and liabilities:
Accounts receivable			(42,356	)			(22,492	)
Deferred recertification costs			(57,408	)			(47,853	)
Other current and long-term assets			2,345				(10,125	)
Accounts payable			11,279				(10,084	)
Accrued interest			(12,471	)			2,878
Accrued liabilities and other liabilities			(2,331	)			(2,669	)
Return on investment in unconsolidated subsidiary			(2,000	)			—
Net cash provided by (used in) operating activities			(14,794	)			96,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Maintenance capital improvements			(16,474	)			(15,370	)
Growth capital expenditures			(40,996	)			(34,771	)
Commercial capital expenditures			(20,056	)			(33,789	)
Non-vessel capital expenditures			(633	)			(7,461	)
Acquisition of intangible assets			(17,400	)			—
Net proceeds from sale of assets			4,142				13,234
Net cash acquired in Merger			637,878				—
Net cash provided by (used in) investing activities			546,461				(78,157	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on second lien term loans due 2033			(22,715	)			(1,674	)
Prepayment fee on second lien term loans due 2033			—				(67	)
Proceeds from first lien revolving credit facility			25,000				—
Repayment of first lien revolving credit facility			(25,000	)			—
Deferred financing costs			(351	)			(209	)
Cash settlement of equity awards			(23,566	)
Cash paid for withholding taxes on net share settlements			(62,526	)			(1,397	)
Principal payments under finance lease obligations			(2,919	)			(570	)
Other cash flows from financing activities			(21	)			(111	)
Net cash used in financing activities			(112,098	)			(4,028	)
Effects of foreign currency exchange rate changes on cash			(610	)			1,407
Net increase (decrease) in cash and cash equivalents			418,959				16,189
Cash, cash equivalents and restricted cash at beginning of period			54,167				81,568
Cash, cash equivalents and restricted cash at end of period		$	473,126			$	97,757
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest		$	46,957			$	29,191
Cash paid for income taxes, net of refunds		$	13,455			$	14,126

9

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations by Segment

(in thousands)

		Three Months Ended September 30, 2026
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Revenue:
Vessel revenue		$	141,223			$	53,324			$	76,612			$	271,159			$	—			$	—			$	271,159
Non-vessel revenue			12,252				5,036				1,388				18,676				3,506				—				22,182
Total revenue			153,475				58,360				78,000				289,835				3,506				—				293,341
Cost and expenses:
Operating expense			86,474				32,110				44,318				162,902				2,872				—				165,774
Depreciation expense			11,220				2,865				5,962				20,047				—				175				20,222
Amortization expense			14,241				4,301				459				19,001				—				196				19,197
General and administrative expense			1,337				975				1,239				3,551				90				23,851				27,492
Stock-based compensation expense			—				—				—				—				—				43,368				43,368
Merger and integration costs			—				—				—				—				—				78,980				78,980
Total cost and expenses			113,272				40,251				51,978				205,501				2,962				146,570				355,033
Gain (loss) on sale of assets			1,911				(8	)			—				1,903				41				—				1,944
Operating income (loss)		$	42,114			$	18,101			$	26,022			$	86,237			$	585			$	(146,570	)		$	(59,748	)

		Three Months Ended June 30, 2026
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Revenue:
Vessel revenue		$	135,553			$	35,473			$	—			$	171,026			$	—			$	—			$	171,026
Non-vessel revenue			12,229				—				—				12,229				—				—				12,229
Total revenue			147,782				35,473				—				183,255				—				—				183,255
Cost and expenses:
Operating expense			82,114				16,798				—				98,912				—				—				98,912
Depreciation expense			11,230				1,002				—				12,232				—				—				12,232
Amortization expense			12,829				2,502				—				15,331				—				—				15,331
General and administrative expense			—				—				—				—				—				19,752				19,752
Stock-based compensation expense			—				—				—				—				—				3,090				3,090
Merger and integration costs			—				—				—				—				—				8,514				8,514
Research and development expense			—				—				—				—				—				73				73
Total cost and expenses			106,173				20,303				—				126,476				—				31,429				157,904
Gain (loss) on sale of assets			675				—				—				675				(12	)			—				663
Operating income (loss)		$	42,284			$	15,170			$	—			$	57,454			$	(12	)		$	(31,429	)		$	26,014

		Three Months Ended September 30, 2025
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Revenues:
Vessel revenue		$	146,582			$	39,863			$	—			$	186,445			$	—			$	—			$	186,445
Non-vessel revenue			12,671				—				—				12,671				—				—				12,671
Total revenue			159,253				39,863				—				199,116				—				—				199,116
Cost and expenses:
Operating expense			80,605				12,832				—				93,437				—				—				93,437
Depreciation expense			9,065				961				—				10,026				—				—				10,026
Amortization expense			8,666				2,578				—				11,244				—				—				11,244
General and administrative expense			—				—				—				—				—				22,259				22,259
Stock-based compensation expense			—				—				—				—				—				1,737				1,737
Merger and integration costs			—				—				—				—				—				—				—
Total cost and expenses			98,336				16,371				—				114,707				—				23,996				138,703
Gain (loss) on sale of assets			(15	)			(3	)			—				(18	)			—				161				143
Operating income (loss)		$	60,902			$	23,489			$	—			$	84,391			$	—			$	(23,835	)		$	60,556

10

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations by Segment

(in thousands)

		Nine Months Ended September 30, 2026
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Revenue:
Vessel revenue		$	415,525			$	110,415			$	76,612			$	602,552			$	—			$	—			$	602,552
Non-vessel revenue			36,834				5,036				1,388				43,258				3,506				—				46,764
Total revenue			452,359				115,451				78,000				645,810				3,506				—				649,316
Cost and expenses:
Operating expense			245,417				63,109				44,318				352,844				2,872				—				355,716
Depreciation expense			33,480				4,861				5,962				44,303				—				175				44,478
Amortization expense			38,308				8,341				459				47,108				—				196				47,304
General and administrative expense			1,337				975				1,239				3,551				90				62,081				65,722
Stock-based compensation expense			—				—				—				—				—				47,618				47,618
Merger and integration costs			—				—				—				—				—				91,425				91,425
Total cost and expenses			318,542				77,286				51,978				447,806				2,962				201,495				652,263
Gain (loss) on sale of assets			3,552				(4	)			—				3,548				38				—				3,586
Operating income (loss)		$	137,369			$	38,161			$	26,022			$	201,552			$	582			$	(201,495	)		$	639

		Nine Months Ended September 30, 2025
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Revenue:
Vessel revenue		$	406,184			$	101,398			$	—			$	507,582			$	—			$	—			$	507,582
Non-vessel revenue			37,963				—				—				37,963				—				—				37,963
Total revenue			444,147				101,398				—				545,545				—				—				545,545
Cost and expenses:
Operating expense			241,812				38,857				—				280,669				—				—				280,669
Depreciation expense			27,097				2,919				—				30,016				—				—				30,016
Amortization expense			22,649				7,560				—				30,209				—				—				30,209
General and administrative expense			—				—				—				—				—				57,274				57,274
Stock-based compensation expense			—				—				—				—				—				5,190				5,190
Merger and integration costs			—				—				—				—				—				—				—
Total cost and expenses			291,558				49,336				—				340,894				—				62,464				403,358
Gain (loss) on sale of assets			12,808				(3	)			—				12,805				—				217				13,022
Operating income (loss)		$	165,397			$	52,059			$	—			$	217,456			$	—			$	(62,247	)		$	155,209

11

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations - Marine Transportation & Specialty Segment

(in thousands, except for %, average vessel counts and amounts per day)

		Three Months Ended												Nine Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Marine Transportation & Specialty
Revenue:
Vessel revenue		$	141,223			$	135,553			$	146,582			$	415,525			$	406,184
Non-vessel revenue			12,252				12,229				12,671				36,834				37,963
Total revenue		$	153,475			$	147,782			$	159,253			$	452,359			$	444,147
Operating income		$	42,114			$	42,284			$	60,902			$	137,369			$	165,397
Operating income %			27.4	%			28.6	%			38.2	%			30.4	%			37.2	%
Adjusted EBITDA			67,575				66,343				78,633				209,157				215,143
Adjusted EBITDA margin %			44.0	%			44.9	%			49.4	%			46.2	%			48.4	%
Average number of vessels			62.9				63.9				64.0				63.8				64.4
Average number of active vessels			38.5				39.7				41.0				39.2				41.8
Average number of stacked vessels			24.4				24.2				23.0				24.6				22.6
Average utilization rate			47.0	%			45.8	%			52.3	%			46.9	%			49.0	%
Active utilization rate			76.7	%			73.7	%			81.7	%			76.5	%			75.6	%
Average dayrate		$	51,959			$	50,882			$	47,593			$	50,797			$	47,144
Effective dayrate		$	24,421			$	23,304			$	24,891			$	23,824			$	23,101
Operating expense:
Active vessel opex		$	75,840			$	72,026			$	72,907			$	212,917			$	216,574
Stacked vessel opex			2,300				1,857				782				8,264				2,821
Non-vessel opex			8,334				8,231				6,916				24,236				22,417
		$	86,474			$	82,114			$	80,605			$	245,417			$	241,812
Active vessel opex per vessel day		$	21,412			$	19,937			$	19,329			$	19,896			$	18,979
Stacked vessel opex per vessel day		$	1,024			$	843			$	370			$	1,231			$	457
Out-of-service time for vessel recertification activities (in days)			15				183				164				381				562

12

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations - Subsea Services Segment

(in thousands, except for %, average vessel counts and amounts per day)

		Three Months Ended												Nine Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Subsea Services
Revenue:
Vessel revenue		$	53,324			$	35,473			$	39,863			$	110,415			$	101,398
Non-vessel revenue			5,036				—				—				5,036				—
Total revenue			58,360				35,473				39,863				115,451				101,398
Operating income			18,101				15,170				23,489				38,161				52,059
Operating income %			31.0	%			42.8	%			58.9	%			33.1	%			51.3	%
Adjusted EBITDA			25,267				18,675				27,028				51,363				62,538
Adjusted EBITDA margin %			43.3	%			52.6	%			67.8	%			44.5	%			61.7	%
Average number of vessels			9.0				7.0				7.0				7.7				7.0
Average number of active vessels			9.0				7.0				7.0				7.7				7.0
Average utilization rate			75.2	%			60.3	%			68.5	%			61.4	%			59.0	%
Average dayrate		$	86,024			$	92,377			$	90,411			$	86,068			$	89,941
Effective dayrate		$	64,690			$	55,703			$	61,932			$	52,846			$	53,065
Operating expense:
Active vessel opex		$	29,430			$	16,768			$	12,830			$	60,394			$	38,840
Non-vessel opex			2,680				30				2				2,715				17
		$	32,110			$	16,798			$	12,832			$	63,109			$	38,857
Active vessel opex per vessel day		$	35,716			$	26,323			$	19,923			$	28,883			$	20,324
Out-of-service time for vessel recertification activities (in days)			—				35				52				95				52

13

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations - Well Intervention Segment

(in thousands, except for %, average vessel counts and amounts per day)

		Three Months Ended												Nine Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Well Intervention
Revenue:
Vessel revenue		$	76,612			$	—			$	—			$	76,612			$	—
Non-vessel revenue			1,388				—				—				1,388				—
Total revenue			78,000				—				—				78,000				—
Operating income			26,022				—				—				26,022				—
Operating income %			33.4	%			0.0	%			0.0	%			33.4	%			0.0	%
Adjusted EBITDA			32,443				—				—				32,443				—
Adjusted EBITDA margin %			41.6	%			0.0	%			0.0	%			41.6	%			—
Average number of vessels			2.6				—				—				0.9				—
Average number of active vessels			2.6				—				—				0.9				—
Average utilization rate			88.1	%			0.0	%			0.0	%			88.1	%			0.0	%
Average dayrate		$	362,162			$	—			$	—			$	362,162			$	—
Effective dayrate		$	319,065			$	—			$	—			$	319,065			$	—
Operating expense:
Active vessel opex		$	43,791			$	—			$	—			$	43,791			$	—
Non-vessel opex			527				—				—				527				—
		$	44,318			$	—			$	—			$	44,318			$	—
Active vessel opex per vessel day		$	182,461			$	—			$	—			$	182,461			$	—
Out-of-service time for vessel recertification activities (in days)			—				—				—				—				—

Non-GAAP Financial Measures

This press release contains certain financial measures not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Diluted Earnings per Share 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. The Company prepares Adjusted Operating Income and Adjusted Net Income and Adjusted Diluted Earnings per Share by eliminating the impact of several non-recurring items not considered indicative of Hornbeck’s on-going performance. Like Adjusted EBITDA and Adjusted Free Cash Flow, the Company believes these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure.

The Company believes the non-GAAP financial measures contained in this press release provide useful information to management and investors regarding certain financial and business trends relating to the 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 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 following tables for additional information about the items of expense and income that are included in determining the non-GAAP financial measures for historical periods contained in this press release and for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA guidance to the most directly comparable GAAP measure without unreasonable effort due to the inherent difficulty in forecasting the timing and magnitude of items that have not yet occurred.

14

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Non-GAAP Measures and Reconciliation

(in thousands, except for %)

		Three Months Ended												Nine Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow:
Net income (loss)		$	(85,689	)		$	11,136			$	51,926			$	(55,451	)		$	126,659
Interest expense			17,423				9,174				7,665				35,856				23,594
Income tax expense			12,240				3,525				2,103				22,596				8,443
Depreciation			20,222				12,231				10,026				44,478				30,016
Amortization			19,197				15,332				11,244				47,304				30,209
Loss on early extinguishment of debt			—				—				—				—				67
Stock-based compensation expense			43,368				3,090				1,737				47,618				5,190
Merger and integration costs			78,980				8,514				—				91,425				—
Terminated offering costs			177				3,617				—				3,794				—
Research and development expense			—				73				—				86				—
Adjusted EBITDA		$	105,918			$	66,692			$	84,701			$	237,706			$	224,178
Cash paid for deferred drydocking charges			(12,892	)			(20,917	)			(15,141	)			(57,408	)			(47,853	)
Cash paid for maintenance capital improvements			(4,446	)			(4,178	)			(4,859	)			(16,474	)			(15,370	)
Cash paid for non-vessel capital expenditures			(149	)			(160	)			(7,178	)			(633	)			(7,461	)
Cash paid for interest			(25,470	)			(10,970	)			(10,790	)			(46,957	)			(29,191	)
Cash paid for income taxes, net of refunds			(4,235	)			(4,896	)			(2,536	)			(13,455	)			(14,126	)
Adjusted Free Cash Flow		$	58,726			$	25,571			$	44,197			$	102,779			$	110,177
Adjusted Free Cash Flow conversion			55.4	%			38.3	%			52.2	%			43.2	%			49.1	%
Revenues		$	293,341			$	183,255			$	199,116			$	649,316			$	545,545
Adjusted EBITDA margin			36.1	%			36.4	%			42.5	%			36.6	%			41.1	%

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Non-GAAP Measures and Reconciliation by Segment

(in thousands, except for %)

		Three Months Ended September 30, 2026
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Reconciliation of Adjusted EBITDA:
Operating income (loss)		$	42,114			$	18,101			$	26,022			$	86,237			$	585			$	(146,570	)		$	(59,748	)
Interest Income			—				—				—				—				—				4,328				4,328
Depreciation expense			11,220				2,865				5,962				20,047				—				175				20,222
Amortization expense			14,241				4,301				459				19,001				—				196				19,197
Stock-based compensation expense			—				—				—				—				—				43,368				43,368
Merger and integration costs			—				—				—				—				—				78,980				78,980
Research and development expense			—				—				—				—				—				—				—
Other			—				—				—				—				—				(429	)			(429	)
Adjusted EBITDA		$	67,575			$	25,267			$32,443				$	125,285			$	585			$	(19,952	)		$	105,918
Revenues		$	153,475			$	58,360			$	78,000			$	289,835			$	3,506							$	293,341
Adjusted EBITDA margin			44.0	%			43.3	%			41.6	%			43.2	%			16.7	%							36.1	%

15

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Non-GAAP Measures and Reconciliation by Segment

(in thousands, except for %)

		Three Months Ended June 30, 2026
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Reconciliation of Adjusted EBITDA:
Operating income (loss)		$	42,284			$	15,170			$	—			$	57,454			$	(11	)		$	(31,429	)		$	26,014
Interest Income			—				—				—				—				—				1,262				1,262
Depreciation expense			11,230				1,002				—				12,232				—				—				12,232
Amortization expense			12,829				2,502				—				15,332				—				—				15,332
Stock-based compensation expense			—				—				—				—				—				3,090				3,090
Merger and integration costs			—				—				—				—				—				8,514				8,514
Research and development expense			—				—				—				—				—				73				73
Other			—				—				—				—				—				175				175
Adjusted EBITDA		$	66,343			$	18,675			$	—			$	85,017			$	(11	)		$	(18,315	)		$	66,692
Revenues		$	147,782			$	35,473							$	183,255											$	183,255
Adjusted EBITDA margin			44.9	%			52.6	%							46.4	%											36.4	%

		Three Months Ended September 30, 2025
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Reconciliation of Adjusted EBITDA:
Operating income (loss)		$	60,902			$	23,489			$	—			$	84,391			$	—			$	(23,835	)		$	60,556
Interest Income			—				—				—				—				—				1,357				1,357
Depreciation expense			9,065				961				—				10,026				—				—				10,026
Amortization expense			8,666				2,578				—				11,244				—				—				11,244
Stock-based compensation expense			—				—				—				—				—				1,737				1,737
Merger and integration costs			—				—				—				—				—				—				—
Research and development expense			—				—				—				—				—				—				—
Other			—				—				—				—				—				(219	)			(219	)
Adjusted EBITDA		$	78,633			$	27,028			$	—			$	105,661			$	—			$	(20,960	)		$	84,701
Revenues		$	159,253			$	39,863							$	199,116											$	199,116
Adjusted EBITDA margin			49.4	%			67.8	%							53.1	%											42.5	%

		Nine Months Ended September 30, 2026
		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Reconciliation of Adjusted EBITDA:
Operating income (loss)		$	137,369			$	38,161			$	26,022			$	201,552			$	582			$	(201,495	)		$	639
Interest Income			—				—				—				—				—				6,224				6,224
Depreciation expense			33,480				4,861				5,962				44,303				—				175				44,478
Amortization expense			38,308				8,341				459				47,108				—				196				47,304
Stock-based compensation expense			—				—				—				—				—				47,618				47,618
Merger and integration costs			—				—				—				—				—				91,425				91,425
Research and development expense			—				—				—				—				—				86				86
Other			—				—				—				—				—				(68	)			(68	)
Adjusted EBITDA		$	209,157			$	51,363			$	32,443			$	292,963			$	582			$	(55,839	)		$	237,706
Revenues		$	452,359			$	115,451			$	78,000			$	645,810			$	3,506							$	649,316
Adjusted EBITDA margin			46.2	%			44.5	%			41.6	%			45.4	%			16.6	%							36.6	%

		Nine Months Ended September 30, 2025
($ in thousands)		Marine Transportation & Specialty				Subsea Services				Well Intervention				Total Reportable Segments				Other				Unallocated Expense				Total
Reconciliation of Adjusted EBITDA:
Operating income (loss)		$	165,397			$	52,059			$	—			$	217,456			$	—			$	(62,247	)		$	155,209
Interest Income			—				—				—				—				—				3,702				3,702
Depreciation expense			27,097				2,919				—				30,016				—				—				30,016
Amortization expense			22,649				7,560				—				30,209				—				—				30,209
Stock-based compensation expense			—				—				—				—				—				5,190				5,190
Merger and integration costs			—				—				—				—				—				—				—
Research and development expense			—				—				—				—				—				—				—
Other			—				—				—				—				—				(148	)			(148	)
Adjusted EBITDA		$	215,143			$	62,538			$	—			$	277,681			$	—			$	(53,503	)		$	224,178
Revenues		$	444,147			$	101,398							$	545,545											$	545,545
Adjusted EBITDA margin			48.4	%			61.7	%							50.9	%											41.1	%

16

Hornbeck Offshore Services, Inc. and Subsidiaries

Unaudited Non-GAAP Measures and Reconciliation

(in thousands, except for % and per share data)

		Three Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025
Reconciliation of Adjusted operating income:
Operating income (loss)		$	(59,748	)		$	26,015			$	60,556
Adjustments:
Merger and integration costs			78,980				8,514				—
Merger-related stock-based compensation expense			40,619				—				—
Total adjustments			119,599				8,514				—
Adjusted operating income		$	59,851			$	34,529			$	60,556
Total revenue		$	293,341			$	183,255			$	199,116
Adjusted operating margin			20.4	%			18.8	%			30.4	%

		Three Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025
Reconciliation of Adjusted net income:
Net income (loss)		$	(85,689	)		$	11,136			$	51,926
Adjustments
Merger and integration costs			78,980				8,514				—
Merger-related stock-based compensation expense			40,619				—				—
Terminated offering costs			177				3,617				—
Merger-related discrete tax items			(5,920	)			(6,977	)			—
Total adjustments			113,856				5,154				—
Adjusted net income		$	28,167			$	16,290			$	51,926

		Three Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025
Reconciliation of Adjusted diluted earnings per share:
Diluted earnings (loss) per common share		$	(0.40	)		$	0.06			$	0.28
Adjustments
Merger and integration costs			0.37				0.05				—
Merger-related stock-based compensation expense			0.19				—				—
Terminated offering costs			0.00				0.02				—
Merger-related discrete tax items			(0.03	)			(0.04	)			—
Total adjustments			0.53				0.03				—
Adjusted diluted earnings per share		$	0.13			$	0.09			$	0.28

17

Hornbeck Offshore Services Third Quarter 2026 Earnings A Premier Integrated Offshore Services Company November 5, 2026 Exhibit 99.2

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.

Third Quarter 2026 Highlights Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures, see Appendix for reconciliations. For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the merger had occurred.` Completed the merger with Helix Energy Solutions ("Helix") on September 1, 2026, creating a premier integrated offshore services company Announced five-year integrated services agreements with Shell in the U.S. Gulf of America, commencing in 2027 Committed to acquire eight new work-class ROV systems, with deliveries beginning in the second quarter of 2027 Actioned $20 million of annualized cost savings to date and expects to achieve the $30 million run-rate target within the first year Provided Adjusted EBITDA guidance of $90 to $100 million for fourth quarter 2026 and $500 to $550 million for full year 2027 3Q2026 results reflect Legacy Hornbeck for all periods prior to the merger and the combined company only for periods after closing $293m 3Q2026 revenue, as reported $503m 3Q2026 revenue, as adjusted (2) $106m 3Q2026 Adj. EBITDA(1), as reported $155m 3Q2026 Adj. EBITDA(1), as adjusted(2) 36.1% 3Q2026 Adj. EBITDA Margin(1), as reported 30.8% 3Q2026 Adj. EBITDA Margin(1), as adjusted (2) $302m LTM Adj. EBITDA(1), as reported $536m LTM Adj. EBITDA(1), as adjusted (2) 36.6% LTM Adj. EBITDA Margin(1), as reported 28.5% LTM Adj. EBITDA Margin(1), as adjusted (2) $824m LTM revenue, as reported $1,881m LTM revenue, as adjusted (2)

Combination with Helix Creates an Integrated Offshore Services Leader in Deepwater 4 Fleet of High-Specification Deepwater Vessels 56 OSVs, including 22 ultra high-spec 15 MPSVs, including two newbuilds to be completed in 2027 & 2028 56 U.S. Jones Act-qualified vessels United States and Latin America Well Intervention, Robotics and Technical Services Seven well intervention vessels, one production facility vessel Five chartered vessels 41 work-class ROVs(2) and six subsea trenching systems United States, North Sea, Brazil, West Africa and Asia Pacific COMBINED COMPANY Hornbeck Offshore Services, Inc. A recognized leader in offshore marine solutions All stock merger closed on September 1, 2026, with the new Hornbeck Offshore Services, Inc. trading on the NYSE under the ticker symbol “HOS” At close, Legacy Hornbeck stockholders owned 55% and Legacy Helix stockholders owned 45%, on a fully diluted basis(1) Legacy Hornbeck is the accounting acquirer in the merger, meaning third quarter financial results include three months of Legacy Hornbeck operations and one month of Legacy Helix operations The company now operates through three reportable segments: (i) Marine Transportation & Specialty, (ii) Subsea Services, and (iii) Well Intervention Source: Company Filings Ownership based on fully diluted shares outstanding, including Jones Act Warrants, as of 9/30/2026 Basic shares outstanding, including Jones Act Warrants, as of 9/30/2026, which 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 -326m basic shares outstanding(2) NYSE: HOS

5 Consolidated Summary Results Three Months Ended September 30, 2026 Three Months Ended June 30, 2026 ($ in millions, except for %) As Reported   As Adjusted(1) As Reported   As Adjusted(1) Revenue  $ 293    $ 503    $ 183    $ 487 Adjusted EBITDA(2) 106   155   67   147 Adjusted EBITDA Margin(2) 36%   31%    36%   30% Adjusted Free Cash Flow(2)  $ 59    $ 99    $ 26    $ 89 Adjusted Free Cash Flow Conversion(2)  56%    64%    38%   61% Face Value of Debt $ 731   $ 731   Cash and cash equivalents 472   472   Net Debt(2) $ 259 $ 259 Net Leverage(2) nm 0.5x Total Liquidity $ 597 $ 597 For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the merger had occurred. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion, Net Debt and Net Leverage are non-GAAP financial measures, see Appendix for reconciliations.

3Q2026 Balance Sheet and Liquidity Well-Capitalized Balance Sheet $731m Face Value of Debt Strong Adjusted Free Cash Flow and Conversion $536m 3Q2026 LTM Adj. EBITDA(1), as adjusted(2) Ample Liquidity $472m Cash Balance Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion, Net Debt and Net Leverage are non-GAAP financial measures, see Appendix for reconciliations. For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the merger had occurred. 0.5x Net Debt(1) / LTM Adj. EBITDA, as adjusted(2) $259m Net Debt(1) $125m Available Revolver $597m Total Available Liquidity $312m 3Q2026 LTM Adj. Free Cash Flow(1), as adjusted(2 58% 3Q2026 LTM Adj. FCF Conversion(1) of Adj. EBITDA(2)

Disciplined Strategic Growth and Capital Allocation Plan Maintain asset base and execute on strategic priorities Maintain a solid asset base to ensure targeted returns and reinvest in existing business to preserve operating capability and long-term earnings potential Pursue strategic growth opportunities when capital structure and return objectives are met and opportunities enhance the long-term value of the platform Reactivate stacked vessels as market demands when supported by attractive customer commitments and accretive economic returns 1 2 Maintain a conservative capital structure and balance sheet with ample liquidity Target a capital structure that is sustainable through-cycle with a <1.0x net leverage target and appropriate strategic flexibility across market conditions Hold liquidity as necessary to protect against downturns and maintain the ability to act on attractive strategic opportunities Maintain leverage within the targeted through-cycle range while balancing investment, growth and the potential for return of capital, where appropriate 3 Fund high-return strategic growth and preserve optionality Prioritize reinvestment in core service offerings that meet targeted return thresholds and strengthen the competitive position of the business Advance organic and acquisitive growth selectively while maintaining capital structure discipline and preserve balance sheet flexibility Evaluate investment opportunities based on relative risk-adjusted returns and strategic fit

Marine Transportation & Specialty Segment Vessel Revenue = No. of Active Vessels x Days in Period x Average Dayrate x Utilization Active Vessel Operating Costs = No. of Active Vessels x Days in Period x Active Vessel Opex per Day For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period of two months from July 1, 2026, through August 31, 2026, and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the Merger had occurred. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. See appendix for reconciliation Three months ended September 30, 2026 ($ in millions except for %, average vessel counts and amounts per day) As Reported   As Adjusted(1) Vessel revenue  $ 141    $ 141   Non-vessel revenue 12   12   Revenue  $ 153    $ 153   Adjusted EBITDA(2) $ 68   $ 68   Adjusted EBITDA Margin(2) 44%   44%   Avg. no. of vessels  62.9    62.9   Avg. no. of active vessels  38.5    38.5   Avg. no. of stacked vessels 24.4   24.4   Active utilization rate 76.7%   76.7%   Average dayrate $ 51,959 $ 51,959 Effective dayrate for active vessels 39,853 39,853 Active vessel opex per day $ 21,412 $ 21,412 Stacked vessel opex per day 1,024 1,024 Non-vessel opex $ 8 $ 8 Out-of-service days for recertification 15 15 Marine Transportation & Specialty Avg. Dayrates and Utilization Marine Transportation & Specialty Backlog $668 million

Subsea Services Segment Vessel Revenue = No. of Active Vessels x Days in Period x Average Dayrate x Utilization Vessel Operating Costs = No. of Active Vessels x Days in Period x Active Vessel Opex per Day Three months ended September 30, 2026 ($ in millions except for %, average vessel counts and amounts per day) As Reported   As Adjusted(1) Vessel revenue  $ 53    $ 89   Non-vessel revenue 5   17   Revenue  $ 58    $ 106   Adjusted EBITDA(2) $ 25   $ 34   Adjusted EBITDA Margin(2) 43%   33%   Average no. of vessels  9.0    12.3   Average no. of active vessels  9.0    12.3   Average utilization rate 75.2%   77.7%   Average dayrate $ 86,024 $ 101,091 Effective dayrate 64,690 78,547 Active vessel opex per day $ 35,716 $ 50,532 Non-vessel opex $ 3 $ 11 Out-of-service days for recertification - - Subsea Services Avg. Dayrates and Utilization Subsea Services Backlog $431 million For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period of two months from July 1, 2026, through August 31, 2026, and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the Merger had occurred. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. See appendix for reconciliation

Well Intervention Segment Vessel Revenue = No. of Active Vessels x Days in Period x Average Dayrate x Utilization Vessel Operating Costs = No. of Active Vessels x Days in Period x Active Vessel Opex per Day Well Intervention Avg. Dayrates and Utilization Well Intervention Backlog $760 million For illustrative purposes only. As Adjusted reflects unaudited results for Legacy Helix for the pre-merger period of two months from July 1, 2026, through August 31, 2026, and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the Merger had occurred. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. See appendix for reconciliation Three months ended September 30, 2026 As Adjusted (1) As Reported ($ in millions except for %, average vessel counts and amounts per day) $ 233 $ 77 Vessel revenue 4 1 Non - vessel revenue $ 237 $ 78 Revenue $ 76 $ 32 Adjusted EBITDA (2) 32% 42% Adjusted EBITDA Margin (2) 8.0 2.6 Average no. of vessels 8.0 2.6 Average no. of active vessels 90.6% 88.1% Average utilization rate $ 349,290 $ 362,162 Average dayrate 316,457 319,065 Effective dayrate $ 203,880 $ 182,461 Active vessel opex per day $ 1 $ 1 Non - vessel opex 35 - Out - of - service days for recertification

Revenue and Cost Synergy Progress At announcement, $75m of revenue and cost synergies were targeted within three years of closing the merger Tracking towards $15m of revenue synergies within the first year of the combined company Additional opportunities to generate revenue synergies through: Integrated service offerings Asset optimization Expanded portfolio of services to existing customers Increased exposure to growing defense market Revenue Synergies ($45m target within three years) Cost Synergies ($30m target within three years) Increase in Margin: Incremental Utilization: Incremental Adj. EBITDA ($mm)(3) Increase in Margin(1) Incremental Utilization(2) Segment 3Q26 LTM Utilization Marine Transportation & Specialty 76% Subsea Services 68% Well Intervention 88% Illustrative Sensitivity | Utilization and Margin Enhancements Note: Excludes impact of MPSV newbuilds, stacked fleet and any potential additional ROV purchases. Assumes increases in EBITDA margin across the fleet. Assumes 85% contribution margin for incremental utilization. Adjusted EBITDA is a non-GAAP financial measure. 1.8% 2.0% 2.5% 3.0% 0.8% 1.0% 1.5% 2.0% Actioned $20m of cost synergies to date and expect to achieve run-rate target of $30m within the first year of the combined company Additional opportunities to generate cost synergies through: Reduced reliance on third-party vessel charters G&A / Support cost rationalization Streamlined marine operations Scaled procurement

Fourth Quarter 2026 and Full Year 2027 Outlook FOURTH QUARTER 2026 $90–$100M ADJUSTED EBITDA(1) First full quarter of combined operations FULL-YEAR 2027 $500–$550M No material contribution from non-core operations Does not rely on a meaningful increase in U.S. GoA drilling activity ADJUSTED EBITDA(1) KEY ASSUMPTIONS 4Q26 OPERATING BASELINE All three core segments included for three full months Normal seasonality and project timing 4Q26 PLANNED DOWNTIME 2027 SYNERGIES + GROWTH Includes ~$20M of anticipated cost synergy benefits Includes first HOS 400-class MPSV contribution following late-3Q27 entry into commercial service 2027 3Q2026 4Q2026 Marine Transport. 15 114 Subsea Services - 75 Well Intervention 35 (2) 34 Total 50 223 PLANNED DOWNTIME 1Q2027 FY 2027 Marine Transport. 148 825 Subsea Services 89 220 Well Intervention 170 180 Total 407 1,225 Adjusted EBITDA is a non-GAAP financial measures. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA guidance to the most directly comparable GAAP measure without unreasonable effort due to the inherent difficulty in forecasting the timing and magnitude of items that have not yet occurred. As adjusted for Legacy Helix for the pre-merger period of two months from July 1, 2026, through August 31, 2026

Update on Organic Growth Initiatives Two U.S.-flagged, Jones Act-qualified HOS 400 class MPSVs under construction, with physical delivery expected in 2027. First vessel expected to enter commercial service in late 3Q2027; second vessel in 2Q2028, following post-delivery crane and other system installations. Shipyard construction obligation fully funded: $42.6 million contractual obligation paid; remaining shipyard construction costs are being funded by the Surety. $109.3 million of incremental investment expected for outfitting, engineering and enhancements, including $67.4 million for cranes; $34.9 million incurred through September 30, 2026, with $74.4 million remaining to be spent MPSV Newbuild Construction In August 2026, entered into an agreement to purchase eight newbuild work-class ROV systems and related equipment for approximately $56.4 million Expands integrated subsea capabilities across the MPSV fleet. Deliveries expected to begin in 2Q2027 and continue throughout 2027. Four systems designated for the two HOS 400 MPSV newbuilds, providing each new vessel with integrated ROV capability. $0.4 million incurred through September 30, 2026, with the investment intended to convert or enhance legacy Hornbeck MPSVs for subsea service operations. Newbuild ROV Systems

Recent Shell Contract Entered into multiple integrated deepwater services agreements with Shell in the U.S. Gulf of America Expect to deploy riser-based Well Intervention Vessel, a high-spec MPSV combined with ROVs and a Jones Act-compliant deepwater OSV Operations expected to commence in 2027, with a five-year contracted term for the Well Intervention Vessel and OSV Integrated scope combines well intervention, subsea/ROV services, MPSV capability, Jones Act marine transportation, engineering and project management Brings together complementary assets from all three operating segments under a broader customer offering

Key Investment Highlights Hornbeck benefits from its integrated end-to-end deepwater service offerings, diverse customer base and end markets, and strong balance sheet flexibility Diversified service offerings for a wide range of world-class customers across a variety of end markets, driving cash flow stability and reducing through-cycle volatility 2 Conservatively capitalized balance sheet with ample liquidity supporting future growth and sustained shareholder value 3 Meaningful near-term synergy opportunities for both cost and revenue via integration of legacy Hornbeck and Helix businesses 4 Integrated offshore solutions for deepwater applications supported by specialty vessels, subsea and well intervention capabilities increase customer relevance and drive revenue pull-through 1

Appendix

Historical Segment Key Operating Statistics Historical Utilization, Dayrate, and Vessel Count Metrics Active Fleet Utilization

Marine Transportation & Specialty Operates vessels primarily for the transportation of equipment, materials and supplies to the offshore energy and defense industries 56 Total OSVs, incl. 22 ultra-deepwater-high-spec 50 U.S. Jones Act- qualified vessels 24 Stacked vessels available ULTRA HIGH-SPEC FLEET 6 Accommodation and specialty vessels 56 Vessel OSV Fleet(1) 6 Vessel Accommodation and Specialty Fleet(1) Vessel Class Active / (Stacked) HOSFLEX 370 1/(1) HOSMAX 320 10 HOSMAX 310 4 HOSMAX 300 6 HOSMAX 280 9/(5) HOS 270 2 HOS 265 1/(1) HOS 250 0/(3) HOS 240 1/(12) Vessel Class Active / (Stacked) HOSMPSV FLOTEL 2 HOSCSOV WIND 1 AMPHIBIOUS LANDING VESSEL 1 HOSMPSV 240 0/(2) As of November 4, 2026 Key Modeling Drivers: Deepwater offshore activity and vessel demand Defense and specialty-service awards Fleet reactivations and contract repricing

41 Work-class ROVs 6 Subsea trenching systems 9 MPSVs, incl. two newbuilds in 2027 and 2028 6 U.S. Jones Act- qualified vessels 3 IROV Boulder grabs Subsea Services TRENCHING AND ROV SPREAD As of November 4, 2026 9 Vessel MPSV Fleet(1) 5 Vessel Chartered ROV Fleet(1) Vessel Class Active / (Stacked) HLXMPSV 420 2 HLXMPSV 320 1 HLXMPSV 240 2 Vessel Class Active / (Stacked) HOSMPSV 430 2 HOSMPSV 400ES 2 (2027 / 2028 Delivery) HOSMPSV 310ES 2 HOSMPSV 310 1 HOSMPSV 250-265 2 Operates vessels and specialized equipment to deliver deepwater and ultra-deepwater subsea services primarily to the offshore energy industry including subsea construction, trenching, IRM, survey, commissioning, field decommissioning and site clearance Key Modeling Drivers: Subsea project activity and project mix ROV, trenching and subsea equipment utilization MPSV newbuild and ROV deliveries 5 Chartered ROV Vessels

7 Well intervention vessels 8 Intervention riser systems (IRS) 3 Subsea intervention lubricator systems (SIL) 1 Riserless open-water abandonment system 1 Production facility vessel Well Intervention SEMI-SUBMERSIBLE INTERVENTION VESSEL 7 Vessel Well Intervention Fleet(1) Additional Asset Listing(1) Vessel Class Count Intervention Riser System (IRS) 8 Subsea Intervention Lubricator Systems (SIL) 3 Riserless Open-Water Abandonment System (ROAM) 1 Production Facility Vessel (HP-1) 1 Vessel Class Active / (Stacked) Semi-Submersible 3 Riser-Based Mono-Hull 2 Riserless-Based Mono-Hull 2 As of November 4, 2026 Operates vessels and specialized equipment to provide subsea well intervention services to the offshore energy industry with a focus on deepwater production maximization and well abandonment Key Modeling Drivers: Production enhancement and P&A activity Campaign timing and geographic mix Planned drydock, transit and mobilization periods

Non-GAAP Reconciliations

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation As Reported Adjustments 1 As Adjusted Well Intervention Revenue: Vessel revenue 76,612 $ 156,423 $ 233,035 $ Non-vessel revenue 1,388 2,327 3,715 Total revenue 78,000 158,750 236,750 Adjusted EBITDA 32,443 43,943 76,386 Adjusted EBITDA margin % 41.6 % 27.7 % 32.3 % Average number of vessels 2.6 5.4 8.0 Average number of active vessels 2.6 5.4 8.0 Average utilization rate 88.1 % 91.9 % 90.6 % Average dayrate 362,162 $ 343,314 $ 349,290 $ Effective dayrate 319,065 $ 315,506 $ 316,457 $ Operating expense: Active vessel opex 43,791 $ 106,265 $ 150,056 $ Non-vessel opex 527 834 1,361 44,318 $ 107,099 $ 151,417 $ Active vessel opex per vessel day 182,461 $ 214,244 $ 203,880 $ Out-of-service time for vessel recertification activites (in days) - 35 35 Hornbeck Offshore Services, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations - Well Intervention Segment (in thousands, except for %, average vessel counts and amounts per day) Three Months Ended September 30, 2026 1 For illustrative purposes only. Adjustments reflect unaudited results for Legacy Helix for the pre-merger period of two months from July 1, 2026, through August 31, 2026, and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the Merger had occurred.

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation

Hornbeck | Non-GAAP Reconciliation Well Intervention As Reported Adjustments 1 As Adjusted Reconciliation of Adjusted EBITDA: Operating income (loss) $ 26,022 $ 20,096 $ 46,118 Interest Income - - - Depreciation and amortization expense 6,421 23,847 30,268 Stock-based compensation expense - - - Merger and integration costs - - - Research and development expense - - - Other - - - Adjusted EBITDA $ 32,443 $ 43,943 $ 76,386 Revenues $ 78,000 $ 158,750 $ 236,750 Adjusted EBITDA margin 41.6% 27.7% 32.3% Hornbeck Offshore Services, Inc. and Subsidiaries Unaudited Non-GAAP Measures and Reconciliation (in thousands, except for %) Three Months Ended September 30, 2026 1 For illustrative purposes only. Adjustments reflect unaudited results for Legacy Helix for the pre-merger period of two months from July 1, 2026, through August 31, 2026, and does not reflect Pro forma adjustments, including, among others: (i) changes in depreciation and amortization resulting from the fair value measurement of property, plant and equipment, net and other intangible assets and the write-off of certain balances; (ii) accounting policy alignment; (iii) non-recurring acquisition-related costs, including transaction and employee-related costs that were incurred directly in connection with the Merger, reflected as if incurred in the earliest period presented; and (iv) the tax-related effects as though the Merger had occurred.

Hornbeck | Credit Statistics and Reconciliation for Non-GAAP Debt Metrics 36 Three Months Ended September 30, 2026 ($ in thousands, except for %) As Reported   As Adjusted Cash and cash equivalents $ 471,551   $ 471,551   Total Debt, per GAAP $ 736,159   $ 736,159   Unamortized debt premium (7,239)   (7,239)   Unamortized debt issuance costs 1,692   1,692   Total Face Value of Debt  $ 730,612    $ 730,612   Net Debt 259,061 259,061 Total Revolving Credit Facility $ 125,000   $ 125,000   Amount Drawn -   -   Available Revolving Credit Facility 125,000   125,000   LTM Adjusted EBITDA $ 301,654 $ 536,292 Face Value of Debt to LTM Adjusted EBITDA 2.4x 1.4x Net Debt to LTM Adjusted EBITDA nm 0.5x Total Available Liquidity $ 596,551 $ 596,551

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