Strategic Rationale and Performance Drivers

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• The merger combines Helix's well intervention and robotics expertise with Hornbeck's high-specification offshore support vessel fleet to offer end-to-end subsea solutions.

• Management attributes the combination's value to creating a 'one-stop shop' for deepwater field decommissioning and production enhancement, reducing customer procurement complexity.

• Helix's Q1 2026 performance was driven by strong utilization of the Q4000 at improved rates and the successful recommencement of production at the Thunder Hawk field.

• The North Sea market is transitioning back to a two-vessel operation following the reactivation of the Seawell, signaling a recovery from previous seasonal and regulatory headwinds.

• Strategic positioning focuses on high-specification, cabotage-protected assets in the Americas while leveraging Helix's established footprint in West Africa and the North Sea.

• The combined entity aims to mitigate cyclical volatility by diversifying across deepwater energy, defense services, and renewable infrastructure markets.

Integration Outlook and 2026 Guidance

• Management expects to realize $75 million or more in annual cost and revenue synergies within three years, primarily through asset optimization and service bundling.

• Helix maintains 2026 revenue guidance of $1.2 billion to $1.4 billion, assuming strong second-half utilization and a late-season North Sea intervention market.

• The combined company plans to reactivate up to 23 preserved vessels at low capital cost as market demand for subsea construction and defense support increases.

• Two new-build Jones Act-compliant MPSVs are scheduled for delivery in 2027, which will be integrated with Helix robotics to serve the U.S. Gulf of America.

• Growth strategy includes potential organic expansion in the ROV segment, with lead times for new units cited at approximately six months.

Transaction Structure and Financial Position

• The all-stock transaction results in Helix shareholders owning approximately 45% and Hornbeck shareholders owning approximately 55% of the combined company.

• The combined pro forma fleet will consist of 73 vessels with an estimated fair market value of $2.8 billion.

• Helix's Q1 results included the specific cost impact of a successful workover at the Thunder Hawk field, which influenced the quarterly net loss of $13 million.

• The combined company will operate under the Hornbeck Offshore Services name and HOS ticker, while retaining the Helix brand for well intervention services.