Moody's Ratings says Helix's merger with Hornbeck raises credit uncertainties; ratings not currently affected
New York, April 27, 2026-- Moody's Ratings commented that Helix Energy Solutions Group, Inc.' s proposed merger with Hornbeck Offshore Services, Inc. raises credit uncertainties, but does not currently affect Helix's ratings, including its Ba3 Corporate Family Rating and B1 senior unsecured notes rating, or its stable outlook. While the combination increases earnings scale and is largely leverage neutral, the combined entity will have increased exposure to the highly cyclical...Helix Energy Solutions Group is an international offshore energy services company that provides specialty services to the offshore energy industry. The company has three business segments: well intervention, which includes vessels and equipment used to perform well intervention services primarily in the U.S. Gulf of Mexico, Brazil, the North Sea and West Africa; robotics, which includes remotely operated vehicles (ROVs), trenchers and ROVDrills designed to complement offshore construction and well intervention services; and production facilities, which includes the Helix Producer I, a floating production vessel, the Helix Fast Response System, and its ownership interest in Independence Hub, LLC.
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