0000866829-26-000034 | 10-Q | XBRL Viewer | Hornbeck Offshore Services INC

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Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2026
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's amended Certificate of Incorporation effective September 1, 2026 authorizes the issuance of up to 410,000,000 shares of the Company's capital stock, consisting of 400,000,000 shares of common stock, par value $0.00001 per share, and 10,000,000 shares of preferred stock, par value $0.00001 per share. As of September 30, 2026, the Company had 221,971,035 shares of Company common stock issued and outstanding. The Company also had 10,089,644 outstanding Jones Act Warrants, exercisable for an aggregate of 103,637,456 shares of Company common stock, as of September 30, 2026. On a combined basis, the Company common stock and Jones Act Warrants represent a total of 325,608,491 shares. On the date of the Merger, each issued and outstanding share of Legacy Hornbeck's common stock, par value $0.00001 per share, was converted into Company common stock at an exchange ratio of 10.27167 with cash paid in lieu of any fractional shares pursuant to the Merger Agreement. Additionally, each outstanding Legacy Hornbeck Creditor Warrant was converted into 7.556 shares of Company common stock, with cash paid in lieu of any fractional shares pursuant to the Merger Agreement. All share amounts presented for periods prior to September 1, 2026, have been retroactively adjusted to reflect the exchange ratio of 10.27167 established in connection with the Merger, consistent with the reverse acquisition accounting treatment of the transaction. The Jones Act, which applies to companies that engage in U.S. coastwise trade, requires that, among other things, the aggregate ownership of common stock by non-U.S. citizens be not more than 25% of the Company’s outstanding common stock. In September 2020, in order to comply with the Jones Act, Legacy Hornbeck entered into the Jones Act Warrant Agreement, pursuant to which the Company issued warrants to eligible non-U.S. citizens in settlement of certain then-existing liabilities and in connection with an equity rights offering. Following the Merger, pursuant to the Amended and Restated Jones Act Warrant Agreement effective September 1, 2026, the Company assumed the Jones Act Warrants and each of the Company's outstanding Jones Act Warrants is 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. The Jones Act Warrants expire on the date on which no warrants remain outstanding. Anti-Dilution Warrants are issuable to holders of the Jones Act Warrants in the event that cash dividends are paid on the Company's common stock. The Company has a share repurchase program to repurchase issued and outstanding shares of Company common stock. The program was and remains suspended following the announcement of the Merger until further resolution from the Company's Board of Directors. As of September 30, 2026, approximately $128.4 million remained authorized for the repurchase of shares under the program.

- Definition

The entire disclosure for equity.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (55,451)	$ 126,659
Adjustments to reconcile net income (loss) to net cash provided by (used in) 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	0	67
Provision for (reversal 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)	0
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 brand license rights	(17,400)	0
Net proceeds from sale of assets	4,142	13,234
Net cash acquired in Merger	651,603	0
Net cash provided by (used in) investing activities	560,186	(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	0	(67)
Proceeds from facility	25,000	0
Repayment of first lien revolving credit facility	(25,000)	0
Deferred financing costs	(351)	(209)
Cash settlement of share-based awards	(37,291)	0
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	(125,823)	(4,028)
Effects of foreign currency exchange rate changes on cash	(610)	1,407
Net increase 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

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets and Goodwill

The Company acquired goodwill and various intangible assets as a result of the Merger. The acquired intangible assets consist of contractual relationships, customer relationships, developed technology and know-how and backlog, which were recorded at their estimated fair values as of the Closing Date. Goodwill and indefinite-lived intangible assets, if any, are tested for impairment at least annually, or on a more frequent basis if events or changes in circumstances indicate that the carrying value may be impaired. Finite-lived intangible assets are amortized over their estimated useful lives.

On September 1, 2026, in addition to the assets acquired through the Merger, the Company entered into the Fourth Amended and Restated Trade Name and Trademark License Agreement with HFR, LLC to acquire brand and trade name license rights for the Hornbeck Brands for $17.4 million.

A summary of intangible assets is as follows (in thousands):


		September 30, 2026
	Useful Life	Gross		Accumulated Amortization		Net
Finite-lived intangible assets:
Contractual relationships	15 Years	$	80,000	$	444	$	79,556
Customer relationships	10 Years	73,500		613		72,887
Developed technology and know-how	10 Years	40,000		333		39,667
Backlog	3 Years	13,500		338		13,162
Brand and trade name license rights	10 Years	17,400		145		17,255
Total		$	224,400	$	1,873	$	222,527

The estimated amortization expense for intangible assets for the next five fiscal years is as follows (in thousands):


2026 (remaining three months)	$	5,618
2027	22,473
2028	22,473
2029	22,473
2030	18,423
Thereafter	131,067
Total	$	222,527

A roll-forward of goodwill by business segment is as follows (in thousands):


	Well Intervention		Subsea Services		Total
Balance at January 1, 2026	$	—	$	—	$	—
Goodwill acquired	—		32,483		32,483
Balance at September 30, 2026	$	—	$	32,483	$	32,483

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (85,689)	$ 51,926	$ (55,451)	$ 126,659
Other comprehensive income (loss):
Foreign currency translation income (loss), net	(16,026)	1,465	(13,521)	6,679
Total comprehensive income (loss)	$ (101,715)	$ 53,391	$ (68,972)	$ 133,338

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Long-Term Debt - Second Lien Term Loans due 2033 (Details) $ in Thousands		1 Months Ended
	Dec. 27, 2024 USD ($) segment	Dec. 31, 2024 USD ($)	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Second-lien term loans			$ 736,159	$ 440,611
Second Lien Term Loans due 2033 \| Secured Debt
Debt Instrument [Line Items]
Second-lien term loans	$ 450,000		$ 418,910	$ 440,611
Proceeds from debt		$ 443,300
Origination fee		1.50%
Periodic payment, interest, number of installments \| segment	12
Periodic payment, interest and principal, number of installments \| segment	84
Debt interest rate	9.25%
Maximum prepayment amount	$ 100,000
Minimum cash liquidity requirement	$ 25,000
Second Lien Term Loans due 2033 \| Secured Debt \| On or prior to December 27, 2026
Debt Instrument [Line Items]
Prepayment fee, percentage	3.00%
Second Lien Term Loans due 2033 \| Secured Debt \| After December 27, 2026 but on or prior to December 27, 2027
Debt Instrument [Line Items]
Prepayment fee, percentage	2.00%
Second Lien Term Loans due 2033 \| Secured Debt \| After December 27, 2027
Debt Instrument [Line Items]
Prepayment fee, percentage	1.00%
Second Lien Term Loans Due 2026 \| Secured Debt
Debt Instrument [Line Items]
Repayment of debt		$ 349,000
Accrued cash interest payment		7,000
Redemption fee		5,100
Non-lender fees and expenses		2,000
Repurchase of certain equity securities		78,400
Repurchase of outstanding stock-based compensation awards		$ 7,100

Property, Plant, and Equipment - By Geography (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, net	$ 1,974,779	$ 754,135
Revenue Benchmark \| Geographic Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage	100.00%	100.00%
United States
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, net	$ 1,272,753	$ 678,216
United States \| Revenue Benchmark \| Geographic Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage	64.40%	89.90%
United Kingdom
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, net	$ 627,312	$ 0
United Kingdom \| Revenue Benchmark \| Geographic Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage	31.80%	0.00%
Mexico
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, net	$ 62,241	$ 65,374
Mexico \| Revenue Benchmark \| Geographic Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage	3.20%	8.70%
Brazil
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, net	$ 12,230	$ 10,545
Brazil \| Revenue Benchmark \| Geographic Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage	0.60%	1.40%
Other foreign countries
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, net	$ 243	$ 0
Other foreign countries \| Revenue Benchmark \| Geographic Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage	0.00%	0.00%

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Accounts payable	$ 245,935		$ 245,935		$ 58,251
Revenue	293,341	$ 199,116	649,316	$ 545,545
Accounts receivable, net	439,532		439,532		164,695
Related Party \| Revenue Benchmark \| Customer Concentration Risk
Related Party Transaction [Line Items]
Revenue			$ 33,600	$ 52,100
Concentration risk, percentage			5.20%	9.60%
Trade Name and Trademark License Agreement \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 20,000	$ 1,500
Amount Due To HFR, LLC \| Related Party
Related Party Transaction [Line Items]
Accounts payable	0		0		1,000
Officer Role With Existing Customer \| Related Party
Related Party Transaction [Line Items]
Accounts receivable, net	$ 5,600		$ 5,600		$ 4,900

Commitment and Contingencies - Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Insurance Claims
Loss Contingencies [Line Items]
Loss contingency	$ 1.0	$ 0.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Long-Term Debt - MARAD Debt (Details) - MARAD Debt due 2027 - Secured Debt	Sep. 30, 2026
Debt Instrument [Line Items]
Collateral guaranteed by the company	50.00%
Debt interest rate	4.93%

- Definition

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+ Details

Mergers and Acquisitions - Preliminary Allocation of the Purchase Price Consideration (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Apr. 22, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill	$ 32,483		$ 0
Merger Agreement
Business Combination [Line Items]
Cash and cash equivalents		$ 651,603
Accounts receivable, net		233,000
Prepaid expenses		20,545
Other current assets		40,987
Property, plant and equipment, net		1,193,517
Operating lease right-of-use assets		293,312
Intangible assets		207,000
Other assets		29,300
Total assets acquired		2,669,264
Accounts payable		165,282
Income tax payable		2,327
Accrued payroll and benefits		47,204
Current maturities of long-term debt, net		4,995
Operating lease liabilities		68,118
Other current liabilities		44,842
Long-term debt, net		312,728
Operating lease liabilities		225,194
Deferred tax liabilities		159,606
Other long-term liabilities		95,866
Total liabilities assumed		1,126,162
Net assets acquired		1,543,102
Goodwill		32,483
Total preliminary purchase price allocation		$ 1,575,585

Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2026

Credit Loss [Abstract]

Schedule of Activity in Allowance for Credit Loss

Activity in the allowance for credit losses was as follows (in thousands):


	Three Months Ended
	September 30,
	2026		2025
Balance at July 1,	$	8,084	$	6,900
Current period provision for (reversal of) credit losses	(1,219)		3,534
Write-offs	—		—
Balance at September 30,	$	6,865	$	10,434


	Nine Months Ended
	September 30,
	2026		2025
Balance at January 1,	$	7,511	$	7,929
Current period provision for (reversal of) credit losses	(646)		2,505
Write-offs	—		—
Balance at September 30,	$	6,865	$	10,434

Asset Retirement Obligations (Details) $ in Thousands	9 Months Ended
Asset Retirement Obligations (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Asset Retirement Obligation, Current, Roll Forward Analysis [Roll Forward]
Balance at January 1, 2026	$ 0
AROs assumed	35,911
Accretion expense	283
Balance at September 30, 2026	36,194
Asset Retirement Obligation, Noncurrent, Roll Forward Analysis [Roll Forward]
Balance at January 1, 2026	0
AROs assumed	59,949
Accretion expense	257
Balance at September 30, 2026	60,206
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at January 1, 2026	0
AROs assumed	95,860
Accretion expense	540
Balance at September 30, 2026	$ 96,400

Intangible Assets and Goodwill - Intangible Assets (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Gross	$ 224,400
Accumulated Amortization	1,873
Net	$ 222,527
Contractual relationships
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Useful Life	15 years
Gross	$ 80,000
Accumulated Amortization	444
Net	$ 79,556
Customer relationships
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Useful Life	10 years
Gross	$ 73,500
Accumulated Amortization	613
Net	$ 72,887
Developed technology and know-how
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Useful Life	10 years
Gross	$ 40,000
Accumulated Amortization	333
Net	$ 39,667
Backlog
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Useful Life	3 years
Gross	$ 13,500
Accumulated Amortization	338
Net	$ 13,162
Brand and trade name license rights
Intangible Asset, Finite-Lived, after Accumulated Amortization [Abstract]
Useful Life	10 years
Gross	$ 17,400
Accumulated Amortization	145
Net	$ 17,255

Earnings Per Share - Additional Information (Details)	Sep. 30, 2026	Sep. 01, 2026 $ / shares	Apr. 22, 2026	Sep. 30, 2025
Legacy Hornbeck Jones Act Warrants
Earnings Per Share, Basic And Diluted [Line Items]
Jones Act Warrants, conversion ratio		10.27167
Jones Act Warrants, exercise price (in dollars per share)		$ 0.00001
Legacy Hornbeck Jones Act Warrants
Earnings Per Share, Basic And Diluted [Line Items]
Common stock, exchange ratio	7.556			7.556
Merger Agreement
Earnings Per Share, Basic And Diluted [Line Items]
Exchange ratio			10.27167

Property, Plant, and Equipment - Schedule of Property, Plant, Equipment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Accumulated depreciation	$ (189,794)	$ (145,267)
Total property, plant and equipment, net	1,974,779	754,135
Accrued accounts payable, construction in progress	10,800	2,600
Depreciable property, plant and equipment
Property, Plant, and Equipment [Line Items]
Total property, plant and equipment, net	1,827,044	658,002
Vessels and vessel-related equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	1,994,696	787,262
Non-vessel related property, plant, and equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	22,142	16,007
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 147,735	$ 96,133

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

Property, Plant, and Equipment - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2026 USD ($) vessel	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Aug. 31, 2026 USD ($)
Property, Plant, and Equipment [Abstract]
Number of vessels sold \| vessel	1
Net proceeds from sale of assets	$ 2,000	$ 4,142	$ 13,234
Net gain on sale	$ 1,900
Asset held for sale				$ 100

Allowance for Credit Losses

9 Months Ended

Sep. 30, 2026

Credit Loss [Abstract]

Allowance for Credit Losses

The Company's customers are primarily major and independent, domestic and international, oil and oilfield service companies, as well as national oil companies, the U.S. military and renewable energy companies. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral but does occasionally require letters of credit or payment-in-advance if undue credit risk is determined to exist with a particular contract or customer. The Company provides an estimate for credit losses based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to record an allowance for credit losses. Direct write-offs of receivables only occur when amounts are deemed uncollectible and all options for collection have been exhausted.

Activity in the allowance for credit losses was as follows (in thousands):


	Three Months Ended
	September 30,
	2026		2025
Balance at July 1,	$	8,084	$	6,900
Current period provision for (reversal of) credit losses	(1,219)		3,534
Write-offs	—		—
Balance at September 30,	$	6,865	$	10,434


	Nine Months Ended
	September 30,
	2026		2025
Balance at January 1,	$	7,511	$	7,929
Current period provision for (reversal of) credit losses	(646)		2,505
Write-offs	—		—
Balance at September 30,	$	6,865	$	10,434

Mergers and Acquisitions

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Mergers and Acquisitions

The Merger has been accounted for as a business combination and a reverse acquisition pursuant to ASC 805, Business Combinations, where Legacy Hornbeck, the legal acquiree, is determined to be the accounting acquirer of Legacy Helix based upon an evaluation of the following primary factors:

•Legacy Helix and Legacy Hornbeck security holders own approximately 45% and 55% of the Company, respectively, on a fully diluted basis.

•The Ares Investor Group, the largest pre-combination stockholder of Legacy Hornbeck, holds the largest minority voting interest of approximately 12% after the Closing Date, whereas Legacy Helix’s pre-combination ownership was broadly dispersed among its stockholders.

•The Company’s board of directors consists of seven directors, four of whom were designated by Legacy Hornbeck, including the Chief Executive Officer and President of the Company, and three of whom were designated by Legacy Helix.

•Legacy Hornbeck’s senior management team comprises the majority of the senior management of the Company; and

•The Company operates under the name Hornbeck Offshore Services, Inc., and the ticker symbol of the Company was changed from "HLX" to “HOS.”

Preliminary Purchase Price Consideration

The stock price of Legacy Helix, the accounting acquiree, was used to measure the consideration transferred in the reverse acquisition, as Legacy Helix’s stock price was a more reliable measure than the value of the equity interest of the accounting acquirer, Legacy Hornbeck, as a privately held entity. The following table presents the calculation of preliminary purchase price consideration (in thousands, except stock price):



Legacy Helix shares issued and outstanding as of the Closing Date	147,382
Remove Legacy Helix director restricted stock shares (1)	(127)
Legacy Helix shares issued and outstanding	147,255
Legacy Helix stock price on the Closing Date	$	10.60
Total share consideration (2)	$	1,560,906

Acquisition date fair value attributable to:


Legacy Helix performance share units (3)	$	10,210
Legacy Helix restricted stock units (3)	3,515
Legacy Helix director restricted stock awards	954
Total share based award consideration (4)	14,679
Total preliminary purchase price consideration	$	1,575,585

(1) Represents restricted shares included in Legacy Helix basic shares outstanding, but unissued prior to the Closing Date.

(2) Amounts presented may not recalculate due to rounding of shares and consideration.

(3) These stock-based compensation awards totaling $13,725 vested as a result of the Merger and were settled in cash on the Closing Date. Accordingly, such amounts are not included in equity recognized from the Merger as reflected on the condensed consolidated statements of changes in stockholders' equity for the three and nine months ended September 30, 2026.

(4) Amounts presented for outstanding Legacy Helix share based awards relate to the value assigned to pre-combination services based on the Legacy Helix stock price prior to the Closing Date.

Preliminary Purchase Price Allocation

In accordance with the acquisition method of accounting, the purchase price paid has been allocated to the assets and liabilities acquired based upon their estimated fair values as of the Closing Date, with the excess of the purchase price over the net assets acquired recorded as goodwill. We are in the process of valuing all of the assets and liabilities acquired in the acquisition, and until we have completed our valuation process, there may be adjustments to our estimates of fair value and resulting preliminary purchase price allocation.

We considered the income, cost, and market approaches in valuing the assets acquired and liabilities assumed. Fair values for property, plant and equipment, primarily consisting of vessels, were estimated using a combination of the cost and income approaches. The assumed MARAD Title XI vessel financing arrangement ("MARAD Debt") and Senior Notes due 2029 were valued using market-based yields. Goodwill of $32.5 million was calculated as the excess of the consideration paid over the net assets recognized and represents the future economic benefits expected to arise from other assets acquired that could not be individually identified and separately recognized. Goodwill is assigned to our Subsea Services reportable segment as of September 30, 2026. The goodwill is not deductible for income tax purposes.

The following table presents the preliminary allocation of the purchase price consideration (in thousands):


	Estimated Fair Value
Cash and cash equivalents	$	651,603
Accounts receivable, net	233,000
Prepaid expenses	20,545
Other current assets	40,987
Property, plant and equipment, net	1,193,517
Operating lease right-of-use assets	293,312
Intangible assets	207,000
Other assets	29,300
Total assets acquired	2,669,264
Accounts payable	165,282
Income tax payable	2,327
Accrued payroll and benefits	47,204
Current maturities of long-term debt, net	4,995
Operating lease liabilities	68,118
Other current liabilities	44,842
Long-term debt, net	312,728
Operating lease liabilities	225,194
Deferred tax liabilities	159,606
Other long-term liabilities	95,866
Total liabilities assumed	1,126,162
Net assets acquired	1,543,102
Goodwill	32,483
Total preliminary purchase price allocation	$	1,575,585

The preliminary allocation of $207.0 million for intangible assets includes: (i) $80.0 million for contractual relationships with a weighted average amortization period of 15 years; (ii) $73.5 million for customer relationships with an amortization period of 10 years; (iii) $40.0 million for developed technology and know-how with an amortization period of 10 years; and (iv) $13.5 million for backlog with an amortization period of approximately three years.

Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the Closing Date, as certain information necessary to complete the purchase price allocation is not yet finalized, including but not limited to, the final valuation of assets acquired and liabilities assumed, working capital adjustments, and valuation of deferred taxes. Management is also evaluating certain assumptions of assets acquired and liabilities assumed and may adjust the allocation in subsequent periods. The final valuation will be completed no later than one year from the Closing Date.

For the three months ended September 30, 2026, the Company incurred $110.9 million of transaction costs in connection with the Merger, comprised of $70.3 million of direct deal-related expenses and $40.6 million of stock-based compensation costs, respectively. For the nine months ended September 30, 2026, the Company incurred $123.3 million of transaction costs in connection with the Merger, comprised of $82.7 million of direct deal-related expenses and $40.6 million of stock-based compensation costs, respectively. These costs were expensed as incurred and are included in merger and integration costs and stock-based compensation expense in the condensed consolidated statements of operations. Excluded from these amounts is the stock-based compensation expense related to the vested equity awards for the legacy companies that was previously recognized in historical periods prior to the Merger.

Revenue and Earnings

From the Closing Date through September 30, 2026, Legacy Helix recognized $106.7 million and $20.7 million of revenue and net loss, which are net of intercompany transactions and included in the Company’s condensed consolidated statements of operations.

Unaudited Supplemental Pro Forma Financial Information

The unaudited supplemental pro forma information (in thousands) presented below has been prepared as if the Merger had occurred on January 1, 2025. The pro forma summary uses estimates and assumptions based on information available at the time of the filing. The Company believes the estimates and assumptions to be reasonable. However, the unaudited pro forma information is not necessarily indicative of what the Company’s results would have been had the Merger been completed as of the beginning of the periods as indicated, or of future results.


	Pro Forma				Pro Forma
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenue	$	503,074	$	501,434	$	1,429,341	$	1,360,703
Net income	25,888		85,664		92,622		80,977

Pro forma information includes, 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 on January 1, 2025.

- Definition

The entire disclosure for business combination.

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+ Details

Intangible Assets and Goodwill - Additional Information (Details) $ in Millions	Sep. 01, 2026 USD ($)
Brand And Trade Name License Rights
Intangible Asset, Finite-Lived [Line Items]
Acquired trade brand and trade name license rights	$ 17.4

- Definition

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Pursuant to the terms of the Fourth Amended and Restated Trade Name and Trademark License Agreement entered into by and between the Company and HFR, LLC, the Company made payments of $20.0 million and $1.5 million during the nine months ended September 30, 2026 and 2025, respectively, for licensing fees associated with the use of Hornbeck trade names, trademarks, and related logos. HFR, LLC is a Texas limited liability company owned by Todd M. Hornbeck and Troy A. Hornbeck. Todd M. Hornbeck serves as the Company's President and Chief Executive Officer. Troy A. Hornbeck is the brother of Todd M. Hornbeck and serves as the Company's Director of Vendor Relations. As of September 30, 2026 and December 31, 2025, the Company had accrued amounts payable to HFR, LLC totaling $0.0 million and $1.0 million, respectively. On October 1, 2022, a member of Legacy Hornbeck’s Board of Directors assumed an officer role with an existing Legacy Hornbeck customer. The individual ceased serving as a member of the Board of Directors effective September 1, 2026, in connection with the Merger. For the nine months ended September 30, 2026 and 2025, the Company generated $33.6 million, or 5.2%, and $52.1 million, or 9.6%, of revenue, respectively, from contracts with such customer. The Company had outstanding accounts receivable from this customer totaling $5.6 million and $4.9 million as of September 30, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Warrants	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (loss)
Common shares, beginning balance (in shares) at Dec. 31, 2024		55,128,000
Shares, beginning balance (in shares) at Dec. 31, 2024			119,349,000
Beginning balance at Dec. 31, 2024	$ 434,142	$ 0		$ 264,869	$ 176,761	$ (7,488)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and warrants (in shares)		534,000
Stock-based compensation expense, share-settled	4,886			4,886
Shares withheld for withholding taxes	(1,397)			(1,397)
Net income (loss)	126,659
Foreign currency translation income (loss), net	6,679
Common shares, ending balance (in shares) at Sep. 30, 2025		55,662,000
Shares, ending balance (in shares) at Sep. 30, 2025			119,349,000
Ending balance at Sep. 30, 2025	570,969	$ 0		268,358	303,420	(809)
Common shares, beginning balance (in shares) at Jun. 30, 2025		55,662,000
Shares, beginning balance (in shares) at Jun. 30, 2025			119,349,000
Beginning balance at Jun. 30, 2025	515,841	$ 0		266,621	251,494	(2,274)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense, share-settled	1,737			1,737
Net income (loss)	51,926				51,926
Foreign currency translation income (loss), net	1,465					1,465
Common shares, ending balance (in shares) at Sep. 30, 2025		55,662,000
Shares, ending balance (in shares) at Sep. 30, 2025			119,349,000
Ending balance at Sep. 30, 2025	$ 570,969	$ 0		268,358	303,420	(809)
Common shares, beginning balance (in shares) at Dec. 31, 2025	53,744,000	53,744,000
Shares, beginning balance (in shares) at Dec. 31, 2025			114,926,000
Beginning balance at Dec. 31, 2025	$ 568,362	$ 0		259,166	311,337	(2,141)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and warrants (in shares)		18,207,000
Conversion of Creditor Warrants to common stock (in shares)		11,289,000	(11,289,000)
Equity recognized from Merger (in shares)		147,382,000
Equity recognized from Merger, net of cash-settled awards	1,561,860	$ 2		1,561,858
Stock-based compensation expense, share-settled	23,841			23,841
Shares withheld for withholding taxes (in shares)		(8,651,000)
Shares withheld for withholding taxes	(62,526)			(62,526)
Common stock, Jones Act Warrants, and Creditor Warrants repurchased	(3)				(3)
Net income (loss)	(55,451)
Foreign currency translation income (loss), net	$ (13,521)
Common shares, ending balance (in shares) at Sep. 30, 2026	221,971,035	221,971,000
Shares, ending balance (in shares) at Sep. 30, 2026			103,637,000
Ending balance at Sep. 30, 2026	$ 2,022,562	$ 2		1,782,339	255,883	(15,662)
Common shares, beginning balance (in shares) at Jun. 30, 2026		54,141,000
Shares, beginning balance (in shares) at Jun. 30, 2026			114,926,000
Beginning balance at Jun. 30, 2026	604,163	$ 0		262,227	341,572	364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and warrants (in shares)		17,810,000
Conversion of Creditor Warrants to common stock (in shares)		11,289,000	(11,289,000)
Equity recognized from Merger (in shares)		147,382,000
Equity recognized from Merger, net of cash-settled awards	1,561,860	$ 2		1,561,858
Stock-based compensation expense, share-settled	19,781			19,781
Shares withheld for withholding taxes (in shares)		(8,651,000)
Shares withheld for withholding taxes	(61,527)			(61,527)
Net income (loss)	(85,689)				(85,689)
Foreign currency translation income (loss), net	$ (16,026)
Common shares, ending balance (in shares) at Sep. 30, 2026	221,971,035	221,971,000
Shares, ending balance (in shares) at Sep. 30, 2026			103,637,000
Ending balance at Sep. 30, 2026	$ 2,022,562	$ 2		$ 1,782,339	$ 255,883	$ (15,662)

Intangible Assets and Goodwill - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2026	$ 0
Goodwill acquired	32,483
Balance at September 30, 2026	32,483
Well Intervention
Goodwill [Roll Forward]
Balance at January 1, 2026	0
Goodwill acquired	0
Balance at September 30, 2026	0
Subsea Services
Goodwill [Roll Forward]
Balance at January 1, 2026	0
Goodwill acquired	32,483
Balance at September 30, 2026	$ 32,483

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Revenue from Contracts with Customers

The core services that are provided by the Company typically represent a single performance obligation under its contracts that are satisfied at a point in time or over time. Revenue is earned primarily by (i) chartering the Company's vessels, including the operation of such vessels and the use of vessel equipment, such as cranes, gangways, ROVs, trenching units, and well-intervention equipment, and (ii) non-vessel services, such as renting ROVs or other subsea equipment to third parties, providing third-party vessel crewing and management services, and providing shore-based port facility services. The services generating these revenue streams are provided to customers based on contracts that include fixed or determinable prices and do not generally include right of return or other significant post-delivery obligations. The Company's vessel revenue and non-vessel revenue are recognized either at a point in time or over the passage of time when the customer has received or is receiving the benefit from the applicable service. Revenue is recognized when the performance obligations are satisfied in accordance with contractual terms and in an amount that reflects the consideration that the Company expects to be entitled to in exchange for the services rendered or rentals provided. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Invoices are typically billed to customers on a monthly basis, and payment terms on customer invoices typically range from 30 to 60 days.

A performance obligation under contracts with the Company's customers to render services is the unit of account under ASC 606, Revenue from Contracts with Customers. The Company accounts for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the service rendered on its own or with other resources that are readily available to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

Disaggregation of Revenue

The following table presents revenue disaggregated by business segment and geographic area (in thousands):


	Well Intervention		Subsea Services		Marine Transportation & Specialty		Other		Total Revenue
Three Months Ended September 30, 2026
United States	$	21,592	$	20,424	$	107,921	$	3,506	$	153,443
Brazil	19,808		—		25,497		—		45,305
United Kingdom	15,924		11,173		—		—		27,097
Mexico	—		7,828		12,814		—		20,642
West Africa	20,676		—		—		—		20,676
Trinidad and Tobago	—		7,558		470		—		8,028
Colombia	—		—		6,773		—		6,773
Other foreign countries	—		11,377		—		—		11,377
Total	$	78,000	$	58,360	$	153,475	$	3,506	$	293,341


Nine Months Ended September 30, 2026
United States	$	21,592	$	61,005	$	315,083	$	3,506	$	401,186
Brazil	19,808		—		75,598		—		95,406
United Kingdom	15,924		11,173		—		—		27,097
Mexico	—		23,003		34,402		—		57,405
West Africa	20,676		—		—		—		20,676
Trinidad and Tobago	—		8,893		485		—		9,378
Colombia	—		—		23,161		—		23,161
Other foreign countries	—		11,377		3,630		—		15,007
Total	$	78,000	$	115,451	$	452,359	$	3,506	$	649,316

Three Months Ended September 30, 2025
United States	$	—	$	32,218	$	113,068	$	—	$	145,286
Brazil	—		—		27,202		—		27,202
United Kingdom	—		—		—		—		—
Mexico	—		7,645		1,614		—		9,259
West Africa	—		—		—		—		—
Trinidad and Tobago	—		—		119		—		119
Colombia	—		—		8,780		—		8,780
Other foreign countries	—		—		8,470				8,470
Total	$	—	$	39,863	$	159,253	$	—	$	199,116

Nine Months Ended September 30, 2025
United States	$	—	$	78,866	$	304,703	$	—	$	383,569
Brazil	—		—		89,572		—		89,572
United Kingdom	—		—		—		—		—
Mexico	—		22,532		2,724		—		25,256
West Africa	—		—		—		—		—
Trinidad and Tobago	—		—		316		—		316
Colombia	—		—		26,463		—		26,463
Other foreign countries	—		—		20,369		—		20,369
Total	$	—	$	101,398	$	444,147	$	—	$	545,545

Major Customers

Revenue from the following customers represented 10% or more of consolidated revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Customer A	n/a (1)		16	%	12	%	16	%
Customer B	12	%	13	%	11	%	16	%
Customer C	n/a (1)		11	%	n/a (1)		n/a (1)

(1) Customer represented less than 10% of consolidated revenue in such period.

Contract Balances

Contract assets generally consist of revenue recognized in excess of the amount billed to the customer for lump sum contracts and lump sum demobilization fees recognized ratably over the contract term but invoiced upon completion of related activities. Contract liabilities generally consist of amounts billed to or advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term, and amounts billed to customers in excess of revenue recognized for lump sum contracts. The Company reports the net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period.

Net contract assets were $16.5 million as of September 30, 2026 and $0.0 million as of December 31, 2025 and are reflected in “Other current assets” on the condensed consolidated balance sheets. The increase in net contract assets was primarily attributable to the contract assets acquired as a result of the Merger. The Company had no credit losses on its contract assets for the three and nine months ended September 30, 2026.

Net contract liabilities totaled $8.3 million as of September 30, 2026 and $3.9 million as of December 31, 2025 and are reflected as "Deferred contract revenue," a component of “Other current liabilities” on the condensed consolidated balance sheets. The increase was primarily attributable to the contract liabilities assumed as a result of the Merger. Revenue recognized for the three and nine months ended September 30, 2026 included $2.7 million and $3.9 million, respectively, that were included in the contract liability balance at the beginning of each period. Revenue recognized for the three and nine months ended September 30, 2025 included $10.9 million and $5.9 million, respectively, that were included in the contract liability balance at the beginning of each period.

Performance Obligations

As of September 30, 2026, the Company had certain remaining performance obligations representing contracted revenue for which work had not been performed and revenue was expected to be recognized in the future. As of September 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations totaled $1.9 billion, of which $333.2 million is expected to be fully recognized in 2026, $792.8 million in 2027, and $741.3 million in years beyond 2027. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of the Company's contracts, and the expected timing of future revenue recognition is based on the estimated start date and duration of each contract according to the information known at September 30, 2026.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Reportable Segment - Property, Plant and Equipment, Goodwill and Intangible Assets Assigned to Each Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Property, plant and equipment, net	$ 1,974,779	$ 754,135
Goodwill	32,483	0
Intangible assets, net	222,527	0
Well Intervention
Segment Reporting [Line Items]
Goodwill	0	0
Subsea Services
Segment Reporting [Line Items]
Goodwill	32,483	0
Operating Segments \| Well Intervention
Segment Reporting [Line Items]
Property, plant and equipment, net	1,039,842	0
Goodwill	0	0
Intangible assets, net	79,555	0
Operating Segments \| Subsea Services
Segment Reporting [Line Items]
Property, plant and equipment, net	338,534	150,861
Goodwill	32,483	0
Intangible assets, net	125,717	0
Operating Segments \| Marine Transportation & Specialty
Segment Reporting [Line Items]
Property, plant and equipment, net	535,138	557,603
Goodwill	0	0
Intangible assets, net	0	0
Other
Segment Reporting [Line Items]
Property, plant and equipment, net	1,550	0
Goodwill	0	0
Intangible assets, net	0	0
Unallocated Expense
Segment Reporting [Line Items]
Property, plant and equipment, net	59,715	45,671
Goodwill	0	0
Intangible assets, net	$ 17,255	$ 0

Organization and Business (Details)	9 Months Ended
Organization and Business (Details)	Sep. 30, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Earnings (Loss) Per Share

The table below reconciles the Company’s earnings (loss) per share (in thousands, except for per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income (loss)	$	(85,689)	$	51,926	$	(55,451)	$	126,659
Weighted-average number of shares of common stock outstanding (1) (2)	213,236		164,542		177,090		164,368
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (3) (4) (5) (6)	—		19,856		—		19,796
Weighted-average number of dilutive shares of common stock outstanding	213,236		184,398		177,090		184,164
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	(0.40)	$	0.32	$	(0.31)	$	0.77
Diluted earnings (loss) per common share	$	(0.40)	$	0.28	$	(0.31)	$	0.69

(1)The Company included 103,637 and 103,637 Jones Act Warrants in the weighted-average number of shares of common stock outstanding for the three and nine months ended September 30, 2026, respectively, and 107,790 and 107,790 Jones Act Warrants in the weighted-average number of shares of common stock outstanding for the three and nine months ended September 30, 2025, respectively, which represents the weighted-average number of Jones Act Warrants existing at each period-end.

(2)Includes 1,082 and 1,082 fully vested restricted stock units that were settled upon close of the Merger for the three and nine months ended September 30, 2025, respectively. No such awards remained outstanding as of September 30, 2026.

(3)For the three and nine months ended September 30, 2026, potentially dilutive securities were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive due to the Company's net loss position. There were 5,393 shares that otherwise would have been included in the diluted per share calculations assuming the Company had earnings.

(4)Includes 1,620 and 1,493 previously unvested restricted stock units and 6,357 and 6,357 contingently-exercisable, vested restricted stock units in the weighted-average calculation for the three and nine months ended September 30, 2025. Both of these vested and were settled as a result of the Merger.

(5)Includes 4,845 and 4,846 dilutive previously unvested stock options in the weighted-average calculation for the three and nine months ended September 30, 2025, respectively. Dilutive unvested stock options issued by the Company are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. These stock options vested and settled as a result of the Merger, excluding 195 that vested but were not exercised.

(6)Includes 7,034 and 7,100 of in-the-money Creditor Warrants in the weighted-average calculation for the three and nine months ended September 30, 2025, respectively. All outstanding Creditor Warrants were converted to Company common stock on the Closing Date at an exchange ratio of 7.556, with cash paid in lieu of any fractional shares, pursuant to the Merger Agreement.

Reportable Segment (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Income (Loss)

The following tables present the Company's segment revenue and operating income (loss) (in thousands), which is calculated in a consistent manner as the same measure presented in the condensed consolidated statements of operations. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.


	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 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


	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

Reconciliation of Segment Profit (Loss) to Consolidated

The following table provides a reconciliation of segment operating income (loss) to income (loss) before income taxes (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Reconciliation of segment profit or loss:
Segment operating income (loss)	$	86,237	$	84,391	$	201,552	$	217,456
Unallocated expenses and other	(145,985)		(23,835)		(200,913)		(62,247)
Net interest expense	(13,095)		(6,308)		(29,632)		(19,892)
Other non-operating income (loss), net	(606)		(219)		(3,862)		(215)
Income (loss) before income taxes	$	(73,449)	$	54,029	$	(32,855)	$	135,102

Property, Plant And Equipment, Goodwill, Intangible Assets Assigned To Each Reportable Segment

The following table provides property, plant and equipment, goodwill and intangible assets assigned to each reportable segment as of the dates presented in the unaudited condensed consolidated balance sheets (in thousands):


	September 30, 2026
	Well Intervention		Subsea Services		Marine Transportation & Specialty		Other		Unallocated Expense		Total
Property, plant and equipment, net	$	1,039,842	$	338,534	$	535,138	$	1,550	$	59,715	$	1,974,779
Goodwill	—		32,483		—		—		—		32,483
Intangible assets, net	79,555		125,717		—		—		17,255		222,527


	December 31, 2025
	Well Intervention		Subsea Services		Marine Transportation & Specialty		Other		Unallocated Expense		Total
Property, plant and equipment, net	$	—	$	150,861	$	557,603	$	—	$	45,671	$	754,135
Goodwill	—		—		—		—		—		—
Intangible assets, net	—		—		—		—		—		—

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Nov. 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-32936
Entity Registrant Name	HORNBECK OFFSHORE SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3409686
Entity Address, Address Line One	103 Northpark Boulevard
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Covington
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70433
City Area Code	985
Local Phone Number	727-2000
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	HOS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		221,971,035
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Intangible Assets and Goodwill - Estimated Amortization Expense of Intangible Assets (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]
2026 (remaining three months)	$ 5,618
2027	22,473
2028	22,473
2029	22,473
2030	18,423
Thereafter	131,067
Net	$ 222,527

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per common share was calculated by dividing net income by the weighted-average number of common shares and Jones Act Warrants outstanding during the period. Diluted earnings per common share was calculated by dividing net income by the weighted-average number of common shares and Jones Act Warrants outstanding during the period plus the effect of dilutive Creditor Warrants, stock options, restricted stock unit awards and performance-based stock unit awards. Weighted-average number of common shares outstanding was calculated by using the sum of the shares and Jones Act Warrants determined on a daily basis divided by the number of days in the period.

In connection with the Merger completed on September 1, 2026, each issued and outstanding share of Legacy Hornbeck common stock was converted into Company common stock at an exchange ratio of 10.27167, and each outstanding Legacy Hornbeck Creditor Warrant was converted into 7.556 shares of Company common stock, in each case with cash paid in lieu of fractional shares pursuant to the Merger Agreement. Additionally, the Company assumed Legacy Hornbeck's issued and outstanding Jones Act Warrants and each warrant became 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. Accordingly, the weighted-average number of common shares and Jones Act Warrants outstanding for periods prior to the Merger has been retrospectively adjusted to reflect the exchange ratio.

The table below reconciles the Company’s earnings (loss) per share (in thousands, except for per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net income (loss)	$	(85,689)	$	51,926	$	(55,451)	$	126,659
Weighted-average number of shares of common stock outstanding (1) (2)	213,236		164,542		177,090		164,368
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (3) (4) (5) (6)	—		19,856		—		19,796
Weighted-average number of dilutive shares of common stock outstanding	213,236		184,398		177,090		184,164
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	(0.40)	$	0.32	$	(0.31)	$	0.77
Diluted earnings (loss) per common share	$	(0.40)	$	0.28	$	(0.31)	$	0.69

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Hornbeck Offshore Services, Inc. (referred to as "Hornbeck," the "Company," "we," "us," or "our"), a Delaware corporation, is a premier offshore marine services company, combining world-class vessels, subsea robotics, emerging technologies, engineering expertise and offshore execution capabilities into a single integrated platform supporting major and independent oil and gas companies, oilfield service companies, renewable energy developers, the U.S. military, and offshore engineering, procurement, construction and installation contractors. We operate our core business through three reportable segments: (i) Marine Transportation & Specialty, (ii) Subsea Services, and (iii) Well Intervention. We help customers solve complex offshore challenges and deliver comprehensive, integrated solutions to a diversified range of deepwater and ultra-deepwater operations around the world, primarily in the Gulf of America, Latin America, the North Sea, West Africa and Asia Pacific. In addition to our core business, we hold interests in certain mature oil and gas properties in the Gulf of America, where we manage the remaining production and associated plugging, abandonment and subsea infrastructure decommissioning obligations.

Reportable Segment - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenue:
Revenue	$ 293,341	$ 199,116	$ 649,316	$ 545,545
Cost and expenses:
Operating expense	165,774	93,437	355,716	280,669
Depreciation expense	20,222	10,026	44,478	30,016
Amortization expense	19,197	11,244	47,304	30,209
General and administrative expense	27,492	22,259	65,722	57,274
Stock-based compensation expense	43,368	1,737	47,618	5,190
Merger and integration costs	78,980	0	91,425	0
Total cost and expenses	355,033	138,703	652,263	403,358
Gain on sale of assets	1,944	143	3,586	13,022
Operating income (loss)	(59,748)	60,556	639	155,209
Vessel revenue
Revenue:
Revenue	271,159	186,445	602,552	507,582
Non-vessel revenue
Revenue:
Revenue	22,182	12,671	46,764	37,963
Operating Segments
Revenue:
Revenue	289,835	199,116	645,810	545,545
Cost and expenses:
Operating expense	162,902	93,437	352,844	280,669
Depreciation expense	20,047	10,026	44,303	30,016
Amortization expense	19,001	11,244	47,108	30,209
General and administrative expense	3,551	0	3,551	0
Stock-based compensation expense	0	0	0	0
Merger and integration costs	0	0	0	0
Total cost and expenses	205,501	114,707	447,806	340,894
Gain on sale of assets	1,903	(18)	3,548	12,805
Operating income (loss)	86,237	84,391	201,552	217,456
Operating Segments \| Vessel revenue
Revenue:
Revenue	271,159	186,445	602,552	507,582
Operating Segments \| Non-vessel revenue
Revenue:
Revenue	18,676	12,671	43,258	37,963
Operating Segments \| Well Intervention
Revenue:
Revenue	78,000	0	78,000	0
Cost and expenses:
Operating expense	44,318	0	44,318	0
Depreciation expense	5,962	0	5,962	0
Amortization expense	459	0	459	0
General and administrative expense	1,239	0	1,239	0
Stock-based compensation expense	0	0	0	0
Merger and integration costs	0	0	0	0
Total cost and expenses	51,978	0	51,978	0
Gain on sale of assets	0	0	0	0
Operating income (loss)	26,022	0	26,022	0
Operating Segments \| Well Intervention \| Vessel revenue
Revenue:
Revenue	76,612	0	76,612	0
Operating Segments \| Well Intervention \| Non-vessel revenue
Revenue:
Revenue	1,388	0	1,388	0
Operating Segments \| Subsea Services
Revenue:
Revenue	58,360	39,863	115,451	101,398
Cost and expenses:
Operating expense	32,110	12,832	63,109	38,857
Depreciation expense	2,865	961	4,861	2,919
Amortization expense	4,301	2,578	8,341	7,560
General and administrative expense	975	0	975	0
Stock-based compensation expense	0	0	0	0
Merger and integration costs	0	0	0	0
Total cost and expenses	40,251	16,371	77,286	49,336
Gain on sale of assets	(8)	(3)	(4)	(3)
Operating income (loss)	18,101	23,489	38,161	52,059
Operating Segments \| Subsea Services \| Vessel revenue
Revenue:
Revenue	53,324	39,863	110,415	101,398
Operating Segments \| Subsea Services \| Non-vessel revenue
Revenue:
Revenue	5,036	0	5,036	0
Operating Segments \| Marine Transportation & Specialty
Revenue:
Revenue	153,475	159,253	452,359	444,147
Cost and expenses:
Operating expense	86,474	80,605	245,417	241,812
Depreciation expense	11,220	9,065	33,480	27,097
Amortization expense	14,241	8,666	38,308	22,649
General and administrative expense	1,337	0	1,337	0
Stock-based compensation expense	0	0	0	0
Merger and integration costs	0	0	0	0
Total cost and expenses	113,272	98,336	318,542	291,558
Gain on sale of assets	1,911	(15)	3,552	12,808
Operating income (loss)	42,114	60,902	137,369	165,397
Operating Segments \| Marine Transportation & Specialty \| Vessel revenue
Revenue:
Revenue	141,223	146,582	415,525	406,184
Operating Segments \| Marine Transportation & Specialty \| Non-vessel revenue
Revenue:
Revenue	12,252	12,671	36,834	37,963
Other
Revenue:
Revenue	3,506	0	3,506	0
Cost and expenses:
Operating expense	2,872	0	2,872	0
Depreciation expense	0	0	0	0
Amortization expense	0	0	0	0
General and administrative expense	90	0	90	0
Stock-based compensation expense	0	0	0	0
Merger and integration costs	0	0	0	0
Total cost and expenses	2,962	0	2,962	0
Gain on sale of assets	41	0	38	0
Operating income (loss)	585	0	582	0
Other \| Vessel revenue
Revenue:
Revenue	0	0	0	0
Other \| Non-vessel revenue
Revenue:
Revenue	3,506	0	3,506	0
Unallocated Expense
Revenue:
Revenue	0	0	0	0
Cost and expenses:
Operating expense	0	0	0	0
Depreciation expense	175	0	175	0
Amortization expense	196	0	196	0
General and administrative expense	23,851	22,259	62,081	57,274
Stock-based compensation expense	43,368	1,737	47,618	5,190
Merger and integration costs	78,980	0	91,425	0
Total cost and expenses	146,570	23,996	201,495	62,464
Gain on sale of assets	0	161	0	217
Operating income (loss)	(146,570)	(23,835)	(201,495)	(62,247)
Unallocated Expense \| Vessel revenue
Revenue:
Revenue	0	0	0	0
Unallocated Expense \| Non-vessel revenue
Revenue:
Revenue	$ 0	$ 0	$ 0	$ 0

Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligation

The following table presents the current-period changes in the Company's AROs (in thousands):


	Current		Long-Term		Total
Balance at January 1, 2026	$	—	$	—	$	—
AROs assumed	35,911		59,949		95,860
Accretion expense	283		257		540
Balance at September 30, 2026	$	36,194	$	60,206	$	96,400

Reportable Segment - Additional Information (Details)	9 Months Ended
Reportable Segment - Additional Information (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3

Revenue from Contracts with Customers - Disaggregation of Revenue by Business Segment and Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 293,341	$ 199,116	$ 649,316	$ 545,545
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	289,835	199,116	645,810	545,545
Other
Disaggregation of Revenue [Line Items]
Revenue	3,506	0	3,506	0
Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	78,000	0	78,000	0
Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	58,360	39,863	115,451	101,398
Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	153,475	159,253	452,359	444,147
United States
Disaggregation of Revenue [Line Items]
Revenue	153,443	145,286	401,186	383,569
United States \| Other
Disaggregation of Revenue [Line Items]
Revenue	3,506	0	3,506	0
United States \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	21,592	0	21,592	0
United States \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	20,424	32,218	61,005	78,866
United States \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	107,921	113,068	315,083	304,703
Brazil
Disaggregation of Revenue [Line Items]
Revenue	45,305	27,202	95,406	89,572
Brazil \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Brazil \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	19,808	0	19,808	0
Brazil \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Brazil \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	25,497	27,202	75,598	89,572
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	27,097	0	27,097	0
United Kingdom \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
United Kingdom \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	15,924	0	15,924	0
United Kingdom \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	11,173	0	11,173	0
United Kingdom \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Mexico
Disaggregation of Revenue [Line Items]
Revenue	20,642	9,259	57,405	25,256
Mexico \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Mexico \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Mexico \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	7,828	7,645	23,003	22,532
Mexico \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	12,814	1,614	34,402	2,724
West Africa
Disaggregation of Revenue [Line Items]
Revenue	20,676	0	20,676	0
West Africa \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
West Africa \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	20,676	0	20,676	0
West Africa \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
West Africa \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Trinidad and Tobago
Disaggregation of Revenue [Line Items]
Revenue	8,028	119	9,378	316
Trinidad and Tobago \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Trinidad and Tobago \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Trinidad and Tobago \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	7,558	0	8,893	0
Trinidad and Tobago \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	470	119	485	316
Colombia
Disaggregation of Revenue [Line Items]
Revenue	6,773	8,780	23,161	26,463
Colombia \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Colombia \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Colombia \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Colombia \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	6,773	8,780	23,161	26,463
Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue	11,377	8,470	15,007	20,369
Other foreign countries \| Other
Disaggregation of Revenue [Line Items]
Revenue	0		0	0
Other foreign countries \| Well Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Other foreign countries \| Subsea Services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	11,377	0	11,377	0
Other foreign countries \| Marine Transportation & Specialty \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 8,470	$ 3,630	$ 20,369

Leases - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Operating
2026 (remaining three months)	$ 22,146
2027	89,289
2028	78,505
2029	64,896
2030	61,101
Thereafter	43,062
Total lease payments	358,999
Less: imputed interest	52,403
Total lease liabilities	306,596
Finance
2026 (remaining three months)	1,542
2027	4,721
2028	2,800
2029	191
2030	36
Thereafter	0
Total lease payments	9,290
Less: imputed interest	766
Total lease liabilities	$ 8,524
Weighted Average Remaining Lease Term [Abstract]
Weighted-average remaining lease term (in years), operating	4 years 6 months 14 days
Weighted-average remaining lease term (in years), financing	1 year 11 months 8 days
Leases, Weighted Average Discount Rate [Abstract]
Weighted-average discount rate, operating	7.10%
Weighted-average discount rate, financing	9.00%

Other Assets and Liabilities - Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures, Other Assets And Liabilities [Abstract]
Claims receivable	$ 10,864	$ 8,310
Taxes receivable	25,462	19,026
Fuel inventory	21,615	5,346
Contract assets	16,548	0
Droshky receivable	29,299	0
Miscellaneous receivables	3,224	524
Other current assets	$ 107,012	$ 33,206

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 01, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares	Sep. 30, 2025
Capital Unit [Line Items]
Capital stock authorized for issuance (in shares)		410,000,000
Common stock authorized for issuance (in shares)		400,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock authorized for issuance (in shares)		10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, shares issued (in shares)	221,971,035		53,744,000
Common stock, shares outstanding (in shares)	221,971,035		53,744,000
Common stock and warrants outstanding (in shares)	325,608,491
Amount authorized for repurchase of shares \| $	$ 128.4
Legacy Helix Common Stock
Capital Unit [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.00001
Common stock, exchange ratio		10.27167
Legacy Hornbeck Jones Act Warrants
Capital Unit [Line Items]
Jones Act Warrants outstanding (in shares)	10,089,644
Shares convertible (in shares)	103,637,456
Jones Act Warrants, conversion ratio		10.27167
Jones Act Warrants, exercise price (in dollars per share) \| $ / shares		$ 0.00001
Legacy Hornbeck Jones Act Warrants
Capital Unit [Line Items]
Common stock, exchange ratio	7.556			7.556

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all subsequent events through November 9, 2026, which represents the date its financial statements were issued and determined that all materially relevant information known through this date has been appropriately addressed within the condensed consolidated financial statements and notes.

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Sep. 30, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,900.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 333.2
Revenue, remaining performance obligation, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 792.8
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 741.3
Revenue, remaining performance obligation, period	3 years 2 months

Other Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures, Other Assets And Liabilities [Abstract]

Schedule of Other Current Assets

Other current assets consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Claims receivable	$	10,864	$	8,310
Taxes receivable	25,462		19,026
Fuel inventory	21,615		5,346
Contract assets	16,548		—
Droshky receivable (1)	29,299		—
Miscellaneous receivables	3,224		524
Total	$	107,012	$	33,206

(1) Represents the present value of receivables due from Marathon Oil Corporation for P&A work to be performed by us on Droshky field oil and gas properties acquired from Marathon Oil Corporation in 2019.

Schedule of Other Assets

Other assets consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Deferred tax asset	$	—	$	16,034
Restricted cash	1,575		—
Other deferred charges	5,917		4,700
Total	$	7,492	$	20,734

Schedule of Other Current Liabilities

Other current liabilities consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Asset retirement obligations	$	36,194	$	—
Accrued taxes payable	21,775		9,363
Deferred contract revenue	8,274		3,918
Accrued interest	5,768		3,571
Other payables and liabilities	10,391		4,137
Total	$	82,402	$	20,989

Schedule of Other Liabilities

Other long-term liabilities consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Asset retirement obligations	$	60,206	$	—
Mexican tax audit accrual	11,039		2,684
Other accrued costs	7,035		5,680
Total	$	78,280	$	8,364

Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Schedule of Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company's financial statements:

Standard

Description

Date of Adoption

Effect on the financial statements and other significant matters

Standards that have been adopted:

ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

This standard revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (VIE). The ASU is intended to improve comparability between business combinations that involve VIEs and those that do not. ASU No. 2025-03 must be applied prospectively. Early adoption is permitted.

July 1, 2026

The Company early adopted ASU No. 2025-03 on July 1, 2026. The adoption had no material impact on its consolidated financial statements.

Standards that have not been adopted:

ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This standard improves the disclosures about an entity's expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. ASU No. 2024-03 may be applied prospectively or retrospectively. Early adoption is permitted.

Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

The Company will adopt the annual reporting requirements of ASU No. 2024-03 on January 1, 2027 and the interim disclosure requirements on January 1, 2028 and elect to apply the standard prospectively. The Company does not believe that the implementation of this guidance will have a material impact on its consolidated financial statements.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References + Details

Long-Term Debt - First Lien Revolving Credit Facility (Details) $ in Thousands				9 Months Ended
	Sep. 08, 2026 USD ($)	Aug. 28, 2026 USD ($)	Mar. 04, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Aug. 27, 2026 USD ($)
Debt Instrument [Line Items]
Proceeds from facility				$ 25,000	$ 0
Repayment of line of credit				$ 25,000	$ 0
First Lien Revolving Credit Facility due 2029 \| Line of Credit
Debt Instrument [Line Items]
Incremental revolving commitments		$ 50,000
Borrowing capacity		125,000				$ 75,000
Maximum increase to aggregate commitment		250,000
Net leverage ratio, unrestricted cash and cash equivalents		$ 25,000
Net leverage ratio, maximum		1.00
Collateral coverage ratio, minimum		1.50
Revolving credit facility collateral coverage ratio, maximum		3.00
Unused fee percentage		1.00%		1.00%
Proceeds from facility			$ 25,000
Repayment of line of credit	$ 25,000
Remaining borrowing capacity				$ 125,000
Deferred financing costs				$ 2,900
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 25,000
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Base Rate, Floor \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate, Floor
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Floor \| Variable Rate Component One \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Floor \| Variable Rate Component Three \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component One \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component Two \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component Two \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
First Lien Revolving Credit Facility due 2029 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Variable Rate Component Three \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

The Company is obligated under certain operating leases for vessels, shore-based facilities, office space, temporary housing, equipment and vehicles. The Company has long-term lease agreements with certain third party vessel owners for seven in-chartered vessels, whose fixed charter terms, excluding options, expire on various dates between May 2028 and December 2031. The Company is obligated under finance leases for certain vehicles and equipment.

Lease expense for operating leases is recorded in general and administrative and operating expenses. Lease expense for finance leases is recorded in amortization and interest expense. Total lease expenses incurred for operating and finance leases were as follows: (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Finance lease expense:
Amortization of right-of-use assets	$	1,048	$	742	$	3,135	$	1,023
Interest on lease liabilities	199		190		657		236
Operating lease expense	8,137		1,100		10,068		3,635
Variable lease expense	15		—		(242)		—
Short-term lease expense	2,832		170		3,240		616
Sublease income	(10)		—		(10)		—
Total	$	12,221	$	2,202	$	16,848	$	5,510

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8,241	$	1,499	$	10,068	$	3,838
Operating cash flows for financing leases	199		190		657		238
Financing cash flows for financing leases	1,005		312		2,919		570
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	293,312	$	622	$	293,312	$	910
Finance leases	195		10,948		459		11,567

The table below presents future lease payments under non-cancelable long-term leases as well as related operating and finance lease liabilities as of September 30, 2026 (in thousands):


	Operating			Finance
2026 (remaining three months)	$	22,146		$	1,542
2027	89,289			4,721
2028	78,505			2,800
2029	64,896			191
2030	61,101			36
Thereafter	43,062			—
Total lease payments	358,999			9,290
Less: imputed interest	52,403			766
Total lease liabilities	$	306,596		$	8,524
Weighted-average remaining lease term (in years)	4.54			1.94
Weighted-average discount rate	7.1		%	9.0		%

Leases


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Finance lease expense:
Amortization of right-of-use assets	$	1,048	$	742	$	3,135	$	1,023
Interest on lease liabilities	199		190		657		236
Operating lease expense	8,137		1,100		10,068		3,635
Variable lease expense	15		—		(242)		—
Short-term lease expense	2,832		170		3,240		616
Sublease income	(10)		—		(10)		—
Total	$	12,221	$	2,202	$	16,848	$	5,510

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8,241	$	1,499	$	10,068	$	3,838
Operating cash flows for financing leases	199		190		657		238
Financing cash flows for financing leases	1,005		312		2,919		570
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	293,312	$	622	$	293,312	$	910
Finance leases	195		10,948		459		11,567

The table below presents future lease payments under non-cancelable long-term leases as well as related operating and finance lease liabilities as of September 30, 2026 (in thousands):


	Operating			Finance
2026 (remaining three months)	$	22,146		$	1,542
2027	89,289			4,721
2028	78,505			2,800
2029	64,896			191
2030	61,101			36
Thereafter	43,062			—
Total lease payments	358,999			9,290
Less: imputed interest	52,403			766
Total lease liabilities	$	306,596		$	8,524
Weighted-average remaining lease term (in years)	4.54			1.94
Weighted-average discount rate	7.1		%	9.0		%

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Summary of Intangible Assets

A summary of intangible assets is as follows (in thousands):


		September 30, 2026
	Useful Life	Gross		Accumulated Amortization		Net
Finite-lived intangible assets:
Contractual relationships	15 Years	$	80,000	$	444	$	79,556
Customer relationships	10 Years	73,500		613		72,887
Developed technology and know-how	10 Years	40,000		333		39,667
Backlog	3 Years	13,500		338		13,162
Brand and trade name license rights	10 Years	17,400		145		17,255
Total		$	224,400	$	1,873	$	222,527

Schedule of Estimated Amortization Expense for Intangible Assets

The estimated amortization expense for intangible assets for the next five fiscal years is as follows (in thousands):


2026 (remaining three months)	$	5,618
2027	22,473
2028	22,473
2029	22,473
2030	18,423
Thereafter	131,067
Total	$	222,527

Roll-Forward of Goodwill by Business Segment

A roll-forward of goodwill by business segment is as follows (in thousands):


	Well Intervention		Subsea Services		Total
Balance at January 1, 2026	$	—	$	—	$	—
Goodwill acquired	—		32,483		32,483
Balance at September 30, 2026	$	—	$	32,483	$	32,483

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Revenue from Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2026
Minimum
Disaggregation of Revenue [Line Items]
Payment term	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term	60 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

The following table presents revenue disaggregated by business segment and geographic area (in thousands):


	Well Intervention		Subsea Services		Marine Transportation & Specialty		Other		Total Revenue
Three Months Ended September 30, 2026
United States	$	21,592	$	20,424	$	107,921	$	3,506	$	153,443
Brazil	19,808		—		25,497		—		45,305
United Kingdom	15,924		11,173		—		—		27,097
Mexico	—		7,828		12,814		—		20,642
West Africa	20,676		—		—		—		20,676
Trinidad and Tobago	—		7,558		470		—		8,028
Colombia	—		—		6,773		—		6,773
Other foreign countries	—		11,377		—		—		11,377
Total	$	78,000	$	58,360	$	153,475	$	3,506	$	293,341


Nine Months Ended September 30, 2026
United States	$	21,592	$	61,005	$	315,083	$	3,506	$	401,186
Brazil	19,808		—		75,598		—		95,406
United Kingdom	15,924		11,173		—		—		27,097
Mexico	—		23,003		34,402		—		57,405
West Africa	20,676		—		—		—		20,676
Trinidad and Tobago	—		8,893		485		—		9,378
Colombia	—		—		23,161		—		23,161
Other foreign countries	—		11,377		3,630		—		15,007
Total	$	78,000	$	115,451	$	452,359	$	3,506	$	649,316

Three Months Ended September 30, 2025
United States	$	—	$	32,218	$	113,068	$	—	$	145,286
Brazil	—		—		27,202		—		27,202
United Kingdom	—		—		—		—		—
Mexico	—		7,645		1,614		—		9,259
West Africa	—		—		—		—		—
Trinidad and Tobago	—		—		119		—		119
Colombia	—		—		8,780		—		8,780
Other foreign countries	—		—		8,470				8,470
Total	$	—	$	39,863	$	159,253	$	—	$	199,116

Nine Months Ended September 30, 2025
United States	$	—	$	78,866	$	304,703	$	—	$	383,569
Brazil	—		—		89,572		—		89,572
United Kingdom	—		—		—		—		—
Mexico	—		22,532		2,724		—		25,256
West Africa	—		—		—		—		—
Trinidad and Tobago	—		—		316		—		316
Colombia	—		—		26,463		—		26,463
Other foreign countries	—		—		20,369		—		20,369
Total	$	—	$	101,398	$	444,147	$	—	$	545,545

Schedule of Major Customer Concentration Risk

Revenue from the following customers represented 10% or more of consolidated revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Customer A	n/a (1)		16	%	12	%	16	%
Customer B	12	%	13	%	11	%	16	%
Customer C	n/a (1)		11	%	n/a (1)		n/a (1)

(1) Customer represented less than 10% of consolidated revenue in such period.

Long-Term Debt - 2029 Notes (Details) - USD ($) $ in Millions	7 Months Ended
	Sep. 30, 2026	Dec. 01, 2023
2026
Debt Instrument [Line Items]
Redemption Price	104.875%
2027
Debt Instrument [Line Items]
Redemption Price	102.438%
2028 and thereafter
Debt Instrument [Line Items]
Redemption Price	100.00%
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt issued		$ 300
Debt interest rate		9.75%
Required repurchase offer in event of change of control	101.00%

Basis of Presentation and Significant Accounting Policies (Details)	Sep. 30, 2026 $ / shares	Sep. 01, 2026 $ / shares	Apr. 22, 2026 $ / shares	Dec. 31, 2025 $ / shares	Sep. 30, 2025
Business Combination [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001		$ 0.00001
Legacy Hornbeck Jones Act Warrants
Business Combination [Line Items]
Common stock, exchange ratio	7.556				7.556
Merger Agreement
Business Combination [Line Items]
Exchange ratio			10.27167
Common stock, par value (in dollars per share)			$ 0.00001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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+ Details

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

The Company's asset retirement obligations ("AROs") relate to the Droshky and Thunder Hawk offshore oil and gas properties acquired by Legacy Helix. These obligations represent the estimated costs required to decommission the related facilities upon cessation of field operations. The AROs are measured on a discounted basis and are classified within other current liabilities for the portion expected to be settled within the next twelve months and other liabilities for the long-term portion. As of September 30, 2026, the Company expects to complete the decommissioning of the Droshky field within the next twelve months. The following table presents the current-period changes in the Company's AROs (in thousands):


	Current		Long-Term		Total
Balance at January 1, 2026	$	—	$	—	$	—
AROs assumed	35,911		59,949		95,860
Accretion expense	283		257		540
Balance at September 30, 2026	$	36,194	$	60,206	$	96,400

Deferred Recertification Costs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Deferred Recertification And Dry Dock Costs [Line Items]
Accrual for ongoing recertification and drydockings	$ 11.3	$ 7.2
Minimum
Deferred Recertification And Dry Dock Costs [Line Items]
Recertification and dry dock costs, amortization period	24 months
Maximum
Deferred Recertification And Dry Dock Costs [Line Items]
Recertification and dry dock costs, amortization period	60 months

Revenue from Contracts with Customers - Major Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Customer A
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		16.00%	12.00%	16.00%
Customer B
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	12.00%	13.00%	11.00%	16.00%
Customer C
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 8,241	$ 1,499	$ 10,068	$ 3,838
Operating cash flows for financing leases	199	190	657	238
Financing cash flows for financing leases	1,005	312	2,919	570
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	293,312	622	293,312	910
Finance leases	$ 195	$ 10,948	$ 459	$ 11,567

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2026

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Todd Hornbeck [Member]

Trading Arrangements, by Individual

Name

Todd Hornbeck

Title

President, Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

September 1, 2026

December 31, 2027

486 days

1,170,405

Sam Gilberga [Member]

Trading Arrangements, by Individual

Name

Sam Giberga

Title

Executive Vice President, General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

September 15, 2026

December 30, 2027

471 days

1,362,653

Potter Adams [Member]

Trading Arrangements, by Individual

Name

Potter Adams

Title

Executive Vice President and Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

September 1, 2026

August 31, 2027

364 days

139,832

Trading Arrangements, by Individual

Name

Brian Cook

Title

Executive Vice President and Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

September 1, 2026

August 31, 2027

364 days

139,637

Officer Trading Arrangement [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended September 30, 2026, the following “officers” adopted or terminated “Rule 10b5-1 trading arrangements,” as each term is defined in Item 408(a) of Regulation S-K. During the quarter ended September 30, 2026, no other director or “officer” of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement."

Trading Arrangement

Name
(Title)

Action Taken
(Date of Action)

Rule 10b5-1*

Non-Rule 10b5-1**

Nature of Trading Arrangement

Expiration Date

Total Number of Shares to be Sold/Purchased

Todd Hornbeck (President, Chief Executive Officer and Director)

Adoption

(September 1, 2026) †

Sale of the
Company’s
common stock awarded prior to the Merger under Legacy Hornbeck's management incentive plan adopted on September 4, 2020, pursuant to the terms of the plan and after the expiration of the applicable lock-up period and cooling-off period.

December 31, 2027

1,170,405

Sam Giberga (Executive Vice President, General Counsel and Secretary)

Adoption

(September 15, 2026)

December 30, 2027

1,362,653

Potter Adams

(Executive Vice President and Chief Financial Officer)

Adoption

(September 1, 2026)

August 31, 2027

139,832

Brian Cook (Executive Vice President and Chief Accounting Officer)

Adoption

(September 1, 2026)

August 31, 2027

139,637

† Mr. Hornbeck's plan was subsequently terminated on November 9, 2026. No shares of Company common stock were sold under the plan prior to termination.

* Intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Schedule of Total Lease Expenses and Supplemental Cash Flow Information

Total lease expenses incurred for operating and finance leases were as follows: (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Finance lease expense:
Amortization of right-of-use assets	$	1,048	$	742	$	3,135	$	1,023
Interest on lease liabilities	199		190		657		236
Operating lease expense	8,137		1,100		10,068		3,635
Variable lease expense	15		—		(242)		—
Short-term lease expense	2,832		170		3,240		616
Sublease income	(10)		—		(10)		—
Total	$	12,221	$	2,202	$	16,848	$	5,510

Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8,241	$	1,499	$	10,068	$	3,838
Operating cash flows for financing leases	199		190		657		238
Financing cash flows for financing leases	1,005		312		2,919		570
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	293,312	$	622	$	293,312	$	910
Finance leases	195		10,948		459		11,567

Schedule of Operating Lease Maturities

The table below presents future lease payments under non-cancelable long-term leases as well as related operating and finance lease liabilities as of September 30, 2026 (in thousands):


	Operating			Finance
2026 (remaining three months)	$	22,146		$	1,542
2027	89,289			4,721
2028	78,505			2,800
2029	64,896			191
2030	61,101			36
Thereafter	43,062			—
Total lease payments	358,999			9,290
Less: imputed interest	52,403			766
Total lease liabilities	$	306,596		$	8,524
Weighted-average remaining lease term (in years)	4.54			1.94
Weighted-average discount rate	7.1		%	9.0		%

Schedule of Finance Lease Maturities

The table below presents future lease payments under non-cancelable long-term leases as well as related operating and finance lease liabilities as of September 30, 2026 (in thousands):


	Operating			Finance
2026 (remaining three months)	$	22,146		$	1,542
2027	89,289			4,721
2028	78,505			2,800
2029	64,896			191
2030	61,101			36
Thereafter	43,062			—
Total lease payments	358,999			9,290
Less: imputed interest	52,403			766
Total lease liabilities	$	306,596		$	8,524
Weighted-average remaining lease term (in years)	4.54			1.94
Weighted-average discount rate	7.1		%	9.0		%

Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Net contract assets	$ 16,548		$ 16,548		$ 0
Net contract liabilities	8,300		8,300		$ 3,900
Revenue recognized, included in contract liability balance	$ 2,700	$ 10,900	$ 3,900	$ 5,900

Commitment and Contingencies - Brazilian Importation Tax Assessment (Details) - Unfavorable Regulatory Action $ in Millions	Sep. 30, 2026 USD ($)
Minimum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 6.0
Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 13.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Reflects the estimated amount of loss from the specified contingency as of the balance sheet date.

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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-2

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2026	Sep. 01, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	400,000,000		513,584,000
Common stock, shares issued (in shares)	221,971,035		53,744,000
Common stock, shares outstanding (in shares)	221,971,035		53,744,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant and equipment consisted of the following (in thousands):


	September 30,		December 31,
	2026		2025
Vessels and vessel-related equipment	$	1,994,696	$	787,262
Non-vessel related property, plant, and equipment	22,142		16,007
Less: Accumulated depreciation	(189,794)		(145,267)
	1,827,044		658,002
Construction in progress (1)	147,735		96,133
Total	$	1,974,779	$	754,135

(1) Includes $10.8 million and $2.6 million of accrued accounts payable as of September 30, 2026 and December 31, 2025, respectively. These amounts were excluded from the condensed consolidated statements of cash flows as non-cash items for the respective periods.

The table below presents net book value of property, plant and equipment by geographic area (1) (in thousands, except for % of Total):


	September 30,				December 31,
	2026		% of Total		2025		% of Total
United States	$	1,272,753	64.4	%	$	678,216	89.9	%
United Kingdom	627,312		31.8	%	—		—	%
Mexico	62,241		3.2	%	65,374		8.7	%
Brazil	12,230		0.6	%	10,545		1.4	%
Other foreign countries	243		—	%	—		—	%
Total	$	1,974,779	100.0	%	754,135		100.0	%

(1) Book values are attributed to geographic regions based on the country of domicile of the specific asset-owning subsidiary of the Company, not the current physical operating location of the asset as of any of the dates presented.

Long-Term Debt - Summary of Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Dec. 27, 2024
Debt Instrument [Line Items]
Face Value	$ 730,612	$ 448,326
Carrying Value	736,159	440,611
Fair Value	740,348	448,326
Unamortized debt premium (discount)	(7,239)	5,763
Unamortized debt issuance costs	1,692	1,952
MARAD Debt due 2027 \| Secured Debt
Debt Instrument [Line Items]
Face Value	5,001	0
Carrying Value	4,996	0
Fair Value	4,987	0
Unamortized debt premium (discount)	(5)
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Face Value	300,000	0
Carrying Value	312,253	0
Fair Value	309,750	0
Unamortized debt premium (discount)	12,253
Second Lien Term Loans due 2033 \| Secured Debt
Debt Instrument [Line Items]
Face Value	425,611	448,326
Carrying Value	418,910	440,611	$ 450,000
Fair Value	425,611	448,326
Unamortized debt premium (discount)	(5,009)	(5,763)
Unamortized debt issuance costs	1,692	1,952
First Lien Revolving Credit Facility due 2029 \| Line of Credit
Debt Instrument [Line Items]
Face Value	0	0
Carrying Value	0	0
Fair Value	$ 0	$ 0

Other Assets and Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures, Other Assets And Liabilities [Abstract]
Accrued interest	$ 5,768	$ 3,571
Accrued taxes payable	21,775	9,363
Deferred contract revenue	8,274	3,918
Asset retirement obligations	36,194	0
Other payables and liabilities	10,391	4,137
Other current liabilities	$ 82,402	$ 20,989

Commitment and Contingencies - Vessel Construction (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)	Aug. 31, 2026 vessel	Oct. 31, 2023 USD ($) vessel
Outfitting, Engineering, Overhead And Post-Delivery Discretionary Enhancements
Long-Term Purchase Commitment [Line Items]
Payment obligation, amount fulfilled	$ 34.9
Payment obligation, remaining additional expected costs	74.4
Multi-Purpose Support Vessel (MPSV)
Long-Term Purchase Commitment [Line Items]
Number of vessel newbuilds \| vessel		2	2
Payment obligation	42.6		$ 53.8
Payment obligation, amount fulfilled	$ 42.6

Deferred Recertification Costs	9 Months Ended
Deferred Recertification Costs	Sep. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Recertification Costs	Deferred Recertification Costs The Company’s vessels and certain vessel-related equipment are required by regulation to be recertified after certain periods of time. The Company defers and amortizes certification costs, including drydocking costs incurred due to regulatory inspections, on a straight-line basis over the period to be benefited from such expenditures (typically between 24 and 60 months). Major replacements and improvements that extend the economic useful life or functional operating capability of a vessel or system are capitalized and depreciated over the asset's remaining economic useful life. Routine repairs and maintenance costs are expensed as incurred. The amounts reported for deferred recertification costs on the condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025, include costs associated with ongoing drydockings. Included in such capital costs are accruals for vendor costs incurred but not yet invoiced and paid. These accrual amounts totaling $11.3 million and $7.2 million as of September 30, 2026 and December 31, 2025, respectively, are excluded from cash flows from operating activities on the condensed consolidated statements of cash flows as non-cash items for the periods presented.

Other Assets and Liabilities

9 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures, Other Assets And Liabilities [Abstract]

Other Assets and Liabilities

Other current assets consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Claims receivable	$	10,864	$	8,310
Taxes receivable	25,462		19,026
Fuel inventory	21,615		5,346
Contract assets	16,548		—
Droshky receivable (1)	29,299		—
Miscellaneous receivables	3,224		524
Total	$	107,012	$	33,206

Other assets consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Deferred tax asset	$	—	$	16,034
Restricted cash	1,575		—
Other deferred charges	5,917		4,700
Total	$	7,492	$	20,734

Other current liabilities consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Asset retirement obligations	$	36,194	$	—
Accrued taxes payable	21,775		9,363
Deferred contract revenue	8,274		3,918
Accrued interest	5,768		3,571
Other payables and liabilities	10,391		4,137
Total	$	82,402	$	20,989

Other long-term liabilities consist of the following (in thousands):


	September 30,		December 31,
	2026		2025
Asset retirement obligations	$	60,206	$	—
Mexican tax audit accrual	11,039		2,684
Other accrued costs	7,035		5,680
Total	$	78,280	$	8,364

Long-Term Debt

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Long-Term Debt

As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands):


	September 30,		December 31,
	2026		2025
MARAD Debt due 2027	$	5,001	$	—
First Lien Revolving Credit Facility due 2029	—		—
Senior Notes due 2029	300,000		—
Second Lien Term Loans due 2033	425,611		448,326
	730,612		448,326
Unamortized debt premium (discount)	7,239		(5,763)
Unamortized debt issuance costs	(1,692)		(1,952)
Total debt	736,159		440,611
Less: current maturities	(40,429)		(30,259)
Long-term debt	$	695,730	$	410,352

The table below presents maturities of outstanding debt as of September 30, 2026 (in thousands):


2026 (remaining three months)	$	8,899
2027	42,640
2028	41,222
2029	345,362
2030	49,803
Thereafter	242,686
Total	$	730,612

The table below summarizes the Company's cash interest payments on each payment date (in thousands):


	Cash Interest Payments		Payment Dates
MARAD Debt due 2027	$	83	February 1
First Lien Revolving Credit Facility due 2029	—		Variable (based on interest election) (1)
Senior Notes due 2029	14,625		March 1 and September 1
Second Lien Term Loans due 2033	3,196		First day of each month

(1) As of September 30, 2026, there were no revolving loan amounts outstanding under the First Lien Revolving Credit Facility. The First Lien Revolving Credit Facility is subject to an unused fee of 1.0% per annum, paid quarterly, as applicable.

First Lien Revolving Credit Facility

On August 13, 2024, Legacy Hornbeck entered into the First Lien Revolving Credit Facility. On August 28, 2026, Legacy Hornbeck (as predecessor to Hercules Sub) amended the First Lien Revolving Credit Agreement pursuant to a First Incremental Facility Amendment, which became effective on the Closing Date upon consummation of the Merger and provided for $50.0 million of incremental revolving commitments on the same terms as the existing commitments, increasing the aggregate commitments under the First Lien Revolving Credit Facility from $75.0 million to $125.0 million. The First Lien Revolving Credit Agreement also permits Hercules Sub to increase the aggregate commitments under the First Lien Revolving Credit Facility to up to $250.0 million, upon satisfaction of certain conditions and subject to obtaining commitments from existing or new lenders. Hercules Sub's ability to borrow under the First Lien Revolving Credit Facility is subject to customary conditions precedent, including no default or event of default, representations and warranties being true and correct in all material respects, and pro forma compliance with the financial covenants therein.

The First Lien Revolving Credit Facility will mature on August 13, 2029. Borrowings under the First Lien Revolving Credit Facility are comprised of Base Rate Loans or SOFR Rate Loans, at the option of the Hercules Sub, and accrue interest as follows: (A) for Revolving Loans that are Base Rate Loans, a rate ranging from 1.75% to 2.75% (depending on the total net leverage ratio in effect at such time) per annum, plus the greatest of, subject to

a 0.00% floor: (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50%, subject to a 0.00% floor, and (c) the SOFR rate for a one month interest period on such day after giving effect to a floor of 0.00% per annum, plus 1.00% and (B) for Revolving Loans that are SOFR Rate Loans, a rate ranging from 2.75% to 3.75% (depending on the total net leverage ratio in effect at such time) per annum plus the Term SOFR rate, subject to a 0.00% floor, plus a credit spread adjustment of 0.10% per annum.

The First Lien Revolving Credit Facility has customary affirmative and negative covenants, including restrictions on Hercules Sub's and certain of its subsidiaries' ability to incur additional indebtedness, incur liens, make restricted payments, make optional prepayments on junior financings, engage in transactions with affiliates and make asset sales, in each case, subject to customary exceptions and baskets. The First Lien Revolving Credit Facility is subject to financial covenants that require Hercules Sub and certain of its subsidiaries, collectively, to have (i) if any Revolving Loans or letters of credit are drawn (and, in the case of letters of credit, not reimbursed), a maximum First Lien Revolving Credit Facility net leverage ratio (measured by Revolving Loans outstanding, net of unrestricted cash and cash equivalents of up to $25.0 million, to consolidated adjusted EBITDA) of no more than 1.00 to 1.00, (ii) minimum liquidity (measured by unrestricted cash and cash equivalents, together with undrawn Revolving Loan commitments) of $25.0 million, (iii) a collateral coverage ratio (measured by total first and second-lien debt outstanding) of no less than 1.50 to 1.00, and (iv) a First Lien Revolving Credit Facility collateral coverage ratio (measured by total outstanding Revolving Loans, net of unrestricted cash and cash equivalents up to $25.0 million) of no less than 3.00 to 1.00, in each case, tested as of the end of each fiscal quarter, beginning with the first full fiscal quarter ending after the facility closing date. However, failure to meet such financial covenants will not result in a default or event of default at any time when no Revolving Loans are outstanding and will instead prohibit Hercules Sub from borrowing any Revolving Loans under the First Lien Revolving Credit Facility until certain conditions precedent to borrowing are satisfied. To the extent either of the collateral coverage ratio covenants under the First Lien Revolving Credit Facility are not met as of the end of any fiscal quarter, Hercules Sub will have the opportunity to cure such shortfall by making a mandatory prepayment of the Revolving Loans in an amount such that compliance with such covenants would be met on a pro forma basis following such prepayment prior to the occurrence of any default or event of default thereunder.

The obligations under the First Lien Revolving Credit Facility are guaranteed by certain of Hercules Sub’s domestic subsidiaries and are secured by first priority liens on substantially all of the assets of Hercules Sub and the subsidiary guarantors, including mortgages on certain of their U.S.-flagged vessels, subject to customary exceptions and permitted liens. The liens securing the First Lien Revolving Credit Facility rank senior to the liens securing the Second Lien Term Loans due 2033 pursuant to an intercreditor agreement. The First Lien Revolving Credit Facility includes a $25.0 million sublimit for the issuance of letters of credit. Hercules Sub is required to pay a quarterly unused line fee of 1.00% per annum on the undrawn commitments, letter of credit fees equal to the applicable margin for SOFR Rate Loans and customary fronting fees. Hercules Sub may voluntarily reduce or terminate the unused commitments and prepay Revolving Loans without premium or penalty, subject to customary breakage costs.

On March 4, 2026, Legacy Hornbeck (as predecessor in interest to Hercules Sub) drew $25.0 million of cash borrowings under the First Lien Revolving Credit Facility. On September 8, 2026, Hercules Sub repaid the $25.0 million of cash borrowings under the First Lien Revolving Credit Facility.

As of September 30, 2026, there were no amounts drawn and no letters of credit outstanding under the First Lien Revolving Credit Facility. As of September 30, 2026, Hercules Sub and its subsidiaries were in compliance with all financial covenants required by the First Lien Revolving Credit Facility and the full $125.0 million of undrawn commitments under the facility was available to be borrowed for all permissible uses of proceeds, including working capital, subject to satisfaction of the conditions to borrowing described above.

The Company incurred $2.9 million in deferred financing costs paid to third parties related to the First Lien Revolving Credit Facility, which are included in other assets on the condensed consolidated balance sheet.

Senior Notes due 2029

On December 1, 2023, Legacy Helix issued $300.0 million aggregate principal amount of Senior Notes due 2029. The Senior Notes due 2029 bear interest at a fixed coupon of 9.75% per annum payable semi-annually in arrears on March 1 and September 1 of each year and mature on March 1, 2029, unless earlier redeemed or repurchased by the Company.

The Company may, at its option, redeem the Senior Notes due 2029, in whole or in part, at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth below, based on redemption occurring on or after March 1 of the applicable year, plus any accrued and unpaid interest through, but excluding, the redemption date.


Year						Redemption Price
2026						104.875%
2027						102.438%
2028 and thereafter						100.000%

Upon the occurrence of a Change of Control Triggering Event, as defined in the indenture governing the Senior Notes due 2029, the Company may be required to make an offer to repurchase all of the Senior Notes due 2029 then outstanding at a price equal to 101% of the principal amount thereof, plus any accrued and unpaid interest up to the repurchase date.

The indenture governing the Senior Notes due 2029 contains customary terms and covenants, including limitations on additional indebtedness, restricted payments, liens, asset sales, transactions with affiliates, mergers and consolidations, designation of unrestricted subsidiaries, and dividend and other restrictions affecting restricted subsidiaries.

The Senior Notes due 2029 are guaranteed on a senior unsecured basis by certain subsidiaries of the Company, as well as certain future subsidiaries that may guarantee certain of the Company's and its subsidiaries' indebtedness. The Senior Notes due 2029 are junior in right of payment to all of the Company's existing and future secured indebtedness and obligations, to the extent of the applicable collateral, and rank equally in right of payment with all of the Company's existing and future senior unsecured indebtedness. The Senior Notes due 2029 rank senior in right of payment to any of the Company's future subordinated indebtedness and are fully and unconditionally guaranteed by the guarantors described above on a senior basis.

MARAD Debt

In 2005, Legacy Helix, through its subsidiary CDI-Title XI, issued U.S. Government Guaranteed Ship Financing Bonds, Q4000 Series (the “MARAD Debt”), to refinance the construction financing obtained in 2002 for the Q4000 vessel. The MARAD Debt is guaranteed by the U.S. government under the Title XI Federal Ship Financing Program, which is administered by the Maritime Administration (“MARAD”) pursuant to Title XI of the Merchant Marine Act of 1936. CDI-Title XI's obligation to reimburse MARAD in the event CDI-Title XI fails to repay the MARAD Debt is secured by the Q4000 and is 50% guaranteed by the Company. In addition, the Company has agreed to bareboat charter the Q4000 from CDI-Title XI while the MARAD Debt remains outstanding. The MARAD Debt is payable in equal semi-annual installments through February 2027 and bears interest at a rate of 4.93%.

Second Lien Term Loans due 2033

On December 27, 2024, Legacy Hornbeck entered into a second-lien term loan credit agreement with Stonebriar Commercial Finance, LLC, as administrative agent, and Wilmington Trust, National Association, as collateral trustee, and the lenders party thereto, resulting in $450.0 million of second-lien term loans with a maturity date of January 1, 2033, or the Second Lien Term Loans due 2033. Legacy Hornbeck received proceeds of $443.3 million, net of a 1.5% origination fee, and utilized such proceeds to (i) repay in full the then-outstanding $349.0 million, including accumulated paid-in-kind interest, of Second Lien Term Loans due 2026, (ii) pay $7.0 million of related accrued cash interest, (iii) pay a $5.1 million associated redemption fee, (iv) pay $2.0 million in non-lender fees and expenses, and (v) partially fund the repurchase of $78.4 million of certain equity securities and $7.1 million of outstanding stock-based compensation awards associated with tender offers to purchase for cash such equity instruments in December 2024.

The Second Lien Term Loans due 2033 are scheduled to be repaid in (i) 12 consecutive equal monthly installments of interest, payable on the first day of each month commencing January 1, 2025, (ii) followed by 84 consecutive equal monthly payments of principal and interest, payable on the first day of each consecutive month, and (iii) a final balloon payment in the amount of all unpaid principal, accrued and unpaid interest and any other amounts that may become due under the Second Lien Term Loan Credit Agreement on the maturity date of January 1, 2033. Borrowings bear interest at a fixed rate of 9.25% per annum. Hercules Sub may fully prepay the Second Lien Term Loans due 2033 on any monthly payment date prior to maturity, subject to the prepayment fee schedule set forth below. Hercules Sub is permitted to partially prepay up to $100.0 million in the aggregate during the term of

the Second Lien Term Loans due 2033. Any voluntary prepayment (in whole or in part) and certain mandatory prepayments must be accompanied by a prepayment fee equal to (i) 3.00% of the prepaid principal amount on or prior to December 27, 2026, (ii) 2.00% of the prepaid principal amount after December 27, 2026 but on or prior to December 27, 2027, and (iii) 1.00% of the prepaid principal amount thereafter.

The Second Lien Term Loans due 2033 are guaranteed by certain of the Hercules Sub's domestic subsidiaries and are secured by second priority liens on substantially all of the assets of Hercules Sub and the subsidiary guarantors, including mortgages on certain of their U.S.-flagged vessels. The credit agreement contains customary representations and warranties, affirmative and negative covenants (including restrictions on the incurrence of indebtedness and liens, restricted payments, investments, asset sales, fundamental changes and transactions with affiliates, subject to customary exceptions and baskets) and events of default, but only one financial maintenance covenant, which requires Hercules Sub and certain of its subsidiaries to maintain at least $25.0 million of unrestricted cash and cash equivalents as of the last day of each fiscal quarter. As of September 30, 2026, Hercules Sub and its subsidiaries were in compliance with such financial covenant.

The Company estimates the fair value of its First Lien Revolving Credit Facility, Senior Notes due 2029, MARAD Debt, and Second Lien Term Loans due 2033 by primarily using quoted market prices. Given the observability of the inputs to these estimates, the Company has assigned a level 2 of the three-level valuation hierarchy. The interest rate on the First Lien Revolving Credit Facility is variable and the Company has concluded that face value approximates fair value of such facility as of September 30, 2026. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):


	September 30, 2026						December 31, 2025
	Face Value		Carrying Value		Fair Value		Face Value		Carrying Value		Fair Value
MARAD Debt due 2027 (1)	$	5,001	4,996		$	4,987	$	—	$	—	$	—
Senior Notes due 2029 (2)	300,000		312,253		309,750		—		—		—
Second Lien Term Loans due 2033 (3)	425,611		418,910		425,611		448,326		440,611		448,326
First Lien Revolving Credit Facility due 2029 (4)	—		—		—		—		—		—
Total	$	730,612	$	736,159	$	740,348	$	448,326	$	440,611	$	448,326

(1) The carrying value of the MARAD Debt due 2027 includes unamortized debt discount of $5.

(2) The carrying value of the Senior Notes due 2029 includes unamortized debt premium of $12,253.

(3) The carrying value of the Second Lien Term Loans due 2033 includes unamortized original issue discount of $5,009 and $5,763, respectively, and unamortized deferred financing costs of $1,692 and $1,952, respectively.

(4) As of September 30, 2026, there were no borrowings outstanding under the First Lien Revolving Credit Facility due 2029.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and nine months ended September 30, 2026, the Company's effective income tax rate was (16.7)% and (68.8)%, respectively. The effective rate for the current period was impacted by discrete items associated with merger-related transaction costs and compensation expense of $119.6 million and $132.0 million for the three and nine months ended September 30, 2026, respectively. Additionally, the mix of U.S. and foreign earnings further contributed to the effective rate varying significantly from the U.S. federal statutory income tax rate for the current period. For the three and nine months ended September 30, 2025, the Company's effective income tax rate was 3.9% and 6.2%, respectively. Tax Audits The Company is no longer subject to tax audits being initiated by U.S. federal, state, local or foreign taxing authorities for years prior to 2020. The Company has ongoing examinations by various foreign tax authorities of income tax returns for earlier periods for Legacy Helix and Legacy Hornbeck, but does not believe that the results of these examinations will have a material adverse effect on the Company’s financial position or results of operations. Mexico Tax Audits The Company is subject to audit by various Mexican statutory bodies, including the Mexican tax authorities, or SAT. In recent years, SAT has initiated several audits of the Company's Mexican subsidiaries for tax years between 2015 and 2021. Through these audits, SAT has asserted highly aggressive positions, including the disallowance of a significant portion of the Company's deductible expenses and the retroactive application of a change in Mexican tax law to tax periods prior to the effective date of such change. As a result, the Company has been engaged in various stages of appeal, including non-binding mediation and mutual agreement procedures with assistance from the U.S. Internal Revenue Service. In September 2026, the Company completed mediation proceedings related to a Mexican subsidiary's 2019 tax return and paid a settlement in compromise totaling $2.2 million. As of September 30, 2026, the Company had accrued a liability totaling $11.0 million for potential losses from additional taxes, interest and penalties resulting from the unsettled SAT audit assessments based upon estimates developed in collaboration with its Mexican tax and legal advisors for the ongoing audits and appeals. The Company believes it has properly applied the applicable tax laws for all periods audited by SAT and has reasonably supported its positions. The Company does not believe that the final outcome of these tax assessments, appeals process and other ongoing tax audits will have a material adverse effect on the Company’s financial position or results of operations. Final resolution of these matters may require several years, and the Company believes it is remote that any developments in the next 12 months would adversely affect its positions or have a material impact on the Company's results. While the Company is confident in a favorable resolution, an unexpected adverse final outcome in any of the pending appeals could have a material impact on the Company's financial position and operating results. The Company will continue to update its estimates related to these pending proceedings as new information warrants.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Calculation of Preliminary Purchase Price Consideration

The following table presents the calculation of preliminary purchase price consideration (in thousands, except stock price):



Legacy Helix shares issued and outstanding as of the Closing Date	147,382
Remove Legacy Helix director restricted stock shares (1)	(127)
Legacy Helix shares issued and outstanding	147,255
Legacy Helix stock price on the Closing Date	$	10.60
Total share consideration (2)	$	1,560,906

Acquisition date fair value attributable to:


Legacy Helix performance share units (3)	$	10,210
Legacy Helix restricted stock units (3)	3,515
Legacy Helix director restricted stock awards	954
Total share based award consideration (4)	14,679
Total preliminary purchase price consideration	$	1,575,585

(1) Represents restricted shares included in Legacy Helix basic shares outstanding, but unissued prior to the Closing Date.

(2) Amounts presented may not recalculate due to rounding of shares and consideration.

(4) Amounts presented for outstanding Legacy Helix share based awards relate to the value assigned to pre-combination services based on the Legacy Helix stock price prior to the Closing Date.

Summary of Preliminary Allocation of the Purchase Price Consideration

The following table presents the preliminary allocation of the purchase price consideration (in thousands):


	Estimated Fair Value
Cash and cash equivalents	$	651,603
Accounts receivable, net	233,000
Prepaid expenses	20,545
Other current assets	40,987
Property, plant and equipment, net	1,193,517
Operating lease right-of-use assets	293,312
Intangible assets	207,000
Other assets	29,300
Total assets acquired	2,669,264
Accounts payable	165,282
Income tax payable	2,327
Accrued payroll and benefits	47,204
Current maturities of long-term debt, net	4,995
Operating lease liabilities	68,118
Other current liabilities	44,842
Long-term debt, net	312,728
Operating lease liabilities	225,194
Deferred tax liabilities	159,606
Other long-term liabilities	95,866
Total liabilities assumed	1,126,162
Net assets acquired	1,543,102
Goodwill	32,483
Total preliminary purchase price allocation	$	1,575,585

Summary of Unaudited Pro Forma Information


	Pro Forma				Pro Forma
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenue	$	503,074	$	501,434	$	1,429,341	$	1,360,703
Net income	25,888		85,664		92,622		80,977

Mergers and Acquisitions - Preliminary Purchase Price Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 01, 2026	Sep. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Common stock, shares issued (in shares)		221,971,035	53,744,000
Common stock, shares outstanding (in shares)		221,971,035	53,744,000
Legacy Helix
Business Combination [Line Items]
Common stock, shares issued (in shares)	147,382,000
Common stock, shares outstanding (in shares)	147,382,000
Common stock, shares issued, excluding unvested director restricted stock (in shares)	147,255,000
Common stock, shares outstanding, excluding unvested director restricted stock (in shares)	147,255,000
Legacy Helix stock price on the Closing Date (in dollars per share)	$ 10.60
Total share consideration	$ 1,560,906
Legacy Helix \| Legacy Director Restricted Stock
Business Combination [Line Items]
Remove Legacy Helix director restricted stock shares	(127,000)

Long-Term Debt - Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026 (remaining three months)	$ 8,899
2027	42,640
2028	41,222
2029	345,362
2030	49,803
Thereafter	242,686
Total debt	$ 730,612	$ 448,326

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Vessel Construction In October 2023, Legacy Hornbeck entered into a final settlement of a dispute with the Surety, and Gulf Island, related to the construction of two MPSV newbuilds. Pursuant to the settlement agreement, Gulf Island released all claims asserted against Legacy Hornbeck and Legacy Hornbeck released its claims against Gulf Island and the Surety. Further, the Surety agreed to take over and complete the construction of the two U.S.-flagged, Jones Act-qualified, HOS 400 class MPSVs. Eastern Shipbuilding Group, Inc., or Eastern, was contracted by the Surety to complete the construction of the two MPSVs. Legacy Hornbeck was obligated to pay only the remaining portion of the original shipyard contract price for the two MPSVs, which then-amounted to $53.8 million in the aggregate on the settlement date, but was subsequently reduced to $42.6 million for liquidated damages resulting from shipyard delays. The Surety is required to cure all defaults of Gulf Island and pay all completion costs in excess of the $42.6 million remaining original contract price, excluding any approved change orders arising after the settlement date. There is no cap on the Surety's completion costs. As of September 30, 2026, the Company has fulfilled its $42.6 million contractual obligation and all remaining construction costs are to be paid by the Surety to Eastern. Following physical delivery by Eastern, which is expected in 2027, each vessel will undergo crane and other system installations, which should make the first vessel available for commercial service in 2027 and the second vessel in early 2028. In addition to the previously paid $42.6 million contractual obligation, the Company has also paid $34.9 million in the aggregate for outfitting, engineering, overhead and the post-delivery discretionary enhancements. As of September 30, 2026, the Company expects $74.4 million of total remaining cash outlays for the two vessels, excluding capitalized interest. Newbuild ROV Systems In August 2026, Legacy Hornbeck entered into an agreement to purchase eight newbuild work-class ROV systems and related equipment for approximately $56.4 million to convert or enhance certain of its MPSVs to include integrated ROV capabilities to support subsea service operations. Deliveries are expected to commence in the second quarter of 2027 and continue throughout 2027. Four of the ROV systems are designated for the Company’s two MPSV newbuilds. As of September 30, 2026, the Company had incurred $0.4 million of costs related to the purchase of the ROV systems. Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management’s opinion that the Company’s liability, if any, under such claims or proceedings would not materially affect the Company’s financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in mutual protection and indemnity associations, or P&I Clubs, as well as by marine and energy liability policies in excess or in place of the P&I Clubs' mutual coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. The Company had accrued $1.0 million and $0.6 million for potential insurance deductibles or losses associated with such claims as of September 30, 2026 and December 31, 2025, respectively. Brazil Importation Tax Assessment In April 2021, Legacy Hornbeck received notification from the Brazilian tax authorities of an importation tax assessment against the HOS Achiever with respect to the vessel’s services contract in Brazil from February 2019 to January 2020. At the time of the HOS Achiever’s importation, Legacy Hornbeck was granted a statutorily available tax exemption based on the vessel’s functional capabilities and intended use under the services contract. The tax authorities subsequently asserted that the HOS Achiever does not qualify for the applicable exemption. The Company believes the HOS Achiever does, in fact, meet the criteria set forth under the applicable law and is defending its position in a Brazilian court. While the final outcome of this assessment is uncertain and could possibly result in the payment and loss of an estimated $6.0 million to $13.0 million in related importation taxes and penalties, the Company believes there is a high likelihood that its position will prevail and the exemption will be granted in accordance with the law. Furthermore, the Company believes that any amounts that may become due in connection with this matter should be recoverable from its customer under the terms of the vessel’s services contract. Accordingly, the Company has not accrued any liability for potential losses that may result from this matter.

Mergers and Acquisitions - Additional Information (Details) $ in Thousands		3 Months Ended	5 Months Ended	9 Months Ended
	Apr. 22, 2026 USD ($) segment	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Business Combination [Line Items]
Goodwill		$ 32,483	$ 32,483	$ 32,483	$ 0
Incurred transaction costs		110,900		123,300
Direct-Deal Related Expenses
Business Combination [Line Items]
Incurred transaction costs		70,300		82,700
Share-Based Compensation Expense
Business Combination [Line Items]
Incurred transaction costs		$ 40,600		$ 40,600
Merger Agreement
Business Combination [Line Items]
Number of board of director members \| segment	7
Goodwill	$ 32,483
Intangible assets	207,000
Revenue, net of intercompany transactions			106,700
Net loss, net of intercompany transactions			$ 20,700
Merger Agreement \| Merger Agreement \| Contractual Relationships
Business Combination [Line Items]
Intangible assets	$ 80,000
Preliminary allocation for intangible assets, amortization period	15 years
Merger Agreement \| Merger Agreement \| Customer Relationships
Business Combination [Line Items]
Intangible assets	$ 73,500
Preliminary allocation for intangible assets, amortization period	10 years
Merger Agreement \| Merger Agreement \| Developed Technology and Know-How
Business Combination [Line Items]
Intangible assets	$ 40,000
Preliminary allocation for intangible assets, amortization period	10 years
Merger Agreement \| Merger Agreement \| Backlog
Business Combination [Line Items]
Intangible assets	$ 13,500
Preliminary allocation for intangible assets, amortization period	3 years
Legacy Helix \| Merger Agreement
Business Combination [Line Items]
Ownership percentage	45.00%
Number of board of director members \| segment	3
Legacy Hornbeck \| Merger Agreement
Business Combination [Line Items]
Ownership percentage	55.00%
Number of board of director members \| segment	4
Ares Investor Group \| Merger Agreement
Business Combination [Line Items]
Ownership percentage	12.00%

Reportable Segment - Reconciliation of Segment Profit of Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Operating income (loss)	$ (59,748)	$ 60,556	$ 639	$ 155,209
Unallocated expenses and other	(145,985)	(23,835)	(200,913)	(62,247)
Net interest expense	(17,423)	(7,665)	(35,856)	(23,594)
Other non-operating income (loss), net	(13,701)	(6,527)	(33,494)	(20,107)
Income (loss) before income taxes	(73,449)	54,029	(32,855)	135,102
Operating Segments
Segment Reporting [Line Items]
Operating income (loss)	86,237	84,391	201,552	217,456
Net interest expense	(13,095)	(6,308)	(29,632)	(19,892)
Other non-operating income (loss), net	$ (606)	$ (219)	$ (3,862)	$ (215)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

The net result for the period of deducting operating expenses from operating revenues.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Mergers and Acquisitions - Acquisition Fair Value Attributable (Details)	Sep. 01, 2026 USD ($)
Business Combination [Line Items]
Total share based award consideration	$ 14,679,000
Total preliminary purchase price consideration	1,575,585,000
Performance-based stock units \| Legacy Helix
Business Combination [Line Items]
Total share based award consideration	10,210,000
Restricted Stock Units (RSUs) \| Legacy Helix
Business Combination [Line Items]
Total share based award consideration	3,515,000
Legacy Director Restricted Stock \| Legacy Helix
Business Combination [Line Items]
Total share based award consideration	954,000
Performance Share Units and Restricted Stock Units \| Legacy Helix
Business Combination [Line Items]
Amount vested as a result of merger	$ 13,725,000

- Definition

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement [Line Items]
Revenue	$ 293,341	$ 199,116	$ 649,316	$ 545,545
Costs and expenses:
Operating expense	165,774	93,437	355,716	280,669
Depreciation expense	20,222	10,026	44,478	30,016
Amortization expense	19,197	11,244	47,304	30,209
General and administrative expense	27,492	22,259	65,722	57,274
Stock-based compensation expense	43,368	1,737	47,618	5,190
Merger and integration costs	78,980	0	91,425	0
Total cost and expenses	355,033	138,703	652,263	403,358
Gain on sale of assets	1,944	143	3,586	13,022
Operating income (loss)	(59,748)	60,556	639	155,209
Other income (expense):
Loss on early extinguishment of debt	0	0	0	(67)
Terminated offering costs	(177)	0	(3,794)	0
Foreign currency loss	(855)	(219)	(562)	(148)
Interest expense	(17,423)	(7,665)	(35,856)	(23,594)
Interest income	4,328	1,357	6,224	3,702
Other income	426	0	494	0
Other expense, net	(13,701)	(6,527)	(33,494)	(20,107)
Income (loss) before income taxes	(73,449)	54,029	(32,855)	135,102
Income tax expense	12,240	2,103	22,596	8,443
Net income (loss)	$ (85,689)	$ 51,926	$ (55,451)	$ 126,659
Basic earnings (loss) per common share (in dollars per share)	$ (0.40)	$ 0.32	$ (0.31)	$ 0.77
Diluted earnings (loss) per common share (in dollars per share)	$ (0.40)	$ 0.28	$ (0.31)	$ 0.69
Vessel revenue
Statement [Line Items]
Revenue	$ 271,159	$ 186,445	$ 602,552	$ 507,582
Non-vessel revenue
Statement [Line Items]
Revenue	$ 22,182	$ 12,671	$ 46,764	$ 37,963

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate	(16.70%)	3.90%	(68.80%)	6.20%
Merger-related transaction costs and compensation expense	$ 119,600		$ 132,000
Income Tax Examination [Line Items]
Accrued liability for potential losses from additional taxes, interest and penalties resulting from previous tax assessment	11,039		11,039		$ 2,684
Mexican Tax Audits
Income Tax Examination [Line Items]
Settlement amount	2,200		2,200
Accrued liability for potential losses from additional taxes, interest and penalties resulting from previous tax assessment	$ 11,000		$ 11,000

Basis of Presentation and Significant Accounting Policies

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

On September 1, 2026, pursuant to and in accordance with the terms of the Merger Agreement, (i) Legacy Helix converted from a Minnesota corporation to a Delaware corporation; (ii) following such conversion, Parent Sub merged with and into Legacy Hornbeck, with Legacy Hornbeck surviving the First Company Merger as a wholly owned subsidiary of Legacy Helix; and (iii) one minute after the Effective Time, Legacy Hornbeck merged with and into Hercules Sub, with Hercules Sub surviving the Second Company Merger as a wholly owned subsidiary of Legacy Helix. The foregoing transactions are collectively referred to herein as "the Merger." Following the Merger, Legacy Helix was renamed “Hornbeck Offshore Services, Inc.” The Company's common stock remains listed on the New York Stock Exchange, and its ticker symbol was changed from "HLX" to "HOS." Unless otherwise indicated, references herein to "Legacy Helix" and "Legacy Hornbeck" are to Helix Energy Solutions Group, Inc. and Hornbeck Offshore Services, Inc., respectively, prior to the completion of the Merger.

Upon consummation of the Merger, each issued and outstanding share of common stock of Legacy Hornbeck was converted into the right to receive 10.27167 shares (the "exchange ratio") of common stock of the Company, par value $0.00001 per share ("Company common stock"), and each outstanding Legacy Hornbeck Creditor Warrant was converted into 7.556 shares of Company common stock, in each case with cash paid in lieu of fractional shares pursuant to the Merger Agreement. Additionally, the Company assumed Legacy Hornbeck's outstanding Jones Act Warrants and each warrant became 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.

The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income (loss), cash flows, and changes in stockholders’ equity of Legacy Hornbeck for all periods prior to the Merger and of the combined Company for periods subsequent to the Closing Date. See Note 3 for further discussion of the accounting for the Merger as a business combination and reverse acquisition pursuant to ASC 805, Business Combinations.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes of Legacy Hornbeck included in the Company's Form 8-K filed with the SEC on September 1, 2026, as well as the Annual Report on Form 10-K of Legacy Helix for the year ended December 31, 2025.

In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations, comprehensive income, cash flows and changes in stockholders' equity for the periods presented have been included. Certain prior-period amounts have been reclassified to conform to the current-period presentation. Interim operating results are not necessarily indicative of the results that may be expected for the full fiscal year or any future period.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Hornbeck Offshore Services, Inc. and its subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions are used in, among other areas, the determination of revenue recognition, business combination accounting, goodwill and intangible asset valuations, income taxes and contingencies. Actual results could differ materially from such estimates.

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company's financial statements:

Standard

Description

Date of Adoption

Effect on the financial statements and other significant matters

Standards that have been adopted:

ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

July 1, 2026

The Company early adopted ASU No. 2025-03 on July 1, 2026. The adoption had no material impact on its consolidated financial statements.

Standards that have not been adopted:

ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Under the Company's active incentive compensation plans, up to 26.7 million shares of Company common stock are authorized for issuance. As of September 30, 2026, there were 14.6 million shares issued or redeemed, 5.9 million shares reserved for issuance related to granted awards and 6.2 million shares available for future grants to eligible individuals under the Company's active incentive compensation plans. As a result of the Merger, all awards outstanding on the Closing Date vested, and the Company recorded $40.6 million of accelerated stock-based compensation expense for each of the three and nine months ended September 30, 2026. Of that amount, $22.9 million was settled in cash and the remainder was settled in Company common stock. In September 2026, the Company issued 2.6 million restricted stock units, 1.0 million performance-based stock units and 1.6 million stock options pursuant to the Company's active incentive compensation plans, and recorded $1.3 million of associated stock-based compensation expense for each of the three and nine months ended September 30, 2026.

Other Assets and Liabilities - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures, Other Assets And Liabilities [Abstract]
Deferred tax asset	$ 0	$ 16,034
Other deferred charges	5,917	4,700
Restricted cash	1,575	0
Other assets	$ 7,492	$ 20,734

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,084	$ 6,900	$ 7,511	$ 7,929
Current period provision for (reversal of) credit losses	(1,219)	3,534	(646)	2,505
Write-offs	0	0	0	0
Ending balance	$ 6,865	$ 10,434	$ 6,865	$ 10,434

Long-Term Debt - Cash Interest Payments (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 28, 2026	Sep. 30, 2026
MARAD Debt due 2027 \| Secured Debt
Debt Instrument [Line Items]
Cash Interest Payments		$ 83
First Lien Revolving Credit Facility due 2029 \| Line of Credit
Debt Instrument [Line Items]
Cash Interest Payments		$ 0
Unused fee percentage	1.00%	1.00%
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Cash Interest Payments		$ 14,625
Second Lien Term Loans due 2033 \| Line of Credit
Debt Instrument [Line Items]
Cash Interest Payments		$ 3,196

Stock-Based Compensation (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Sep. 01, 2026	Sep. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)		400,000,000	400,000,000		400,000,000		513,584,000
Common stock, shares issued (in shares)		221,971,035	221,971,035		221,971,035		53,744,000
Common stock authorized for issuance (in shares)	400,000,000
Accelerated stock-based compensation expense			$ 40,600		$ 40,600
Cash payment for accelerated stock-based compensation expense	$ 22,900
Stock-based compensation expense			$ 43,368	$ 1,737	$ 47,618	$ 5,190
Incentive Compensation Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)		26,700,000	26,700,000		26,700,000
Common stock, shares issued (in shares)		14,600,000	14,600,000		14,600,000
Common stock authorized for issuance (in shares)		5,900,000	5,900,000		5,900,000
Common stock available for issuance to eligible individuals (in shares)		6,200,000	6,200,000		6,200,000
Stock-based compensation expense			$ 1,300		$ 1,300
Stock options issued in period (in shares)		1,600,000
Restricted Stock Units (RSUs) \| Incentive Compensation Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued in period (in shares)		2,600,000
Performance-based stock units \| Incentive Compensation Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued in period (in shares)		1,000,000.0

Commitment and Contingencies - Newbuild ROV Systems (Details) $ in Millions	1 Months Ended
	Aug. 31, 2026 USD ($) vessel	Sep. 30, 2026 USD ($)	Oct. 31, 2023 vessel
Long-Term Purchase Commitment [Line Items]
Number of remotely operated vehicles for purchase	8
Purchase commitment amount \| $	$ 56.4
Number of remotely operated vehicles designated for multi-purpose support vehicle newbuilds	4
Costs related to purchase of remotely operated vehicle systems \| $		$ 0.4
Multi-Purpose Support Vessel (MPSV)
Long-Term Purchase Commitment [Line Items]
Number of vessel newbuilds	2		2

Mergers and Acquisitions - Pro Forma Information (Details) - Merger Agreement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Business Combination [Line Items]
Revenue	$ 503,074	$ 501,434	$ 1,429,341	$ 1,360,703
Net income	$ 25,888	$ 85,664	$ 92,622	$ 80,977

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Reportable Segment

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Reportable Segment

Reportable Segments

The Company operates its core business through three reportable segments: (i) Marine Transportation & Specialty, (ii) Subsea Services, and (iii) Well Intervention.

Marine Transportation & Specialty

•Operates vessels primarily for the transportation of equipment, materials and supplies to the offshore energy and defense industries;

•Delivers a range of specialized applications including offshore accommodation, remote control/autonomous navigation capabilities, and customized solutions for defense support.

Subsea Services

•Operates vessels and specialized equipment to deliver a wide range of deepwater and ultra-deepwater subsea services primarily to the offshore energy industry including subsea construction, trenching, IRM, survey, commissioning, field decommissioning and site clearance.

Well Intervention

•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.

The Company's reportable segments are strategic business units that utilize different mixes of vessels and equipment to perform a diverse range of services. As the chief operating decision maker (CODM), the Company's Chief Executive Officer evaluates operating results by segment to assess performance and allocate resources.

The CODM utilizes segment operating income or loss to measure segment profitability and to evaluate actual results against expectations. The CODM also uses segment operating income or loss to allocate Company resources, including employees, property, and financial resources, to each segment. Asset information by segment is not regularly reviewed by the CODM and is not used in assessing segment performance or allocating resources.

Our non-core business is reflected within Other in our segment results and primarily consists of production operations from certain owned offshore oil and gas properties. Unallocated Expense primarily consists of corporate costs and other items not directly associated with a specific business segment, including cash incentive and stock-based compensation plans, merger and integration costs, office lease expense, and other corporate general and administrative expenses.


	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 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


	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

The following table provides a reconciliation of segment operating income (loss) to income (loss) before income taxes (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Reconciliation of segment profit or loss:
Segment operating income (loss)	$	86,237	$	84,391	$	201,552	$	217,456
Unallocated expenses and other	(145,985)		(23,835)		(200,913)		(62,247)
Net interest expense	(13,095)		(6,308)		(29,632)		(19,892)
Other non-operating income (loss), net	(606)		(219)		(3,862)		(215)
Income (loss) before income taxes	$	(73,449)	$	54,029	$	(32,855)	$	135,102

The Company has attributed certain balance sheet accounts, including property, plant and equipment, goodwill and identifiable intangible assets to its reportable segments. These amounts are presented below to provide additional information regarding the Company's reportable segments and do not represent a measure of segment assets reviewed by the CODM for purposes of assessing performance or allocating resources.


	September 30, 2026
	Well Intervention		Subsea Services		Marine Transportation & Specialty		Other		Unallocated Expense		Total
Property, plant and equipment, net	$	1,039,842	$	338,534	$	535,138	$	1,550	$	59,715	$	1,974,779
Goodwill	—		32,483		—		—		—		32,483
Intangible assets, net	79,555		125,717		—		—		17,255		222,527


	December 31, 2025
	Well Intervention		Subsea Services		Marine Transportation & Specialty		Other		Unallocated Expense		Total
Property, plant and equipment, net	$	—	$	150,861	$	557,603	$	—	$	45,671	$	754,135
Goodwill	—		—		—		—		—		—
Intangible assets, net	—		—		—		—		—		—

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	September 30,		December 31,
	2026		2025
Vessels and vessel-related equipment	$	1,994,696	$	787,262
Non-vessel related property, plant, and equipment	22,142		16,007
Less: Accumulated depreciation	(189,794)		(145,267)
	1,827,044		658,002
Construction in progress (1)	147,735		96,133
Total	$	1,974,779	$	754,135

In September 2026, the Company consummated the sale of one US-flagged HOS 240 class DP-1 OSV for net proceeds totaling $2.0 million, resulting in a net gain of $1.9 million. Prior to the sale, such 2000-built vessel was classified as held for sale on the Company's condensed consolidated balance sheet at a carrying value of $0.1 million.

The table below presents net book value of property, plant and equipment by geographic area (1) (in thousands, except for % of Total):


	September 30,				December 31,
	2026		% of Total		2025		% of Total
United States	$	1,272,753	64.4	%	$	678,216	89.9	%
United Kingdom	627,312		31.8	%	—		—	%
Mexico	62,241		3.2	%	65,374		8.7	%
Brazil	12,230		0.6	%	10,545		1.4	%
Other foreign countries	243		—	%	—		—	%
Total	$	1,974,779	100.0	%	754,135		100.0	%

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

Earnings Per Share - Reconciliation of Earnings (Loss) Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares
Earnings Per Share, Basic And Diluted [Line Items]
Net income (loss) \| $	$ (85,689)	$ 51,926	$ (55,451)	$ 126,659
Weighted-average number of shares of common stock outstanding (in shares)	213,236,000	164,542,000	177,090,000	164,368,000
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (in shares)	0	19,856,000	0	19,796,000
Weighted-average number of dilutive shares of common stock outstanding (in shares)	213,236,000	184,398,000	177,090,000	184,164,000
Earnings (loss) per common share:
Basic earnings (loss) per common share (in dollars per share) \| $ / shares	$ (0.40)	$ 0.32	$ (0.31)	$ 0.77
Diluted earnings (loss) per common share (in dollars per share) \| $ / shares	$ (0.40)	$ 0.28	$ (0.31)	$ 0.69
Antidilutive securities excluded from computation of earnings per share (in shares)	5,393		5,393
Jones Act Warrant
Earnings Per Share, Basic And Diluted [Line Items]
Weighted-average number of shares of common stock outstanding (in shares)	103,637	107,790	103,637	107,790
Fully vested, equity-settled restricted stock units
Earnings Per Share, Basic And Diluted [Line Items]
Weighted-average number of shares of common stock outstanding (in shares)	0	1,082	0	1,082
Unvested restricted stock units
Earnings Per Share, Basic And Diluted [Line Items]
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (in shares)		1,620		1,493
Contingently-exercisable, vested restricted stock units
Earnings Per Share, Basic And Diluted [Line Items]
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (in shares)		6,357		6,357
Employee stock option
Earnings Per Share, Basic And Diluted [Line Items]
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (in shares)		4,845		4,846
Earnings (loss) per common share:
Net effect of dilutive stock options, restricted stock units, and Creditor Warrants, nonvested (in shares)		195		195
Legacy Hornbeck Jones Act Warrants
Earnings Per Share, Basic And Diluted [Line Items]
Add: Net effect of dilutive stock options, restricted stock units, and Creditor Warrants (in shares)		7,034		7,100
Earnings (loss) per common share:
Common stock, exchange ratio	7.556	7.556	7.556	7.556

Long-Term Debt - Outstanding Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Dec. 27, 2024
Debt Instrument [Line Items]
Total debt	$ 730,612	$ 448,326
Unamortized debt premium (discount)	7,239	(5,763)
Unamortized debt issuance costs	(1,692)	(1,952)
Total debt	736,159	440,611
Less: current maturities	(40,429)	(30,259)
Long-term debt	695,730	410,352
MARAD Debt due 2027 \| Secured Debt
Debt Instrument [Line Items]
Total debt	5,001	0
Unamortized debt premium (discount)	5
Total debt	4,996	0
First Lien Revolving Credit Facility due 2029 \| Line of Credit
Debt Instrument [Line Items]
Total debt	0	0
Total debt	0	0
Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Total debt	300,000	0
Unamortized debt premium (discount)	(12,253)
Total debt	312,253	0
Second Lien Term Loans due 2033 \| Secured Debt
Debt Instrument [Line Items]
Total debt	425,611	448,326
Unamortized debt premium (discount)	5,009	5,763
Unamortized debt issuance costs	(1,692)	(1,952)
Total debt	$ 418,910	$ 440,611	$ 450,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
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
Intangible assets, net	222,527	0
Goodwill	32,483	0
Deferred recertification costs, net	112,840	92,591
Operating lease right-of-use assets	303,659	17,802
Finance lease right-of-use assets	7,824	10,516
Other assets	7,492	20,734
Total assets	3,706,910	1,152,787
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
Operating lease liabilities	71,989	3,532
Finance lease liabilities	4,855	4,809
Other current liabilities	82,402	20,989
Total current liabilities	521,507	142,269
Long-term debt, net	695,730	410,352
Operating lease liabilities	234,607	17,245
Finance lease liabilities	3,669	6,195
Deferred tax liabilities	150,555	0
Other long-term liabilities	78,280	8,364
Total long-term liabilities	1,162,841	442,156
Total liabilities	1,684,348	584,425
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock: $$0.00001 par value; 400,000 and 513,584 shares authorized; 221,971 and 53,744 shares issued and outstanding, respectively	2	0
Additional paid-in capital	1,782,339	259,166
Retained earnings	255,883	311,337
Accumulated other comprehensive loss	(15,662)	(2,141)
Total stockholders' equity	2,022,562	568,362
Total liabilities and stockholders' equity	$ 3,706,910	$ 1,152,787

Other Assets and Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures, Other Assets And Liabilities [Abstract]
Asset retirement obligation	$ 60,206	$ 0
Mexican tax audit accrual	11,039	2,684
Other accrued costs	7,035	5,680
Other long-term liabilities	$ 78,280	$ 8,364

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Summary of Outstanding Debt, Cash Interest Payments and Fair Value

As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands):


	September 30,		December 31,
	2026		2025
MARAD Debt due 2027	$	5,001	$	—
First Lien Revolving Credit Facility due 2029	—		—
Senior Notes due 2029	300,000		—
Second Lien Term Loans due 2033	425,611		448,326
	730,612		448,326
Unamortized debt premium (discount)	7,239		(5,763)
Unamortized debt issuance costs	(1,692)		(1,952)
Total debt	736,159		440,611
Less: current maturities	(40,429)		(30,259)
Long-term debt	$	695,730	$	410,352

The table below summarizes the Company's cash interest payments on each payment date (in thousands):


	Cash Interest Payments		Payment Dates
MARAD Debt due 2027	$	83	February 1
First Lien Revolving Credit Facility due 2029	—		Variable (based on interest election) (1)
Senior Notes due 2029	14,625		March 1 and September 1
Second Lien Term Loans due 2033	3,196		First day of each month

As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):


	September 30, 2026						December 31, 2025
	Face Value		Carrying Value		Fair Value		Face Value		Carrying Value		Fair Value
MARAD Debt due 2027 (1)	$	5,001	4,996		$	4,987	$	—	$	—	$	—
Senior Notes due 2029 (2)	300,000		312,253		309,750		—		—		—
Second Lien Term Loans due 2033 (3)	425,611		418,910		425,611		448,326		440,611		448,326
First Lien Revolving Credit Facility due 2029 (4)	—		—		—		—		—		—
Total	$	730,612	$	736,159	$	740,348	$	448,326	$	440,611	$	448,326

(1) The carrying value of the MARAD Debt due 2027 includes unamortized debt discount of $5.

(2) The carrying value of the Senior Notes due 2029 includes unamortized debt premium of $12,253.

(4) As of September 30, 2026, there were no borrowings outstanding under the First Lien Revolving Credit Facility due 2029.

Schedule of Maturities of Long-Term Debt

The table below presents maturities of outstanding debt as of September 30, 2026 (in thousands):


2026 (remaining three months)	$	8,899
2027	42,640
2028	41,222
2029	345,362
2030	49,803
Thereafter	242,686
Total	$	730,612

Schedule of Debt Redemption Prices


Year						Redemption Price
2026						104.875%
2027						102.438%
2028 and thereafter						100.000%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Leases - Additional Information (Details)	Sep. 30, 2026 vessel
Leases [Abstract]
Number of agreements for in-chartered vessels	7

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Finance lease expense:
Amortization expense	$ 1,048	$ 742	$ 3,135	$ 1,023
Interest on lease liabilities	199	190	657	236
Operating lease expense	8,137	1,100	10,068	3,635
Variable lease expense	15	0	(242)	0
Short-term lease expense	2,832	170	3,240	616
Sublease income	(10)	0	(10)	0
Total	$ 12,221	$ 2,202	$ 16,848	$ 5,510

Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Recent Accounting Pronouncements

Standard

Description

Date of Adoption

Effect on the financial statements and other significant matters

Standards that have been adopted:

ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

July 1, 2026

The Company early adopted ASU No. 2025-03 on July 1, 2026. The adoption had no material impact on its consolidated financial statements.

Standards that have not been adopted:

ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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