管理層發言
Good morning, and welcome to today's conference call to discuss the combination of Helix Energy Solutions and Hornbeck Offshore, as well as Helix's first quarter 2026 results. Please note this event is being recorded. At this time, all participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be a question-and-answer session. To ask a question, you may press star, then 1, on a touch-tone phone. To withdraw your question, please press star, then 2. You can find today's investor presentation as well as the press release regarding the transaction at each company's Investor Relations website. The press release regarding Helix's first quarter 2026 results can be found at Helix's Investor Relations website as well as the earnings presentation. I would now like to turn the call over to Erik Staffeldt, Executive Vice President and Chief Financial Officer at Helix. Please go ahead.
Thank you, and good morning. As highlighted, any forward-looking statements we make during today's conference call are given in the context of today only and are subject to important risks as discussed in the presentation. Actual results and events could differ materially from those discussed here. Please also refer to the additional information discussed on this slide as well as in our SEC filings. I will now turn to a brief overview of Helix's first quarter 2026 results. Helix's team delivered another well-executed quarter, safely and efficiently providing our customers with world-class service. Our first quarter results reflect expected seasonal levels during the winter in the North Sea and Gulf of Mexico shelf, impacting our well intervention, robotics, and shallow water abandonment segments. They also reflect the cost of the successful workover of the Thunder Hawk field. Revenues for the first quarter were $288 million with a gross profit of $9 million resulting in a net loss of $13 million. Adjusted EBITDA for the quarter was $32 million with operating cash flow of $62 million resulting in free cash flow of $9 million. Highlights for the quarter include strong utilization on the Q4000 performing well intervention work at improved rates; the successful workover and recommencement of production of our Thunder Hawk field; a return to a two-vessel market in the North Sea with the Seawell reactivation and return to operations; good utilization expected in 2026; and strong cash flow generation of $59 million as I shared earlier. With that, our cash position and liquidity remain strong with $501 million of cash and $612 million of liquidity at the end of the quarter. Overall, our first quarter results were as expected, perhaps even marginally better than expected. The current macro environment remains uncertain, but we are seeing some positive developments in the markets we serve. Both supply disruptions, increased commodity prices, and increased regulatory enforcement in the North Sea are providing positive catalysts that may drive increased activity by our customers for the balance of 2025 and into 2026 and into 2027. We also expect momentum to continue to build in the offshore market. With the results we delivered in Q1 and supported by our backlog in several key contracts, we are maintaining our guidance for 2026: revenue of $1.2 billion to $1.4 billion, in line with 2025; EBITDA of $230 million to $290 million, impacted by the Thunder Hawk workover in Q1 and the upcoming Siem Helix 1 docking; CapEx of $70 million to $80 million, primarily a mix of inventory maintenance on our vessel and intervention systems and fleet renewal by robotics and ROVs; and free cash flow of $100 million to $160 million. We expect continued meaningful free cash flow generation with variability driven by ultimate working capital movements. Key forecast drivers for our annual guidance include second-half utilization on the Q4000 and Q7000 late-season North Sea intervention market, strong markets for our robotics fleet, and the stable shallow water abandonment segment. Our quarterly financial performance in 2026 is expected to follow the same cadence as previous years' results, with the second and third quarters being our most active quarters and the first and fourth quarters impacted by winter weather. Our balance sheet is strong: $10 million of funded debt, $501 million of cash, and strong cash flow generation expected in 2026. If you have any questions on our quarterly results or our outlook for 2026, please feel free to reach out to our team directly. With that, we will transition to the transaction announcement portion of the call. For that, I am joined by Bill Transier, Helix's Chairman of the Board; Scott Andrew Sparks, Helix's Executive Vice President and Chief Operating Officer; Todd Hornbeck, Hornbeck's Chairman, President, and Chief Executive Officer. Also joining us for the question-and-answer portion of the call will be Jim Hart, Hornbeck's Executive Vice President and Chief Financial Officer, and Adam Hornbeck, Hornbeck's Senior Vice President of Finance. Now before I turn it over to Bill, I do want to note we have supplied supporting the following information on each company's investor relations website, so please feel free to refer to those as we go through the call. With that, Bill, over to you.
Thanks, Erik. By combining Helix and Hornbeck, we are bringing together two market leaders and establishing a premier integrated offshore services company poised to create value for current shareholders of both Hornbeck and Helix. There are many compelling benefits to this combination. First, the strategic combination will create a recognized leader in offshore operations, with a diversified and expanded high-specification fleet of specialty vessels supported by subsea robotics, well intervention, and technical service capabilities, including trenching subsea pipelines and cables. Also, the combined company will provide innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense, and renewables, thereby expanding service offerings moving forward. Further, combining Helix's well intervention and robotic vessels with Hornbeck's specialty and ultra-high-specification offshore support vessels will allow us to offer a complementary end-to-end service offering that will materially expand the combined company's ability to meet a broader share of customers' deepwater needs spanning the offshore cycle. All of this, in combination with the significant annual revenue and cost synergies the transaction is expected to generate of $75 million or more within three years following the close, make for a strong combination rationale. We will dig deeper into the strategic and financial benefits shortly, and I do want to cover the terms of the transaction in more detail too. First, I would be remiss if I did not take the opportunity to acknowledge Owen E. Kratz, Helix's President and Chief Executive Officer, for the significant role he has held in building Helix into what it is today. I announced last year his plan to retire from Helix. I am sure you saw his quote in the press release, reiterating his support for the transaction. He has agreed to support Todd through the close of the deal and will remain available thereafter as needed. He, along with the entire executive management team, are committed to getting this combination across the line. With that, I will turn to the highlights of the transaction. This is structured as an all-stock transaction, which will allow shareholders from both sides to participate in the significant upside potential of the combined company. The terms of the agreement, which are outlined in the press release we issued this morning, have been approved by the boards of directors of both companies. At closing, which we expect to occur in the second half of 2026, subject to approval by Helix shareholders, the receipt of applicable regulatory approvals, and the satisfaction of other customary closing conditions, Helix shareholders will own approximately 45% of the combined company and Hornbeck shareholders will have approximately 55% ownership. I will note the parties representing a significant majority of the ownership of Hornbeck, including certain institutional funds, have delivered written consents approving the transaction. Through this combination, we will bring together two best-in-class teams with aligned cultures. Following the close, Todd Hornbeck will serve as President and Chief Executive Officer of the combined company. The combined company's Board of Directors will comprise seven directors, three of whom will be from Helix and four from Hornbeck, including Todd. I will serve as Chairman of the combined company's board. Post-closing, the combined company will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol HOS, with the Helix brand to be retained for well intervention services. The combined company's headquarters will be in Houston, Texas, and Covington, Louisiana. I also want to touch on why we are stronger and more competitive together as a combined company. In 2025, Helix had revenue and EBITDA of $1.3 billion and $272 million respectively, with more than $500 million in cash at the end of the first quarter. When you include Hornbeck's 2025 annual results, the combined company will increase revenue and EBITDA by approximately 56% and 106% respectively. As well, we will have incremental growth drivers of two new-build MPSVs and 23 vessels that will be available for reactivation. In summary, we believe this unique combination is a compelling opportunity to enhance value for Helix's shareholders and deliver sustainable long-term growth. Now Todd will provide you an overview of Hornbeck.
Thank you, Bill. Let me start by sharing some background on Hornbeck, one of the preeminent market-leading providers of ultra-high-spec marine logistics services to a broad range of offshore energy infrastructure and defense customers. We have a leading deepwater, high- and ultra-high-spec fleet with a geographic footprint across the U.S. Gulf of Mexico, Mexico, the Caribbean, Guyana, Suriname, and Brazil. Our focus at the end of the day is tailored logistics solutions that address a broad spectrum of unique customer life-of-field requirements, and we have proven operational capabilities and an unwavering commitment to safety and risk management as Helix does as well. We have also included key highlights of the company by the numbers, including approximately 71 vessels in our current fleet, with two MPSVs under construction and expected to be in 2027, giving us a pro forma fleet of 73 vessels and a fair market value of $2.8 billion. We generated adjusted EBITDA of $288 million and an adjusted EBITDA margin of 40% for fiscal year 2025. I would also like to note that if you have any additional questions about Hornbeck as a company and our financials, you can find that information in the appendix section of this presentation. We are also confident that this transaction maximizes value and provides the best long-term prospects to deliver superior returns for our combined investors. We are pleased that this is an all-stock consideration, which will allow Helix and Hornbeck investors to participate in the upside of this combination. With that, I will turn it over to Scott Andrew Sparks, Helix's Executive Vice President and Chief Operating Officer, to walk you through the combined company's global presence and complementary business offerings.
Thank you, Todd. Another important benefit of this transaction is the geographical alignment of our two companies. Helix's credible presence in West Africa, Asia Pacific, and the North Sea regions, as well as the United States, combined with Hornbeck's home-based concentration in the Americas, including Brazil and Mexico, creates a combined global footprint spanning the key offshore basins worldwide. The combined company's footprint will include cabotage-protected markets. We will have direct access to leading offshore customers, enabling the delivery of premier deepwater services for technologically advanced assets. This global presence translates into a diversified revenue stream with approximately half of the combined company's revenue expected to come from the United States followed by Brazil and then the North Sea region. We also want to share more information on our combined customer base and how we expect to serve customers as a combined company. We provide essential services to many of the key organizations and companies that fuel the global economy. We see the integration of complementary service offerings increasing our combined company's relevance with customers, creating unique cross-selling opportunities that will drive growth and improve margins. Further, the combined fleet of vessels and specialty equipment enable comprehensive suites of combined services as a one-stop shop for customers while enhancing profitability through asset optimization and enhanced scale. Both companies have high-quality, blue-chip customers with whom we have developed strong, in-depth relationships. Among our customers are global market-leading companies operating at the forefront of innovation in their respective fields. We are looking forward to delivering an enhanced offering of integrated solutions to our expanded customer base. With that, I will send it back to Todd to talk about our world-class deepwater fleet and its leading position in the defense industry.
Thank you, Scott. We mentioned a moment ago that together, Helix and Hornbeck will have a fleet of high-quality, deepwater, high-spec vessels. The combined company will focus on drill intervention, subsea and specialty services, robotics, marine transportation, and emerging technologies to support the deepwater energy, defense, and renewables markets. The combined company will have the highest-specification fleet of specialty vessels designed to support deepwater life-of-field services globally. It will be the only company capable of providing riser-based well intervention, subsea operations, IRM, and surface vessel logistics support. Additionally, we are combining Helix's market-leading position in subsea trenching of pipeline and cable with Hornbeck's leading position in providing support to offshore energy development. It is also important to note that the combined company will have increased exposure to the defense industry through a cutting-edge fleet supporting military operations and related capabilities. Together, Helix and Hornbeck will have operations that provide multiple types of defense services. This includes surface and subsea vessels, vessel management, and emerging technologies such as marine autonomy and artificial intelligence. These capabilities, along with advantages like trusted relationships with key officials and decades of experience in the industry, will position the combined company extremely well to increase revenue and defense customers. Now I would like to transition to a central element of this transaction: the combined company's scaled growth platform and the significant synergy potential. We are confident that the combined company will be poised for future growth and shareholder value creation with a strong balance sheet, low leverage, and significant cash at the closing to advance the combined company's value-driven strategy. Importantly, this financial strength and projected substantial free cash flow generation will provide significant flexibility for organic growth and investments in the business or other strategic M&A to increase long-term shareholder value creation. The combined company's scaled life-of-field business is expected to mitigate through-cycle earnings volatility while also enabling flexible global asset deployment where the demand is strongest. As you will see in the slide deck, another key part of why we are so confident in this combined company's strong financial profile going forward is the significant synergies opportunities this transaction presents. Specifically, we expect to realize $75 million or more in annual cost and revenue synergies within three years following the transaction. The synergies are expected to result from combined and integrated service offerings as well as expanded service offers to existing customers, driving revenue pull-through. Also, the scale of the combined company fleet will enable asset optimization, reducing reliance on third-party vessel charters, and delivering efficiencies across maintenance, procurement, and operations. In short, we expect to operate more efficiently and benefit from growth opportunities post-closing. I would now like to turn it back to Bill to close it out.
I will wrap things up by reiterating that we believe this transaction represents an incredibly exciting opportunity for Helix and Hornbeck, as well as both companies' shareholders and other stakeholders. By bringing these two leaders together, we will create an even stronger combined company designed to innovate, execute with scale, and grow. I would also like to take a moment just to thank the talented teams of both Helix and Hornbeck. This transaction reflects their continued hard work and dedication and we would not have been able to reach this milestone without their efforts. I know I speak for the leadership teams of both companies when I say we are grateful for your many contributions. Thank you for joining us today. I will now open the floor to questions. Operator, we will take our first question now.
分析師問答
Thank you. At this time, I would like to remind everyone, in order to ask a question, please press * then the number 1 on your telephone keypad. We will just pause for a moment to compile the Q&A roster. Your first question comes from the line of Leigh Beck with Pickering Energy Partners. Your line is open.
Hey, thanks for taking my question, and congratulations, guys. So I just wanted to ask first: could you bucket the $75 million of synergies a little bit better? And then maybe that is over three years—what do you kind of expect the initial capture to be, maybe within the first six months to a year or so?
I think the capture will be revenue synergies, being able to combine these assets together to offer a full, plentiful offering to the customers that should increase utilization across the board on ROVs, the supply vessels, the subsea construction vessels, and well intervention. So that combination and offering life-of-field services—being able to take to the full field development or full field decommissioning—is a real added value to the customer base.
Yeah. The crossover services that we have pulled together as one company provide some very good revenue synergies, but then there is also the size of the fleet, which provides good cost synergies with procurement and engineering and all things as we create a much bigger fleet on a global basis.
Awesome. Thanks. And then my second question was just kind of obvious: Hornbeck has had an advantage in cabotage-protected markets on a lot of the OSVs in the Americas. Now with the merger of the two companies, is there any plan over time to move some of the vessels outside of cabotage markets and potentially go outside of the Americas, maybe West Africa, etc.? Just any thoughts on that at all?
Our plan is that we are going to be a growth company, and we plan to continue to grow every segment of the business, but we are going to move the assets where they are most valuable to the company and return-focused. We do have assets that can move across the globe and some of the largest and best assets in the industry.
And we are going to move where the business is.
Awesome. Really appreciate you guys taking my questions, and congratulations again.
Thank you.
Your next question comes from the line of Benjamin Sommers with BTIG. Your line is open.
Hey. Good morning, and congrats on the announcement. So my first question is just on the $2 billion of backlog that you guys have in the presentation. Just kind of curious around the duration of this backlog and any color you can give on the makeup across the various business lines.
So Helix reports their backlog is close to a billion dollars, covering a significant portion of this year and into next year. So the Helix portion of it is about a billion.
Hornbeck's is about a billion as well, and that includes our long-term contracts with the military and the specialty vessels as well. As you know, we have been primarily a shorter-term player because of the type of assets we have. On shorter-term contracts, we have been able to get a lot better returns. But this is the biggest backlog we have had, I think, in our history. It is showing you where the market's going and a lot of opportunity also in our fleet to turn and mark-to-market those vessels as well.
Awesome. Thank you. Super helpful. And then on the strong balance sheet of the combined company, any color on what you are seeing in the market and then detailing a bit more on the potential growth opportunities or creation of shareholder value from that strong balance sheet?
Yes. I think we have a superior balance sheet and a lot of cash on the balance sheet. Like I said, we are going to grow all the divisions between the ROV/Subsea group, Well Intervention, and Supply Vessels. We are looking forward to growing to be an international player worldwide. Right now, about 50% of revenue comes out of the U.S. Gulf of Mexico, but we see great opportunities for growth in Brazil, the whole South America northern flank—Colombia, Guyana, and Suriname—and West Africa is showing great signs of opportunity as well. With this balance sheet, we should be able to really move the company forward with a lot of opportunities, whether they are organic or acquisitions as well.
Great. Thank you guys, and congrats again.
Thanks.
Your next question comes from the line of James Schumm with TD Cowen. Your line is open.
Thanks. Good morning. Okay, so the $75 million of synergies, did you say what the split was between revenue and cost synergies there?
No, we have not provided a detailed split yet. We will have more of that in the merger proxy. The majority of it probably will be from revenue synergies and cost efficiencies by putting the companies together and streamlining our services. The companies do not overlap that much in services, which is what makes this combination such a strong combination. Where we did not have robotics and tooling, we had MPSVs and heavy iron; Helix has all that. We were not in well intervention or decommissioning, and when you are in that business, they need supply vessels, MPSVs, and all the things that we have. So we do not overlap a lot. That is what is great about this: we are going to be able to build all of that and retool the business model to grow in all of those areas.
What we will be able to do is offer a very good bundled service. If you take a deepwater field decommissioning program, Helix has the assets to do the deepwater P&A and the well work; now we have the construction assets to remove the subsea infrastructure; we have the supply boats to support the subsea infrastructure removal and the well P&A work. We can offer that to one client and take away their procurement costs by giving them one contract. That is quite compelling. There will always be some procurement companies that will not like that, but there will be a bunch of oil companies that will see the cost benefits of one contract and one service.
Okay. Great. And I haven't covered OSVs in 12 or 13 years. Can you help me: what is the capital intensity of this business now in terms of CapEx to sales?
On the OSV side, we are strictly deepwater, ultra-deepwater—the largest PSVs in the world. Many of them are cabotage-protected in the U.S. We have a big presence in Brazil, Mexico, and throughout South America. Right now the market is basically at equilibrium. By the second half of this year, just with the demand coming from the additional rigs coming online, we see that market getting very tight and a lot of day-rate expansion as well. The subsea construction market has many trees and installations going in deepwater over the next several years; those vessels also work very well in subsea construction and in renewables and the defense market. Our defense market is really looking good. On our total revenue, about 70% of our revenue is coming from the specialty business, not from the drill bit. That is a testament to the type of equipment we have.
We also have 23 vessels that we can reactivate as this market goes undersupplied, whether it is renewables, defense, drilling support, or subsea support. Those are vessels that have been preserved and are in good shape and can be reactivated at very low cost and put into the market.
Thanks. And because I was just going to ask about the two new MPSVs that you have: what capital requirements are left on those? Are they substantial, or can you say?
We really do not have much capital left to talk about—about $50 million, I think, left to spend on those vessels for delivery. They are unique in nature and will be the largest MPSVs in the U.S. flag fleet. We are really excited about incorporating robotics and subsea infrastructure capabilities into that program. The defense market, renewable market, and deepwater subsea construction markets are really anxious to get their hands on those vessels.
When those vessels hit in 2027, they will be the highest-spec Jones Act vessels, and we will be combining Helix Robotics into those vessels as well. They will be quite unique and ultra-high-spec vessels for the U.S. Gulf of Mexico fleet.
Great. Thanks a lot, gentlemen. Appreciate it. Congrats.
Alright. Thanks. Thank you.
Again, if you would like to ask a question, press star then the number 1 on your keypad. Your next question comes from the line of Don Kreis with John Rice. Your line is open.
Morning, guys, and I will echo my sentiments for a good deal—congrats. Since I cover Helix and have for a while, Scott, can you walk around the world and kind of talk about demand like you normally do on an earnings call? I know there have been a lot of rig contracts that soaked up a lot of white space; can you walk around the world and tell us how that is influencing activity for the Q4000, Well Enhancer, and Seawell going forward throughout the rest of the year?
Sure. Good morning, Don. First, North Sea: last year we had some headwinds and had to stack one of the vessels. I am happy to report now that we have both vessels out actively working and we are expecting good utilization for the monoholes in the North Sea. We are seeing high demand for decommissioning in the North Sea.
And starting to see a slight improvement in rates? So that dip that went with our past year is behind us, I would like to think.
Yes. In the Americas, we are seeing more production enhancement activity. We have the Q5000 currently working for Shell. The Q4000 is working for Oxy. Oxy and others are looking to add more wells because the increase in the price of oil is looking to further enhance activity. The Q7000 has recently finished up with Shell in Brazil; we will finish up at the end of this month and then we are very close to taking that vessel to Nigeria again—very close to being contracted. We then expect to take that vessel back to Brazil where there is good tendering activity. The Siem Helix 1 and Siem Helix 2 are on long-term contracts in Brazil. So our well intervention segment looks very good at the moment with improving activity and increasing rates going forward.
Robotics side is very busy?
Yes. Our trenching side of the company is very active: high utilization and increased rates year over year. We have work booked in 2026 and 2027 on trenching, with some work booked out all the way to 2030, and bid activity with a very good pipeline out to 2032 on the trenching side. With the robotics business strengthened by bringing these two companies together, there are good opportunities for putting ROVs with high-class vessels in the Gulf of Mexico. I'm very confident that by the end of this year we will have no ROVs available to the market; we might need to start placing capital to increase spend on growth activity.
I appreciate that. Can you just comment on day rates? I know day rates for the offshore drillers have been kind of flat on these contract renewals. Are you seeing any urgency from customers, seeing white space go away and urgency in contracting given recent events in the Middle East and the oil price running up?
We talk about this each quarter. I would say it is relatively flat at the moment in the Gulf. We are seeing increased rig activity that will lead into the end of 2027 to increased rates. We have definitely seen an increase in rates and better activity in the North Sea and we are stable and locked into long-term contracts in Brazil. So it is definitely an improved environment compared to two or three quarters ago.
Okay. I appreciate that. And, Todd, just one for you: any changes in Mexico? I know you have had presence there for a while, but not really worked for the government down there. Any improvement down there that can soak up any of the boats that came back to the U.S. side of the Gulf of Mexico going back to Mexico anytime soon?
We have a large component of Mexican-flag vessels in Mexico, and that is a cabotage-protected market. There has been upside even though the turmoil with Pemex that unfolded over the last few years; we were not levered to that company. Woodside just started the Trion project and we have four long-term contracts with Woodside that started in earnest in February, and those will run for many years. We also have a 10-year commitment for all marine support and supply vessels for that field development. What we are seeing in Mexico is a change in tone with bringing IOCs back into the country. A couple years ago under previous policy, foreign companies were unwelcome; that has turned around and we are seeing green shoots with other IOCs interested in doing structures like Woodside did there. It looks promising and I think over the next couple years we will see growth in Mexico. We've been down there a long time and done very well in that market.
We appreciate the color. Congrats again, guys.
Thank you.
Your next question comes from the line of Joshua Jayne with Daniel Energy Partners. Your line is open.
Good morning. Thanks for taking my question. First one for me: maybe you could just go into a bit more detail on your views on OSV supply and demand. Ultimately, you mentioned some vessels going back to work. Could you elaborate on your views on the market, not only in the markets that you serve but opportunities elsewhere? It would be good to hear your views today.
I think the market for the big vessels—our focus is on vessels above 4,000 deadweight up to 6,000—ultra-deepwater is where our bread and butter is. That market is very thinly traded now. A lot of capacity is term-contracted because Petrobras soaked up a lot of tonnage, and with rigs coming back online in the second half of the year we see the market tightening. Leading-edge rates are in the mid-forties in some cases, though they vary because there has been a lot of white-space activity. The second half of the year is where we see real growth opportunity as the market gets tighter from the supply-demand imbalance. The subsea construction market, renewables market, and defense market are doing extremely well, and we are servicing a lot of that market with our PSVs today. On total revenue, about 70% comes from the specialty business, not drilling support.
And on the ROV side: given the tightness of that market, is this transaction the type that could accelerate capital spending over the next few years? And could you update us on lead times for ROVs today?
I think Scott can answer on lead times, but you are correct that the ROV market is very tight. There may be opportunities now that we put this together for ROV opportunities and other opportunities in the company to be acquisitive and grow our platform.
One of the good things about the ROV business is we can scale up quickly. Building a new ROV right now has about a six-month lead time. If we did a batch build, every month after that we could add another ROV, so we can scale up the ROV business quickly. Hornbeck currently hires in ROVs and now that will be internalized, so we can scale up very quickly and bring the two services together. We are also seeing increased demand for ROV activity in the renewables business and in APAC regions like Taiwan. There is a lot of growth potential on the robotics side. We also plan to build an IRM division as a robotics company—a capability we have not focused on before—which will lead to further growth.
Understood. Congrats on the transaction and thanks for taking my questions.
Thank you.
Your next question comes from the line of James Schumm with TD Cowen. Your line is open.
Just the Hornbeck net debt, did I calculate that right? Is that around $480 million?
Yes. To clarify, $480 million is the gross debt. Our cash is between roughly $75 and $100 million—around $80 to $90 million.
So gross debt is about $480 million, and net debt is approximately $380 million after cash.
Okay. And maybe one for the Helix guys: how do you position this for your shareholders? Why is this a good deal for Helix shareholders?
This is Bill. First of all, if you cannot tell by the enthusiasm of these two guys across the table talking about their combined businesses, it represents a unique opportunity for these companies to come together and do more than they could on a stand-alone basis. Helix has been a good, well-run company, but Hornbeck brings a complementary capital structure and scale. The ability to build scale, reduce cost of capital, and do some of the things Scott and Todd are talking about in terms of growing the business just makes for a better outcome going forward.
A real growth company that delivers significant shareholder value going down the road—compelling reasons why. Thanks a lot, guys. Appreciate it.
Thank you.
I am not showing any further questions in the queue. I will now turn it back over to the company for closing remarks.
Thank you for joining us today. We appreciate your interest in today's call and the exciting opportunity that the combination of Helix and Hornbeck creates for our investors and customers. Thank you.
Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.