Hornbeck Offshore Services (CTV) Q2 2026 Earnings Report

The call balanced near-term operational headwinds (seasonal softness, a Q1 net loss and one-time costs) with multiple strategic positives: strong liquidity, maintained full-year guidance, a meaningful backlog (~$2 billion combined), operational wins (Thunder Hawk restart, Seawell reactivation), and a transformational all-stock merger that materially scales the business (combined revenue +56%, EBITDA +106%) and targets $75M+ in synergies within three years. While integration and leverage will need careful management and there is some short-term margin pressure, the scale, cross-selling potential, asset optionality (23 vessels for reactivation, 2 MPSVs) and cash generation prospects lead the call to be viewed favorably overall.

Helix reiterated 2026 guidance supported by Q1 results: Q1 revenue $288M, gross profit $9M, net loss $13M, adjusted EBITDA $32M, operating cash flow $62M and free cash flow $9M; ending quarter cash $501M, liquidity $612M and funded debt ~$10M (Helix backlog ≈$1B). For 2026 management maintained revenue guidance of $1.2B–$1.4B, EBITDA $230M–$290M (noting Q1 Thunder Hawk workover and the upcoming Siem Helix 1 docking as headwinds), CapEx $70M–$80M, and free cash flow $100M–$160M, with continued meaningful FCF generation but variability driven by working capital. They expect 2026 quarterly cadence to mirror prior years (Q2–Q3 most active; Q1 and Q4 seasonally softer), and cited key drivers including second‑half utilization of the Q4k and Q7k, strong robotics/ROV markets, and stable shallow‑water abandonment.