Hornbeck Offshore Announces Third Quarter 2026 Results
Key Highlights
- ➤Revenue $293.3 million and Adjusted EBITDA $105.9 million in Q3 2026
- ➤Adjusted free cash flow $58.7 million, with 56% conversion
- ➤Q4 2026 Adjusted EBITDA guidance $90-$100 million
- ➤FY2027 Adjusted EBITDA guidance $500-$550 million
- ➤Contracted revenue backlog approximately $1.9 billion as of September 30
Expert Statements
Todd M. Hornbeck, President and CEO of Hornbeck Offshore Services
“The completion of our combination with Helix marks an important milestone for Hornbeck and creates a differentiated offshore services company with capabilities spanning marine transportation, subsea services and well intervention.”
Todd M. Hornbeck, President and CEO of Hornbeck Offshore Services
“By bringing together complementary assets, technical expertise and customer relationships, we believe we can address a broader scope of our customers' offshore needs, improve utilization across our assets and capture a greater share of the value created on complex offshore projects.”
Todd M. Hornbeck, President and CEO of Hornbeck Offshore Services
“The recently announced integrated services agreements with Shell demonstrate the revenue synergy opportunities by bringing together Hornbeck's marine platform with Helix's subsea and well intervention capabilities.”
Todd M. Hornbeck, President and CEO of Hornbeck Offshore Services
“Our priorities remain to operate safely, maintain asset reliability, capture revenue and cost synergies from the combination and maintain disciplined capital allocation.”
Todd M. Hornbeck, President and CEO of Hornbeck Offshore Services
“With a broader geographic footprint, differentiated capabilities and meaningful financial flexibility, we believe Hornbeck is well positioned to generate attractive returns across offshore cycles.”
Potter Adams, Executive Vice President and Chief Financial Officer of Hornbeck Offshore Services
“Our 2027 outlook is supported by contracted backlog, an expanded geographic and service-line footprint, and the anticipated contribution of the combined platform.”
Potter Adams, Executive Vice President and Chief Financial Officer of Hornbeck Offshore Services
“We remain constructive on the long-term deepwater market and are seeing the benefits of a more diversified business, including exposure to international deepwater activity, subsea services, well intervention, defense and other non-oilfield specialty markets.”
Potter Adams, Executive Vice President and Chief Financial Officer of Hornbeck Offshore Services
“Importantly, our guidance assumes U.S. Gulf of America deepwater drilling activity remains generally consistent with current levels and does not depend on a meaningful increase in activity during the year.”
Potter Adams, Executive Vice President and Chief Financial Officer of Hornbeck Offshore Services
“We will remain disciplined on pricing, contract quality, duration and full-cycle returns rather than pursuing utilization at the expense of value.”
Hornbeck Offshore Announces Third Quarter 2026 Results PR Newswire
* Announced five-year integrated services agreements with Shell in the U.S. Gulf of America, commencing in 2027 * Awarded a two-year decommissioning contract for integrated well intervention services in the North Sea, commencing in 2Q2027 * Committed to acquire eight new work-class ROV systems, with deliveries beginning in the second quarter of 2027 * Implemented $20 million of annualized cost savings to date * Revenue of $293 million and Adjusted EBITDA of $106 million, resulting in an Adjusted EBITDA margin of 36% * Adjusted Free Cash Flow of $59 million and Adjusted Free Cash Flow conversion of 56% * Provided Adjusted EBITDA guidance of $90 to 100 million for fourth quarter 2026 and $500 to 550 million for full year 2027 HOUSTON and COVINGTON, La., Nov. 4, 2026 /PRNewswire/ -- Hornbeck Offshore Services, Inc. ("Hornbeck" or "the Company") (NYSE: HOS), a premier integrated offshore services company, today announced results for the third quarter ended September 30, 2026.
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