Hornbeck Offshore completes Helix merger and returns to the NYSE as HOS. What does the combined offshore-services model change for investors?

Hornbeck Offshore Services has completed its all-stock merger with Helix Energy Solutions Group, creating an offshore services company with roughly 85 vessels operating across the U.S. Gulf, Latin America, the North Sea, West Africa and Southeast Asia.

What I find interesting is the combination of Hornbeck's offshore vessel fleet with Helix's subsea and energy-services assets rather than this simply being a consolidation of two similar operators.

Follow offshore energy services what would you watch most closely with the combined company: fleet utilization, debt and capital spending, offshore activity levels or whether the broader service mix produces better margins through the cycle?

Source: [WorkBoat](https://www.workboat.com/hornbeck-ceo-on-helix-deal-defense-growth-and-next-gen-vessels)