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Business Segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting

The following tables presents selected financial data by business segment:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Subsea products

 

$

42,681

 

 

$

44,579

 

 

$

78,013

 

 

$

90,696

 

Subsea services

 

 

26,664

 

 

 

23,586

 

 

 

51,244

 

 

 

47,482

 

Well construction

 

 

50,997

 

 

 

21,442

 

 

 

101,383

 

 

 

42,294

 

Total revenue

 

$

120,342

 

 

$

89,607

 

 

$

230,640

 

 

$

180,472

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Subsea products

 

$

1,507

 

 

$

1,745

 

 

$

3,076

 

 

$

3,344

 

Subsea services

 

 

1,878

 

 

 

2,773

 

 

 

4,125

 

 

 

5,527

 

Well construction

 

 

3,879

 

 

 

1,816

 

 

 

7,746

 

 

 

3,559

 

Corporate (1)

 

 

743

 

 

 

715

 

 

 

1,492

 

 

 

1,508

 

Total depreciation and amortization

 

$

8,007

 

 

$

7,049

 

 

$

16,439

 

 

$

13,938

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Subsea products

 

$

2,561

 

 

$

(1,894

)

 

$

3,200

 

 

$

(399

)

Subsea services

 

 

4,287

 

 

 

1,230

 

 

 

6,120

 

 

 

10,613

 

Well construction

 

 

2,557

 

 

 

6,491

 

 

 

8,189

 

 

 

7,054

 

Corporate (1)

 

 

(14,071

)

 

 

(2,221

)

 

 

(40,977

)

 

 

(10,474

)

Total operating income (loss)

 

$

(4,666

)

 

$

3,606

 

 

$

(23,468

)

 

$

6,794

 

 

(1) Corporate includes the expenses and assets of the Company’s corporate office functions, legal and other administrative expenses that are managed at a consolidated level.