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Business Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting, Measurement Disclosures [Abstract]  
Business Segment Information USINESS SEGMENT INFORMATION
We are a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries.

Our Energy business leverages our asset base and capabilities for providing services and products for offshore energy operations, inclusive of the offshore renewable energy market. Our Energy segments are:

•Subsea Robotics—Our Subsea Robotics segment provides the following:
◦Remotely Operated Vehicles (“ROVs”) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance and repair;
◦ROV tooling; and
◦survey services, including hydrographic survey and positioning services and autonomous underwater vehicles for geoscience.

•Manufactured Products—Our Manufactured Products segment provides the following:
◦distribution and connection systems including production control umbilicals and field development hardware and pipeline connection and repair systems to the energy industry; and
◦autonomous mobile robotic technology and entertainment systems to a variety of industries.

•Offshore Projects Group—Our OPG segment provides the following:
◦subsea installation and intervention, including riserless light well intervention services, inspection, maintenance and repair (“IMR”) services, principally in the U.S. Gulf of Mexico and offshore Angola, utilizing owned and charter vessels;
◦installation and workover control systems and ROV workover control systems;
◦diving services;
◦project management and engineering; and
◦drill pipe riser services and systems and wellhead load relief solutions.

•Integrity Management & Digital Solutions—Our Integrity Management & Digital Solutions (“IMDS”) segment provides the following:
◦asset integrity management services;
◦software and analytical solutions for the maritime industry; and
◦software, digital and connectivity solutions for the energy industry.

Our Aerospace and Defense Technologies segment provides services and products, including engineering and related manufacturing in defense and space exploration activities, principally to U.S. Government agencies and their prime contractors.

Unallocated Expenses are those not associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock and bonuses, as well as other general expenses, including corporate administrative expenses.

There are no differences in the basis of segmentation or in the basis of measurement of segment profit or loss from
those used in our consolidated financial statements for the year ended December 31, 2022.
The following table presents revenue, income (loss) from operations and depreciation and amortization expense, by business segment:
 Three Months EndedSix Months Ended
(in thousands)Jun 30, 2023Jun 30, 2022Mar 31, 2023Jun 30, 2023Jun 30, 2022
Revenue
Energy
Subsea Robotics$186,512 $157,123 $169,161 $355,673 $285,112 
Manufactured Products124,882 105,456 112,939 237,821 188,148 
Offshore Projects Group130,547 116,457 104,307 234,854 213,854 
Integrity Management & Digital Solutions63,166 59,438 60,083 123,249 116,008 
Total Energy505,107 438,474 446,490 951,597 803,122 
Aerospace and Defense Technologies92,803 85,557 90,497 183,300 167,068 
Total$597,910 $524,031 $536,987 $1,134,897 $970,190 
Income (Loss) from Operations
Energy
Subsea Robotics$42,227 $25,938 $33,654 $75,881 $37,490 
Manufactured Products10,607 (1,365)11,280 21,887 1,278 
Offshore Projects Group17,132 17,535 5,514 22,646 18,201 
Integrity Management & Digital Solutions3,844 3,436 3,082 6,926 6,944 
Total Energy73,810 45,544 53,530 127,340 63,913 
Aerospace and Defense Technologies11,357 8,961 8,496 19,853 20,805 
Unallocated Expenses(35,968)(31,655)(35,276)(71,244)(62,907)
Total$49,199 $22,850 $26,750 $75,949 $21,811 
Depreciation and Amortization
Energy
Subsea Robotics$13,356 $17,531 $14,940 $28,296 $36,532 
Manufactured Products3,013 3,020 3,044 6,057 6,092 
Offshore Projects Group6,976 7,107 7,128 14,104 14,404 
Integrity Management & Digital Solutions939 1,034 858 1,797 2,064 
Total Energy24,284 28,692 25,970 50,254 59,092 
Aerospace and Defense Technologies632 821 653 1,285 1,477 
Unallocated Expenses1,130 1,347 1,198 2,328 2,310 
Total$26,046 $30,860 $27,821 $53,867 $62,879 

We determine Income (Loss) from Operations for each business segment before interest income or expense, other income (expense) and provision for income taxes. We do not consider an allocation of these items to be practical.

Depreciation and Amortization

Depreciation expense on property and equipment, reflected in Depreciation and Amortization, was $24 million, $29 million and $26 million in the three-month periods ended June 30, 2023 and 2022, and March 31, 2023, respectively, and $50 million and $59 million in the six-month periods ended June 30, 2023 and 2022, respectively.

Amortization expense on long-lived intangible assets, reflected in Depreciation and Amortization, was $1.8 million, $1.9 million and $1.7 million in the three-month periods ended June 30, 2023 and 2022, and March 31, 2023, respectively, and $3.5 million and $3.5 million in the six-month periods ended June 30, 2023 and 2022, respectively.