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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segment Information BUSINESS 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:
◦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, and subsea and topside control valves primarily 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; 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 units, performance units and bonuses, as well as other general expenses, including corporate administrative expenses.

Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM analyzes each segment’s performance using revenue and operating income (loss). Operating income (loss) for each business segment includes certain regional shared services cost allocations directly attributable to each segment. Intersegment revenue and expenses have been eliminated in the reported revenue and operating income (loss). We determine operating income (loss) for each business segment before interest income or expense, equity in income (losses) of unconsolidated affiliates, other income (expense) and provision for income taxes.

Our CODM uses both revenue and operating income (loss) for each segment in the annual budgeting and forecasting processes. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.

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, 2024. We have added additional disclosures, retrospectively, as required under ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The tables that follow present information about our business segments, as well as the Unallocated Expenses category, and include a reconciliation to income (loss) before income taxes:

For the Three Months Ended March 31, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$205,976 $135,037 $164,941 $71,418 $97,151 $— $674,523 
Cost of services and products133,562 117,667 120,063 60,888 79,493 27,839 539,512 
Selling, general and administrative 1
12,782 8,703 9,212 7,068 6,993 16,781 61,539 
Operating income (loss)59,632 8,667 35,666 3,462 10,665 (44,620)73,472 
Interest income— — — — — 3,644 3,644 
Interest expense, net of amounts capitalized— — — — — (9,075)(9,075)
Equity in income (losses) of unconsolidated affiliates— — — — — 362 362 
Other income (expense), net— — — — — 975 975 
Income (loss) before income taxes$59,632 $8,667 $35,666 $3,462 $10,665 $(48,714)$69,378 
Depreciation and amortization$11,736 $2,650 $4,689 $1,730 $833 $2,810 $24,448 
Capital expenditures, including business acquisitions$18,916 $784 $4,295 $1,451 $600 $42 $26,088 
1For all reportable segments, Selling, general and administrative expense primarily includes payroll and related costs including subcontractors and temporary labor, lease and rental expense, maintenance and supplies expense, insurance expense and certain overhead expenses.
March 31, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechCorporate and OtherTotal
Assets$493,890 $345,894 $502,808 $128,670 $144,178 $659,583 $2,275,023 
Property and Equipment, Net$208,303 $61,828 $127,900 $16,005 $6,805 $11,094 $431,935 
Goodwill$23,557 $— $— $16,162 $10,454 $— $50,173 
For the Three Months Ended March 31, 2024
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$186,932 $129,453 $115,054 $69,690 $97,963 $— $599,092 
Cost of services and products130,156 106,992 106,086 59,794 79,160 24,520 506,708 
Selling, general and administrative 1
12,539 9,271 8,124 6,281 5,995 13,481 55,691 
Operating income (loss)44,237 13,190 844 3,615 12,808 (38,001)36,693 
Interest income— — — — — 3,040 3,040 
Interest expense— — — — — (9,204)(9,204)
Equity in income (losses) of unconsolidated affiliates— — — — — 169 169 
Other income (expense), net— — — — — 1,480 1,480 
Income (loss) before income taxes$44,237 $13,190 $844 $3,615 $12,808 $(42,516)$32,178 
Depreciation and amortization$12,810 $3,175 $6,435 $1,259 $603 $2,776 $27,058 
Capital expenditures, including business acquisitions$15,797 $5,137 $1,730 $608 $1,656 $590 $25,518 
1For all reportable segments, Selling, general and administrative expense primarily includes payroll and related costs including subcontractors and temporary labor, lease and rental expense, maintenance and supplies expense, insurance expense and certain overhead expenses.
March 31, 2024
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechCorporate and OtherTotal
Assets$481,678 $374,368 $539,531 $97,940 $121,562 $613,798 $2,228,877 
Property and Equipment, Net$189,037 $70,198 $130,165 $13,544 $8,404 $10,741 $422,089 
Goodwill$23,537 $— $— $— $10,454 $— $33,991 

Depreciation and Amortization

Depreciation expense on property and equipment, reflected in Depreciation and Amortization, was $21 million and $23 million in the three-month periods ended March 31, 2025 and 2024, respectively.

Amortization expense on long-lived intangible assets, debt issuance costs and debt discount reflected in Depreciation and Amortization, was $3.8 million and $3.7 million in the three-month periods ended March 31, 2025 and 2024, respectively.

Assets, Property and Equipment, Net and Goodwill

All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain other assets have not been allocated to particular business segments and are included in Corporate and Other. The changes in our reporting units’ goodwill balances during the periods presented are from the acquisition of Global Design Innovation Ltd. (“GDi”) in the fourth quarter of 2024 and currency exchange rate changes for all of the periods presented.