Segment Reporting

9 Months Ended

Sep. 30, 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 and manufacturing 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, along with clamp connectors and subsea and topside control valves primarily to the energy industry; and

◦autonomous mobile robotic technology 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 Africa, 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 September 30, 2025
	(in thousands)	Subsea Robotics		Manufactured Products		OPG		IMDS		ADTech		Unallocated Expenses		Total
Revenue		$	218,767	$	156,395	$	171,046	$	70,781	$	125,909	$	—	$	742,898
Cost of services and products		139,162		121,415		137,757		60,206		101,922		29,704		590,166
Selling, general and administrative 1		14,463		10,329		9,597		7,819		7,430		16,586		66,224
Operating income (loss)		65,142		24,651		23,692		2,756		16,557		(46,290)		86,508
Interest income		—		—		—		—		—		3,704		3,704
Interest expense, net of amounts capitalized		—		—		—		—		—		(9,381)		(9,381)
Equity in income (losses) of unconsolidated affiliates		—		—		—		—		—		97		97
Other income (expense), net		—		—		—		—		—		(1,021)		(1,021)
Income (loss) before income taxes		$	65,142	$	24,651	$	23,692	$	2,756	$	16,557	$	(52,891)	$	79,907
Depreciation and amortization		$	13,283	$	2,768	$	4,290	$	1,830	$	1,082	$	2,870	$	26,123
Capital expenditures, including business acquisitions		$	12,707	$	2,080	$	3,553	$	871	$	1,270	$	3,734	$	24,215
1	For 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.

		For the Nine Months Ended September 30, 2025
	(in thousands)	Subsea Robotics		Manufactured Products		OPG		IMDS		ADTech		Unallocated Expenses		Total
Revenue		$	643,529	$	436,566	$	485,268	$	217,566	$	332,653	$	—	$	2,115,582
Cost of services and products		411,563		355,556		375,127		183,976		267,055		86,135		1,679,412
Selling, general and administrative 1		42,687		28,920		29,120		22,725		22,077		51,472		197,001
Operating income (loss)		189,279		52,090		81,021		10,865		43,521		(137,607)		239,169
Interest income		—		—		—		—		—		10,365		10,365
Interest expense, net of amounts capitalized		—		—		—		—		—		(27,928)		(27,928)
Equity in income (losses) of unconsolidated affiliates		—		—		—		—		—		770		770
Other income (expense), net		—		—		—		—		—		5,325		5,325
Income (loss) before income taxes		$	189,279	$	52,090	$	81,021	$	10,865	$	43,521	$	(149,075)	$	227,701
Depreciation and amortization		$	37,404	$	8,159	$	13,642	$	5,399	$	2,815	$	8,552	$	75,971
Capital expenditures, including business acquisitions		$	52,423	$	3,413	$	13,658	$	2,837	$	3,121	$	5,123	$	80,575
1	For 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.

	September 30, 2025
(in thousands)	Subsea Robotics		Manufactured Products		OPG		IMDS		ADTech		Corporate and Other		Total
Assets	$	552,015	$	412,310	$	615,101	$	146,285	$	144,664	$	668,943	$	2,539,318
Property and Equipment, Net	$	214,912	$	60,974	$	130,354	$	14,996	$	7,237	$	13,801	$	442,274
Goodwill	$	23,814	$	—	$	—	$	16,771	$	10,454	$	—	$	51,039

		For the Three Months Ended September 30, 2024
	(in thousands)	Subsea Robotics		Manufactured Products		OPG		IMDS		ADTech		Unallocated Expenses		Total
Revenue		$	215,715	$	143,734	$	147,539	$	73,622	$	99,201	$	—	$	679,811
Cost of services and products		136,688		122,714		118,697		66,047		79,698		25,005		548,849
Selling, general and administrative 1		13,329		9,742		8,548		6,861		7,284		13,865		59,629
Operating income (loss)		65,698		11,278		20,294		714		12,219		(38,870)		71,333
Interest income		—		—		—		—		—		3,275		3,275
Interest expense		—		—		—		—		—		(9,456)		(9,456)
Equity in income (losses) of unconsolidated affiliates		—		—		—		—		—		323		323
Other income (expense), net		—		—		—		—		—		3,133		3,133
Income (loss) before income taxes		$	65,698	$	11,278	$	20,294	$	714	$	12,219	$	(41,595)	$	68,608
Depreciation and amortization		$	12,076	$	3,061	$	5,399	$	1,348	$	696	$	2,683	$	25,263
Capital expenditures, including business acquisitions		$	17,603	$	1,335	$	2,358	$	1,162	$	1,418	$	1,010	$	24,886
1	For 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.

		For the Nine Months Ended September 30, 2024
	(in thousands)	Subsea Robotics		Manufactured Products		OPG		IMDS		ADTech		Unallocated Expenses		Total
Revenue		$	617,632	$	412,501	$	406,651	$	216,804	$	294,123	$	—	$	1,947,711
Cost of services and products		406,925		344,795		346,676		189,579		241,143		75,036		1,604,154
Selling, general and administrative 1		39,022		28,869		25,589		19,423		20,709		41,555		175,167
Operating income (loss)		171,685		38,837		34,386		7,802		32,271		(116,591)		168,390
Interest income		—		—		—		—		—		8,717		8,717
Interest expense		—		—		—		—		—		(28,176)		(28,176)
Equity in income (losses) of unconsolidated affiliates		—		—		—		—		—		787		787
Other income (expense), net		—		—		—		—		—		6,372		6,372
Income (loss) before income taxes		$	171,685	$	38,837	$	34,386	$	7,802	$	32,271	$	(128,891)	$	156,090
Depreciation and amortization		$	36,867	$	9,473	$	17,418	$	4,410	$	1,915	$	8,218	$	78,301
Capital expenditures, including business acquisitions		$	45,522	$	7,648	$	8,594	$	3,256	$	3,880	$	4,362	$	73,262
1	For 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.

	September 30, 2024
(in thousands)	Subsea Robotics		Manufactured Products		OPG		IMDS		ADTech		Corporate and Other		Total
Assets	$	559,928	$	403,198	$	550,519	$	122,658	$	134,435	$	585,755	$	2,356,493
Property and Equipment, Net	$	197,244	$	64,739	$	125,108	$	15,057	$	9,338	$	12,093	$	423,579
Goodwill	$	23,657	$	—	$	—	$	—	$	10,454	$	—	$	34,111

Depreciation and Amortization

Depreciation expense on property and equipment, reflected in Depreciation and Amortization for the three- and nine-month periods ended September 30, 2025, was $22 million and $64 million, respectively, and for the three- and nine-month periods ended September 30, 2024, was $22 million and $67 million, respectively.

Amortization expense on long-lived intangible assets, debt issuance costs and debt discount reflected in Depreciation and Amortization for the three- and nine-month periods ended September 30, 2025, was $4.1 million and $12 million, respectively, and for the three- and nine-month periods ended September 30, 2024, was $3.3 million and $11 million, 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 September 30, 2025 and 2024.