Business Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Note 12 — Business Segment Information

Through the second quarter 2022, we had three reportable business segments: Well Intervention, Robotics and Production Facilities. Beginning in the third quarter 2022 as a result of the Alliance acquisition (Note 3), we formed a new reportable business segment: Shallow Water Abandonment, which includes the assets, liabilities and operating results of Helix Alliance. All material intercompany transactions between the segments have been eliminated.

Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations globally. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and the Siem Helix 1 and Siem Helix 2 chartered vessels. Our well intervention equipment includes intervention systems, some of which we provide on a stand-alone basis.

Our Robotics segment provides trenching, seabed clearance, offshore construction and IRM services to both the oil and gas and the renewable energy markets globally. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes ROVs, trenchers, the IROV boulder grab and robotics support vessels under term charters as well as spot vessels as needed. We offer our ROVs, trenchers and the IROV on a stand-alone basis or on an integrated basis with chartered robotics support vessels.

Our Shallow Water Abandonment segment provides services in support of the upstream and midstream ‎industries in the Gulf of Mexico shelf, including offshore oilfield decommissioning and ‎reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services. Our Shallow Water Abandonment segment operates a diversified fleet of marine assets including liftboats, OSVs, DSVs, a heavy lift derrick barge, a crew boat and P&A and coiled tubing systems.

Our Production Facilities segment includes the HP I, the HFRS and our ownership of oil and gas properties (Note 13).

We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands):

	Three Months Ended
	March 31,
	2023		2022
Net revenues —
Well Intervention	$	142,438	$	106,367
Robotics		49,222		37,351
Shallow Water Abandonment		49,381		—
Production Facilities		20,905		18,294
Intercompany eliminations		(11,862)		(11,887)
Total	$	250,084	$	150,125
Income (loss) from operations —
Well Intervention	$	(8,143)	$	(31,758)
Robotics		5,094		1,480
Shallow Water Abandonment		6,822		—
Production Facilities		5,157		5,851
Segment operating income (loss)		8,930		(24,427)
Change in fair value of contingent consideration		(3,992)		—
Corporate, eliminations and other		(13,241)		(8,550)
Total	$	(8,303)	$	(32,977)

Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands):

	Three Months Ended
	March 31,
	2023		2022
Well Intervention	$	4,469	$	3,850
Robotics		7,393		8,037
Total	$	11,862	$	11,887

Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. The following table reflects total assets by reportable segment (in thousands):

	March 31,		December 31,
	2023		2022
Well Intervention	$	1,795,612	$	1,796,269
Robotics		183,986		192,694
Shallow Water Abandonment		205,544		206,944
Production Facilities		128,262		136,382
Corporate and other		55,930		57,049
Total	$	2,369,334	$	2,389,338