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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Business Segment Information

Schedule of financial data by reportable segment

Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands):


		Well						Shallow Water			Production
		Intervention			Robotics			Abandonment			Facilities			Total
Three months ended March 31, 2025
External revenues		$	198,374		$	43,087		$	16,766		$	19,837		$	278,064
Intersegment revenues ⁽¹⁾			—			7,955			52			—			8,007
Segment revenues			198,374			51,042			16,818			19,837			286,071
Elimination of intersegment revenues															(8,007)
Total consolidated net revenues														$	278,064

Less ⁽²⁾:
Direct cost of revenues			(170,033)			(41,635)			(25,539)			(12,264)
Operations support			(4,019)			(1,391)			(2,861)			(113)
Selling, general and administrative expenses			(4,352)			(2,669)			(1,859)			(516)
Segment operating income (loss)		$	19,970		$	5,347		$	(13,441)		$	6,944		$	18,820

Three months ended March 31, 2024
External revenues		$	205,207		$	40,081		$	26,771		$	24,152		$	296,211
Intersegment revenues ⁽¹⁾			6,093			10,228			82			—			16,403
Segment revenues			211,300			50,309			26,853			24,152			312,614
Elimination of intersegment revenues															(16,403)
Total consolidated net revenues														$	296,211

Less ⁽²⁾:
Direct cost of revenues			(184,193)			(40,713)			(33,224)			(25,315)
Operations support			(3,963)			(1,413)			(3,392)			(143)
Selling, general and administrative expenses			(4,465)			(2,733)			(2,515)			(237)
Other segment items ⁽³⁾			—			—			(150)			—
Segment operating income (loss)		$	18,679		$	5,450		$	(12,428)		$	(1,543)		$	10,158

(1)

Intersegment amounts are derived primarily from equipment and services provided to other business segments. Beginning in 2024, certain intersegment revenues of Well Intervention are no longer evaluated by the CODM in his assessment of the segment’s results as those revenues are pass-through amounts related to non-core services. For the three-month period ended March 31, 2024, $5.2 million have been removed from Well Intervention segment revenues and related intersegment eliminations. This change has no impact on our segment profit or our consolidated revenues and operating income (loss).

(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

(3)	Other segment items relate to gain (loss) on disposition of assets, net.

Schedule of reconciliation of segment profit (loss) to income (loss) before income taxes

The table below provides a reconciliation of segment profit to income (loss) before income taxes (in thousands):


		Three Months Ended
		March 31,
		2025			2024
Reconciliation of segment profit —
Segment operating income		$	18,820		$	10,158
Corporate, eliminations and other			(10,648)			(11,434)
Net interest expense			(5,706)			(5,477)
Losses related to convertible senior notes			—			(20,922)
Other non-operating expense, net			1,059			(310)
Income (loss) before income taxes		$	3,525		$	(27,985)

Schedule of other items regularly provided to the CODM

The following items are also regularly provided to the CODM (in thousands):


		Three Months Ended
		March 31,
		2025			2024
Capital expenditures ⁽¹⁾ —
Well Intervention		$	2,968		$	2,216
Robotics			1,199			757
Shallow Water Abandonment			214			506
Production Facilities			—			—
Corporate, eliminations and other			107			126
Total		$	4,488		$	3,605

Depreciation and amortization ⁽²⁾ —
Well Intervention		$	30,591		$	31,309
Robotics			1,369			2,305
Shallow Water Abandonment			5,678			5,497
Production Facilities			4,749			7,138
Corporate and eliminations			95			104
Total		$	42,482		$	46,353

(1)	Represent cash paid principally for the acquisition, construction, upgrade, modification and refurbishment of long-lived property and equipment.

(2)

Represents an aggregate of depreciation and amortization expense related to property and equipment and deferred recertification and dry dock costs, which is included within the segment expense captions “Direct cost of revenues” and “Selling, general and administrative expenses” as well as the line item caption “Corporate, eliminations and other” presented above.