Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026
External revenues		$	195,959		$	52,015		$	21,236		$	18,736		$	287,946
Intersegment revenues ⁽¹⁾			13,484			10,358			—			—			23,842
Segment revenues			209,443			62,373			21,236			18,736			311,788
Elimination of intersegment revenues															(23,842)
Total consolidated net revenues														$	287,946

Less ⁽²⁾:
Direct cost of revenues			(190,034)			(50,191)			(27,442)			(25,905)
Operations support			(4,206)			(1,589)			(2,645)			(282)
Selling, general and administrative expenses			(4,346)			(2,820)			(1,879)			(458)
Segment operating income (loss)		$	10,857		$	7,773		$	(10,730)		$	(7,909)		$	(9)

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

(1)	Intersegment amounts are derived primarily from equipment and services provided to other business segments.

(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.

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

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


		Three Months Ended
		March 31,
		2026			2025
Reconciliation of segment profit or loss —
Segment operating income (loss)		$	(9)		$	18,820
Corporate, eliminations and other			(13,306)			(10,648)
Net interest expense			(5,229)			(5,706)
Other non-operating income, net			1,986			1,059
Income (loss) before income taxes		$	(16,558)		$	3,525

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,
		2026			2025
Capital expenditures ⁽¹⁾ —
Well Intervention		$	2,172		$	2,968
Robotics			635			1,199
Shallow Water Abandonment			—			214
Production Facilities			—			—
Corporate, eliminations and other			4			107
Total		$	2,811		$	4,488

Depreciation and amortization ⁽²⁾ —
Well Intervention		$	32,373		$	30,591
Robotics			1,185			1,369
Shallow Water Abandonment			5,455			5,678
Production Facilities			4,813			4,749
Corporate and eliminations			38			95
Total		$	43,864		$	42,482

(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 certification 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.