SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Operating Performance and Total Assets by Segment

Financial information by segment for the three months ended March 31, 2026 and 2025 is summarized below (in thousands):


	Offshore Energy Services		Government Services		Other Services		Corporate		Consolidated
Three months ended March 31, 2026
Revenues	$	254,333	$	107,870	$	26,502	$	—	$	388,705
Less:
Personnel	63,360		32,626		7,583		—		103,569
Repairs and maintenance	50,581		14,572		3,416		—		68,569
Insurance	3,968		2,316		313		—		6,597
Fuel	12,974		2,817		4,355		—		20,146
Leased-in equipment	16,641		10,100		1,808		—		28,549
Other segment costs	34,980		25,097		5,993		—		66,070
Total operating expenses	182,504		87,528		23,468		—		293,500
General and administrative expenses	23,484		10,922		1,981		7,902		44,289

Depreciation and amortization expense	13,131		8,477		2,398		380		24,386
Total costs and expenses	219,119		106,927		27,847		8,282		362,175

Gains on disposal of assets	—		—		—		7,639		7,639
Earnings from unconsolidated affiliates	506		—		—		—		506
Operating income (loss)	$	35,720	$	943	$	(1,345)	$	(643)	$	34,675


	Offshore Energy Services		Government Services		Other Services		Corporate		Consolidated
Three months ended March 31, 2025
Revenues	$	239,785	$	85,943	$	24,802	$	—	$	350,530
Less:
Personnel	56,766		24,473		6,072		—		87,311
Repairs and maintenance	46,907		11,361		3,047		—		61,315
Insurance	4,029		2,437		368		—		6,834
Fuel	12,702		2,082		4,091		—		18,875
Leased-in equipment	14,933		9,693		1,423		—		26,049
Other segment costs	37,656		12,871		6,274		—		56,801
Total operating expenses	172,993		62,917		21,275		—		257,185
General and administrative expenses	23,259		9,729		1,595		8,517		43,100


Depreciation and amortization expense	6,870		7,286		2,554		131		16,841
Total costs and expenses	203,122		79,932		25,424		8,648		317,126

Losses on disposal of assets	—		—		—		(558)		(558)
Earnings from unconsolidated affiliates	702		—		—		—		702
Operating income (loss)	$	37,365	$	6,011	$	(622)	$	(9,206)	$	33,548

Total depreciation and amortization expense by segment for the periods reflected below were as follows:


	Offshore Energy Services		Government Services		Other Services		Corporate		Consolidated
Three months ended March 31, 2026
Depreciation and amortization expense	$	13,131	$	8,477	$	2,398	$	380	$	24,386
PBH amortization(1)	1,305		90		36		—		1,431
Total depreciation and amortization expense	$	14,436	$	8,567	$	2,434	$	380	$	25,817
Three months ended March 31, 2025
Depreciation and amortization expense	$	6,870	$	7,286	$	2,554	$	131	$	16,841
PBH amortization(1)	2,879		422		105		—		3,406
Total depreciation and amortization expense	$	9,749	$	7,708	$	2,659	$	131	$	20,247

(1) Included within operating expenses on the condensed consolidated statements of operations.

Capital expenditures by segment for the periods reflected below were as follows:


	Three Months Ended March 31,
	2026		2025
Offshore Energy Services	$	31,961	$	22,695
Government Services	7,288		28,486
Other Services	2,065		879
Total capital expenditures	$	41,314	$	52,060

Segment assets consisting of property and equipment (excluding construction in progress), net of accumulated depreciation and right of use (“ROU”) assets, are reflected below for the periods indicated:


	March 31, 2026		December 31, 2025
Offshore Energy Services	$	561,525	$	567,284
Government Services	637,187		620,820
Other Services	58,577		59,585
Total segment assets	$	1,257,289	$	1,247,689
Corporate	1,752		2,058
Construction-in-progress	134,019		144,587
Total long-lived assets	$	1,393,060	$	1,394,334

Schedule Of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:


	Three Months Ended March 31,
	2026		2025
Operating income (loss):
Offshore Energy Services	$	35,720	$	37,365
Government Services	943		6,011
Other Services	(1,345)		(622)
Corporate	(643)		(9,206)
Operating income	34,675		33,548
Interest income	3,918		2,118
Interest expense, net	(13,816)		(9,490)
Loss on extinguishment of debt	(2,849)		—


Other, net	(5,353)		11,388
Total other income (expense), net	(18,100)		4,016
Income before income taxes	$	16,575	$	37,564