v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
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 five reportable segments are Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions and Aerospace and Defense Technologies.

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 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 directly associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock units, performance units, performance stock 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, 2025. 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 June 30, 2026
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$232,016 $149,030 $182,843 $70,844 $133,451 $— $768,184 
Cost of services and products150,146 117,173 142,672 62,944 108,611 29,656 611,202 
Selling, general and administrative 1
15,545 9,922 10,152 7,800 8,415 16,911 68,745 
Operating income (loss)66,325 21,935 30,019 100 16,425 (46,567)88,237 
Interest income— — — — — 4,904 4,904 
Interest expense, net of amounts capitalized— — — — — (8,456)(8,456)
Equity in income (losses) of unconsolidated affiliates— — — — — 1,210 1,210 
Other income (expense), net— — — — — 182 182 
Income (loss) before income taxes$66,325 $21,935 $30,019 $100 $16,425 $(48,727)$86,077 
Depreciation and amortization$14,220 $2,779 $4,679 $1,966 $1,016 $2,769 $27,429 
Capital expenditures, including business acquisitions$11,495 $1,642 $4,408 $1,636 $2,567 $1,432 $23,180 
1For 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 Six Months Ended June 30, 2026
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$446,289 $292,678 $318,219 $138,728 $264,699 $— $1,460,613 
Cost of services and products294,479 224,815 249,639 124,131 223,490 59,807 1,176,361 
Selling, general and administrative 1
29,977 19,843 20,217 15,495 16,673 36,022 138,227 
Operating income (loss)121,833 48,020 48,363 (898)24,536 (95,829)146,025 
Interest income— — — — — 9,965 9,965 
Interest expense, net of amounts capitalized— — — — — (17,561)(17,561)
Equity in income (losses) of unconsolidated affiliates— — — — — 1,487 1,487 
Other income (expense), net— — — — — 990 990 
Income (loss) before income taxes$121,833 $48,020 $48,363 $(898)$24,536 $(100,948)$140,906 
Depreciation and amortization$27,938 $5,553 $9,434 $3,908 $2,022 $5,745 $54,600 
Capital expenditures, including business acquisitions$20,018 $2,724 $6,809 $3,877 $3,914 $3,243 $40,585 
1For 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.

June 30, 2026
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechCorporate and OtherTotal
Assets$567,134 $381,065 $490,504 $149,121 $152,032 $948,982 $2,688,838 
Property and Equipment, Net$206,959 $57,274 $139,777 $17,086 $10,568 $11,565 $443,229 
Goodwill$23,809 $— $— $16,526 $10,454 $— $50,789 
For the Three Months Ended June 30, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$218,786 $145,134 $149,281 $75,367 $109,593 $— $698,161 
Cost of services and products138,839 116,474 117,307 62,882 85,640 28,592 549,734 
Selling, general and administrative 1
15,442 9,888 10,311 7,838 7,654 18,105 69,238 
Operating income (loss)64,505 18,772 21,663 4,647 16,299 (46,697)79,189 
Interest income— — — — — 3,017 3,017 
Interest expense, net of amounts capitalized— — — — — (9,472)(9,472)
Equity in income (losses) of unconsolidated affiliates— — — — — 311 311 
Other income (expense), net— — — — — 5,371 5,371 
Income (loss) before income taxes$64,505 $18,772 $21,663 $4,647 $16,299 $(47,470)$78,416 
Depreciation and amortization$12,385 $2,741 $4,663 $1,839 $900 $2,872 $25,400 
Capital expenditures, including business acquisitions$20,800 $549 $5,810 $515 $1,251 $1,347 $30,272 
1For 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 Six Months Ended June 30, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$424,762 $280,171 $314,222 $146,785 $206,744 $— $1,372,684 
Cost of services and products272,401 234,141 237,370 123,770 165,133 56,431 1,089,246 
Selling, general and administrative 1
28,224 18,591 19,523 14,906 14,647 34,886 130,777 
Operating income (loss)124,137 27,439 57,329 8,109 26,964 (91,317)152,661 
Interest income— — — — — 6,661 6,661 
Interest expense, net of amounts capitalized— — — — — (18,547)(18,547)
Equity in income (losses) of unconsolidated affiliates— — — — — 673 673 
Other income (expense), net— — — — — 6,346 6,346 
Income (loss) before income taxes$124,137 $27,439 $57,329 $8,109 $26,964 $(96,184)$147,794 
Depreciation and amortization$24,121 $5,391 $9,352 $3,569 $1,733 $5,682 $49,848 
Capital expenditures, including business acquisitions$39,716 $1,333 $10,105 $1,966 $1,851 $1,389 $56,360 
1For 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.
June 30, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechCorporate and OtherTotal
Assets$504,997 $371,000 $456,908 $128,980 $138,144 $727,553 $2,327,582 
Property and Equipment, Net$219,903 $61,495 $130,655 $15,408 $7,141 $11,065 $445,667 
Goodwill$23,813 $— $— $17,116 $10,454 $— $51,383 

Depreciation and Amortization

Depreciation expense on property and equipment, reflected in Depreciation and Amortization for the three- and six-month periods ended June 30, 2026, was $23 million and $46 million, respectively, and for the three- and six-month periods ended June 30, 2025, was $21 million and $42 million, respectively.

Amortization expense on long-lived intangible assets, debt issuance costs and debt discount reflected in Depreciation and Amortization, for the three- and six-month periods ended June 30, 2026 was $4.0 million and $8.3 million, respectively, and for the three- and six-month periods ended June 30, 2025, was $4.0 million and $7.9 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 currency exchange rate changes for June 30, 2026 and 2025.