v3.26.1
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Measurement Disclosures [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide, which corresponds to the manner in which our Chair and Chief Executive Officer, as our chief operating decision maker, reviews and evaluates operating performance and allocates resources. We operate under two reporting segments, Subsea and Surface Technologies.
•Subsea - designs and manufactures products and systems, performs engineering, procurement, and project management, and provides services used by oil and natural gas companies involved in offshore exploration and production of oil and natural gas.
•Surface Technologies - designs, manufactures, and supplies technologically advanced wellhead systems and pressure control products used in well completion and stimulation activities for oilfield service companies. We also provide installation, flowback and other services for exploration and production companies.
Segment operating profit is defined as total segment revenue less segment operating expenses. Income from equity method investments is included in segment operating profit. The following items have been excluded in computing segment operating profit: corporate staff expense, foreign exchange gains (losses), net interest income (expense), and income taxes.
Information by business segment
The following presents financial information on our business segments:
Three Months Ended June 30,
20262025
SubseaSurface TechnologiesTotalSubseaSurface TechnologiesTotal
(In millions)
Revenue$2,486.9 $276.2 $2,763.1 $2,216.3 $318.4 $2,534.7 
Less:
Cost of sales(a)
1,866.4 217.5 1,700.8 247.4 
Other segment items(b)
134.0 19.7 135.2 47.6 
Operating profit $486.5 $39.0 $380.3 $23.4 
Six Months Ended June 30,
20262025
SubseaSurface TechnologiesTotalSubseaSurface TechnologiesTotal
(In millions)
Revenue$4,695.3 $560.5 $5,255.8 $4,152.5 $615.8 $4,768.3 
Less:
Cost of sales(a)
3,560.7 440.1 3,240.7 484.0 
Other segment items(b)
299.1 44.3 283.6 78.2 
Operating profit $835.5 $76.1 $628.2 $53.6 
(a)These significant expenses are easily computable from profit measures that are regularly provided to the chief operating decision maker.
(b)Other segment items include selling, general and administrative expense, research and development expense, income from equity affiliates and restructuring, impairment and other expenses.

The following is a reconciliation of total segment operating profit to income before income taxes:
Three Months Ended Six Months Ended
June 30,June 30,
(In millions)2026202520262025
Subsea$486.5 $380.3 $835.5 $628.2 
Surface Technologies39.0 23.476.1 53.6 
Total segment operating profit525.5 403.7$911.6 681.8
Corporate items
Corporate expense(a)
(26.4)(26.6)(63.5)(52.4)
Net interest expense(3.6)(14.4)(9.6)(24.3)
Foreign exchange gain (loss), net(19.3)12.1 (6.5)— 
Total corporate items(49.3)(28.9)(79.6)(76.7)
Income before income taxes(b)
$476.2 $374.8 $832.0 $605.1 
(a)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other administrative expenses.
(b)Includes amounts attributable to non-controlling interests.
Segment assets were as follows:
(In millions)June 30, 2026December 31, 2025
Segment assets
Subsea$7,487.3 $6,900.3 
Surface Technologies1,174.2 1,145.6 
Total segment assets8,661.5 8,045.9 
Corporate (a)
1,706.9 2,072.3 
Total assets$10,368.4 $10,118.2 
(a)Corporate includes cash, deferred income tax balances, property, plant and equipment, intangible assets, assets not associated with a specific segment, and the fair value of derivative financial instruments.
Other business segment information is as follows:

Capital ExpendituresDepreciation and
Amortization		Research and
Development Expense
 Three Months Ended June 30,
(In millions)202620252026202520262025
Subsea$59.3 $54.3 $85.2 $104.4 $24.6 $12.8 
Surface Technologies3.1 14.4 11.8 10.7 1.1 1.3 
Subtotal62.4 68.7 97.0 115.1 25.7 14.1 
Corporate(2.3)14.9 0.1 0.1 — — 
Total$60.1 $83.6 $97.1 $115.2 $25.7 $14.1 

Capital ExpendituresDepreciation and
Amortization		Research and
Development Expense
 Six Months Ended June 30,
(In millions)202620252026202520262025
Subsea$104.5 $105.9 $177.0 $190.9 $41.3 $31.1 
Surface Technologies11.0 21.2 23.5 26.4 2.2 2.1 
Subtotal115.5 127.1 200.5 217.3 43.5 33.2 
Corporate0.2 18.3 0.2 0.3 — — 
Total$115.7 $145.4 $200.7 $217.6 $43.5 $33.2