v3.26.1
SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
The Company has three reportable segments: Offshore Energy Services, Government Services and Other Services. The Offshore Energy Services segment provides aviation services to, from and between offshore energy installations globally. The Government Services segment provides search and rescue (“SAR”) and support helicopter services to government agencies globally. The Other Services segment is primarily comprised of fixed wing services, dry-leasing of aircraft to third-party operators and part sales. Corporate includes unallocated overhead costs that are not directly associated with the Company’s reportable segments. The Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), uses segment operating income, in addition to other measures, to assess segment performance and allocate resources.
Financial information by segment for the three months ended June 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended June 30, 2026
Revenues$261,618 $112,234 $37,903 $— $411,755 
Less:
Personnel57,102 35,967 8,124 — 101,193 
Repairs and maintenance42,746 14,081 3,734 — 60,561 
Insurance3,855 1,788 325 — 5,968 
Fuel19,517 4,343 9,468 — 33,328 
Leased-in equipment16,515 10,607 1,743 — 28,865 
Other segment costs38,424 26,851 7,775 — 73,050 
Total operating expenses178,159 93,637 31,169 — 302,965 
General and administrative expenses23,033 11,552 1,460 7,143 43,188 
Depreciation and amortization expense17,098 9,190 2,345 256 28,889 
Total costs and expenses218,290 114,379 34,974 7,399 375,042 
Gains on disposal of assets— — — 138 138 
Earnings from unconsolidated affiliates2,725 — — — 2,725 
Operating income (loss)$46,053 $(2,145)$2,929 $(7,261)$39,576 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended June 30, 2025
Revenues$252,810 $92,499 $31,120 $— $376,429 
Less:
Personnel55,047 27,271 6,411 — 88,729 
Repairs and maintenance48,078 13,369 3,341 — 64,788 
Insurance3,824 1,948 377 — 6,149 
Fuel12,865 2,681 4,853 — 20,399 
Leased-in equipment15,204 9,699 1,612 — 26,515 
Other segment costs43,640 21,717 6,554 — 71,911 
Total operating expenses178,658 76,685 23,148 — 278,491 
General and administrative expenses23,813 10,230 1,850 8,482 44,375 
Depreciation and amortization expense6,924 7,496 2,679 213 17,312 
Total costs and expenses209,395 94,411 27,677 8,695 340,178 
Gains on disposal of assets— — — 6,209 6,209 
Earnings from unconsolidated affiliates180 — — — 180 
Operating income (loss)$43,595 $(1,912)$3,443 $(2,486)$42,640 
Financial information by segment for the six months ended June 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Six months ended June 30, 2026
Revenues$515,951 $220,104 $64,405 $— $800,460 
Less:
Personnel120,462 68,593 15,707 — 204,762 
Repairs and maintenance93,327 28,653 7,150 — 129,130 
Insurance7,823 4,104 638 — 12,565 
Fuel32,491 7,160 13,823 — 53,474 
Leased-in equipment33,156 20,707 3,551 — 57,414 
Other segment costs73,404 51,948 13,768 — 139,120 
Total operating expenses360,663 181,165 54,637 — 596,465 
General and administrative expenses46,517 22,474 3,441 15,045 87,477 
Depreciation and amortization expense30,229 17,667 4,743 636 53,275 
Total costs and expenses437,409 221,306 62,821 15,681 737,217 
Gains on disposal of assets— — — 7,777 7,777 
Earnings from unconsolidated affiliates3,231 — — — 3,231 
Operating income (loss)$81,773 $(1,202)$1,584 $(7,904)$74,251 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Six months ended June 30, 2025
Revenues$492,595 $178,442 $55,922 $— $726,959 
Less:
Personnel111,813 51,744 12,483 — 176,040 
Repairs and maintenance94,985 24,730 6,388 — 126,103 
Insurance7,853 4,385 745 — 12,983 
Fuel25,567 4,763 8,944 — 39,274 
Leased-in equipment30,137 19,392 3,035 — 52,564 
Other segment costs81,296 34,588 12,828 — 128,712 
Total operating expenses351,651 139,602 44,423 — 535,676 
General and administrative expenses47,072 19,959 3,445 16,999 87,475 
Depreciation and amortization expense13,794 14,782 5,233 344 34,153 
Total costs and expenses412,517 174,343 53,101 17,343 657,304 
Gains on disposal of assets— — — 5,651 5,651 
Earnings from unconsolidated affiliates882 — — — 882 
Operating income (loss)$80,960 $4,099 $2,821 $(11,692)$76,188 
Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:
Three Months Ended June 30,Six Months Ended
June 30,
2026202520262025
Operating income (loss):
Offshore Energy Services$46,053 $43,595 $81,773 $80,960 
Government Services(2,145)(1,912)(1,202)4,099 
Other Services2,929 3,443 1,584 2,821 
Corporate(7,261)(2,486)(7,904)(11,692)
Operating income39,576 42,640 74,251 76,188 
Interest income2,870 2,039 6,788 4,157 
Interest expense, net(12,228)(10,034)(26,044)(19,524)
Loss on extinguishment of debt— — (2,849)— 
Other, net(8,930)17,577 (14,283)28,965 
Total other income (expense), net(18,288)9,582 (36,388)13,598 
Income before income taxes$21,288 $52,222 $37,863 $89,786 

Total depreciation and amortization expense by segment for the periods reflected below were as follows:
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended June 30, 2026
Depreciation and amortization expense$17,098 $9,190 $2,345 $256 $28,889 
PBH amortization(1)
3,386 164 17 — 3,567 
Total depreciation and amortization expense$20,484 $9,354 $2,362 $256 $32,456 
Three months ended June 30, 2025
Depreciation and amortization expense$6,924 $7,496 $2,679 $213 $17,312 
PBH amortization(1)
3,069 452 66 — 3,587 
Total depreciation and amortization expense$9,993 $7,948 $2,745 $213 $20,899 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Six months ended June 30, 2026
Depreciation and amortization expense$30,229 $17,667 $4,743 $636 $53,275 
PBH amortization(1)
4,690 255 53 — 4,998 
Total depreciation and amortization expense$34,919 $17,922 $4,796 $636 $58,273 
Six months ended June 30, 2025
Depreciation and amortization expense$13,794 $14,782 $5,233 $344 $34,153 
PBH amortization(1)
5,949 874 170 — 6,993 
Total depreciation and amortization expense$19,743 $15,656 $5,403 $344 $41,146 

(1) Power-by-hour (“PBH”) amortization is 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 June 30,Six Months Ended
June 30,
2026202520262025
Offshore Energy Services$57,830$5,690 $90,502$28,335 
Government Services8,02922,623 14,74651,158 
Other Services1,5033,304 3,4284,184 
Total capital expenditures$67,362$31,617 $108,676$83,677 
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:
June 30,
2026		December 31,
2025
Offshore Energy Services$532,055$567,284
Government Services657,895620,820
Other Services57,13359,585
Total segment assets$1,247,083$1,247,689
Corporate1,4632,058
Construction-in-progress160,575144,587
Total long-lived assets$1,409,121$1,394,334