v3.26.1
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
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 
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
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 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