| Business Segment Information |
Note 12 — Business Segment Information We have three reportable business segments: Well Intervention, Robotics and Production Facilities. We previously reported the Shallow Water Abandonment segment, which was comprised entirely of Helix Alliance, prior to the sale of Helix Alliance on May 1, 2026. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. These reportable segments are strategic business units that utilize different mixes of vessels and/or equipment to perform different types of services. All material intercompany transactions between the segments have been eliminated. See Note 2 for more information on our business segments. Our chief operating decision maker (“CODM”) is the chief operating officer. The CODM uses segment operating income or loss as the measure of segment profit or loss to evaluate segment performance by comparing the results of each segment with its annual budgeted amounts and monthly forecasts as well as the results of other segments. The CODM also uses segment operating income or loss to allocate company resources (including employees, property, and financial resources) to each segment. Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands): | | | | | | | | | | | | | | | Well | | | | Production | | | | | | Intervention | | Robotics | | Facilities | | Total | Three months ended June 30, 2026 | | | | | | | | | | | | | External revenues | | $ | 208,089 | | $ | 66,204 | | $ | 29,723 | | $ | 304,016 | Intersegment revenues (1) | | | 3 | | | 10,232 | | | — | | | 10,235 | Segment revenues | | | 208,092 | | | 76,436 | | | 29,723 | | | 314,251 | Elimination of intersegment revenues | | | | | | | | | | | | (10,235) | Total consolidated net revenues | | | | | | | | | | | $ | 304,016 | | | | | | | | | | | | | | Less (2): | | | | | | | | | | | | | Direct cost of revenues | | | (180,316) | | | (57,871) | | | (13,447) | | | | Operations support | | | (4,141) | | | (1,553) | | | (135) | | | | Selling, general and administrative expenses | | | (4,286) | | | (2,825) | | | (336) | | | | Segment operating income | | $ | 19,349 | | $ | 14,187 | | $ | 15,805 | | $ | 49,341 | | | | | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | | | | | External revenues | | $ | 156,786 | | $ | 77,815 | | $ | 17,081 | | $ | 251,682 | Intersegment revenues (1) | | | — | | | 7,757 | | | — | | | 7,757 | Segment revenues | | | 156,786 | | | 85,572 | | | 17,081 | | | 259,439 | Elimination of intersegment revenues | | | | | | | | | | | | (7,757) | Total consolidated net revenues | | | | | | | | | | | $ | 251,682 | | | | | | | | | | | | | | Less (2): | | | | | | | | | | | | | Direct cost of revenues | | | (165,154) | | | (62,573) | | | (12,173) | | | | Operations support | | | (3,938) | | | (1,345) | | | (154) | | | | Selling, general and administrative expenses | | | (4,124) | | | (2,610) | | | (329) | | | | Segment operating income (loss) | | $ | (16,430) | | $ | 19,044 | | $ | 4,425 | | $ | 7,039 |
| | | | | | | | | | | | | | | Well | | | | Production | | | | | | Intervention | | Robotics | | Facilities | | Total | Six months ended June 30, 2026 | | | | | | | | | | | | | External revenues | | $ | 404,048 | | $ | 118,219 | | $ | 48,459 | | $ | 570,726 | Intersegment revenues (1) | | | 13,487 | | | 20,590 | | | — | | | 34,077 | Segment revenues | | | 417,535 | | | 138,809 | | | 48,459 | | | 604,803 | Elimination of intersegment revenues | | | | | | | | | | | | (34,077) | Total consolidated net revenues | | | | | | | | | | | $ | 570,726 | | | | | | | | | | | | | | Less (2): | | | | | | | | | | | | | Direct cost of revenues | | | (370,350) | | | (108,062) | | | (39,352) | | | | Operations support | | | (8,347) | | | (3,142) | | | (417) | | | | Selling, general and administrative expenses | | | (8,632) | | | (5,645) | | | (794) | | | | Segment operating income | | $ | 30,206 | | $ | 21,960 | | $ | 7,896 | | $ | 60,062 | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | | | | | External revenues | | $ | 355,160 | | $ | 120,902 | | $ | 36,918 | | $ | 512,980 | Intersegment revenues (1) | | | — | | | 15,712 | | | — | | | 15,712 | Segment revenues | | | 355,160 | | | 136,614 | | | 36,918 | | | 528,692 | Elimination of intersegment revenues | | | | | | | | | | | | (15,712) | Total consolidated net revenues | | | | | | | | | | | $ | 512,980 | | | | | | | | | | | | | | Less (2): | | | | | | | | | | | | | Direct cost of revenues | | | (335,187) | | | (104,208) | | | (24,437) | | | | Operations support | | | (7,957) | | | (2,736) | | | (267) | | | | Selling, general and administrative expenses | | | (8,476) | | | (5,279) | | | (845) | | | | Segment operating income | | $ | 3,540 | | $ | 24,391 | | $ | 11,369 | | $ | 39,300 |
| (1) | Intersegment amounts are derived primarily from equipment and services provided to other business segments. |
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. |
The table below provides a reconciliation of segment profit or loss to income (loss) from continuing operations before income taxes (in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Reconciliation of segment profit or loss — | | | | | | | | | | | | | | Segment operating income | | $ | 49,341 | | $ | 7,039 | | $ | 60,062 | | $ | 39,300 | | Corporate, eliminations and other | | | (22,626) | | | (10,081) | | | (36,099) | | | (20,921) | | Net interest expense | | | (4,372) | | | (6,176) | | | (9,781) | | | (12,213) | | Other non-operating income, net | | | 64 | | | 432 | | | 2,050 | | | 1,491 | | Income (loss) from continuing operations before income taxes | | $ | 22,407 | | $ | (8,786) | | $ | 16,232 | | $ | 7,657 | |
The following items are also regularly provided to the CODM (in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Capital expenditures (1) — | | | | | | | | | | | | | | Well Intervention | | $ | 1,753 | | $ | 1,391 | | $ | 3,925 | | $ | 4,359 | | Robotics | | | 5,390 | | | 2,901 | | | 6,025 | | | 4,100 | | Production Facilities | | | — | | | — | | | — | | | — | | Corporate, eliminations and other | | | 34 | | | 14 | | | 38 | | | 121 | | Total | | $ | 7,177 | | $ | 4,306 | | $ | 9,988 | | $ | 8,580 | | | | | | | | | | | | | | | | Depreciation and amortization (2) — | | | | | | | | | | | | | | Well Intervention | | $ | 33,436 | | $ | 33,387 | | $ | 65,809 | | $ | 63,978 | | Robotics | | | 1,165 | | | 1,255 | | | 2,350 | | | 2,624 | | Production Facilities | | | 4,832 | | | 4,761 | | | 9,645 | | | 9,510 | | Corporate and eliminations | | | 33 | | | 85 | | | 71 | | | 180 | | Total | | $ | 39,466 | | $ | 39,488 | | $ | 77,875 | | $ | 76,292 | |
| (1) | Represent cash paid principally for the acquisition, construction, upgrade, modification and refurbishment of long-lived property and equipment. |
| (2) | Represents an aggregate of depreciation and amortization expense related to property and equipment and deferred certification and dry dock costs, which is included within the segment expense captions “Direct cost of revenues” and “Selling, general and administrative expenses” as well as the line item caption “Corporate, eliminations and other” presented above. |
We have not included a disclosure of total assets by segment as management’s focus is on operating performance and cash flow generation and the CODM does not regularly review segment asset information.
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