Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Business Segment Information

Schedule of financial data by reportable segment


		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.

Schedule of reconciliation of segment profit or loss to income (loss) before income taxes

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

Schedule of other items regularly provided to the CODM

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.