v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information BUSINESS SEGMENT INFORMATION
We are a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries. Our five reportable segments are Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions and Aerospace and Defense Technologies.

Our Energy (as defined below) business leverages our asset base and capabilities for providing services and products for offshore energy operations, inclusive of the offshore renewable energy market. Our Energy segments are:

•Subsea Robotics—Our Subsea Robotics segment provides the following:
◦ROVs for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance and repair;
◦ROV tooling; and
◦survey services, including hydrographic survey and positioning services and autonomous underwater vehicles for geoscience.

•Manufactured Products—Our Manufactured Products segment provides the following:
◦distribution and connection systems including production control umbilicals and field development hardware and pipeline connection and repair systems, along with clamp connectors and subsea and topside control valves primarily to the energy industry; and
◦autonomous mobile robotic technology to a variety of industries.

•Offshore Projects Group—Our OPG segment provides the following:
◦subsea installation and intervention, including riserless light well intervention services, inspection, maintenance and repair (“IMR”) services, principally in the U.S. Gulf and offshore Africa, utilizing owned and charter vessels;
◦installation and workover control systems and ROV workover control systems;
◦diving services;
◦project management and engineering; and
◦drill pipe riser services and systems and wellhead load relief solutions.

•Integrity Management & Digital Solutions—Our Integrity Management & Digital Solutions (“IMDS”) segment provides the following:
◦asset integrity management services; and
◦software, digital and connectivity solutions for the energy industry.

Our Aerospace and Defense Technologies segment provides services and products, including engineering and related manufacturing in defense and space exploration activities, principally to U.S. Government agencies and their prime contractors.

Unallocated Expenses are those not directly associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock units, performance units, performance stock units, and bonuses, as well as other general expenses, including corporate administrative expenses.

Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM analyzes each segment’s performance using revenue and operating income (loss). Operating income (loss) for each business segment includes certain regional shared services cost allocations directly attributable to each segment. Intersegment revenue and expenses have been eliminated in the reported revenue and operating income (loss). We determine operating income (loss) for each business segment before interest income or expense, equity in income (losses) of unconsolidated affiliates, other income (expense) and provision for income taxes.

Our CODM uses both revenue and operating income (loss) for each segment in the annual budgeting and forecasting processes. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.

There are no differences in the basis of segmentation or in the basis of measurement of segment profit or loss from those used in our consolidated financial statements for the year ended December 31, 2025. The tables that follow present information about our business segments, as well as the Unallocated Expenses category, and include a reconciliation to income (loss) before income taxes:
For the Three Months Ended September 30, 2026
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$232,995 $168,156 $172,523 $75,806 $135,074 $— $784,554 
Cost of services and products143,325 133,704 137,319 64,527 111,218 29,903 619,996 
Selling, general and administrative 1
14,307 9,386 10,982 8,527 9,107 20,096 72,405 
Operating income (loss)75,363 25,066 24,222 2,752 14,749 (49,999)92,153 
Interest income— — — — — 5,789 5,789 
Interest expense, net of amounts capitalized— — — — — (8,755)(8,755)
Equity in income (losses) of unconsolidated affiliates— — — — — 357 357 
Gain (loss) on extinguishment of debt— — — — — (19,034)(19,034)
Other income (expense), net— — — — — (1,439)(1,439)
Income (loss) before income taxes$75,363 $25,066 $24,222 $2,752 $14,749 $(73,081)$69,071 
Depreciation and amortization$14,342 $2,753 $4,731 $2,077 $950 $1,725 $26,578 
Capital expenditures, including business acquisitions$14,661 $1,954 $121 $1,137 $2,788 $451 $21,112 
1For all reportable segments, Selling, general and administrative expense primarily includes payroll and related costs including subcontractors and temporary labor, lease and rental expense, maintenance and supplies expense, insurance expense and certain overhead expenses.
For the Nine Months Ended September 30, 2026
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$679,284 $460,834 $490,742 $214,534 $399,773 $— $2,245,167 
Cost of services and products437,804 358,519 386,958 188,658 334,708 89,710 1,796,357 
Selling, general and administrative 1
44,284 29,229 31,199 24,022 25,780 56,118 210,632 
Operating income (loss)197,196 73,086 72,585 1,854 39,285 (145,828)238,178 
Interest income— — — — — 15,754 15,754 
Interest expense, net of amounts capitalized— — — — — (26,316)(26,316)
Equity in income (losses) of unconsolidated affiliates— — — — — 1,844 1,844 
Gain (loss) on extinguishment of debt— — — — — (19,034)(19,034)
Other income (expense), net— — — — — (449)(449)
Income (loss) before income taxes$197,196 $73,086 $72,585 $1,854 $39,285 $(174,029)$209,977 
Depreciation and amortization$42,280 $8,306 $14,165 $5,985 $2,972 $7,470 $81,178 
Capital expenditures, including business acquisitions$34,679 $4,678 $6,930 $5,014 $6,702 $3,694 $61,697 
1For all reportable segments, Selling, general and administrative expense primarily includes payroll and related costs including subcontractors and temporary labor, lease and rental expense, maintenance and supplies expense, insurance expense and certain overhead expenses.

September 30, 2026
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechCorporate and OtherTotal
Assets$572,759 $353,691 $465,328 $151,963 $157,816 $1,073,889 $2,775,446 
Property and Equipment, Net$208,980 $56,376 $134,557 $17,088 $13,409 $10,301 $440,711 
Goodwill$23,927 $— $— $16,548 $10,454 $— $50,929 
For the Three Months Ended September 30, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$218,767 $156,395 $171,046 $70,781 $125,909 $— $742,898 
Cost of services and products139,162 121,415 137,757 60,206 101,922 29,704 590,166 
Selling, general and administrative 1
14,463 10,329 9,597 7,819 7,430 16,586 66,224 
Operating income (loss)65,142 24,651 23,692 2,756 16,557 (46,290)86,508 
Interest income— — — — — 3,704 3,704 
Interest expense, net of amounts capitalized— — — — — (9,381)(9,381)
Equity in income (losses) of unconsolidated affiliates— — — — — 97 97 
Other income (expense), net— — — — — (1,021)(1,021)
Income (loss) before income taxes$65,142 $24,651 $23,692 $2,756 $16,557 $(52,891)$79,907 
Depreciation and amortization$13,283 $2,768 $4,290 $1,830 $1,082 $2,870 $26,123 
Capital expenditures, including business acquisitions$12,707 $2,080 $3,553 $871 $1,270 $3,734 $24,215 
1For all reportable segments, Selling, general and administrative expense primarily includes payroll and related costs including subcontractors and temporary labor, lease and rental expense, maintenance and supplies expense, insurance expense and certain overhead expenses.

For the Nine Months Ended September 30, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechUnallocated ExpensesTotal
Revenue$643,529 $436,566 $485,268 $217,566 $332,653 $— $2,115,582 
Cost of services and products411,563 355,556 375,127 183,976 267,055 86,135 1,679,412 
Selling, general and administrative 1
42,687 28,920 29,120 22,725 22,077 51,472 197,001 
Operating income (loss)189,279 52,090 81,021 10,865 43,521 (137,607)239,169 
Interest income— — — — — 10,365 10,365 
Interest expense, net of amounts capitalized— — — — — (27,928)(27,928)
Equity in income (losses) of unconsolidated affiliates— — — — — 770 770 
Other income (expense), net— — — — — 5,325 5,325 
Income (loss) before income taxes$189,279 $52,090 $81,021 $10,865 $43,521 $(149,075)$227,701 
Depreciation and amortization$37,404 $8,159 $13,642 $5,399 $2,815 $8,552 $75,971 
Capital expenditures, including business acquisitions$52,423 $3,413 $13,658 $2,837 $3,121 $5,123 $80,575 
1For all reportable segments, Selling, general and administrative expense primarily includes payroll and related costs including subcontractors and temporary labor, lease and rental expense, maintenance and supplies expense, insurance expense and certain overhead expenses.
September 30, 2025
(in thousands)Subsea RoboticsManufactured ProductsOPGIMDSADTechCorporate and OtherTotal
Assets$552,015 $412,310 $615,101 $146,285 $144,664 $668,943 $2,539,318 
Property and Equipment, Net$214,912 $60,974 $130,354 $14,996 $7,237 $13,801 $442,274 
Goodwill$23,814 $— $— $16,771 $10,454 $— $51,039 

Depreciation and Amortization

Depreciation expense on property and equipment, reflected in Depreciation and Amortization for the three- and nine-month periods ended September 30, 2026, was $24 million and $70 million, respectively, and for the three- and nine-month periods ended September 30, 2025, was $22 million and $64 million, respectively.

Amortization expense on long-lived intangible assets, debt issuance costs and debt discount reflected in Depreciation and Amortization, for the three- and nine-month periods ended September 30, 2026 was $3.1 million and $11 million, respectively, and for the three- and nine-month periods ended September 30, 2025, was $4.1 million and $12 million, respectively.

Assets, Property and Equipment, Net and Goodwill

All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain other assets have not been allocated to particular business segments and are included in Corporate and Other. The changes in our reporting units’ goodwill balances during the periods presented are from currency exchange rate changes for September 30, 2026 and 2025.