v3.26.3
SEGMENTS
 9 Months Ended
Sep. 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”), special missions, UAS services and aviation support services to government agencies globally. The Other Services segment is primarily comprised of regular and scheduled passenger transport airline services, ODC logistics, MRO 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 September 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended September 30, 2026
Revenues$256,016 $130,036 $51,868 $— $437,920 
Less:
Personnel58,217 40,328 9,761 — 108,306 
Repairs and maintenance40,059 16,512 3,582 — 60,153 
Insurance3,921 2,279 422 — 6,622 
Fuel16,351 4,623 8,567 — 29,541 
Leased-in equipment18,084 11,037 1,860 — 30,981 
Other segment costs33,185 31,851 11,672 — 76,708 
Total operating expenses169,817 106,630 35,864 — 312,311 
General and administrative expenses21,938 13,933 3,361 11,572 50,804 
Depreciation and amortization expense15,462 10,898 2,773 345 29,478 
Total costs and expenses207,217 131,461 41,998 11,917 392,593 
Gains on disposal of assets— — — 1,939 1,939 
Earnings from unconsolidated affiliates437 — — — 437 
Operating income (loss)$49,236 $(1,425)$9,870 $(9,978)$47,703 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended September 30, 2025
Revenues$250,431 $100,898 $34,960 $— $386,289 
Less:
Personnel62,304 29,507 6,770 — 98,581 
Repairs and maintenance42,777 9,365 3,395 — 55,537 
Insurance3,486 1,950 342 — 5,778 
Fuel13,162 2,794 5,440 — 21,396 
Leased-in equipment15,446 9,572 1,696 — 26,714 
Other segment costs41,325 26,271 7,451 — 75,047 
Total operating expenses178,500 79,459 25,094 — 283,053 
General and administrative expenses22,451 11,007 1,781 7,966 43,205 
Depreciation and amortization expense7,049 7,846 2,622 222 17,739 
Total costs and expenses208,000 98,312 29,497 8,188 343,997 
Gains on disposal of assets— — — 8,245 8,245 
Losses from unconsolidated affiliates(2)— — — (2)
Operating income$42,429 $2,586 $5,463 $57 $50,535 

Financial information by segment for the nine months ended September 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Nine months ended September 30, 2026
Revenues$771,967 $350,140 $116,273 $— $1,238,380 
Less:
Personnel178,679 108,921 25,468 — 313,068 
Repairs and maintenance133,386 45,165 10,732 — 189,283 
Insurance11,744 6,383 1,060 — 19,187 
Fuel48,842 11,783 22,390 — 83,015 
Leased-in equipment51,240 31,744 5,411 — 88,395 
Other segment costs106,589 83,799 25,440 — 215,828 
Total operating expenses530,480 287,795 90,501 — 908,776 
General and administrative expenses68,455 36,407 6,802 26,617 138,281 
Depreciation and amortization expense45,691 28,565 7,516 981 82,753 
Total costs and expenses644,626 352,767 104,819 27,598 1,129,810 
Gains on disposal of assets— — — 9,716 9,716 
Earnings from unconsolidated affiliates3,668 — — — 3,668 
Operating income (loss)$131,009 $(2,627)$11,454 $(17,882)$121,954 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Nine months ended September 30, 2025
Revenues$743,026 $279,340 $90,882 $— $1,113,248 
Less:
Personnel174,117 81,251 19,253 — 274,621 
Repairs and maintenance137,762 34,095 9,783 — 181,640 
Insurance11,339 6,335 1,087 — 18,761 
Fuel38,729 7,557 14,384 — 60,670 
Leased-in equipment45,583 28,964 4,731 — 79,278 
Other segment costs122,621 60,859 20,279 — 203,759 
Total operating expenses530,151 219,061 69,517 — 818,729 
General and administrative expenses69,523 30,966 5,226 24,965 130,680 
Depreciation and amortization expense20,843 22,628 7,855 566 51,892 
Total costs and expenses620,517 272,655 82,598 25,531 1,001,301 
Gains on disposal of assets— — — 13,896 13,896 
Earnings from unconsolidated affiliates880 — — — 880 
Operating income (loss)$123,389 $6,685 $8,284 $(11,635)$126,723 
Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:
Three Months Ended September 30,Nine Months Ended
September 30,
2026202520262025
Operating income (loss):
Offshore Energy Services$49,236 $42,429 $131,009 $123,389 
Government Services(1,425)2,586 (2,627)6,685 
Other Services9,870 5,463 11,454 8,284 
Corporate(9,978)57 (17,882)(11,635)
Operating income47,703 50,535 121,954 126,723 
Interest income2,180 2,262 8,968 6,419 
Interest expense, net(11,924)(9,962)(37,968)(29,486)
Loss on extinguishment of debt— — (2,849)— 
Other, net(1,046)(3,087)(15,329)25,878 
Total other income (expense), net(10,790)(10,787)(47,178)2,811 
Income before income taxes$36,913 $39,748 $74,776 $129,534 

Total depreciation and amortization expense by segment for the periods reflected below were as follows:
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Three months ended September 30, 2026
Depreciation and amortization expense$15,462 $10,898 $2,773 $345 $29,478 
PBH amortization(1)
3,842 204 — — 4,046 
Total depreciation and amortization expense$19,304 $11,102 $2,773 $345 $33,524 
Three months ended September 30, 2025
Depreciation and amortization expense$7,049 $7,846 $2,622 $222 $17,739 
PBH amortization(1)
1,758 378 36 — 2,172 
Total depreciation and amortization expense$8,807 $8,224 $2,658 $222 $19,911 
Offshore Energy ServicesGovernment ServicesOther ServicesCorporateConsolidated
Nine months ended September 30, 2026
Depreciation and amortization expense$45,691 $28,565 $7,516 $981 $82,753 
PBH amortization(1)
8,532 459 53 — 9,044 
Total depreciation and amortization expense$54,223 $29,024 $7,569 $981 $91,797 
Nine months ended September 30, 2025
Depreciation and amortization expense$20,843 $22,628 $7,855 $566 $51,892 
PBH amortization(1)
7,707 1,252 206 — 9,165 
Total depreciation and amortization expense$28,550 $23,880 $8,061 $566 $61,057 

(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 September 30,Nine Months Ended
September 30,
2026202520262025
Offshore Energy Services$6,706$2,643 $97,274$30,984 
Government Services12,14425,038 26,83976,192 
Other Services1,9901,535 5,4035,717 
Total capital expenditures$20,840$29,216 $129,516$112,893 
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:
September 30,
2026		December 31,
2025
Offshore Energy Services$560,281$567,284
Government Services703,319620,820
Other Services73,14759,585
Total segment assets$1,336,747$1,247,689
Corporate3,6112,058
Construction-in-progress110,720144,587
Total long-lived assets$1,451,078$1,394,334