v3.26.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
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 
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
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 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