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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
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 Energy 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 of Mexico 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 associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock units, performance 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, 2024. We have added additional disclosures, retrospectively, as required under ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” 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, 2025
| (in thousands) |  | Subsea Robotics |  | Manufactured Products |  | OPG |  | IMDS |  | ADTech |  | Unallocated Expenses |  | Total
Revenue |  | $ | 218,767 |  |  | $ | 156,395 |  |  | $ | 171,046 |  |  | $ | 70,781 |  |  | $ | 125,909 |  |  | $ | — |  |  | $ | 742,898 |
Cost of services and products |  | 139,162 |  |  | 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 |
1 | For 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 Robotics |  | Manufactured Products |  | OPG |  | IMDS |  | ADTech |  | Unallocated Expenses |  | Total
Revenue |  | $ | 643,529 |  |  | $ | 436,566 |  |  | $ | 485,268 |  |  | $ | 217,566 |  |  | $ | 332,653 |  |  | $ | — |  |  | $ | 2,115,582 |
Cost of services and products |  | 411,563 |  |  | 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 |
1 | For 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 Robotics |  | Manufactured Products |  | OPG |  | IMDS |  | ADTech |  | Corporate and Other |  | Total
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 |
|  |  | For the Three Months Ended September 30, 2024
| (in thousands) |  | Subsea Robotics |  | Manufactured Products |  | OPG |  | IMDS |  | ADTech |  | Unallocated Expenses |  | Total
Revenue |  | $ | 215,715 |  |  | $ | 143,734 |  |  | $ | 147,539 |  |  | $ | 73,622 |  |  | $ | 99,201 |  |  | $ | — |  |  | $ | 679,811 |
Cost of services and products |  | 136,688 |  |  | 122,714 |  |  | 118,697 |  |  | 66,047 |  |  | 79,698 |  |  | 25,005 |  |  | 548,849 |
Selling, general and administrative 1 |  | 13,329 |  |  | 9,742 |  |  | 8,548 |  |  | 6,861 |  |  | 7,284 |  |  | 13,865 |  |  | 59,629 |
Operating income (loss) |  | 65,698 |  |  | 11,278 |  |  | 20,294 |  |  | 714 |  |  | 12,219 |  |  | (38,870) |  |  | 71,333 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,275 |  |  | 3,275 |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,456) |  |  | (9,456) |
Equity in income (losses) of unconsolidated affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 323 |  |  | 323 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,133 |  |  | 3,133 |
Income (loss) before income taxes |  | $ | 65,698 |  |  | $ | 11,278 |  |  | $ | 20,294 |  |  | $ | 714 |  |  | $ | 12,219 |  |  | $ | (41,595) |  |  | $ | 68,608 |
Depreciation and amortization |  | $ | 12,076 |  |  | $ | 3,061 |  |  | $ | 5,399 |  |  | $ | 1,348 |  |  | $ | 696 |  |  | $ | 2,683 |  |  | $ | 25,263 |
Capital expenditures, including business acquisitions |  | $ | 17,603 |  |  | $ | 1,335 |  |  | $ | 2,358 |  |  | $ | 1,162 |  |  | $ | 1,418 |  |  | $ | 1,010 |  |  | $ | 24,886 |
1 | For 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, 2024
| (in thousands) |  | Subsea Robotics |  | Manufactured Products |  | OPG |  | IMDS |  | ADTech |  | Unallocated Expenses |  | Total
Revenue |  | $ | 617,632 |  |  | $ | 412,501 |  |  | $ | 406,651 |  |  | $ | 216,804 |  |  | $ | 294,123 |  |  | $ | — |  |  | $ | 1,947,711 |
Cost of services and products |  | 406,925 |  |  | 344,795 |  |  | 346,676 |  |  | 189,579 |  |  | 241,143 |  |  | 75,036 |  |  | 1,604,154 |
Selling, general and administrative 1 |  | 39,022 |  |  | 28,869 |  |  | 25,589 |  |  | 19,423 |  |  | 20,709 |  |  | 41,555 |  |  | 175,167 |
Operating income (loss) |  | 171,685 |  |  | 38,837 |  |  | 34,386 |  |  | 7,802 |  |  | 32,271 |  |  | (116,591) |  |  | 168,390 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,717 |  |  | 8,717 |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28,176) |  |  | (28,176) |
Equity in income (losses) of unconsolidated affiliates |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 787 |  |  | 787 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,372 |  |  | 6,372 |
Income (loss) before income taxes |  | $ | 171,685 |  |  | $ | 38,837 |  |  | $ | 34,386 |  |  | $ | 7,802 |  |  | $ | 32,271 |  |  | $ | (128,891) |  |  | $ | 156,090 |
Depreciation and amortization |  | $ | 36,867 |  |  | $ | 9,473 |  |  | $ | 17,418 |  |  | $ | 4,410 |  |  | $ | 1,915 |  |  | $ | 8,218 |  |  | $ | 78,301 |
Capital expenditures, including business acquisitions |  | $ | 45,522 |  |  | $ | 7,648 |  |  | $ | 8,594 |  |  | $ | 3,256 |  |  | $ | 3,880 |  |  | $ | 4,362 |  |  | $ | 73,262 |
1 | For 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, 2024
(in thousands) |  | Subsea Robotics |  | Manufactured Products |  | OPG |  | IMDS |  | ADTech |  | Corporate and Other |  | Total
Assets |  | $ | 559,928 |  |  | $ | 403,198 |  |  | $ | 550,519 |  |  | $ | 122,658 |  |  | $ | 134,435 |  |  | $ | 585,755 |  |  | $ | 2,356,493 |
Property and Equipment, Net |  | $ | 197,244 |  |  | $ | 64,739 |  |  | $ | 125,108 |  |  | $ | 15,057 |  |  | $ | 9,338 |  |  | $ | 12,093 |  |  | $ | 423,579 |
Goodwill |  | $ | 23,657 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,454 |  |  | $ | — |  |  | $ | 34,111 |
Depreciation and Amortization Depreciation expense on property and equipment, reflected in Depreciation and Amortization for the three- and nine-month periods ended September 30, 2025, was $22 million and $64 million, respectively, and for the three- and nine-month periods ended September 30, 2024, was $22 million and $67 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, 2025, was $4.1 million and $12 million, respectively, and for the three- and nine-month periods ended September 30, 2024, was $3.3 million and $11 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 the acquisition of Global Design Innovation Ltd. (“GDi”) in the fourth quarter of 2024 and currency exchange rate changes for September 30, 2025 and 2024.

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- Definition The entire disclosure for reporting segments including data and tables. 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