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Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following tables presents selected financial data by business segment:

		Years ended December 31,
		2023				2022				2021
		(In thousands)
Revenue
Subsea products		$	198,321			$	194,252			$	168,363
Subsea services			101,264				94,186				85,875
Well construction			124,475				73,486				68,210
Total revenue		$	424,060			$	361,924			$	322,448
Depreciation and amortization
Subsea products			6,694				7,691				7,168
Subsea services			10,259				10,876				12,138
Well construction			10,511				6,374				6,541
Segment depreciation and amortization			27,464				24,941				25,847
Corporate (1)			2,860				4,480				4,534
Total depreciation and amortization		$	30,324			$	29,421			$	30,381
Operating income (loss)
Subsea products		$	8,522			$	8,917			$	(21,863	)
Subsea services			18,411				8,374				(22,370	)
Well construction			10,848				14,268				(14,577	)
Segment operating income (loss)			37,781				31,559				(58,810	)
Corporate (1)			(32,501	)			(31,105	)			(66,525	)
Total operating income (loss)		$	5,280			$	454			$	(125,335	)

(1) Corporate includes the expenses and assets of the Company’s corporate office functions, legal and other administrative expenses that are managed at a consolidated level.

The following table presents the Company’s assets by geographic region:

		December 31,
		2023				2022
		(In thousands)
Long-lived assets
Western Hemisphere		$	118,181			$	528,035
Eastern Hemisphere			232,584				202,994
Asia-Pacific			51,401				53,922
Canada			79,202				-
Eliminations			(172,904	)			(565,024	)
Total long-lived assets		$	308,464			$	219,927
Assets
Western Hemisphere		$	656,333			$	1,077,232
Eastern Hemisphere			622,755				581,950
Asia-Pacific			190,687				185,285
Canada			111,362				-
Eliminations			(552,956	)			(874,516	)
Total Assets		$	1,028,181			$	969,951

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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- References

No definition available.

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