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Business Segments (Tables) | 12 Months Ended
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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 |
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 | )
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 |

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- 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: 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 + Details
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