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Business Segments | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Business Segments | 11. Business Segments Operating segments are defined in FASB ASC Topic 280, Segment Reporting, as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s operations are organized into three reportable business segments: Subsea Products, Subsea Services, and Well Construction. The Company evaluates segment performance based on operating income. The accounting policies of the segments are the same as described in the summary of significant accounting policies. Subsea Products. The Company’s Subsea Products segment designs, manufactures and sells a variety of products including subsea wellheads, connectors and surface equipment, and subsea production systems. Subsea Services. The Company’s Subsea Services segment delivers a variety of technical services including subsea rental services, subsea rework services and subsea services shared support. Well Construction. The Company’s Well Construction business provides products and services utilized in the construction of the wellbore such as completions, casing hardware and liner hanger systems. In 2023, the Company acquired Great North and includes its product, service and leasing solutions within the Well Construction segment. Great North offers pressure control and completion solutions, including customized and highly engineered wellhead products for use in heavy oil and thermal production locations, proprietary completion solutions such as the Multi-Well Frac Connector TM, as well as related installation and maintenance services. During the three and six months ended June 30, 2024, the Company did no t incur any costs under the 2021 global strategic plan. During the three months ended June 30, 2023, the Company incurred ($0.6) million of additional costs under the 2021 global strategic plan out of which approximately ($1.9) million in Well Construction, $1.2 million is in Corporate and $0.1 million in Subsea Services. During the six months ended June 30, 2023, the Company incurred $1.1 million of additional restructuring and other charges under the 2021 global strategic plan out of which approximately $2.8 million is in Corporate, ($1.9) million in Well Construction and $0.2 million in Subsea Services. The following tables presents selected financial data by business segment:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In thousands) |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Subsea products |  | $ | 42,681 |  |  | $ | 44,579 |  |  | $ | 78,013 |  |  | $ | 90,696 |
Subsea services |  |  | 26,664 |  |  |  | 23,586 |  |  |  | 51,244 |  |  |  | 47,482 |
Well construction |  |  | 50,997 |  |  |  | 21,442 |  |  |  | 101,383 |  |  |  | 42,294 |
Total revenue |  | $ | 120,342 |  |  | $ | 89,607 |  |  | $ | 230,640 |  |  | $ | 180,472 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Subsea products |  | $ | 1,507 |  |  | $ | 1,745 |  |  | $ | 3,076 |  |  | $ | 3,344 |
Subsea services |  |  | 1,878 |  |  |  | 2,773 |  |  |  | 4,125 |  |  |  | 5,527 |
Well construction |  |  | 3,879 |  |  |  | 1,816 |  |  |  | 7,746 |  |  |  | 3,559 |
Corporate (1) |  |  | 743 |  |  |  | 715 |  |  |  | 1,492 |  |  |  | 1,508 |
Total depreciation and amortization |  | $ | 8,007 |  |  | $ | 7,049 |  |  | $ | 16,439 |  |  | $ | 13,938 |
Operating income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Subsea products |  | $ | 2,561 |  |  | $ | (1,894 | ) |  | $ | 3,200 |  |  | $ | (399 | )
Subsea services |  |  | 4,287 |  |  |  | 1,230 |  |  |  | 6,120 |  |  |  | 10,613 |
Well construction |  |  | 2,557 |  |  |  | 6,491 |  |  |  | 8,189 |  |  |  | 7,054 |
Corporate (1) |  |  | (14,071 | ) |  |  | (2,221 | ) |  |  | (40,977 | ) |  |  | (10,474 | )
Total operating income (loss) |  | $ | (4,666 | ) |  | $ | 3,606 |  |  | $ | (23,468 | ) |  | $ | 6,794 |
(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 Company does not allocate assets to its reportable segments as they are not included in the review performed by the Chief Operating Decision Maker (CODM) for purposes of assessing segment performance and allocating resources. The balance sheet is reviewed on a consolidated basis and is not used in the context of segment reporting.

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