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Business Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segment Information | Note 14 — Business Segment Information We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. We formed the Shallow Water Abandonment segment in the third quarter 2022 following the Alliance acquisition (Note 3). All material intercompany transactions between the segments have been eliminated. See Note 1 for more information on our business segments. We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 |  | 2022 |  | 2021
Net revenues — |  | ​ |  |  | ​ |  | ​ | ​ |
Well Intervention | ​ | $ | 732,761 | ​ | $ | 524,241 | ​ | $ | 516,564
Robotics | ​ |  | 257,875 | ​ |  | 191,921 | ​ |  | 137,295
Shallow Water Abandonment | ​ | ​ | 274,954 | ​ | ​ | 124,810 | ​ | ​ | —
Production Facilities | ​ |  | 87,885 | ​ |  | 82,315 | ​ |  | 69,348
Intercompany eliminations | ​ |  | (63,747) | ​ |  | (50,187) | ​ |  | (48,479)
Total | ​ | $ | 1,289,728 | ​ | $ | 873,100 | ​ | $ | 674,728
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 |  | 2022 |  | 2021
Income (loss) from operations — | ​ |  |  | ​ |  |  | ​ |  |
Well Intervention | ​ | $ | 32,398 | ​ | $ | (53,056) | ​ | $ | (35,882)
Robotics | ​ |  | 52,450 | ​ |  | 29,981 | ​ |  | 5,762
Shallow Water Abandonment | ​ | ​ | 66,240 | ​ | ​ | 22,184 | ​ | ​ | —
Production Facilities | ​ |  | 20,832 | ​ |  | 27,201 | ​ |  | 22,906
Segment operating income (loss) | ​ |  | 171,920 | ​ |  | 26,310 | ​ |  | (7,214)
Change in fair value of contingent consideration | ​ | ​ | (42,246) | ​ | ​ | (16,054) | ​ | ​ | —
Corporate, eliminations and other | ​ |  | (66,164) | ​ |  | (55,111) | ​ |  | (41,473)
Total | ​ | $ | 63,510 | ​ | $ | (44,855) | ​ | $ | (48,687)
Net interest expense | ​ | ​ | (17,338) | ​ | ​ | (18,950) | ​ | ​ | (23,201)
Other non-operating income (expense), net | ​ | ​ | (38,658) | ​ | ​ | (11,376) | ​ | ​ | 1,246
Income (loss) before income taxes | ​ | $ | 7,514 | ​ | $ | (75,181) | ​ | $ | (70,642)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Well Intervention | ​ | $ | 7,763 | ​ | $ | 17,617 | ​ | $ | 2,349
Robotics | ​ |  | 3,957 | ​ |  | 15,603 | ​ |  | 120
Shallow Water Abandonment | ​ | ​ | 6,890 | ​ | ​ | 532 | ​ | ​ | —
Production Facilities | ​ |  | — | ​ |  | (1,424) | ​ |  | 6,770
Corporate, eliminations and other | ​ |  | 978 | ​ |  | 1,176 | ​ |  | (917)
Total | ​ | $ | 19,588 | ​ | $ | 33,504 | ​ | $ | 8,322
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Well Intervention | ​ | $ | 113,025 | ​ | $ | 103,952 | ​ | $ | 107,551
Robotics | ​ |  | 9,604 | ​ |  | 12,209 | ​ |  | 15,158
Shallow Water Abandonment | ​ | ​ | 20,150 | ​ | ​ | 8,172 | ​ | ​ | —
Production Facilities | ​ |  | 21,028 | ​ |  | 18,520 | ​ |  | 19,465
Corporate and eliminations | ​ |  | 309 | ​ |  | (167) | ​ |  | (660)
Total | ​ | $ | 164,116 | ​ | $ | 142,686 | ​ | $ | 141,514
​ Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 |  | 2022 |  | 2021
Well Intervention | ​ | $ | 28,396 | ​ | $ | 16,545 | ​ | $ | 21,521
Robotics | ​ |  | 35,263 | ​ |  | 33,642 | ​ |  | 26,958
Shallow Water Abandonment | ​ |  | 88 | ​ |  | — | ​ |  | —
Total | ​ | $ | 63,747 | ​ | $ | 50,187 | ​ | $ | 48,479
​ Revenues by individually significant geographic location are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
U.S. | ​ | $ | 644,755 | ​ | $ | 447,205 | ​ | $ | 232,661
North Sea (1) | ​ |  | 274,745 | ​ |  | 206,647 | ​ |  | 129,772
Brazil | ​ |  | 177,070 | ​ |  | 81,940 | ​ |  | 154,326
Asia Pacific | ​ | ​ | 163,957 | ​ | ​ | 43,648 | ​ | ​ | 16,792
West Africa | ​ | ​ | 8,423 | ​ | ​ | 87,488 | ​ | ​ | 126,856
Other | ​ |  | 20,778 | ​ |  | 6,172 | ​ |  | 14,321
Total | ​ | $ | 1,289,728 | ​ | $ | 873,100 | ​ | $ | 674,728
(1) | Includes revenues generated from the U.K. of $236.2 million, $167.0 million and $100.2 million, respectively, during the years ended December 31, 2023, 2022 and 2021.
​ Our operational assets work in various regions around the world such as the Gulf of Mexico, Brazil, the North Sea, Asia Pacific and West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location where those assets are based (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2023 |  | 2022
U.S. | ​ | $ | 735,406 | ​ | $ | 780,803
U.K. (1) | ​ |  | 617,819 | ​ |  | 625,001
Brazil (2) | ​ |  | 219,624 | ​ |  | 235,811
Total | ​ | $ | 1,572,849 | ​ | $ | 1,641,615
(1) | Includes the Q7000 and certain other assets that are based in the U.K. but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.
(2) | Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.
​ Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. The following table reflects total assets by reportable segment (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Well Intervention | ​ | $ | 1,790,971 | ​ | $ | 1,796,269
Robotics | ​ |  | 177,801 | ​ |  | 192,694
Shallow Water Abandonment | ​ | ​ | 256,356 | ​ | ​ | 206,944
Production Facilities | ​ |  | 120,234 | ​ |  | 136,382
Corporate and other | ​ |  | 210,674 | ​ |  | 57,049
Total | ​ | $ | 2,556,036 | ​ | $ | 2,389,338
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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