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Business Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Business Segment Information | Note 11 — 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. All material intercompany transactions between the segments have been eliminated. See Note 2 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023
Net revenues — |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Well Intervention | ​ | $ | 224,679 | ​ | $ | 154,221 | ​ | $ | 441,138 | ​ | $ | 296,659
Robotics | ​ |  | 81,249 | ​ |  | 70,050 | ​ |  | 131,558 | ​ |  | 119,272
Shallow Water Abandonment | ​ | ​ | 50,841 | ​ | ​ | 76,306 | ​ | ​ | 77,694 | ​ | ​ | 125,687
Production Facilities | ​ |  | 25,400 | ​ |  | 23,128 | ​ |  | 49,552 | ​ |  | 44,033
Intercompany eliminations | ​ |  | (17,372) | ​ |  | (14,888) | ​ |  | (38,934) | ​ |  | (26,750)
Total | ​ | $ | 364,797 | ​ | $ | 308,817 | ​ | $ | 661,008 | ​ | $ | 558,901
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from operations — | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Well Intervention | ​ | $ | 29,299 | ​ | $ | 3,380 | ​ | $ | 47,978 | ​ | $ | (4,763)
Robotics | ​ |  | 28,400 | ​ |  | 17,467 | ​ |  | 33,850 | ​ |  | 22,561
Shallow Water Abandonment | ​ | ​ | (281) | ​ | ​ | 19,762 | ​ | ​ | (12,709) | ​ | ​ | 26,584
Production Facilities | ​ |  | 9,097 | ​ |  | 7,774 | ​ |  | 7,554 | ​ |  | 12,931
Segment operating income | ​ |  | 66,515 | ​ |  | 48,383 | ​ |  | 76,673 | ​ |  | 57,313
Change in fair value of contingent consideration | ​ | ​ | — | ​ | ​ | (10,828) | ​ | ​ | — | ​ | ​ | (14,820)
Corporate, eliminations and other | ​ |  | (13,322) | ​ |  | (17,350) | ​ |  | (24,756) | ​ |  | (30,591)
Total | ​ | $ | 53,193 | ​ | $ | 20,205 | ​ | $ | 51,917 | ​ | $ | 11,902
Net interest expense | ​ | ​ | (5,891) | ​ | ​ | (4,228) | ​ | ​ | (11,368) | ​ | ​ | (8,415)
Losses related to convertible senior notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (20,922) | ​ | ​ | —
Other non-operating expense, net | ​ | ​ | (288) | ​ | ​ | (5,565) | ​ | ​ | (598) | ​ | ​ | (258)
Income before income taxes | ​ | $ | 47,014 | ​ | $ | 10,412 | ​ | $ | 19,029 | ​ | $ | 3,229
​ Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Well Intervention | ​ | $ | 6,918 | ​ | $ | 6,873 | ​ | $ | 18,170 | ​ | $ | 11,342
Robotics | ​ |  | 10,348 | ​ |  | 7,989 | ​ |  | 20,576 | ​ |  | 15,382
Shallow Water Abandonment | ​ |  | 106 | ​ |  | 26 | ​ |  | 188 | ​ |  | 26
Total | ​ | $ | 17,372 | ​ | $ | 14,888 | ​ | $ | 38,934 | ​ | $ | 26,750
​ 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
Well Intervention | ​ | $ | 1,907,375 | ​ | $ | 1,790,971
Robotics | ​ |  | 228,763 | ​ |  | 177,801
Shallow Water Abandonment | ​ | ​ | 183,924 | ​ | ​ | 256,356
Production Facilities | ​ |  | 115,050 | ​ |  | 120,234
Corporate and other | ​ |  | 161,825 | ​ |  | 210,674
Total | ​ | $ | 2,596,937 | ​ | $ | 2,556,036
​

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