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Business Segment Information

6 Months Ended

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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- 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.

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