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Business Segment Information | 12 Months Ended
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Dec. 31, 2024
Business Segment Information |
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. These reportable segments are strategic business units that utilize different mix of vessels and/or equipment to perform different types of services. 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. Our chief operating decision maker (“CODM”) is the chief operating officer. The CODM uses segment operating income or loss as the measure of segment profit or loss to evaluate segment performance by comparing the results of each segment with its annual budgeted amounts and monthly forecasts as well as the results of other segments. The CODM also uses segment operating income or loss to allocate company resources (including employees, property, and financial resources) to each segment. Information about our segment revenues and our measure of segment profit or loss is shown as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Well | ​ | ​ | ​ | Shallow Water | ​ | Production | ​ | ​ | ​
​ | ​ | Intervention |  | Robotics |  | Abandonment |  | Facilities |  | Total
Year ended December 31, 2024 | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
External revenues | ​ | $ | 823,472 | ​ | $ | 259,639 | ​ | $ | 186,740 | ​ | $ | 88,709 | ​ | $ | 1,358,560
Intersegment revenues (1) | ​ |  | 6,390 | ​ |  | 38,039 | ​ |  | 239 | ​ |  | — | ​ |  | 44,668
Segment revenues | ​ | ​ | 829,862 | ​ | ​ | 297,678 | ​ | ​ | 186,979 | ​ | ​ | 88,709 | ​ | ​ | 1,403,228
Elimination of intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (44,668)
Total consolidated net revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,358,560
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less (2): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct cost of revenues | ​ |  | (704,120) | ​ |  | (203,849) | ​ |  | (175,111) | ​ |  | (64,429) | ​ |  | ​
Operations support | ​ |  | (15,130) | ​ |  | (5,542) | ​ |  | (12,645) | ​ |  | (514) | ​ |  | ​
Selling, general and administrative expenses | ​ |  | (16,991) | ​ |  | (10,944) | ​ |  | (8,396) | ​ |  | (2,513) | ​ |  | ​
Other segment items (3) | ​ |  | (416) | ​ |  | — | ​ |  | (150) | ​ |  | 87 | ​ |  | ​
Segment operating income (loss) | ​ | $ | 93,205 | ​ | $ | 77,343 | ​ | $ | (9,323) | ​ | $ | 21,340 | ​ | $ | 182,565
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Well | ​ | ​ | ​ | Shallow Water | ​ | Production | ​ | ​ | ​
​ | ​ | Intervention |  | Robotics |  | Abandonment |  | Facilities |  | Total
Year ended December 31, 2023 | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
External revenues | ​ | $ | 704,365 | ​ | $ | 222,612 | ​ | $ | 274,866 | ​ | $ | 87,885 | ​ | $ | 1,289,728
Intersegment revenues (1) | ​ |  | 3,353 | ​ |  | 35,263 | ​ |  | 88 | ​ |  | — | ​ |  | 38,704
Segment revenues | ​ | ​ | 707,718 | ​ | ​ | 257,875 | ​ | ​ | 274,954 | ​ | ​ | 87,885 | ​ | ​ | 1,328,432
Elimination of intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (38,704)
Total consolidated net revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,289,728
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less (2): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct cost of revenues | ​ |  | (646,127) | ​ |  | (192,419) | ​ |  | (186,873) | ​ |  | (63,785) | ​ |  | ​
Operations support | ​ |  | (14,427) | ​ |  | (4,838) | ​ |  | (16,820) | ​ |  | (606) | ​ |  | ​
Selling, general and administrative expenses | ​ |  | (14,766) | ​ |  | (8,468) | ​ |  | (5,088) | ​ |  | (2,662) | ​ |  | ​
Other segment items (3) | ​ |  | — | ​ |  | 300 | ​ |  | 67 | ​ |  | — | ​ |  | ​
Segment operating income | ​ | $ | 32,398 | ​ | $ | 52,450 | ​ | $ | 66,240 | ​ | $ | 20,832 | ​ | $ | 171,920
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2022 | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
External revenues | ​ | $ | 507,696 | ​ | $ | 158,279 | ​ | $ | 124,810 | ​ | $ | 82,315 | ​ | $ | 873,100
Intersegment revenues (1) | ​ |  | 635 | ​ |  | 33,642 | ​ |  | — | ​ |  | — | ​ |  | 34,277
Segment revenues | ​ | ​ | 508,331 | ​ | ​ | 191,921 | ​ | ​ | 124,810 | ​ | ​ | 82,315 | ​ | ​ | 907,377
Elimination of intersegment revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (34,277)
Total consolidated net revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 873,100
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less (2): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct cost of revenues | ​ |  | (536,923) | ​ |  | (150,020) | ​ |  | (92,036) | ​ |  | (51,165) | ​ |  | ​
Operations support | ​ |  | (11,515) | ​ |  | (4,394) | ​ |  | (8,855) | ​ |  | (484) | ​ |  | ​
Selling, general and administrative expenses | ​ |  | (12,949) | ​ |  | (7,526) | ​ |  | (1,735) | ​ |  | (3,465) | ​ |  | ​
Segment operating income (loss) | ​ | $ | (53,056) | ​ | $ | 29,981 | ​ | $ | 22,184 | ​ | $ | 27,201 | ​ | $ | 26,310
(1) | Intersegment amounts are derived primarily from equipment and services provided to other business segments. Beginning in 2024, certain intersegment revenues of Well Intervention are no longer evaluated by the CODM in his assessment of the segment’s results as those revenues are pass-through amounts related to non-core services. For the years ended December 31, 2024, 2023 and 2022, $27.6 million, $25.0 million and $15.9 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations. This change has no impact on our segment profit or our consolidated revenues and operating income (loss).
(2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(3) | Other segment items relate to gain (loss) on disposition of assets, net.
​ The table below provides a reconciliation of segment profit to income (loss) before income taxes (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2024 |  | 2023 |  | 2022
Reconciliation of segment profit — | ​ |  |  | ​ |  |  | ​ |  |
Segment operating income | ​ | $ | 182,565 | ​ | $ | 171,920 | ​ | $ | 26,310
Change in fair value of contingent consideration | ​ | ​ | — | ​ | ​ | (42,246) | ​ | ​ | (16,054)
Corporate, eliminations and other | ​ |  | (55,130) | ​ |  | (66,164) | ​ |  | (55,111)
Net interest expense | ​ | ​ | (22,629) | ​ | ​ | (17,338) | ​ | ​ | (18,950)
Losses related to convertible senior notes | ​ | ​ | (20,922) | ​ | ​ | (37,277) | ​ | ​ | —
Other non-operating expense, net | ​ | ​ | (1,820) | ​ | ​ | (1,381) | ​ | ​ | (11,376)
Income (loss) before income taxes | ​ | $ | 82,064 | ​ | $ | 7,514 | ​ | $ | (75,181)
​ The following items are also regularly provided to the CODM (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2024 |  | 2023 |  | 2022
Capital expenditures (1) — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Well Intervention | ​ | $ | 10,955 | ​ | $ | 7,763 | ​ | $ | 17,617
Robotics | ​ |  | 10,402 | ​ |  | 3,957 | ​ |  | 15,603
Shallow Water Abandonment | ​ | ​ | 1,403 | ​ | ​ | 6,890 | ​ | ​ | 532
Production Facilities | ​ |  | — | ​ |  | — | ​ |  | (1,424)
Corporate, eliminations and other | ​ |  | 543 | ​ |  | 978 | ​ |  | 1,176
Total | ​ | $ | 23,303 | ​ | $ | 19,588 | ​ | $ | 33,504
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization (2) — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Well Intervention | ​ | $ | 123,517 | ​ | $ | 113,025 | ​ | $ | 103,952
Robotics | ​ |  | 7,601 | ​ |  | 9,604 | ​ |  | 12,209
Shallow Water Abandonment | ​ | ​ | 20,463 | ​ | ​ | 20,150 | ​ | ​ | 8,172
Production Facilities | ​ |  | 21,279 | ​ |  | 21,028 | ​ |  | 18,520
Corporate and eliminations | ​ |  | 432 | ​ |  | 309 | ​ |  | (167)
Total | ​ | $ | 173,292 | ​ | $ | 164,116 | ​ | $ | 142,686
(1) | Represent cash paid principally for the acquisition, construction, upgrade, modification and refurbishment of long-lived property and equipment.
(2) | Represents an aggregate of depreciation and amortization expense included within the segment expense captions “Direct cost of revenues” and “Selling, general and administrative expenses” as well as the line item caption “Corporate, eliminations and other” presented above.
​ Revenues by individually significant geographic location are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
U.S. | ​ | $ | 542,860 | ​ | $ | 644,755 | ​ | $ | 447,205
North Sea (1) | ​ |  | 249,968 | ​ |  | 274,745 | ​ |  | 206,647
Brazil | ​ |  | 185,538 | ​ |  | 177,070 | ​ |  | 81,940
Asia Pacific | ​ | ​ | 222,119 | ​ | ​ | 163,957 | ​ | ​ | 43,648
West Africa | ​ | ​ | 71,960 | ​ | ​ | 8,423 | ​ | ​ | 87,488
Other | ​ |  | 86,115 | ​ |  | 20,778 | ​ |  | 6,172
Total | ​ | $ | 1,358,560 | ​ | $ | 1,289,728 | ​ | $ | 873,100
(1) | Includes revenues generated from the U.K. of $181.8 million, $236.2 million and $167.0 million, respectively, during the years ended December 31, 2024, 2023 and 2022.
​ Vessels, systems and other property and equipment work in various offshore basins around the world such as the U.S. Gulf Coast, U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa regions. Vessels and equipment may temporarily work in a region other than the country in which those assets are based. For instance, the Q4000 and related IRS system, which are based in the U.S., are temporarily operating offshore West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant country where those assets are based (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2024 |  | 2023
U.S. | ​ | $ | 659,721 | ​ | $ | 735,406
U.K. | ​ |  | 578,505 | ​ |  | 617,819
Brazil | ​ |  | 199,627 | ​ |  | 219,624
Total | ​ | $ | 1,437,853 | ​ | $ | 1,572,849
​ The CODM does not regularly review segment asset information as management’s focus is on operating performance and cash flow generation. As such, we have omitted the disclosure of total assets by segment.

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