XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Business Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Business Segment Information |
Schedule of financial data by reportable 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.
Schedule of reconciliation of segment profit (loss) to income (loss) before income taxes | 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)
Schedule of other items regularly provided to the CODM | 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.
Schedule of revenue by individually significant geographic location | 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.
Schedule of property and equipment, net of accumulated depreciation, by individually significant geographic location | 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

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration