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Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

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
Three months ended September 30, 2025
External revenues		$	193,205		$	90,600		$	74,642		$	18,513		$	376,960
Intersegment revenues ⁽¹⁾			—			8,807			—			—			8,807
Segment revenues			193,205			99,407			74,642			18,513			385,767
Elimination of intersegment revenues															(8,807)
Total consolidated net revenues														$	376,960

Less ⁽²⁾:
Direct cost of revenues			(177,000)			(67,517)			(54,329)			(12,618)
Operations support			(3,766)			(1,410)			(2,619)			(138)
Selling, general and administrative expenses			(3,881)			(2,602)			(1,953)			(376)
Segment operating income		$	8,558		$	27,878		$	15,741		$	5,381		$	57,558

Three months ended September 30, 2024
External revenues		$	174,613		$	75,554		$	71,557		$	20,695		$	342,419
Intersegment revenues ⁽¹⁾			—			8,972			38			—			9,010
Segment revenues			174,613			84,526			71,595			20,695			351,429
Elimination of intersegment revenues															(9,010)
Total consolidated net revenues														$	342,419

Less ⁽²⁾:
Direct cost of revenues			(150,718)			(56,331)			(57,697)			(12,033)
Operations support			(3,785)			(1,512)			(3,088)			(131)
Selling, general and administrative expenses			(4,014)			(2,525)			(2,002)			(330)
Other segment items ⁽³⁾			13			—			—			87
Segment operating income		$	16,109		$	24,158		$	8,808		$	8,288		$	57,363


		Well						Shallow Water			Production
		Intervention			Robotics			Abandonment			Facilities			Total
Nine months ended September 30, 2025
External revenues		$	548,365		$	211,502		$	142,014		$	55,431		$	957,312
Intersegment revenues ⁽¹⁾			—			24,519			64			—			24,583
Segment revenues			548,365			236,021			142,078			55,431			981,895
Elimination of intersegment revenues															(24,583)
Total consolidated net revenues														$	957,312

Less ⁽²⁾:
Direct cost of revenues			(512,187)			(171,725)			(126,328)			(37,055)
Operations support			(11,723)			(4,146)			(8,144)			(405)
Selling, general and administrative expenses			(12,357)			(7,881)			(5,663)			(1,221)
Segment operating income		$	12,098		$	52,269		$	1,943		$	16,750		$	83,060

Nine months ended September 30, 2024
External revenues		$	597,581		$	186,536		$	149,063		$	70,247		$	1,003,427
Intersegment revenues ⁽¹⁾			6,093			29,548			226			—			35,867
Segment revenues			603,674			216,084			149,289			70,247			1,039,294
Elimination of intersegment revenues															(35,867)
Total consolidated net revenues														$	1,003,427

Less ⁽²⁾:
Direct cost of revenues			(515,440)			(146,155)			(136,830)			(52,732)
Operations support			(11,365)			(4,175)			(9,758)			(399)
Selling, general and administrative expenses			(12,795)			(7,746)			(6,452)			(1,361)
Other segment items ⁽³⁾			13			—			(150)			87
Segment operating income (loss)		$	64,087		$	58,008		$	(3,901)		$	15,842		$	134,036

(1)

Intersegment amounts are derived primarily from equipment and services provided to other business segments. Beginning with the full-year 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. Accordingly, for the three- and nine-month periods ended September 30, 2024, $8.1 million and $20.1 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 to income before income taxes

The table below provides a reconciliation of segment profit to income before income taxes (in thousands):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2025			2024			2025			2024
Reconciliation of segment profit —
Segment operating income		$	57,558		$	57,363		$	83,060		$	134,036
Corporate, eliminations and other			(9,707)			(12,723)			(30,189)			(37,479)
Net interest expense			(5,616)			(5,689)			(17,197)			(17,057)
Losses related to convertible senior notes			—			—			—			(20,922)
Other non-operating income (expense), net			(983)			83			508			(515)
Income before income taxes		$	41,252		$	39,034		$	36,182		$	58,063

Schedule of other items regularly provided to the CODM

The following items are also regularly provided to the CODM (in thousands):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2025			2024			2025			2024
Capital expenditures ⁽¹⁾ —
Well Intervention		$	304		$	1,900		$	4,663		$	5,172
Robotics			1,331			1,287			5,431			4,564
Shallow Water Abandonment			—			(27)			378			585
Production Facilities			—			—			—			—
Corporate, eliminations and other			53			26			174			459
Total		$	1,688		$	3,186		$	10,646		$	10,780

Depreciation and amortization ⁽²⁾ —
Well Intervention		$	44,004		$	31,211		$	107,982		$	93,043
Robotics			1,050			1,604			3,674			5,980
Shallow Water Abandonment			5,801			5,764			17,380			16,818
Production Facilities			4,776			4,209			14,286			16,554
Corporate and eliminations			30			116			210			333
Total		$	55,661		$	42,904		$	143,532		$	132,728

(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 related to property and equipment and deferred recertification and dry dock costs, which is 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.