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Business Segment Information
 9 Months Ended
Sep. 30, 2025
Business Segment Information  
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. These reportable segments are strategic business units that utilize different mix of vessels and/or equipment to perform different types of services. All material intercompany transactions between the segments have been eliminated. See Note 2 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

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.

​

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

​

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.

​

We have not included a disclosure of total assets by segment as management’s focus is on operating performance and cash flow generation and the CODM does not regularly review segment asset information.