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v3.26.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):
|  | United States (primarily Gulf of America) |  |  | Africa and Europe |  |  | Middle East and Asia |  |  | Latin America |  |  | Total |
For the Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time charter |  | $ | 2,093 |  |  | $ | 22,534 |  |  | $ | 9,580 |  |  | $ | 7,750 |  |  | $ | 41,957 |
Bareboat charter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 828 |  |  |  | 828 |
Other marine services |  |  | 201 |  |  |  | 577 |  |  |  | 638 |  |  |  | 81 |  |  |  | 1,497 |
|  |  | 2,294 |  |  |  | 23,111 |  |  |  | 10,218 |  |  |  | 8,659 |  |  |  | 44,282 |
Direct Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  |  | 2,275 |  |  |  | 4,982 |  |  |  | 4,433 |  |  |  | 3,732 |  |  |  | 15,422 |
Repairs and maintenance |  |  | 388 |  |  |  | 2,957 |  |  |  | 5,999 |  |  |  | 1,256 |  |  |  | 10,600 |
Drydocking |  |  | 363 |  |  |  | 176 |  |  |  | 636 |  |  |  | 77 |  |  |  | 1,252 |
Insurance and loss reserves |  |  | 131 |  |  |  | 330 |  |  |  | 1,039 |  |  |  | 292 |  |  |  | 1,792 |
Fuel, lubes and supplies |  |  | 274 |  |  |  | 1,334 |  |  |  | 899 |  |  |  | 801 |  |  |  | 3,308 |
Other |  |  | 10 |  |  |  | 3,192 |  |  |  | 623 |  |  |  | 1,374 |  |  |  | 5,199 |
|  |  | 3,441 |  |  |  | 12,971 |  |  |  | 13,629 |  |  |  | 7,532 |  |  |  | 37,573 |
Direct Vessel (Loss) Profit |  | $ | (1,147 | ) |  | $ | 10,140 |  |  | $ | (3,411 | ) |  | $ | 1,127 |  |  |  | 6,709 |
Other Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease expense |  | $ | 128 |  |  | $ | — |  |  | $ | 73 |  |  | $ | 49 |  |  |  | 250 |
Administrative and general |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,954 |
Depreciation and amortization |  |  | 1,169 |  |  |  | 4,063 |  |  |  | 3,101 |  |  |  | 1,997 |  |  |  | 10,330 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,534 |
Gains on asset dispositions and impairments, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,448 |
Operating loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,377 | )
As of March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Historical Cost |  | $ | 57,898 |  |  | $ | 304,919 |  |  | $ | 243,319 |  |  | $ | 146,504 |  |  | $ | 752,640 |
Accumulated Depreciation |  |  | (43,283 | ) |  |  | (133,802 | ) |  |  | (115,303 | ) |  |  | (49,402 | ) |  |  | (341,790 | )
|  | $ | 14,615 |  |  | $ | 171,117 |  |  | $ | 128,016 |  |  | $ | 97,102 |  |  | $ | 410,850 |
Total Assets (1) |  | $ | 35,398 |  |  | $ | 221,523 |  |  | $ | 195,188 |  |  | $ | 114,981 |  |  | $ | 567,090 |
(1) Total Assets by region does not include corporate assets of $73.7 million as of March 31, 2026.
|  | United States (primarily Gulf of America) |  |  | Africa and Europe |  |  | Middle East and Asia |  |  | Latin America |  |  | Total |
For the Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time charter |  | $ | 6,765 |  |  | $ | 20,835 |  |  | $ | 15,710 |  |  | $ | 8,623 |  |  | $ | 51,933 |
Bareboat charter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | 708 |
Other marine services |  |  | 235 |  |  |  | 852 |  |  |  | 292 |  |  |  | 1,479 |  |  |  | 2,858 |
|  |  | 7,000 |  |  |  | 21,687 |  |  |  | 16,002 |  |  |  | 10,810 |  |  |  | 55,499 |
Direct Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  |  | 6,486 |  |  |  | 5,183 |  |  |  | 4,927 |  |  |  | 1,941 |  |  |  | 18,537 |
Repairs and maintenance |  |  | 1,479 |  |  |  | 3,462 |  |  |  | 2,505 |  |  |  | 1,074 |  |  |  | 8,520 |
Drydocking |  |  | 1,066 |  |  |  | 1,241 |  |  |  | 1,031 |  |  |  | 531 |  |  |  | 3,869 |
Insurance and loss reserves |  |  | 702 |  |  |  | 594 |  |  |  | 702 |  |  |  | 155 |  |  |  | 2,153 |
Fuel, lubes and supplies |  |  | 819 |  |  |  | 2,180 |  |  |  | 883 |  |  |  | 664 |  |  |  | 4,546 |
Other |  |  | 349 |  |  |  | 2,727 |  |  |  | 881 |  |  |  | 346 |  |  |  | 4,303 |
|  |  | 10,901 |  |  |  | 15,387 |  |  |  | 10,929 |  |  |  | 4,711 |  |  |  | 41,928 |
Direct Vessel (Loss) Profit |  | $ | (3,901 | ) |  | $ | 6,300 |  |  | $ | 5,073 |  |  | $ | 6,099 |  |  |  | 13,571 |
Other Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease expense |  | $ | 136 |  |  | $ | 63 |  |  | $ | 83 |  |  | $ | 55 |  |  |  | 337 |
Administrative and general |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,486 |
Depreciation and amortization |  |  | 3,705 |  |  |  | 4,402 |  |  |  | 3,230 |  |  |  | 1,473 |  |  |  | 12,810 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,633 |
Gains on asset dispositions and impairments, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,809 |
Operating loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,253 | )
As of March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Historical Cost |  | $ | 215,578 |  |  | $ | 325,000 |  |  | $ | 236,337 |  |  | $ | 105,046 |  |  | $ | 881,961 |
Accumulated Depreciation |  |  | (107,646 | ) |  |  | (125,722 | ) |  |  | (98,960 | ) |  |  | (33,094 | ) |  |  | (365,422 | )
|  | $ | 107,932 |  |  | $ | 199,278 |  |  | $ | 137,377 |  |  | $ | 71,952 |  |  | $ | 516,539 |
Total Assets (1) |  | $ | 137,600 |  |  | $ | 237,451 |  |  | $ | 186,108 |  |  | $ | 89,247 |  |  | $ | 650,406 |
(1) Total Assets by region does not include corporate assets of $43.8 million as of March 31, 2025.

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- 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
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