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Operating Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summarized Segment Financial Information | Summarized financial information for our segments as of and for the years ended December 31, 2024 and 2023, is as follows (in thousands):
|  | Year ended December 31, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Corporate |  |  | Total |
Revenue (eliminations) |  | $ | 87,370 |  |  | $ | 71,673 |  |  | $ | 1,061 |  |  | $ | (905 | ) |  | $ | 159,199 |
Cost of revenue |  |  | 77,169 |  |  |  | 61,211 |  |  |  | (529 | ) |  |  | (905 | ) |  |  | 136,946 |
Gross profit (1) |  |  | 10,201 |  |  |  | 10,462 |  |  |  | 1,590 |  |  |  | — |  |  |  | 22,253 |
General and administrative expenses |  |  | 2,759 |  |  |  | 2,008 |  |  |  | — |  |  |  | 8,754 |  |  |  | 13,521 |
Other (income) expense, net (1) |  |  | 106 |  |  |  | (3,429 | ) |  |  | 85 |  |  |  | (309 | ) |  |  | (3,547 | )
Operating income (loss) (1) |  | $ | 7,336 |  |  | $ | 11,883 |  |  | $ | 1,505 |  |  | $ | (8,445 | ) |  | $ | 12,279 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 1,974 |  |  | $ | 2,581 |  |  | $ | — |  |  | $ | 310 |  |  | $ | 4,865 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,411 |  |  | $ | 2,411 |
Capital expenditures |  | $ | 841 |  |  | $ | 4,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,344 |
Total assets (3) |  | $ | 20,268 |  |  | $ | 39,723 |  |  | $ | 216 |  |  | $ | 73,009 |  |  | $ | 133,216 |
|  | Year ended December 31, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Corporate |  |  | Total |
Revenue (eliminations) (2) |  | $ | 93,548 |  |  | $ | 89,046 |  |  | $ | (30,417 | ) |  | $ | (1,110 | ) |  | $ | 151,067 |
Cost of revenue |  |  | 79,765 |  |  |  | 78,868 |  |  |  | 5,445 |  |  |  | (1,110 | ) |  |  | 162,968 |
Gross profit (loss) (2) |  |  | 13,783 |  |  |  | 10,178 |  |  |  | (35,862 | ) |  |  | — |  |  |  | (11,901 | )
General and administrative expenses |  |  | 2,902 |  |  |  | 1,885 |  |  |  | 3,205 |  |  |  | 8,286 |  |  |  | 16,278 |
Other (income) expense, net (2) |  |  | (48 | ) |  |  | (2,265 | ) |  |  | 307 |  |  |  | (290 | ) |  |  | (2,296 | )
Operating income (loss) (2) |  | $ | 10,929 |  |  | $ | 10,558 |  |  | $ | (39,374 | ) |  | $ | (7,996 | ) |  | $ | (25,883 | )
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 1,926 |  |  | $ | 3,249 |  |  | $ | — |  |  | $ | 291 |  |  | $ | 5,466 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,440 |  |  | $ | 1,440 |
Capital expenditures |  | $ | 544 |  |  | $ | 2,233 |  |  | $ | — |  |  | $ | 99 |  |  | $ | 2,876 |
Total assets (3) |  | $ | 32,191 |  |  | $ | 42,368 |  |  | $ | 1,553 |  |  | $ | 52,316 |  |  | $ | 128,428 |
(1) Gross profit and operating income (loss) for 2024 include project improvements of $1.1 million (including the favorable resolution of a vendor claim that resulted in negative cost of revenue) for our Shipyard Division and the partial under-recovery of overhead costs for our Fabrication Division. Other (income) expense, net and operating income (loss) for 2024 include a gain of $2.9 million related to the sale of assets held for sale and gains of $1.1 million related to the sales of excess equipment for our Fabrication Division. See Note 2 for further discussion of our project impacts and Notes 1 and 3 for further discussion of our sales of assets held for sale and equipment. (2) Revenue for 2023 includes a charge of $32.5 million resulting from the resolution of our previous MPSV Litigation for our Shipyard Division. Gross profit (loss) and operating income (loss) for 2023 include a charge of $32.5 million resulting from the resolution of our previous MPSV Litigation and project charges of $2.7 million for our Shipyard Division and the partial under-recovery of overhead costs for our Fabrication Division. Other (income) expense, net and operating income (loss) for 2023 include gains of $2.0 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida for our Fabrication Division and charges of $0.5 million associated with damage previously caused by Hurricane Ida for our Shipyard Division. See Note 2 for further discussion of our project and Hurricane Ida impacts and Note 7 for further discussion of the resolution of our MPSV Litigation. (3) Cash and short-term investments are reported within our Corporate Division.

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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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