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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
OPERATING SEGMENTS | 9. OPERATING SEGMENTS We operate and manage our business through three operating divisions (“Services”, “Fabrication” and “Shipyard”) and one non-operating division (“Corporate”), which represent our reportable segments. Our three operating divisions and Corporate Division are discussed below. Services Division – Our Services Division provides maintenance, repair, construction, scaffolding, coatings, welding enclosures, cleaning and environmental and other specialty services on offshore platforms and inland structures and at industrial facilities; provides services required to connect production equipment and service modules and equipment on offshore platforms; provides project management and commissioning services; and performs municipal and drainage projects, including pump stations, levee reinforcement, bulkheads and other public works. Our services activities are managed from our various Facilities. Fabrication Division – Our Fabrication Division fabricates modules, skids and piping systems for onshore refining, petrochemical, LNG and industrial facilities and offshore facilities; fabricates foundations, secondary steel components and support structures for alternative energy developments and coastal mooring facilities; fabricates offshore production platforms and associated structures, including jacket foundations, piles and topsides for fixed production and utility platforms, as well as hulls and topsides for floating production and utility platforms; and fabricates other complex steel structures and components. Our fabrication activities are performed at our Houma Facilities. Shipyard Division – Our Shipyard Division previously fabricated newbuild marine vessels and provided marine repair and maintenance services. However, during 2021, we completed the Shipyard Transaction, which excluded the contracts and related obligations for our Ferry Projects that were under construction as of the transaction date, and excluded the contracts and related obligations for the projects that were subject to our previous MPSV Litigation, which was resolved on October 4, 2023. Construction of the Ferry Projects was performed at our Houma Facilities. The wind down of our remaining Shipyard Division operations was substantially completed in the fourth quarter 2023 and final completion is anticipated to occur in March 2025 upon expiration of the last warranty period for the Ferry Projects. At December 31, 2024 and 2023, the net liabilities on our Balance Sheet associated with our Shipyard Division operations totaled $0.9 million and $1.4 million, respectively. See Note 1 for further discussion of the Shipyard Transaction, Note 2 for further discussion of our Ferry Projects and Note 7 for further discussion of the resolution of our MPSV Litigation. Corporate Division and Allocations – Our Corporate Division includes costs that do not directly relate to our operating divisions. Such costs include, but are not limited to, costs of maintaining our corporate office, executive management salaries and incentives, board of directors’ fees, certain insurance costs and costs associated with overall corporate governance and reporting requirements for a publicly traded company. Shared resources and costs that benefit more than one operating division are allocated amongst the operating divisions based on each operating division’s estimated share of the benefit received. Such costs include, but are not limited to, human resources, insurance, information technology, accounting, business development and certain division leadership. Segment Results – Our chief operating decision maker is our chief executive officer and he generally evaluates the performance of, and allocates resources to, our divisions based upon gross profit or loss and operating income or loss. Segment assets are comprised of all assets attributable to each division. Intersegment revenues are priced at the estimated fair value of work performed. 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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