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OPERATING SEGMENTS | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
OPERATING SEGMENTS | 7. OPERATING SEGMENTS During 2021, we sold our Shipyard Division operating assets and certain construction contracts and commenced the wind down of our remaining Shipyard Division operations, which consisted of completion of the Ferry Projects. The wind down of our Shipyard Division operations was substantially completed in the fourth quarter 2023 and final completion occurred in the first quarter 2025 with the expiration of the last warranty period for the Ferry Projects. While our Shipyard Division represented a reportable segment for the year ended December 31, 2024, effective January 1, 2025, the Shipyard Division is no longer a reportable segment. Accordingly, we currently operate and manage our business through two operating divisions (“Services” and “Fabrication”) and one non-operating division (“Corporate”), which represent our reportable segments. Operating results for our Shipyard Division for the first quarter 2025 are not material and are reflected within our Corporate Division. Our two 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. 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 costs. 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 three months ended March 31, 2025 and 2024, is as follows (in thousands):
|  | Three Months Ended March 31, 2025 |
|  | Services |  |  | Fabrication |  |  | Shipyard(1) |  |  | Corporate |  |  | Consolidated |
Revenue (eliminations) |  | $ | 19,855 |  |  | $ | 20,694 |  |  | $ | — |  |  | $ | (276 | ) |  | $ | 40,273 |
Cost of revenue |  |  | 17,572 |  |  |  | 16,362 |  |  |  | — |  |  |  | (276 | ) |  |  | 33,658 |
Gross profit |  |  | 2,283 |  |  |  | 4,332 |  |  |  | — |  |  |  | — |  |  |  | 6,615 |
General and administrative expense |  |  | 700 |  |  |  | 567 |  |  |  | — |  |  |  | 1,968 |  |  |  | 3,235 |
Other (income) expense, net |  |  | — |  |  |  | (30 | ) |  |  | — |  |  |  | 130 |  |  |  | 100 |
Operating income (loss) |  | $ | 1,583 |  |  | $ | 3,795 |  |  | $ | — |  |  | $ | (2,098 | ) |  | $ | 3,280 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 482 |  |  | $ | 698 |  |  | $ | — |  |  | $ | 76 |  |  | $ | 1,256 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 549 |  |  | $ | 549 |
Capital expenditures |  | $ | — |  |  | $ | 307 |  |  | $ | — |  |  | $ | — |  |  | $ | 307 |
Total assets(2) |  | $ | 23,077 |  |  | $ | 41,311 |  |  | $ | — |  |  | $ | 73,774 |  |  | $ | 138,162 |
|  | Three Months Ended March 31, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Corporate |  |  | Consolidated |
Revenue (eliminations) |  | $ | 25,534 |  |  | $ | 17,138 |  |  | $ | 409 |  |  | $ | (200 | ) |  | $ | 42,881 |
Cost of revenue |  |  | 21,921 |  |  |  | 14,946 |  |  |  | 90 |  |  |  | (200 | ) |  |  | 36,757 |
Gross profit |  |  | 3,613 |  |  |  | 2,192 |  |  |  | 319 |  |  |  | — |  |  |  | 6,124 |
General and administrative expense |  |  | 743 |  |  |  | 441 |  |  |  | — |  |  |  | 2,300 |  |  |  | 3,484 |
Other (income) expense, net |  |  | 3 |  |  |  | (2,970 | ) |  |  | (23 | ) |  |  | (78 | ) |  |  | (3,068 | )
Operating income (loss) |  | $ | 2,867 |  |  | $ | 4,721 |  |  | $ | 342 |  |  | $ | (2,222 | ) |  | $ | 5,708 |
Other financial information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | $ | 480 |  |  | $ | 635 |  |  | $ | — |  |  | $ | 78 |  |  | $ | 1,193 |
Interest (expense) income, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 542 |  |  | $ | 542 |
Capital expenditures |  | $ | 294 |  |  | $ | 2,259 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,553 |
Total assets(2) |  | $ | 28,228 |  |  | $ | 33,172 |  |  | $ | 541 |  |  | $ | 65,817 |  |  | $ | 127,758 |
(1) Effective January 1, 2025, the Shipyard Division is no longer a reportable segment. Remaining operating results for our Shipyard Division are not material and are reflected within our Corporate Division. (2) Cash and short-term investments are reported within our Corporate Division.

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