Quarterly report [Sections 13 or 15(d)]

SEGMENT AND GEOGRAPHIC AREA INFORMATION (Tables)

v3.25.1
SEGMENT AND GEOGRAPHIC AREA INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the three months ended March 31, 2025 and 2024 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended March 31, 2025
Revenues $ 239,785  $ 85,943  $ 24,802  $ —  $ 350,530 
Less:
Personnel 56,766  24,473  6,072  —  87,311 
Repairs and maintenance 46,907  11,361  3,047  —  61,315 
Insurance 4,029  2,437  368  —  6,834 
Fuel 12,702  2,082  4,091  —  18,875 
Leased-in equipment 14,933  9,693  1,423  —  26,049 
Other segment costs 37,656  12,871  6,274  —  56,801 
Total operating expenses 172,993  62,917  21,275  —  257,185 
General and administrative expenses 23,259  9,729  1,595  8,517  43,100 
Depreciation and amortization expense 6,870  7,286  2,554  131  16,841 
Total costs and expenses 203,122  79,932  25,424  8,648  317,126 
Losses on disposal of assets —  —  —  (558) (558)
Earnings from unconsolidated affiliates 702  —  —  —  702 
Operating income (loss) $ 37,365  $ 6,011  $ (622) $ (9,206) $ 33,548 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended March 31, 2024
Revenues $ 229,895  $ 82,172  $ 25,027  $ —  $ 337,094 
Less:
Personnel 56,277  21,576  6,345  —  84,198 
Repairs and maintenance 50,810  12,204  2,709  —  65,723 
Insurance 4,389  1,981  281  —  6,651 
Fuel 15,280  2,103  4,251  —  21,634 
Leased-in equipment 15,554  9,505  1,180  —  26,239 
Other segment costs 36,171  9,811  4,628  —  50,610 
Total operating expenses 178,481  57,180  19,394  —  255,055 
General and administrative expenses 24,412  8,884  1,890  8,161  43,347 
Depreciation and amortization expense 7,222  6,818  2,865  264  17,169 
Total costs and expenses 210,115  72,882  24,149  8,425  315,571 
Losses on disposal of assets —  —  —  (113) (113)
Earnings from unconsolidated affiliates 1,419  —  —  —  1,419 
Operating income (loss) $ 21,199  $ 9,290  $ 878  $ (8,538) $ 22,829 
Total depreciation and amortization expense by segment for the periods reflected below were as follows:
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended March 31, 2025
Depreciation and amortization expense $ 6,870  $ 7,286  $ 2,554  $ 131  $ 16,841 
PBH amortization(1)
2,879  422  105  —  3,406 
Total depreciation and amortization expense $ 9,749  $ 7,708  $ 2,659  $ 131  $ 20,247 
Three months ended March 31, 2024
Depreciation and amortization expense $ 7,222  $ 6,818  $ 2,865  $ 264  $ 17,169 
PBH amortization(1)
3,060  498  168  —  3,726 
Total depreciation and amortization expense $ 10,282  $ 7,316  $ 3,033  $ 264  $ 20,895 
(1) Included within operating expenses on the condensed consolidated statements of operations.
Capital expenditures by segment for the periods reflected below were as follows:
Three Months Ended
March 31, 2025 March 31, 2024
Offshore Energy Services $ 22,695 $ 1,719 
Government Services 28,486 59,531 
Other Services 879 3,312 
Total capital expenditures $ 52,060 $ 64,562 
Segment assets consisting of property and equipment (excluding construction in progress), net of accumulated depreciation and right of use (“ROU”) assets, are reflected below for the periods indicated:
March 31, 2025 December 31, 2024
Offshore Energy Services $ 595,556 $ 596,687 
Government Services 452,380 433,721 
Other Services 61,344 62,746 
Total segment assets $ 1,109,280 $ 1,093,154 
Corporate 2,911 3,156 
Construction-in-progress 266,214 244,181 
Total long-lived assets $ 1,378,405 $ 1,340,491
Schedule Of Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:
Three Months Ended
March 31, 2025 March 31, 2024
Operating income (loss):
Offshore Energy Services $ 37,365  $ 21,199 
Government Services 6,011  9,290 
Other Services (622) 878 
Corporate (9,206) (8,538)
Total operating income 33,548  22,829 
Interest income 2,118  1,984 
Interest expense, net (9,490) (9,472)
Other, net 11,388  (6,201)
Total other income (expense), net 4,016  (13,689)
Income before income taxes $ 37,564  $ 9,140