SEGMENTS |
SEGMENTS The Company has three reportable segments: Offshore Energy Services, Government Services and Other Services. The Offshore Energy Services segment provides aviation services to, from and between offshore energy installations globally. The Government Services segment provides search and rescue (“SAR”) and support helicopter services to government agencies globally. The Other Services segment is primarily comprised of fixed wing services, dry-leasing of aircraft to third-party operators and part sales. Corporate includes unallocated overhead costs that are not directly associated with the Company’s reportable segments. The Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), uses segment operating income, in addition to other measures, to assess segment performance and allocate resources.
Financial information by segment for the three months ended June 30, 2025 and 2024 is summarized below (in thousands):
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Offshore Energy Services |
|
Government Services |
|
Other Services |
|
Corporate |
|
Consolidated |
Three months ended June 30, 2025 |
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|
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|
|
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Revenues |
$ |
252,810 |
|
|
$ |
92,499 |
|
|
$ |
31,120 |
|
|
$ |
— |
|
|
$ |
376,429 |
|
Less: |
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|
|
|
|
|
|
|
|
Personnel |
55,047 |
|
|
27,271 |
|
|
6,411 |
|
|
— |
|
|
88,729 |
|
Repairs and maintenance |
48,078 |
|
|
13,369 |
|
|
3,341 |
|
|
— |
|
|
64,788 |
|
Insurance |
3,824 |
|
|
1,948 |
|
|
377 |
|
|
— |
|
|
6,149 |
|
Fuel |
12,865 |
|
|
2,681 |
|
|
4,853 |
|
|
— |
|
|
20,399 |
|
Leased-in equipment |
15,204 |
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|
9,699 |
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|
1,612 |
|
|
— |
|
|
26,515 |
|
Other segment costs |
43,640 |
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|
21,717 |
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|
6,554 |
|
|
— |
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|
71,911 |
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Total operating expenses |
178,658 |
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|
76,685 |
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|
23,148 |
|
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— |
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|
278,491 |
|
General and administrative expenses |
23,813 |
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|
10,230 |
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|
1,850 |
|
|
8,482 |
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|
44,375 |
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|
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|
|
|
|
|
|
|
Depreciation and amortization expense |
6,924 |
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|
7,496 |
|
|
2,679 |
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|
213 |
|
|
17,312 |
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Total costs and expenses |
209,395 |
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|
94,411 |
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|
27,677 |
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|
8,695 |
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|
340,178 |
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Gains on disposal of assets |
— |
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— |
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— |
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|
6,209 |
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|
6,209 |
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Earnings from unconsolidated affiliates |
180 |
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— |
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— |
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— |
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|
180 |
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Operating income (loss) |
$ |
43,595 |
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|
$ |
(1,912) |
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$ |
3,443 |
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$ |
(2,486) |
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$ |
42,640 |
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Offshore Energy Services |
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Government Services |
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Other Services |
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Corporate |
|
Consolidated |
Three months ended June 30, 2024 |
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Revenues |
$ |
249,693 |
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$ |
79,578 |
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$ |
30,478 |
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$ |
— |
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$ |
359,749 |
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Less: |
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Personnel |
49,565 |
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|
22,569 |
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|
5,779 |
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— |
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|
77,913 |
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Repairs and maintenance |
52,487 |
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|
13,183 |
|
|
3,473 |
|
|
— |
|
|
69,143 |
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Insurance |
4,154 |
|
|
1,766 |
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|
292 |
|
|
— |
|
|
6,212 |
|
Fuel |
15,452 |
|
|
2,257 |
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|
5,167 |
|
|
— |
|
|
22,876 |
|
Leased-in equipment |
14,952 |
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|
9,356 |
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|
1,141 |
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— |
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|
25,449 |
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Other segment costs |
35,994 |
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|
9,492 |
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|
6,554 |
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— |
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|
52,040 |
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Total operating expenses |
172,604 |
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|
58,623 |
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|
22,406 |
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— |
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|
253,633 |
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General and administrative expenses |
25,725 |
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|
9,038 |
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|
1,670 |
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|
8,500 |
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|
44,933 |
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Depreciation and amortization expense |
7,046 |
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|
6,848 |
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|
2,737 |
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|
217 |
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|
16,848 |
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Total costs and expenses |
205,375 |
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|
74,509 |
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|
26,813 |
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|
8,717 |
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|
315,414 |
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Losses on disposal of assets |
— |
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— |
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— |
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(224) |
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|
(224) |
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Earnings from unconsolidated affiliates |
651 |
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— |
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— |
|
|
— |
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|
651 |
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Operating income (loss) |
$ |
44,969 |
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$ |
5,069 |
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$ |
3,665 |
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$ |
(8,941) |
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$ |
44,762 |
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Financial information by segment for the six months ended June 30, 2025 and 2024 is summarized below (in thousands):
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Offshore Energy Services |
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Government Services |
|
Other Services |
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Corporate |
|
Consolidated |
Six months ended June 30, 2025 |
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Revenues |
$ |
492,595 |
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$ |
178,442 |
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$ |
55,922 |
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$ |
— |
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$ |
726,959 |
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Less: |
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|
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Personnel |
111,813 |
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|
51,744 |
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|
12,483 |
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— |
|
|
176,040 |
|
Repairs and maintenance |
94,985 |
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|
24,730 |
|
|
6,388 |
|
|
— |
|
|
126,103 |
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Insurance |
7,853 |
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|
4,385 |
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|
745 |
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— |
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|
12,983 |
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Fuel |
25,567 |
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|
4,763 |
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|
8,944 |
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— |
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|
39,274 |
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Leased-in equipment |
30,137 |
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|
19,392 |
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|
3,035 |
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— |
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|
52,564 |
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Other segment costs |
81,296 |
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|
34,588 |
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|
12,828 |
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— |
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|
128,712 |
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Total operating expenses |
351,651 |
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|
139,602 |
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|
44,423 |
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— |
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|
535,676 |
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General and administrative expenses |
47,072 |
|
|
19,959 |
|
|
3,445 |
|
|
16,999 |
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|
87,475 |
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|
|
|
|
|
|
|
|
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Depreciation and amortization expense |
13,794 |
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|
14,782 |
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|
5,233 |
|
|
344 |
|
|
34,153 |
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Total costs and expenses |
412,517 |
|
|
174,343 |
|
|
53,101 |
|
|
17,343 |
|
|
657,304 |
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|
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|
|
|
|
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Gains on disposal of assets |
— |
|
|
— |
|
|
— |
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|
5,651 |
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|
5,651 |
|
Earnings from unconsolidated affiliates |
882 |
|
|
— |
|
|
— |
|
|
— |
|
|
882 |
|
Operating income (loss) |
$ |
80,960 |
|
|
$ |
4,099 |
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|
$ |
2,821 |
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|
$ |
(11,692) |
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$ |
76,188 |
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Offshore Energy Services |
|
Government Services |
|
Other Services |
|
Corporate |
|
Consolidated |
Six months ended June 30, 2024 |
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Revenues |
$ |
479,588 |
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$ |
161,750 |
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$ |
55,505 |
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$ |
— |
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$ |
696,843 |
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Less: |
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|
|
|
|
|
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Personnel |
105,842 |
|
|
44,145 |
|
|
12,124 |
|
|
— |
|
|
162,111 |
|
Repairs and maintenance |
103,297 |
|
|
25,387 |
|
|
6,182 |
|
|
— |
|
|
134,866 |
|
Insurance |
8,543 |
|
|
3,747 |
|
|
573 |
|
|
— |
|
|
12,863 |
|
Fuel |
30,732 |
|
|
4,360 |
|
|
9,418 |
|
|
— |
|
|
44,510 |
|
Leased-in equipment |
30,506 |
|
|
18,861 |
|
|
2,321 |
|
|
— |
|
|
51,688 |
|
Other segment costs |
72,165 |
|
|
19,303 |
|
|
11,182 |
|
|
— |
|
|
102,650 |
|
Total operating expenses |
351,085 |
|
|
115,803 |
|
|
41,800 |
|
|
— |
|
|
508,688 |
|
General and administrative expenses |
50,137 |
|
|
17,922 |
|
|
3,560 |
|
|
16,661 |
|
|
88,280 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
14,268 |
|
|
13,666 |
|
|
5,602 |
|
|
481 |
|
|
34,017 |
|
Total costs and expenses |
415,490 |
|
|
147,391 |
|
|
50,962 |
|
|
17,142 |
|
|
630,985 |
|
|
|
|
|
|
|
|
|
|
|
Losses on disposal of assets |
— |
|
|
— |
|
|
— |
|
|
(337) |
|
|
(337) |
|
Earnings from unconsolidated affiliates |
2,070 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,070 |
|
Operating income (loss) |
$ |
66,168 |
|
|
$ |
14,359 |
|
|
$ |
4,543 |
|
|
$ |
(17,479) |
|
|
$ |
67,591 |
|
Reconciliation of consolidated income (loss) before taxes for the periods reflected below were as follows:
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|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Operating income (loss): |
|
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|
|
|
|
|
Offshore Energy Services |
$ |
43,595 |
|
|
$ |
44,969 |
|
|
$ |
80,960 |
|
|
$ |
66,168 |
|
Government Services |
(1,912) |
|
|
5,069 |
|
|
4,099 |
|
|
14,359 |
|
Other Services |
3,443 |
|
|
3,665 |
|
|
2,821 |
|
|
4,543 |
|
Corporate |
(2,486) |
|
|
(8,941) |
|
|
(11,692) |
|
|
(17,479) |
|
Total operating income |
42,640 |
|
|
44,762 |
|
|
76,188 |
|
|
67,591 |
|
Interest income |
2,039 |
|
|
2,142 |
|
|
4,157 |
|
|
4,126 |
|
Interest expense, net |
(10,034) |
|
|
(9,385) |
|
|
(19,524) |
|
|
(18,857) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other, net |
17,577 |
|
|
(83) |
|
|
28,965 |
|
|
(6,284) |
|
Total other income (expense), net |
9,582 |
|
|
(7,326) |
|
|
13,598 |
|
|
(21,015) |
|
Income before income taxes |
$ |
52,222 |
|
|
$ |
37,436 |
|
|
$ |
89,786 |
|
|
$ |
46,576 |
|
Total depreciation and amortization expense by segment for the periods reflected below were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Energy Services |
|
Government Services |
|
Other Services |
|
Corporate |
|
Consolidated |
Three months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
$ |
6,924 |
|
|
$ |
7,496 |
|
|
$ |
2,679 |
|
|
$ |
213 |
|
|
$ |
17,312 |
|
PBH amortization(1)
|
3,069 |
|
|
452 |
|
|
66 |
|
|
— |
|
|
3,587 |
|
Total depreciation and amortization expense |
$ |
9,993 |
|
|
$ |
7,948 |
|
|
$ |
2,745 |
|
|
$ |
213 |
|
|
$ |
20,899 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
$ |
7,046 |
|
|
$ |
6,848 |
|
|
$ |
2,737 |
|
|
$ |
217 |
|
|
$ |
16,848 |
|
PBH amortization(1)
|
3,072 |
|
|
507 |
|
|
146 |
|
|
— |
|
|
3,725 |
|
Total depreciation and amortization expense |
$ |
10,118 |
|
|
$ |
7,355 |
|
|
$ |
2,883 |
|
|
$ |
217 |
|
|
$ |
20,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offshore Energy Services |
|
Government Services |
|
Other Services |
|
Corporate |
|
Consolidated |
Six months ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
$ |
13,794 |
|
|
$ |
14,782 |
|
|
$ |
5,233 |
|
|
$ |
344 |
|
|
$ |
34,153 |
|
PBH amortization(1)
|
5,949 |
|
|
874 |
|
|
170 |
|
|
— |
|
|
6,993 |
|
Total depreciation and amortization expense |
$ |
19,743 |
|
|
$ |
15,656 |
|
|
$ |
5,403 |
|
|
$ |
344 |
|
|
$ |
41,146 |
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
$ |
14,268 |
|
|
$ |
13,666 |
|
|
$ |
5,602 |
|
|
$ |
481 |
|
|
$ |
34,017 |
|
PBH amortization(1)
|
6,149 |
|
|
1,008 |
|
|
294 |
|
|
— |
|
|
7,451 |
|
Total depreciation and amortization expense |
$ |
20,417 |
|
|
$ |
14,674 |
|
|
$ |
5,896 |
|
|
$ |
481 |
|
|
$ |
41,468 |
|
(1) Included within operating expenses on the condensed consolidated statements of operations.
Capital expenditures by segment for the periods reflected below were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Offshore Energy Services |
$ |
5,690 |
|
$ |
20,434 |
|
|
$ |
28,335 |
|
$ |
22,271 |
|
Government Services |
22,623 |
|
28,622 |
|
|
51,158 |
|
88,393 |
|
Other Services |
3,304 |
|
1,298 |
|
|
4,184 |
|
4,252 |
|
Total capital expenditures |
$ |
31,617 |
|
$ |
50,354 |
|
|
$ |
83,677 |
|
$ |
114,916 |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Offshore Energy Services |
$ |
597,203 |
|
$ |
596,687 |
|
Government Services |
503,602 |
|
433,721 |
|
Other Services |
62,033 |
|
62,746 |
|
Total segment assets |
$ |
1,162,838 |
|
$ |
1,093,154 |
|
Corporate |
2,553 |
|
3,156 |
|
Construction-in-progress |
257,722 |
|
244,181 |
|
Total long-lived assets |
$ |
1,423,113 |
|
$ |
1,340,491 |
|