Quarterly report [Sections 13 or 15(d)]

SEGMENTS (Tables)

v3.25.2
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the three months ended June 30, 2025 and 2024 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended June 30, 2025
Revenues $ 252,810  $ 92,499  $ 31,120  $ —  $ 376,429 
Less:
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  9,699  1,612  —  26,515 
Other segment costs 43,640  21,717  6,554  —  71,911 
Total operating expenses 178,658  76,685  23,148  —  278,491 
General and administrative expenses 23,813  10,230  1,850  8,482  44,375 
Depreciation and amortization expense 6,924  7,496  2,679  213  17,312 
Total costs and expenses 209,395  94,411  27,677  8,695  340,178 
Gains on disposal of assets —  —  —  6,209  6,209 
Earnings from unconsolidated affiliates 180  —  —  —  180 
Operating income (loss) $ 43,595  $ (1,912) $ 3,443  $ (2,486) $ 42,640 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended June 30, 2024
Revenues $ 249,693  $ 79,578  $ 30,478  $ —  $ 359,749 
Less:
Personnel 49,565  22,569  5,779  —  77,913 
Repairs and maintenance 52,487  13,183  3,473  —  69,143 
Insurance 4,154  1,766  292  —  6,212 
Fuel 15,452  2,257  5,167  —  22,876 
Leased-in equipment 14,952  9,356  1,141  —  25,449 
Other segment costs 35,994  9,492  6,554  —  52,040 
Total operating expenses 172,604  58,623  22,406  —  253,633 
General and administrative expenses 25,725  9,038  1,670  8,500  44,933 
Depreciation and amortization expense 7,046  6,848  2,737  217  16,848 
Total costs and expenses 205,375  74,509  26,813  8,717  315,414 
Losses on disposal of assets —  —  —  (224) (224)
Earnings from unconsolidated affiliates 651  —  —  —  651 
Operating income (loss) $ 44,969  $ 5,069  $ 3,665  $ (8,941) $ 44,762 
Financial information by segment for the six months ended June 30, 2025 and 2024 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Six months ended June 30, 2025
Revenues $ 492,595  $ 178,442  $ 55,922  $ —  $ 726,959 
Less:
Personnel 111,813  51,744  12,483  —  176,040 
Repairs and maintenance 94,985  24,730  6,388  —  126,103 
Insurance 7,853  4,385  745  —  12,983 
Fuel 25,567  4,763  8,944  —  39,274 
Leased-in equipment 30,137  19,392  3,035  —  52,564 
Other segment costs 81,296  34,588  12,828  —  128,712 
Total operating expenses 351,651  139,602  44,423  —  535,676 
General and administrative expenses 47,072  19,959  3,445  16,999  87,475 
Depreciation and amortization expense 13,794  14,782  5,233  344  34,153 
Total costs and expenses 412,517  174,343  53,101  17,343  657,304 
Gains on disposal of assets —  —  —  5,651  5,651 
Earnings from unconsolidated affiliates 882  —  —  —  882 
Operating income (loss) $ 80,960  $ 4,099  $ 2,821  $ (11,692) $ 76,188 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Six months ended June 30, 2024
Revenues $ 479,588  $ 161,750  $ 55,505  $ —  $ 696,843 
Less:
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 
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 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:
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
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 June 30, Six Months Ended
June 30,
2025 2024 2025 2024
Operating income (loss):
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)
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