Quarterly report [Sections 13 or 15(d)]

SEGMENTS (Tables)

v3.25.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the three months ended September 30, 2025 and 2024 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended September 30, 2025
Revenues $ 250,431  $ 100,898  $ 34,960  $ —  $ 386,289 
Less:
Personnel 62,304  29,507  6,770  —  98,581 
Repairs and maintenance 42,777  9,365  3,395  —  55,537 
Insurance 3,486  1,950  342  —  5,778 
Fuel 13,162  2,794  5,440  —  21,396 
Leased-in equipment 15,446  9,572  1,696  —  26,714 
Other segment costs 41,325  26,271  7,451  —  75,047 
Total operating expenses 178,500  79,459  25,094  —  283,053 
General and administrative expenses 22,451  11,007  1,781  7,966  43,205 
Depreciation and amortization expense 7,049  7,846  2,622  222  17,739 
Total costs and expenses 208,000  98,312  29,497  8,188  343,997 
Gains on disposal of assets —  —  —  8,245  8,245 
Losses from unconsolidated affiliates (2) —  —  —  (2)
Operating income $ 42,429  $ 2,586  $ 5,463  $ 57  $ 50,535 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended September 30, 2024
Revenues $ 246,312  $ 85,346  $ 33,464  $ —  $ 365,122 
Less:
Personnel 57,232  27,604  6,083  —  90,919 
Repairs and maintenance 54,443  12,554  3,257  —  70,254 
Insurance 4,019  1,900  298  —  6,217 
Fuel 14,561  2,886  5,414  —  22,861 
Leased-in equipment 15,122  9,357  1,223  —  25,702 
Other segment costs 38,161  10,568  6,837  —  55,566 
Total operating expenses 183,538  64,869  23,112  —  271,519 
General and administrative expenses 24,466  8,991  1,784  7,657  42,898 
Depreciation and amortization expense 7,360  7,041  2,987  181  17,569 
Total costs and expenses 215,364  80,901  27,883  7,838  331,986 
Losses on disposal of assets —  —  —  (626) (626)
Earnings from unconsolidated affiliates 703  —  —  —  703 
Operating income (loss) $ 31,651  $ 4,445  $ 5,581  $ (8,464) $ 33,213 
Financial information by segment for the nine months ended September 30, 2025 and 2024 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Nine months ended September 30, 2025
Revenues $ 743,026  $ 279,340  $ 90,882  $ —  $ 1,113,248 
Less:
Personnel 174,117  81,251  19,253  —  274,621 
Repairs and maintenance 137,762  34,095  9,783  —  181,640 
Insurance 11,339  6,335  1,087  —  18,761 
Fuel 38,729  7,557  14,384  —  60,670 
Leased-in equipment 45,583  28,964  4,731  —  79,278 
Other segment costs 122,621  60,859  20,279  —  203,759 
Total operating expenses 530,151  219,061  69,517  —  818,729 
General and administrative expenses 69,523  30,966  5,226  24,965  130,680 
Depreciation and amortization expense 20,843  22,628  7,855  566  51,892 
Total costs and expenses 620,517  272,655  82,598  25,531  1,001,301 
Gains on disposal of assets —  —  —  13,896  13,896 
Earnings from unconsolidated affiliates 880  —  —  —  880 
Operating income (loss) $ 123,389  $ 6,685  $ 8,284  $ (11,635) $ 126,723 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Nine months ended September 30, 2024
Revenues $ 725,900  $ 247,096  $ 88,969  $ —  $ 1,061,965 
Less:
Personnel 163,074  71,749  18,207  —  253,030 
Repairs and maintenance 157,740  37,941  9,439  —  205,120 
Insurance 12,562  5,647  871  —  19,080 
Fuel 45,293  7,246  14,832  —  67,371 
Leased-in equipment 45,628  28,218  3,544  —  77,390 
Other segment costs 110,326  29,871  18,019  —  158,216 
Total operating expenses 534,623  180,672  64,912  —  780,207 
General and administrative expenses 74,603  26,913  5,344  24,318  131,178 
Depreciation and amortization expense 21,628  20,707  8,589  662  51,586 
Total costs and expenses 630,854  228,292  78,845  24,980  962,971 
Losses on disposal of assets —  —  —  (963) (963)
Earnings from unconsolidated affiliates 2,773  —  —  —  2,773 
Operating income (loss) $ 97,819  $ 18,804  $ 10,124  $ (25,943) $ 100,804 
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 September 30, 2025
Depreciation and amortization expense $ 7,049  $ 7,846  $ 2,622  $ 222  $ 17,739 
PBH amortization(1)
1,758  378  36  —  2,172 
Total depreciation and amortization expense $ 8,807  $ 8,224  $ 2,658  $ 222  $ 19,911 
Three months ended September 30, 2024
Depreciation and amortization expense $ 7,360  $ 7,041  $ 2,987  $ 181  $ 17,569 
PBH amortization(1)
3,055  503  165  —  3,723 
Total depreciation and amortization expense $ 10,415  $ 7,544  $ 3,152  $ 181  $ 21,292 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Nine months ended September 30, 2025
Depreciation and amortization expense $ 20,843  $ 22,628  $ 7,855  $ 566  $ 51,892 
PBH amortization(1)
7,707  1,252  206  —  9,165 
Total depreciation and amortization expense $ 28,550  $ 23,880  $ 8,061  $ 566  $ 61,057 
Nine months ended September 30, 2024
Depreciation and amortization expense $ 21,628  $ 20,707  $ 8,589  $ 662  $ 51,586 
PBH amortization(1)
9,222  1,513  439  —  11,174 
Total depreciation and amortization expense $ 30,850  $ 22,220  $ 9,028  $ 662  $ 62,760 
(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 September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Offshore Energy Services $ 2,643 $ 12,752  $ 30,984 $ 34,917 
Government Services 25,038 42,731  76,192 130,888 
Other Services 1,535 1,504  5,717 6,098 
Total capital expenditures $ 29,216 $ 56,987  $ 112,893 $ 171,903 
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:
September 30,
2025		 December 31, 2024
Offshore Energy Services $ 580,153 $ 596,687 
Government Services 551,210 433,721 
Other Services 57,921 62,746 
Total segment assets $ 1,189,284 $ 1,093,154 
Corporate 2,314 3,156 
Construction-in-progress 205,172 244,181 
Total long-lived assets $ 1,396,770 $ 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 September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Operating income (loss):
Offshore Energy Services $ 42,429  $ 31,651  $ 123,389  $ 97,819 
Government Services 2,586  4,445  6,685  18,804 
Other Services 5,463  5,581  8,284  10,124 
Corporate 57  (8,464) (11,635) (25,943)
Operating income 50,535  33,213  126,723  100,804 
Interest income 2,262  2,526  6,419  6,652 
Interest expense, net (9,962) (9,660) (29,486) (28,517)
Other, net (3,087) 10,592  25,878  4,308 
Total other income (expense), net (10,787) 3,458  2,811  (17,557)
Income before income taxes $ 39,748  $ 36,671  $ 129,534  $ 83,247