Annual report [Section 13 and 15(d), not S-K Item 405]

SEGMENT AND GEOGRAPHIC AREA INFORMATION (Tables)

v3.25.4
SEGMENT AND GEOGRAPHIC AREA INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the years ended December 31, 2025, 2024, and 2023 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Year Ended December 31, 2025
Revenues $ 990,480  $ 379,437  $ 120,595  $ —  $ 1,490,512 
Less:
Personnel 240,584  112,312  26,103  —  378,999 
Repairs and maintenance 177,751  46,407  12,773  —  236,931 
Insurance 15,019  8,485  1,396  —  24,900 
Fuel 51,798  10,175  19,462  —  81,435 
Leased-in equipment 61,468  38,538  6,601  —  106,607 
Other segment costs 160,451  85,861  27,095  —  273,407 
Total operating expenses 707,071  301,778  93,430  —  1,102,279 
General and administrative expenses 93,059  41,354  7,030  32,678  174,121 
Depreciation and amortization expense 27,946  31,227  10,321  775  70,269 
Total costs and expenses 828,076  374,359  110,781  33,453  1,346,669 
Gains on disposal of assets —  —  —  11,785  11,785 
Earnings from unconsolidated affiliates 3,178  —  —  —  3,178 
Operating income (loss) $ 165,582  $ 5,078  $ 9,814  $ (21,668) $ 158,806 
Offshore Energy Services Government Services Other Corporate Consolidated
Year Ended December 31, 2024
Revenues $ 966,064  $ 329,654  $ 119,773  $ —  $ 1,415,491 
Less:
Personnel 218,811  97,256  24,493  —  340,560 
Repairs and maintenance 211,791  48,893  12,600  —  273,284 
Insurance 16,464  7,296  1,147  —  24,907 
Fuel 58,318  9,072  19,556  —  86,946 
Leased-in equipment 60,515  37,995  5,030  —  103,540 
Other segment costs 144,741  43,392  24,748  —  212,881 
Total operating expenses 710,640  243,904  87,574  —  1,042,118 
General and administrative expenses 98,972  36,986  7,082  32,510  175,550 
Depreciation and amortization expense 28,404  27,694  11,370  819  68,287 
Total costs and expenses 838,016  308,584  106,026  33,329  1,285,955 
Losses on disposal of assets —  —  —  (1,045) (1,045)
Earnings from unconsolidated affiliates 4,117  —  —  —  4,117 
Operating income (loss) $ 132,165  $ 21,070  $ 13,747  $ (34,374) $ —  $ 132,608 
Offshore Energy Services Government Services Other Corporate Consolidated
Year Ended December 31, 2023
Revenues $ 852,956  $ 337,280  $ 107,193  $ —  $ 1,297,429 
Less:
Personnel 210,138  90,498  23,045  —  323,681 
Repairs and maintenance 191,699  49,859  12,358  —  253,916 
Insurance 14,893  7,898  994  —  23,785 
Fuel 63,823  10,446  17,230  —  91,499 
Leased-in equipment 56,971  38,033  4,092  —  99,096 
Other segment costs 139,529  41,765  17,132  —  198,426 
Total operating expenses 677,053  238,499  74,851  —  990,403 
General and administrative expenses 104,471  40,070  7,176  30,028  181,745 
Merger and integration costs 2,201  —  —  —  2,201 
Depreciation and amortization expense 30,783  29,101  9,768  954  70,606 
Total costs and expenses 814,508  307,670  91,795  30,982  1,244,955 
Gains on disposal of assets —  —  —  1,112  1,112 
Earnings from unconsolidated affiliates 7,165  —  —  —  7,165 
Operating income (loss) $ 45,613  $ 29,610  $ 15,398  $ (29,870) $ 60,751 
Total depreciation and amortization expense by segment for the periods reflected below were as follows:
Offshore Energy Services Government Services Other Corporate Consolidated
Year Ended December 31, 2025
Depreciation and amortization expense $ 27,946  $ 31,227  $ 10,321  $ 775  $ 70,269 
PBH amortization 9,249  1,907  241  —  11,397 
Total depreciation and amortization expense $ 37,195  $ 33,134  $ 10,562  $ 775  $ 81,666 
Year Ended December 31, 2024
Depreciation and amortization expense $ 28,404  $ 27,694  $ 11,370  $ 819  $ 68,287 
PBH amortization 12,230  2,002  669  —  14,901 
Total depreciation and amortization expense $ 40,634  $ 29,696  $ 12,039  $ 819  $ 83,188 
Year Ended December 31, 2023
Depreciation and amortization expense $ 30,783  $ 29,101  $ 9,768  $ 954  $ 70,606 
PBH amortization 12,377  1,940  663  —  14,980 
Total depreciation and amortization expense $ 43,160  $ 31,041  $ 10,431  $ 954  $ 85,586 
Capital expenditures by segment for the periods reflected below were as follows:
Year Ended
December 31, 2025 December 31, 2024 December 31, 2023
Offshore Energy Services $ 44,710 $ 57,501  $ 22,260 
Government Services 87,905 189,311  50,119 
Other Services 9,406 8,581  9,128 
Total capital expenditures $ 142,021 $ 255,393  $ 81,507 
Segment assets consisting of property and equipment (excluding construction in progress), net of accumulated depreciation and ROU assets, are reflected below as of the periods indicated:
December 31, 2025 December 31, 2024 December 31, 2023
Offshore Energy Services $ 567,284 $ 596,687  $ 624,192 
Government Services 620,820 433,721  427,317 
Other Services 59,585 62,746  60,805 
Total segment assets $ 1,247,689 $ 1,093,154  $ 1,112,314 
Corporate 2,058 3,156  4,071 
Construction-in-progress 144,587 244,181  99,320 
Total long-lived assets $ 1,394,334 $ 1,340,491 $ 1,215,705
Information by geographic area were as follows (in thousands):
Year Ended
December 31,
2025		 December 31,
2024		 December 31,
2023
Revenues:
UK $ 412,022  $ 394,659  $ 436,419 
Norway 276,302  270,862  240,793 
U.S. 246,560  226,932  216,588 
Nigeria 191,698  170,006  122,637 
Other 363,930  353,032  280,992 
Total revenues $ 1,490,512  $ 1,415,491  $ 1,297,429 
December 31,
2025		 December 31,
2024
Long-lived assets:
UK $ 892,830  $ 687,315 
Norway 131,332  156,698 
U.S. 170,152  169,946 
Other 200,020  326,532 
Total long-lived assets $ 1,394,334  $ 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:
Year Ended
December 31,
2025		 December 31,
2024		 December 31,
2023
Operating income (loss)
Offshore Energy Services $ 165,582  $ 132,165  $ 45,613 
Government Services 5,078  21,070  29,610 
Other Services 9,814  13,747  15,398 
Corporate (21,668) (34,374) (29,870)
Total operating income 158,806  132,608  60,751 
Interest income 9,354  8,901  8,646 
Interest expense, net (39,918) (37,581) (41,417)
Other, net 22,994  (1,865) (9,968)
Total other income (expense), net (7,570) (30,545) (42,739)
Income before income taxes $ 151,236  $ 102,063  $ 18,012 
Schedule Of Percentage Of Operating Revenues By Major Customer
The percentage of the Company’s revenues derived from the following major customers for the periods reflected in the table below were as follows:
Year Ended
December 31,
2025		 December 31,
2024		 December 31,
2023
Customer A 18.9  % 16.7  % 18.5  %
Customer B 12.4  % 11.3  % 8.8  %
Customer C 5.1  % 5.3  % 5.6  %
Total percentage of revenues 36.4  % 33.3  % 32.9  %