Quarterly report [Sections 13 or 15(d)]

SEGMENTS (Tables)

v3.26.1
SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the three months ended March 31, 2026 and 2025 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended March 31, 2026
Revenues $ 254,333  $ 107,870  $ 26,502  $ —  $ 388,705 
Less:
Personnel 63,360  32,626  7,583  —  103,569 
Repairs and maintenance 50,581  14,572  3,416  —  68,569 
Insurance 3,968  2,316  313  —  6,597 
Fuel 12,974  2,817  4,355  —  20,146 
Leased-in equipment 16,641  10,100  1,808  —  28,549 
Other segment costs 34,980  25,097  5,993  —  66,070 
Total operating expenses 182,504  87,528  23,468  —  293,500 
General and administrative expenses 23,484  10,922  1,981  7,902  44,289 
Depreciation and amortization expense 13,131  8,477  2,398  380  24,386 
Total costs and expenses 219,119  106,927  27,847  8,282  362,175 
Gains on disposal of assets —  —  —  7,639  7,639 
Earnings from unconsolidated affiliates 506  —  —  —  506 
Operating income (loss) $ 35,720  $ 943  $ (1,345) $ (643) $ 34,675 
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 
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, 2026
Depreciation and amortization expense $ 13,131  $ 8,477  $ 2,398  $ 380  $ 24,386 
PBH amortization(1)
1,305  90  36  —  1,431 
Total depreciation and amortization expense $ 14,436  $ 8,567  $ 2,434  $ 380  $ 25,817 
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 
(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,
2026 2025
Offshore Energy Services $ 31,961 $ 22,695 
Government Services 7,288 28,486 
Other Services 2,065 879 
Total capital expenditures $ 41,314 $ 52,060 
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,
2026		 December 31,
2025
Offshore Energy Services $ 561,525 $ 567,284
Government Services 637,187 620,820
Other Services 58,577 59,585
Total segment assets $ 1,257,289 $ 1,247,689
Corporate 1,752 2,058
Construction-in-progress 134,019 144,587
Total long-lived assets $ 1,393,060 $ 1,394,334
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,
2026 2025
Operating income (loss):
Offshore Energy Services $ 35,720  $ 37,365 
Government Services 943  6,011 
Other Services (1,345) (622)
Corporate (643) (9,206)
Operating income 34,675  33,548 
Interest income 3,918  2,118 
Interest expense, net (13,816) (9,490)
Loss on extinguishment of debt (2,849) — 
Other, net (5,353) 11,388 
Total other income (expense), net (18,100) 4,016 
Income before income taxes $ 16,575  $ 37,564