Quarterly report [Sections 13 or 15(d)]

SEGMENTS

v3.26.1
SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
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, 2026 and 2025 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended June 30, 2026
Revenues $ 261,618  $ 112,234  $ 37,903  $ —  $ 411,755 
Less:
Personnel 57,102  35,967  8,124  —  101,193 
Repairs and maintenance 42,746  14,081  3,734  —  60,561 
Insurance 3,855  1,788  325  —  5,968 
Fuel 19,517  4,343  9,468  —  33,328 
Leased-in equipment 16,515  10,607  1,743  —  28,865 
Other segment costs 38,424  26,851  7,775  —  73,050 
Total operating expenses 178,159  93,637  31,169  —  302,965 
General and administrative expenses 23,033  11,552  1,460  7,143  43,188 
Depreciation and amortization expense 17,098  9,190  2,345  256  28,889 
Total costs and expenses 218,290  114,379  34,974  7,399  375,042 
Gains on disposal of assets —  —  —  138  138 
Earnings from unconsolidated affiliates 2,725  —  —  —  2,725 
Operating income (loss) $ 46,053  $ (2,145) $ 2,929  $ (7,261) $ 39,576 
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 
Financial information by segment for the six months ended June 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Six months ended June 30, 2026
Revenues $ 515,951  $ 220,104  $ 64,405  $ —  $ 800,460 
Less:
Personnel 120,462  68,593  15,707  —  204,762 
Repairs and maintenance 93,327  28,653  7,150  —  129,130 
Insurance 7,823  4,104  638  —  12,565 
Fuel 32,491  7,160  13,823  —  53,474 
Leased-in equipment 33,156  20,707  3,551  —  57,414 
Other segment costs 73,404  51,948  13,768  —  139,120 
Total operating expenses 360,663  181,165  54,637  —  596,465 
General and administrative expenses 46,517  22,474  3,441  15,045  87,477 
Depreciation and amortization expense 30,229  17,667  4,743  636  53,275 
Total costs and expenses 437,409  221,306  62,821  15,681  737,217 
Gains on disposal of assets —  —  —  7,777  7,777 
Earnings from unconsolidated affiliates 3,231  —  —  —  3,231 
Operating income (loss) $ 81,773  $ (1,202) $ 1,584  $ (7,904) $ 74,251 
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 
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,
2026 2025 2026 2025
Operating income (loss):
Offshore Energy Services $ 46,053  $ 43,595  $ 81,773  $ 80,960 
Government Services (2,145) (1,912) (1,202) 4,099 
Other Services 2,929  3,443  1,584  2,821 
Corporate (7,261) (2,486) (7,904) (11,692)
Operating income 39,576  42,640  74,251  76,188 
Interest income 2,870  2,039  6,788  4,157 
Interest expense, net (12,228) (10,034) (26,044) (19,524)
Loss on extinguishment of debt —  —  (2,849) — 
Other, net (8,930) 17,577  (14,283) 28,965 
Total other income (expense), net (18,288) 9,582  (36,388) 13,598 
Income before income taxes $ 21,288  $ 52,222  $ 37,863  $ 89,786 

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, 2026
Depreciation and amortization expense $ 17,098  $ 9,190  $ 2,345  $ 256  $ 28,889 
PBH amortization(1)
3,386  164  17  —  3,567 
Total depreciation and amortization expense $ 20,484  $ 9,354  $ 2,362  $ 256  $ 32,456 
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 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Six months ended June 30, 2026
Depreciation and amortization expense $ 30,229  $ 17,667  $ 4,743  $ 636  $ 53,275 
PBH amortization(1)
4,690  255  53  —  4,998 
Total depreciation and amortization expense $ 34,919  $ 17,922  $ 4,796  $ 636  $ 58,273 
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 

(1) Power-by-hour (“PBH”) amortization is 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,
2026 2025 2026 2025
Offshore Energy Services $ 57,830 $ 5,690  $ 90,502 $ 28,335 
Government Services 8,029 22,623  14,746 51,158 
Other Services 1,503 3,304  3,428 4,184 
Total capital expenditures $ 67,362 $ 31,617  $ 108,676 $ 83,677 
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,
2026		 December 31,
2025
Offshore Energy Services $ 532,055 $ 567,284
Government Services 657,895 620,820
Other Services 57,133 59,585
Total segment assets $ 1,247,083 $ 1,247,689
Corporate 1,463 2,058
Construction-in-progress 160,575 144,587
Total long-lived assets $ 1,409,121 $ 1,394,334