Quarterly report [Sections 13 or 15(d)]

SEGMENTS (Tables)

v3.26.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the three months ended September 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Three months ended September 30, 2026
Revenues $ 256,016  $ 130,036  $ 51,868  $ —  $ 437,920 
Less:
Personnel 58,217  40,328  9,761  —  108,306 
Repairs and maintenance 40,059  16,512  3,582  —  60,153 
Insurance 3,921  2,279  422  —  6,622 
Fuel 16,351  4,623  8,567  —  29,541 
Leased-in equipment 18,084  11,037  1,860  —  30,981 
Other segment costs 33,185  31,851  11,672  —  76,708 
Total operating expenses 169,817  106,630  35,864  —  312,311 
General and administrative expenses 21,938  13,933  3,361  11,572  50,804 
Depreciation and amortization expense 15,462  10,898  2,773  345  29,478 
Total costs and expenses 207,217  131,461  41,998  11,917  392,593 
Gains on disposal of assets —  —  —  1,939  1,939 
Earnings from unconsolidated affiliates 437  —  —  —  437 
Operating income (loss) $ 49,236  $ (1,425) $ 9,870  $ (9,978) $ 47,703 
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 

Financial information by segment for the nine months ended September 30, 2026 and 2025 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Nine months ended September 30, 2026
Revenues $ 771,967  $ 350,140  $ 116,273  $ —  $ 1,238,380 
Less:
Personnel 178,679  108,921  25,468  —  313,068 
Repairs and maintenance 133,386  45,165  10,732  —  189,283 
Insurance 11,744  6,383  1,060  —  19,187 
Fuel 48,842  11,783  22,390  —  83,015 
Leased-in equipment 51,240  31,744  5,411  —  88,395 
Other segment costs 106,589  83,799  25,440  —  215,828 
Total operating expenses 530,480  287,795  90,501  —  908,776 
General and administrative expenses 68,455  36,407  6,802  26,617  138,281 
Depreciation and amortization expense 45,691  28,565  7,516  981  82,753 
Total costs and expenses 644,626  352,767  104,819  27,598  1,129,810 
Gains on disposal of assets —  —  —  9,716  9,716 
Earnings from unconsolidated affiliates 3,668  —  —  —  3,668 
Operating income (loss) $ 131,009  $ (2,627) $ 11,454  $ (17,882) $ 121,954 
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 
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, 2026
Depreciation and amortization expense $ 15,462  $ 10,898  $ 2,773  $ 345  $ 29,478 
PBH amortization(1)
3,842  204  —  —  4,046 
Total depreciation and amortization expense $ 19,304  $ 11,102  $ 2,773  $ 345  $ 33,524 
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 
Offshore Energy Services Government Services Other Services Corporate Consolidated
Nine months ended September 30, 2026
Depreciation and amortization expense $ 45,691  $ 28,565  $ 7,516  $ 981  $ 82,753 
PBH amortization(1)
8,532  459  53  —  9,044 
Total depreciation and amortization expense $ 54,223  $ 29,024  $ 7,569  $ 981  $ 91,797 
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 

(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 September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Offshore Energy Services $ 6,706 $ 2,643  $ 97,274 $ 30,984 
Government Services 12,144 25,038  26,839 76,192 
Other Services 1,990 1,535  5,403 5,717 
Total capital expenditures $ 20,840 $ 29,216  $ 129,516 $ 112,893 
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,
2026		 December 31,
2025
Offshore Energy Services $ 560,281 $ 567,284
Government Services 703,319 620,820
Other Services 73,147 59,585
Total segment assets $ 1,336,747 $ 1,247,689
Corporate 3,611 2,058
Construction-in-progress 110,720 144,587
Total long-lived assets $ 1,451,078 $ 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 September 30, Nine Months Ended
September 30,
2026 2025 2026 2025
Operating income (loss):
Offshore Energy Services $ 49,236  $ 42,429  $ 131,009  $ 123,389 
Government Services (1,425) 2,586  (2,627) 6,685 
Other Services 9,870  5,463  11,454  8,284 
Corporate (9,978) 57  (17,882) (11,635)
Operating income 47,703  50,535  121,954  126,723 
Interest income 2,180  2,262  8,968  6,419 
Interest expense, net (11,924) (9,962) (37,968) (29,486)
Loss on extinguishment of debt —  —  (2,849) — 
Other, net (1,046) (3,087) (15,329) 25,878 
Total other income (expense), net (10,790) (10,787) (47,178) 2,811 
Income before income taxes $ 36,913  $ 39,748  $ 74,776  $ 129,534