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

SEGMENT AND GEOGRAPHIC AREA INFORMATION (Tables)

v3.25.0.1
SEGMENT AND GEOGRAPHIC AREA INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Operating Performance and Total Assets by Segment
Financial information by segment for the twelve months ended December 31, 2024 and 2023 and for the nine months ended December 31, 2022 is summarized below (in thousands):
Offshore Energy Services Government Services Other Services Corporate Consolidated
Twelve Months 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
Twelve Months 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 
Offshore Energy Services Government Services Other Corporate Consolidated
Nine Months Ended December 31, 2022
Revenues $ 625,199  $ 217,360  $ 80,010  $ —  $ 922,569 
Less:
Personnel 151,380  53,159  15,633  —  220,172 
Repairs and maintenance 154,279  32,984  12,491  —  199,754 
Insurance 8,454  4,142  712  —  13,308 
Fuel 61,390  8,921  15,591  —  85,902 
Leased-in equipment 41,650  24,374  5,899  —  71,923 
Other segment costs 94,238  17,397  12,176  —  123,811 
Total operating expenses 511,391  140,977  62,502  —  714,870 
General and administrative expenses 69,625  27,473  4,709  21,234  123,041 
Merger and integration costs 652  191  —  151  994 
Depreciation and amortization expense 24,404  18,953  5,776  454  49,587 
Total costs and expenses 606,072  187,594  72,987  21,839  888,492 
Loss on impairment (4,580) (40) (567) —  (5,187)
Losses on disposal of assets —  —  —  (480) (480)
Earnings from unconsolidated affiliates 1,461  —  —  —  1,461 
Operating income (loss) $ 16,008  $ 29,726  $ 6,456  $ (22,319) $ 29,871 
Total depreciation and amortization expense by segment for the periods reflected below were as follows:
Offshore Energy Services Government Services Other Corporate Consolidated
Twelve Months 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 
Twelve Months 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 
Nine Months Ended December 31, 2022
Depreciation and amortization expense $ 24,404  $ 18,953  $ 5,776  $ 454  $ 49,587 
PBH amortization 9,061  841  328  —  10,230 
Total depreciation and amortization expense $ 33,465  $ 19,794  $ 6,104  $ 454  $ 59,817 
Capital expenditures by segment for the periods reflected below were as follows:
Twelve Months Ended Nine Months Ended
December 31, 2024 December 31, 2023 December 31, 2022
Offshore Energy Services $ 57,501 $ 22,260  $ 6,184 
Government Services 189,311 50,119  30,410 
Other Services 8,581 9,128  12,980 
Total capital expenditures $ 255,393 $ 81,507  $ 49,574 
Segment assets consisting of property and equipment (excluding construction in progress), net of accumulated depreciation and ROU assets, are reflected below for the periods indicated:
December 31, 2024 December 31, 2023 December 31, 2022
Offshore Energy Services $ 596,687 $ 624,192  $ 696,642 
Government Services 433,721 427,317  353,715 
Other Services 62,746 60,805  65,500 
Total segment assets $ 1,093,154 $ 1,112,314  $ 1,115,857 
Corporate 3,156 4,071  5,019 
Construction-in-progress 244,181 99,320  35,352 
Total long-lived assets $ 1,340,491 $ 1,215,705 $ 1,156,228
Information by geographic area were as follows (in thousands):
Twelve Months Ended Nine Months Ended
December 31,
2024		 December 31,
2023		 December 31,
2022
Revenues:
U.K. $ 394,659  $ 436,419  $ 305,862 
Norway 270,862  240,793  179,724 
U.S. 226,932  216,588  149,171 
Nigeria 170,006  122,637  76,370 
Other 353,032  280,992  211,442 
Total revenues $ 1,415,491  $ 1,297,429  $ 922,569 
December 31,
2024		 December 31,
2023
Long-lived assets:
UK $ 687,315  $ 643,592 
Norway 156,698  176,424 
U.S. 169,946  183,363 
Other 326,532  212,326 
Total long-lived assets $ 1,340,491  $ 1,215,705 
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:
Twelve Months Ended Nine Months Ended
December 31,
2024		 December 31,
2023		 December 31,
2022
Operating income (loss)
Offshore Energy Services $ 132,165  $ 45,613  $ 16,008 
Government Services 21,070  29,610  29,726 
Other Services 13,747  15,398  6,456 
Corporate (34,374) (29,870) (22,319)
Total operating income 132,608  60,751  29,871 
Interest income 8,901  8,646  1,651 
Interest expense, net (37,581) (41,417) (30,707)
Other, net (1,865) (9,968) 20,264 
Total other income (expense), net (30,545) (42,739) (8,792)
Income before income taxes $ 102,063  $ 18,012  $ 21,079 
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:
Twelve Months Ended Nine Months Ended
December 31,
2024		 December 31,
2023		 December 31,
2022
Customer A 16.7  % 18.5  % 19.4  %
Customer B 11.3  % 8.8  % 9.0  %
Customer C 5.3  % 5.6  % 6.0  %
Total percentage of revenues 33.3  % 32.9  % 34.4  %