XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Business Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
 
We have three reportable business segments: Well Intervention, Robotics and Production Facilities. Our U.S., U.K. and Brazil well intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. Our Well Intervention segment includes our vessels and/or equipment used to perform well intervention services primarily in the Gulf of Mexico, Brazil, the North Sea and West Africa. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and the Siem Helix 1 and Siem Helix 2 chartered vessels. Our well intervention equipment includes IRSs and SILs, some of which we provide on a stand-alone basis. Our Robotics segment includes ROVs, trenchers and a ROVDrill, which are designed to complement well intervention services and offshore construction to both the oil and gas and the renewable energy markets globally. Our Robotics segment also includes two robotics support vessels under long-term charter, the Grand Canyon II and the Grand Canyon III, as well as spot vessels. Our Production Facilities segment includes the HP I, the HFRS, our ownership interest in Independence Hub (Note 4) and our ownership of oil and gas properties (Note 14). All material intercompany transactions between the segments have been eliminated.
 
We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Net revenues —
Well Intervention$140,803 $170,206 $427,296 $451,511 
Robotics49,802 51,909 135,896 136,396 
Production Facilities14,167 13,777 43,301 44,651 
Intercompany eliminations(11,282)(23,283)(32,835)(51,398)
Total$193,490 $212,609 $573,658 $581,160 
Income (loss) from operations —
Well Intervention$18,844 $37,689 $24,910 $74,002 
Robotics6,983 8,876 11,940 7,921 
Production Facilities4,134 3,050 11,142 11,907 
Segment operating income29,961 49,615 47,992 93,830 
Goodwill impairment (1)
— — (6,689)— 
Corporate, eliminations and other(10,946)(10,617)(29,121)(31,491)
Total$19,015 $38,998 $12,182 $62,339 
(1)Relates to goodwill associated with our STL acquisition (Note 6).
 
Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Well Intervention (1)
$4,120 $15,318 $11,334 $28,355 
Robotics7,162 7,965 21,501 23,043 
Total$11,282 $23,283 $32,835 $51,398 
(1)The three- and nine-month periods ended September 30, 2019 included $10.6 million and $15.9 million, respectively, associated with P&A work on our Droshky oil and gas properties in our Production Facilities segment (Note 14).
  
Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. The following table reflects total assets by reportable segment (in thousands):
September 30,
2020		December 31,
2019
Well Intervention$2,110,889 $2,180,180 
Robotics142,538 151,478 
Production Facilities133,778 142,624 
Corporate and other118,269 122,449 
Total$2,505,474 $2,596,731