Business Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segment Information

Note 10 — 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 provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations 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 intervention systems, some of which we provide on a stand-alone basis. Our Robotics segment provides offshore construction, trenching, seabed clearance and IRM services to both the oil and gas and the renewable energy markets globally. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes ROVs, trenchers and robotics support vessels under term charters as well as spot vessels as needed. Our Production Facilities segment includes the HP I, the HFRS and our ownership of oil and gas properties (Note 11). 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
	March 31,
	2022		2021
Net revenues —
Well Intervention	$	106,367	$	133,768
Robotics		37,351		22,156
Production Facilities		18,294		16,447
Intercompany eliminations		(11,887)		(8,956)
Total	$	150,125	$	163,415
Income (loss) from operations —
Well Intervention	$	(31,758)	$	5,243
Robotics		1,480		(2,934)
Production Facilities		5,851		6,514
Segment operating income (loss)		(24,427)		8,823
Corporate, eliminations and other		(8,550)		(9,378)
Total	$	(32,977)	$	(555)

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
	March 31,
	2022		2021
Well Intervention	$	3,850	$	2,587
Robotics		8,037		6,369
Total	$	11,887	$	8,956

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. The following table reflects total assets by reportable segment (in thousands):

	March 31,		December 31,
	2022		2021
Well Intervention	$	2,026,522	$	2,012,214
Robotics		87,575		96,249
Production Facilities		115,977		119,004
Corporate and other		77,296		98,561
Total	$	2,307,370	$	2,326,028