Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Note 14 — Business Segment Information

We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment 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. We formed the Shallow Water Abandonment segment in the third quarter 2022 following the Alliance acquisition (Note 3). All material intercompany transactions between the segments have been eliminated. See Note 1 for more information on our business segments.

We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Net revenues —
Well Intervention	$	732,761	$	524,241	$	516,564
Robotics		257,875		191,921		137,295
Shallow Water Abandonment		274,954		124,810		—
Production Facilities		87,885		82,315		69,348
Intercompany eliminations		(63,747)		(50,187)		(48,479)
Total	$	1,289,728	$	873,100	$	674,728

	Year Ended December 31,
	2023		2022		2021
Income (loss) from operations —
Well Intervention	$	32,398	$	(53,056)	$	(35,882)
Robotics		52,450		29,981		5,762
Shallow Water Abandonment		66,240		22,184		—
Production Facilities		20,832		27,201		22,906
Segment operating income (loss)		171,920		26,310		(7,214)
Change in fair value of contingent consideration		(42,246)		(16,054)		—
Corporate, eliminations and other		(66,164)		(55,111)		(41,473)
Total	$	63,510	$	(44,855)	$	(48,687)
Net interest expense		(17,338)		(18,950)		(23,201)
Other non-operating income (expense), net		(38,658)		(11,376)		1,246
Income (loss) before income taxes	$	7,514	$	(75,181)	$	(70,642)
Capital expenditures —
Well Intervention	$	7,763	$	17,617	$	2,349
Robotics		3,957		15,603		120
Shallow Water Abandonment		6,890		532		—
Production Facilities		—		(1,424)		6,770
Corporate, eliminations and other		978		1,176		(917)
Total	$	19,588	$	33,504	$	8,322
Depreciation and amortization —
Well Intervention	$	113,025	$	103,952	$	107,551
Robotics		9,604		12,209		15,158
Shallow Water Abandonment		20,150		8,172		—
Production Facilities		21,028		18,520		19,465
Corporate and eliminations		309		(167)		(660)
Total	$	164,116	$	142,686	$	141,514

Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Well Intervention	$	28,396	$	16,545	$	21,521
Robotics		35,263		33,642		26,958
Shallow Water Abandonment		88		—		—
Total	$	63,747	$	50,187	$	48,479

Revenues by individually significant geographic location are as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
U.S.	$	644,755	$	447,205	$	232,661
North Sea (1)		274,745		206,647		129,772
Brazil		177,070		81,940		154,326
Asia Pacific		163,957		43,648		16,792
West Africa		8,423		87,488		126,856
Other		20,778		6,172		14,321
Total	$	1,289,728	$	873,100	$	674,728

(1) Includes revenues generated from the U.K. of $236.2 million, $167.0 million and $100.2 million, respectively, during the years ended December 31, 2023, 2022 and 2021.

Our operational assets work in various regions around the world such as the Gulf of Mexico, Brazil, the North Sea, Asia Pacific and West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location where those assets are based (in thousands):

	December 31,
	2023		2022
U.S.	$	735,406	$	780,803
U.K. (1)		617,819		625,001
Brazil (2)		219,624		235,811
Total	$	1,572,849	$	1,641,615

(1) Includes the Q7000 and certain other assets that are based in the U.K. but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.

(2) Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.

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):

	December 31,		December 31,
	2023		2022
Well Intervention	$	1,790,971	$	1,796,269
Robotics		177,801		192,694
Shallow Water Abandonment		256,356		206,944
Production Facilities		120,234		136,382
Corporate and other		210,674		57,049
Total	$	2,556,036	$	2,389,338