Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Note 11 — 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. All material intercompany transactions between the segments have been eliminated. See Note 2 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):

	Three Months Ended
	March 31,
	2024		2023
Net revenues —
Well Intervention	$	216,459	$	142,438
Robotics		50,309		49,222
Shallow Water Abandonment		26,853		49,381
Production Facilities		24,152		20,905
Intercompany eliminations		(21,562)		(11,862)
Total	$	296,211	$	250,084
Income (loss) from operations —
Well Intervention	$	18,679	$	(8,143)
Robotics		5,450		5,094
Shallow Water Abandonment		(12,428)		6,822
Production Facilities		(1,543)		5,157
Segment operating income (loss)		10,158		8,930
Change in fair value of contingent consideration		—		(3,992)
Corporate, eliminations and other		(11,434)		(13,241)
Total	$	(1,276)	$	(8,303)
Net interest expense		(5,477)		(4,187)
Losses related to convertible senior notes		(20,922)		—
Other non-operating income (expense), net		(310)		5,307
Loss before income taxes	$	(27,985)	$	(7,183)

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,
	2024		2023
Well Intervention	$	11,252	$	4,469
Robotics		10,228		7,393
Shallow Water Abandonment		82		—
Total	$	21,562	$	11,862

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):

	March 31,		December 31,
	2024		2023
Well Intervention	$	1,891,832	$	1,790,971
Robotics		204,777		177,801
Shallow Water Abandonment		176,019		256,356
Production Facilities		115,283		120,234
Corporate and other		225,903		210,674
Total	$	2,613,814	$	2,556,036