Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | HELIX ENERGY SOLUTIONS GROUP, INC. | ||
Entity Central Index Key | 0000866829 | ||
Entity File Number | 001-32936 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | MN | ||
Entity Tax Identification Number | 95-3409686 | ||
Entity Address, Address Line One | 3505 West Sam Houston Parkway North | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77043 | ||
City Area Code | 281 | ||
Local Phone Number | 618-0400 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | HLX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 490.8 | ||
Entity Common Stock, Shares Outstanding | 150,714,706 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 19, 2021 are incorporated by reference into Part III hereof. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 291,320 | $ 208,431 |
Restricted cash | 0 | 54,130 |
Accounts receivable, net of allowance for credit losses of $3,469 and $0, respectively | 132,233 | 125,457 |
Other current assets | 102,092 | 50,450 |
Total current assets | 525,645 | 438,468 |
Property and equipment | 2,948,907 | 2,922,274 |
Less accumulated depreciation | (1,165,943) | (1,049,637) |
Property and equipment, net | 1,782,964 | 1,872,637 |
Operating lease right-of-use assets | 149,656 | 201,118 |
Other assets, net | 40,013 | 84,508 |
Total assets | 2,498,278 | 2,596,731 |
Current liabilities: | ||
Accounts payable | 50,022 | 69,055 |
Accrued liabilities | 87,035 | 62,389 |
Current maturities of long-term debt | 90,651 | 99,731 |
Current operating lease liabilities | 51,599 | 53,785 |
Total current liabilities | 279,307 | 284,960 |
Long-term debt | 258,912 | 306,122 |
Operating lease liabilities | 101,009 | 151,827 |
Deferred tax liabilities | 110,821 | 112,132 |
Other non-current liabilities | 3,878 | 38,644 |
Total liabilities | 753,927 | 893,685 |
Redeemable noncontrolling interests | 3,855 | 3,455 |
Shareholders’ equity: | ||
Common stock, no par, 240,000 shares authorized, 150,341 and 148,888 shares issued, respectively | 1,327,592 | 1,318,961 |
Retained earnings | 464,524 | 445,370 |
Accumulated other comprehensive loss | (51,620) | (64,740) |
Total shareholders’ equity | 1,740,496 | 1,699,591 |
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ 2,498,278 | $ 2,596,731 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Allowance for credit losses | $ 3,469 | $ 0 |
Shareholders’ equity: | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 150,341,000 | 148,888,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net revenues | $ 733,555 | $ 751,909 | $ 739,818 |
Cost of sales | 653,646 | 614,071 | 618,134 |
Gross profit | 79,909 | 137,838 | 121,684 |
Gain on disposition of assets, net | 889 | 0 | 146 |
Goodwill impairment | (6,689) | 0 | 0 |
Selling, general and administrative expenses | (61,084) | (69,841) | (70,287) |
Income from operations | 13,025 | 67,997 | 51,543 |
Equity in earnings (losses) of investment | 216 | 1,439 | (3,918) |
Net interest expense | (28,531) | (8,333) | (13,751) |
Gain (loss) on extinguishment of long-term debt | 9,239 | (18) | (1,183) |
Other income (expense), net | 4,724 | 1,165 | (6,324) |
Royalty income and other | 2,710 | 3,306 | 4,631 |
Income before income taxes | 1,383 | 65,556 | 30,998 |
Income tax provision (benefit) | (18,701) | 7,859 | 2,400 |
Net income | 20,084 | 57,697 | 28,598 |
Net loss attributable to redeemable noncontrolling interests | (2,090) | (222) | 0 |
Net income attributable to common shareholders | $ 22,174 | $ 57,919 | $ 28,598 |
Earnings per share of common stock (in dollars per share) | |||
Basic | $ 0.13 | $ 0.39 | $ 0.19 |
Diluted | $ 0.13 | $ 0.38 | $ 0.19 |
Weighted average common shares outstanding (in shares) | |||
Basic | 148,993 | 147,536 | 146,702 |
Diluted | 149,897 | 149,577 | 146,830 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 20,084 | $ 57,697 | $ 28,598 |
Other comprehensive income (loss), net of tax: | |||
Net unrealized loss on hedges arising during the period | (95) | (680) | (847) |
Reclassifications into earnings | 452 | 5,470 | 7,201 |
Income taxes on hedges | (72) | (966) | (1,338) |
Net change in hedges, net of tax | 285 | 3,824 | 5,016 |
Unrealized loss on note receivable arising during the period | 0 | 0 | (629) |
Income taxes on note receivable | 0 | 0 | 132 |
Unrealized loss on note receivable, net of tax | 0 | 0 | (497) |
Foreign currency translation gain (loss) | 12,835 | 5,400 | (7,166) |
Other comprehensive income (loss), net of tax | 13,120 | 9,224 | (2,647) |
Comprehensive income | 33,204 | 66,921 | 25,951 |
Less comprehensive loss attributable to redeemable noncontrolling interests: | |||
Net loss | (2,090) | (222) | 0 |
Foreign currency translation gain | 90 | 138 | 0 |
Comprehensive loss attributable to redeemable noncontrolling interests | (2,000) | (84) | 0 |
Comprehensive income attributable to common shareholders | $ 35,204 | $ 67,005 | $ 25,951 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance, beginning of year at Dec. 31, 2017 | $ 1,567,393 | $ 1,284,274 | $ 352,906 | $ (69,787) |
Balance, beginning of year (in shares) at Dec. 31, 2017 | 147,740 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 28,598 | 28,598 | ||
Reclassification of stranded tax effect to retained earnings | 1,530 | (1,530) | ||
Foreign currency translation adjustments | (7,166) | (7,166) | ||
Unrealized gain on hedges, net of tax | 5,016 | 5,016 | ||
Accretion of redeemable noncontrolling interests | 0 | |||
Unrealized loss on note receivable, net of tax | (497) | (497) | ||
Equity component of debt discount on convertible senior notes | 15,411 | $ 15,411 | ||
Activity in company stock plans, net and other | (746) | $ (746) | ||
Activity in company stock plans, net and other (in shares) | 463 | |||
Share-based compensation | 9,770 | $ 9,770 | ||
Balance, end of year at Dec. 31, 2018 | 1,617,779 | $ 1,308,709 | 383,034 | (73,964) |
Balance, end of year (in shares) at Dec. 31, 2018 | 148,203 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 57,919 | 57,919 | ||
Reclassification of deferred gain from sale leaseback transaction to retained earnings | 4,560 | 4,560 | ||
Foreign currency translation adjustments | 5,400 | 5,400 | ||
Unrealized gain on hedges, net of tax | 3,824 | 3,824 | ||
Accretion of redeemable noncontrolling interests | (143) | (143) | ||
Unrealized loss on note receivable, net of tax | 0 | |||
Activity in company stock plans, net and other | (1,032) | $ (1,032) | ||
Activity in company stock plans, net and other (in shares) | 685 | |||
Share-based compensation | 11,284 | $ 11,284 | ||
Balance, end of year at Dec. 31, 2019 | 1,699,591 | $ 1,318,961 | 445,370 | (64,740) |
Balance, end of year (in shares) at Dec. 31, 2019 | 148,888 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 22,174 | 22,174 | ||
Credit losses recognized in retained earnings upon adoption of ASU No. 2016-13 | (620) | (620) | ||
Foreign currency translation adjustments | 12,835 | 12,835 | ||
Unrealized gain on hedges, net of tax | 285 | 285 | ||
Accretion of redeemable noncontrolling interests | (2,400) | (2,400) | ||
Unrealized loss on note receivable, net of tax | 0 | |||
Equity component of debt discount on convertible senior notes | 33,336 | $ 33,336 | ||
Re-acquisition of equity component of convertible senior notes | (18,006) | (18,006) | ||
Capped call transactions | (10,625) | (10,625) | ||
Activity in company stock plans, net and other | (4,345) | $ (4,345) | ||
Activity in company stock plans, net and other (in shares) | 1,453 | |||
Share-based compensation | 8,271 | $ 8,271 | ||
Balance, end of year at Dec. 31, 2020 | $ 1,740,496 | $ 1,327,592 | $ 464,524 | $ (51,620) |
Balance, end of year (in shares) at Dec. 31, 2020 | 150,341 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 20,084 | $ 57,697 | $ 28,598 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 133,709 | 112,720 | 110,522 |
Goodwill impairment | 6,689 | 0 | 0 |
Amortization of debt discounts | 6,964 | 6,261 | 5,735 |
Amortization of debt issuance costs | 3,177 | 3,600 | 3,592 |
Share-based compensation | 8,568 | 11,469 | 9,925 |
Deferred income taxes | (3,883) | 3,485 | (2,430) |
Equity in (earnings) losses of investment | (216) | (1,439) | 3,918 |
Gain on disposition of assets, net | (889) | 0 | (146) |
(Gain) loss on extinguishment of long-term debt | (9,239) | 18 | 1,183 |
Unrealized gain on derivative contracts, net | (601) | (3,383) | (2,324) |
Unrealized foreign currency (gain) loss | (2,665) | (628) | 1,466 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | (8,419) | (3,050) | 20,920 |
Income tax receivable, net of income tax payable | (22,124) | (4,456) | 964 |
Other current assets | (28,664) | 25,383 | (9,904) |
Accounts payable and accrued liabilities | 10,830 | (31,265) | (1,818) |
Other, net | (14,521) | (6,743) | 26,543 |
Net cash provided by operating activities | 98,800 | 169,669 | 196,744 |
Cash flows from investing activities: | |||
Capital expenditures | (20,244) | (140,854) | (137,083) |
STL acquisition, net | 0 | (4,081) | 0 |
Proceeds from sale of assets | 963 | 2,550 | 25 |
Other | 0 | 0 | 1,044 |
Net cash used in investing activities | (19,281) | (142,385) | (136,014) |
Cash flows from financing activities: | |||
Proceeds from convertible senior notes | 200,000 | 0 | 125,000 |
Repayment of convertible senior notes | (183,150) | 0 | (60,365) |
Proceeds from term loan | 0 | 35,000 | 0 |
Repayment of term loans | (3,500) | (35,442) | (63,807) |
Repayment of Nordea Q5000 Loan | (35,714) | (35,714) | (35,714) |
Repayment of MARAD Debt | (7,200) | (6,858) | (6,532) |
Capped call transactions | (10,625) | 0 | 0 |
Debt issuance costs | (7,747) | (1,586) | (3,867) |
Payments related to tax withholding for share-based compensation | (5,264) | (1,680) | (1,407) |
Proceeds from issuance of ESPP shares | 622 | 462 | 506 |
Net cash used in financing activities | (52,578) | (45,818) | (46,186) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1,818 | 1,636 | (1,677) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 28,759 | (16,898) | 12,867 |
Cash and cash equivalents and restricted cash: | |||
Balance, beginning of year | 262,561 | 279,459 | 266,592 |
Balance, end of year | $ 291,320 | $ 262,561 | $ 279,459 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity Redeemable Noncontrolling Interests - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward] | |||
Balance, beginning of year | $ 3,455 | ||
Net loss attributable to redeemable noncontrolling interests | (2,090) | $ (222) | $ 0 |
Foreign currency translation adjustments related to redeemable noncontrolling interests | 90 | 138 | $ 0 |
Issuance of redeemable noncontrolling interests | 3,396 | ||
Accretion of redeemable noncontrolling interests | 2,400 | 143 | |
Balance, end of year | $ 3,855 | $ 3,455 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 — Organization Unless the context indicates otherwise, the terms “we,” “us” and “our” in this Annual Report refer collectively to Helix Energy Solutions Group, Inc. and its subsidiaries (“Helix” or the “Company”). We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We provide services primarily in deepwater in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions. Our Operations Our services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 15). Our Well Intervention segment includes our vessels and/or equipment used to access offshore wells for the purpose of performing well 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 two chartered monohull vessels, the Siem Helix 1 and the Siem Helix 2 . Our well intervention equipment includes intervention riser systems (“IRSs”), subsea intervention lubricators (“SILs”) and the Riserless Open-water Abandonment Module (“ROAM”), some of which we provide on a stand-alone basis. Our Robotics segment includes remotely operated vehicles (“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 as needed. Our Production Facilities segment includes the Helix Producer I (the “ HP I ”), a ship-shaped dynamically positioned floating production vessel, the Helix Fast Response System (the “HFRS”), and our ownership of oil and gas properties. All of our current Production Facilities activities are located in the Gulf of Mexico. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of our majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership but have the ability to exert significant influence. All material intercompany accounts and transactions have been eliminated. Basis of Presentation Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. We have made all adjustments that we believe are necessary for a fair presentation of our consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. Restricted Cash We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. We had no restricted cash as of December 31, 2020. As of December 31, 2019, we had restricted cash of $54.1 million, which served as collateral for a letter of credit and was restricted for less than one year. In January 2021, we reclassified $73.4 million to restricted cash, which serves as collateral for a letter of credit for a temporary importation permit for work offshore Nigeria that is expected to be less than one year. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recognized when our right to consideration becomes unconditional. Accounts receivable are stated at the historical carrying amount, net of write-offs and allowance for credit losses. We estimate current expected credit losses on our accounts receivable at each reporting date. We estimate current expected credit losses based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 19). Property and Equipment Property and equipment is recorded at historical cost, net of accumulated depreciation. Property and equipment is depreciated on a straight-line basis over its estimated useful life. The cost of improvements is capitalized whereas the cost of repairs and maintenance is expensed as incurred. Assets used in operations are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s expected undiscounted cash flows. If the carrying amount of the asset or asset group is not recoverable and is greater than its fair value, an impairment charge is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are evaluated for impairment at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. The expected future cash flows used for impairment reviews and related fair value calculations are based on assessments of operating revenues and costs, project margins and capital project spending, considering all available information at the date of review. Capitalized Interest Interest from external borrowings is capitalized on major projects under development until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful life of the asset. Capitalized interest is excluded from our interest expense (Note 8) and is included as an investing cash outflow in the consolidated statements of cash flows. Equity Investment With respect to our investment accounted for using the equity method of accounting, losses in excess of the carrying amount of our equity investment are recognized when (i) we guaranteed the obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee’s return to profitability is imminent. Losses in excess of the carrying amount of our equity investment are presented as a liability in the consolidated balance sheets. Leases Leases with a term greater than one year are recognized in the consolidated balance sheet as right-of-use (“ROU”) assets and lease liabilities. We have not recognized in the consolidated balance sheet leases with an initial term of one year or less. Lease liabilities and their corresponding ROU assets are recorded at the commencement date based on the present value of lease payments over the expected lease term. The lease term may include the option to extend or terminate the lease when it is reasonably certain that we will exercise the option. We use our incremental borrowing rate, which would be the rate incurred to borrow on a collateralized basis over a similar term in a similar economic environment, to calculate the present value of lease payments. ROU assets are adjusted for any initial direct costs paid or incentives received. We separate our long-term vessel charters between their lease components and non-lease services. We estimate the lease component using the residual approach by estimating the non-lease services, which primarily include crew, repair and maintenance, and regulatory certification costs. For all other leases, we have not separated the lease components and non-lease services. We recognize operating lease cost on a straight-line basis over the lease term for both (i) leases that are recognized in the consolidated balance sheet and (ii) short-term leases. We recognize lease cost related to variable lease payments that are not recognized in the consolidated balance sheet in the period in which the obligation is incurred. Goodwill Goodwill impairment is evaluated using a two-step process. The first step involves comparing a reporting unit’s fair value with its carrying amount. We have the option to assess qualitative factors to determine if it is necessary to perform the first step. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, we must perform the quantitative goodwill impairment test, which involves estimating the reporting unit’s fair value and comparing it to its carrying amount. If the reporting unit’s carrying amount exceeds its fair value, impairment loss is recognized in an amount equal to that excess, but not to exceed the goodwill’s carrying amount. We perform an impairment analysis of goodwill at least annually as of November 1 or more frequently whenever events or circumstances occur indicating that goodwill might be impaired. Our goodwill balance attributable to the acquisition of a controlling interest in Subsea Technologies Group Limited (“STL”) was fully impaired during 2020, and we had no goodwill in the accompanying consolidated balance sheet at December 31, 2020 (Note 7). Deferred Recertification and Dry Dock Costs Our vessels and certain well intervention equipment are required by regulation to be periodically recertified. Recertification costs for a vessel are typically incurred while the vessel is in dry dock. We defer and amortize recertification costs, including vessel dry dock costs, over the period that the certification applies, which generally ranges from 30 to 60 months if the appropriate permitting is obtained. A recertification process, including vessel dry dock, typically lasts between one to three months, a period during which a vessel or a piece of equipment is idle and generally not available to earn revenue. Major replacements and improvements that extend the economic useful life or functional operating capability of a vessel or a piece of equipment are capitalized and depreciated over the asset’s remaining economic useful life. We expense routine repairs and maintenance costs as they are incurred. As of December 31, 2020 and 2019, deferred recertification and dry dock costs, which were included within “Other assets, net” in the accompanying consolidated balance sheets (Note 3), totaled $21.5 million and $16.1 million (net of accumulated amortization of $21.8 million and $15.7 million), respectively. During the years ended December 31, 2020, 2019 and 2018, amortization expense related to deferred recertification and dry dock costs was $14.3 million, $12.4 million and $8.3 million, respectively. Revenue Recognition Revenue from Contracts with Customers We generate revenue in our Well Intervention segment by supplying vessels, personnel and equipment to provide well intervention services, which involve providing marine access, serving as a deployment mechanism to the subsea well, connecting to and maintaining a secure connection to the subsea well and maintaining well control through the duration of the intervention services. We may also perform down-hole intervention work and provide certain engineering services. We generate revenue in our Robotics segment by operating ROVs, trenchers and a ROVDrill to provide subsea construction, inspection, repair and maintenance services to oil and gas companies as well as subsea trenching and burial of pipelines and cables as well as seabed clearing for the oil and gas and the renewable energy markets. We also provide integrated robotic services by supplying vessels that deploy ROVs and trenchers. Our Production Facilities segment generates revenue by supplying vessels, personnel and equipment for oil and natural gas processing, well control response services, and oil and gas production from owned properties. Our revenues are derived from short-term and long-term service contracts with customers. Our service contracts generally contain either provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) or lump sum payment provisions (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. We generally account for our services under contracts with customers as a single performance obligation satisfied over time. The single performance obligation in our dayrate contracts is comprised of a series of distinct time increments in which we provide services. We do not account for activities that are immaterial or not distinct within the context of our contracts as separate performance obligations. Consideration received under a contract is allocated to the single performance obligation on a systematic basis that depicts the pattern of the provision of our services to the customer. The total transaction price for a contract is determined by estimating both fixed and variable consideration expected to be earned over the term of the contract. We generally do not provide significant financing to our customers and do not adjust contract consideration for the time value of money if extended payment terms are granted for less than one year. Estimated variable consideration, if any, is considered to be constrained and therefore is not included in the transaction price until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. At the end of each reporting period, we reassess and update our estimates of variable consideration and amounts of that variable consideration that should be constrained. Dayrate Contracts . Revenues generated from dayrate contracts generally provide for payment according to the rates per day as stipulated in the contract (e.g., operating rate, standby rate, and repair rate). Invoices billed to the customer are typically based on the varying rates applicable to operating status on an hourly basis. Dayrate consideration is allocated to the distinct hourly time increment to which it relates and is therefore recognized in line with the contractual rate billed for the services provided for any given hour. Similarly, revenues from contracts that stipulate a monthly rate are recognized ratably during the month. Dayrate contracts also may contain fees charged to the customer for mobilizing and/or demobilizing equipment and personnel. Mobilization and demobilization are considered contract fulfillment activities, and related fees (subject to any constraint on estimates of variable consideration) are allocated to the single performance obligation and recognized ratably over the term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable and subject to uncertainty as the amounts received and timing thereof are dependent on factors outside of our influence. Accordingly, these revenues are constrained and not recognized until the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. A dayrate contract modification involving an extension of the contract by adding days of services is generally accounted for prospectively as a separate contract, but may be accounted for as a termination of the existing contract and creation of a new contract if the consideration for the extended services does not represent their stand-alone selling prices. Lump Sum Contracts . Revenues generated from lump sum contracts are recognized over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our lump sum contracts because it best depicts the progress toward satisfaction of our performance obligation, which occurs as we incur costs under those contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of cumulative costs incurred to date to the total estimated costs at completion of the performance obligation. Consideration, including lump sum mobilization and demobilization fees billed to the customer, is recorded proportionally as revenue in accordance with the cost-to-cost measure of progress. Consideration for lump sum contracts is generally due from the customer based on the achievement of milestones. As such, contract assets are generated to the extent we recognize revenues in advance of our rights to collect contract consideration and contract liabilities are generated when contract consideration due or received is greater than revenues recognized to date. We review and update our contract-related estimates regularly and recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period in which the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If a current estimate of total contract costs to be incurred exceeds the estimate of total revenues to be earned, we recognize the projected loss in full when it is identified. A modification to a lump sum contract is generally accounted for as part of the existing contract and recognized as an adjustment to revenue on a cumulative catch-up basis. Income from Oil and Gas Production Income from oil and gas production is recognized according to monthly oil and gas production volumes from the oil and gas properties that we own, and is included in revenues from our Production Facilities segment. Income from Royalty Interests Income from royalty interests is recognized according to our share of monthly oil and gas production volumes and is reflected in “Royalty income and other” in the consolidated statements of operations. Income Taxes Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. We consider the undistributed earnings of our non-U.S. subsidiaries without operations in the U.S. to be permanently reinvested. We provide for uncertain tax positions and related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by local taxing authorities. At December 31, 2020, we believe that we have appropriately accounted for any unrecognized tax benefits. To the extent we prevail in matters for which a liability for an unrecognized tax benefit has been recognized or are required to pay amounts in excess of the liability, our effective tax rate in a given financial statement period may be affected. Share-Based Compensation Share-based compensation is measured at the grant date based on the estimated fair value of an award. Share-based compensation based solely on service conditions is recognized on a straight-line basis over the vesting period of the related shares. Forfeitures are recognized as they occur. Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis. Compensation cost for our performance share unit (“PSU”) awards, which have a service condition and a market condition and are accounted for as equity awards, is measured based on the grant date estimated fair value and recognized over the vesting period on a straight-line basis. PSUs that are accounted for as liability awards are measured at their estimated fair value at each balance sheet date, and subsequent changes in fair value of the awards are recognized in earnings for the portion of the award for which the requisite service period has elapsed. Cumulative compensation cost for vested liability PSU awards equals the actual payout value upon vesting. Asset Retirement Obligations Asset retirement obligations (“AROs”) are recorded at fair value and consist of estimated costs for subsea infrastructure plug and abandonment (“P&A”) activities associated with our oil and gas properties. The estimated costs are discounted to present value using a credit-adjusted risk-free discount rate. After its initial recognition, an ARO liability is increased for the passage of time as accretion expense, which is a component of our depreciation and amortization expense. An ARO liability may also change based on revisions in estimated costs and/or timing to settle the obligations. Foreign Currency Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect, and the resulting translation adjustments are included in other comprehensive income (loss) (“OCI”). For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in other income or expense in the consolidated statements of operations. For the years ended December 31, 2020, 2019 and 2018, our foreign currency transaction gains (losses) totaled $4.6 million, $1.5 million and $(4.3) million, respectively. These realized amounts are exclusive of any gains or losses from our foreign currency exchange derivative contracts. Derivative Instruments and Hedging Activities Our business is exposed to market risks associated with interest rates and foreign currency exchange rates. Our risk management activities involve the use of derivative financial instruments to mitigate the impact of market risk exposure related to variable interest rates and foreign currency exchange rates. To reduce the impact of these risks on earnings and increase the predictability of our cash flows, from time to time we enter into derivative contracts, including interest rate swaps and foreign currency exchange contracts. Interest rate and foreign currency derivative instruments are reflected in the consolidated balance sheets at fair value. The capped call transactions (the “2026 Capped Calls”) we entered into in connection with the issuance of Convertible Senior Notes Due 2026 are recorded in shareholders’ equity and are not accounted for as derivatives (Note 8). We engage solely in cash flow hedges. Cash flow hedges are entered into to hedge the variability of cash flows related to a forecasted transaction or to be received or paid related to a recognized asset or liability. Changes in the fair value of derivative instruments that are designated as cash flow hedges are reported in OCI. These changes are subsequently reclassified into earnings when the hedged transactions affect earnings. Changes in the fair value of interest rate and foreign currency derivative instruments that do not qualify for hedge accounting are recorded in earnings. We formally document all relationships between hedging instruments and the related hedged items, as well as our risk management objectives, strategies for undertaking various hedge transactions and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment or forecasted transaction. We also assess, both at the inception of the hedge and on an ongoing basis, whether the derivative instruments that are designated as hedging instruments are highly effective in offsetting changes in cash flows of the hedged items. We discontinue hedge accounting if we determine that a derivative is no longer highly effective as a hedge, or if it is probable that a hedged transaction will not occur. If hedge accounting is discontinued because it is probable the hedged transaction will not occur, gains or losses on the hedging instruments are reclassified from accumulated OCI into earnings immediately. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income or loss attributable to common shareholders by the weighted average shares of our common stock outstanding. The calculation of diluted EPS is similar to that for basic EPS, except that the denominator includes dilutive common stock equivalents and the numerator excludes the effects of dilutive common stock equivalents, if any. We have shares of restricted stock issued and outstanding that are currently unvested. Because holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock, we are required to compute basic and diluted EPS under the two-class method in periods in which we have earnings. Under the two-class method, the undistributed earnings available to common shareholders for each period are allocated based on the participation rights of both common shareholders and the holders of any participating securities as if earnings for the respective periods had been distributed. For periods in which we have a net loss we do not use the two-class method as holders of our restricted shares are not obligated to share in such losses. Major Customers and Concentration of Risk We offer our products and services primarily in the offshore oil and gas and renewable markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. We perform ongoing credit evaluations of our customers and provide allowances for credit losses. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2020 — Petrobras (28%) and BP (17%); 2019 — Petrobras (29%), BP (15%) and Shell (13%); and 2018 — Petrobras (28%) and BP (15%). Most of the concentration of revenues are in our Well Intervention segment. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1. Observable inputs such as quoted prices in active markets; • Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation approaches as described in Note 20. New Accounting Standards New accounting standards adopted In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASC 842”), which was updated by subsequent amendments. ASC 842 requires a lessee to recognize a lease ROU asset and related lease liability for most leases, including those classified as operating leases. ASC 842 also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. We adopted ASC 842 as of January 1, 2019 using the modified retrospective method. We also elected the package of practical expedients permitted under the transition guidance that, among other things, allows companies to carry forward their historical lease classification. Our adoption of ASC 842 resulted in the recognition of operating lease liabilities of $259.0 million and corresponding ROU assets of $253.4 million (net of existing prepaid/deferred rent balances) as of January 1, 2019. In addition, we reclassified the remaining deferred gain of $4.6 million (net of deferred taxes of $0.9 million) on a 2016 sale and leaseback transaction to retained earnings. Subsequent to adoption, leases in foreign currencies will generate foreign currency gains and losses, and we will no longer amortize the deferred gain from the aforementioned sale and leaseback transaction. Aside from these changes, ASC 842 has not had, and is not expected to have, a material impact on our net earnings or cash flows. See Note 6 for additional information regarding our leases. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which was updated by subsequent amendments. This ASU replaces the current incurred loss model for measurement of credit losses on financial assets (including trade receivables) with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. Upon adoption of ASU No. 2016-13 on January 1, 2020, we recognized $0.6 million (net of deferred taxes of $0.2 million) related to the provision for current expected credit losses on our accounts receivable through a cumulative effect offset to retained earnings. The credit loss standard also resulted in the recognition of an additional $0.7 million in credit loss reserves on our accounts receivable for the year ended December 31, 2020. See Note 19 for additional information regarding allowance for credit losses on our accounts receivable. New accounting standards issued but not yet effective In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, this ASU removes from GAAP the requirement to separate certain convertible instruments, such as our Convertible Senior Notes Due 2022, Convertible Senior Notes Due 2023 and Convertible Senior Notes Due 2026 (Note 8), into liability and equity components. Consequently, those convertible instruments will be accounted for in their entirety as liabilities measured at their amortized cost. We have elected to early adopt ASU No. 2020-06 on a modified retrospective basis as of January 1, 2021. The adoption of this ASU will increase our long-term debt and decrease common stock by approximately $44.1 million and $41.5 million, respectively, as we reclassify the conversion features associated with our various outstanding convertible senior notes from equity to long-term debt. The adoption of this ASU will also increase our retained earnings and decrease deferred tax liabilities by approximately $6.7 million and $9.3 million, respectively. The embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Subsequent to its adoption, the ASU is also expected to reduce our interest expense as there will no longer be debt discounts associated with our outstanding convertible senior notes. Additionally, the ASU no longer permits the treasury stock method for convertible instruments and instead requires the application of the if-converted method to calculate the impact of our convertible senior notes on diluted EPS. We do not expect any other recent accounting standards to have a material impact on our financial position, results of operations or cash flows. |
Details Of Certain Accounts
Details Of Certain Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details Of Certain Accounts | Note 3 — Details of Certain Accounts Other current assets consist of the following (in thousands): December 31, 2020 2019 Contract assets (Note 12) $ 2,446 $ 740 Prepaids 15,904 12,635 Deferred costs (Note 12) 23,522 28,340 Income tax receivable (Note 9) 20,787 1,261 Other receivable (Note 16) 29,782 — Other 9,651 7,474 Total other current assets $ 102,092 $ 50,450 Other assets, net consist of the following (in thousands): December 31, 2020 2019 Deferred recertification and dry dock costs, net (Note 2) $ 21,464 $ 16,065 Deferred costs (Note 12) 861 14,531 Charter deposit (1) 12,544 12,544 Other receivable (Note 16) — 27,264 Goodwill (Note 7) — 7,157 Intangible assets with finite lives, net (Note 2) 3,809 3,847 Other 1,335 3,100 Total other assets, net $ 40,013 $ 84,508 (1) This amount is deposited with the owner of the Siem Helix 2 to offset certain payment obligations associated with the vessel at the end of the charter term. Accrued liabilities consist of the following (in thousands): December 31, 2020 2019 Accrued payroll and related benefits $ 24,768 $ 31,417 Accrued interest 7,098 3,942 Investee losses in excess of investment (Note 5) 1,499 4,069 Deferred revenue (Note 12) 8,140 11,568 AROs (Note 16) 30,913 — Other 14,617 11,393 Total accrued liabilities $ 87,035 $ 62,389 Other non-current liabilities consist of the following (in thousands): December 31, 2020 2019 Deferred revenue (Note 12) $ 1,869 $ 8,286 AROs (Note 16) — 28,258 Other 2,009 2,100 Total other non-current liabilities $ 3,878 $ 38,644 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Note 4 — Property and Equipment The following is a summary of the gross components of property and equipment (dollars in thousands): December 31, Estimated Useful Life 2020 2019 Vessels 15 to 30 years $ 2,349,752 $ 2,323,314 ROVs, trenchers and ROVDrill 10 years 263,968 270,004 Machinery, equipment and leasehold improvements 5 to 15 years 335,187 328,956 Total property and equipment $ 2,948,907 $ 2,922,274 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Note 5 — Equity Method Investments We have a 20% ownership interest in Independence Hub, LLC (“Independence Hub”) that we account for using the equity method of accounting. Independence Hub owns the “Independence Hub” platform, which is nearing the completion of its decommissioning. The remaining liability balances for our share of Independence Hub’s estimated obligations, net of remaining working capital, were $1.5 million and $4.1 million at December 31, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 6 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2020, the minimum sublease income to be received in the future totaled $2.1 million. The following table details the components of our lease cost in 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 64,742 $ 70,860 Variable lease cost 15,021 13,780 Short-term lease cost 37,524 20,384 Sublease income (1,286) (1,391) Net lease cost $ 116,001 $ 103,633 For the year ended December 31, 2018, total rental expense was approximately $147.8 million and total sublease rental income was $1.4 million. Maturities of our operating lease liabilities as of December 31, 2020 are as follows (in thousands): Vessels Facilities and Equipment Total Less than one year $ 54,621 $ 6,028 $ 60,649 One to two years 52,106 5,435 57,541 Two to three years 34,580 4,649 39,229 Three to four years 2,470 4,374 6,844 Four to five years — 2,340 2,340 Over five years — 4,054 4,054 Total lease payments $ 143,777 $ 26,880 $ 170,657 Less: imputed interest (13,352) (4,697) (18,049) Total operating lease liabilities $ 130,425 $ 22,183 $ 152,608 Current operating lease liabilities $ 46,748 $ 4,851 $ 51,599 Non-current operating lease liabilities 83,677 17,332 101,009 Total operating lease liabilities $ 130,425 $ 22,183 $ 152,608 Maturities of our operating lease liabilities as of December 31, 2019 are as follows (in thousands): Vessels Facilities and Equipment Total Less than one year $ 60,210 $ 6,610 $ 66,820 One to two years 54,564 5,888 60,452 Two to three years 52,106 5,257 57,363 Three to four years 34,580 4,622 39,202 Four to five years 2,470 4,349 6,819 Over five years — 6,251 6,251 Total lease payments $ 203,930 $ 32,977 $ 236,907 Less: imputed interest (24,846) (6,449) (31,295) Total operating lease liabilities $ 179,084 $ 26,528 $ 205,612 Current operating lease liabilities $ 48,716 $ 5,069 $ 53,785 Non-current operating lease liabilities 130,368 21,459 151,827 Total operating lease liabilities $ 179,084 $ 26,528 $ 205,612 The following table presents the weighted average remaining lease term and discount rate: December 31, 2020 2019 Weighted average remaining lease term 3.1 years 4.0 years Weighted average discount rate 7.53 % 7.54 % The following table presents other information related to our operating leases (in thousands): Year Ended December 31, 2020 2019 Cash paid for operating lease liabilities $ 66,026 $ 71,698 ROU assets obtained in exchange for new operating lease obligations 516 1,168 |
Business Combinations And Goodw
Business Combinations And Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations and Goodwill [Abstract] | |
Business Combinations And Goodwill | Note 7 — Business Combinations and Goodwill In May 2019, we acquired a 70% controlling interest in STL, a subsea engineering firm based in Aberdeen, Scotland, for $5.1 million. The holders of the remaining 30% noncontrolling interest currently have the right to put their shares to us in June 2024. These redeemable noncontrolling interests have been recognized as temporary equity. STL is included in our Well Intervention segment (Note 15) and its revenue and earnings are immaterial to our consolidated results. As a result of the decline in oil prices as well as energy and energy services valuations during the first quarter 2020 due to the ongoing COVID-19 pandemic and the OPEC+ price war, we impaired all of our goodwill, which consisted entirely of our goodwill in STL. The changes in the carrying amount of goodwill are as follows (in thousands): Well Intervention Balance at December 31, 2018 $ — Additions (1) 6,855 Other adjustments (2) 302 Balance at December 31, 2019 7,157 Other adjustments (2) (468) Impairment loss (3) (6,689) Balance at December 31, 2020 $ — (1) Relates to goodwill arising from the acquisition of a controlling interest in STL in May 2019. (2) Relates to foreign currency adjustments. (3) Relates to the impairment of the entire STL goodwill balance in March 2020. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 8 — Long-Term Debt Long-term debt consists of the following (in thousands): December 31, 2020 2019 Term Loan (matures December 2021) $ 29,750 $ 33,250 2022 Notes (mature May 2022) 35,000 125,000 2023 Notes (mature September 2023) 30,000 125,000 2026 Notes (mature February 2026) 200,000 — MARAD Debt (matures February 2027) 56,410 63,610 Nordea Q5000 Loan (matures January 2021) (1) 53,572 89,286 Unamortized debt discounts (45,692) (22,540) Unamortized debt issuance costs (9,477) (7,753) Total debt 349,563 405,853 Less current maturities (90,651) (99,731) Long-term debt $ 258,912 $ 306,122 (1) We repaid the Nordea Q5000 Loan in January 2021. Credit Agreement We have a credit agreement (and the amendments made thereafter, collectively the “Credit Agreement”) with a group of lenders led by Bank of America, N.A. (“Bank of America”). The Credit Agreement is comprised of a Term Loan with a remaining balance of $29.8 million as of December 31, 2020 and a Revolving Credit Facility with a maximum availability of $175 million that matures on December 31, 2021. The Revolving Credit Facility permits us to obtain letters of credit up to a sublimit of $25 million. Pursuant to the Credit Agreement, subject to existing lender participation and/or the participation of new lenders, and subject to standard conditions precedent, we may request aggregate commitments of up to $100 million with respect to an increase in the Revolving Credit Facility. As of December 31, 2020, the Term Loan is classified as current in the accompanying consolidated balance sheet. As of December 31, 2020, we had no borrowings under the Revolving Credit Facility, and our available borrowing capacity under that facility, based on the leverage ratios, totaled $160.2 million, net of $2.8 million of letters of credit issued under that facility. Borrowings under the Credit Agreement bear interest, at our election, at either Bank of America’s base rate, the LIBOR or a comparable successor rate, or a combination thereof. The Term Loan bearing interest at the base rate will bear interest at a per annum rate equal to Bank of America’s base rate plus a margin of 2.25%. The Term Loan bearing interest at a LIBOR rate will bear interest per annum at the LIBOR or a comparable successor rate selected by us plus a margin of 3.25%. The interest rate on the Term Loan was 3.40% as of December 31, 2020. Borrowings under the Revolving Credit Facility bearing interest at the base rate will bear interest at a per annum rate equal to Bank of America’s base rate plus a margin ranging from 1.50% to 2.50%. Borrowings under the Revolving Credit Facility bearing interest at a LIBOR rate will bear interest per annum at the LIBOR or a comparable successor rate selected by us plus a margin ranging from 2.50% to 3.50%. A letter of credit fee is payable by us equal to the applicable margin for LIBOR rate loans multiplied by the daily amount available to be drawn under the applicable letter of credit. Margins on borrowings under the Revolving Credit Facility will vary in relation to the Consolidated Total Leverage Ratio (as defined below) as provided for in the Credit Agreement. We also pay a fixed commitment fee of 0.50% per annum on the unused portion of the Revolving Credit Facility. The Term Loan principal is required to be repaid in quarterly installments of 2.5% of its aggregate principal amount, with a balloon payment at maturity. Installments are subject to adjustment for any prepayments. We may prepay indebtedness outstanding under the Term Loan without premium or penalty, but may not reborrow any amounts prepaid. We may prepay indebtedness outstanding under the Revolving Credit Facility without premium or penalty, and may reborrow any amounts prepaid up to the amount available under the Revolving Credit Facility. Our obligations under the Credit Agreement, and those of our subsidiary guarantors under their guarantee, are secured by (i) most of the assets of the parent company, (ii) the shares of our domestic subsidiaries (other than Cal Dive I - Title XI, Inc.) and of Helix Robotics Solutions Limited and (iii) most of the assets of our domestic subsidiaries (other than Cal Dive I - Title XI, Inc.) and of Helix Robotics Solutions Limited. In addition, these obligations are secured by pledges of up to 66% of the shares of certain foreign subsidiaries (restricted subsidiaries). The Credit Agreement and the other documents entered into in connection with the Credit Agreement include terms and conditions, including covenants, that we consider customary for this type of transaction. The covenants include certain restrictions on our and certain of our subsidiaries’ ability to grant liens, incur indebtedness, make investments, merge or consolidate, sell or transfer assets, pay dividends and make capital expenditures. In addition, the Credit Agreement obligates us to meet minimum ratio requirements of EBITDA to interest charges (Consolidated Interest Coverage Ratio), funded debt to EBITDA (Consolidated Total Leverage Ratio) and secured funded debt to EBITDA (Consolidated Secured Leverage Ratio). We may designate one or more of our new foreign subsidiaries as subsidiaries not generally subject to the covenants in the Credit Agreement (the “Unrestricted Subsidiaries”). The Unrestricted Subsidiaries are not pledged as collateral under the Credit Agreement, and the debt and EBITDA of the Unrestricted Subsidiaries, with the exception of Helix Q5000 Holdings, S.à r.l. (“Q5000 Holdings”), a wholly owned Luxembourg subsidiary of Helix Vessel Finance S.à r.l., are not included in the calculations of our financial covenants except to the extent of any cash actually distributed by such subsidiary to Helix. In June 2019, in connection with an amendment of the Credit Agreement we wrote off the remaining unamortized debt issuance costs associated with a lender exiting the Credit Agreement. In March 2018, we prepaid $61 million of the then-existing term loan with a portion of the net proceeds from the 2023 Notes and wrote off $0.9 million of unamortized debt issuance costs. These write-offs are presented as “Loss on extinguishment of long-term debt” in the accompanying consolidated statements of operations. Convertible Senior Notes Due 2022 (“2022 Notes”) The 2022 Notes bear interest at a rate of 4.25% per annum and are payable semi-annually in arrears on November 1 and May 1 of each year, beginning on May 1, 2017. The 2022 Notes mature on May 1, 2022 unless earlier converted, redeemed or repurchased. During certain periods and subject to certain conditions, the 2022 Notes are convertible by the holders into shares of our common stock at an initial conversion rate of 71.9748 shares of our common stock per $1,000 principal amount (which represents an initial conversion price of approximately $13.89 per share of common stock), subject to adjustment in certain circumstances. We have the right and the intention to settle the principal amount of any such future conversions in cash. Prior to November 1, 2019, the 2022 Notes were not redeemable. Beginning November 1, 2019, if certain conditions are met, we may redeem all or any portion of the 2022 Notes at a redemption price payable in cash equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest and a “make-whole premium” (as defined in the indenture governing the 2022 Notes). Holders of the 2022 Notes may require us to repurchase the notes following a “fundamental change” (as defined in the indenture governing the 2022 Notes). The indenture governing the 2022 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee under the indenture or the holders of not less than 25% in aggregate principal amount then outstanding under the 2022 Notes may declare the entire principal amount of all the notes, and the interest accrued on such notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a significant subsidiary, the principal amount of the 2022 Notes together with any accrued and unpaid interest thereon will become immediately due and payable. The 2022 Notes were initially separated between the equity component recognized in shareholders’ equity and the debt component, which is presented as long-term debt, net of the unamortized debt discount and debt issuance costs. On August 14, 2020, we repurchased $90 million in aggregate principal amount of the 2022 Notes for $89.1 million. We applied $81.7 million of the repurchase price to the acquisition of the debt component of the 2022 Notes and recognized an extinguishment gain of $3.3 million. The remaining unamortized debt discount of the 2022 Notes was $1.3 million and $8.0 million at December 31, 2020 and 2019, respectively. We applied the remaining $7.4 million of the repurchase price to the re-acquisition of the equity component. The remaining equity component of the 2022 Notes was $9.5 million ($5.3 million net of tax) and $16.9 million ($11.0 million net of tax) at December 31, 2020 and 2019, respectively. The effective interest rate for the 2022 Notes is 7.3% after considering the effect of the accretion of the related debt discount over the term of the 2022 Notes. For the years ended December 31, 2020, 2019 and 2018, interest expense (including amortization of the debt discount) related to the 2022 Notes totaled $6.2 million, $8.4 million and $8.1 million, respectively. With the adoption of ASU No. 2020-06 beginning January 1, 2021, the 2022 Notes will no longer be reported at a discount. See Note 2 for the effect of ASU No. 2020-06. Convertible Senior Notes Due 2023 (“2023 Notes”) The 2023 Notes bear interest at a rate of 4.125% per annum and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2018. The 2023 Notes mature on September 15, 2023 unless earlier converted, redeemed or repurchased. During certain periods and subject to certain conditions, the 2023 Notes are convertible by the holders into shares of our common stock at an initial conversion rate of 105.6133 shares of our common stock per $1,000 principal amount (which represents an initial conversion price of approximately $9.47 per share of common stock), subject to adjustment in certain circumstances. We have the right and the intention to settle the principal amount of any such future conversions in cash. Prior to March 15, 2021, the 2023 Notes are not redeemable. On or after March 15, 2021, if certain conditions are met, we may redeem all or any portion of the 2023 Notes at a redemption price payable in cash equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest and a “make-whole premium” (as defined in the indenture governing the 2023 Notes). Holders of the 2023 Notes may require us to repurchase the notes following a “fundamental change” (as defined in the indenture governing the 2023 Notes). The indenture governing the 2023 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee under the indenture or the holders of not less than 25% in aggregate principal amount then outstanding under the 2023 Notes may declare the entire principal amount of all the notes, and the interest accrued on such notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a significant subsidiary, the principal amount of the 2023 Notes together with any accrued and unpaid interest thereon will become immediately due and payable. The 2023 Notes were initially separated between the equity component recognized in shareholders’ equity and the debt component, which is presented as long-term debt, net of the unamortized debt discount and debt issuance costs. On August 14, 2020, we repurchased $95 million in aggregate principal amount of the 2023 Notes for $94.1 million. We applied $78.2 million of the repurchase price to the re-acquisition of the debt component of the 2023 Notes and recognized an extinguishment gain of $5.9 million. The remaining unamortized debt discount of the 2023 Notes was $2.7 million and $14.5 million at December 31, 2020 and 2019, respectively. We applied the remaining $15.9 million of the repurchase price to the re-acquisition of the equity component. The remaining equity component of the 2023 Notes was $4.2 million ($3.6 million net of tax) and $20.1 million ($15.9 million net of tax) at December 31, 2020 and 2019, respectively. The effective interest rate for the 2023 Notes is 7.8% after considering the effect of the accretion of the related debt discount over the term of the 2023 Notes. For the years ended December 31, 2020, 2019 and 2018, interest expense (including amortization of the debt discount) related to the 2023 Notes totaled $6.1 million, $8.4 million and $6.4 million, respectively. With the adoption of ASU No. 2020-06 beginning January 1, 2021, the 2023 Notes will no longer be reported at a discount. See Note 2 for the effect of ASU No. 2020-06. Convertible Senior Notes Due 2026 (“2026 Notes”) On August 14, 2020, we issued $200 million in aggregate principal amount of the 2026 Notes. The net proceeds from the issuance of the 2026 Notes were approximately $192.5 million, after deducting the underwriting discounts and commissions and estimated offering expenses. As discussed further in Note 10, we used approximately $10.5 million of the net proceeds to enter into the 2026 Capped Calls. We used the remainder of the net proceeds, together with cash on hand, to repurchase $90 million in aggregate principal amount of the 2022 Notes and $95 million in aggregate principal amount of the 2023 Notes (see “Convertible Senior Notes Due 2022” and “Convertible Senior Notes Due 2023” above) in privately negotiated transactions. The 2026 Notes bear interest at a rate of 6.75% per annum and are payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021. The 2026 Notes mature on February 15, 2026 unless earlier converted, redeemed or repurchased. During certain periods and subject to certain conditions, the 2026 Notes are convertible by the holders into shares of our common stock at an initial conversion rate of 143.3795 shares of our common stock per $1,000 principal amount (which represents an initial conversion price of approximately $6.97 per share of common stock), subject to adjustment in certain circumstances. In order to reduce the potential dilution of the 2026 Notes to shareholders’ equity, we entered into the 2026 Capped Calls, which effectively increase the conversion price of the 2026 Notes to approximately $8.42 per share. However, the 2026 Capped Calls are separate transactions from the 2026 Notes and do not change the holders’ rights under the 2026 Notes, and holders of the 2026 Notes do not have any rights with respect to the 2026 Capped Calls (Note 10). We have the right and the intention to settle the principal amount of any such future conversions in cash. Prior to August 15, 2023, the 2026 Notes are not redeemable. On or after August 15, 2023, if certain conditions are met, we may redeem all or any portion of the 2026 Notes at a redemption price payable in cash equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest and a “make-whole premium” (as defined in the indenture governing the 2026 Notes). Holders of the 2026 Notes may require us to repurchase the notes following a “fundamental change” (as defined in the indenture governing the 2026 Notes). The indenture governing the 2026 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee under the indenture or the holders of not less than 25% in aggregate principal amount then outstanding under the 2026 Notes may declare the entire principal amount of all the notes, and the interest accrued on such notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a significant subsidiary, the principal amount of the 2026 Notes together with any accrued and unpaid interest thereon will become immediately due and payable. The 2026 Notes are separated between the equity component of $43.8 million ($34.6 million net of tax) recognized in shareholders’ equity and the debt component which is presented as long-term debt, net of the unamortized debt discount and debt issuance costs. The effective interest rate for the 2026 Notes is 12.4% after considering the effect of the accretion of the related debt discount over the term of the 2026 Notes. For the year ended December 31, 2020, interest expense (including amortization of the debt discount) related to the 2026 Notes was $7.2 million. The remaining unamortized debt discount of the 2026 Notes was $41.7 million at December 31, 2020. With the adoption of ASU No. 2020-06 beginning January 1, 2021, the 2026 Notes will no longer be reported at a discount. See Note 2 for the effect of ASU No. 2020-06. MARAD Debt This U.S. government guaranteed financing (the “MARAD Debt”), pursuant to Title XI of the Merchant Marine Act of 1936 administered by the Maritime Administration, was used to finance the construction of the Q4000 . The MARAD Debt is collateralized by the Q4000 and is guaranteed 50% by us. The MARAD Debt is payable in equal semi-annual installments, matures in February 2027 and bears interest at a rate of 4.93%. Nordea Credit Agreement In September 2014, Q5000 Holdings entered into a credit agreement (the “Nordea Credit Agreement”) with a syndicated bank lending group for a term loan (the “Nordea Q5000 Loan”) in an amount of up to $250 million. The Nordea Q5000 Loan was funded in the amount of $250 million in April 2015 at the time the Q5000 vessel was delivered to us. Helix Vessel Finance S.à r.l., Q5000 Holdings's parent, which is a wholly owned Luxembourg subsidiary of Helix, has guaranteed the Nordea Q5000 Loan. The loan is secured by the Q5000 and its charter earnings as well as by a pledge of the shares of Q5000 Holdings. This indebtedness is non-recourse to Helix. We amended the Nordea Credit Agreement on March 11, 2020. Prior to the amendment, the Nordea Q5000 Loan incurred interest at a LIBOR rate plus a margin of 2.5% and was repayable in scheduled quarterly principal installments of $8.9 million with a balloon payment of $80.4 million on April 30, 2020. The amendment increased the margin to 2.75%, maintained the existing quarterly amortization requirements, and extended the final maturity to January 31, 2021 with a balloon payment on that date of $53.6 million. The remaining principal balance and unamortized debt issuance costs related to the Nordea Q5000 Loan are classified as current in the accompanying consolidated balance sheets. We repaid the remaining balance of the Nordea Q5000 Loan at its maturity on January 29, 2021. Other We previously issued additional convertible senior notes in March 2012, which were originally scheduled to mature on March 15, 2032 (the “2032 Notes”). In 2018, we fully redeemed the remaining $60.1 million in aggregate principal amount of the 2032 Notes and recognized a corresponding $0.2 million loss. The loss is presented as “Loss on extinguishment of long-term debt” in the accompanying consolidated statement of operations. In accordance with the Credit Agreement, the 2022 Notes, the 2023 Notes, the 2026 Notes, the MARAD Debt agreements and the Nordea Credit Agreement, we are required to comply with certain covenants, including with respect to the Credit Agreement, certain financial ratios such as a consolidated interest coverage ratio, a consolidated total leverage ratio and a consolidated secured leverage ratio, as well as the maintenance of minimum cash balance, net worth, working capital and debt-to-equity requirements. As of December 31, 2020, we were in compliance with these covenants. Scheduled maturities of our long-term debt outstanding as of December 31, 2020 are as follows (in thousands): Term 2022 2023 2026 MARAD Nordea Total Less than one year $ 29,750 $ — $ — $ — $ 7,560 $ 53,572 $ 90,882 One to two years — 35,000 — — 7,937 — 42,937 Two to three years — — 30,000 — 8,333 — 38,333 Three to four years — — — — 8,749 — 8,749 Four to five years — — — — 9,186 — 9,186 Over five years — — — 200,000 14,645 — 214,645 Gross debt 29,750 35,000 30,000 200,000 56,410 53,572 404,732 Unamortized debt discounts (1) — (1,325) (2,651) (41,716) — — (45,692) Unamortized debt issuance costs (2) (191) (198) (427) (5,572) (3,049) (40) (9,477) Total debt 29,559 33,477 26,922 152,712 53,361 53,532 349,563 Less current maturities (29,559) — — — (7,560) (53,532) (90,651) Long-term debt $ — $ 33,477 $ 26,922 $ 152,712 $ 45,801 $ — $ 258,912 (1) The 2022 Notes, the 2023 Notes and the 2026 Notes will increase to their face amounts through accretion of their debt discounts to interest expense through May 2022, September 2023 and February 2026, respectively. See Note 2 for future accounting changes related to these discounts. (2) Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. The following table details the components of our net interest expense (in thousands): Year Ended December 31, 2020 2019 2018 Interest expense $ 30,538 $ 31,186 $ 32,617 Capitalized interest (1) (1,182) (20,246) (15,629) Interest income (825) (2,607) (3,237) Net interest expense $ 28,531 $ 8,333 $ 13,751 (1) The significant reduction in capitalized interest in 2020 was attributable to the conclusion of our planned major capital commitments following the completion of the Q7000 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes We and our subsidiaries file a consolidated U.S. federal income tax return. We believe that our recorded deferred tax assets and liabilities are reasonable. However, tax laws and regulations are subject to interpretation, and the outcomes of tax disputes are inherently uncertain; therefore, our assessments can involve a series of complex judgments about future events and rely heavily on estimates and assumptions. Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current $ (14,818) $ 4,374 $ 4,830 Deferred (3,883) 3,485 (2,430) $ (18,701) $ 7,859 $ 2,400 Domestic $ (15,074) $ 3,715 $ (3,161) Foreign (3,627) 4,144 5,561 $ (18,701) $ 7,859 $ 2,400 Components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Domestic $ (3,406) $ 2,219 $ (28,838) Foreign 4,789 63,337 59,836 $ 1,383 $ 65,556 $ 30,998 The U.S. Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed into law on March 27, 2020, is an economic stimulus package designed to aid in offsetting the economic damage caused by the ongoing COVID-19 pandemic and includes various changes to U.S. income tax regulations. The CARES Act permits the carryback of certain net operating losses, which previously had been required to be carried forward, at the tax rates applicable in the relevant carryback year. As a result of these changes, we recognized a $7.6 million net tax benefit in the year ended December 31, 2020, consisting of an $18.9 million current tax benefit, which is reflected in our income tax receivable at December 31, 2020, and a $11.3 million deferred tax expense. This $7.6 million net tax benefit resulted from our deferred tax assets related to our net operating losses in the U.S. being utilized at the previous higher income tax rate applicable to the carryback periods. During the year ended December 31, 2020, we migrated two of our foreign subsidiaries into our U.S. consolidated tax group. Subsequent to the migration, these subsidiaries are disregarded and no longer subject to certain branch profits taxes. Consequently, we recognized net deferred tax benefits of $8.3 million due to the reduction in the overall tax rate associated with these subsidiaries. Income taxes are provided based on the U.S. statutory rate and at the local statutory rate for each foreign jurisdiction adjusted for items that are allowed as deductions for federal and foreign income tax reporting purposes, but not for book purposes. The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows: Year Ended December 31, 2020 2019 2018 Taxes at U.S. statutory rate $ 290 21.0 % $ 13,767 21.0 % $ 6,510 21.0 % Foreign tax provision (3,426) (247.7) (6,557) (10.0) (4,941) (15.9) CARES Act (7,596) (549.2) — — — — Subsidiary restructuring (8,333) (602.5) — — — — Other 364 26.2 649 1.0 831 2.6 Income tax provision (benefit) $ (18,701) (1,352.2) % $ 7,859 12.0 % $ 2,400 7.7 % Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each are as follows (in thousands): December 31, 2020 2019 Deferred tax liabilities: Depreciation $ 153,226 $ 166,239 Debt discounts on 2022 Notes, 2023 Notes and 2026 Notes 9,298 4,643 Total deferred tax liabilities $ 162,524 $ 170,882 Deferred tax assets: Net operating losses $ (59,794) $ (64,178) Reserves, accrued liabilities and other (11,631) (13,203) Total deferred tax assets (71,425) (77,381) Valuation allowance 19,722 18,631 Net deferred tax liabilities $ 110,821 $ 112,132 At December 31, 2020, our U.S. net operating losses available for carryforward totaled $197.4 million, of which $85.1 million occurred after the passage of the 2017 Tax Act and are not subject to expiration. The U.S. net operating loss carryforwards generated prior to 2018 in the amount of $112.3 million will begin to expire in 2035 if unused. Realization of net operating losses is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. Although realization is not assured, management believes it is more likely than not that all of these tax attributes will be utilized. The amount of the deferred tax asset considered realizable, however, could be reduced if estimates of future taxable income during the carryforward period are reduced. At December 31, 2020, we had a $2.9 million valuation allowance recorded against our U.S. deferred tax assets for foreign tax credits. Management believes it is more likely than not that we will not be able to utilize the foreign tax credits prior to their expiration. At December 31, 2020, we had a $16.8 million valuation allowance related to certain non-U.S. deferred tax assets, primarily net operating losses from our Robotics segment in the U.K., as management believes it is more likely than not that we will not be able to utilize the tax benefits. Additional valuation allowances may be made in the future if in management’s opinion it is more likely than not that future tax benefits will not be utilized. At December 31, 2020, we had accumulated undistributed earnings generated by our non-U.S. subsidiaries without operations in the U.S. of approximately $62.2 million. Due to the enactment of the U.S. Tax Cuts and Jobs Act (the “2017 Tax Act”), repatriations of foreign earnings will generally be free of U.S. federal tax but may be subject to changes in future tax legislation that may result in taxation. Indefinite reinvestment is determined by management’s intentions concerning our future operations. We intend to indefinitely reinvest these earnings, as well as future earnings from our non-U.S. subsidiaries without operations in the U.S., to fund our international operations. In addition, we expect future U.S. cash generation will be sufficient to meet future U.S. cash needs. We have not provided deferred income taxes on the accumulated earnings and profits from our non-U.S. subsidiaries without operations in the U.S. as we consider them permanently reinvested. Due to complexities in the tax laws and the manner of repatriation, it is not practicable to estimate the unrecognized amount of deferred income taxes associated with these undistributed earnings. We recorded an uncertain tax position of $0.7 million in 2020 related to a research and development credit taken on our 2019 U.S. Federal Income Tax Return and certain expenses not reversed for tax purposes. We account for tax-related interest in interest expense and tax penalties in selling, general and administrative expenses. We did not record any interest related to these positions in 2020 as the amount was immaterial. The statute of limitations on $0.3 million of uncertain tax positions expired in 2019. Therefore, as of December 31, 2019, there were no unrecognized tax benefits related to uncertain tax positions. We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. We anticipate that any potential adjustments to our state, local and non-U.S. jurisdiction tax returns by taxing authorities would not have a material impact on our financial position. The tax periods from 2013, 2014, and 2018 through 2020 remain open to review and examination by the Internal Revenue Service. In non-U.S. jurisdictions, the open tax periods include 2013 through 2020. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 10 — Shareholders’ Equity Our amended and restated Articles of Incorporation provide for authorized Common Stock of 240,000,000 shares with no stated par value per share and 5,000,000 shares of preferred stock, $0.01 par value per share, issuable in one or more series. In connection with the 2026 Notes offering (Note 8), we entered into the 2026 Capped Calls with three separate option counterparties. The 2026 Capped Calls are separate transactions from the 2026 Notes and do not change the holders' rights under the 2026 Notes. Holders of the 2026 Notes do not have any rights with respect to the 2026 Capped Calls. The 2026 Capped Calls are for an aggregate of 28,675,900 shares of our common stock, which corresponds to the shares into which the 2026 Notes are initially convertible. The capped call shares are subject to certain anti-dilution adjustments. Each capped call option has an initial strike price of approximately $6.97 per share, which corresponds to the initial conversion price of the 2026 Notes, and an initial cap price of approximately $8.42 per share. The strike and cap prices are subject to certain adjustments. The 2026 Capped Calls are intended to offset some or all of the potential dilution to Helix common shares caused by any conversion of the 2026 Notes up to the cap price. The 2026 Capped Calls can be settled in either net shares or cash at our option in components commencing December 15, 2025 and ending February 12, 2026, which could be extended under certain circumstances. The 2026 Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting Helix, including a merger, tender offer, nationalization, insolvency or delisting. In addition, certain events may result in a termination of the 2026 Capped Calls, including changes in law, insolvency filings and hedging disruptions. The 2026 Capped Calls are recorded at their aggregate cost of $10.6 million as a reduction to common stock in the shareholders’ equity section of our consolidated balance sheet. The components of accumulated OCI are as follows (in thousands): December 31, 2020 2019 Cumulative foreign currency translation adjustment $ (51,620) $ (64,455) Net unrealized loss on hedges, net of tax (1) — (285) Accumulated OCI $ (51,620) $ (64,740) (1) Relates to foreign currency hedges for the Grand Canyon III charter as well as interest rate hedge contracts for the Nordea Q5000 Loan (Note 21). |
Stock Buyback Program
Stock Buyback Program | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stock Buyback Program | Note 11 — Stock Buyback Program Our Board of Directors (our “Board”) has granted us the authority to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (the “ESPP”) (Note 14). We may continue to make repurchases pursuant to this authority from time to time as additional equity is issued under our stock-based plans depending on prevailing market conditions and other factors. As described in an announced plan, all repurchases may be commenced or suspended at any time as determined by management. We have not purchased any shares available under this program since 2015. As of December 31, 2020, 6,913,705 shares of our common stock were available for repurchase under the program. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | Note 12 — Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by contract duration (in thousands): Well Intervention Robotics Production Facilities Intercompany Eliminations (1) Total Revenue Year ended December 31, 2020 Short-term $ 206,812 $ 117,439 $ — $ — $ 324,251 Long-term 332,437 60,579 58,303 (42,015) 409,304 Total $ 539,249 $ 178,018 $ 58,303 $ (42,015) $ 733,555 Year ended December 31, 2019 Short-term $ 214,926 $ 94,501 $ — $ — $ 309,427 Long-term 378,374 77,171 61,210 (74,273) 442,482 Total $ 593,300 $ 171,672 $ 61,210 $ (74,273) $ 751,909 Year ended December 31, 2018 Short-term $ 199,294 $ 89,072 $ — $ — $ 288,366 Long-term 361,274 69,917 64,400 (44,139) 451,452 Total $ 560,568 $ 158,989 $ 64,400 $ (44,139) $ 739,818 (1) Intercompany revenues among our business segments are under agreements that are considered long-term. Contract Balances Contract assets are rights to consideration in exchange for services that we have provided to a customer when those rights are conditioned on our future performance. Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract assets are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 3). Contract assets as of December 31, 2020 and 2019 were $2.4 million and $0.7 million, respectively. We had no credit losses on our contract assets for the years ended December 31, 2020, 2019 and 2018. Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer. Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets (Note 3). Contract liabilities as of December 31, 2020 and 2019 totaled $10.0 million and $19.9 million, respectively. Revenue recognized for the years ended December 31, 2020, 2019 and 2018 included $11.6 million, $10.1 million and $11.6 million, respectively, that were included in the contract liability balance as the beginning of each period. We report the net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period. Performance Obligations As of December 31, 2020, $406.7 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $301.2 million in 2021, $72.9 million in 2022 and $32.6 million in 2023 and thereafter. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at December 31, 2020. For the year ended December 31, 2019, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $2.1 million, which resulted from the recognition of previously constrained variable consideration for contractual adjustments related to withholding taxes in Brazil. For the years ended December 31, 2020 and 2018, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial. Contract Fulfillment Costs Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying consolidated balance sheets (Note 3). Our deferred contract costs as of December 31, 2020 and 2019 totaled $24.4 million and $42.9 million, respectively. For the years ended December 31, 2020, 2019 and 2018, we recorded $35.8 million, $31.5 million and $33.1 million, respectively, related to amortization of deferred contract costs. There were no associated impairment losses for any period presented. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 — Earnings Per Share The computations of the numerator (income) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying consolidated statements of operations are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Income Shares Income Shares Income Shares Basic: Net income attributable to common shareholders $ 22,174 $ 57,919 $ 28,598 Less: Undistributed earnings allocated to participating securities (140) (487) (273) Accretion of redeemable noncontrolling interests (2,400) (143) — Net income available to common shareholders, basic $ 19,634 148,993 $ 57,289 147,536 $ 28,325 146,702 Diluted: Net income available to common shareholders, basic $ 19,634 148,993 $ 57,289 147,536 $ 28,325 146,702 Effect of dilutive securities: Share-based awards other than participating securities — 904 — 2,041 — 128 Undistributed earnings reallocated to participating securities 1 — 6 — 1 — Net income available to common shareholders, diluted $ 19,635 149,897 $ 57,295 149,577 $ 28,326 146,830 The following weighted average potentially dilutive shares related to the 2022 Notes, the 2023 Notes, the 2026 Notes and the 2032 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands): Year Ended December 31, 2020 2019 2018 2022 Notes 6,537 8,997 8,997 2023 Notes 9,391 13,202 10,344 2026 Notes 10,891 — — 2032 Notes (1) — — 524 (1) The 2032 Notes were fully redeemed in 2018. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Note 14 — Employee Benefit Plans Defined Contribution Plan We sponsor a defined contribution 401(k) retirement plan. Our discretionary contributions are in the form of cash and consist of a 50% match of each participant’s contribution up to 5% of the participant’s salary. For the years ended December 31, 2020 and 2019, we made discretionary employer contributions of $1.6 million and $1.0 million, respectively, to the 401(k) plan. Employee Stock Purchase Plan On May 15, 2019, our shareholders approved an amendment to and restatement of the ESPP to: (i) increase the shares authorized for issuance by 1.5 million shares and (ii) delegate to an internal administrator the authority to establish the maximum shares purchasable during a purchase period. As of December 31, 2020 , 1.8 million shares were available for issuance under the ESPP. Eligible employees who participate in the ESPP may purchase shares of our common stock through payroll deductions on an after-tax basis over a four-month period beginning on January 1, May 1, and September 1 of each year during the term of the ESPP, subject to certain restrictions and limitations established by the Compensation Committee of our Board and Section 423 of the Internal Revenue Code. The per share price of common stock purchased under the ESPP is equal to 85% of the lesser of its fair market value on (i) the first trading day of the purchase period or (ii) the last trading day of the purchase period. The ESPP currently has a purchase limit of 260 shares per employee per purchase period. Long-Term Incentive Plan We currently have one active long-term incentive plan, the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). The 2005 Incentive Plan is administered by the Compensation Committee of our Board. The Compensation Committee also determines the type of award to be made to each participant and, as set forth in the related award agreement, the terms, conditions and limitations applicable to each award. The Compensation Committee may grant stock options, restricted stock, restricted stock units (“RSUs”), PSUs and cash awards. Awards that have been granted to employees under the 2005 Incentive Plan have a vesting period of three years (or 33% per year) with the exception of PSUs, which vest 100% on the third anniversary date of the grant. On May 15, 2019, our shareholders approved an amendment to and restatement of the 2005 Incentive Plan to: (i) authorize 7.0 million additional shares for issuance pursuant to our equity incentive compensation strategy, (ii) establish a maximum award limit applicable to independent members of our Board under the 2005 Incentive Plan, (iii) require, subject to certain exceptions, that all awards under the 2005 Incentive Plan have a minimum vesting or restriction period of one year and (iv) remove certain requirements with respect to performance-based compensation under Section 162(m) of the Internal Revenue Code that were repealed by the 2017 Tax Act. The 2005 Incentive Plan currently has 17.3 million shares authorized for issuance, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. As of December 31, 2020, there were 6.8 million shares available for issuance under the 2005 Incentive Plan and no incentive stock options are currently outstanding. The following grants of share-based awards were made in 2020 under the 2005 Incentive Plan: Date of Grant Shares/ Grant Date Vesting Period January 2, 2020 (1) 369,938 $ 9.63 33% per year over three years January 2, 2020 (2) 369,938 $ 13.15 100% on January 2, 2023 January 2, 2020 (3) 5,679 $ 9.63 100% on January 1, 2022 April 1, 2020 (3) 43,351 $ 1.64 100% on January 1, 2022 July 1, 2020 (3) 19,407 $ 3.47 100% on January 1, 2022 October 1, 2020 (3) 24,831 $ 2.41 100% on January 1, 2022 December 10, 2020 (4) 204,546 $ 4.40 100% on December 10, 2021 (1) Reflects grants of restricted stock to our executive officers and select management employees. (2) Reflects grants of PSUs to our executive officers and select management employees. These awards when vested can only be settled in shares of our common stock. (3) Reflects grants of restricted stock to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash. (4) Reflects annual equity grants to each independent member of our Board. In January 2021, we granted our executive officers 452,381 RSUs and 452,381 PSUs under the 2005 Incentive Plan. The grant date fair value of the RSUs was $4.20 per unit or $1.9 million. The grant date fair value of the PSUs was $5.33 per unit or $2.4 million. Also in January 2021, we granted $3.4 million of fixed value cash awards to select management employees under the 2005 Incentive Plan. Restricted Stock Awards We grant restricted stock to members of our Board, executive officers and select management employees. The following table summarizes information about our restricted stock: Year Ended December 31, 2020 2019 2018 Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Awards outstanding at beginning of year 1,173,045 $ 6.81 1,320,989 $ 7.40 1,579,218 $ 7.63 Granted 667,752 7.06 846,835 6.02 614,286 7.46 Vested (2) (631,498) 7.52 (993,361) 6.92 (823,310) 7.88 Forfeited (32,348) 5.41 (1,418) 8.82 (49,205) 7.62 Awards outstanding at end of year 1,176,951 $ 6.61 1,173,045 $ 6.81 1,320,989 $ 7.40 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. (2) Total fair value of restricted stock that vested during the years ended December 31, 2020, 2019 and 2018 was $5.4 million, $6.5 million and $6.4 million, respectively. For the years ended December 31, 2020, 2019 and 2018, $4.2 million, $6.2 million and $6.0 million, respectively, were recognized as share-based compensation related to restricted stock. Future compensation cost associated with unvested restricted stock at December 31, 2020 totaled approximately $4.4 million. The weighted average vesting period related to unvested restricted stock at December 31, 2020 was approximately 1.2 years. Performance Share Unit Awards We grant PSUs to our executive officers and from time to time select management employees. PSUs granted in 2020, 2019 and 2018 are to be settled solely in shares of our common stock and therefore are accounted for as equity awards. The payout at vesting of these PSUs is based on the performance of our common stock over a three-year period compared to the performance of other companies in a peer group selected by the Compensation Committee of our Board, with the maximum amount of the award being 200% of the original awarded PSUs and the minimum amount being zero. The following table summarizes information about our equity PSU awards: Year Ended December 31, 2020 2019 2018 Units Grant Date Fair Value (1) Units Grant Date Fair Value (1) Units Grant Date Fair Value (1) Equity PSU awards outstanding at beginning of year 1,565,044 $ 10.17 1,006,360 $ 11.76 613,665 $ 12.64 Granted 369,938 13.15 688,540 7.60 449,271 10.44 Vested (589,335) 12.64 — — — — Forfeited (48,521) 7.60 (129,856) 8.91 (56,576) 10.83 Equity PSU awards outstanding at end of year 1,297,126 $ 9.99 1,565,044 $ 10.17 1,006,360 $ 11.76 (1) Represents the weighted average grant date fair value, which is determined using a Monte Carlo simulation model. For the years ended December 31, 2020, 2019 and 2018, $4.0 million, $5.1 million and $3.8 million, respectively, were recognized as share-based compensation related to equity PSU awards. Future compensation cost associated with unvested equity PSU awards at December 31, 2020 totaled approximately $4.6 million. The weighted average vesting period related to unvested equity PSU awards at December 31, 2020 was approximately 1.0 year. In January 2021, 368,038 equity PSU awards granted in 2018 vested at 200%, representing 736,075 shares of our common stock with a total market value of $3.1 million. In January 2020, 589,335 equity PSU awards granted in 2017 vested at 200%, representing 1,178,670 shares of our common stock with a total market value of $11.4 million. For the year ended December 31, 2018, $0.9 million were recognized as share-based compensation related to liability PSU awards. During 2019 and 2018, we cash settled liabilities of $11.1 million and $0.9 million, respectively, related to PSU awards granted in 2016 and 2015, respectively. Cash Awards In 2020, 2019 and 2018, we granted $4.7 million, $4.6 million and $5.2 million, respectively, of fixed value cash awards to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the years ended December 31, 2020, 2019 and 2018, we recognized compensation costs of $4.4 million and $3.2 million and $1.7 million, respectively, which reflected the cash payouts made in January 2021, 2020 and 2019, respectively. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 15 — 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 access offshore wells for the purpose of performing well 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 IRSs, SILs and the ROAM, 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 as needed. Our Production Facilities segment includes the HP I , the HFRS and our ownership of oil and gas properties (Note 16). 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): Year Ended December 31, 2020 2019 2018 Net revenues — Well Intervention $ 539,249 $ 593,300 $ 560,568 Robotics 178,018 171,672 158,989 Production Facilities 58,303 61,210 64,400 Intercompany eliminations (42,015) (74,273) (44,139) Total $ 733,555 $ 751,909 $ 739,818 Income (loss) from operations — Well Intervention $ 26,855 $ 89,564 $ 87,643 Robotics 13,755 7,261 (14,054) Production Facilities 15,975 17,160 27,263 Segment operating income 56,585 113,985 100,852 Goodwill impairment (1) (6,689) — — Corporate, eliminations and other (36,871) (45,988) (49,309) Total 13,025 67,997 51,543 Net interest expense (28,531) (8,333) (13,751) Other non-operating income (expense), net 16,889 5,892 (6,794) Income before income taxes $ 1,383 $ 65,556 $ 30,998 Capital expenditures — Well Intervention $ 19,523 $ 139,212 $ 136,164 Robotics 257 417 151 Production Facilities — 123 325 Corporate and other 464 1,102 443 Total $ 20,244 $ 140,854 $ 137,083 Depreciation and amortization — Well Intervention $ 101,756 $ 80,153 $ 76,943 Robotics 15,952 16,459 19,175 Production Facilities 15,652 15,658 14,070 Corporate and eliminations 349 450 334 Total $ 133,709 $ 112,720 $ 110,522 (1) Relates to the impairment of the entire STL goodwill balance (Note 7). 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, 2020 2019 2018 Well Intervention (1) $ 15,039 $ 43,484 $ 14,218 Robotics 26,976 30,789 29,921 Total $ 42,015 $ 74,273 $ 44,139 (1) Amount in the year ended December 31, 2019 included $27.5 million associated with the P&A work on our oil and gas properties in our Production Facilities segment (Note 16). Revenues by individually significant geographic location are as follows (in thousands): Year Ended December 31, 2020 2019 2018 U.S. $ 304,563 $ 297,162 $ 271,260 U.K. 133,005 193,903 194,434 Brazil 208,565 216,796 208,054 Other 87,422 44,048 66,070 Total $ 733,555 $ 751,909 $ 739,818 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 (in thousands): December 31, 2020 2019 U.S. $ 750,986 $ 808,683 U.K. (1) 764,070 782,246 Brazil 267,896 281,698 Singapore 12 10 Total $ 1,782,964 $ 1,872,637 (1) Includes certain assets that are based in the U.K. but may operate in the North Sea, West Africa and other regions, including the Q7000 . 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, 2020 2019 Well Intervention $ 2,134,081 $ 2,180,180 Robotics 132,550 151,478 Production Facilities 129,773 142,624 Corporate and other 101,874 122,449 Total $ 2,498,278 $ 2,596,731 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 16 — Asset Retirement Obligations The following table describes the changes in our AROs (both current and long-term) for the years ended December 31, 2020 and 2019 (in thousands): 2020 2019 AROs at January 1, $ 28,258 $ — Liability incurred during the period — 53,294 Liability settled during the period — (28,296) Revisions in estimated cash flows — 822 Accretion expense 2,655 2,438 AROs at December 31, $ 30,913 $ 28,258 Our AROs relate to our Droshky oil and gas properties that we acquired from Marathon Oil Corporation (“Marathon Oil”) in January 2019. In connection with assuming the P&A of those assets, we are entitled to receive agreed-upon amounts from Marathon Oil as the P&A work is completed. |
Commitments And Contingencies A
Commitments And Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies And Other Matters | Note 17 — Commitments and Contingencies and Other Matters Commitments We have long-term charter agreements with Siem Offshore AS (“Siem”) for the Siem Helix 1 and Siem Helix 2 vessels, which are currently used in connection with our contracts with Petrobras to perform well intervention work offshore Brazil. The initial term of the charter agreements with Siem is for seven years, with options to extend. The Siem Helix 1 charter expires June 2023 and the Siem Helix 2 charter expires February 2024. We have time charter agreements for the Grand Canyon II and Grand Canyon III vessels for use in our robotics operations. The expiration date of the Grand Canyon II charter was extended in February 2021 from April 2021 until December 2021, with an option to renew. The Grand Canyon III charter expires May 2023. We took delivery of the Q7000 in November 2019, and the vessel commenced operations in January 2020. With the delivery of the Q7000 , all of our planned major capital commitments have been completed. Contingencies and Claims We believe that there are currently no contingencies that would have a material adverse effect on our financial position, results of operations and cash flows. Litigation We are involved in various legal proceedings, some involving claims for personal injury under the General Maritime Laws of the United States and the Jones Act. In addition, from time to time we receive other claims, such as contract and employment-related disputes, in the normal course of business. |
Statement Of Cash Flow Informat
Statement Of Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Statement Of Cash Flow Information | Note 18 — Statement of Cash Flow Information The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Interest paid, net of interest capitalized $ 15,943 $ 1,909 $ 7,369 Income taxes paid 7,434 8,856 5,705 |
Allowance Accounts
Allowance Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Allowance Accounts | Note 19 — Allowance Accounts The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2020 (in thousands): Allowance Deferred Balance at December 31, 2017 $ 2,752 $ 12,337 Deductions (1) (2,752) — Adjustments (2) — 5,603 Balance at December 31, 2018 — 17,940 Adjustments (2) — 691 Balance at December 31, 2019 — 18,631 Additions (3) 2,684 — Adjustments (2) (4) 785 1,091 Balance at December 31, 2020 $ 3,469 $ 19,722 (1) The decrease in allowance for credit losses reflects the write-offs of accounts receivable that are either settled or deemed uncollectible (2) The increase in valuation allowance primarily reflects additional net operating losses in our Robotics segment in the U.K. for which insufficient future taxable income exists to offset the losses. (3) The additions in allowance for credit losses reflect credit loss reserves during 2020. (4) The adjustment in allowance for credit losses reflects provision for current expected credit losses upon the adoption of ASU No. 2016-13 on January 1, 2020. See Note 2 for a detailed discussion regarding our accounting policy on accounts receivable and allowance for credit losses as well as the adoption of ASU No. 2016-13. See Note 9 for a detailed discussion of the valuation allowance related to our deferred tax assets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 20 — Fair Value Measurements Assets and liabilities measured at fair value are based on one or more of three valuation approaches as follows: (a) Market Approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. (b) Cost Approach. Amount that would be required to replace the service capacity of an asset (replacement cost). (c) Income Approach. Techniques to convert expected future cash flows to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models). Our financial instruments include cash and cash equivalents, receivables, accounts payable, long-term debt and derivative instruments. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments. The fair value of our derivative instruments (Note 21) reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. The fair value of our interest rate swaps is calculated as the discounted cash flows of the difference between the rate fixed by the hedging instrument and the LIBOR forward curve over the remaining term of the hedging instrument. The fair value of our foreign currency exchange contracts is calculated as the discounted cash flows of the difference between the fixed payment specified by the hedging instrument and the expected cash inflow of the forecasted transaction using a foreign currency forward curve. These modeling techniques require us to make estimations of future prices, price correlation, volatility and liquidity based on market data. As of December 31, 2020, there were no financial instruments measured at fair value on a recurring basis. The following table provides additional information relating to those financial instruments measured at fair value on a recurring basis as of December 31, 2019 (in thousands): Fair Value at December 31, 2019 Valuation Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 44 $ — $ 44 (c) Liabilities: Foreign exchange contracts — hedging instruments — 401 — 401 (c) Foreign exchange contracts — non-hedging instruments — 601 — 601 (c) Total net liability $ — $ 958 $ — $ 958 The principal amount and estimated fair value of our long-term debt are as follows (in thousands): December 31, 2020 2019 Principal Amount (1) Fair Value (2) (3) Principal Amount (1) Fair Value (2) (3) Term Loan (matures December 2021) $ 29,750 $ 28,969 $ 33,250 $ 32,959 Nordea Q5000 Loan (matures January 2021) (4) 53,572 53,598 89,286 89,398 MARAD Debt (matures February 2027) 56,410 62,318 63,610 68,643 2022 Notes (mature May 2022) 35,000 33,513 125,000 134,225 2023 Notes (mature September 2023) 30,000 28,650 125,000 162,188 2026 Notes (mature February 2026) 200,000 211,383 — — Total debt $ 404,732 $ 418,431 $ 436,146 $ 487,413 (1) Principal amount includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 8 for additional disclosures on our long-term debt. (2) The estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes was determined using Level 1 fair value inputs under the market approach. The fair value of the term loans, the Nordea Q5000 Loan and the MARAD Debt was estimated using Level 2 fair value inputs under the market approach, which was determined using a third-party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms. (3) The principal amount and estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes are for the entire instrument inclusive of the conversion feature reported in shareholders’ equity. (4) The maturity date of the Nordea Q5000 Loan was extended from April 2020 to January 2021 as a result of an amendment to the Nordea Credit Agreement in March 2020. We repaid the Nordea Q5000 Loan in January 2021. (Note 8). |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Activities | Note 21 — Derivative Instruments and Hedging Activities In June 2015, we entered into interest rate swap contracts to fix the interest rate on $187.5 million of the Nordea Q5000 Loan (Note 8). These swap contracts expired in April 2020. Our interest rate swap contracts qualified for cash flow hedge accounting treatment. In February 2013, we entered into foreign currency exchange contracts to hedge our foreign currency exposure associated with the Grand Canyon II and Grand Canyon III charter payments denominated in the Norwegian kroner through July 2019 and February 2020, respectively. A portion of our foreign currency exchange contracts qualified for hedge accounting treatment. We had no derivative instruments that were designated as hedging instruments as of December 31, 2020. The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments as of December 31, 2019 (in thousands): December 31, 2019 Balance Sheet Fair Asset Derivative Instruments: Interest rate swaps Other current assets $ 44 $ 44 Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 401 $ 401 We had no derivative instruments that were not designated as hedging instruments as of December 31, 2020. The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments as of December 31, 2019 (in thousands): December 31, 2019 Balance Sheet Fair Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 601 $ 601 The following tables present the impact that derivative instruments designated as hedging instruments had on our accumulated OCI (net of tax) and our consolidated statements of operations (in thousands): Unrealized Gain (Loss) Recognized in OCI Year Ended December 31, 2020 2019 2018 Foreign exchange contracts $ (54) $ (315) $ (1,453) Interest rate swaps (41) (365) 606 $ (95) $ (680) $ (847) Location of Gain (Loss) Gain (Loss) Reclassified from Year Ended December 31, 2020 2019 2018 Foreign exchange contracts Cost of sales $ (455) $ (6,125) $ (7,709) Interest rate swaps Net interest expense 3 655 508 $ (452) $ (5,470) $ (7,201) The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations (in thousands): Location of Loss Loss Recognized in Earnings Year Ended December 31, 2020 2019 2018 Foreign exchange contracts Other income (expense), net $ (81) $ (378) $ (901) $ (81) $ (378) $ (901) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Note 22 — Quarterly Financial Information (Unaudited) In addition to being affected by the timing of oil and gas company expenditures, offshore marine construction activities may fluctuate as a result of weather conditions. Historically, a substantial portion of our services has been performed during the summer and fall months. As a result, a disproportionate portion of our revenues and net income is earned during such periods. The following is a summary of consolidated quarterly financial information (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2020 Net revenues $ 181,021 $ 199,147 $ 193,490 $ 159,897 Gross profit 2,010 29,576 34,628 13,695 Net income (loss) (13,928) 5,450 24,445 4,117 Net income (loss) attributable to common shareholders (11,938) 5,450 24,499 4,163 Basic earnings (loss) per common share $ (0.09) $ 0.04 $ 0.16 $ 0.03 Diluted earnings (loss) per common share $ (0.09) $ 0.04 $ 0.16 $ 0.03 2019 Net revenues $ 166,823 $ 201,728 $ 212,609 $ 170,749 Gross profit 16,254 39,934 55,074 26,576 Net income 1,318 16,823 31,622 7,934 Net income attributable to common shareholders 1,318 16,854 31,695 8,052 Basic earnings per common share $ 0.01 $ 0.11 $ 0.21 $ 0.05 Diluted earnings per common share $ 0.01 $ 0.11 $ 0.21 $ 0.05 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of our majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership but have the ability to exert significant influence. All material intercompany accounts and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. We have made all adjustments that we believe are necessary for a fair presentation of our consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. |
Restricted Cash | Restricted Cash We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. We had no restricted cash as of December 31, 2020. As of December 31, 2019, we had restricted cash of $54.1 million, which served as collateral for a letter of credit and was restricted for less than one year. In January 2021, we reclassified $73.4 million to restricted cash, which serves as collateral for a letter of credit for a temporary importation permit for work offshore Nigeria that is expected to be less than one year. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recognized when our right to consideration becomes unconditional. Accounts receivable are stated at the historical carrying amount, net of write-offs and allowance for credit losses. We estimate current expected credit losses on our accounts receivable at each reporting date. We estimate current expected credit losses based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 19). |
Property and Equipment | Property and Equipment Property and equipment is recorded at historical cost, net of accumulated depreciation. Property and equipment is depreciated on a straight-line basis over its estimated useful life. The cost of improvements is capitalized whereas the cost of repairs and maintenance is expensed as incurred. Assets used in operations are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s expected undiscounted cash flows. If the carrying amount of the asset or asset group is not recoverable and is greater than its fair value, an impairment charge is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are evaluated for impairment at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. The expected future cash flows used for impairment reviews and related fair value calculations are based on assessments of operating revenues and costs, project margins and capital project spending, considering all available information at the date of review. |
Capitalized Interest | Capitalized Interest Interest from external borrowings is capitalized on major projects under development until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful life of the asset. Capitalized interest is excluded from our interest expense (Note 8) and is included as an investing cash outflow in the consolidated statements of cash flows. |
Equity Investment | Equity Investment With respect to our investment accounted for using the equity method of accounting, losses in excess of the carrying amount of our equity investment are recognized when (i) we guaranteed the obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee’s return to profitability is imminent. Losses in excess of the carrying amount of our equity investment are presented as a liability in the consolidated balance sheets. |
Leases | Leases Leases with a term greater than one year are recognized in the consolidated balance sheet as right-of-use (“ROU”) assets and lease liabilities. We have not recognized in the consolidated balance sheet leases with an initial term of one year or less. Lease liabilities and their corresponding ROU assets are recorded at the commencement date based on the present value of lease payments over the expected lease term. The lease term may include the option to extend or terminate the lease when it is reasonably certain that we will exercise the option. We use our incremental borrowing rate, which would be the rate incurred to borrow on a collateralized basis over a similar term in a similar economic environment, to calculate the present value of lease payments. ROU assets are adjusted for any initial direct costs paid or incentives received. We separate our long-term vessel charters between their lease components and non-lease services. We estimate the lease component using the residual approach by estimating the non-lease services, which primarily include crew, repair and maintenance, and regulatory certification costs. For all other leases, we have not separated the lease components and non-lease services. We recognize operating lease cost on a straight-line basis over the lease term for both (i) leases that are recognized in the consolidated balance sheet and (ii) short-term leases. We recognize lease cost related to variable lease payments that are not recognized in the consolidated balance sheet in the period in which the obligation is incurred. |
Goodwill | Goodwill Goodwill impairment is evaluated using a two-step process. The first step involves comparing a reporting unit’s fair value with its carrying amount. We have the option to assess qualitative factors to determine if it is necessary to perform the first step. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, we must perform the quantitative goodwill impairment test, which involves estimating the reporting unit’s fair value and comparing it to its carrying amount. If the reporting unit’s carrying amount exceeds its fair value, impairment loss is recognized in an amount equal to that excess, but not to exceed the goodwill’s carrying amount. We perform an impairment analysis of goodwill at least annually as of November 1 or more frequently whenever events or circumstances occur indicating that goodwill might be impaired. Our goodwill balance attributable to the acquisition of a controlling interest in Subsea Technologies Group Limited (“STL”) was fully impaired during 2020, and we had no goodwill in the accompanying consolidated balance sheet at December 31, 2020 (Note 7). |
Deferred Recertification and Dry Dock Costs | Deferred Recertification and Dry Dock Costs Our vessels and certain well intervention equipment are required by regulation to be periodically recertified. Recertification costs for a vessel are typically incurred while the vessel is in dry dock. We defer and amortize recertification costs, including vessel dry dock costs, over the period that the certification applies, which generally ranges from 30 to 60 months if the appropriate permitting is obtained. A recertification process, including vessel dry dock, typically lasts between one to three months, a period during which a vessel or a piece of equipment is idle and generally not available to earn revenue. Major replacements and improvements that extend the economic useful life or functional operating capability of a vessel or a piece of equipment are capitalized and depreciated over the asset’s remaining economic useful life. We expense routine repairs and maintenance costs as they are incurred. As of December 31, 2020 and 2019, deferred recertification and dry dock costs, which were included within “Other assets, net” in the accompanying consolidated balance sheets (Note 3), totaled $21.5 million and $16.1 million (net of accumulated amortization of $21.8 million and $15.7 million), respectively. During the years ended December 31, 2020, 2019 and 2018, amortization expense related to deferred recertification and dry dock costs was $14.3 million, $12.4 million and $8.3 million, respectively. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers We generate revenue in our Well Intervention segment by supplying vessels, personnel and equipment to provide well intervention services, which involve providing marine access, serving as a deployment mechanism to the subsea well, connecting to and maintaining a secure connection to the subsea well and maintaining well control through the duration of the intervention services. We may also perform down-hole intervention work and provide certain engineering services. We generate revenue in our Robotics segment by operating ROVs, trenchers and a ROVDrill to provide subsea construction, inspection, repair and maintenance services to oil and gas companies as well as subsea trenching and burial of pipelines and cables as well as seabed clearing for the oil and gas and the renewable energy markets. We also provide integrated robotic services by supplying vessels that deploy ROVs and trenchers. Our Production Facilities segment generates revenue by supplying vessels, personnel and equipment for oil and natural gas processing, well control response services, and oil and gas production from owned properties. Our revenues are derived from short-term and long-term service contracts with customers. Our service contracts generally contain either provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) or lump sum payment provisions (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. We generally account for our services under contracts with customers as a single performance obligation satisfied over time. The single performance obligation in our dayrate contracts is comprised of a series of distinct time increments in which we provide services. We do not account for activities that are immaterial or not distinct within the context of our contracts as separate performance obligations. Consideration received under a contract is allocated to the single performance obligation on a systematic basis that depicts the pattern of the provision of our services to the customer. The total transaction price for a contract is determined by estimating both fixed and variable consideration expected to be earned over the term of the contract. We generally do not provide significant financing to our customers and do not adjust contract consideration for the time value of money if extended payment terms are granted for less than one year. Estimated variable consideration, if any, is considered to be constrained and therefore is not included in the transaction price until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. At the end of each reporting period, we reassess and update our estimates of variable consideration and amounts of that variable consideration that should be constrained. Dayrate Contracts . Revenues generated from dayrate contracts generally provide for payment according to the rates per day as stipulated in the contract (e.g., operating rate, standby rate, and repair rate). Invoices billed to the customer are typically based on the varying rates applicable to operating status on an hourly basis. Dayrate consideration is allocated to the distinct hourly time increment to which it relates and is therefore recognized in line with the contractual rate billed for the services provided for any given hour. Similarly, revenues from contracts that stipulate a monthly rate are recognized ratably during the month. Dayrate contracts also may contain fees charged to the customer for mobilizing and/or demobilizing equipment and personnel. Mobilization and demobilization are considered contract fulfillment activities, and related fees (subject to any constraint on estimates of variable consideration) are allocated to the single performance obligation and recognized ratably over the term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable and subject to uncertainty as the amounts received and timing thereof are dependent on factors outside of our influence. Accordingly, these revenues are constrained and not recognized until the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. A dayrate contract modification involving an extension of the contract by adding days of services is generally accounted for prospectively as a separate contract, but may be accounted for as a termination of the existing contract and creation of a new contract if the consideration for the extended services does not represent their stand-alone selling prices. Lump Sum Contracts . Revenues generated from lump sum contracts are recognized over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our lump sum contracts because it best depicts the progress toward satisfaction of our performance obligation, which occurs as we incur costs under those contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of cumulative costs incurred to date to the total estimated costs at completion of the performance obligation. Consideration, including lump sum mobilization and demobilization fees billed to the customer, is recorded proportionally as revenue in accordance with the cost-to-cost measure of progress. Consideration for lump sum contracts is generally due from the customer based on the achievement of milestones. As such, contract assets are generated to the extent we recognize revenues in advance of our rights to collect contract consideration and contract liabilities are generated when contract consideration due or received is greater than revenues recognized to date. We review and update our contract-related estimates regularly and recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period in which the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If a current estimate of total contract costs to be incurred exceeds the estimate of total revenues to be earned, we recognize the projected loss in full when it is identified. A modification to a lump sum contract is generally accounted for as part of the existing contract and recognized as an adjustment to revenue on a cumulative catch-up basis. Income from Oil and Gas Production Income from oil and gas production is recognized according to monthly oil and gas production volumes from the oil and gas properties that we own, and is included in revenues from our Production Facilities segment. Income from Royalty Interests Income from royalty interests is recognized according to our share of monthly oil and gas production volumes and is reflected in “Royalty income and other” in the consolidated statements of operations. |
Income Taxes | Income Taxes Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. We consider the undistributed earnings of our non-U.S. subsidiaries without operations in the U.S. to be permanently reinvested. We provide for uncertain tax positions and related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by local taxing authorities. At December 31, 2020, we believe that we have appropriately accounted for any unrecognized tax benefits. To the extent we prevail in matters for which a liability for an unrecognized tax benefit has been recognized or are required to pay amounts in excess of the liability, our effective tax rate in a given financial statement period may be affected. |
Share-Based Compensation | Share-Based Compensation Share-based compensation is measured at the grant date based on the estimated fair value of an award. Share-based compensation based solely on service conditions is recognized on a straight-line basis over the vesting period of the related shares. Forfeitures are recognized as they occur. Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis. Compensation cost for our performance share unit (“PSU”) awards, which have a service condition and a market condition and are accounted for as equity awards, is measured based on the grant date estimated fair value and recognized over the vesting period on a straight-line basis. PSUs that are accounted for as liability awards are measured at their estimated fair value at each balance sheet date, and subsequent changes in fair value of the awards are recognized in earnings for the portion of the award for which the requisite service period has elapsed. Cumulative compensation cost for vested liability PSU awards equals the actual payout value upon vesting. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations (“AROs”) are recorded at fair value and consist of estimated costs for subsea infrastructure plug and abandonment (“P&A”) activities associated with our oil and gas properties. The estimated costs are discounted to present value using a credit-adjusted risk-free discount rate. After its initial recognition, an ARO liability is increased for the passage of time as accretion expense, which is a component of our depreciation and amortization expense. An ARO liability may also change based on revisions in estimated costs and/or timing to settle the obligations. |
Foreign Currency | Foreign Currency Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect, and the resulting translation adjustments are included in other comprehensive income (loss) (“OCI”). For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in other income or expense in the consolidated statements of operations. For the years ended December 31, 2020, 2019 and 2018, our foreign currency transaction gains (losses) totaled $4.6 million, $1.5 million and $(4.3) million, respectively. These realized amounts are exclusive of any gains or losses from our foreign currency exchange derivative contracts. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Our business is exposed to market risks associated with interest rates and foreign currency exchange rates. Our risk management activities involve the use of derivative financial instruments to mitigate the impact of market risk exposure related to variable interest rates and foreign currency exchange rates. To reduce the impact of these risks on earnings and increase the predictability of our cash flows, from time to time we enter into derivative contracts, including interest rate swaps and foreign currency exchange contracts. Interest rate and foreign currency derivative instruments are reflected in the consolidated balance sheets at fair value. The capped call transactions (the “2026 Capped Calls”) we entered into in connection with the issuance of Convertible Senior Notes Due 2026 are recorded in shareholders’ equity and are not accounted for as derivatives (Note 8). We engage solely in cash flow hedges. Cash flow hedges are entered into to hedge the variability of cash flows related to a forecasted transaction or to be received or paid related to a recognized asset or liability. Changes in the fair value of derivative instruments that are designated as cash flow hedges are reported in OCI. These changes are subsequently reclassified into earnings when the hedged transactions affect earnings. Changes in the fair value of interest rate and foreign currency derivative instruments that do not qualify for hedge accounting are recorded in earnings. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income or loss attributable to common shareholders by the weighted average shares of our common stock outstanding. The calculation of diluted EPS is similar to that for basic EPS, except that the denominator includes dilutive common stock equivalents and the numerator excludes the effects of dilutive common stock equivalents, if any. We have shares of restricted stock issued and outstanding that are currently unvested. Because holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock, we are required to compute basic and diluted EPS under the two-class method in periods in which we have earnings. Under the two-class method, the undistributed earnings available to common shareholders for each period are allocated based on the participation rights of both common shareholders and the holders of any participating securities as if earnings for the respective periods had been distributed. For periods in which we have a net loss we do not use the two-class method as holders of our restricted shares are not obligated to share in such losses. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Risk We offer our products and services primarily in the offshore oil and gas and renewable markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. We perform ongoing credit evaluations of our customers and provide allowances for credit losses. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2020 — Petrobras (28%) and BP (17%); 2019 — Petrobras (29%), BP (15%) and Shell (13%); and 2018 — Petrobras (28%) and BP (15%). Most of the concentration of revenues are in our Well Intervention segment. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1. Observable inputs such as quoted prices in active markets; • Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation approaches as described in Note 20. |
New Accounting Standards | New Accounting Standards New accounting standards adopted In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASC 842”), which was updated by subsequent amendments. ASC 842 requires a lessee to recognize a lease ROU asset and related lease liability for most leases, including those classified as operating leases. ASC 842 also changes the definition of a lease and requires expanded quantitative and qualitative disclosures for both lessees and lessors. We adopted ASC 842 as of January 1, 2019 using the modified retrospective method. We also elected the package of practical expedients permitted under the transition guidance that, among other things, allows companies to carry forward their historical lease classification. Our adoption of ASC 842 resulted in the recognition of operating lease liabilities of $259.0 million and corresponding ROU assets of $253.4 million (net of existing prepaid/deferred rent balances) as of January 1, 2019. In addition, we reclassified the remaining deferred gain of $4.6 million (net of deferred taxes of $0.9 million) on a 2016 sale and leaseback transaction to retained earnings. Subsequent to adoption, leases in foreign currencies will generate foreign currency gains and losses, and we will no longer amortize the deferred gain from the aforementioned sale and leaseback transaction. Aside from these changes, ASC 842 has not had, and is not expected to have, a material impact on our net earnings or cash flows. See Note 6 for additional information regarding our leases. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which was updated by subsequent amendments. This ASU replaces the current incurred loss model for measurement of credit losses on financial assets (including trade receivables) with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. Upon adoption of ASU No. 2016-13 on January 1, 2020, we recognized $0.6 million (net of deferred taxes of $0.2 million) related to the provision for current expected credit losses on our accounts receivable through a cumulative effect offset to retained earnings. The credit loss standard also resulted in the recognition of an additional $0.7 million in credit loss reserves on our accounts receivable for the year ended December 31, 2020. See Note 19 for additional information regarding allowance for credit losses on our accounts receivable. New accounting standards issued but not yet effective In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, this ASU removes from GAAP the requirement to separate certain convertible instruments, such as our Convertible Senior Notes Due 2022, Convertible Senior Notes Due 2023 and Convertible Senior Notes Due 2026 (Note 8), into liability and equity components. Consequently, those convertible instruments will be accounted for in their entirety as liabilities measured at their amortized cost. We have elected to early adopt ASU No. 2020-06 on a modified retrospective basis as of January 1, 2021. The adoption of this ASU will increase our long-term debt and decrease common stock by approximately $44.1 million and $41.5 million, respectively, as we reclassify the conversion features associated with our various outstanding convertible senior notes from equity to long-term debt. The adoption of this ASU will also increase our retained earnings and decrease deferred tax liabilities by approximately $6.7 million and $9.3 million, respectively. The embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Subsequent to its adoption, the ASU is also expected to reduce our interest expense as there will no longer be debt discounts associated with our outstanding convertible senior notes. Additionally, the ASU no longer permits the treasury stock method for convertible instruments and instead requires the application of the if-converted method to calculate the impact of our convertible senior notes on diluted EPS. We do not expect any other recent accounting standards to have a material impact on our financial position, results of operations or cash flows. |
Details Of Certain Accounts (Ta
Details Of Certain Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): December 31, 2020 2019 Contract assets (Note 12) $ 2,446 $ 740 Prepaids 15,904 12,635 Deferred costs (Note 12) 23,522 28,340 Income tax receivable (Note 9) 20,787 1,261 Other receivable (Note 16) 29,782 — Other 9,651 7,474 Total other current assets $ 102,092 $ 50,450 |
Schedule of other assets, net | Other assets, net consist of the following (in thousands): December 31, 2020 2019 Deferred recertification and dry dock costs, net (Note 2) $ 21,464 $ 16,065 Deferred costs (Note 12) 861 14,531 Charter deposit (1) 12,544 12,544 Other receivable (Note 16) — 27,264 Goodwill (Note 7) — 7,157 Intangible assets with finite lives, net (Note 2) 3,809 3,847 Other 1,335 3,100 Total other assets, net $ 40,013 $ 84,508 (1) This amount is deposited with the owner of the Siem Helix 2 to offset certain payment obligations associated with the vessel at the end of the charter term. |
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands): December 31, 2020 2019 Accrued payroll and related benefits $ 24,768 $ 31,417 Accrued interest 7,098 3,942 Investee losses in excess of investment (Note 5) 1,499 4,069 Deferred revenue (Note 12) 8,140 11,568 AROs (Note 16) 30,913 — Other 14,617 11,393 Total accrued liabilities $ 87,035 $ 62,389 |
Schedule of other non-current liabilities | Other non-current liabilities consist of the following (in thousands): December 31, 2020 2019 Deferred revenue (Note 12) $ 1,869 $ 8,286 AROs (Note 16) — 28,258 Other 2,009 2,100 Total other non-current liabilities $ 3,878 $ 38,644 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of gross components of property and equipment | The following is a summary of the gross components of property and equipment (dollars in thousands): December 31, Estimated Useful Life 2020 2019 Vessels 15 to 30 years $ 2,349,752 $ 2,323,314 ROVs, trenchers and ROVDrill 10 years 263,968 270,004 Machinery, equipment and leasehold improvements 5 to 15 years 335,187 328,956 Total property and equipment $ 2,948,907 $ 2,922,274 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of components of lease cost | The following table details the components of our lease cost in 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 64,742 $ 70,860 Variable lease cost 15,021 13,780 Short-term lease cost 37,524 20,384 Sublease income (1,286) (1,391) Net lease cost $ 116,001 $ 103,633 |
Schedule of maturities of operating lease liabilities | Maturities of our operating lease liabilities as of December 31, 2020 are as follows (in thousands): Vessels Facilities and Equipment Total Less than one year $ 54,621 $ 6,028 $ 60,649 One to two years 52,106 5,435 57,541 Two to three years 34,580 4,649 39,229 Three to four years 2,470 4,374 6,844 Four to five years — 2,340 2,340 Over five years — 4,054 4,054 Total lease payments $ 143,777 $ 26,880 $ 170,657 Less: imputed interest (13,352) (4,697) (18,049) Total operating lease liabilities $ 130,425 $ 22,183 $ 152,608 Current operating lease liabilities $ 46,748 $ 4,851 $ 51,599 Non-current operating lease liabilities 83,677 17,332 101,009 Total operating lease liabilities $ 130,425 $ 22,183 $ 152,608 Maturities of our operating lease liabilities as of December 31, 2019 are as follows (in thousands): Vessels Facilities and Equipment Total Less than one year $ 60,210 $ 6,610 $ 66,820 One to two years 54,564 5,888 60,452 Two to three years 52,106 5,257 57,363 Three to four years 34,580 4,622 39,202 Four to five years 2,470 4,349 6,819 Over five years — 6,251 6,251 Total lease payments $ 203,930 $ 32,977 $ 236,907 Less: imputed interest (24,846) (6,449) (31,295) Total operating lease liabilities $ 179,084 $ 26,528 $ 205,612 Current operating lease liabilities $ 48,716 $ 5,069 $ 53,785 Non-current operating lease liabilities 130,368 21,459 151,827 Total operating lease liabilities $ 179,084 $ 26,528 $ 205,612 |
Schedule of weighted average remaining lease term and discount rate | The following table presents the weighted average remaining lease term and discount rate: December 31, 2020 2019 Weighted average remaining lease term 3.1 years 4.0 years Weighted average discount rate 7.53 % 7.54 % |
Schedule of other information related to operating leases | The following table presents other information related to our operating leases (in thousands): Year Ended December 31, 2020 2019 Cash paid for operating lease liabilities $ 66,026 $ 71,698 ROU assets obtained in exchange for new operating lease obligations 516 1,168 |
Business Combinations And Goo_2
Business Combinations And Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in carrying amount of goodwill | The changes in the carrying amount of goodwill are as follows (in thousands): Well Intervention Balance at December 31, 2018 $ — Additions (1) 6,855 Other adjustments (2) 302 Balance at December 31, 2019 7,157 Other adjustments (2) (468) Impairment loss (3) (6,689) Balance at December 31, 2020 $ — (1) Relates to goodwill arising from the acquisition of a controlling interest in STL in May 2019. (2) Relates to foreign currency adjustments. (3) Relates to the impairment of the entire STL goodwill balance in March 2020. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following (in thousands): December 31, 2020 2019 Term Loan (matures December 2021) $ 29,750 $ 33,250 2022 Notes (mature May 2022) 35,000 125,000 2023 Notes (mature September 2023) 30,000 125,000 2026 Notes (mature February 2026) 200,000 — MARAD Debt (matures February 2027) 56,410 63,610 Nordea Q5000 Loan (matures January 2021) (1) 53,572 89,286 Unamortized debt discounts (45,692) (22,540) Unamortized debt issuance costs (9,477) (7,753) Total debt 349,563 405,853 Less current maturities (90,651) (99,731) Long-term debt $ 258,912 $ 306,122 (1) We repaid the Nordea Q5000 Loan in January 2021. |
Schedule of maturities of long-term debt outstanding | Scheduled maturities of our long-term debt outstanding as of December 31, 2020 are as follows (in thousands): Term 2022 2023 2026 MARAD Nordea Total Less than one year $ 29,750 $ — $ — $ — $ 7,560 $ 53,572 $ 90,882 One to two years — 35,000 — — 7,937 — 42,937 Two to three years — — 30,000 — 8,333 — 38,333 Three to four years — — — — 8,749 — 8,749 Four to five years — — — — 9,186 — 9,186 Over five years — — — 200,000 14,645 — 214,645 Gross debt 29,750 35,000 30,000 200,000 56,410 53,572 404,732 Unamortized debt discounts (1) — (1,325) (2,651) (41,716) — — (45,692) Unamortized debt issuance costs (2) (191) (198) (427) (5,572) (3,049) (40) (9,477) Total debt 29,559 33,477 26,922 152,712 53,361 53,532 349,563 Less current maturities (29,559) — — — (7,560) (53,532) (90,651) Long-term debt $ — $ 33,477 $ 26,922 $ 152,712 $ 45,801 $ — $ 258,912 (1) The 2022 Notes, the 2023 Notes and the 2026 Notes will increase to their face amounts through accretion of their debt discounts to interest expense through May 2022, September 2023 and February 2026, respectively. See Note 2 for future accounting changes related to these discounts. (2) Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. |
Schedule of components of net interest expense | The following table details the components of our net interest expense (in thousands): Year Ended December 31, 2020 2019 2018 Interest expense $ 30,538 $ 31,186 $ 32,617 Capitalized interest (1) (1,182) (20,246) (15,629) Interest income (825) (2,607) (3,237) Net interest expense $ 28,531 $ 8,333 $ 13,751 (1) The significant reduction in capitalized interest in 2020 was attributable to the conclusion of our planned major capital commitments following the completion of the Q7000 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax provision (benefit) | Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current $ (14,818) $ 4,374 $ 4,830 Deferred (3,883) 3,485 (2,430) $ (18,701) $ 7,859 $ 2,400 Domestic $ (15,074) $ 3,715 $ (3,161) Foreign (3,627) 4,144 5,561 $ (18,701) $ 7,859 $ 2,400 |
Schedule of components of income (loss) before income taxes | Components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Domestic $ (3,406) $ 2,219 $ (28,838) Foreign 4,789 63,337 59,836 $ 1,383 $ 65,556 $ 30,998 |
Schedule of differences between income tax provision (benefit) at U.S. statutory rate and actual income tax provision (benefit) | The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows: Year Ended December 31, 2020 2019 2018 Taxes at U.S. statutory rate $ 290 21.0 % $ 13,767 21.0 % $ 6,510 21.0 % Foreign tax provision (3,426) (247.7) (6,557) (10.0) (4,941) (15.9) CARES Act (7,596) (549.2) — — — — Subsidiary restructuring (8,333) (602.5) — — — — Other 364 26.2 649 1.0 831 2.6 Income tax provision (benefit) $ (18,701) (1,352.2) % $ 7,859 12.0 % $ 2,400 7.7 % |
Schedule of deferred income taxes | Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each are as follows (in thousands): December 31, 2020 2019 Deferred tax liabilities: Depreciation $ 153,226 $ 166,239 Debt discounts on 2022 Notes, 2023 Notes and 2026 Notes 9,298 4,643 Total deferred tax liabilities $ 162,524 $ 170,882 Deferred tax assets: Net operating losses $ (59,794) $ (64,178) Reserves, accrued liabilities and other (11,631) (13,203) Total deferred tax assets (71,425) (77,381) Valuation allowance 19,722 18,631 Net deferred tax liabilities $ 110,821 $ 112,132 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of components of accumulated OCI | The components of accumulated OCI are as follows (in thousands): December 31, 2020 2019 Cumulative foreign currency translation adjustment $ (51,620) $ (64,455) Net unrealized loss on hedges, net of tax (1) — (285) Accumulated OCI $ (51,620) $ (64,740) (1) Relates to foreign currency hedges for the Grand Canyon III charter as well as interest rate hedge contracts for the Nordea Q5000 Loan (Note 21). |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue | The following table provides information about disaggregated revenue by contract duration (in thousands): Well Intervention Robotics Production Facilities Intercompany Eliminations (1) Total Revenue Year ended December 31, 2020 Short-term $ 206,812 $ 117,439 $ — $ — $ 324,251 Long-term 332,437 60,579 58,303 (42,015) 409,304 Total $ 539,249 $ 178,018 $ 58,303 $ (42,015) $ 733,555 Year ended December 31, 2019 Short-term $ 214,926 $ 94,501 $ — $ — $ 309,427 Long-term 378,374 77,171 61,210 (74,273) 442,482 Total $ 593,300 $ 171,672 $ 61,210 $ (74,273) $ 751,909 Year ended December 31, 2018 Short-term $ 199,294 $ 89,072 $ — $ — $ 288,366 Long-term 361,274 69,917 64,400 (44,139) 451,452 Total $ 560,568 $ 158,989 $ 64,400 $ (44,139) $ 739,818 (1) Intercompany revenues among our business segments are under agreements that are considered long-term. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computations of basic and diluted EPS | The computations of the numerator (income) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying consolidated statements of operations are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Income Shares Income Shares Income Shares Basic: Net income attributable to common shareholders $ 22,174 $ 57,919 $ 28,598 Less: Undistributed earnings allocated to participating securities (140) (487) (273) Accretion of redeemable noncontrolling interests (2,400) (143) — Net income available to common shareholders, basic $ 19,634 148,993 $ 57,289 147,536 $ 28,325 146,702 Diluted: Net income available to common shareholders, basic $ 19,634 148,993 $ 57,289 147,536 $ 28,325 146,702 Effect of dilutive securities: Share-based awards other than participating securities — 904 — 2,041 — 128 Undistributed earnings reallocated to participating securities 1 — 6 — 1 — Net income available to common shareholders, diluted $ 19,635 149,897 $ 57,295 149,577 $ 28,326 146,830 |
Schedule of shares excluded from diluted EPS calculation | The following weighted average potentially dilutive shares related to the 2022 Notes, the 2023 Notes, the 2026 Notes and the 2032 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands): Year Ended December 31, 2020 2019 2018 2022 Notes 6,537 8,997 8,997 2023 Notes 9,391 13,202 10,344 2026 Notes 10,891 — — 2032 Notes (1) — — 524 (1) The 2032 Notes were fully redeemed in 2018. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of grants of share-based awards | The following grants of share-based awards were made in 2020 under the 2005 Incentive Plan: Date of Grant Shares/ Grant Date Vesting Period January 2, 2020 (1) 369,938 $ 9.63 33% per year over three years January 2, 2020 (2) 369,938 $ 13.15 100% on January 2, 2023 January 2, 2020 (3) 5,679 $ 9.63 100% on January 1, 2022 April 1, 2020 (3) 43,351 $ 1.64 100% on January 1, 2022 July 1, 2020 (3) 19,407 $ 3.47 100% on January 1, 2022 October 1, 2020 (3) 24,831 $ 2.41 100% on January 1, 2022 December 10, 2020 (4) 204,546 $ 4.40 100% on December 10, 2021 (1) Reflects grants of restricted stock to our executive officers and select management employees. (2) Reflects grants of PSUs to our executive officers and select management employees. These awards when vested can only be settled in shares of our common stock. (3) Reflects grants of restricted stock to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash. (4) Reflects annual equity grants to each independent member of our Board. |
Summary of information about restricted stock | The following table summarizes information about our restricted stock: Year Ended December 31, 2020 2019 2018 Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Awards outstanding at beginning of year 1,173,045 $ 6.81 1,320,989 $ 7.40 1,579,218 $ 7.63 Granted 667,752 7.06 846,835 6.02 614,286 7.46 Vested (2) (631,498) 7.52 (993,361) 6.92 (823,310) 7.88 Forfeited (32,348) 5.41 (1,418) 8.82 (49,205) 7.62 Awards outstanding at end of year 1,176,951 $ 6.61 1,173,045 $ 6.81 1,320,989 $ 7.40 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. (2) Total fair value of restricted stock that vested during the years ended December 31, 2020, 2019 and 2018 was $5.4 million, $6.5 million and $6.4 million, respectively. |
Summary of information about equity PSU awards | The following table summarizes information about our equity PSU awards: Year Ended December 31, 2020 2019 2018 Units Grant Date Fair Value (1) Units Grant Date Fair Value (1) Units Grant Date Fair Value (1) Equity PSU awards outstanding at beginning of year 1,565,044 $ 10.17 1,006,360 $ 11.76 613,665 $ 12.64 Granted 369,938 13.15 688,540 7.60 449,271 10.44 Vested (589,335) 12.64 — — — — Forfeited (48,521) 7.60 (129,856) 8.91 (56,576) 10.83 Equity PSU awards outstanding at end of year 1,297,126 $ 9.99 1,565,044 $ 10.17 1,006,360 $ 11.76 (1) Represents the weighted average grant date fair value, which is determined using a Monte Carlo simulation model. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of financial data by reportable segment | Certain financial data by reportable segment are summarized as follows (in thousands): Year Ended December 31, 2020 2019 2018 Net revenues — Well Intervention $ 539,249 $ 593,300 $ 560,568 Robotics 178,018 171,672 158,989 Production Facilities 58,303 61,210 64,400 Intercompany eliminations (42,015) (74,273) (44,139) Total $ 733,555 $ 751,909 $ 739,818 Income (loss) from operations — Well Intervention $ 26,855 $ 89,564 $ 87,643 Robotics 13,755 7,261 (14,054) Production Facilities 15,975 17,160 27,263 Segment operating income 56,585 113,985 100,852 Goodwill impairment (1) (6,689) — — Corporate, eliminations and other (36,871) (45,988) (49,309) Total 13,025 67,997 51,543 Net interest expense (28,531) (8,333) (13,751) Other non-operating income (expense), net 16,889 5,892 (6,794) Income before income taxes $ 1,383 $ 65,556 $ 30,998 Capital expenditures — Well Intervention $ 19,523 $ 139,212 $ 136,164 Robotics 257 417 151 Production Facilities — 123 325 Corporate and other 464 1,102 443 Total $ 20,244 $ 140,854 $ 137,083 Depreciation and amortization — Well Intervention $ 101,756 $ 80,153 $ 76,943 Robotics 15,952 16,459 19,175 Production Facilities 15,652 15,658 14,070 Corporate and eliminations 349 450 334 Total $ 133,709 $ 112,720 $ 110,522 (1) Relates to the impairment of the entire STL goodwill balance (Note 7). |
Summary of intercompany segment revenues | Intercompany segment revenues are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Well Intervention (1) $ 15,039 $ 43,484 $ 14,218 Robotics 26,976 30,789 29,921 Total $ 42,015 $ 74,273 $ 44,139 (1) Amount in the year ended December 31, 2019 included $27.5 million associated with the P&A work on our oil and gas properties in our Production Facilities segment (Note 16). |
Schedule of revenue by individually significant geographic location | Revenues by individually significant geographic location are as follows (in thousands): Year Ended December 31, 2020 2019 2018 U.S. $ 304,563 $ 297,162 $ 271,260 U.K. 133,005 193,903 194,434 Brazil 208,565 216,796 208,054 Other 87,422 44,048 66,070 Total $ 733,555 $ 751,909 $ 739,818 |
Schedule of property and equipment, net of accumulated depreciation, by individually significant geographic location | The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location (in thousands): December 31, 2020 2019 U.S. $ 750,986 $ 808,683 U.K. (1) 764,070 782,246 Brazil 267,896 281,698 Singapore 12 10 Total $ 1,782,964 $ 1,872,637 (1) Includes certain assets that are based in the U.K. but may operate in the North Sea, West Africa and other regions, including the Q7000 . |
Schedule of total assets by reportable segment | The following table reflects total assets by reportable segment (in thousands): December 31, 2020 2019 Well Intervention $ 2,134,081 $ 2,180,180 Robotics 132,550 151,478 Production Facilities 129,773 142,624 Corporate and other 101,874 122,449 Total $ 2,498,278 $ 2,596,731 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of asset retirement obligations | The following table describes the changes in our AROs (both current and long-term) for the years ended December 31, 2020 and 2019 (in thousands): 2020 2019 AROs at January 1, $ 28,258 $ — Liability incurred during the period — 53,294 Liability settled during the period — (28,296) Revisions in estimated cash flows — 822 Accretion expense 2,655 2,438 AROs at December 31, $ 30,913 $ 28,258 |
Statement Of Cash Flow Inform_2
Statement Of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental cash flow information | The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Interest paid, net of interest capitalized $ 15,943 $ 1,909 $ 7,369 Income taxes paid 7,434 8,856 5,705 |
Allowance Accounts (Tables)
Allowance Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of activity in valuation accounts | The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2020 (in thousands): Allowance Deferred Balance at December 31, 2017 $ 2,752 $ 12,337 Deductions (1) (2,752) — Adjustments (2) — 5,603 Balance at December 31, 2018 — 17,940 Adjustments (2) — 691 Balance at December 31, 2019 — 18,631 Additions (3) 2,684 — Adjustments (2) (4) 785 1,091 Balance at December 31, 2020 $ 3,469 $ 19,722 (1) The decrease in allowance for credit losses reflects the write-offs of accounts receivable that are either settled or deemed uncollectible (2) The increase in valuation allowance primarily reflects additional net operating losses in our Robotics segment in the U.K. for which insufficient future taxable income exists to offset the losses. (3) The additions in allowance for credit losses reflect credit loss reserves during 2020. (4) The adjustment in allowance for credit losses reflects provision for current expected credit losses upon the adoption of ASU No. 2016-13 on January 1, 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | The following table provides additional information relating to those financial instruments measured at fair value on a recurring basis as of December 31, 2019 (in thousands): Fair Value at December 31, 2019 Valuation Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 44 $ — $ 44 (c) Liabilities: Foreign exchange contracts — hedging instruments — 401 — 401 (c) Foreign exchange contracts — non-hedging instruments — 601 — 601 (c) Total net liability $ — $ 958 $ — $ 958 |
Schedule of principal amount and estimated fair value of long-term debt | The principal amount and estimated fair value of our long-term debt are as follows (in thousands): December 31, 2020 2019 Principal Amount (1) Fair Value (2) (3) Principal Amount (1) Fair Value (2) (3) Term Loan (matures December 2021) $ 29,750 $ 28,969 $ 33,250 $ 32,959 Nordea Q5000 Loan (matures January 2021) (4) 53,572 53,598 89,286 89,398 MARAD Debt (matures February 2027) 56,410 62,318 63,610 68,643 2022 Notes (mature May 2022) 35,000 33,513 125,000 134,225 2023 Notes (mature September 2023) 30,000 28,650 125,000 162,188 2026 Notes (mature February 2026) 200,000 211,383 — — Total debt $ 404,732 $ 418,431 $ 436,146 $ 487,413 (1) Principal amount includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 8 for additional disclosures on our long-term debt. (2) The estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes was determined using Level 1 fair value inputs under the market approach. The fair value of the term loans, the Nordea Q5000 Loan and the MARAD Debt was estimated using Level 2 fair value inputs under the market approach, which was determined using a third-party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms. (3) The principal amount and estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes are for the entire instrument inclusive of the conversion feature reported in shareholders’ equity. (4) The maturity date of the Nordea Q5000 Loan was extended from April 2020 to January 2021 as a result of an amendment to the Nordea Credit Agreement in March 2020. We repaid the Nordea Q5000 Loan in January 2021. (Note 8). |
Derivative Instruments And He_2
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of balance sheet location and fair value of derivative instruments designated as hedging instruments | The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments as of December 31, 2019 (in thousands): December 31, 2019 Balance Sheet Fair Asset Derivative Instruments: Interest rate swaps Other current assets $ 44 $ 44 Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 401 $ 401 |
Schedule of balance sheet location and fair value of derivative instruments not designated as hedging instruments | The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments as of December 31, 2019 (in thousands): December 31, 2019 Balance Sheet Fair Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 601 $ 601 |
Schedule of impact of derivative instruments designated as hedging instruments on accumulated OCI and consolidated statements of operations | The following tables present the impact that derivative instruments designated as hedging instruments had on our accumulated OCI (net of tax) and our consolidated statements of operations (in thousands): Unrealized Gain (Loss) Recognized in OCI Year Ended December 31, 2020 2019 2018 Foreign exchange contracts $ (54) $ (315) $ (1,453) Interest rate swaps (41) (365) 606 $ (95) $ (680) $ (847) Location of Gain (Loss) Gain (Loss) Reclassified from Year Ended December 31, 2020 2019 2018 Foreign exchange contracts Cost of sales $ (455) $ (6,125) $ (7,709) Interest rate swaps Net interest expense 3 655 508 $ (452) $ (5,470) $ (7,201) |
Schedule of impact of derivative instruments not designated as hedging instruments on consolidated statements of operations | The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations (in thousands): Location of Loss Loss Recognized in Earnings Year Ended December 31, 2020 2019 2018 Foreign exchange contracts Other income (expense), net $ (81) $ (378) $ (901) $ (81) $ (378) $ (901) |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of consolidated quarterly financial information | The following is a summary of consolidated quarterly financial information (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2020 Net revenues $ 181,021 $ 199,147 $ 193,490 $ 159,897 Gross profit 2,010 29,576 34,628 13,695 Net income (loss) (13,928) 5,450 24,445 4,117 Net income (loss) attributable to common shareholders (11,938) 5,450 24,499 4,163 Basic earnings (loss) per common share $ (0.09) $ 0.04 $ 0.16 $ 0.03 Diluted earnings (loss) per common share $ (0.09) $ 0.04 $ 0.16 $ 0.03 2019 Net revenues $ 166,823 $ 201,728 $ 212,609 $ 170,749 Gross profit 16,254 39,934 55,074 26,576 Net income 1,318 16,823 31,622 7,934 Net income attributable to common shareholders 1,318 16,854 31,695 8,052 Basic earnings per common share $ 0.01 $ 0.11 $ 0.21 $ 0.05 Diluted earnings per common share $ 0.01 $ 0.11 $ 0.21 $ 0.05 |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 2020vesselsegment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Well Intervention | |
Segment Reporting Information [Line Items] | |
Number of chartered vessels | 2 |
Robotics | |
Segment Reporting Information [Line Items] | |
Number of chartered vessels | 2 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 0 | $ 54,130 | |
Forecast | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 73,400 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies - Deferred Recertification And Dry Dock Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Deferred recertification and dry dock costs, net | $ 21,464 | $ 16,065 | |
Deferred recertification and dry dock costs accumulated amortization | 21,800 | 15,700 | |
Recertification and dry dock amortization expense | $ 14,300 | $ 12,400 | $ 8,300 |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Recertification and dry dock amortization period | 30 months | ||
Recertification process period | 1 month | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Recertification and dry dock amortization period | 60 months | ||
Recertification process period | 3 months |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Foreign currency transaction gains (losses) | $ 4.6 | $ 1.5 | $ (4.3) |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies - Major Customers And Concentration Of Risk (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Petrobras | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 28.00% | 29.00% | 28.00% |
BP | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 17.00% | 15.00% | 15.00% |
Shell | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 13.00% |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Jan. 01, 2021 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total operating lease liabilities | $ 152,608 | $ 205,612 | |||
Operating lease right-of-use assets | 149,656 | 201,118 | |||
Retained earnings | 464,524 | 445,370 | |||
Long-term debt | 349,563 | 405,853 | |||
Common stock | 1,327,592 | 1,318,961 | |||
Deferred tax liabilities | 110,821 | $ 112,132 | |||
Accounting Standards Update 2016-02 Cumulative Effect, Period of Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total operating lease liabilities | $ 259,000 | ||||
Operating lease right-of-use assets | 253,400 | ||||
Retained earnings | 4,600 | ||||
Tax effect of deferred gain on sale and leaseback transaction | $ 900 | ||||
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Provision for credit losses on accounts receivable | $ 700 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ (600) | ||||
Tax effect of credit losses | $ (200) | ||||
Accounting Standards Update 2020-06 [Member] | Cumulative Effect, Period of Adoption | Forecast | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 6,700 | ||||
Long-term debt | 44,100 | ||||
Common stock | (41,500) | ||||
Deferred tax liabilities | $ (9,300) |
Details Of Certain Accounts - O
Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contract assets (Note 12) | $ 2,446 | $ 740 |
Prepaids | 15,904 | 12,635 |
Deferred costs (Note 12) | 23,522 | 28,340 |
Income tax receivable (Note 9) | 20,787 | 1,261 |
Other receivable (Note 16) | 29,782 | 0 |
Other | 9,651 | 7,474 |
Total other current assets | $ 102,092 | $ 50,450 |
Details Of Certain Accounts -_2
Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred recertification and dry dock costs, net (Note 2) | $ 21,464 | $ 16,065 |
Deferred costs (Note 12) | 861 | 14,531 |
Charter deposit | 12,544 | 12,544 |
Other receivable (Note 16) | 0 | 27,264 |
Goodwill (Note 7) | 0 | 7,157 |
Intangible assets with finite lives, net (Note 2) | 3,809 | 3,847 |
Other | 1,335 | 3,100 |
Total other assets, net | $ 40,013 | $ 84,508 |
Details Of Certain Accounts - A
Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll and related benefits | $ 24,768 | $ 31,417 |
Accrued interest | 7,098 | 3,942 |
Investee losses in excess of investment (Note 5) | 1,499 | 4,069 |
Deferred revenue (Note 12) | 8,140 | 11,568 |
AROs (Note 16) | 30,913 | 0 |
Other | 14,617 | 11,393 |
Total accrued liabilities | $ 87,035 | $ 62,389 |
Details Of Certain Accounts -_3
Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred revenue (Note 12) | $ 1,869 | $ 8,286 |
AROs (Note 16) | 0 | 28,258 |
Other | 2,009 | 2,100 |
Total other non-current liabilities | $ 3,878 | $ 38,644 |
Property And Equipment - Gross
Property And Equipment - Gross Components Of Property And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,948,907 | $ 2,922,274 |
Vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,349,752 | 2,323,314 |
Vessels | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years | |
Vessels | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
ROVs, Trenchers and ROVDrill | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 263,968 | 270,004 |
Estimated useful life | 10 years | |
Machinery, Equipment and Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 335,187 | $ 328,956 |
Machinery, Equipment and Leasehold Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Machinery, Equipment and Leasehold Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - Independence Hub, LLC - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 20.00% | |
Investee losses in excess of investment | $ 1.5 | $ 4.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Minimum sublease income to be received in the future | $ 2.1 | |
Total rental expense | $ 147.8 | |
Total sublease rental income | $ 1.4 |
Leases - Components Of Lease Co
Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 64,742 | $ 70,860 |
Variable lease cost | 15,021 | 13,780 |
Short-term lease cost | 37,524 | 20,384 |
Sublease income | (1,286) | (1,391) |
Net lease cost | $ 116,001 | $ 103,633 |
Leases - Maturities Of Operatin
Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Less than one year | $ 60,649 | $ 66,820 |
One to two years | 57,541 | 60,452 |
Two to three years | 39,229 | 57,363 |
Three to four years | 6,844 | 39,202 |
Four to five years | 2,340 | 6,819 |
Over five years | 4,054 | 6,251 |
Total lease payments | 170,657 | 236,907 |
Less: imputed interest | (18,049) | (31,295) |
Total operating lease liabilities | 152,608 | 205,612 |
Current operating lease liabilities | 51,599 | 53,785 |
Non-current operating lease liabilities | 101,009 | 151,827 |
Vessels | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Less than one year | 54,621 | 60,210 |
One to two years | 52,106 | 54,564 |
Two to three years | 34,580 | 52,106 |
Three to four years | 2,470 | 34,580 |
Four to five years | 0 | 2,470 |
Over five years | 0 | 0 |
Total lease payments | 143,777 | 203,930 |
Less: imputed interest | (13,352) | (24,846) |
Total operating lease liabilities | 130,425 | 179,084 |
Current operating lease liabilities | 46,748 | 48,716 |
Non-current operating lease liabilities | 83,677 | 130,368 |
Facilities and Equipment | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Less than one year | 6,028 | 6,610 |
One to two years | 5,435 | 5,888 |
Two to three years | 4,649 | 5,257 |
Three to four years | 4,374 | 4,622 |
Four to five years | 2,340 | 4,349 |
Over five years | 4,054 | 6,251 |
Total lease payments | 26,880 | 32,977 |
Less: imputed interest | (4,697) | (6,449) |
Total operating lease liabilities | 22,183 | 26,528 |
Current operating lease liabilities | 4,851 | 5,069 |
Non-current operating lease liabilities | $ 17,332 | $ 21,459 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term And Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 3 years 1 month 6 days | 4 years |
Weighted average discount rate (as a percent) | 7.53% | 7.54% |
Leases - Other Information Rela
Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 66,026 | $ 71,698 |
ROU assets obtained in exchange for new operating lease obligations | $ 516 | $ 1,168 |
Business Combinations And Goo_3
Business Combinations And Goodwill (Details) $ in Millions | May 31, 2019USD ($) |
STL | |
Business Acquisition [Line Items] | |
Redeemable noncontrolling interests, ownership percentage | 30.00% |
STL | |
Business Acquisition [Line Items] | |
Controlling interest acquired, ownership percentage | 70.00% |
Total consideration for business acquisition | $ 5.1 |
Goodwill - Changes In Carrying
Goodwill - Changes In Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Balance at the beginning of year | $ 7,157 | ||
Impairment loss | (6,689) | $ 0 | $ 0 |
Balance at the end of year | 0 | 7,157 | |
Well Intervention | |||
Goodwill [Line Items] | |||
Balance at the beginning of year | 7,157 | 0 | |
Additions | 6,855 | ||
Impairment loss | (6,689) | ||
Other adjustments | (468) | 302 | |
Balance at the end of year | $ 0 | $ 7,157 | $ 0 |
Long-Term Debt - Schedule Of Lo
Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 14, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Principal amount | $ 404,732 | ||
Unamortized debt discounts | (45,692) | $ (22,540) | |
Unamortized debt issuance costs | (9,477) | (7,753) | |
Total debt | 349,563 | 405,853 | |
Less current maturities | (90,651) | (99,731) | |
Long-term debt | 258,912 | 306,122 | |
Term Loan Maturing December 2021 | |||
Debt Instrument [Line Items] | |||
Principal amount | 29,750 | 33,250 | |
Unamortized debt discounts | 0 | ||
Unamortized debt issuance costs | (191) | ||
Total debt | 29,559 | ||
Less current maturities | (29,559) | ||
Long-term debt | 0 | ||
Convertible Senior Notes Maturing May 2022 | |||
Debt Instrument [Line Items] | |||
Principal amount | 35,000 | 125,000 | |
Unamortized debt discounts | (1,325) | (8,000) | |
Unamortized debt issuance costs | (198) | ||
Total debt | 33,477 | ||
Less current maturities | 0 | ||
Long-term debt | 33,477 | ||
Convertible Senior Notes Maturing September 2023 | |||
Debt Instrument [Line Items] | |||
Principal amount | 30,000 | 125,000 | |
Unamortized debt discounts | (2,651) | (14,500) | |
Unamortized debt issuance costs | (427) | ||
Total debt | 26,922 | ||
Less current maturities | 0 | ||
Long-term debt | 26,922 | ||
Convertible Senior Notes Maturing February 2026 | |||
Debt Instrument [Line Items] | |||
Principal amount | 200,000 | $ 200,000 | 0 |
Unamortized debt discounts | (41,716) | ||
Unamortized debt issuance costs | (5,572) | ||
Total debt | 152,712 | ||
Less current maturities | 0 | ||
Long-term debt | 152,712 | ||
MARAD Debt Maturing February 2027 | |||
Debt Instrument [Line Items] | |||
Principal amount | 56,410 | 63,610 | |
Unamortized debt discounts | 0 | ||
Unamortized debt issuance costs | (3,049) | ||
Total debt | 53,361 | ||
Less current maturities | (7,560) | ||
Long-term debt | 45,801 | ||
Nordea Q5000 Loan Maturing January 2021 | |||
Debt Instrument [Line Items] | |||
Principal amount | 53,572 | $ 89,286 | |
Unamortized debt discounts | 0 | ||
Unamortized debt issuance costs | (40) | ||
Total debt | 53,532 | ||
Less current maturities | (53,532) | ||
Long-term debt | $ 0 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Principal amount | $ 404,732 | |||
Repayment of term loan | 3,500 | $ 35,442 | $ 63,807 | |
Gain (loss) on extinguishment of long-term debt | 9,239 | (18) | $ (1,183) | |
Term Loan Maturing December 2021 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 29,750 | $ 33,250 | ||
Interest rate (as a percent) | 3.40% | |||
Frequency of periodic payment | quarterly | |||
Periodic principal payment (as a percent) | 2.50% | |||
Term Loan Maturing December 2021 | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.25% | |||
Term Loan Maturing December 2021 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 3.25% | |||
Revolving Credit Facility Maturing December 2021 | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 175,000 | |||
Additional commitments (up to) | 100,000 | |||
Available borrowing capacity | 160,200 | |||
Letters of credit issued | $ 2,800 | |||
Commitment fee percentage | 0.50% | |||
Revolving Credit Facility Maturing December 2021 | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.50% | |||
Revolving Credit Facility Maturing December 2021 | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.50% | |||
Revolving Credit Facility Maturing December 2021 | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.50% | |||
Revolving Credit Facility Maturing December 2021 | LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 3.50% | |||
Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 25,000 | |||
Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 31, 2021 | |||
Credit Agreement | Collateral Pledged | ||||
Debt Instrument [Line Items] | ||||
Maximum percent of shares of foreign subsidiaries | 66.00% | |||
Former Term Loan | ||||
Debt Instrument [Line Items] | ||||
Repayment of term loan | $ 61,000 | |||
Gain (loss) on extinguishment of long-term debt | $ (900) |
Long-Term Debt - Convertible Se
Long-Term Debt - Convertible Senior Notes Due 2022 (Details) $ / shares in Units, $ in Thousands | Aug. 14, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Gain (loss) on extinguishment of long-term debt | $ 9,239 | $ (18) | $ (1,183) | |
Unamortized debt discount | (45,692) | (22,540) | ||
Interest expense | $ 30,538 | 31,186 | 32,617 | |
Convertible Senior Notes Maturing May 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 4.25% | |||
Frequency of periodic payment | semi-annually | |||
Maturity date | May 1, 2022 | |||
Initial conversion ratio | 0.0719748 | |||
Initial conversion price per share (in dollars per share) | $ / shares | $ 13.89 | |||
Redemption price as a percentage of principal amount | 100.00% | |||
Minimum percentage in aggregate principal amount | 25.00% | |||
Repurchased principal amount | $ 90,000 | |||
Repurchase amount | 89,100 | |||
Reacquisition of debt component | 81,700 | |||
Gain (loss) on extinguishment of long-term debt | 3,300 | |||
Unamortized debt discount | $ (1,325) | (8,000) | ||
Reacquisition of equity component | $ 7,400 | |||
Carrying amount of equity component | 9,500 | 16,900 | ||
Carrying amount of equity component, net of tax | $ 5,300 | 11,000 | ||
Effective interest rate (as a percent) | 7.30% | |||
Interest expense | $ 6,200 | $ 8,400 | $ 8,100 |
Long-Term Debt - Convertible _2
Long-Term Debt - Convertible Senior Notes Due 2023 (Details) $ / shares in Units, $ in Thousands | Aug. 14, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Gain (loss) on extinguishment of long-term debt | $ 9,239 | $ (18) | $ (1,183) | |
Unamortized debt discount | (45,692) | (22,540) | ||
Interest expense | $ 30,538 | 31,186 | 32,617 | |
Convertible Senior Notes Maturing September 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 4.125% | |||
Frequency of periodic payment | semi-annually | |||
Maturity date | Sep. 15, 2023 | |||
Initial conversion ratio | 0.1056133 | |||
Initial conversion price per share (in dollars per share) | $ / shares | $ 9.47 | |||
Redemption price as a percentage of principal amount | 100.00% | |||
Minimum percentage in aggregate principal amount | 25.00% | |||
Repurchased principal amount | $ 95,000 | |||
Repurchase amount | 94,100 | |||
Reacquisition of debt component | 78,200 | |||
Gain (loss) on extinguishment of long-term debt | 5,900 | |||
Unamortized debt discount | $ (2,651) | (14,500) | ||
Reacquisition of equity component | $ 15,900 | |||
Carrying amount of equity component | 4,200 | 20,100 | ||
Carrying amount of equity component, net of tax | $ 3,600 | 15,900 | ||
Effective interest rate (as a percent) | 7.80% | |||
Interest expense | $ 6,100 | $ 8,400 | $ 6,400 |
Long-Term Debt - Convertible _3
Long-Term Debt - Convertible Senior Notes Due 2026 (Details) $ / shares in Units, $ in Thousands | Aug. 14, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Principal amount | $ 404,732 | |||
Interest expense | 30,538 | $ 31,186 | $ 32,617 | |
Unamortized debt discount | $ (45,692) | (22,540) | ||
2026 Capped Calls | ||||
Debt Instrument [Line Items] | ||||
Initial cap price (in dollars per share) | $ / shares | $ 8.42 | |||
Convertible Senior Notes Maturing February 2026 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 200,000 | $ 200,000 | 0 | |
Proceeds from debt, net of issuance costs | 192,500 | |||
Net proceeds used to fund the cost of capped call transactions | $ 10,500 | |||
Interest rate (as a percent) | 6.75% | |||
Frequency of periodic payment | semi-annually | |||
Maturity date | Feb. 15, 2026 | |||
Initial conversion ratio | 0.1433795 | |||
Initial conversion price per share (in dollars per share) | $ / shares | $ 6.97 | |||
Redemption price as a percentage of principal amount | 100.00% | |||
Minimum percentage in aggregate principal amount | 25.00% | |||
Carrying amount of equity component | $ 43,800 | |||
Carrying amount of equity component, net of tax | $ 34,600 | |||
Effective interest rate (as a percent) | 12.40% | |||
Interest expense | $ 7,200 | |||
Unamortized debt discount | (41,716) | |||
Convertible Senior Notes Maturing May 2022 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 35,000 | 125,000 | ||
Repurchased principal amount | $ 90,000 | |||
Interest rate (as a percent) | 4.25% | |||
Frequency of periodic payment | semi-annually | |||
Maturity date | May 1, 2022 | |||
Initial conversion ratio | 0.0719748 | |||
Initial conversion price per share (in dollars per share) | $ / shares | $ 13.89 | |||
Redemption price as a percentage of principal amount | 100.00% | |||
Minimum percentage in aggregate principal amount | 25.00% | |||
Carrying amount of equity component | $ 9,500 | 16,900 | ||
Carrying amount of equity component, net of tax | $ 5,300 | 11,000 | ||
Effective interest rate (as a percent) | 7.30% | |||
Interest expense | $ 6,200 | 8,400 | 8,100 | |
Unamortized debt discount | (1,325) | (8,000) | ||
Convertible Senior Notes Maturing September 2023 | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 30,000 | 125,000 | ||
Repurchased principal amount | $ 95,000 | |||
Interest rate (as a percent) | 4.125% | |||
Frequency of periodic payment | semi-annually | |||
Maturity date | Sep. 15, 2023 | |||
Initial conversion ratio | 0.1056133 | |||
Initial conversion price per share (in dollars per share) | $ / shares | $ 9.47 | |||
Redemption price as a percentage of principal amount | 100.00% | |||
Minimum percentage in aggregate principal amount | 25.00% | |||
Carrying amount of equity component | $ 4,200 | 20,100 | ||
Carrying amount of equity component, net of tax | $ 3,600 | 15,900 | ||
Effective interest rate (as a percent) | 7.80% | |||
Interest expense | $ 6,100 | 8,400 | $ 6,400 | |
Unamortized debt discount | $ (2,651) | $ (14,500) |
Long-Term Debt - MARAD Debt (De
Long-Term Debt - MARAD Debt (Details) - MARAD Debt Maturing February 2027 | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Guarantor obligations (as a percent) | 50.00% |
Frequency of periodic payment | semi-annual |
Maturity date | February 2027 |
Interest rate (as a percent) | 4.93% |
Long-Term Debt - Nordea Credit
Long-Term Debt - Nordea Credit Agreement (Details) - Nordea Q5000 Loan Maturing January 2021 - USD ($) $ in Millions | Mar. 11, 2020 | Apr. 30, 2015 | Sep. 30, 2014 |
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 250 | ||
Funded amount | $ 250 | ||
Frequency of periodic payment | quarterly | ||
Scheduled principal installments | $ 8.9 | ||
Balloon payment | $ 53.6 | $ 80.4 | |
Maturity date | Jan. 31, 2021 | Apr. 30, 2020 | |
LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 2.75% | 2.50% |
Long-Term Debt - Other (Details
Long-Term Debt - Other (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Gain (loss) on extinguishment of long-term debt | $ 9,239 | $ (18) | $ (1,183) | |
Convertible Senior Notes Maturing March 2032 | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 15, 2032 | |||
Repurchased principal amount | 60,100 | |||
Gain (loss) on extinguishment of long-term debt | $ (200) |
Long-Term Debt - Maturities Of
Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 14, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Less than one year | $ 90,882 | ||
One to two years | 42,937 | ||
Two to three years | 38,333 | ||
Three to four years | 8,749 | ||
Four to five years | 9,186 | ||
Over five years | 214,645 | ||
Gross debt | 404,732 | ||
Unamortized debt discounts | (45,692) | $ (22,540) | |
Unamortized debt issuance costs | (9,477) | (7,753) | |
Total debt | 349,563 | 405,853 | |
Less current maturities | (90,651) | (99,731) | |
Long-term debt | 258,912 | 306,122 | |
Term Loan Maturing December 2021 | |||
Debt Instrument [Line Items] | |||
Less than one year | 29,750 | ||
One to two years | 0 | ||
Two to three years | 0 | ||
Three to four years | 0 | ||
Four to five years | 0 | ||
Over five years | 0 | ||
Gross debt | 29,750 | 33,250 | |
Unamortized debt discounts | 0 | ||
Unamortized debt issuance costs | (191) | ||
Total debt | 29,559 | ||
Less current maturities | (29,559) | ||
Long-term debt | 0 | ||
Convertible Senior Notes Maturing May 2022 | |||
Debt Instrument [Line Items] | |||
Less than one year | 0 | ||
One to two years | 35,000 | ||
Two to three years | 0 | ||
Three to four years | 0 | ||
Four to five years | 0 | ||
Over five years | 0 | ||
Gross debt | 35,000 | 125,000 | |
Unamortized debt discounts | (1,325) | (8,000) | |
Unamortized debt issuance costs | (198) | ||
Total debt | 33,477 | ||
Less current maturities | 0 | ||
Long-term debt | 33,477 | ||
Convertible Senior Notes Maturing September 2023 | |||
Debt Instrument [Line Items] | |||
Less than one year | 0 | ||
One to two years | 0 | ||
Two to three years | 30,000 | ||
Three to four years | 0 | ||
Four to five years | 0 | ||
Over five years | 0 | ||
Gross debt | 30,000 | 125,000 | |
Unamortized debt discounts | (2,651) | (14,500) | |
Unamortized debt issuance costs | (427) | ||
Total debt | 26,922 | ||
Less current maturities | 0 | ||
Long-term debt | 26,922 | ||
Convertible Senior Notes Maturing February 2026 | |||
Debt Instrument [Line Items] | |||
Less than one year | 0 | ||
One to two years | 0 | ||
Two to three years | 0 | ||
Three to four years | 0 | ||
Four to five years | 0 | ||
Over five years | 200,000 | ||
Gross debt | 200,000 | $ 200,000 | 0 |
Unamortized debt discounts | (41,716) | ||
Unamortized debt issuance costs | (5,572) | ||
Total debt | 152,712 | ||
Less current maturities | 0 | ||
Long-term debt | 152,712 | ||
MARAD Debt Maturing February 2027 | |||
Debt Instrument [Line Items] | |||
Less than one year | 7,560 | ||
One to two years | 7,937 | ||
Two to three years | 8,333 | ||
Three to four years | 8,749 | ||
Four to five years | 9,186 | ||
Over five years | 14,645 | ||
Gross debt | 56,410 | 63,610 | |
Unamortized debt discounts | 0 | ||
Unamortized debt issuance costs | (3,049) | ||
Total debt | 53,361 | ||
Less current maturities | (7,560) | ||
Long-term debt | 45,801 | ||
Nordea Q5000 Loan Maturing January 2021 | |||
Debt Instrument [Line Items] | |||
Less than one year | 53,572 | ||
One to two years | 0 | ||
Two to three years | 0 | ||
Three to four years | 0 | ||
Four to five years | 0 | ||
Over five years | 0 | ||
Gross debt | 53,572 | $ 89,286 | |
Unamortized debt discounts | 0 | ||
Unamortized debt issuance costs | (40) | ||
Total debt | 53,532 | ||
Less current maturities | (53,532) | ||
Long-term debt | $ 0 |
Long-Term Debt - Interest Expen
Long-Term Debt - Interest Expense And Capitalized Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 30,538 | $ 31,186 | $ 32,617 |
Capitalized interest (1) | (1,182) | (20,246) | (15,629) |
Interest income | (825) | (2,607) | (3,237) |
Net interest expense | $ 28,531 | $ 8,333 | $ 13,751 |
Income Taxes - Schedule Of Comp
Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (14,818) | $ 4,374 | $ 4,830 |
Deferred | (3,883) | 3,485 | (2,430) |
Income tax provision (benefit) | $ (18,701) | $ 7,859 | $ 2,400 |
Income Taxes - Schedule Of Co_2
Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) By Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (15,074) | $ 3,715 | $ (3,161) |
Foreign | (3,627) | 4,144 | 5,561 |
Income tax provision (benefit) | $ (18,701) | $ 7,859 | $ 2,400 |
Income Taxes - Schedule Of Co_3
Income Taxes - Schedule Of Components Of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (3,406) | $ 2,219 | $ (28,838) |
Foreign | 4,789 | 63,337 | 59,836 |
Income before income taxes | $ 1,383 | $ 65,556 | $ 30,998 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)numberOfForeignSubsidiaries | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |||
Net tax benefit from CARES Act | $ 7,600 | ||
Current tax benefit from CARES Act | 18,900 | ||
Deferred tax expense from CARES Act | $ 11,300 | ||
Number of foreign subsidiaries | numberOfForeignSubsidiaries | 2 | ||
Net deferred tax benefits from foreign subsidiary restructuring | $ 8,300 | ||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | 19,722 | $ 18,631 | |
Undistributed earnings of foreign subsidiaries | 62,200 | ||
Unrecognized tax benefits | 700 | $ 300 | |
U.S. | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 197,400 | ||
Net operating loss carryforwards not subject to expiration | 85,100 | ||
Net operating loss carryforwards subject to expiration | 112,300 | ||
Valuation allowance | 2,900 | ||
Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 16,800 |
Income Taxes - Schedule Of Effe
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Taxes at U.S. statutory rate | $ 290 | $ 13,767 | $ 6,510 |
Foreign tax provision | (3,426) | (6,557) | (4,941) |
CARES Act | (7,596) | 0 | 0 |
Subsidiary restructuring | (8,333) | 0 | 0 |
Other | 364 | 649 | 831 |
Income tax provision (benefit) | $ (18,701) | $ 7,859 | $ 2,400 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Taxes at U.S. statutory rate | 21.00% | 21.00% | 21.00% |
Foreign tax provision | (247.70%) | (10.00%) | (15.90%) |
CARES Act | (549.20%) | 0.00% | 0.00% |
Subsidiary restructuring | (602.50%) | 0.00% | 0.00% |
Other | 26.20% | 1.00% | 2.60% |
Income tax provision (benefit) | (1352.20%) | 12.00% | 7.70% |
Income Taxes - Schedule Of Defe
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax liabilities: | ||
Depreciation | $ 153,226 | $ 166,239 |
Debt discounts on 2022 Notes, 2023 Notes and 2026 Notes | 9,298 | 4,643 |
Total deferred tax liabilities | 162,524 | 170,882 |
Deferred tax assets: | ||
Net operating losses | (59,794) | (64,178) |
Reserves, accrued liabilities and other | (11,631) | (13,203) |
Total deferred tax assets | (71,425) | (77,381) |
Valuation allowance | 19,722 | 18,631 |
Net deferred tax liabilities | $ 110,821 | $ 112,132 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, par value per share (in dollars per share) | $ 0.01 | |
Option Indexed to Issuer's Equity [Line Items] | ||
Aggregate cost of capped call transactions | $ (10,625) | |
2026 Capped Calls | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Aggregate number of common shares subject to capped calls | 28,675,900 | |
Initial strike price | $ 6.97 | |
Initial cap price (in dollars per share) | $ 8.42 | |
Aggregate cost of capped call transactions | $ 10,600 |
Shareholders' Equity - Componen
Shareholders' Equity - Components Of Accumulated OCI (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Cumulative foreign currency translation adjustment | $ (51,620) | $ (64,455) |
Net unrealized loss on hedges, net of tax | 0 | (285) |
Accumulated OCI | $ (51,620) | $ (64,740) |
Stock Buyback Program (Details)
Stock Buyback Program (Details) | Dec. 31, 2020shares |
Equity [Abstract] | |
Remaining number of shares available to be repurchased | 6,913,705 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Schedule Of Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 159,897 | $ 193,490 | $ 199,147 | $ 181,021 | $ 170,749 | $ 212,609 | $ 201,728 | $ 166,823 | $ 733,555 | $ 751,909 | $ 739,818 |
Intercompany Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | (42,015) | (74,273) | (44,139) | ||||||||
Well Intervention | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 539,249 | 593,300 | 560,568 | ||||||||
Well Intervention | Intercompany Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | (15,039) | (43,484) | (14,218) | ||||||||
Robotics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 178,018 | 171,672 | 158,989 | ||||||||
Robotics | Intercompany Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | (26,976) | (30,789) | (29,921) | ||||||||
Production Facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 58,303 | 61,210 | 64,400 | ||||||||
Short-term | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 324,251 | 309,427 | 288,366 | ||||||||
Short-term | Intercompany Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Short-term | Well Intervention | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 206,812 | 214,926 | 199,294 | ||||||||
Short-term | Robotics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 117,439 | 94,501 | 89,072 | ||||||||
Short-term | Production Facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Long-term | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 409,304 | 442,482 | 451,452 | ||||||||
Long-term | Intercompany Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | (42,015) | (74,273) | (44,139) | ||||||||
Long-term | Well Intervention | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 332,437 | 378,374 | 361,274 | ||||||||
Long-term | Robotics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 60,579 | 77,171 | 69,917 | ||||||||
Long-term | Production Facilities | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 58,303 | $ 61,210 | $ 64,400 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 2.4 | $ 0.7 | |
Contract liabilities | 10 | 19.9 | |
Revenue recognized | 11.6 | 10.1 | $ 11.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied performance obligations | 406.7 | ||
Revenue related to performance obligation satisfied in previous years | 2.1 | ||
Deferred contract costs | 24.4 | 42.9 | |
Amortization of deferred contract costs | 35.8 | $ 31.5 | $ 33.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied performance obligations | $ 301.2 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied performance obligations | $ 72.9 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unsatisfied performance obligations | $ 32.6 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Earnings Per Share - Computatio
Earnings Per Share - Computation Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic: | |||||||||||
Net income attributable to common shareholders | $ 4,163 | $ 24,499 | $ 5,450 | $ (11,938) | $ 8,052 | $ 31,695 | $ 16,854 | $ 1,318 | $ 22,174 | $ 57,919 | $ 28,598 |
Less: Undistributed earnings allocated to participating securities | (140) | (487) | (273) | ||||||||
Accretion of redeemable noncontrolling interests | (2,400) | (143) | 0 | ||||||||
Net income available to common shareholders, basic | $ 19,634 | $ 57,289 | $ 28,325 | ||||||||
Weighted average number of shares outstanding, basic (in shares) | 148,993 | 147,536 | 146,702 | ||||||||
Effect of dilutive securities: | |||||||||||
Share-based awards other than participating securities | $ 0 | $ 0 | $ 0 | ||||||||
Share-based awards other than participating securities (in shares) | 904 | 2,041 | 128 | ||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ 1 | $ 6 | $ 1 | ||||||||
Net income available to common shareholders, diluted | $ 19,635 | $ 57,295 | $ 28,326 | ||||||||
Weighted average number of shares outstanding, diluted (in shares) | 149,897 | 149,577 | 146,830 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially Dilutive Shares Excluded From Dilutive EPS Calculation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible Senior Notes Maturing May 2022 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 6,537 | 8,997 | 8,997 |
Convertible Senior Notes Maturing September 2023 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 9,391 | 13,202 | 10,344 |
Convertible Senior Notes Maturing February 2026 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 10,891 | 0 | 0 |
Convertible Senior Notes Maturing March 2032 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 0 | 0 | 524 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | May 15, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of active incentive plans | 1 | |||||
ESPP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional shares authorized for issuance (in shares) | 1,500,000 | |||||
Period common stock may be purchased through payroll deductions | 4 months | |||||
Percentage of share of non-vested stock considered as call option | 85.00% | |||||
Purchase limit per employee (in shares) | 260 | |||||
Shares available for issuance (in shares) | 1,800,000 | |||||
2005 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional shares authorized for issuance (in shares) | 7,000,000 | |||||
Vesting period | 3 years | |||||
Award vesting percentage | 33.00% | |||||
Shares authorized for issuance (in shares) | 17,300,000 | |||||
Shares available for issuance (in shares) | 6,800,000 | |||||
2005 Incentive Plan | Maximum Shares as Incentive Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance (in shares) | 2,000,000 | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 667,752 | 846,835 | 614,286 | |||
Granted (in dollars per share) | $ 7.06 | $ 6.02 | $ 7.46 | |||
Share-based compensation | $ 4.2 | $ 6.2 | $ 6 | |||
Future share-based compensation | $ 4.4 | |||||
Weighted average vesting period (in years) | 1 year 2 months 12 days | |||||
Share-based payment awards vested | 631,498 | 993,361 | 823,310 | |||
Fair value of awards vested | $ 5.4 | $ 6.5 | $ 6.4 | |||
RSUs | January 2021 RSU Grant | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 452,381 | |||||
Granted (in dollars per share) | $ 4.20 | |||||
Total market value of shares granted | $ 1.9 | |||||
PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Award vesting percentage | 100.00% | |||||
PSUs | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 200.00% | |||||
PSUs | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 0.00% | |||||
Equity PSU Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 200.00% | |||||
Granted (in shares) | 369,938 | 688,540 | 449,271 | |||
Granted (in dollars per share) | $ 13.15 | $ 7.60 | $ 10.44 | |||
Share-based compensation | $ 4 | $ 5.1 | $ 3.8 | |||
Future share-based compensation | $ 4.6 | |||||
Weighted average vesting period (in years) | 1 year | |||||
Share-based payment awards vested | 589,335 | 589,335 | 0 | 0 | ||
Equity PSU Awards | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment awards vested | 1,178,670 | |||||
Fair value of awards vested | $ 11.4 | |||||
Equity PSU Awards | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 200.00% | |||||
Share-based payment awards vested | 368,038 | |||||
Equity PSU Awards | Subsequent Event | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based payment awards vested | 736,075 | |||||
Fair value of awards vested | $ 3.1 | |||||
Equity PSU Awards | January 2021 PSU Grant | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 452,381 | |||||
Granted (in dollars per share) | $ 5.33 | |||||
Total market value of shares granted | $ 2.4 | |||||
Liability PSU Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation | $ 0.9 | |||||
Cash paid to settle share-based award liability | $ 11.1 | 0.9 | ||||
Fixed Value Cash Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Long-term incentive cash awards granted | $ 4.7 | 4.6 | 5.2 | |||
Compensation expense | $ 4.4 | 3.2 | $ 1.7 | |||
Fixed Value Cash Awards | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Long-term incentive cash awards granted | $ 3.4 | |||||
401(k) Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employer matching contribution (as a percent) | 50.00% | |||||
Employer matching contribution percent of participant' salary (up to) | 5.00% | |||||
Plan cost recognized | $ 1.6 | $ 1 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Shares Granted (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
January 2, 2020 - 33% Per Year over Three Years | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jan. 2, 2020 |
Shares/ Units | shares | 369,938 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 9.63 |
Vesting Percentage | 33.00% |
Vesting Period | 3 years |
January 2, 2020 - 100% on January 2, 2023 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jan. 2, 2020 |
Shares/ Units | shares | 369,938 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 13.15 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 2, 2023 |
January 2, 2020 - 100% on January 1, 2022 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jan. 2, 2020 |
Shares/ Units | shares | 5,679 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 9.63 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2022 |
April 1, 2020 - 100% on January 1, 2022 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Apr. 1, 2020 |
Shares/ Units | shares | 43,351 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 1.64 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2022 |
July 1, 2020 - 100% on January 1, 2022 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jul. 1, 2020 |
Shares/ Units | shares | 19,407 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 3.47 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2022 |
October 1, 2020 - 100% on January 1, 2022 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Oct. 1, 2020 |
Shares/ Units | shares | 24,831 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 2.41 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2022 |
December 10, 2020 - 100% on December 10, 2021 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Dec. 10, 2020 |
Shares/ Units | shares | 204,546 |
Grant Date Fair Value Per Share/Unit | $ / shares | $ 4.40 |
Vesting Percentage | 100.00% |
Vesting Date | Dec. 10, 2021 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule Of Restricted Stock Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Awards outstanding at beginning of year (in shares) | 1,173,045 | 1,320,989 | 1,579,218 |
Granted (in shares) | 667,752 | 846,835 | 614,286 |
Vested (in shares) | (631,498) | (993,361) | (823,310) |
Forfeited (in shares) | (32,348) | (1,418) | (49,205) |
Awards outstanding at end of year (in shares) | 1,176,951 | 1,173,045 | 1,320,989 |
Grant Date Fair Value | |||
Awards outstanding at beginning of year (in dollars per share) | $ 6.81 | $ 7.40 | $ 7.63 |
Granted (in dollars per share) | 7.06 | 6.02 | 7.46 |
Vested (in dollars per share) | 7.52 | 6.92 | 7.88 |
Forfeited (in dollars per share) | 5.41 | 8.82 | 7.62 |
Awards outstanding at end of year (in dollars per share) | $ 6.61 | $ 6.81 | $ 7.40 |
Fair value of awards vested | $ 5.4 | $ 6.5 | $ 6.4 |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule Of Equity PSU Award Activity (Details) - Equity PSU Awards - $ / shares | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Units | ||||
Awards outstanding at beginning of year (in shares) | 1,565,044 | 1,565,044 | 1,006,360 | 613,665 |
Granted (in shares) | 369,938 | 688,540 | 449,271 | |
Vested (in shares) | (589,335) | (589,335) | 0 | 0 |
Forfeited (in shares) | (48,521) | (129,856) | (56,576) | |
Awards outstanding at end of year (in shares) | 1,297,126 | 1,565,044 | 1,006,360 | |
Grant Date Fair Value | ||||
Awards outstanding at beginning of year (in dollars per share) | $ 10.17 | $ 10.17 | $ 11.76 | $ 12.64 |
Granted (in dollars per share) | 13.15 | 7.60 | 10.44 | |
Vested (in dollars per share) | 12.64 | 0 | 0 | |
Forfeited (in dollars per share) | 7.60 | 8.91 | 10.83 | |
Awards outstanding at end of year (in dollars per share) | $ 9.99 | $ 10.17 | $ 11.76 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020segmentvessel | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Robotics | |
Segment Reporting Information [Line Items] | |
Number of chartered vessels | vessel | 2 |
Business Segment Information _2
Business Segment Information - Summary Of Financial Data By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 159,897 | $ 193,490 | $ 199,147 | $ 181,021 | $ 170,749 | $ 212,609 | $ 201,728 | $ 166,823 | $ 733,555 | $ 751,909 | $ 739,818 |
Income (loss) from operations | 13,025 | 67,997 | 51,543 | ||||||||
Goodwill impairment | (6,689) | 0 | 0 | ||||||||
Net interest expense | (28,531) | (8,333) | (13,751) | ||||||||
Other non-operating income (expense), net | 16,889 | 5,892 | (6,794) | ||||||||
Income before income taxes | 1,383 | 65,556 | 30,998 | ||||||||
Capital expenditures | 20,244 | 140,854 | 137,083 | ||||||||
Depreciation and amortization | 133,709 | 112,720 | 110,522 | ||||||||
Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | 56,585 | 113,985 | 100,852 | ||||||||
Intercompany Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (42,015) | (74,273) | (44,139) | ||||||||
Corporate, Eliminations and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | (36,871) | (45,988) | (49,309) | ||||||||
Capital expenditures | 464 | 1,102 | 443 | ||||||||
Depreciation and amortization | 349 | 450 | 334 | ||||||||
Well Intervention | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 539,249 | 593,300 | 560,568 | ||||||||
Goodwill impairment | (6,689) | ||||||||||
Well Intervention | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 539,249 | 593,300 | 560,568 | ||||||||
Income (loss) from operations | 26,855 | 89,564 | 87,643 | ||||||||
Capital expenditures | 19,523 | 139,212 | 136,164 | ||||||||
Depreciation and amortization | 101,756 | 80,153 | 76,943 | ||||||||
Well Intervention | Intercompany Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (15,039) | (43,484) | (14,218) | ||||||||
Robotics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 178,018 | 171,672 | 158,989 | ||||||||
Robotics | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 178,018 | 171,672 | 158,989 | ||||||||
Income (loss) from operations | 13,755 | 7,261 | (14,054) | ||||||||
Capital expenditures | 257 | 417 | 151 | ||||||||
Depreciation and amortization | 15,952 | 16,459 | 19,175 | ||||||||
Robotics | Intercompany Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (26,976) | (30,789) | (29,921) | ||||||||
Production Facilities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 58,303 | 61,210 | 64,400 | ||||||||
Production Facilities | Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 58,303 | 61,210 | 64,400 | ||||||||
Income (loss) from operations | 15,975 | 17,160 | 27,263 | ||||||||
Capital expenditures | 0 | 123 | 325 | ||||||||
Depreciation and amortization | $ 15,652 | $ 15,658 | $ 14,070 |
Business Segment Information _3
Business Segment Information - Summary Of Intercompany Segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 159,897 | $ 193,490 | $ 199,147 | $ 181,021 | $ 170,749 | $ 212,609 | $ 201,728 | $ 166,823 | $ 733,555 | $ 751,909 | $ 739,818 |
Well Intervention | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 539,249 | 593,300 | 560,568 | ||||||||
Robotics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 178,018 | 171,672 | 158,989 | ||||||||
Intercompany Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (42,015) | (74,273) | (44,139) | ||||||||
Intercompany Eliminations | Well Intervention | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (15,039) | (43,484) | (14,218) | ||||||||
Intercompany Eliminations | Well Intervention | Production Facilities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (27,500) | ||||||||||
Intercompany Eliminations | Robotics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ (26,976) | $ (30,789) | $ (29,921) |
Business Segment Information _4
Business Segment Information - Revenue By Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 159,897 | $ 193,490 | $ 199,147 | $ 181,021 | $ 170,749 | $ 212,609 | $ 201,728 | $ 166,823 | $ 733,555 | $ 751,909 | $ 739,818 |
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 304,563 | 297,162 | 271,260 | ||||||||
United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 133,005 | 193,903 | 194,434 | ||||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 208,565 | 216,796 | 208,054 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 87,422 | $ 44,048 | $ 66,070 |
Business Segment Information _5
Business Segment Information - Property And Equipment Net Of Accumulated Depreciation By Geographic Location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 1,782,964 | $ 1,872,637 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 750,986 | 808,683 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 764,070 | 782,246 |
Brazil | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 267,896 | 281,698 |
Singapore | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 12 | $ 10 |
Business Segment Information _6
Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,498,278 | $ 2,596,731 |
Reportable Segments | Well Intervention | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,134,081 | 2,180,180 |
Reportable Segments | Robotics | ||
Segment Reporting Information [Line Items] | ||
Total assets | 132,550 | 151,478 |
Reportable Segments | Production Facilities | ||
Segment Reporting Information [Line Items] | ||
Total assets | 129,773 | 142,624 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 101,874 | $ 122,449 |
Asset Retirement Obligations -
Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 28,258 | $ 0 |
Liabilities incurred during the period | 0 | 53,294 |
Liability settled during the period | 0 | (28,296) |
Revisions in estimated cash flows | 0 | 822 |
Accretion expense | 2,655 | 2,438 |
Balance at end of year | $ 30,913 | $ 28,258 |
Commitments And Contingencies_2
Commitments And Contingencies And Other Matters - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Siem | Siem Helix 1 and Siem Helix 2 | |
Commitments And Contingencies [Line Items] | |
Term of charter agreement | 7 years |
Statement Of Cash Flow Inform_3
Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid, net of interest capitalized | $ 15,943 | $ 1,909 | $ 7,369 |
Income taxes paid | $ 7,434 | $ 8,856 | $ 5,705 |
Statement Of Cash Flow Inform_4
Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Non-cash capital additions | $ 1.6 | $ 10.2 |
Allowance Accounts - Summary Of
Allowance Accounts - Summary Of Activity In Valuation Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Credit Losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the beginning of year | $ 0 | $ 0 | $ 2,752 |
Additions | 2,684 | ||
Deductions | (2,752) | ||
Adjustments | 785 | 0 | 0 |
Balance at the end of year | 3,469 | 0 | 0 |
Deferred Tax Asset Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the beginning of year | 18,631 | 17,940 | 12,337 |
Additions | 0 | ||
Deductions | 0 | ||
Adjustments | 1,091 | 691 | 5,603 |
Balance at the end of year | $ 19,722 | $ 18,631 | $ 17,940 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total net liability | $ 958 |
Foreign Exchange Contracts | Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 401 |
Foreign Exchange Contracts | Non-Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 601 |
Interest Rate Swaps | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 44 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total net liability | 0 |
Level 1 | Foreign Exchange Contracts | Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 0 |
Level 1 | Foreign Exchange Contracts | Non-Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 0 |
Level 1 | Interest Rate Swaps | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 0 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total net liability | 958 |
Level 2 | Foreign Exchange Contracts | Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 401 |
Level 2 | Foreign Exchange Contracts | Non-Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 601 |
Level 2 | Interest Rate Swaps | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 44 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total net liability | 0 |
Level 3 | Foreign Exchange Contracts | Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 0 |
Level 3 | Foreign Exchange Contracts | Non-Hedging Instruments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities | 0 |
Level 3 | Interest Rate Swaps | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | $ 0 |
Fair Value Measurements - Princ
Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 14, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | $ 404,732 | ||
Term Loan Maturing December 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 29,750 | $ 33,250 | |
Fair value | 28,969 | 32,959 | |
Nordea Q5000 Loan Maturing January 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 53,572 | 89,286 | |
Fair value | 53,598 | 89,398 | |
MARAD Debt Maturing February 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 56,410 | 63,610 | |
Fair value | 62,318 | 68,643 | |
Convertible Senior Notes Maturing May 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 35,000 | 125,000 | |
Fair value | 33,513 | 134,225 | |
Convertible Senior Notes Maturing September 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 30,000 | 125,000 | |
Fair value | 28,650 | 162,188 | |
Convertible Senior Notes Maturing February 2026 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 200,000 | $ 200,000 | 0 |
Fair value | 211,383 | 0 | |
Total Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amount | 404,732 | 436,146 | |
Fair value | $ 418,431 | $ 487,413 |
Derivative Instruments And He_3
Derivative Instruments And Hedging Activities - Narrative (Details) $ in Millions | Jun. 30, 2015USD ($) |
Interest Rate Swaps | Nordea Q5000 Loan Maturing January 2021 | |
Derivative [Line Items] | |
Notional amount | $ 187.5 |
Derivative Instruments And He_4
Derivative Instruments And Hedging Activities - Derivative Instruments Designated As Hedging Instruments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Derivatives, Fair Value [Line Items] | |
Asset derivative instruments designated as hedging instruments | $ 44 |
Liability derivative instruments designated as hedging instruments | 401 |
Other Current Assets | Interest Rate Swaps | |
Derivatives, Fair Value [Line Items] | |
Asset derivative instruments designated as hedging instruments | 44 |
Accrued Liabilities | Foreign Exchange Contracts | |
Derivatives, Fair Value [Line Items] | |
Liability derivative instruments designated as hedging instruments | $ 401 |
Derivative Instruments And He_5
Derivative Instruments And Hedging Activities - Derivative Instruments Not Designated As Hedging Instruments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Liability derivative instruments not designated as hedging instruments | $ 601 |
Accrued Liabilities | Foreign Exchange Contracts | |
Derivative [Line Items] | |
Liability derivative instruments not designated as hedging instruments | $ 601 |
Derivative Instruments And He_6
Derivative Instruments And Hedging Activities - Unrealized Gain (Loss) Recognized In OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in OCI | $ (95) | $ (680) | $ (847) |
Foreign Exchange Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in OCI | (54) | (315) | (1,453) |
Interest Rate Swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) Recognized in OCI | $ (41) | $ (365) | $ 606 |
Derivative Instruments And He_7
Derivative Instruments And Hedging Activities - Gain (Loss) Reclassified From Accumulated OCI Into Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | $ (452) | $ (5,470) | $ (7,201) |
Foreign Exchange Contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | (455) | (6,125) | (7,709) |
Interest Rate Swaps | Net Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Earnings | $ 3 | $ 655 | $ 508 |
Derivative Instruments And He_8
Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Not Designated As Hedging Instruments On Consolidated Statements Of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Earnings | $ (81) | $ (378) | $ (901) |
Foreign Exchange Contracts | Other Income (Expense), Net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Earnings | $ (81) | $ (378) | $ (901) |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 159,897 | $ 193,490 | $ 199,147 | $ 181,021 | $ 170,749 | $ 212,609 | $ 201,728 | $ 166,823 | $ 733,555 | $ 751,909 | $ 739,818 |
Gross profit | 13,695 | 34,628 | 29,576 | 2,010 | 26,576 | 55,074 | 39,934 | 16,254 | 79,909 | 137,838 | 121,684 |
Net income (loss) | 4,117 | 24,445 | 5,450 | (13,928) | 7,934 | 31,622 | 16,823 | 1,318 | 20,084 | 57,697 | 28,598 |
Net income (loss) attributable to common shareholders | $ 4,163 | $ 24,499 | $ 5,450 | $ (11,938) | $ 8,052 | $ 31,695 | $ 16,854 | $ 1,318 | $ 22,174 | $ 57,919 | $ 28,598 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.03 | $ 0.16 | $ 0.04 | $ (0.09) | $ 0.05 | $ 0.21 | $ 0.11 | $ 0.01 | $ 0.13 | $ 0.39 | $ 0.19 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.03 | $ 0.16 | $ 0.04 | $ (0.09) | $ 0.05 | $ 0.21 | $ 0.11 | $ 0.01 | $ 0.13 | $ 0.38 | $ 0.19 |