Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32936 | |
Entity Registrant Name | HELIX ENERGY SOLUTIONS GROUP, INC. | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 151,651,384 | |
Entity Central Index Key | 0000866829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 229,744 | $ 253,515 |
Restricted cash | 72,934 | 73,612 |
Accounts receivable, net of allowance for credit losses of $1,351 and $1,477, respectively | 141,778 | 144,137 |
Other current assets | 59,274 | 58,274 |
Total current assets | 503,730 | 529,538 |
Property and equipment | 2,916,214 | 2,938,154 |
Less accumulated depreciation | (1,306,162) | (1,280,509) |
Property and equipment, net | 1,610,052 | 1,657,645 |
Operating lease right-of-use assets | 150,894 | 104,190 |
Other assets, net | 42,694 | 34,655 |
Total assets | 2,307,370 | 2,326,028 |
Current liabilities: | ||
Accounts payable | 97,531 | 87,959 |
Accrued liabilities | 74,873 | 91,712 |
Current maturities of long-term debt | 43,117 | 42,873 |
Current operating lease liabilities | 41,464 | 55,739 |
Total current liabilities | 256,985 | 278,283 |
Long-term debt | 258,496 | 262,137 |
Operating lease liabilities | 112,507 | 50,198 |
Deferred tax liabilities | 86,244 | 86,966 |
Other non-current liabilities | 392 | 975 |
Total liabilities | 714,624 | 678,559 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, no par, 240,000 shares authorized, 151,637 and 151,124 shares issued, respectively | 1,292,935 | 1,292,479 |
Retained earnings | 369,041 | 411,072 |
Accumulated other comprehensive loss | (69,230) | (56,082) |
Total shareholders' equity | 1,592,746 | 1,647,469 |
Total liabilities and shareholders' equity | $ 2,307,370 | $ 2,326,028 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Allowance for credit losses | $ 1,351 | $ 1,477 |
Shareholders' equity: | ||
Common stock, par value (USD per share) | $ 0 | $ 0 |
Common stock, shares authorized | 240,000 | 240,000 |
Common stock, shares issued | 151,637 | 151,124 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net revenues | $ 150,125 | $ 163,415 |
Cost of sales | 168,734 | 148,791 |
Gross profit (loss) | (18,609) | 14,624 |
Selling, general and administrative expenses | (14,368) | (15,179) |
Loss from operations | (32,977) | (555) |
Net interest expense | (5,174) | (6,053) |
Other income (expense), net | (3,881) | 1,617 |
Royalty income and other | 2,141 | 2,057 |
Loss before income taxes | (39,891) | (2,934) |
Income tax provision | 2,140 | 116 |
Net loss | (42,031) | (3,050) |
Net loss attributable to redeemable noncontrolling interests | (172) | |
Net loss attributable to common shareholders | $ (42,031) | $ (2,878) |
Loss per share of common stock: | ||
Basic | $ (0.28) | $ (0.02) |
Diluted | $ (0.28) | $ (0.02) |
Weighted average common shares outstanding (in shares) | ||
Basic | 151,142 | 149,935 |
Diluted | 151,142 | 149,935 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (42,031) | $ (3,050) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation gain (loss) | (13,148) | 4,613 |
Other comprehensive income (loss), net of tax | (13,148) | 4,613 |
Comprehensive income (loss) | (55,179) | 1,563 |
Less comprehensive loss attributable to redeemable noncontrolling interests: | ||
Net loss | (172) | |
Foreign currency translation gain | 36 | |
Comprehensive loss attributable to redeemable noncontrolling interests | (136) | |
Comprehensive income (loss) attributable to common shareholders | $ (55,179) | $ 1,699 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common StockCumulative Effect, Period of Adoption | Common Stock | Retained EarningsCumulative Effect, Period of Adoption | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption | Total |
Balance, beginning of period (Accounting Standards Update 2020-06) at Dec. 31, 2020 | $ (41,456) | $ 6,682 | $ (34,774) | ||||
Balance, beginning of period at Dec. 31, 2020 | $ 1,327,592 | $ 464,524 | $ (51,620) | $ 1,740,496 | |||
Balance, beginning of period (in shares) at Dec. 31, 2020 | 150,341 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (2,878) | (2,878) | |||||
Foreign currency translation adjustments | 4,613 | 4,613 | |||||
Accretion of redeemable noncontrolling interests | (241) | (241) | |||||
Activity in company stock plans, net and other | $ (1,600) | (1,600) | |||||
Activity in company stock plans, net and other (in shares) | 374 | ||||||
Share-based compensation | $ 1,844 | 1,844 | |||||
Balance, end of period at Mar. 31, 2021 | $ 1,286,380 | 468,087 | (47,007) | 1,707,460 | |||
Balance, end of period (in shares) at Mar. 31, 2021 | 150,715 | ||||||
Balance, beginning of period at Dec. 31, 2020 | 3,855 | ||||||
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward] | |||||||
Net loss | (172) | ||||||
Foreign currency translation adjustments related to redeemable noncontrolling interests | 36 | ||||||
Accretion of redeemable noncontrolling interests | 241 | ||||||
Balance, end of period at Mar. 31, 2021 | 3,960 | ||||||
Balance, beginning of period at Dec. 31, 2021 | $ 1,292,479 | 411,072 | (56,082) | 1,647,469 | |||
Balance, beginning of period (in shares) at Dec. 31, 2021 | 151,124 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (42,031) | (42,031) | |||||
Foreign currency translation adjustments | (13,148) | (13,148) | |||||
Activity in company stock plans, net and other | $ (1,178) | (1,178) | |||||
Activity in company stock plans, net and other (in shares) | 513 | ||||||
Share-based compensation | $ 1,634 | 1,634 | |||||
Balance, end of period at Mar. 31, 2022 | $ 1,292,935 | $ 369,041 | $ (69,230) | $ 1,592,746 | |||
Balance, end of period (in shares) at Mar. 31, 2022 | 151,637 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (42,031) | $ (3,050) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 33,488 | 34,566 |
Amortization of debt issuance costs | 590 | 810 |
Share-based compensation | 1,672 | 1,904 |
Deferred income taxes | (722) | (892) |
Unrealized foreign currency (gain) loss | 2,603 | (951) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 906 | (463) |
Income tax receivable | 1,230 | 6,256 |
Other current assets | (534) | 9,361 |
Accounts payable and accrued liabilities | (4,646) | (4,881) |
Other, net | 9,969 | 2,791 |
Net cash provided by (used in) operating activities | (17,413) | 39,869 |
Cash flows from investing activities: | ||
Capital expenditures | (623) | (1,329) |
Net cash used in investing activities | (623) | (1,329) |
Cash flows from financing activities: | ||
Debt issuance costs | (136) | (43) |
Payments related to tax withholding for share-based compensation | (1,525) | (1,878) |
Proceeds from issuance of ESPP shares | 173 | 217 |
Net cash used in financing activities | (5,408) | (59,885) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (1,005) | 406 |
Net decrease in cash and cash equivalents and restricted cash | (24,449) | (20,939) |
Cash and cash equivalents and restricted cash: | ||
Balance, beginning of year | 327,127 | 291,320 |
Balance, end of period | 302,678 | 270,381 |
Term Loan Repaid September 2021 | ||
Cash flows from financing activities: | ||
Repayment of loan debt | (875) | |
Nordea Q5000 Loan Matured January 2021 | ||
Cash flows from financing activities: | ||
Repayment of loan debt | (53,572) | |
MARAD Debt Maturing February 2027 | ||
Cash flows from financing activities: | ||
Repayment of loan debt | $ (3,920) | $ (3,734) |
Basis Of Presentation And New A
Basis Of Presentation And New Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation And New Accounting Standards | Note 1 — Basis of Presentation and New Accounting Standards The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements have been prepared pursuant to instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP in U.S. dollars and are consistent in all material respects with those applied in our 2021 Annual Report on Form 10-K (our “2021 Form 10-K”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Our balance sheet as of December 31, 2021 included herein has been derived from the audited balance sheet as of December 31, 2021 included in our 2021 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2021 Form 10-K. 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 do not expect any recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective. |
Company Overview
Company Overview | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Overview | Note 2 — Company Overview 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. Traditionally, our services have covered the lifecycle of an offshore oil or gas field. In recent years, we have seen an increasing demand for our services from the offshore renewable energy market. We provide services primarily in deepwater in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions. Our North Sea operations are subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months. Our services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 10). Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby avoiding drilling new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and gas. Our well intervention vessels include the Q4000 Q5000 Q7000 Seawell Well Enhancer Siem H 1 Siem Helix 2 Our Robotics segment provides offshore construction, trenching, seabed clearance, and inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of affordable and reliable energy and supporting the responsible transition away from a carbon-based economy. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and robotics support vessels under term charters as well as spot vessels as needed. Our Production Facilities segment includes the Helix Producer I HP I |
Details Of Certain Accounts
Details Of Certain Accounts | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, December 31, 2022 2021 Contract assets (Note 7) $ 166 $ 639 Prepaids 16,806 18,228 Deferred costs (Note 7) 5,993 2,967 Income tax receivable 68 1,116 Other receivable (Note 11) 29,522 28,805 Other 6,719 6,519 Total other current assets $ 59,274 $ 58,274 Other assets, net consist of the following (in thousands): March 31, December 31, 2022 2021 Deferred recertification and dry dock costs, net $ 24,163 $ 16,291 Deferred costs (Note 7) 222 381 Prepaid charter (1) 12,544 12,544 Intangible assets with finite lives, net 3,339 3,472 Other 2,426 1,967 Total other assets, net $ 42,694 $ 34,655 (1) Represents prepayments to the owner of the Siem Helix 1 and the Siem Helix 2 to offset certain payment obligations associated with the vessels at the end of their respective charter term. Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued payroll and related benefits $ 19,661 $ 28,657 Accrued interest 2,761 6,746 Deferred revenue (Note 7) 5,559 8,272 Asset retirement obligations (Note 11) 30,399 29,658 Other 16,493 18,379 Total accrued liabilities $ 74,873 $ 91,712 Other non-current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Deferred revenue (Note 7) $ 191 $ 476 Other 201 499 Total other non-current liabilities $ 392 $ 975 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 4 — 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. The following table details the components of our lease cost (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 14,462 $ 16,216 Variable lease cost 4,922 3,484 Short-term lease cost 5,438 1,732 Sublease income (249) (349) Net lease cost $ 24,573 $ 21,083 Maturities of our operating lease liabilities as of March 31, 2022 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 42,951 $ 5,441 $ 48,392 One to two years 37,056 4,752 41,808 Two to three years 38,279 4,297 42,576 Three to four years 17,155 1,712 18,867 Four to five years 21,124 1,044 22,168 Over five years — 3,812 3,812 Total lease payments $ 156,565 $ 21,058 $ 177,623 Less: imputed interest (20,297) (3,355) (23,652) Total operating lease liabilities $ 136,268 $ 17,703 $ 153,971 Current operating lease liabilities $ 36,843 $ 4,621 $ 41,464 Non-current operating lease liabilities 99,425 13,082 112,507 Total operating lease liabilities $ 136,268 $ 17,703 $ 153,971 Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 55,573 $ 5,601 $ 61,174 One to two years 34,580 4,844 39,424 Two to three years 2,470 4,514 6,984 Three to four years — 2,462 2,462 Four to five years — 1,074 1,074 Over five years — 4,193 4,193 Total lease payments $ 92,623 $ 22,688 $ 115,311 Less: imputed interest (5,633) (3,741) (9,374) Total operating lease liabilities $ 86,990 $ 18,947 $ 105,937 Current operating lease liabilities $ 51,035 $ 4,704 $ 55,739 Non-current operating lease liabilities 35,955 14,243 50,198 Total operating lease liabilities $ 86,990 $ 18,947 $ 105,937 The following table presents the weighted average remaining lease term and discount rate: March 31, December 31, 2022 2021 Weighted average remaining lease term 4.0 years 2.4 years Weighted average discount rate 6.99 % 7.57 % The following table presents other information related to our operating leases (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for operating lease liabilities $ 16,010 $ 16,502 Right-of-use assets obtained in exchange for new operating lease obligations (1) 60,699 113 (1) Amount in 2022 primarily relates to the charter extensions for the Siem Helix 1 and the Siem Helix 2 (Note 12). |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Note 5 — Long-Term Debt Scheduled maturities of our long-term debt outstanding as of March 31, 2022 are as follows (in thousands): 2022 2023 2026 MARAD Notes Notes Notes Debt Total Less than one year $ 35,000 $ — $ — $ 8,133 $ 43,133 One to two years — 30,000 — 8,539 38,539 Two to three years — — — 8,965 8,965 Three to four years — — 200,000 9,412 209,412 Four to five years — — — 9,881 9,881 Gross debt 35,000 30,000 200,000 44,930 309,930 Unamortized debt issuance costs (1) (16) (270) (5,592) (2,439) (8,317) Total debt 34,984 29,730 194,408 42,491 301,613 Less current maturities (34,984) — — (8,133) (43,117) Long-term debt $ — $ 29,730 $ 194,408 $ 34,358 $ 258,496 (1) Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. Below is a summary of certain components of our indebtedness: Credit Agreement On September 30, 2021, we entered into an asset-based credit agreement (the “ABL Facility”) with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation. The ABL Facility provides for an $80 million asset-based revolving credit facility, which matures on September 30, 2026 , with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $50 million. The ABL Facility also permits us to request an increase of the facility by up to $70 million, subject to certain conditions. Commitments under the ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $45 million and $35 million, respectively. The ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash, and provides for a $10 million sub-limit for the issuance of letters of credit. As of March 31, 2022, we had no borrowings under the ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $41.2 million, net of $2.3 million of letters of credit issued under that facility. We and certain of our U.S. and U.K. subsidiaries are the initial borrowers under the ABL Facility, whose obligations under the ABL Facility are guaranteed by those borrowers and certain other U.S. and U.K. subsidiaries, excluding Cal Dive I – Title XI, Inc. (“CDI Title XI”), Helix Offshore Services Limited and certain other enumerated subsidiaries. Other subsidiaries may be added as guarantors of the facility in the future. The ABL Facility is secured by all accounts receivable and designated deposit accounts of the U.S. borrowers and guarantors, and by substantially all of the assets of the U.K. borrowers and guarantors. U.S. borrowings under the ABL Facility initially bear interest at the LIBOR rate plus a margin of 1.50% to 2.00% or at a base rate plus a margin of 0.50% to 1.00%. U.K. borrowings under the ABL Facility denominated in U.S. dollars initially bear interest at the LIBOR rate The ABL Facility includes certain limitations on our ability to incur additional indebtedness, grant liens on assets, pay dividends and make distributions on equity interests, dispose of assets, make investments, repay certain indebtedness, engage in mergers, and other matters, in each case subject to certain exceptions. The ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The ABL Facility requires us to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if availability is less than the greater of 10% of the borrowing base or $8 million. The ABL Facility also requires us to maintain a pro forma minimum excess availability of $16 million for the 91 days prior to the maturity of each of our outstanding convertible senior notes. 2022 Notes The 2022 Notes bear interest at a coupon interest rate of 4.25% per annum payable semi-annually in arrears on November 1 and May 1 of each year until maturity. The 2022 Notes mature on May 1, 2022 unless earlier converted, redeemed or repurchased by us. The 2022 Notes are convertible by their holders at any time beginning February 1, 2022 at an initial conversion rate of 71.9748 shares of our common stock per $1,000 principal amount, which currently represents 2,519,118 potentially convertible shares at an initial conversion price of approximately $13.89 per share of common stock. On March 28, 2022, we elected to satisfy our conversion obligation by delivering cash. The effective interest rate for the 2022 Notes is 4.8%. For each of the three-month periods ended March 31, 2022 and 2021, total interest expense related to the 2022 Notes was $0.4 million primarily from coupon interest expense. 2023 Notes The 2023 Notes bear interest at a coupon interest rate of 4.125% per annum payable semi-annually in arrears on March 15 and September 15 of each year until maturity. The 2023 Notes mature on September 15, 2023 unless earlier converted, redeemed or repurchased by us. The 2023 Notes are convertible by their holders at any time beginning March 15, 2023 at an initial conversion rate of 105.6133 shares of our common stock per $1,000 principal amount, which currently represents 3,168,399 potentially convertible shares at an initial conversion price of approximately $9.47 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof. Prior to March 15, 2023, holders of the 2023 Notes may convert their notes if the closing price of our common stock exceeds 130% of the conversion price for at least 20 days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter (share price condition) or if the trading price of the 2023 Notes is equal to or less than 97% of the conversion value of the notes during the five consecutive business days immediately after any ten consecutive trading day period (trading price condition). Holders of the 2023 Notes may also convert their notes if we make certain distributions on shares of our common stock or engage in certain corporate transactions, in which case the holders may be entitled to an increase in the conversion rate, depending on the price of our common shares and the time remaining to maturity, of up to 47.5260 shares of our common stock per $1,000 principal amount. Prior to March 15, 2021, the 2023 Notes were not redeemable. On or after March 15, 2021, we may redeem all or any portion of the 2023 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Any redemption would be payable in cash equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. Holders of the 2023 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2023 Notes may also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (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, the entire principal amount of and any accrued interest on the notes may be declared 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 interest will become immediately due and payable. The effective interest rate for the 2023 Notes is 4.8%. For each of the three-month periods ended March 31, 2022 and 2021, total interest expense related to the 2023 Notes was $0.4 million, with coupon interest expense of $0.3 million and the amortization of debt issuance costs of $0.1 million. 2026 Notes The 2026 Notes bear interest at a coupon interest rate of 6.75% per annum payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2021 until maturity. The 2026 Notes mature on February 15, 2026 unless earlier converted, redeemed or repurchased by us. The 2026 Notes are convertible by their holders at any time beginning November 17, 2025 at an initial conversion rate of 143.3795 shares of our common stock per $1,000 principal amount, which currently represents 28,675,900 potentially convertible shares at an initial conversion price of approximately $6.97 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof. Prior to November 17, 2025, holders of the 2026 Notes may convert their notes if the closing price of our common stock exceeds 130% of the conversion price for at least 20 days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter (share price condition) or if the trading price of the 2026 Notes is equal to or less than 97% of the conversion value of the notes during the five consecutive business days immediately after any ten consecutive trading day period (trading price condition). Holders of the 2026 Notes may also convert their notes if we make certain distributions on shares of our common stock or engage in certain corporate transactions, in which case the holders may be entitled to an increase in the conversion rate, depending on the price of our common shares and the time remaining to maturity, of up to 64.5207 shares of our common stock per $1,000 principal amount. Prior to August 15, 2023, the 2026 Notes are not redeemable. On or after August 15, 2023, we may redeem all or any portion of the 2026 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Any redemption would be payable in cash equal to 100% of the principal amount plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. Holders of the 2026 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2026 Notes may also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (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, the entire principal amount of and any accrued interest on the notes may be declared 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 interest will become immediately due and payable. The effective interest rate for the 2026 Notes is 7.6%. For each of the three-month periods ended March 31, 2022 and 2021, total interest expense related to the 2026 Notes was $3.7 million, with coupon interest expense of $3.4 million and the amortization of debt issuance costs of $0.3 million. 2026 Capped Calls In connection with the 2026 Notes offering, we entered into capped call transactions (the “2026 Capped Calls”) with three separate option counterparties. 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 condensed consolidated balance sheets. MARAD Debt In 2005, Helix’s subsidiary CDI – Title XI issued its U.S. Government Guaranteed Ship Financing Bonds, Q4000 Series, to refinance the construction financing originally granted in 2002 of the Q4000 Q4000 Q4000 Q4000 Other We previously had a credit agreement with a syndicated bank lending group for a term loan (the “Nordea Q5000 Loan”) to finance the construction of the Q5000 Q5000 We previously had another credit agreement (and the amendments made thereafter, collectively the “Credit Agreement”) with a group of lenders led by Bank of America. The Credit Agreement was comprised of a term loan (the “Term Loan”) and a revolving credit facility (the “Revolving Credit Facility”) with a maximum availability of $175 million and had a maturity date of December 31, 2021. Concurrent with our entering into the ABL Facility, the Credit Agreement was terminated. The $28 million remaining balance of the Term Loan was repaid in full and the letters of credit issued under the Revolving Credit Facility were transferred to the ABL Facility. We had no borrowings under the Revolving Credit Facility. In accordance with the ABL Facility, the 2022 Notes, the 2023 Notes, the 2026 Notes and the MARAD Debt, we are required to comply with certain covenants, including a springing fixed charge coverage ratio and minimum liquidity with respect to the ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of March 31, 2022, we were in compliance with these covenants. The following table details the components of our net interest expense (in thousands): Three Months Ended March 31, 2022 2021 Interest expense $ 5,307 $ 6,112 Interest income (133) (59) Net interest expense $ 5,174 $ 6,053 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 — Income Taxes We operate in multiple jurisdictions with complex tax laws subject to interpretation and judgment. We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements. For the three-month periods ended March 31, 2022 and 2021, we recognized income tax expense of $2.1 million and $0.1 million, respectively, resulting in effective tax rates of (5.4)% and (4.0)%, respectively. These variances were primarily attributable to the earnings mix between our higher and lower tax rate jurisdictions as well as losses for which no financial statement benefits have been recognized. For both periods, our aggregate tax expense was greater than the aggregate tax benefit of our losses, resulting in negative effective tax rates. The effective tax rate for the three-month period ended March 31, 2022 was significantly lower than the U.S. statutory rate primarily due to non-creditable foreign income and deemed profit taxes, as well as unbenefited tax losses. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | Note 7 — Revenue from Contracts with Customers Disaggregation of Revenue Our revenues are primarily 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. The following table provides information about disaggregated revenue by contract duration (in thousands): Well Production Intercompany Total Intervention Robotics Facilities Eliminations Revenue Three months ended March 31, 2022 Short-term $ 91,346 $ 21,137 $ — $ (635) $ 111,848 Long-term 15,021 16,214 18,294 (11,252) 38,277 Total $ 106,367 $ 37,351 $ 18,294 $ (11,887) $ 150,125 Three months ended March 31, 2021 Short-term $ 49,217 $ 9,407 $ — $ — $ 58,624 Long-term 84,551 12,749 16,447 (8,956) 104,791 Total $ 133,768 $ 22,156 $ 16,447 $ (8,956) $ 163,415 Contract Balances Accounts receivable are recognized when our right to consideration becomes unconditional. 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 condensed consolidated balance sheets (Note 3). Contract assets were $0.2 million at March 31, 2022 and $0.6 million at December 31, 2021. We had no credit losses on our contract assets for the three-month periods ended March 31, 2022 and 2021. 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 condensed consolidated balance sheets (Note 3). Contract liabilities totaled $5.7 million at March 31, 2022 and $8.7 million at December 31, 2021. Revenue recognized for the three-month periods ended March 31, 2022 and 2021 included $4.3 million and $2.5 million, respectively, that were included in the contract liability balance at 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 March 31, 2022, $548.1 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $263.4 million, $203.4 million and $81.3 million in 2022 , 2023 and 2024 , respectively. 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 March 31, 2022. For the three-month periods ended March 31, 2022 and 2021, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods 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 condensed consolidated balance sheets (Note 3). Our deferred contract costs totaled $6.2 million at March 31, 2022 and $3.3 million at December 31, 2021. For the three-month periods ended March 31, 2022 and 2021, we recorded $4.6 million and $10.4 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented. For additional information regarding revenue recognition, see Notes 2 and 12 to our 2021 Form 10-K. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8 — Earnings Per Share 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 earnings per share (“EPS”) under the two-class method in periods in which we have earnings. Under the two-class method, net income or loss attributable to common shareholders for each period is 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. Basic EPS is computed by dividing net income or loss available 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. The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 Income Shares Income Shares Basic and Diluted: Net loss attributable to common shareholders $ (42,031) $ (2,878) Less: Accretion of redeemable noncontrolling interests — (241) Net loss available to common shareholders $ (42,031) 151,142 $ (3,119) 149,935 We had net losses for the three-month periods ended March 31, 2022 and 2021. Accordingly, our diluted EPS calculation for these periods excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): Three Months Ended March 31, 2022 2021 Diluted shares (as reported) 151,142 149,935 Share-based awards 953 1,093 Total 152,095 151,028 The following potentially dilutive shares related to the 2022 Notes, the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands): Three Months Ended March 31, 2022 2021 2022 Notes 2,435 2,519 2023 Notes 3,168 3,168 2026 Notes 28,676 28,676 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Note 9 — Employee Benefit Plans Long-Term Incentive Plan As of March 31, 2022, there were 4.2 million shares of our common stock available for issuance under our 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). During the three-month period ended March 31, 2022, the following grants of share-based awards were made under the 2005 Incentive Plan: Grant Date Fair Value Date of Grant Award Type Shares/Units Per Share/Unit Vesting Period January 1, 2022 (1) RSU 1,065,705 $ 3.12 33% per year over three years January 4, 2022 (1) PSU 1,065,705 $ 4.25 100% on January 4, 2025 January 4, 2022 (2) Restricted stock 15,775 $ 3.12 100% on January 1, 2024 (1) Reflects grants to our executive officers. (2) Reflects grants to certain independent members of our Board of Directors (our “Board”) who have elected to take their quarterly fees in stock in lieu of cash. 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. Forfeitures are recognized as they occur. No restricted stock awards have been granted to our executive officers or other employees in 2022. For the three-month periods ended March 31, 2022 and 2021, $0.6 million and $0.8 million, respectively, were recognized as share-based compensation related to restricted stock. Our performance share units (“PSUs”) that were granted prior to 2021 are to be settled solely in shares of our common stock and are accounted for as equity awards. Those PSUs, which contain a service and a market condition, are based on the performance of our common stock against peer group companies. Our PSUs granted beginning 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee of our Board and have been accounted for as equity awards. Those PSUs consist of two components: (i) 50% based on the performance of our common stock against peer group companies, which component contains a service and a market condition, and (ii) 50% based on cumulative total Free Cash Flow, which component contains a service and a performance condition. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of a three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero. For PSUs that have a service and a market condition and are accounted for as equity awards, compensation cost is measured based on the grant date estimated fair value determined using a Monte Carlo simulation model and subsequently recognized over the vesting period on a straight-line basis. For PSUs that have a service and a performance condition and are accounted for as equity awards, compensation cost is initially measured based on the grant date fair value. Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition. For the three-month periods ended March 31, 2022 and 2021, $1.1 million and $1.0 million, respectively, were recognized as share-based compensation related to equity PSUs. In January 2022, based on the performance of our common stock price as compared to our performance peer group over a three-year period, 559,150 equity PSUs granted in 2019 vested at 157%, representing 876,469 shares of our common stock with a total market value of $3.2 million. Our restricted stock units (“RSUs”) may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards. Liability RSUs are measured at their estimated fair value at each balance sheet date, and subsequent changes in the 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 RSUs equals the actual payout value upon vesting. For the three-month periods ended March 31, 2022 and 2021, $0.6 million and $0.2 million, respectively, were recognized as compensation cost. In 2022 and 2021, we granted fixed-value cash awards of $5.0 million and $3.5 million, respectively, 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 . Compensation cost of $1.0 million was recognized for each of the three-month periods ended March 31, 2022 and 2021. 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. Our discretionary contributions were suspended for 2021 and re-activated beginning January 2022. For the three-month period ended March 31, 2022, we made $0.4 million in contributions to the 401(k) plan. Employee Stock Purchase Plan We have an employee stock purchase plan (the “ESPP”). As of March 31, 2022, 1.5 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period. For more information regarding our employee benefit plans, including the 2005 Incentive Plan and the ESPP, see Note 14 to our 2021 Form 10-K. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 10 — Business Segment Information We have three reportable business segments: Well Intervention, Robotics and Production Facilities. Our U.S., U.K. and Brazil well intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations primarily in the Gulf of Mexico, Brazil, the North Sea and West Africa. Our well intervention vessels include the Q4000 Q5000 Q7000 Seawell Well Enhancer Siem Helix 1 Siem Helix 2 HP I We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands): Three Months Ended March 31, 2022 2021 Net revenues — Well Intervention $ 106,367 $ 133,768 Robotics 37,351 22,156 Production Facilities 18,294 16,447 Intercompany eliminations (11,887) (8,956) Total $ 150,125 $ 163,415 Income (loss) from operations — Well Intervention $ (31,758) $ 5,243 Robotics 1,480 (2,934) Production Facilities 5,851 6,514 Segment operating income (loss) (24,427) 8,823 Corporate, eliminations and other (8,550) (9,378) Total $ (32,977) $ (555) Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands): Three Months Ended March 31, 2022 2021 Well Intervention $ 3,850 $ 2,587 Robotics 8,037 6,369 Total $ 11,887 $ 8,956 Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments. The following table reflects total assets by reportable segment (in thousands): March 31, December 31, 2022 2021 Well Intervention $ 2,026,522 $ 2,012,214 Robotics 87,575 96,249 Production Facilities 115,977 119,004 Corporate and other 77,296 98,561 Total $ 2,307,370 $ 2,326,028 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 11 — Asset Retirement Obligations Asset retirement obligations (“AROs”) are recorded at fair value and consist of estimated costs for subsea infrastructure decommissioning and 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. 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 obligations related to those assets, we are entitled to receive agreed-upon amounts from Marathon Oil as the P&A work is completed. The following table describes the changes in our AROs (in thousands): 2022 2021 AROs at January 1, $ 29,658 $ 30,913 Accretion expense 741 48 AROs at March 31, $ 30,399 $ 30,961 |
Commitments And Contingencies A
Commitments And Contingencies And Other Matters | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies And Other Matters | Note 12 — Commitments and Contingencies and Other Matters Commitments We have long-term charter agreements with Siem Offshore AS for the Siem Helix 1 Siem Helix 2 Siem Helix 1 Siem Helix 2 Grand Canyon II Grand Canyon III Grand Canyon II Grand Canyon III Horizon Enabler Shelia Bordelon 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 or 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. We are currently involved in several lawsuits filed by current and former offshore employees seeking overtime compensation. These suits are brought as collective actions and are in various stages of litigation. In one such lawsuit, during the third quarter 2021 the United States Court of Appeals for the Fifth Circuit issued a ruling adverse to us that may also have implications for some of the other cases in which we are involved, as well as the way offshore personnel are compensated throughout our industry. We further appealed that matter and continue to vigorously defend these lawsuits. Notwithstanding that we believe we retain valid defenses, we have established a liability for probable losses in certain of these matters. The final outcome of these matters remains uncertain and the ultimate liability to us could be more or less than the liability established. |
Statement Of Cash Flow Informat
Statement Of Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Statement Of Cash Flow Information | Note 13 — Statement of Cash Flow Information We define cash and cash equivalents as cash and all highly liquid financial instruments with original maturities of three months or less. We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2022 2021 Interest paid $ 8,708 $ 9,397 Income taxes paid 2,736 1,790 Our capital additions include the acquisition of property and equipment for which payment has not been made. These non-cash capital additions totaled $0.3 million at March 31, 2022 and December 31, 2021. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Note 14 — Allowance for Credit Losses We estimate current expected credit losses on our accounts receivable at each reporting date 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. The following table sets forth the activity in our allowance for credit losses (in thousands): 2022 2021 Balance at January 1, $ 1,477 $ 3,469 Additions (reductions) (1) (126) 7 Write-offs (2) — (1,811) Balance at March 31, $ 1,351 $ 1,665 (1) Additions (reductions) in allowance for credit losses reflect credit loss reserves (releases) during the respective periods. (2) The write-offs of allowance for credit losses reflect certain receivables related to our Robotics segment that were previously reserved and subsequently deemed to be uncollectible. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 15 — 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 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 and long-term debt. 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 principal amount and estimated fair value of our long-term debt are as follows (in thousands): March 31, 2022 December 31, 2021 Principal Fair Principal Fair Amount (1) Value (2) Amount (1) Value (2) MARAD Debt (matures February 2027) $ 44,930 $ 46,688 $ 48,850 $ 52,481 2022 Notes (mature May 2022) 35,000 35,022 35,000 34,794 2023 Notes (mature September 2023) 30,000 29,693 30,000 29,054 2026 Notes (mature February 2026) 200,000 226,816 200,000 200,562 Total debt $ 309,930 $ 338,219 $ 313,850 $ 316,891 (1) Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 5 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 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. |
Basis Of Presentation And New_2
Basis Of Presentation And New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements have been prepared pursuant to instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP in U.S. dollars and are consistent in all material respects with those applied in our 2021 Annual Report on Form 10-K (our “2021 Form 10-K”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Our balance sheet as of December 31, 2021 included herein has been derived from the audited balance sheet as of December 31, 2021 included in our 2021 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2021 Form 10-K. |
Reclassifications | 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. |
New Accounting Standards | We do not expect any recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective. |
Details Of Certain Accounts (Ta
Details Of Certain Accounts (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Contract assets (Note 7) $ 166 $ 639 Prepaids 16,806 18,228 Deferred costs (Note 7) 5,993 2,967 Income tax receivable 68 1,116 Other receivable (Note 11) 29,522 28,805 Other 6,719 6,519 Total other current assets $ 59,274 $ 58,274 |
Schedule of other assets, net | Other assets, net consist of the following (in thousands): March 31, December 31, 2022 2021 Deferred recertification and dry dock costs, net $ 24,163 $ 16,291 Deferred costs (Note 7) 222 381 Prepaid charter (1) 12,544 12,544 Intangible assets with finite lives, net 3,339 3,472 Other 2,426 1,967 Total other assets, net $ 42,694 $ 34,655 (1) Represents prepayments to the owner of the Siem Helix 1 and the Siem Helix 2 to offset certain payment obligations associated with the vessels at the end of their respective charter term. |
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued payroll and related benefits $ 19,661 $ 28,657 Accrued interest 2,761 6,746 Deferred revenue (Note 7) 5,559 8,272 Asset retirement obligations (Note 11) 30,399 29,658 Other 16,493 18,379 Total accrued liabilities $ 74,873 $ 91,712 |
Schedule of other non-current liabilities | Other non-current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Deferred revenue (Note 7) $ 191 $ 476 Other 201 499 Total other non-current liabilities $ 392 $ 975 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of components of lease cost | The following table details the components of our lease cost (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 14,462 $ 16,216 Variable lease cost 4,922 3,484 Short-term lease cost 5,438 1,732 Sublease income (249) (349) Net lease cost $ 24,573 $ 21,083 |
Schedule of maturities of operating lease liabilities | Maturities of our operating lease liabilities as of March 31, 2022 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 42,951 $ 5,441 $ 48,392 One to two years 37,056 4,752 41,808 Two to three years 38,279 4,297 42,576 Three to four years 17,155 1,712 18,867 Four to five years 21,124 1,044 22,168 Over five years — 3,812 3,812 Total lease payments $ 156,565 $ 21,058 $ 177,623 Less: imputed interest (20,297) (3,355) (23,652) Total operating lease liabilities $ 136,268 $ 17,703 $ 153,971 Current operating lease liabilities $ 36,843 $ 4,621 $ 41,464 Non-current operating lease liabilities 99,425 13,082 112,507 Total operating lease liabilities $ 136,268 $ 17,703 $ 153,971 Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 55,573 $ 5,601 $ 61,174 One to two years 34,580 4,844 39,424 Two to three years 2,470 4,514 6,984 Three to four years — 2,462 2,462 Four to five years — 1,074 1,074 Over five years — 4,193 4,193 Total lease payments $ 92,623 $ 22,688 $ 115,311 Less: imputed interest (5,633) (3,741) (9,374) Total operating lease liabilities $ 86,990 $ 18,947 $ 105,937 Current operating lease liabilities $ 51,035 $ 4,704 $ 55,739 Non-current operating lease liabilities 35,955 14,243 50,198 Total operating lease liabilities $ 86,990 $ 18,947 $ 105,937 |
Schedule of weighted average remaining lease term and discount rate | The following table presents the weighted average remaining lease term and discount rate: March 31, December 31, 2022 2021 Weighted average remaining lease term 4.0 years 2.4 years Weighted average discount rate 6.99 % 7.57 % |
Schedule of other information related to operating leases | The following table presents other information related to our operating leases (in thousands): Three Months Ended March 31, 2022 2021 Cash paid for operating lease liabilities $ 16,010 $ 16,502 Right-of-use assets obtained in exchange for new operating lease obligations (1) 60,699 113 (1) Amount in 2022 primarily relates to the charter extensions for the Siem Helix 1 and the Siem Helix 2 (Note 12). |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of maturities of long-term debt outstanding | Scheduled maturities of our long-term debt outstanding as of March 31, 2022 are as follows (in thousands): 2022 2023 2026 MARAD Notes Notes Notes Debt Total Less than one year $ 35,000 $ — $ — $ 8,133 $ 43,133 One to two years — 30,000 — 8,539 38,539 Two to three years — — — 8,965 8,965 Three to four years — — 200,000 9,412 209,412 Four to five years — — — 9,881 9,881 Gross debt 35,000 30,000 200,000 44,930 309,930 Unamortized debt issuance costs (1) (16) (270) (5,592) (2,439) (8,317) Total debt 34,984 29,730 194,408 42,491 301,613 Less current maturities (34,984) — — (8,133) (43,117) Long-term debt $ — $ 29,730 $ 194,408 $ 34,358 $ 258,496 (1) 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): Three Months Ended March 31, 2022 2021 Interest expense $ 5,307 $ 6,112 Interest income (133) (59) Net interest expense $ 5,174 $ 6,053 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table provides information about disaggregated revenue by contract duration (in thousands): Well Production Intercompany Total Intervention Robotics Facilities Eliminations Revenue Three months ended March 31, 2022 Short-term $ 91,346 $ 21,137 $ — $ (635) $ 111,848 Long-term 15,021 16,214 18,294 (11,252) 38,277 Total $ 106,367 $ 37,351 $ 18,294 $ (11,887) $ 150,125 Three months ended March 31, 2021 Short-term $ 49,217 $ 9,407 $ — $ — $ 58,624 Long-term 84,551 12,749 16,447 (8,956) 104,791 Total $ 133,768 $ 22,156 $ 16,447 $ (8,956) $ 163,415 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computations of basic and diluted EPS | The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 Income Shares Income Shares Basic and Diluted: Net loss attributable to common shareholders $ (42,031) $ (2,878) Less: Accretion of redeemable noncontrolling interests — (241) Net loss available to common shareholders $ (42,031) 151,142 $ (3,119) 149,935 |
Schedule of shares excluded from diluted EPS calculation | Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): Three Months Ended March 31, 2022 2021 Diluted shares (as reported) 151,142 149,935 Share-based awards 953 1,093 Total 152,095 151,028 The following potentially dilutive shares related to the 2022 Notes, the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands): Three Months Ended March 31, 2022 2021 2022 Notes 2,435 2,519 2023 Notes 3,168 3,168 2026 Notes 28,676 28,676 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of grants of share-based awards | During the three-month period ended March 31, 2022, the following grants of share-based awards were made under the 2005 Incentive Plan: Grant Date Fair Value Date of Grant Award Type Shares/Units Per Share/Unit Vesting Period January 1, 2022 (1) RSU 1,065,705 $ 3.12 33% per year over three years January 4, 2022 (1) PSU 1,065,705 $ 4.25 100% on January 4, 2025 January 4, 2022 (2) Restricted stock 15,775 $ 3.12 100% on January 1, 2024 (1) Reflects grants to our executive officers. (2) Reflects grants to certain independent members of our Board of Directors (our “Board”) who have elected to take their quarterly fees in stock in lieu of cash. |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of financial data by reportable segment | Certain financial data by reportable segment are summarized as follows (in thousands): Three Months Ended March 31, 2022 2021 Net revenues — Well Intervention $ 106,367 $ 133,768 Robotics 37,351 22,156 Production Facilities 18,294 16,447 Intercompany eliminations (11,887) (8,956) Total $ 150,125 $ 163,415 Income (loss) from operations — Well Intervention $ (31,758) $ 5,243 Robotics 1,480 (2,934) Production Facilities 5,851 6,514 Segment operating income (loss) (24,427) 8,823 Corporate, eliminations and other (8,550) (9,378) Total $ (32,977) $ (555) |
Schedule of intercompany segment revenues | Intercompany segment revenues are as follows (in thousands): Three Months Ended March 31, 2022 2021 Well Intervention $ 3,850 $ 2,587 Robotics 8,037 6,369 Total $ 11,887 $ 8,956 |
Schedule of total assets by reportable segment | The following table reflects total assets by reportable segment (in thousands): March 31, December 31, 2022 2021 Well Intervention $ 2,026,522 $ 2,012,214 Robotics 87,575 96,249 Production Facilities 115,977 119,004 Corporate and other 77,296 98,561 Total $ 2,307,370 $ 2,326,028 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of asset retirement obligations | The following table describes the changes in our AROs (in thousands): 2022 2021 AROs at January 1, $ 29,658 $ 30,913 Accretion expense 741 48 AROs at March 31, $ 30,399 $ 30,961 |
Statement Of Cash Flow Inform_2
Statement Of Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental cash flow information | The following table provides supplemental cash flow information (in thousands): Three Months Ended March 31, 2022 2021 Interest paid $ 8,708 $ 9,397 Income taxes paid 2,736 1,790 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Schedule of activities in allowance for credit losses | The following table sets forth the activity in our allowance for credit losses (in thousands): 2022 2021 Balance at January 1, $ 1,477 $ 3,469 Additions (reductions) (1) (126) 7 Write-offs (2) — (1,811) Balance at March 31, $ 1,351 $ 1,665 (1) Additions (reductions) in allowance for credit losses reflect credit loss reserves (releases) during the respective periods. (2) The write-offs of allowance for credit losses reflect certain receivables related to our Robotics segment that were previously reserved and subsequently deemed to be uncollectible. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
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): March 31, 2022 December 31, 2021 Principal Fair Principal Fair Amount (1) Value (2) Amount (1) Value (2) MARAD Debt (matures February 2027) $ 44,930 $ 46,688 $ 48,850 $ 52,481 2022 Notes (mature May 2022) 35,000 35,022 35,000 34,794 2023 Notes (mature September 2023) 30,000 29,693 30,000 29,054 2026 Notes (mature February 2026) 200,000 226,816 200,000 200,562 Total debt $ 309,930 $ 338,219 $ 313,850 $ 316,891 (1) Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 5 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 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. |
Company Overview (Details)
Company Overview (Details) | 3 Months Ended |
Mar. 31, 2022segmentitem | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Well Intervention | |
Segment Reporting Information [Line Items] | |
Number of long-term chartered vessels | item | 2 |
Details Of Certain Accounts - O
Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contract assets | $ 166 | $ 639 |
Prepaids | 16,806 | 18,228 |
Deferred costs | 5,993 | 2,967 |
Income tax receivable | 68 | 1,116 |
Other receivable | 29,522 | 28,805 |
Other | 6,719 | 6,519 |
Total other current assets | $ 59,274 | $ 58,274 |
Details Of Certain Accounts -_2
Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred recertification and dry dock costs, net | $ 24,163 | $ 16,291 |
Deferred costs | 222 | 381 |
Prepaid charter | 12,544 | 12,544 |
Intangible assets with finite lives, net | 3,339 | 3,472 |
Other | 2,426 | 1,967 |
Total other assets, net | $ 42,694 | $ 34,655 |
Details Of Certain Accounts - A
Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll and related benefits | $ 19,661 | $ 28,657 |
Accrued interest | 2,761 | 6,746 |
Deferred revenue | 5,559 | 8,272 |
Asset retirement obligations | 30,399 | 29,658 |
Other | 16,493 | 18,379 |
Total accrued liabilities | $ 74,873 | $ 91,712 |
Details Of Certain Accounts -_3
Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred revenue | $ 191 | $ 476 |
Other | 201 | 499 |
Total other non-current liabilities | $ 392 | $ 975 |
Leases - Components Of Lease Co
Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 14,462 | $ 16,216 |
Variable lease cost | 4,922 | 3,484 |
Short-term lease cost | 5,438 | 1,732 |
Sublease income | (249) | (349) |
Net lease cost | $ 24,573 | $ 21,083 |
Leases - Maturities Of Operatin
Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Less than one year | $ 48,392 | $ 61,174 |
One to two years | 41,808 | 39,424 |
Two to three years | 42,576 | 6,984 |
Three to four years | 18,867 | 2,462 |
Four to five years | 22,168 | 1,074 |
Over five years | 3,812 | 4,193 |
Total lease payments | 177,623 | 115,311 |
Less: imputed interest | (23,652) | (9,374) |
Total operating lease liabilities | 153,971 | 105,937 |
Current operating lease liabilities | 41,464 | 55,739 |
Non-current operating lease liabilities | 112,507 | 50,198 |
Vessels | ||
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Less than one year | 42,951 | 55,573 |
One to two years | 37,056 | 34,580 |
Two to three years | 38,279 | 2,470 |
Three to four years | 17,155 | |
Four to five years | 21,124 | |
Total lease payments | 156,565 | 92,623 |
Less: imputed interest | (20,297) | (5,633) |
Total operating lease liabilities | 136,268 | 86,990 |
Current operating lease liabilities | 36,843 | 51,035 |
Non-current operating lease liabilities | 99,425 | 35,955 |
Facilities and Equipment | ||
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Less than one year | 5,441 | 5,601 |
One to two years | 4,752 | 4,844 |
Two to three years | 4,297 | 4,514 |
Three to four years | 1,712 | 2,462 |
Four to five years | 1,044 | 1,074 |
Over five years | 3,812 | 4,193 |
Total lease payments | 21,058 | 22,688 |
Less: imputed interest | (3,355) | (3,741) |
Total operating lease liabilities | 17,703 | 18,947 |
Current operating lease liabilities | 4,621 | 4,704 |
Non-current operating lease liabilities | $ 13,082 | $ 14,243 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term And Discount Rate (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 4 years | 2 years 4 months 24 days |
Weighted average discount rate (as a percent) | 6.99% | 7.57% |
Leases - Other Information Rela
Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 16,010 | $ 16,502 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 60,699 | $ 113 |
Long-Term Debt - Maturities Of
Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less than one year | $ 43,133 | |
One to two years | 38,539 | |
Two to three years | 8,965 | |
Three to four years | 209,412 | |
Four to five years | 9,881 | |
Gross debt | 309,930 | $ 313,850 |
Unamortized debt issuance costs | (8,317) | |
Total debt | 301,613 | |
Less: current maturities | (43,117) | (42,873) |
Long-term debt | 258,496 | 262,137 |
Convertible Senior Notes Maturing May 2022 | ||
Debt Instrument [Line Items] | ||
Less than one year | 35,000 | |
Gross debt | 35,000 | 35,000 |
Unamortized debt issuance costs | (16) | |
Total debt | 34,984 | |
Less: current maturities | (34,984) | |
Convertible Senior Notes Maturing September 2023 | ||
Debt Instrument [Line Items] | ||
One to two years | 30,000 | |
Gross debt | 30,000 | 30,000 |
Unamortized debt issuance costs | (270) | |
Total debt | 29,730 | |
Long-term debt | 29,730 | |
Convertible Senior Notes Maturing February 2026 | ||
Debt Instrument [Line Items] | ||
Three to four years | 200,000 | |
Gross debt | 200,000 | 200,000 |
Unamortized debt issuance costs | (5,592) | |
Total debt | 194,408 | |
Long-term debt | 194,408 | |
MARAD Debt Maturing February 2027 | ||
Debt Instrument [Line Items] | ||
Less than one year | 8,133 | |
One to two years | 8,539 | |
Two to three years | 8,965 | |
Three to four years | 9,412 | |
Four to five years | 9,881 | |
Gross debt | 44,930 | $ 48,850 |
Unamortized debt issuance costs | (2,439) | |
Total debt | 42,491 | |
Less: current maturities | (8,133) | |
Long-term debt | $ 34,358 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions | Jun. 30, 2023 | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 80 | |
Maturity date | Sep. 30, 2026 | |
Springing maturity period | 91 days | |
Outstanding principal amount with a springing maturity | $ 50 | |
Additional commitments (up to) | 70 | |
Sub-limit for the issuance of letters of credit | 10 | |
Borrowings under ABL Facility | 0 | |
Available borrowing capacity | 41.2 | |
Letters of credit issued | 2.3 | |
Pro Forma | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 16 | |
Available borrowing capacity (as a percent of borrowing base) | 10.00% | |
Availability of the borrowing base to satisfy and maintain fixed charge ratio | $ 8 | |
Period prior to maturity to maintain a pro forma minimum excess availability | 91 days | |
Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.375% | |
Fixed charge coverage ratio | 1 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.50% | |
SOFR | Minimum | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.114% | |
SOFR | Maximum | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.428% | |
United States | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 45 | |
United States | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.50% | |
United States | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.00% | |
United States | Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.50% | |
United States | Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.00% | |
United Kingdom | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 35 | |
United Kingdom | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.50% | |
United Kingdom | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.00% | |
United Kingdom | SONIA | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.50% | |
United Kingdom | SONIA | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.00% |
Long-Term Debt - Convertible Se
Long-Term Debt - Convertible Senior Notes Due 2022 (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Interest expense | $ 5,307 | $ 6,112 |
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 | |
Aggregate number of shares | shares | 2,519,118 | |
Initial conversion price per share (USD per share) | $ / shares | $ 13.89 | |
Effective interest rate (as a percent) | 4.80% | |
Interest expense | $ 400 | 400 |
Coupon interest expense | $ 400 | $ 400 |
Long-Term Debt - Convertible _2
Long-Term Debt - Convertible Senior Notes Due 2023 (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Interest expense | $ 5,307,000 | $ 6,112,000 |
Amortization of debt issuance costs | $ 590,000 | 810,000 |
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 | |
Aggregate number of shares | shares | 3,168,399 | |
Initial conversion price per share (USD per share) | $ / shares | $ 9.47 | |
Increase in the conversion rate | 0.0475260 | |
Redemption price as a percentage of principal amount | 100.00% | |
Effective interest rate (as a percent) | 4.80% | |
Interest expense | $ 400,000 | 400,000 |
Coupon interest expense | 300,000 | 300,000 |
Amortization of debt issuance costs | $ 100,000 | $ 100,000 |
Convertible Senior Notes Maturing September 2023 | Maximum | ||
Debt Instrument [Line Items] | ||
Percentage of closing price of common stock to conversion price | 130.00% | |
Number of trading days | 20 | |
Number of consecutive trading days | 30 | |
Convertible Senior Notes Maturing September 2023 | Minimum | ||
Debt Instrument [Line Items] | ||
Percentage of closing price of common stock to conversion price | 97.00% | |
Number of trading days | 5 | |
Number of consecutive trading days | 10 |
Long-Term Debt - Convertible _3
Long-Term Debt - Convertible Senior Notes Due 2026 (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Interest expense | $ 5,307,000 | $ 6,112,000 |
Amortization of debt issuance costs | $ 590,000 | 810,000 |
Convertible Senior Notes Maturing February 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 6.75% | |
Maturity date | Feb. 15, 2026 | |
Frequency of periodic payment | semi-annually | |
Initial conversion ratio | 0.1433795 | |
Aggregate number of shares | shares | 28,675,900 | |
Initial conversion price per share (USD per share) | $ / shares | $ 6.97 | |
Increase in the conversion rate | 0.0645207 | |
Redemption price as a percentage of principal amount | 100.00% | |
Effective interest rate (as a percent) | 7.60% | |
Interest expense | $ 3,700,000 | 3,700,000 |
Coupon interest expense | 3,400,000 | 3,400,000 |
Amortization of debt issuance costs | $ 300,000 | $ 300,000 |
Convertible Senior Notes Maturing February 2026 | Maximum | ||
Debt Instrument [Line Items] | ||
Percentage of closing price of common stock to conversion price | 130.00% | |
Number of trading days | 20 | |
Number of consecutive trading days | 30 | |
Convertible Senior Notes Maturing February 2026 | Minimum | ||
Debt Instrument [Line Items] | ||
Percentage of closing price of common stock to conversion price | 97.00% | |
Number of trading days | 5 | |
Number of consecutive trading days | 10 |
Long-Term Debt - 2026 Capped Ca
Long-Term Debt - 2026 Capped Calls (Details) - 2026 Capped Calls $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Debt Instrument [Line Items] | |
Aggregate number of common shares subject to capped calls | shares | 28,675,900 |
Initial strike price | $ 6.97 |
Initial cap price | $ 8.42 |
Aggregate cost of capped call transactions | $ | $ 10.6 |
Long-Term Debt - MARAD Debt (De
Long-Term Debt - MARAD Debt (Details) - MARAD Debt Maturing February 2027 | 3 Months Ended |
Mar. 31, 2022 | |
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 - Former Nordea
Long-Term Debt - Former Nordea Q5000 Loan (Details) $ in Millions | Jan. 31, 2021USD ($) |
Nordea Q5000 Loan Matured January 2021 | |
Debt Instrument [Line Items] | |
Balloon payment | $ 53.6 |
Long-Term Debt - Former Credit
Long-Term Debt - Former Credit Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Sep. 30, 2021 | Mar. 31, 2021 | |
Revolving Credit Facility Previously Maturing December 2021 | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 175,000 | |
Borrowings under Revolving Credit Facility | 0 | |
Term Loan Repaid September 2021 | ||
Debt Instrument [Line Items] | ||
Repayment of Term Loan | $ 28,000 | $ 875 |
Long-Term Debt - Components Of
Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ 5,307 | $ 6,112 |
Interest income | (133) | (59) |
Net interest expense | $ 5,174 | $ 6,053 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 2,140 | $ 116 |
Effective tax rate | (5.40%) | (4.00%) |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 150,125 | $ 163,415 |
Intercompany Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | (11,887) | (8,956) |
Well Intervention | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 106,367 | 133,768 |
Well Intervention | Intercompany Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | (3,850) | (2,587) |
Robotics | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 37,351 | 22,156 |
Robotics | Intercompany Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | (8,037) | (6,369) |
Production Facilities | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 18,294 | 16,447 |
Short-term | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 111,848 | 58,624 |
Short-term | Intercompany Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | (635) | |
Short-term | Well Intervention | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 91,346 | 49,217 |
Short-term | Robotics | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 21,137 | 9,407 |
Long-term | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 38,277 | 104,791 |
Long-term | Intercompany Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | (11,252) | (8,956) |
Long-term | Well Intervention | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 15,021 | 84,551 |
Long-term | Robotics | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 16,214 | 12,749 |
Long-term | Production Facilities | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 18,294 | $ 16,447 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 0.2 | $ 0.6 | |
Credit losses on contract assets | 0 | $ 0 | |
Contract liabilities | 5.7 | 8.7 | |
Revenue recognized | 4.3 | 2.5 | |
Deferred contract costs | 6.2 | $ 3.3 | |
Amortization of deferred contract costs | $ 4.6 | $ 10.4 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 548.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 263.4 |
Expected timing of satisfaction | 9 months |
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 | $ 203.4 |
Expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 81.3 |
Expected timing of satisfaction | 12 months |
Earnings Per Share - Computatio
Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic and Diluted: | ||
Net loss attributable to common shareholders | $ (42,031) | $ (2,878) |
Less: Accretion of redeemable noncontrolling interests | (241) | |
Net loss available to common shareholders, basic | $ (42,031) | $ (3,119) |
Weighted average number of shares outstanding, basic (in shares) | 151,142 | 149,935 |
Net income (loss) available to common shareholders, diluted | $ (42,031) | $ (3,119) |
Weighted average number of shares outstanding, diluted (in shares) | 151,142 | 149,935 |
Earnings Per Share - Shares Inc
Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Diluted shares (as reported) | 151,142 | 149,935 |
Share-based awards | 953 | 1,093 |
Total | 152,095 | 151,028 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Convertible Senior Notes Maturing May 2022 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,435 | 2,519 |
Convertible Senior Notes Maturing September 2023 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 3,168 | 3,168 |
Convertible Senior Notes Maturing February 2026 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 28,676 | 28,676 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | Jan. 04, 2022item | Jan. 04, 2021item | Jan. 31, 2021USD ($)shares | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) |
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 employees' salary (up to) | 5.00% | ||||
Plan cost recognized | $ 0.4 | ||||
2005 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance (in shares) | shares | 4,200,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock awards granted (in shares) | shares | 0 | ||||
Compensation cost | $ 0.6 | $ 0.8 | |||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of components of equity awards granted | item | 2 | 2 | |||
Percentage based on service and market conditions | 50.00% | 50.00% | |||
Percentage based on service and performance conditions | 50.00% | 50.00% | |||
Compensation cost | 1.1 | 1 | |||
Performance Period | 3 years | ||||
Share-based payment awards vested (in shares) | shares | 559,150 | ||||
Award vesting percentage | 157.00% | ||||
PSUs | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based payment awards vested (in shares) | shares | 876,469 | ||||
Fair value of awards vested | $ 3.2 | ||||
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% | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | 0.6 | 0.2 | |||
Fixed Value Cash Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Long-term incentive cash awards granted | $ 5 | 3.5 | |||
Vesting period | 3 years | ||||
Deferred compensation cost | $ 1 | $ 1 | |||
ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance (in shares) | shares | 1,500,000 | ||||
Purchase limit per employee (in shares) | shares | 260 |
Employee Benefit Plans - Share-
Employee Benefit Plans - Share-Based Awards Granted (Details) | Jan. 04, 2022item$ / sharesshares | Jan. 01, 2022$ / sharesshares | Jan. 04, 2021item | Jan. 31, 2021 | Mar. 31, 2022shares |
RSUs | Executive Officers | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Date of Grant | Jan. 1, 2022 | ||||
Shares/Units | 1,065,705 | ||||
Grant Date Fair Value Per Share/Unit | $ / shares | $ 3.12 | ||||
Vesting Percentage | 33.00% | ||||
Vesting Period | 3 years | ||||
PSUs | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Vesting Percentage | 157.00% | ||||
Percentage based on service and market conditions | 50.00% | 50.00% | |||
Percentage based on service and performance conditions | 50.00% | 50.00% | |||
Number of components of equity awards granted | item | 2 | 2 | |||
PSUs | Executive Officers | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Date of Grant | Jan. 4, 2022 | ||||
Shares/Units | 1,065,705 | ||||
Grant Date Fair Value Per Share/Unit | $ / shares | $ 4.25 | ||||
Vesting Percentage | 100.00% | ||||
Vesting Date | Jan. 4, 2025 | ||||
Restricted Stock | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares/Units | 0 | ||||
Restricted Stock | Board of Directors | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Date of Grant | Jan. 4, 2022 | ||||
Shares/Units | 15,775 | ||||
Grant Date Fair Value Per Share/Unit | $ / shares | $ 3.12 | ||||
Vesting Percentage | 100.00% | ||||
Vesting Date | Jan. 1, 2024 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segment Information _2
Business Segment Information - Financial Data By Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 150,125 | $ 163,415 |
Income (loss) from operations | (32,977) | (555) |
Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | (24,427) | 8,823 |
Intercompany Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | (11,887) | (8,956) |
Corporate, Eliminations and Other | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | (8,550) | (9,378) |
Well Intervention | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 106,367 | 133,768 |
Well Intervention | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 106,367 | 133,768 |
Income (loss) from operations | (31,758) | 5,243 |
Well Intervention | Intercompany Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | (3,850) | (2,587) |
Robotics | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 37,351 | 22,156 |
Robotics | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 37,351 | 22,156 |
Income (loss) from operations | 1,480 | (2,934) |
Robotics | Intercompany Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | (8,037) | (6,369) |
Production Facilities | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 18,294 | 16,447 |
Production Facilities | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 18,294 | 16,447 |
Income (loss) from operations | $ 5,851 | $ 6,514 |
Business Segment Information _3
Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ (150,125) | $ (163,415) |
Well Intervention | ||
Segment Reporting Information [Line Items] | ||
Net revenues | (106,367) | (133,768) |
Robotics | ||
Segment Reporting Information [Line Items] | ||
Net revenues | (37,351) | (22,156) |
Intercompany Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 11,887 | 8,956 |
Intercompany Eliminations | Well Intervention | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 3,850 | 2,587 |
Intercompany Eliminations | Robotics | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 8,037 | $ 6,369 |
Business Segment Information _4
Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,307,370 | $ 2,326,028 |
Corporate, Eliminations and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 77,296 | 98,561 |
Well Intervention | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,026,522 | 2,012,214 |
Robotics | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 87,575 | 96,249 |
Production Facilities | Reportable Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 115,977 | $ 119,004 |
Asset Retirement Obligations -
Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
AROs at beginning of year | $ 29,658 | $ 30,913 |
Accretion expense | 741 | 48 |
AROs at end of period | $ 30,399 | $ 30,961 |
Statement Of Cash Flow Inform_3
Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid, net of interest capitalized | $ 8,708 | $ 9,397 |
Income Taxes Paid | $ 2,736 | $ 1,790 |
Statement Of Cash Flow Inform_4
Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Non-cash capital additions | $ 0.3 | $ 0.3 |
Allowance For Credit Losses - A
Allowance For Credit Losses - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 1,477 | $ 3,469 |
Additions (reductions) | (126) | 7 |
Write-offs | (1,811) | |
Balance at end of period | $ 1,351 | $ 1,665 |
Fair Value Measurements - Princ
Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount | $ 309,930 | $ 313,850 |
Fair value | 338,219 | 316,891 |
MARAD Debt Maturing February 2027 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount | 44,930 | 48,850 |
Fair value | 46,688 | 52,481 |
Convertible Senior Notes Maturing May 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount | 35,000 | 35,000 |
Fair value | 35,022 | 34,794 |
Convertible Senior Notes Maturing September 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Principal amount | 30,000 | 30,000 |
Fair value | 29,693 | 29,054 |
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 |
Fair value | $ 226,816 | $ 200,562 |