Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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, no par value | ||
Trading Symbol | HLX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1 | ||
Entity Common Stock, Shares Outstanding | 152,416,382 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Houston, Texas | ||
Entity Central Index Key | 0000866829 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 15, 2024 are incorporated by reference into Part III hereof. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 332,191 | $ 186,604 |
Restricted cash | 2,507 | |
Accounts receivable, net of allowance for credit losses of $3,407 and $2,277, respectively | 280,427 | 212,779 |
Other current assets | 85,223 | 58,699 |
Total current assets | 697,841 | 460,589 |
Property and equipment | 3,078,571 | 3,016,312 |
Less accumulated depreciation | (1,505,722) | (1,374,697) |
Property and equipment, net | 1,572,849 | 1,641,615 |
Operating lease right-of-use assets | 169,233 | 197,849 |
Deferred recertification and dry dock costs, net | 71,290 | 38,778 |
Other assets, net | 44,823 | 50,507 |
Total assets | 2,556,036 | 2,389,338 |
Current liabilities: | ||
Accounts payable | 134,552 | 135,267 |
Accrued liabilities | 203,112 | 73,574 |
Current maturities of long-term debt | 48,292 | 38,200 |
Current operating lease liabilities | 62,662 | 50,914 |
Total current liabilities | 448,618 | 297,955 |
Long-term debt | 313,430 | 225,875 |
Operating lease liabilities | 116,185 | 154,686 |
Deferred tax liabilities | 110,555 | 98,883 |
Other non-current liabilities | 66,248 | 95,230 |
Total liabilities | 1,055,036 | 872,629 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, no par, 240,000 shares authorized, 152,291 and 151,935 shares issued, respectively | 1,271,565 | 1,298,740 |
Retained earnings | 312,450 | 323,288 |
Accumulated other comprehensive loss | (83,015) | (105,319) |
Total shareholders' equity | 1,501,000 | 1,516,709 |
Total liabilities and shareholders' equity | $ 2,556,036 | $ 2,389,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Allowance for credit losses | $ 3,407 | $ 2,277 |
Shareholders' equity: | ||
Common stock, par value (USD per share) | $ 0 | $ 0 |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 152,291,000 | 151,935,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net revenues | $ 1,289,728 | $ 873,100 | $ 674,728 |
Cost of sales | 1,089,372 | 822,484 | 659,335 |
Gross profit | 200,356 | 50,616 | 15,393 |
Gain (loss) on disposition of assets, net | 367 | (631) | |
Acquisition and integration costs | (540) | (2,664) | |
Change in fair value of contingent consideration | (42,246) | (16,054) | |
Selling, general and administrative expenses | (94,427) | (76,753) | (63,449) |
Income (loss) from operations | 63,510 | (44,855) | (48,687) |
Equity in earnings (losses) of investment | 8,262 | (1) | |
Net interest expense | (17,338) | (18,950) | (23,201) |
Loss on extinguishment of long-term debt | (37,277) | (136) | |
Other expense, net | (3,590) | (23,330) | (1,490) |
Royalty income and other | 2,209 | 3,692 | 2,873 |
Income (loss) before income taxes | 7,514 | (75,181) | (70,642) |
Income tax provision (benefit) | 18,352 | 12,603 | (8,958) |
Net loss | (10,838) | (87,784) | (61,684) |
Net loss attributable to redeemable noncontrolling interests | (146) | ||
Net loss attributable to common shareholders | $ (10,838) | $ (87,784) | $ (61,538) |
Loss per share of common stock: | |||
Basic | $ (0.07) | $ (0.58) | $ (0.41) |
Diluted | $ (0.07) | $ (0.58) | $ (0.41) |
Weighted average common shares outstanding (in shares) | |||
Basic | 150,917 | 151,276 | 150,056 |
Diluted | 150,917 | 151,276 | 150,056 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (10,838) | $ (87,784) | $ (61,684) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation gain (loss) | 22,304 | (49,237) | (4,462) |
Other comprehensive income (loss), net of tax | 22,304 | (49,237) | (4,462) |
Comprehensive income (loss) | 11,466 | (137,021) | (66,146) |
Less comprehensive loss attributable to redeemable noncontrolling interests: | |||
Net loss | (146) | ||
Foreign currency translation gain | 50 | ||
Comprehensive loss attributable to redeemable noncontrolling interests | (96) | ||
Comprehensive income (loss) attributable to common shareholders | $ 11,466 | $ (137,021) | $ (66,050) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Cumulative Effect, Period of Adoption | Common Stock | Retained Earnings Cumulative Effect, Period of Adoption | Retained Earnings | Accumulated Other Comprehensive 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 | (61,538) | (61,538) | |||||
Foreign currency translation adjustments | (4,462) | (4,462) | |||||
Accretion of redeemable noncontrolling interests | 1,404 | 1,404 | |||||
Activity in company stock plans, net and other | $ (1,128) | (1,128) | |||||
Activity in company stock plans, net and other (in shares) | 783 | ||||||
Share-based compensation | $ 7,471 | 7,471 | |||||
Balance, end of period at Dec. 31, 2021 | $ 1,292,479 | 411,072 | (56,082) | 1,647,469 | |||
Balance, end of period (in shares) at Dec. 31, 2021 | 151,124 | ||||||
Balance, beginning of period at Dec. 31, 2020 | 3,855 | ||||||
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward] | |||||||
Net loss | (146) | ||||||
Foreign currency translation adjustments related to redeemable noncontrolling interests | 50 | ||||||
Accretion of redeemable noncontrolling interests | (1,404) | ||||||
Acquisition of redeemable noncontrolling interests | (2,355) | ||||||
Net loss | (87,784) | (87,784) | |||||
Foreign currency translation adjustments | (49,237) | (49,237) | |||||
Activity in company stock plans, net and other | $ (991) | (991) | |||||
Activity in company stock plans, net and other (in shares) | 811 | ||||||
Share-based compensation | $ 7,252 | 7,252 | |||||
Balance, end of period at Dec. 31, 2022 | $ 1,298,740 | 323,288 | (105,319) | 1,516,709 | |||
Balance, end of period (in shares) at Dec. 31, 2022 | 151,935 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (10,838) | (10,838) | |||||
Foreign currency translation adjustments | 22,304 | 22,304 | |||||
Repurchase of convertible senior notes | $ (35,469) | (35,469) | |||||
Repurchase of convertible senior notes (in shares) | 1,500 | ||||||
Termination of capped calls | $ 14,225 | 14,225 | |||||
Repurchases of common stock | $ (11,988) | (11,988) | |||||
Repurchases of common stock (in shares) | (1,584) | ||||||
Activity in company stock plans, net and other | $ (92) | (92) | |||||
Activity in company stock plans, net and other (in shares) | 440 | ||||||
Share-based compensation | $ 6,149 | 6,149 | |||||
Balance, end of period at Dec. 31, 2023 | $ 1,271,565 | $ 312,450 | $ (83,015) | $ 1,501,000 | |||
Balance, end of period (in shares) at Dec. 31, 2023 | 152,291 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (10,838) | $ (87,784) | $ (61,684) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 164,116 | 142,686 | 141,514 |
Amortization of debt discount | 17 | ||
Amortization of debt issuance costs | 2,485 | 2,334 | 3,179 |
Share-based compensation | 6,510 | 7,451 | 7,689 |
Deferred income taxes | 11,532 | 4,386 | (15,202) |
Equity in (earnings) losses of investment | (8,262) | 1 | |
(Gain) loss on disposition of assets, net | (367) | 631 | |
Loss on extinguishment of long-term debt | 37,277 | 136 | |
Unrealized foreign currency loss | 8,310 | 21,596 | 2,252 |
Change in fair value of contingent consideration | 42,246 | 16,054 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (64,520) | (29,865) | (14,154) |
Other current assets | (22,597) | 7,593 | 22,973 |
Income tax payable, net of income tax receivable | (418) | (49) | 18,610 |
Accounts payable and accrued liabilities | 31,996 | 9,807 | 46,645 |
Deferred recertification and dry dock costs, net | (62,522) | (35,072) | (9,620) |
Other, net | 9,230 | 233 | (2,853) |
Net cash provided by operating activities | 152,457 | 51,108 | 140,117 |
Cash flows from investing activities: | |||
Alliance acquisition, net of cash acquired | (112,625) | ||
Capital expenditures | (19,588) | (33,504) | (8,322) |
Distribution from equity investment, net | 7,840 | ||
Proceeds from sale of assets | 365 | 51 | |
Proceeds from insurance recoveries | 564 | ||
Net cash used in investing activities | (18,659) | (138,289) | (8,271) |
Cash flows from financing activities: | |||
Proceeds from senior notes, net of discount | 298,578 | ||
Payments related to convertible senior notes | (261,147) | (35,000) | |
Proceeds from settlement of capped calls | 15,591 | ||
Debt issuance costs | (6,817) | (580) | (1,337) |
Acquisition of redeemable noncontrolling interests | (2,355) | ||
Repurchases of common stock | (11,988) | ||
Payments related to tax withholding for share-based compensation | (1,757) | (1,902) | (2,001) |
Proceeds from issuance of ESPP shares | 982 | 575 | 654 |
Net cash provided by (used in) financing activities | 25,109 | (44,844) | (95,997) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (15,827) | (5,991) | (42) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 143,080 | (138,016) | 35,807 |
Cash and cash equivalents and restricted cash: | |||
Balance, beginning of year | 189,111 | 327,127 | 291,320 |
Balance, end of year | 332,191 | 189,111 | 327,127 |
Term Loan Repaid September 2021 | |||
Cash flows from financing activities: | |||
Repayment of loan debt | (29,826) | ||
Nordea Q5000 Loan Matured January 2021 | |||
Cash flows from financing activities: | |||
Repayment of loan debt | (53,572) | ||
MARAD Debt (matures February 2027) | |||
Cash flows from financing activities: | |||
Repayment of loan debt | $ (8,333) | $ (7,937) | $ (7,560) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 — Organization Unless the context indicates otherwise, the terms “we,” “us” and “our” in this Annual Report refer collectively to Helix Energy Solutions Group, Inc. and its subsidiaries (“Helix” or the “Company”). We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and full-field decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of Mexico, U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa regions. We expanded our service capabilities to the Gulf of Mexico shelf with the acquisition of the Alliance group of companies (collectively “Alliance”) on July 1, 2022, which we re-branded as Helix Alliance. Our North Sea operations and our Gulf of Mexico shelf operations related to Helix Alliance are usually subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months. Our Operations Our services are segregated into four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment, which was formed in the third quarter 2022 comprising the Helix Alliance business, and Production Facilities. Our Well Intervention segment provides services enabling our customers to safely access subsea offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby mitigating the need to drill new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and natural gas. Our well intervention vessels include the Q4000 Q5000 Q7000 Seawell Well Enhancer Siem Helix 1 Siem Helix 2 Our Robotics segment provides trenching, seabed clearance, offshore construction and inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting with the delivery of renewable 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, the IROV boulder grab and robotics support vessels under term charters as well as spot vessels as needed. We offer our ROVs, trenchers and the IROV boulder grab on a stand-alone basis or on an integrated basis with chartered robotics support vessels. Our Shallow Water Abandonment segment provides services in support of the upstream and midstream industries predominantly in the Gulf of Mexico shelf, including offshore oilfield decommissioning and reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services. Our Shallow Water Abandonment segment includes a diversified fleet of marine assets including liftboats, offshore supply vessels (“OSVs”), dive support vessels (“DSVs”), a heavy lift derrick barge, a crew boat, plug and abandonment (“P&A”) systems and coiled tubing (“CT”) systems. Our Production Facilities segment includes the Helix Producer I HP I |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Principles of Consolidation Our consolidated financial statements include the accounts of our majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership but have the ability to exert significant influence. All material intercompany accounts and transactions have been eliminated. Basis of Presentation Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. We have made all adjustments that we believe are necessary for a fair presentation of our consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. Restricted Cash We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. Our restricted cash as of December 31, 2022 consisted of $2.5 million pledged toward our asset-based credit agreement (the “ABL Facility”). Accounts Receivable and Allowance for Credit Losses Accounts receivable are recognized when our right to consideration becomes unconditional. Accounts receivable are stated at the historical carrying amount, net of write-offs and allowance for credit losses. We perform ongoing credit evaluations of our customers and provide allowances for expected 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. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 18). Business Combinations Business combinations are accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price consideration is allocated to the assets acquired and liabilities assumed based upon estimates of their fair values as of the acquisition date. Fair values of the assets acquired and liabilities assumed are measured in accordance with ASC Topic 820, Fair Value Measurement, using income approach, cost approach and other applicable valuation techniques. The fair value of property, plant and equipment acquired from the acquisition was estimated primarily by applying the cost approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence and economic useful life. The fair value of intangible assets acquired from the acquisition was estimated primarily by applying the income approach. The key assumptions of the income approach include revenue projections, royalty rates and economic useful life. For certain other assets and liabilities, those fair values are consistent with historical carrying values. The purchase price allocation is subject to revision to reflect new information obtained about facts and circumstances that existed at the acquisition date. The purchase price consideration, as well as the estimated fair values of the assets acquired and liabilities assumed, is finalized as soon as practicable, but no later than one year from the closing of the acquisition. Contingent consideration payable in cash is initially measured at fair value and included as part of the purchase price and subsequently measured at fair value at the end of each reporting period with changes in value reported in “Change in fair value of contingent consideration” in the consolidated statements of operations until the liability is no longer contingent (Note 19). Acquisition and integration costs consist of legal and professional fees as well as costs incurred to integrate the acquiree’s operations and systems and to align its financial processes and procedures with those of Helix. Those costs are expensed as incurred and are presented separately from “Selling, general and administrative expenses” in the consolidated statements of operations. Property and Equipment Property and equipment (including oil and gas properties) acquired separately from a business combination is recorded initially at cost and subsequently depreciated on a straight-line basis over its estimated useful life. The cost of improvements is capitalized whereas the cost of repairs and maintenance is expensed as incurred. Assets used in operations are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s expected undiscounted cash flows. If the carrying amount of the asset or asset group is not recoverable and is greater than its fair value, an impairment charge is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are evaluated for impairment at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Equity Investment We have a 20% ownership interest in Independence Hub, LLC (“Independence Hub”), which is included in our Production Facilities segment. We account for our ownership interest in Independence Hub using the equity method of accounting. In May 2022, we received a net cash distribution of $7.8 million from the sale of the “Independence Hub” platform owned by Independence Hub. Our remaining investment in Independence Hub is insignificant. Leases Leases with a term greater than one year are recognized in the consolidated balance sheet as right-of-use (“ROU”) assets and lease liabilities. We have not recognized in the consolidated balance sheet leases with an initial term of one year or less. Lease liabilities and their corresponding ROU assets are recorded at the commencement date based on the present value of lease payments over the expected lease term. The lease term may include the option to extend or terminate the lease when it is reasonably certain that we will exercise the option. We use our incremental borrowing rate, which would be the rate incurred to borrow on a collateralized basis over a similar term in a similar economic environment, to calculate the present value of lease payments. ROU assets are adjusted for any initial direct costs paid or incentives received. We separate our long-term vessel charters between their lease components and non-lease services. We estimate the lease component using the residual approach by estimating the non-lease services, which primarily include crew, repair and maintenance, and regulatory certification costs. For all other leases, we have not separated the lease components and non-lease services. We recognize operating lease cost on a straight-line basis over the lease term for both (i) leases that are recognized in the consolidated balance sheet and (ii) short-term leases. We recognize lease cost related to variable lease payments that are not recognized in the consolidated balance sheet in the period in which the obligation is incurred. Deferred Recertification and Dry Dock Costs Our vessels and systems are required by regulation to be periodically recertified. Recertification costs for a vessel are typically incurred while the vessel is in regulatory docking. We defer and amortize recertification costs, including vessel dry dock costs, over the period that the certification applies, which generally ranges from 24 to 60 months if the appropriate permitting is obtained. A recertification process, including vessel dry dock, typically lasts between one During the years ended December 31, 2023, 2022 and 2021, amortization expense related to deferred recertification and dry dock costs was $25.7 million, $14.0 million and $14.6 million, respectively. Revenue Recognition Revenue from Contracts with Customers We generate revenue in our Well Intervention segment by supplying vessels, personnel and equipment to provide well intervention services, which involve providing marine access, serving as a deployment mechanism to the subsea well, connecting to and maintaining a secure connection to the subsea well and maintaining well control through the duration of the intervention services. We may also perform down-hole intervention work and provide certain engineering services. We generate revenue in our Robotics segment by operating ROVs and trenchers to provide subsea trenching and burial of pipelines and cables as well as seabed clearance for the oil and gas and the renewable energy markets and to provide offshore construction, well intervention support and IRM services to oil and gas companies. We also provide integrated robotic services by supplying vessels that deploy ROVs and trenchers. We generate revenue in our Production Facilities segment by supplying vessels, personnel and equipment for oil and natural gas processing, well control response services, and oil and gas production from owned properties. We generate revenue in our Shallow Water Abandonment segment by providing decommissioning and intervention services with P&A and CT systems and personnel; by providing marine access to offshore facilities with liftboats, OSVs and the crew boat in order to perform decommissioning, intervention, diving and other work scopes; and by providing diving and platform decommissioning services with DSVs and personnel and with the heavy lift barge. Our revenues are primarily derived from short-term and long-term service contracts with customers. Our service contracts generally contain provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) but we occasionally contract on a lump sum basis (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. We generally account for our services under contracts with customers as a single performance obligation satisfied over time. The single performance obligation in our dayrate contracts is comprised of a series of distinct time increments in which we provide services. We do not account for activities that are immaterial or not distinct within the context of our contracts as separate performance obligations. Consideration received under a contract is allocated to the single performance obligation on a systematic basis that depicts the pattern of the provision of our services to the customer. We generally consider integrated offerings to be a single performance obligation due to the interdependencies of the offerings. The total transaction price for a contract is determined by estimating both fixed and variable consideration expected to be earned over the term of the contract and excludes certain amounts that have been disputed by our customers. We generally do not provide significant financing to our customers and do not adjust contract consideration for the time value of money if extended payment terms are granted for less than one year. Estimated variable consideration, if any, is considered to be constrained and therefore is not included in the transaction price until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. At the end of each reporting period, we reassess and update our estimates of variable consideration and amounts of that variable consideration that should be constrained. Dayrate Contracts Dayrate contracts also may contain fees charged to the customer for mobilizing and/or demobilizing equipment and personnel. Mobilization and demobilization are considered contract fulfillment activities, and related fees (subject to any constraint on estimates of variable consideration) are allocated to the single performance obligation and recognized ratably over the term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable as the amounts received are generally subject to uncertainty. Accordingly, these revenues are constrained and not recognized until the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. A dayrate contract modification involving an extension of the contract by adding days of services is generally accounted for prospectively as a separate contract, but may be accounted for as a termination of the existing contract and creation of a new contract if the consideration for the extended services does not represent their stand-alone selling prices. Lump Sum Contracts We review and update our contract-related estimates regularly and recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period in which the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If a current estimate of total contract costs to be incurred exceeds the estimate of total revenues to be earned, we recognize the projected loss in full when it is identified. A modification to a lump sum contract is generally accounted for as part of the existing contract and recognized as an adjustment to revenue on a cumulative catch-up basis. Income from Oil and Gas Production Income from oil and gas production is recognized according to monthly oil and gas production volumes from the oil and gas properties that we own, and is included in revenues from our Production Facilities segment. Income from Royalty Interests Income from royalty interests is recognized according to our share of monthly oil and gas production volumes and is included in “Royalty income and other” in the consolidated statements of operations. Income Taxes Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. We provide for uncertain tax positions and related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by local taxing authorities. At December 31, 2023, we believe we have appropriately accounted for any unrecognized tax benefits. Share-Based Compensation Share-based payment awards are classified as either equity or liability awards based on various factors such as award conditions, settlement features, substantive terms and past practices. Shared-based compensation is initially measured at the grant date based on the estimated fair value of an award and subsequently measured depending on their award conditions and classification. Forfeitures are recognized as they occur. Restricted stock awards are based solely on service conditions and are accounted for as equity awards. 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. For performance share unit (“PSU”) awards with a service and a market condition that 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 with a service and a performance condition that 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. Restricted stock unit (“RSU”) awards accounted for as liability awards are measured at their estimated fair value based on the closing share price of our common stock as of 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. Asset Retirement Obligations Asset retirement obligations (“AROs”) are recorded initially at fair value and consist of estimated costs for subsea infrastructure decommissioning and P&A activities associated with our oil and gas properties. The estimated costs are discounted to present value using a credit-adjusted risk-free discount rate. After its initial recognition, an ARO liability is increased for the passage of time as accretion expense, which is a component of our depreciation and amortization expense. An ARO liability may also change based on revisions in estimated costs and/or timing to settle the obligations. Foreign Currency Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect at the end of the reporting period, and the resulting translation adjustments are included in other comprehensive income (loss) (“OCI”). For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in “Other income (expense), net” in the consolidated statements of operations. Foreign currency gains or losses from the remeasurement of monetary assets and liabilities as well as unsettled foreign currency transactions, including intercompany transactions that are not of a long-term investment nature, are also recognized as a component of “Other income (expense), net.” For the years ended December 31, 2023, 2022 and 2021, our foreign currency transaction losses totaled $4.4 million, $23.4 million and $1.5 million, respectively. 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 earnings per share (“EPS”) under the two-class method in periods in which we have earnings. Under the two-class method, net income 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 earnings per share (“EPS”) is computed by dividing net income allocated to common shareholders or net loss by the weighted average shares of our common stock outstanding. Diluted EPS is computed in a similar manner after considering the potential dilutive effect of share-based awards and convertible senior notes and taking the more dilutive of the two-class method and the treasury stock method or if-converted method, as applicable. The dilutive effect of share-based awards is computed using the treasury stock method, as applicable, which includes the incremental shares that would be hypothetically vested in excess of the number of shares assumed to be hypothetically repurchased with the assumed proceeds. The effect of convertible senior notes is computed using the if-converted method, if dilutive, which assumes conversion of the convertible senior notes into shares of our common stock at the beginning of the period, giving income recognition for the add-back of related interest expense (net of tax). Major Customers and Concentration of Risk We offer our products and services primarily in the offshore oil and gas and renewable energy markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and natural gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) were as follows: 2023 — Apache (11%) and Shell (10%); 2022 — Shell (15%); and 2021 — Petrobras (23%) and Shell (17%). Most of the concentration of revenues are in our Well Intervention segment and, for 2023, our Shallow Water Abandonment segment. As of December 31, 2023, 19% of our labor force was covered by collective bargaining agreements or similar arrangements and 17% of our labor force was covered by those agreements that will expire within one year. 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). New Accounting Standards New accounting standards adopted In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, this ASU removes from GAAP the requirement to separate certain convertible instruments, such as our Convertible Senior Notes due 2022 (the “2022 Notes”), Convertible Senior Notes due 2023 (the “2023 Notes”) and Convertible Senior Notes due 2026 (the “2026 Notes”) (Note 7), into liability and equity components. Consequently, those convertible instruments will be accounted for in their entirety as liabilities measured at their amortized cost. We elected to early adopt ASU No. 2020-06 on a modified retrospective basis beginning January 1, 2021. The adoption of this ASU increased our long-term debt and decreased the reported value of our common stock by $44.1 million and $41.5 million, respectively, as we reclassified the conversion features associated with our various outstanding convertible senior notes from equity to long-term debt. The adoption of this ASU also increased our retained earnings and decreased deferred tax liabilities by $6.7 million and $9.3 million, respectively. New accounting standards issued but not yet effective In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures,” which requires all public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and included within each reported measure of segment profit or loss as well as an amount for other segment items by reportable segment and a description of its composition. ASU No. 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods as well. Among other things, this ASU also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 will be effective on a retrospective basis for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” which requires public business entities on an annual basis to disclose specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet certain quantitative threshold. This ASU also requires that all entities disclose on an annual basis the disaggregation of income taxes paid (net of refunds received) by federal, state and foreign and by jurisdictions, of income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign, and of income tax expense (or benefit) from continuing operations by federal, state and foreign. Certain previous disclosure requirements on unrecognized tax benefits and cumulative amount of temporary differences are eliminated. ASU No. 2023-09 will be effective for us beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements. We do not expect other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | Note 3 — Business Combinations Alliance Acquisition On July 1, 2022, we completed our acquisition of Alliance. The Alliance acquisition extended our energy transition strategy by adding shallow water capabilities into the growing offshore decommissioning market. The aggregate purchase price of the Alliance acquisition was $145.7 million, consisting of $119.0 million of cash on hand and the acquisition-date estimated fair value of $26.7 million related to the post-closing earn-out consideration. The earn-out was calculated based on certain financial metrics of the Helix Alliance business for 2022 and 2023 relative to amounts as set forth in the Equity Purchase Agreement dated May 16, 2022. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earn-out expected to be paid in cash in April 2024. As of December 31, 2023, the Alliance earn-out consideration is reported at $85.0 million in “Accrued liabilities” in the accompanying consolidated balance sheet (Note 4). The following table summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed as of July 1, 2022 (in thousands): July 1, 2022 Cash consideration $ 118,961 Contingent consideration 26,700 Total fair value of consideration transferred $ 145,661 Assets acquired: Cash and cash equivalents $ 6,336 Accounts receivable 43,378 Other current assets 6,077 Property and equipment 117,321 Operating lease right-of-use assets 1,205 Intangible assets 1,500 Other assets 2,133 Total assets acquired 177,950 Liabilities assumed: Accounts payable 20,480 Accrued liabilities 3,073 Operating lease liabilities 1,205 Deferred tax liabilities 7,531 Total liabilities assumed 32,289 Net assets acquired $ 145,661 The pro forma summary table below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2021 (in thousands). The unaudited pro forma summary includes certain transaction accounting adjustments as necessary and uses estimates and assumptions based on information available at the time. The pro forma summary is provided for illustrative purposes only and does not purport to represent Helix’s actual consolidated results of operations had the acquisition been completed as of the date presented, nor should it be considered indicative of Helix’s future consolidated results of operations. Year Ended December 31, 2022 2021 Revenues $ 952,837 $ 789,051 Net loss (79,686) (56,203) STL Acquisition In May 2019, we acquired a 70% controlling interest in Subsea Technologies Group Ltd. (“STL”), a subsea engineering firm based in Aberdeen, Scotland. In June 2021, we acquired the remaining 30% interest in STL, which had been recognized as temporary equity. STL is included in our Well Intervention segment and its revenue and earnings are immaterial to our consolidated results. |
Details Of Certain Accounts
Details Of Certain Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details Of Certain Accounts | Note 4 — Details of Certain Accounts Other current assets consist of the following (in thousands): December 31, 2023 2022 Prepaids $ 28,352 $ 26,609 Contract assets (Note 11) 5,824 6,295 Deferred costs (Note 11) 36,041 13,969 Other 15,006 11,826 Total other current assets $ 85,223 $ 58,699 Other assets, net consist of the following (in thousands): December 31, 2023 2022 Prepaid charter (1) $ 12,544 $ 12,544 Deferred costs (Note 11) 587 6,432 Other receivable (2) 25,623 24,827 Intangible assets with finite lives, net 4,105 4,465 Other 1,964 2,239 Total other assets, net $ 44,823 $ 50,507 (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. (2) Represents the present value of the agreed-upon amounts that we are entitled to receive from Marathon Oil Corporation (“Marathon Oil”) for remaining P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil in 2019. Accrued liabilities consist of the following (in thousands): December 31, 2023 2022 Accrued payroll and related benefits $ 59,010 $ 41,339 Accrued interest 4,181 6,306 Income tax payable 1,938 479 Deferred revenue (Note 11) 32,763 9,961 Earn-out consideration (Note 3) 85,000 — Other (1) 20,220 15,489 Total accrued liabilities $ 203,112 $ 73,574 (1) During the third quarter 2023, we acquired five P&A systems and other assets for total consideration of $17.6 million including $6.0 million in cash in addition to credits towards future services offered by us. Amount as of December 31, 2023 included $9.0 million of those credits . Other non-current liabilities consist of the following (in thousands): December 31, 2023 2022 Asset retirement obligations (Note 15) $ 61,356 $ 51,956 Contingent consideration (Note 19) — 42,754 Other (1) 4,892 520 Total other non-current liabilities $ 66,248 $ 95,230 (1) Amount as of December 31, 2023 included $2.6 million of credits offered by us in exchange for the purchase of P&A equipment (see above). |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Note 5 — Property and Equipment The following is a summary of the gross components of property and equipment (dollars in thousands): December 31, Estimated Useful Life 2023 2022 Vessels 15 $ 2,406,089 $ 2,371,084 Systems and equipment 5 337,913 306,316 ROVs and trenchers 5 252,753 262,763 Buildings and other 5 81,816 76,149 Total property and equipment $ 3,078,571 $ 3,016,312 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 6 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. Our operating lease additions during the year ended December 31, 2023 are primarily related to the vessel charters for the Glomar Wave Horizon Enabler Siem Helix 1 Siem Helix 2 Grand Canyon II Grand Canyon III Shelia Bordelon The following table details the components of our lease cost (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease cost $ 72,775 $ 61,067 $ 60,636 Variable lease cost 21,423 20,562 16,711 Short-term lease cost 54,613 29,487 20,590 Sublease income (1,113) (1,275) (1,303) Net lease cost $ 147,698 $ 109,841 $ 96,634 Maturities of our operating lease liabilities as of December 31, 2023 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 67,488 $ 6,639 $ 74,127 One to two years 55,453 3,508 58,961 Two to three years 35,200 1,289 36,489 Three to four years 26,245 1,272 27,517 Four to five years 3,040 1,244 4,284 Over five years — 1,926 1,926 Total lease payments $ 187,426 $ 15,878 $ 203,304 Less: imputed interest (22,419) (2,038) (24,457) Total operating lease liabilities $ 165,007 $ 13,840 $ 178,847 Current operating lease liabilities $ 56,602 $ 6,060 $ 62,662 Non-current operating lease liabilities 108,405 7,780 116,185 Total operating lease liabilities $ 165,007 $ 13,840 $ 178,847 Maturities of our operating lease liabilities as of December 31, 2022 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 58,063 $ 6,603 $ 64,666 One to two years 55,515 5,697 61,212 Two to three years 43,400 2,797 46,197 Three to four years 35,200 959 36,159 Four to five years 26,244 959 27,203 Over five years 3,041 2,783 5,824 Total lease payments $ 221,463 $ 19,798 $ 241,261 Less: imputed interest (32,986) (2,675) (35,661) Total operating lease liabilities $ 188,477 $ 17,123 $ 205,600 Current operating lease liabilities $ 45,131 $ 5,783 $ 50,914 Non-current operating lease liabilities 143,346 11,340 154,686 Total operating lease liabilities $ 188,477 $ 17,123 $ 205,600 The following table presents the weighted average remaining lease term and discount rate: December 31, 2023 2022 2021 Weighted average remaining lease term 3.1 years 4.0 years 2.4 years Weighted average discount rate 8.20 % 7.84 % 7.57 % The following table presents other information related to our operating leases (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for operating lease liabilities $ 68,788 $ 58,129 $ 61,826 Right-of-use assets obtained in exchange for new operating lease obligations 26,502 144,134 5,992 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Note 7 — Long-Term Debt Long-term debt consists of the following (in thousands): December 31, 2023 2022 2023 Notes (matured September 2023) $ — $ 30,000 2026 Notes (mature February 2026) 40,199 200,000 MARAD Debt (matures February 2027) 32,580 40,913 2029 Notes (mature March 2029) 300,000 — Gross debt 372,779 270,913 Unamortized debt discount (1,404) — Unamortized debt issuance costs (9,653) (6,838) Total debt 361,722 264,075 Less current maturities (1) (48,292) (38,200) Long-term debt $ 313,430 $ 225,875 (1) Current maturities as of December 31, 2023 included the carrying amount of the 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). Current maturities as of December 31, 2022 included the carrying amount of the 2023 Notes that matured in September 2023. Current maturities as of December 31, 2023 and 2022 both included the current portion of the MARAD Debt. Credit Agreement On September 30, 2021 we entered into an asset-based credit agreement with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation and subsequently we entered into amendments to the credit agreement on July 1, 2022, June 23,2023 and November 15, 2023 (collectively, the “Amended ABL Facility”). The Amended ABL Facility provides for a $120 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 Amended ABL Facility also permits us to request an increase of the facility by up to $30 million, subject to certain conditions. Commitments under the Amended ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $85 million and $35 million, respectively. The Amended 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 $20 million sub-limit for the issuance of letters of credit. As of December 31, 2023, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $99.3 million, net of $6.9 million of letters of credit issued under that facility. We and certain of our U.S. and U.K. subsidiaries are the current borrowers under the Amended ABL Facility, whose obligations under the Amended 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 Amended 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 Amended ABL Facility bear interest at the Term SOFR (also known as CME Term SOFR as administered by CME Group, Inc.) 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 Amended ABL Facility denominated in U.S. dollars bear interest at the Term SOFR rate with SOFR adjustment of 0.10% and U.K. borrowings denominated in the British pound bear interest at the SONIA daily rate, each plus a margin of 1.50% to 2.00%. We also pay a commitment fee of 0.375% to 0.50% per annum on the unused portion of the facility. The Amended 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 Amended ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The Amended 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 $12 million. The Amended ABL Facility also requires us to maintain a pro forma minimum excess availability of $30 million for the 91 days prior to the maturity of each of our outstanding senior notes and for any portion of the Alliance earn-out payment to be made in cash. The Amended ABL Facility also (i) limits the amount of permitted debt for the deferred purchase price of property not to exceed $50 million, and (ii) provides for potential ESG-related pricing adjustments based on specific metrics and performance targets determined by us and Bank of America, as agent with respect to the Amended ABL Facility. 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 on February 15, 2021. The 2026 Notes mature on February 15, 2026 unless earlier converted, redeemed or repurchased by us (see below). 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 initially represented 28,675,900 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. In order to reduce the potential dilution of the 2026 Notes to shareholders’ equity, we entered into capped call transactions (the “2026 Capped Calls”) in August 2020 concurrent with the 2026 Notes offering (Note 9). The 2026 Capped Calls effectively increase the conversion price of the 2026 Notes to approximately $8.42 per share. However, the 2026 Capped Calls are separate transactions from the 2026 Notes and do not change the holders’ rights under the 2026 Notes, and holders of the 2026 Notes do not have any rights with respect to the 2026 Capped Calls. The effective interest rate for the 2026 Notes is 7.6%. For the years ended December 31, 2023, 2022 and 2021, total interest expense related to the 2026 Notes was $14.6 million, $14.8 million and $14.7 million, respectively, with coupon interest expense of $13.3 million, $13.5 million and $13.5 million, respectively, and the amortization of debt issuance costs of $1.3 million, $1.3 million and $1.2 million, respectively. 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). The 2026 Notes have been convertible since October 1, 2023 and will continue to be convertible through March 31, 2024 as a result of the share price condition being met. 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 were not redeemable. Beginning August 15, 2023, we may, at our option, 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 the date we provide a notice of redemption and the trading day immediately preceding such date (redemption price condition). 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. The 2026 Notes were redeemable as of December 31, 2023 based on the redemption price condition being met and on January 16, 2024 we issued a notice for the redemption of remaining 2026 Notes (see below). 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. In December 2023, we entered into privately negotiated agreements with certain holders of our 2026 Notes to repurchase $159.8 million aggregate principal amount of the 2026 Notes (the “2026 Notes Repurchases”) for 1.5 million shares of our common stock and aggregate cash payments of $229.7 million, plus accrued and unpaid cash interest of $3.8 million. We recognized pre-tax inducement charges of $37.4 million for the 2026 Notes Repurchases, representing the total settlement value in excess of the total conversion value of the 2026 Notes Repurchases when the final negotiated offers were accepted. These charges are reflected in “Loss on extinguishment of long-term debt” in the accompanying consolidated statements of operations. The conversion value paid in excess of the carrying amount of the 2026 Notes Repurchases is reflected in “Common stock” in the shareholders’ equity section of the accompanying consolidated balance sheet. Concurrently with the 2026 Notes Repurchases, we entered into agreements with the 2026 Capped Calls counterparties to terminate a proportionate amount of the 2026 Capped Calls and received $15.6 million in cash proceeds for the termination (Note 9). In January 2024, we issued a notice for the redemption of the remaining $40.0 million aggregate principal amount of the 2026 Notes to be settled March 20, 2024. The redemption price, which consists of the principal amount and the make-whole premium, plus accrued and unpaid interest, is required to be settled in cash. Holders can convert their 2026 Notes prior to the redemption date, and any conversion thereof will be settled in cash. The ultimate settlement amount of the 2026 Notes will be dependent on various factors, including the number of notes converted and the volume weighted average trading price of our common stock during the measurement period preceding their settlement. In December 2023, $0.2 million aggregate principal amount of the 2026 Notes was tendered for conversion, which is also expected to be cash settled in March 2024. The carrying amount of the remaining 2026 Notes as of December 31, 2023 is reflected in “Current maturities of long-term debt” in the accompanying consolidated balance sheet (see Note 19 for their fair value). 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 2029 Notes On December 1, 2023, we issued $300 million aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”). The net proceeds from the issuance of the 2029 Notes were approximately $291.1 million, after deducting the purchasers’ discount and debt issuance costs. We used $229.7 million of cash proceeds from the offering (excluding accrued interest), together with 1.5 million shares of our common stock, to fund the repurchase of $159.8 million aggregate principal amount of the 2026 Notes in December 2023. We intend to use the remainder of the net proceeds from this offering for redemption of the remaining 2026 Notes outstanding and for general corporate purposes, which may include repayment of other indebtedness. The 2029 Notes bear interest at a coupon interest rate of 9.75% per annum payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2024. The 2029 Notes mature on March 1, 2029 unless earlier redeemed or repurchased by us. Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings. Redemption Year Price 2026 104.875% 2027 102.438% 2028 and thereafter 100.000% Upon the occurrence of a Change of Control Triggering Event, as defined in the indenture governing the 2029 Notes, we may be required to make an offer to repurchase all of the notes then outstanding at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The indenture governing the 2029 Notes contains customary terms and covenants, including limitations on additional indebtedness, restricted payments, liens, asset sales, transactions with affiliates, mergers and consolidations, designation of unrestricted subsidiaries, and dividend and other restrictions affecting restricted subsidiaries. The 2029 Notes are guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Amended ABL Facility, as well as certain future subsidiaries that guarantee certain of our indebtedness, including the Amended ABL Facility. The 2029 Notes are junior in right of payment to all our existing and future secured indebtedness and obligations and rank equally in right of payment with all our existing and future senior unsecured indebtedness. The 2029 Notes rank senior in right of payment to any of our future subordinated indebtedness and are fully and unconditionally guaranteed by the guarantors described above on a senior basis. Other In accordance with the Amended ABL Facility, the 2026 Notes, the MARAD Debt and the 2029 Notes, we are required to comply with certain covenants, including minimum liquidity and a springing fixed charge coverage ratio (applicable under certain conditions that are currently not applicable) with respect to the Amended ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of December 31, 2023, we were in compliance with these covenants. The 2023 Notes matured on September 15, 2023. Upon maturity of the 2023 Notes, we paid $29.6 million in cash to settle the conversion of $29.2 million aggregate principal amount of the notes, plus accrued and unpaid interest. We recorded the conversion value in excess of such principal amount converted to “Common stock” in the accompanying consolidated balance sheet. Notes representing the remaining $0.8 million aggregate principal amount of the 2023 Notes were redeemed at par, plus accrued and unpaid interest. The 2023 Notes had a coupon interest rate of 4.125% per annum and an effective interest rate of 4.8%. For the years ended December 31, 2023, 2022 and 2021, total interest expense related to the 2023 Notes was $1.0 million, $1.4 million and $1.4 million, respectively, primarily from coupon interest expense. We fully paid the $35 million remaining principal amount of the 2022 Notes plus accrued interest by delivering cash upon maturity as of May 1, 2022. The effective interest rate for the 2022 Notes was 4.8%. For the years ended December 31, 2022 and 2021, total interest expense related to the 2022 Notes was $0.6 million and $1.7 million, respectively, primarily from coupon interest expense. We previously had a 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 on September 30, 2021, 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. 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 Scheduled maturities of our long-term debt outstanding as of December 31, 2023 are as follows (in thousands): 2026 MARAD 2029 Notes Debt Notes Total Less than one year $ 40,199 $ 8,749 $ — $ 48,948 One to two years — 9,186 — 9,186 Two to three years — 9,644 — 9,644 Three to four years — 5,001 — 5,001 Four to five years — — — — Over five years — — 300,000 300,000 Gross debt 40,199 32,580 300,000 372,779 Unamortized debt discount (1) — — (1,404) (1,404) Unamortized debt issuance costs (1) (656) (1,586) (7,411) (9,653) Total debt 39,543 30,994 291,185 361,722 Less current maturities (2) (39,543) (8,749) — (48,292) Long-term debt $ — $ 22,245 $ 291,185 $ 313,430 (1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. (2) Current maturities of the 2026 Notes reflect the carrying amount of the remaining 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). The following table details the components of our net interest expense (in thousands): Year Ended December 31, 2023 2022 2021 Interest expense $ 21,359 $ 20,176 $ 23,489 Interest income (4,021) (1,226) (288) Net interest expense $ 17,338 $ 18,950 $ 23,201 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 — 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 consolidated financial statements. Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current tax provision (benefit): Domestic $ 1,510 $ — $ (1,103) Foreign 5,310 8,217 7,347 Total current $ 6,820 $ 8,217 $ 6,244 Deferred tax provision (benefit): Domestic $ 8,689 $ 1,167 $ (5,756) Foreign 2,843 3,219 (9,446) Total deferred $ 11,532 $ 4,386 $ (15,202) Total income tax provision (benefit) $ 18,352 $ 12,603 $ (8,958) Components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Domestic $ (31,646) $ (13,745) $ (53,989) Foreign 39,160 (61,436) (16,653) Income (loss) before income taxes $ 7,514 $ (75,181) $ (70,642) The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Taxes at U.S. statutory rate $ 1,578 21.0 % $ (15,788) 21.0 % $ (14,835) 21.0 % Foreign tax provision 1,590 21.2 18,011 (24.0) 10,326 (14.6) Change in valuation allowance 6,374 84.8 8,110 (10.8) (5,675) 8.0 Non-deductible expenses 2,926 38.9 2,366 (3.1) 1,487 (2.1) Extinguishment of long-term debt (1) 6,372 84.8 — — — — Other (488) (6.5) (96) 0.1 (261) 0.4 Income tax provision (benefit) $ 18,352 244.2 % $ 12,603 (16.8) % $ (8,958) 12.7 % (1) Primarily relates to the non-deductibility for U.S. federal income tax purposes of certain charges associated with the 2026 Notes Repurchases (Note 7). For the year ended December 31, 2023, the valuation allowance increased by $59.0 million, which included a $51.4 million increase for a change in assessment of our Luxembourg net operating losses, and a $7.6 million increase in valuation allowance, which was predominantly driven by current year activity, including adjustments to prior year returns. Due to changes in the Luxembourg taxation of our Brazilian operations during the year, the assessment on the realizability of our Luxembourg net operating losses changed from remote to not more likely than not. Therefore, a deferred tax asset and corresponding valuation allowance have been recorded accordingly. For the year ended December 31, 2022, the $8.1 million increase in valuation allowance was predominantly driven by current year activity and the related change in unrealizable net deferred tax assets. During the year ended December 31, 2021, we released a non-U.S. valuation allowance of $5.0 million for deferred tax assets as it is more likely than not that they will be fully utilized. Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each are as follows (in thousands): December 31, 2023 2022 Deferred tax liabilities: Depreciation $ 132,178 $ 147,302 Prepaid and other 1,560 1,868 Total deferred tax liabilities $ 133,738 $ 149,170 Deferred tax assets: Net operating losses $ (78,250) $ (53,136) Reserves, accrued liabilities and other (26,048) (19,308) Total deferred tax assets (104,298) (72,444) Valuation allowance 81,115 22,157 Net deferred tax liabilities $ 110,555 $ 98,883 At December 31, 2023, our U.S. tax attributes included $35.6 million of net operating losses, which do not expire, and $3.0 million in tax credits, which are subject to a full valuation allowance. At December 31, 2023, our non-U.S. net operating losses totaled $280.6 million, which included $217.5 million net operating losses in Luxembourg, and $63.1 million net operating losses in U.K. and Brazil, which do not expire under local tax law. At December 31, 2023, we had accumulated undistributed earnings generated by our non-U.S. subsidiaries of approximately $79.1 million. With the enactment of the U.S. Tax Cuts and Jobs Act in 2017, repatriations of foreign earnings are generally free of U.S. federal income taxation. For the year ended December 31, 2023, we released our remaining reserve for uncertain tax positions of $0.1 million, which related to a research and development credit taken on our 2019 U.S. Federal Income Tax Return. We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. We anticipate that any potential adjustments to our state, local and non-U.S. jurisdiction tax returns by taxing authorities would not have a material impact on our financial position. The tax periods from 2020 through 2023 are open to review and examination by the U.S. Internal Revenue Service. In non-U.S. jurisdictions, the open tax periods include 2019 through 2023. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 9 — Shareholders’ Equity Our amended and restated Articles of Incorporation provide for authorized Common Stock of 240,000,000 shares with no stated par value per share and 5,000,000 shares of preferred stock, $0.01 par value per share, issuable in one or more series. In connection with the 2026 Notes offering (Note 7), we entered into the 2026 Capped Calls with three separate option counterparties. The 2026 Capped Calls were initially for an aggregate of 28,675,900 shares of our common stock, which corresponded to the shares into which the 2026 Notes were 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 2026 Capped Calls are intended to offset some or all of the potential dilution to Helix common shares or increases to the economic cost 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 strike and cap prices are subject to adjustment and the 2026 Capped Calls are subject to 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 were initially recorded at their aggregate cost of $10.6 million as a reduction to “Common stock” in the shareholders’ equity section of our consolidated balance sheets. Concurrently with the 2026 Notes Repurchases in December 2023 (Note 7), we entered into agreements with each of the counterparties to terminate a proportionate amount of the 2026 Capped Calls (the “2026 Capped Calls Terminations”). Upon entering into the 2026 Capped Calls Terminations, we recorded the $14.2 million fair value of the terminated 2026 Capped Calls to “Derivative assets” with a corresponding increase in “Common stock” as those capped calls no longer qualified for equity classification. The derivative assets were subsequently marked to market to the cash settlement amount of $15.6 million with the changes reported in “Loss on extinguishment of long-term debt” in the accompanying consolidated statements of operations. |
Share Repurchase Programs
Share Repurchase Programs | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Repurchase Programs | Note 10 — Share Repurchase Programs During 2023, we repurchased a total of 1,584,045 shares of our common stock for approximately $12.0 million or an average of $7.57 per share pursuant to a share repurchase program (the “2023 Repurchase Program”) authorized by our Board of Directors (our “Board”) in February 2023. Under the 2023 Repurchase Program, we are authorized to repurchase up to $200 million issued and outstanding shares of our common stock. Concurrent with the authorization of the 2023 Repurchase Program, our Board revoked the prior authorization to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (the “ESPP”) (Note 13). The 2023 Repurchase Program has no set expiration date. Repurchases under the 2023 Repurchase Program have been made through open market purchases in compliance with Rule 10b-18 under the Exchange Act, but may also be made through privately negotiated transactions or plans, instructions or contracts established under Rule 10b5-1 under the Exchange Act. The manner, timing and amount of any purchase will be determined by management at its discretion based on an evaluation of market conditions, stock price, liquidity and other factors. The 2023 Repurchase Program does not obligate us to acquire any particular amount of common stock and may be modified or superseded at any time at our discretion. Any repurchased shares are expected to be cancelled. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | Note 11 — Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by contract duration (in thousands): Well Shallow Water Production Intercompany Total Intervention Robotics Abandonment Facilities Eliminations Revenue Year ended December 31, 2023 Short-term $ 443,332 $ 133,740 $ 241,416 $ — $ (3,441) $ 815,047 Long-term 289,429 124,135 33,538 87,885 (60,306) 474,681 Total $ 732,761 $ 257,875 $ 274,954 $ 87,885 $ (63,747) $ 1,289,728 Year ended December 31, 2022 Short-term $ 395,867 $ 97,533 $ 124,810 $ — $ (635) $ 617,575 Long-term 128,374 94,388 — 82,315 (49,552) 255,525 Total $ 524,241 $ 191,921 $ 124,810 $ 82,315 $ (50,187) $ 873,100 Year ended December 31, 2021 Short-term $ 308,734 $ 89,668 $ — $ — $ (627) $ 397,775 Long-term 207,830 47,627 — 69,348 (47,852) 276,953 Total $ 516,564 $ 137,295 $ — $ 69,348 $ (48,479) $ 674,728 Contract Balances Contract assets are rights to consideration in exchange for services that we have provided to a customer when those rights are conditioned on our future performance. Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract assets are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 4). Contract assets as of December 31, 2023 and 2022 were $5.8 million and $6.3 million, respectively. We had no credit losses on our contract assets for the years ended December 31, 2023, 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” in the accompanying consolidated balance sheets (Note 4). Contract liabilities as of December 31, 2023 and 2022 totaled $32.8 million and $10.0 million, respectively. Revenue recognized for the years ended December 31, 2023, 2022 and 2021 included $8.7 million, $7.4 million and $7.9 million, respectively, that were included in the contract liability balance as the beginning of each period. We report the net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period. Performance Obligations As of December 31, 2023, $849.9 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $700.1 million, $128.9 million and $20.9 million in 2024 2025 2026 For the years ended December 31, 2023 and 2021, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial. For the year ended December 31, 2022, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $1.0 million, which resulted from the retrospective application of certain contractual adjustments. Contract Fulfillment Costs Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying consolidated balance sheets (Note 4). Our deferred contract costs as of December 31, 2023 and 2022 totaled $36.6 million and $20.4 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded $43.2 million, $29.7 million and $39.1 million, respectively, related to amortization of deferred contract costs. There were no material impairment losses on deferred contract costs for any period presented. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12 — Earnings Per Share 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 consolidated statements of operations are as follows (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Income Shares Income Shares Income Shares Basic and Diluted: Net loss attributable to common shareholders $ (10,838) $ (87,784) $ (61,538) Less: Accretion of redeemable noncontrolling interests — — (241) Net loss available to common shareholders $ (10,838) 150,917 $ (87,784) 151,276 $ (61,779) 150,056 Loss per share $ (0.07) $ (0.58) $ (0.41) We had net losses for the years ended December 31, 2023, 2022 and 2021. Accordingly, our diluted EPS calculation for these periods excluded the dilutive effect of share-based awards 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): Year Ended December 31, 2023 2022 2021 Diluted shares (as reported) 150,917 151,276 150,056 Share-based awards 3,154 2,158 1,282 Total 154,071 153,434 151,338 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): Year Ended December 31, 2023 2022 2021 2022 Notes — 600 2,519 2023 Notes 2,247 3,168 3,168 2026 Notes 28,139 28,676 28,676 We have outstanding RSUs (Note 13) that can be settled in either cash or shares of our common stock or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Note 13 — Employee Benefit Plans Long-Term Incentive Plan We currently have one active long-term incentive plan, the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). The 2005 Incentive Plan is administered by the Compensation Committee of our Board (the “Compensation Committee”). The Compensation Committee also determines the type of award to be made to each recipient and, as set forth in the related award agreement, the terms, conditions and limitations applicable to each award. The Compensation Committee may grant various forms of award in accordance with the 2005 Incentive Plan. Awards that have been granted to employees under the 2005 Incentive Plan have a vesting period of three years (or 33% per year) with the exception of PSUs, which vest in amounts in accordance with their terms on the third anniversary date of the grant. The 2005 Incentive Plan currently has 17.3 million shares authorized for issuance, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. As of December 31, 2023, there were approximately 3.4 million shares of our common stock available for issuance under the 2005 Incentive Plan and no incentive stock options are currently outstanding. The following grants of share-based awards were made in 2023 under the 2005 Incentive Plan: Grant Date Fair Value Date of Grant Award Type Shares/Units Per Share/Unit Vesting Period/Vesting Date January 1, 2023 (1) RSU 506,436 $ 7.38 33% per year over three years January 3, 2023 (1) PSU 489,498 $ 9.26 100% on December 31, 2025 January 1, 2023 (2) Restricted stock 9,210 $ 7.38 100% on January 1, 2025 April 1, 2023 (2) Restricted stock 7,267 $ 7.74 100% on January 1, 2025 July 1, 2023 (2) Restricted stock 7,622 $ 7.38 100% on January 1, 2025 October 1, 2023 (2) Restricted stock 5,076 $ 11.17 100% on January 1, 2025 December 6, 2023 (2) Restricted stock 119,049 $ 8.82 100% on December 6, 2024 (1) Reflects grants to our executive officers. (2) Reflects grants to certain independent members of our Board. In January 2024, we granted certain officers 375,730 RSUs and 351,410 PSUs under the 2005 Incentive Plan. The grant date fair value of the RSUs was $10.28 per unit or $3.9 million. The grant date fair value of the PSUs was $12.30 per unit or $4.3 million. PSUs and RSUs issued in 2024 are payable in either cash or stock, or a combination thereof, at the discretion of the Compensation Committee. Also in January 2024, we granted $6.1 million of fixed value cash awards to select management employees under the 2005 Incentive Plan. Restricted Stock Awards We grant restricted stock to members of our Board and from time to time our executive officers and select management employees. The following table summarizes information about our restricted stock: Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Shares Fair Value (1) Shares Fair Value (1) Shares Fair Value (1) Awards outstanding at beginning of year 387,628 $ 6.70 853,726 $ 5.62 1,176,951 $ 6.61 Granted 148,224 8.68 253,358 5.33 332,841 3.59 Vested (2) (342,723) 7.10 (719,456) 4.94 (656,066) 6.35 Awards outstanding at end of year 193,129 $ 7.52 387,628 $ 6.70 853,726 $ 5.62 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. (2) Total fair value of restricted stock that vested during the years ended December 31, 2023, 2022 and 2021 was $2.9 million, $2.9 million and $2.6 million, respectively. For the years ended December 31, 2023, 2022 and 2021, $1.3 million, $2.5 million and $3.3 million, respectively, were recognized as share-based compensation related to restricted stock. Future compensation cost associated with unvested restricted stock at December 31, 2023 totaled approximately $1.2 million. The weighted average vesting period related to unvested restricted stock at December 31, 2023 was approximately 0.7 years. PSU Awards Our PSUs granted prior to 2021 were settled solely in shares of our common stock and were accounted for as equity awards. Our PSUs granted beginning in January 2021 may be settled in either cash or shares of our common stock, or a combination thereof, upon vesting at the discretion of the Compensation Committee 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. The following table summarizes information about our PSU awards: Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Units Fair Value (1) Units Fair Value (1) Units Fair Value (1) PSU awards outstanding at beginning of year 1,888,024 $ 6.25 1,381,469 $ 8.34 1,297,126 $ 9.99 Granted 489,498 9.26 1,065,705 4.25 452,381 5.33 Vested (369,938) 13.15 (559,150) 7.60 (368,038) 10.44 PSU awards outstanding at end of year 2,007,584 $ 5.71 1,888,024 $ 6.25 1,381,469 $ 8.34 (1) Represents the weighted average grant date fair value. For the years ended December 31, 2023, 2022 and 2021, $4.8 million, $4.8 million and $4.1 million, respectively, were recognized as share-based compensation related to PSUs. Future compensation cost associated with unvested PSU awards at December 31, 2023 totaled approximately $5.4 million. The weighted average vesting period related to unvested PSUs at December 31, 2023 was approximately 1.0 year. PSUs granted in 2021 are expected to vest at a 181% performance factor in March 2024 once the Free Cash Flow payout factor is finalized, representing an estimated 818,810 shares of our common stock. In January 2023, 369,938 PSUs granted in 2020 vested at a 77% performance factor, representing 285,778 shares of our common stock with a total market value of $3.6 million. In January 2022, 559,150 PSUs granted in 2019 vested at a 157% performance factor, representing 876,469 shares of our common stock with a total market value of $3.2 million. RSU Awards Our currently outstanding RSUs may be settled in either cash or shares of our common stock, or a combination thereof, upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards. The following table summarizes information about our RSU awards: Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Units Fair Value (1) Units Fair Value (1) Units Fair Value (1) RSU awards outstanding at beginning of year 1,367,294 $ 3.36 452,381 $ 4.20 — $ — Granted 506,436 7.38 1,065,705 3.12 452,381 4.20 Vested (506,028) 3.44 (150,792) 4.20 — — RSU awards outstanding at end of year 1,367,702 $ 4.82 1,367,294 $ 3.36 452,381 $ 4.20 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. Compensation cost recognized for the years ended December 31, 2023, 2022 and 2021 was $6.8 million and $3.7 million and $0.5 million, respectively, which approximated the fair value of RSUs vested in January 2024, 2023 and 2022, respectively. Future compensation cost based on the fair value of unvested RSUs at December 31, 2023 totaled approximately $7.1 million. The weighted average vesting period related to unvested RSUs at December 31, 2023 was approximately 1.3 years. Cash Awards In 2023, 2022 and 2021, we granted fixed value cash awards of $6.0 million, $5.5 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. For the years ended December 31, 2023, 2022 and 2021, we recognized compensation costs of $4.5 million and $4.3 million and $4.0 million, respectively, which reflect the cash payouts made in January 2024, 2023 and 2022, respectively. Defined Contribution Plans We sponsor a defined contribution 401(k) retirement plan in the U.S. We also contribute to various other defined contribution plans globally. For the years ended December 31, 2023, 2022 and 2021, we made contributions to our defined contribution plans totaling $4.3 million, $3.0 million and $1.3 million, respectively. Employee Stock Purchase Plan As of December 31, 2023, 1.2 million shares were available for issuance under the ESPP. Eligible employees who participate in the ESPP may purchase shares of our common stock through payroll deductions on an after-tax basis over a four-month |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 14 — Business Segment Information We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. We formed the Shallow Water Abandonment segment in the third quarter 2022 following the Alliance acquisition (Note 3). All material intercompany transactions between the segments have been eliminated. See Note 1 for more information on our business segments. We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands): Year Ended December 31, 2023 2022 2021 Net revenues — Well Intervention $ 732,761 $ 524,241 $ 516,564 Robotics 257,875 191,921 137,295 Shallow Water Abandonment 274,954 124,810 — Production Facilities 87,885 82,315 69,348 Intercompany eliminations (63,747) (50,187) (48,479) Total $ 1,289,728 $ 873,100 $ 674,728 Year Ended December 31, 2023 2022 2021 Income (loss) from operations — Well Intervention $ 32,398 $ (53,056) $ (35,882) Robotics 52,450 29,981 5,762 Shallow Water Abandonment 66,240 22,184 — Production Facilities 20,832 27,201 22,906 Segment operating income (loss) 171,920 26,310 (7,214) Change in fair value of contingent consideration (42,246) (16,054) — Corporate, eliminations and other (66,164) (55,111) (41,473) Total $ 63,510 $ (44,855) $ (48,687) Net interest expense (17,338) (18,950) (23,201) Other non-operating income (expense), net (38,658) (11,376) 1,246 Income (loss) before income taxes $ 7,514 $ (75,181) $ (70,642) Capital expenditures — Well Intervention $ 7,763 $ 17,617 $ 2,349 Robotics 3,957 15,603 120 Shallow Water Abandonment 6,890 532 — Production Facilities — (1,424) 6,770 Corporate, eliminations and other 978 1,176 (917) Total $ 19,588 $ 33,504 $ 8,322 Depreciation and amortization — Well Intervention $ 113,025 $ 103,952 $ 107,551 Robotics 9,604 12,209 15,158 Shallow Water Abandonment 20,150 8,172 — Production Facilities 21,028 18,520 19,465 Corporate and eliminations 309 (167) (660) Total $ 164,116 $ 142,686 $ 141,514 Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Well Intervention $ 28,396 $ 16,545 $ 21,521 Robotics 35,263 33,642 26,958 Shallow Water Abandonment 88 — — Total $ 63,747 $ 50,187 $ 48,479 Revenues by individually significant geographic location are as follows (in thousands): Year Ended December 31, 2023 2022 2021 U.S. $ 644,755 $ 447,205 $ 232,661 North Sea (1) 274,745 206,647 129,772 Brazil 177,070 81,940 154,326 Asia Pacific 163,957 43,648 16,792 West Africa 8,423 87,488 126,856 Other 20,778 6,172 14,321 Total $ 1,289,728 $ 873,100 $ 674,728 (1) Includes revenues generated from the U.K. of $236.2 million, $167.0 million and $100.2 million, respectively, during the years ended December 31, 2023, 2022 and 2021. Our operational assets work in various regions around the world such as the Gulf of Mexico, Brazil, the North Sea, Asia Pacific and West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location where those assets are based (in thousands): December 31, 2023 2022 U.S. $ 735,406 $ 780,803 U.K. (1) 617,819 625,001 Brazil (2) 219,624 235,811 Total $ 1,572,849 $ 1,641,615 (1) Includes the Q7000 and certain other assets that are based in the U.K. but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions. (2) Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions. Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. The following table reflects total assets by reportable segment (in thousands): December 31, December 31, 2023 2022 Well Intervention $ 1,790,971 $ 1,796,269 Robotics 177,801 192,694 Shallow Water Abandonment 256,356 206,944 Production Facilities 120,234 136,382 Corporate and other 210,674 57,049 Total $ 2,556,036 $ 2,389,338 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Note 15 — Asset Retirement Obligations Our AROs relate to mature offshore oil and gas properties that we acquired with the intention to perform decommissioning work at the end of their life cycles. In August 2022, we acquired from MP Gulf of Mexico, LLC (“MP GOM”), a joint venture controlled by Murphy Exploration & Production Company – USA, all of MP GOM’s 62.5% interest in the Thunder Hawk Field, in exchange for the assumption of MP GOM’s abandonment obligations (initially estimated at $23.6 million). Our AROs also include P&A costs associated with our Droshky oil and gas properties (Note 4). The following table describes the changes in our AROs (in thousands): 2023 2022 2021 AROs at January 1, $ 51,956 $ 29,658 $ 30,913 Liability incurred during the period — 23,601 — Revisions in estimates 3,257 (3,285) (2,631) Accretion expense 6,143 1,982 1,376 AROs at December 31, $ 61,356 $ 51,956 $ 29,658 |
Commitments And Contingencies A
Commitments And Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies And Other Matters | Note 16 — Commitments and Contingencies and Other Matters Commitments Our Well Intervention segment has long-term charter agreements with Siem Offshore AS for the Siem Helix 1 Siem Helix 2 Grand Canyon II Grand Canyon III Shelia Bordelon Glomar Wave Horizon Enabler Grand Canyon II Grand Canyon III Grand Canyon III Glomar Wave Horizon Enabler In January 2024, the expiration date of our time charter agreement for the Shelia Bordelon Siem Helix 1 Siem Helix 2 Contingencies and Claims From time to time, we may incur losses related to our contracts for matters such as costs in excess of contract consideration or claims related to disputes with customers and any obligations thereon. While we believe we maintain appropriate accruals for such matters, the actual loss to us may be more or less than the amounts reserved. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earn-out expected to be paid in cash in April 2024 (Note 3). Consequently, any uncertainty related to this liability has been resolved as the payment amount was fixed and the measurement period ended on December 31, 2023. We are involved in various legal proceedings in the normal course of business, including claims under the General Maritime Laws of the United States and the Merchant Marine Act of 1920 (commonly referred to as the Jones Act), contract-related disputes, employee-related disputes and subsequently identified legacy issues related to Alliance. We recognize losses for lawsuits when the probability of an unfavorable outcome is probable and we can reasonably estimate the amount of the loss. For insured claims, we recognize such losses to the extent they exceed applicable insurance coverage. Although we can give no assurance about the outcome of litigation, claims or other proceedings, we do not currently believe that any loss resulting from litigation, claims or other proceedings, to the extent not otherwise covered by insurance, will have a material adverse impact on our consolidated financial statements. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Statement Of Cash Flow Information | Note 17 — Statement of Cash Flow Information The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2023 2022 2021 Interest paid $ 20,984 $ 18,267 $ 20,719 Income taxes paid (1) 7,394 9,516 8,310 (1) Exclusive of any income tax refunds. During the years ended December 31, 2022 and 2021, we received refunds related to the U.S. Coronavirus Aid, Relief, and Economic Security Act of $1.1 million and $18.9 million, respectively. Our capital additions include the acquisition of property and equipment for which payment has not been made. As of December 31, 2023 and 2022, these non-cash capital additions totaled $1.1 million and $0.4 million, respectively. Non-cash investing and financing activities for the year ended December 31, 2023 included a portion of P&A equipment purchase financed by the seller in the form of credits towards future services offered by us which had an estimated fair value of $11.6 million at the time of purchase in the third quarter 2023 (Note 4). Non-cash financing activities for the year ended December 31, 2023 included the issuance of 1.5 million shares of our common stock for the repurchase of a portion of our 2026 Notes. Non-cash investing activities for the year ended December 31, 2022 included $26.7 million in estimated fair value of contingent earn-out consideration as of July 1, 2022, the date of the Alliance acquisition (Note 3). |
Allowance Accounts
Allowance Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Allowance Accounts | Note 18 — Allowance Accounts The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2023 (in thousands): Allowance for Deferred Tax Asset Credit Losses Valuation Allowance Balance at December 31, 2020 $ 3,469 $ 19,722 Additions (reductions) (1) (146) — Write-offs (2) (1,846) — Adjustments (3) — (5,675) Balance at December 31, 2021 1,477 14,047 Additions (reductions) (1) 800 — Adjustments (4) — 8,110 Balance at December 31, 2022 2,277 22,157 Additions (reductions) (1) (5) 1,149 51,354 Write-offs (2) (19) — Adjustments (4) — 7,604 Balance at December 31, 2023 $ 3,407 $ 81,115 (1) The additions (reductions) in allowance for credit losses relate to reserves (releases) for expected credit losses during the respective years. (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. (3) The decrease in valuation allowance primarily relates to the valuation allowance release for certain of our U.K. operations. (4) The increase in valuation allowance relates to current year activity, including adjustments to prior year returns, and the related change in unrealized net deferred tax assets. (5) The addition in valuation allowance relates to the adjustment for a change in assessment on the realizability of our Luxembourg net operating losses from remote to less likely than not. See Note 2 for a detailed discussion regarding our accounting policy on accounts receivable and allowance for credit losses. See Note 8 for a detailed discussion of the valuation allowance related to our deferred tax assets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 19 — Fair Value Measurements 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. Contingent consideration liability related to the Alliance acquisition (Note 3) was previously measured at fair value using Level 3 unobservable inputs and determined based on our evaluation of the probability and amount of earn-out that may be achieved based on expected future performance of Helix Alliance. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earn-out expected to be paid in cash in April 2024. As such, the Alliance earn-out consideration has been reported at $85.0 million in the accompanying consolidated balance sheet (Note 4) and was no longer contingent and subject to fair value measurement as of December 31, 2023. The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 (in thousands): Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities: Contingent consideration $ — $ — $ 42,754 $ 42,754 The reconciliation of Level 3 recurring fair value measurements is as follows (in thousands): 2023 Balance at January 1, $ 42,754 Change in fair value 42,246 Transfers out of Level 3 (85,000) Balance at December 31, $ — The principal amount and estimated fair value of our long-term debt are as follows (in thousands): December 31, 2023 December 31, 2022 Principal Fair Principal Fair Amount (1) Value (2) Amount (1) Value (2) 2023 Notes (matured September 2023) $ — $ — $ 30,000 $ 31,149 2026 Notes (mature February 2026) 40,199 64,117 200,000 277,014 MARAD Debt (matures February 2027) 32,580 32,348 40,913 40,940 2029 Notes (mature March 2029) 300,000 315,987 — — Total debt $ 372,779 $ 412,452 $ 270,913 $ 349,103 (1) Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 7 for additional disclosures on our long-term debt. (2) The estimated fair value was determined 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. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of our majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership but have the ability to exert significant influence. All material intercompany accounts and transactions have been eliminated. |
Basis Of Presentation | Basis of Presentation Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. We have made all adjustments that we believe are necessary for a fair presentation of our consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. |
Restricted Cash | Restricted Cash We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. Our restricted cash as of December 31, 2022 consisted of $2.5 million pledged toward our asset-based credit agreement (the “ABL Facility”). |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are recognized when our right to consideration becomes unconditional. Accounts receivable are stated at the historical carrying amount, net of write-offs and allowance for credit losses. We perform ongoing credit evaluations of our customers and provide allowances for expected 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. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 18). |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price consideration is allocated to the assets acquired and liabilities assumed based upon estimates of their fair values as of the acquisition date. Fair values of the assets acquired and liabilities assumed are measured in accordance with ASC Topic 820, Fair Value Measurement, using income approach, cost approach and other applicable valuation techniques. The fair value of property, plant and equipment acquired from the acquisition was estimated primarily by applying the cost approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence and economic useful life. The fair value of intangible assets acquired from the acquisition was estimated primarily by applying the income approach. The key assumptions of the income approach include revenue projections, royalty rates and economic useful life. For certain other assets and liabilities, those fair values are consistent with historical carrying values. The purchase price allocation is subject to revision to reflect new information obtained about facts and circumstances that existed at the acquisition date. The purchase price consideration, as well as the estimated fair values of the assets acquired and liabilities assumed, is finalized as soon as practicable, but no later than one year from the closing of the acquisition. Contingent consideration payable in cash is initially measured at fair value and included as part of the purchase price and subsequently measured at fair value at the end of each reporting period with changes in value reported in “Change in fair value of contingent consideration” in the consolidated statements of operations until the liability is no longer contingent (Note 19). Acquisition and integration costs consist of legal and professional fees as well as costs incurred to integrate the acquiree’s operations and systems and to align its financial processes and procedures with those of Helix. Those costs are expensed as incurred and are presented separately from “Selling, general and administrative expenses” in the consolidated statements of operations. |
Property and Equipment | Property and Equipment Property and equipment (including oil and gas properties) acquired separately from a business combination is recorded initially at cost and subsequently depreciated on a straight-line basis over its estimated useful life. The cost of improvements is capitalized whereas the cost of repairs and maintenance is expensed as incurred. Assets used in operations are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s expected undiscounted cash flows. If the carrying amount of the asset or asset group is not recoverable and is greater than its fair value, an impairment charge is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are evaluated for impairment at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. |
Equity Investment | Equity Investment We have a 20% ownership interest in Independence Hub, LLC (“Independence Hub”), which is included in our Production Facilities segment. We account for our ownership interest in Independence Hub using the equity method of accounting. In May 2022, we received a net cash distribution of $7.8 million from the sale of the “Independence Hub” platform owned by Independence Hub. Our remaining investment in Independence Hub is insignificant. |
Leases | Leases Leases with a term greater than one year are recognized in the consolidated balance sheet as right-of-use (“ROU”) assets and lease liabilities. We have not recognized in the consolidated balance sheet leases with an initial term of one year or less. Lease liabilities and their corresponding ROU assets are recorded at the commencement date based on the present value of lease payments over the expected lease term. The lease term may include the option to extend or terminate the lease when it is reasonably certain that we will exercise the option. We use our incremental borrowing rate, which would be the rate incurred to borrow on a collateralized basis over a similar term in a similar economic environment, to calculate the present value of lease payments. ROU assets are adjusted for any initial direct costs paid or incentives received. We separate our long-term vessel charters between their lease components and non-lease services. We estimate the lease component using the residual approach by estimating the non-lease services, which primarily include crew, repair and maintenance, and regulatory certification costs. For all other leases, we have not separated the lease components and non-lease services. We recognize operating lease cost on a straight-line basis over the lease term for both (i) leases that are recognized in the consolidated balance sheet and (ii) short-term leases. We recognize lease cost related to variable lease payments that are not recognized in the consolidated balance sheet in the period in which the obligation is incurred. |
Deferred Recertification and Dry Dock Costs | Deferred Recertification and Dry Dock Costs Our vessels and systems are required by regulation to be periodically recertified. Recertification costs for a vessel are typically incurred while the vessel is in regulatory docking. We defer and amortize recertification costs, including vessel dry dock costs, over the period that the certification applies, which generally ranges from 24 to 60 months if the appropriate permitting is obtained. A recertification process, including vessel dry dock, typically lasts between one During the years ended December 31, 2023, 2022 and 2021, amortization expense related to deferred recertification and dry dock costs was $25.7 million, $14.0 million and $14.6 million, respectively. |
Revenue Recognition | Revenue Recognition Revenue from Contracts with Customers We generate revenue in our Well Intervention segment by supplying vessels, personnel and equipment to provide well intervention services, which involve providing marine access, serving as a deployment mechanism to the subsea well, connecting to and maintaining a secure connection to the subsea well and maintaining well control through the duration of the intervention services. We may also perform down-hole intervention work and provide certain engineering services. We generate revenue in our Robotics segment by operating ROVs and trenchers to provide subsea trenching and burial of pipelines and cables as well as seabed clearance for the oil and gas and the renewable energy markets and to provide offshore construction, well intervention support and IRM services to oil and gas companies. We also provide integrated robotic services by supplying vessels that deploy ROVs and trenchers. We generate revenue in our Production Facilities segment by supplying vessels, personnel and equipment for oil and natural gas processing, well control response services, and oil and gas production from owned properties. We generate revenue in our Shallow Water Abandonment segment by providing decommissioning and intervention services with P&A and CT systems and personnel; by providing marine access to offshore facilities with liftboats, OSVs and the crew boat in order to perform decommissioning, intervention, diving and other work scopes; and by providing diving and platform decommissioning services with DSVs and personnel and with the heavy lift barge. Our revenues are primarily derived from short-term and long-term service contracts with customers. Our service contracts generally contain provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) but we occasionally contract on a lump sum basis (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. We generally account for our services under contracts with customers as a single performance obligation satisfied over time. The single performance obligation in our dayrate contracts is comprised of a series of distinct time increments in which we provide services. We do not account for activities that are immaterial or not distinct within the context of our contracts as separate performance obligations. Consideration received under a contract is allocated to the single performance obligation on a systematic basis that depicts the pattern of the provision of our services to the customer. We generally consider integrated offerings to be a single performance obligation due to the interdependencies of the offerings. The total transaction price for a contract is determined by estimating both fixed and variable consideration expected to be earned over the term of the contract and excludes certain amounts that have been disputed by our customers. We generally do not provide significant financing to our customers and do not adjust contract consideration for the time value of money if extended payment terms are granted for less than one year. Estimated variable consideration, if any, is considered to be constrained and therefore is not included in the transaction price until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. At the end of each reporting period, we reassess and update our estimates of variable consideration and amounts of that variable consideration that should be constrained. Dayrate Contracts Dayrate contracts also may contain fees charged to the customer for mobilizing and/or demobilizing equipment and personnel. Mobilization and demobilization are considered contract fulfillment activities, and related fees (subject to any constraint on estimates of variable consideration) are allocated to the single performance obligation and recognized ratably over the term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable as the amounts received are generally subject to uncertainty. Accordingly, these revenues are constrained and not recognized until the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. A dayrate contract modification involving an extension of the contract by adding days of services is generally accounted for prospectively as a separate contract, but may be accounted for as a termination of the existing contract and creation of a new contract if the consideration for the extended services does not represent their stand-alone selling prices. Lump Sum Contracts We review and update our contract-related estimates regularly and recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period in which the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If a current estimate of total contract costs to be incurred exceeds the estimate of total revenues to be earned, we recognize the projected loss in full when it is identified. A modification to a lump sum contract is generally accounted for as part of the existing contract and recognized as an adjustment to revenue on a cumulative catch-up basis. Income from Oil and Gas Production Income from oil and gas production is recognized according to monthly oil and gas production volumes from the oil and gas properties that we own, and is included in revenues from our Production Facilities segment. Income from Royalty Interests Income from royalty interests is recognized according to our share of monthly oil and gas production volumes and is included in “Royalty income and other” in the consolidated statements of operations. |
Income Taxes | Income Taxes Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. We provide for uncertain tax positions and related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by local taxing authorities. At December 31, 2023, we believe we have appropriately accounted for any unrecognized tax benefits. |
Share-Based Compensation | Share-Based Compensation Share-based payment awards are classified as either equity or liability awards based on various factors such as award conditions, settlement features, substantive terms and past practices. Shared-based compensation is initially measured at the grant date based on the estimated fair value of an award and subsequently measured depending on their award conditions and classification. Forfeitures are recognized as they occur. Restricted stock awards are based solely on service conditions and are accounted for as equity awards. 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. For performance share unit (“PSU”) awards with a service and a market condition that 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 with a service and a performance condition that 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. Restricted stock unit (“RSU”) awards accounted for as liability awards are measured at their estimated fair value based on the closing share price of our common stock as of 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. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations (“AROs”) are recorded initially at fair value and consist of estimated costs for subsea infrastructure decommissioning and P&A activities associated with our oil and gas properties. The estimated costs are discounted to present value using a credit-adjusted risk-free discount rate. After its initial recognition, an ARO liability is increased for the passage of time as accretion expense, which is a component of our depreciation and amortization expense. An ARO liability may also change based on revisions in estimated costs and/or timing to settle the obligations. |
Foreign Currency | Foreign Currency Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect at the end of the reporting period, and the resulting translation adjustments are included in other comprehensive income (loss) (“OCI”). For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in “Other income (expense), net” in the consolidated statements of operations. Foreign currency gains or losses from the remeasurement of monetary assets and liabilities as well as unsettled foreign currency transactions, including intercompany transactions that are not of a long-term investment nature, are also recognized as a component of “Other income (expense), net.” For the years ended December 31, 2023, 2022 and 2021, our foreign currency transaction losses totaled $4.4 million, $23.4 million and $1.5 million, respectively. |
Earnings Per Share | 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 earnings per share (“EPS”) under the two-class method in periods in which we have earnings. Under the two-class method, net income 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 earnings per share (“EPS”) is computed by dividing net income allocated to common shareholders or net loss by the weighted average shares of our common stock outstanding. Diluted EPS is computed in a similar manner after considering the potential dilutive effect of share-based awards and convertible senior notes and taking the more dilutive of the two-class method and the treasury stock method or if-converted method, as applicable. The dilutive effect of share-based awards is computed using the treasury stock method, as applicable, which includes the incremental shares that would be hypothetically vested in excess of the number of shares assumed to be hypothetically repurchased with the assumed proceeds. The effect of convertible senior notes is computed using the if-converted method, if dilutive, which assumes conversion of the convertible senior notes into shares of our common stock at the beginning of the period, giving income recognition for the add-back of related interest expense (net of tax). |
Major Customers and Concentration of Risk | Major Customers and Concentration of Risk We offer our products and services primarily in the offshore oil and gas and renewable energy markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and natural gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) were as follows: 2023 — Apache (11%) and Shell (10%); 2022 — Shell (15%); and 2021 — Petrobras (23%) and Shell (17%). Most of the concentration of revenues are in our Well Intervention segment and, for 2023, our Shallow Water Abandonment segment. As of December 31, 2023, 19% of our labor force was covered by collective bargaining agreements or similar arrangements and 17% of our labor force was covered by those agreements that will expire within one year. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation approaches as 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). |
New Accounting Standards | New Accounting Standards New accounting standards adopted In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, this ASU removes from GAAP the requirement to separate certain convertible instruments, such as our Convertible Senior Notes due 2022 (the “2022 Notes”), Convertible Senior Notes due 2023 (the “2023 Notes”) and Convertible Senior Notes due 2026 (the “2026 Notes”) (Note 7), into liability and equity components. Consequently, those convertible instruments will be accounted for in their entirety as liabilities measured at their amortized cost. We elected to early adopt ASU No. 2020-06 on a modified retrospective basis beginning January 1, 2021. The adoption of this ASU increased our long-term debt and decreased the reported value of our common stock by $44.1 million and $41.5 million, respectively, as we reclassified the conversion features associated with our various outstanding convertible senior notes from equity to long-term debt. The adoption of this ASU also increased our retained earnings and decreased deferred tax liabilities by $6.7 million and $9.3 million, respectively. New accounting standards issued but not yet effective In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures,” which requires all public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and included within each reported measure of segment profit or loss as well as an amount for other segment items by reportable segment and a description of its composition. ASU No. 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods as well. Among other things, this ASU also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 will be effective on a retrospective basis for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” which requires public business entities on an annual basis to disclose specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet certain quantitative threshold. This ASU also requires that all entities disclose on an annual basis the disaggregation of income taxes paid (net of refunds received) by federal, state and foreign and by jurisdictions, of income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign, and of income tax expense (or benefit) from continuing operations by federal, state and foreign. Certain previous disclosure requirements on unrecognized tax benefits and cumulative amount of temporary differences are eliminated. ASU No. 2023-09 will be effective for us beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements. We do not expect other recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Final purchase consideration and final purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities | The following table summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed as of July 1, 2022 (in thousands): July 1, 2022 Cash consideration $ 118,961 Contingent consideration 26,700 Total fair value of consideration transferred $ 145,661 Assets acquired: Cash and cash equivalents $ 6,336 Accounts receivable 43,378 Other current assets 6,077 Property and equipment 117,321 Operating lease right-of-use assets 1,205 Intangible assets 1,500 Other assets 2,133 Total assets acquired 177,950 Liabilities assumed: Accounts payable 20,480 Accrued liabilities 3,073 Operating lease liabilities 1,205 Deferred tax liabilities 7,531 Total liabilities assumed 32,289 Net assets acquired $ 145,661 |
Schedule of pro forma information | The pro forma summary table below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2021 (in thousands). The unaudited pro forma summary includes certain transaction accounting adjustments as necessary and uses estimates and assumptions based on information available at the time. The pro forma summary is provided for illustrative purposes only and does not purport to represent Helix’s actual consolidated results of operations had the acquisition been completed as of the date presented, nor should it be considered indicative of Helix’s future consolidated results of operations. Year Ended December 31, 2022 2021 Revenues $ 952,837 $ 789,051 Net loss (79,686) (56,203) |
Details Of Certain Accounts (Ta
Details Of Certain Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): December 31, 2023 2022 Prepaids $ 28,352 $ 26,609 Contract assets (Note 11) 5,824 6,295 Deferred costs (Note 11) 36,041 13,969 Other 15,006 11,826 Total other current assets $ 85,223 $ 58,699 |
Schedule of other assets, net | Other assets, net consist of the following (in thousands): December 31, 2023 2022 Prepaid charter (1) $ 12,544 $ 12,544 Deferred costs (Note 11) 587 6,432 Other receivable (2) 25,623 24,827 Intangible assets with finite lives, net 4,105 4,465 Other 1,964 2,239 Total other assets, net $ 44,823 $ 50,507 (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. (2) Represents the present value of the agreed-upon amounts that we are entitled to receive from Marathon Oil Corporation (“Marathon Oil”) for remaining P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil in 2019. |
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands): December 31, 2023 2022 Accrued payroll and related benefits $ 59,010 $ 41,339 Accrued interest 4,181 6,306 Income tax payable 1,938 479 Deferred revenue (Note 11) 32,763 9,961 Earn-out consideration (Note 3) 85,000 — Other (1) 20,220 15,489 Total accrued liabilities $ 203,112 $ 73,574 (1) During the third quarter 2023, we acquired five P&A systems and other assets for total consideration of $17.6 million including $6.0 million in cash in addition to credits towards future services offered by us. Amount as of December 31, 2023 included $9.0 million of those credits . |
Schedule of other non-current liabilities | Other non-current liabilities consist of the following (in thousands): December 31, 2023 2022 Asset retirement obligations (Note 15) $ 61,356 $ 51,956 Contingent consideration (Note 19) — 42,754 Other (1) 4,892 520 Total other non-current liabilities $ 66,248 $ 95,230 (1) Amount as of December 31, 2023 included $2.6 million of credits offered by us in exchange for the purchase of P&A equipment (see above). |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of gross components of property and equipment | The following is a summary of the gross components of property and equipment (dollars in thousands): December 31, Estimated Useful Life 2023 2022 Vessels 15 $ 2,406,089 $ 2,371,084 Systems and equipment 5 337,913 306,316 ROVs and trenchers 5 252,753 262,763 Buildings and other 5 81,816 76,149 Total property and equipment $ 3,078,571 $ 3,016,312 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of components of lease cost | The following table details the components of our lease cost (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease cost $ 72,775 $ 61,067 $ 60,636 Variable lease cost 21,423 20,562 16,711 Short-term lease cost 54,613 29,487 20,590 Sublease income (1,113) (1,275) (1,303) Net lease cost $ 147,698 $ 109,841 $ 96,634 |
Schedule of maturities of operating lease liabilities | Maturities of our operating lease liabilities as of December 31, 2023 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 67,488 $ 6,639 $ 74,127 One to two years 55,453 3,508 58,961 Two to three years 35,200 1,289 36,489 Three to four years 26,245 1,272 27,517 Four to five years 3,040 1,244 4,284 Over five years — 1,926 1,926 Total lease payments $ 187,426 $ 15,878 $ 203,304 Less: imputed interest (22,419) (2,038) (24,457) Total operating lease liabilities $ 165,007 $ 13,840 $ 178,847 Current operating lease liabilities $ 56,602 $ 6,060 $ 62,662 Non-current operating lease liabilities 108,405 7,780 116,185 Total operating lease liabilities $ 165,007 $ 13,840 $ 178,847 Maturities of our operating lease liabilities as of December 31, 2022 are as follows (in thousands): Facilities and Vessels Equipment Total Less than one year $ 58,063 $ 6,603 $ 64,666 One to two years 55,515 5,697 61,212 Two to three years 43,400 2,797 46,197 Three to four years 35,200 959 36,159 Four to five years 26,244 959 27,203 Over five years 3,041 2,783 5,824 Total lease payments $ 221,463 $ 19,798 $ 241,261 Less: imputed interest (32,986) (2,675) (35,661) Total operating lease liabilities $ 188,477 $ 17,123 $ 205,600 Current operating lease liabilities $ 45,131 $ 5,783 $ 50,914 Non-current operating lease liabilities 143,346 11,340 154,686 Total operating lease liabilities $ 188,477 $ 17,123 $ 205,600 |
Schedule of weighted average remaining lease term and discount rate | The following table presents the weighted average remaining lease term and discount rate: December 31, 2023 2022 2021 Weighted average remaining lease term 3.1 years 4.0 years 2.4 years Weighted average discount rate 8.20 % 7.84 % 7.57 % |
Schedule of other information related to operating leases | The following table presents other information related to our operating leases (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for operating lease liabilities $ 68,788 $ 58,129 $ 61,826 Right-of-use assets obtained in exchange for new operating lease obligations 26,502 144,134 5,992 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following (in thousands): December 31, 2023 2022 2023 Notes (matured September 2023) $ — $ 30,000 2026 Notes (mature February 2026) 40,199 200,000 MARAD Debt (matures February 2027) 32,580 40,913 2029 Notes (mature March 2029) 300,000 — Gross debt 372,779 270,913 Unamortized debt discount (1,404) — Unamortized debt issuance costs (9,653) (6,838) Total debt 361,722 264,075 Less current maturities (1) (48,292) (38,200) Long-term debt $ 313,430 $ 225,875 (1) Current maturities as of December 31, 2023 included the carrying amount of the 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). Current maturities as of December 31, 2022 included the carrying amount of the 2023 Notes that matured in September 2023. Current maturities as of December 31, 2023 and 2022 both included the current portion of the MARAD Debt. |
Schedule of redemption prices expressed as percentages of the principal amount | Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings. Redemption Year Price 2026 104.875% 2027 102.438% 2028 and thereafter 100.000% |
Schedule of maturities of long-term debt outstanding | Scheduled maturities of our long-term debt outstanding as of December 31, 2023 are as follows (in thousands): 2026 MARAD 2029 Notes Debt Notes Total Less than one year $ 40,199 $ 8,749 $ — $ 48,948 One to two years — 9,186 — 9,186 Two to three years — 9,644 — 9,644 Three to four years — 5,001 — 5,001 Four to five years — — — — Over five years — — 300,000 300,000 Gross debt 40,199 32,580 300,000 372,779 Unamortized debt discount (1) — — (1,404) (1,404) Unamortized debt issuance costs (1) (656) (1,586) (7,411) (9,653) Total debt 39,543 30,994 291,185 361,722 Less current maturities (2) (39,543) (8,749) — (48,292) Long-term debt $ — $ 22,245 $ 291,185 $ 313,430 (1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. (2) Current maturities of the 2026 Notes reflect the carrying amount of the remaining 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). |
Schedule of components of net interest expense | The following table details the components of our net interest expense (in thousands): Year Ended December 31, 2023 2022 2021 Interest expense $ 21,359 $ 20,176 $ 23,489 Interest income (4,021) (1,226) (288) Net interest expense $ 17,338 $ 18,950 $ 23,201 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax provision (benefit) | Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current tax provision (benefit): Domestic $ 1,510 $ — $ (1,103) Foreign 5,310 8,217 7,347 Total current $ 6,820 $ 8,217 $ 6,244 Deferred tax provision (benefit): Domestic $ 8,689 $ 1,167 $ (5,756) Foreign 2,843 3,219 (9,446) Total deferred $ 11,532 $ 4,386 $ (15,202) Total income tax provision (benefit) $ 18,352 $ 12,603 $ (8,958) |
Schedule of components of income (loss) before income taxes | Components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Domestic $ (31,646) $ (13,745) $ (53,989) Foreign 39,160 (61,436) (16,653) Income (loss) before income taxes $ 7,514 $ (75,181) $ (70,642) |
Schedule of differences between income tax provision (benefit) at U.S. statutory rate and actual income tax provision (benefit) | The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows (dollars in thousands): Year Ended December 31, 2023 2022 2021 Taxes at U.S. statutory rate $ 1,578 21.0 % $ (15,788) 21.0 % $ (14,835) 21.0 % Foreign tax provision 1,590 21.2 18,011 (24.0) 10,326 (14.6) Change in valuation allowance 6,374 84.8 8,110 (10.8) (5,675) 8.0 Non-deductible expenses 2,926 38.9 2,366 (3.1) 1,487 (2.1) Extinguishment of long-term debt (1) 6,372 84.8 — — — — Other (488) (6.5) (96) 0.1 (261) 0.4 Income tax provision (benefit) $ 18,352 244.2 % $ 12,603 (16.8) % $ (8,958) 12.7 % (1) Primarily relates to the non-deductibility for U.S. federal income tax purposes of certain charges associated with the 2026 Notes Repurchases (Note 7). |
Schedule of deferred income taxes | Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each are as follows (in thousands): December 31, 2023 2022 Deferred tax liabilities: Depreciation $ 132,178 $ 147,302 Prepaid and other 1,560 1,868 Total deferred tax liabilities $ 133,738 $ 149,170 Deferred tax assets: Net operating losses $ (78,250) $ (53,136) Reserves, accrued liabilities and other (26,048) (19,308) Total deferred tax assets (104,298) (72,444) Valuation allowance 81,115 22,157 Net deferred tax liabilities $ 110,555 $ 98,883 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Shallow Water Production Intercompany Total Intervention Robotics Abandonment Facilities Eliminations Revenue Year ended December 31, 2023 Short-term $ 443,332 $ 133,740 $ 241,416 $ — $ (3,441) $ 815,047 Long-term 289,429 124,135 33,538 87,885 (60,306) 474,681 Total $ 732,761 $ 257,875 $ 274,954 $ 87,885 $ (63,747) $ 1,289,728 Year ended December 31, 2022 Short-term $ 395,867 $ 97,533 $ 124,810 $ — $ (635) $ 617,575 Long-term 128,374 94,388 — 82,315 (49,552) 255,525 Total $ 524,241 $ 191,921 $ 124,810 $ 82,315 $ (50,187) $ 873,100 Year ended December 31, 2021 Short-term $ 308,734 $ 89,668 $ — $ — $ (627) $ 397,775 Long-term 207,830 47,627 — 69,348 (47,852) 276,953 Total $ 516,564 $ 137,295 $ — $ 69,348 $ (48,479) $ 674,728 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 consolidated statements of operations are as follows (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Income Shares Income Shares Income Shares Basic and Diluted: Net loss attributable to common shareholders $ (10,838) $ (87,784) $ (61,538) Less: Accretion of redeemable noncontrolling interests — — (241) Net loss available to common shareholders $ (10,838) 150,917 $ (87,784) 151,276 $ (61,779) 150,056 Loss per share $ (0.07) $ (0.58) $ (0.41) |
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): Year Ended December 31, 2023 2022 2021 Diluted shares (as reported) 150,917 151,276 150,056 Share-based awards 3,154 2,158 1,282 Total 154,071 153,434 151,338 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): Year Ended December 31, 2023 2022 2021 2022 Notes — 600 2,519 2023 Notes 2,247 3,168 3,168 2026 Notes 28,139 28,676 28,676 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of grants of share-based awards | The following grants of share-based awards were made in 2023 under the 2005 Incentive Plan: Grant Date Fair Value Date of Grant Award Type Shares/Units Per Share/Unit Vesting Period/Vesting Date January 1, 2023 (1) RSU 506,436 $ 7.38 33% per year over three years January 3, 2023 (1) PSU 489,498 $ 9.26 100% on December 31, 2025 January 1, 2023 (2) Restricted stock 9,210 $ 7.38 100% on January 1, 2025 April 1, 2023 (2) Restricted stock 7,267 $ 7.74 100% on January 1, 2025 July 1, 2023 (2) Restricted stock 7,622 $ 7.38 100% on January 1, 2025 October 1, 2023 (2) Restricted stock 5,076 $ 11.17 100% on January 1, 2025 December 6, 2023 (2) Restricted stock 119,049 $ 8.82 100% on December 6, 2024 (1) Reflects grants to our executive officers. (2) Reflects grants to certain independent members of our Board. |
Summary of information about restricted stock | The following table summarizes information about our restricted stock: Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Shares Fair Value (1) Shares Fair Value (1) Shares Fair Value (1) Awards outstanding at beginning of year 387,628 $ 6.70 853,726 $ 5.62 1,176,951 $ 6.61 Granted 148,224 8.68 253,358 5.33 332,841 3.59 Vested (2) (342,723) 7.10 (719,456) 4.94 (656,066) 6.35 Awards outstanding at end of year 193,129 $ 7.52 387,628 $ 6.70 853,726 $ 5.62 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. (2) Total fair value of restricted stock that vested during the years ended December 31, 2023, 2022 and 2021 was $2.9 million, $2.9 million and $2.6 million, respectively. |
Summary of information about PSU awards | The following table summarizes information about our PSU awards: Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Units Fair Value (1) Units Fair Value (1) Units Fair Value (1) PSU awards outstanding at beginning of year 1,888,024 $ 6.25 1,381,469 $ 8.34 1,297,126 $ 9.99 Granted 489,498 9.26 1,065,705 4.25 452,381 5.33 Vested (369,938) 13.15 (559,150) 7.60 (368,038) 10.44 PSU awards outstanding at end of year 2,007,584 $ 5.71 1,888,024 $ 6.25 1,381,469 $ 8.34 (1) Represents the weighted average grant date fair value. |
Summary of information about RSU awards | The following table summarizes information about our RSU awards: Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Units Fair Value (1) Units Fair Value (1) Units Fair Value (1) RSU awards outstanding at beginning of year 1,367,294 $ 3.36 452,381 $ 4.20 — $ — Granted 506,436 7.38 1,065,705 3.12 452,381 4.20 Vested (506,028) 3.44 (150,792) 4.20 — — RSU awards outstanding at end of year 1,367,702 $ 4.82 1,367,294 $ 3.36 452,381 $ 4.20 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of financial data by reportable segment | Certain financial data by reportable segment are summarized as follows (in thousands): Year Ended December 31, 2023 2022 2021 Net revenues — Well Intervention $ 732,761 $ 524,241 $ 516,564 Robotics 257,875 191,921 137,295 Shallow Water Abandonment 274,954 124,810 — Production Facilities 87,885 82,315 69,348 Intercompany eliminations (63,747) (50,187) (48,479) Total $ 1,289,728 $ 873,100 $ 674,728 Year Ended December 31, 2023 2022 2021 Income (loss) from operations — Well Intervention $ 32,398 $ (53,056) $ (35,882) Robotics 52,450 29,981 5,762 Shallow Water Abandonment 66,240 22,184 — Production Facilities 20,832 27,201 22,906 Segment operating income (loss) 171,920 26,310 (7,214) Change in fair value of contingent consideration (42,246) (16,054) — Corporate, eliminations and other (66,164) (55,111) (41,473) Total $ 63,510 $ (44,855) $ (48,687) Net interest expense (17,338) (18,950) (23,201) Other non-operating income (expense), net (38,658) (11,376) 1,246 Income (loss) before income taxes $ 7,514 $ (75,181) $ (70,642) Capital expenditures — Well Intervention $ 7,763 $ 17,617 $ 2,349 Robotics 3,957 15,603 120 Shallow Water Abandonment 6,890 532 — Production Facilities — (1,424) 6,770 Corporate, eliminations and other 978 1,176 (917) Total $ 19,588 $ 33,504 $ 8,322 Depreciation and amortization — Well Intervention $ 113,025 $ 103,952 $ 107,551 Robotics 9,604 12,209 15,158 Shallow Water Abandonment 20,150 8,172 — Production Facilities 21,028 18,520 19,465 Corporate and eliminations 309 (167) (660) Total $ 164,116 $ 142,686 $ 141,514 |
Schedule of intercompany segment revenues | Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Well Intervention $ 28,396 $ 16,545 $ 21,521 Robotics 35,263 33,642 26,958 Shallow Water Abandonment 88 — — Total $ 63,747 $ 50,187 $ 48,479 |
Schedule of revenue by individually significant geographic location | Revenues by individually significant geographic location are as follows (in thousands): Year Ended December 31, 2023 2022 2021 U.S. $ 644,755 $ 447,205 $ 232,661 North Sea (1) 274,745 206,647 129,772 Brazil 177,070 81,940 154,326 Asia Pacific 163,957 43,648 16,792 West Africa 8,423 87,488 126,856 Other 20,778 6,172 14,321 Total $ 1,289,728 $ 873,100 $ 674,728 (1) Includes revenues generated from the U.K. of $236.2 million, $167.0 million and $100.2 million, respectively, during the years ended December 31, 2023, 2022 and 2021. |
Schedule of property and equipment, net of accumulated depreciation, by individually significant geographic location | The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location where those assets are based (in thousands): December 31, 2023 2022 U.S. $ 735,406 $ 780,803 U.K. (1) 617,819 625,001 Brazil (2) 219,624 235,811 Total $ 1,572,849 $ 1,641,615 (1) Includes the Q7000 and certain other assets that are based in the U.K. but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions. (2) Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions. |
Schedule of total assets by reportable segment | The following table reflects total assets by reportable segment (in thousands): December 31, December 31, 2023 2022 Well Intervention $ 1,790,971 $ 1,796,269 Robotics 177,801 192,694 Shallow Water Abandonment 256,356 206,944 Production Facilities 120,234 136,382 Corporate and other 210,674 57,049 Total $ 2,556,036 $ 2,389,338 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of asset retirement obligations | The following table describes the changes in our AROs (in thousands): 2023 2022 2021 AROs at January 1, $ 51,956 $ 29,658 $ 30,913 Liability incurred during the period — 23,601 — Revisions in estimates 3,257 (3,285) (2,631) Accretion expense 6,143 1,982 1,376 AROs at December 31, $ 61,356 $ 51,956 $ 29,658 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental cash flow information | The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2023 2022 2021 Interest paid $ 20,984 $ 18,267 $ 20,719 Income taxes paid (1) 7,394 9,516 8,310 (1) Exclusive of any income tax refunds. During the years ended December 31, 2022 and 2021, we received refunds related to the U.S. Coronavirus Aid, Relief, and Economic Security Act of $1.1 million and $18.9 million, respectively. |
Allowance Accounts (Tables)
Allowance Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Schedule of activities in allowance for credit losses and deferred tax assets | The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2023 (in thousands): Allowance for Deferred Tax Asset Credit Losses Valuation Allowance Balance at December 31, 2020 $ 3,469 $ 19,722 Additions (reductions) (1) (146) — Write-offs (2) (1,846) — Adjustments (3) — (5,675) Balance at December 31, 2021 1,477 14,047 Additions (reductions) (1) 800 — Adjustments (4) — 8,110 Balance at December 31, 2022 2,277 22,157 Additions (reductions) (1) (5) 1,149 51,354 Write-offs (2) (19) — Adjustments (4) — 7,604 Balance at December 31, 2023 $ 3,407 $ 81,115 (1) The additions (reductions) in allowance for credit losses relate to reserves (releases) for expected credit losses during the respective years. (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. (3) The decrease in valuation allowance primarily relates to the valuation allowance release for certain of our U.K. operations. (4) The increase in valuation allowance relates to current year activity, including adjustments to prior year returns, and the related change in unrealized net deferred tax assets. (5) The addition in valuation allowance relates to the adjustment for a change in assessment on the realizability of our Luxembourg net operating losses from remote to less likely than not. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 (in thousands): Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities: Contingent consideration $ — $ — $ 42,754 $ 42,754 |
Reconciliation of Level 3 recurring fair value measurements | The reconciliation of Level 3 recurring fair value measurements is as follows (in thousands): 2023 Balance at January 1, $ 42,754 Change in fair value 42,246 Transfers out of Level 3 (85,000) Balance at December 31, $ — |
Schedule of principal amount and estimated fair value of long-term debt | The principal amount and estimated fair value of our long-term debt are as follows (in thousands): December 31, 2023 December 31, 2022 Principal Fair Principal Fair Amount (1) Value (2) Amount (1) Value (2) 2023 Notes (matured September 2023) $ — $ — $ 30,000 $ 31,149 2026 Notes (mature February 2026) 40,199 64,117 200,000 277,014 MARAD Debt (matures February 2027) 32,580 32,348 40,913 40,940 2029 Notes (mature March 2029) 300,000 315,987 — — Total debt $ 372,779 $ 412,452 $ 270,913 $ 349,103 (1) Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 7 for additional disclosures on our long-term debt. (2) The estimated fair value was determined 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. |
Organization (Details)
Organization (Details) | 12 Months Ended |
Dec. 31, 2023 item segment | |
Business Segment Information | |
Number of reportable segments | segment | 4 |
Well Intervention | |
Business Segment Information | |
Number of long-term chartered vessels | item | 2 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies - Restricted Cash (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted cash | $ 2,507 |
ABL Facility Maturing September 2026 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted cash | $ 2,500 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies - Equity Investment (Details) - Independence Hub, LLC - USD ($) $ in Millions | 1 Months Ended | |
May 31, 2022 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Distribution from equity investment, net | $ 7.8 | |
Production Facilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 20% |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies - Deferred Recertification And Dry Dock Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Recertification and dry dock amortization expense | $ 25.7 | $ 14 | $ 14.6 |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Recertification and dry dock amortization period | 24 months | ||
Recertification process period | 1 month | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Recertification and dry dock amortization period | 60 months | ||
Recertification process period | 3 months |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Foreign currency transaction gains (losses) | $ (4.4) | $ (23.4) | $ (1.5) |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies - Major Customers And Concentration Of Risk (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer Concentration Risk | Revenue Benchmark | Apache | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 11% | ||
Customer Concentration Risk | Revenue Benchmark | Petrobras | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 23% | ||
Customer Concentration Risk | Revenue Benchmark | Shell | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 10% | 15% | 17% |
Unionized Employees Concentration Risk | Employees Benchmark | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 19% | ||
Unionized Employees Covered by an Agreement that will Expire within One Year Concentration Risk | Employees Benchmark | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk with agreements expiring within one year | 17% |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Long-term debt | $ 361,722 | $ 264,075 | |
Common stock | 1,271,565 | 1,298,740 | |
Retained earnings | 312,450 | 323,288 | |
Deferred tax liabilities | $ 110,555 | $ 98,883 | |
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Long-term debt | $ 44,100 | ||
Common stock | (41,500) | ||
Retained earnings | 6,700 | ||
Deferred tax liabilities | $ (9,300) |
Business Combinations - Allianc
Business Combinations - Alliance Acquisition (Details) - USD ($) $ in Thousands | Jul. 01, 2022 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Agreed earn-out consideration | $ 85,000 | |
Alliance | ||
Business Acquisition [Line Items] | ||
Total consideration for business acquisition | $ 145,661 | |
Cash paid to acquire companies | 118,961 | |
Post-closing earn-out consideration payable | 26,700 | |
Agreed earn-out consideration | $ 85,000 | |
Estimated fair values of the identifiable assets acquired and liabilities assumed | ||
Cash consideration | 118,961 | |
Contingent consideration | 26,700 | |
Total fair value of consideration transferred | 145,661 | |
Assets acquired: | ||
Cash and cash equivalents | 6,336 | |
Accounts receivable | 43,378 | |
Other current assets | 6,077 | |
Property and equipment | 117,321 | |
Operating lease right-of-use assets | 1,205 | |
Intangible assets | 1,500 | |
Other assets | 2,133 | |
Total assets acquired | 177,950 | |
Liabilities assumed: | ||
Accounts payable | 20,480 | |
Accrued liabilities | 3,073 | |
Operating lease liabilities | 1,205 | |
Deferred tax liabilities | 7,531 | |
Total liabilities assumed | 32,289 | |
Net assets acquired | $ 145,661 |
Business Combinations - Pro for
Business Combinations - Pro forma information (Details) - Alliance - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Revenues | $ 952,837 | $ 789,051 |
Net loss | $ (79,686) | $ (56,203) |
Business Combinations - STL Acq
Business Combinations - STL Acquisition (Details) - STL | 1 Months Ended | |
Jun. 30, 2021 | May 31, 2019 | |
Business Acquisition [Line Items] | ||
Ownership interest acquired (as a percent) | 70% | |
Controlling interest acquired, ownership percentage | 30% |
Details Of Certain Accounts - O
Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaids | $ 28,352 | $ 26,609 |
Contract assets | 5,824 | 6,295 |
Deferred costs | 36,041 | 13,969 |
Other | 15,006 | 11,826 |
Total other current assets | $ 85,223 | $ 58,699 |
Details Of Certain Accounts -_2
Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid charter | $ 12,544 | $ 12,544 |
Deferred costs | 587 | 6,432 |
Other receivable | 25,623 | 24,827 |
Intangible assets with finite lives, net | 4,105 | 4,465 |
Other | 1,964 | 2,239 |
Total other assets, net | $ 44,823 | $ 50,507 |
Details Of Certain Accounts - A
Details Of Certain Accounts - Accrued Liabilities (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accrued Liabilities, Current [Abstract] | ||||
Accrued payroll and related benefits | $ 59,010 | $ 41,339 | ||
Accrued interest | 4,181 | 6,306 | ||
Income tax payable | 1,938 | 479 | ||
Deferred revenue | 32,763 | 9,961 | ||
Earn-out consideration | 85,000 | |||
Other | 20,220 | 15,489 | ||
Total accrued liabilities | 203,112 | 73,574 | ||
Cash paid for acquired assets | 19,588 | $ 33,504 | $ 8,322 | |
P&A Systems | ||||
Accrued Liabilities, Current [Abstract] | ||||
Number of P&A systems | item | 5 | |||
Consideration for acquired assets | $ 17,600 | |||
Cash paid for acquired assets | $ 6,000 | |||
Credit towards future services, current | $ 9,000 |
Details Of Certain Accounts -_3
Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Acquisition, Contingent Consideration [Line Items] | ||
Asset retirement obligations | $ 61,356 | $ 51,956 |
Contingent consideration | 42,754 | |
Other | 4,892 | 520 |
Total other non-current liabilities | 66,248 | $ 95,230 |
P&A Systems | ||
Asset Acquisition, Contingent Consideration [Line Items] | ||
Credit towards future services, non-current | $ 2,600 |
Property And Equipment - Gross
Property And Equipment - Gross Components Of Property And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 3,078,571 | $ 3,016,312 |
Vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,406,089 | 2,371,084 |
Vessels | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years | |
Vessels | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Systems and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 337,913 | 306,316 |
Systems and Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Systems and Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years | |
ROVs and Trenchers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 252,753 | 262,763 |
ROVs and Trenchers | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
ROVs and Trenchers | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Buildings and Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 81,816 | $ 76,149 |
Buildings and Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Buildings and Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 39 years |
Leases - Components Of Lease Co
Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 72,775 | $ 61,067 | $ 60,636 |
Variable lease cost | 21,423 | 20,562 | 16,711 |
Short-term lease cost | 54,613 | 29,487 | 20,590 |
Sublease income | (1,113) | (1,275) | (1,303) |
Net lease cost | $ 147,698 | $ 109,841 | $ 96,634 |
Leases - Maturities Of Operatin
Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Less than one year | $ 74,127 | $ 64,666 |
One to two years | 58,961 | 61,212 |
Two to three years | 36,489 | 46,197 |
Three to four years | 27,517 | 36,159 |
Four to five years | 4,284 | 27,203 |
Over five years | 1,926 | 5,824 |
Total lease payments | 203,304 | 241,261 |
Less: imputed interest | (24,457) | (35,661) |
Total operating lease liabilities | 178,847 | 205,600 |
Current operating lease liabilities | 62,662 | 50,914 |
Non-current operating lease liabilities | 116,185 | 154,686 |
Vessels | ||
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Less than one year | 67,488 | 58,063 |
One to two years | 55,453 | 55,515 |
Two to three years | 35,200 | 43,400 |
Three to four years | 26,245 | 35,200 |
Four to five years | 3,040 | 26,244 |
Over five years | 3,041 | |
Total lease payments | 187,426 | 221,463 |
Less: imputed interest | (22,419) | (32,986) |
Total operating lease liabilities | 165,007 | 188,477 |
Current operating lease liabilities | 56,602 | 45,131 |
Non-current operating lease liabilities | 108,405 | 143,346 |
Facilities and Equipment | ||
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Less than one year | 6,639 | 6,603 |
One to two years | 3,508 | 5,697 |
Two to three years | 1,289 | 2,797 |
Three to four years | 1,272 | 959 |
Four to five years | 1,244 | 959 |
Over five years | 1,926 | 2,783 |
Total lease payments | 15,878 | 19,798 |
Less: imputed interest | (2,038) | (2,675) |
Total operating lease liabilities | 13,840 | 17,123 |
Current operating lease liabilities | 6,060 | 5,783 |
Non-current operating lease liabilities | $ 7,780 | $ 11,340 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term And Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | |||
Weighted average remaining lease term (in years) | 3 years 1 month 6 days | 4 years | 2 years 4 months 24 days |
Weighted average discount rate (as a percent) | 8.20% | 7.84% | 7.57% |
Leases - Other Information Rela
Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for operating lease liabilities | $ 68,788 | $ 58,129 | $ 61,826 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 26,502 | $ 144,134 | $ 5,992 |
Long-Term Debt - Schedule Of Lo
Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Gross debt | $ 372,779 | $ 270,913 |
Unamortized debt discount | (1,404) | |
Unamortized debt issuance costs | (9,653) | (6,838) |
Total debt | 361,722 | 264,075 |
Less: current maturities | (48,292) | (38,200) |
Long-term debt | 313,430 | 225,875 |
2023 Notes (mature September 2023) | ||
Debt Instrument [Line Items] | ||
Gross debt | 30,000 | |
2026 Notes (mature February 2026) | ||
Debt Instrument [Line Items] | ||
Gross debt | 40,199 | 200,000 |
Unamortized debt issuance costs | (656) | |
Total debt | 39,543 | |
Less: current maturities | (39,543) | |
MARAD Debt (matures February 2027) | ||
Debt Instrument [Line Items] | ||
Gross debt | 32,580 | $ 40,913 |
Unamortized debt issuance costs | (1,586) | |
Total debt | 30,994 | |
Less: current maturities | (8,749) | |
Long-term debt | 22,245 | |
2029 Notes (mature March 2029) | ||
Debt Instrument [Line Items] | ||
Gross debt | 300,000 | |
Unamortized debt discount | (1,404) | |
Unamortized debt issuance costs | (7,411) | |
Total debt | 291,185 | |
Long-term debt | $ 291,185 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Borrowing capacity | $ 120 |
Maturity date | Sep. 30, 2026 |
Springing maturity period | 91 days |
Outstanding principal amount with a springing maturity | $ 50 |
Additional commitments (up to) | 30 |
Sub-limit for the issuance of letters of credit | 20 |
Borrowings under ABL Facility | 0 |
Available borrowing capacity | 99.3 |
Letters of credit issued | 6.9 |
Pro Forma | |
Debt Instrument [Line Items] | |
Available borrowing capacity | $ 30 |
Available borrowing capacity (as a percent of borrowing base) | 10% |
Permitted debt for the deferred purchase price of property | $ 50 |
Availability of the borrowing base to satisfy and maintain fixed charge ratio | $ 12 |
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% |
United States | |
Debt Instrument [Line Items] | |
Borrowing capacity | $ 85 |
United States | SOFR | Minimum | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 1.50% |
United States | SOFR | Maximum | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 2% |
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% |
United Kingdom | |
Debt Instrument [Line Items] | |
Borrowing capacity | $ 35 |
United Kingdom | SOFR | |
Debt Instrument [Line Items] | |
Adjustment on variable rate (as a percent) | 0.10% |
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% |
Long-Term Debt - Convertible Se
Long-Term Debt - Convertible Senior Notes Due 2026 (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |||||
Interest expense | $ 21,359,000 | $ 20,176,000 | $ 23,489,000 | ||
Amortization of debt issuance costs | 2,485,000 | 2,334,000 | 3,179,000 | ||
Cash paid for repurchase of debt | 261,147,000 | 35,000,000 | |||
Loss on extinguishment of long-term debt | 37,277,000 | 136,000 | |||
Unamortized debt discount | $ 1,404,000 | $ 1,404,000 | |||
2026 Notes (mature February 2026) | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 6.75% | 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 | $ 6.97 | |||
Effective interest rate (as a percent) | 7.60% | 7.60% | |||
Interest expense | $ 14,600,000 | 14,800,000 | 14,700,000 | ||
Coupon interest expense | 13,300,000 | 13,500,000 | 13,500,000 | ||
Amortization of debt issuance costs | $ 1,300,000 | $ 1,300,000 | $ 1,200,000 | ||
Increase in the conversion rate | 0.0645207 | ||||
Redemption price as a percentage of principal amount | 100% | ||||
Principal amount repurchased | $ 159,800,000 | $ 159,800,000 | |||
Cash paid for repurchase of debt | $ 229,700,000 | ||||
Shares issued for repurchase of debt (in shares) | shares | 1,500,000 | ||||
Accrued and unpaid cash interest | $ 3,800,000 | ||||
Loss on extinguishment of long-term debt | 37,400,000 | ||||
Principal amount tendered for conversion | $ 200,000 | $ 200,000 | |||
2026 Notes (mature February 2026) | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount subject to redemption | $ 40,000,000 | ||||
2026 Notes (mature February 2026) | Maximum | |||||
Debt Instrument [Line Items] | |||||
Percentage of closing price of common stock to conversion price | 130% | ||||
Number of trading days | 20 | ||||
Number of consecutive trading days | 30 | ||||
2026 Notes (mature February 2026) | Minimum | |||||
Debt Instrument [Line Items] | |||||
Percentage of closing price of common stock to conversion price | 97% | ||||
Number of trading days | 5 | ||||
Number of consecutive trading days | 10 |
Long-Term Debt - 2026 Capped Ca
Long-Term Debt - 2026 Capped Calls (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Proceeds from settlement of capped calls | $ 15,591 | |
2026 Capped Calls | ||
Debt Instrument [Line Items] | ||
Initial cap price | $ 8.42 | $ 8.42 |
Proceeds from settlement of capped calls | $ 15,600 |
Long-Term Debt - MARAD Debt (De
Long-Term Debt - MARAD Debt (Details) - MARAD Debt (matures February 2027) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Guarantor obligations (as a percent) | 50% |
Frequency of periodic payment | semi-annual |
Maturity date | February 2027 |
Interest rate (as a percent) | 4.93% |
Long-Term Debt - 2029 Notes (De
Long-Term Debt - 2029 Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Gross debt | $ 372,779 | $ 270,913 |
2029 Notes (mature March 2029) | ||
Debt Instrument [Line Items] | ||
Gross debt | 300,000 | |
Proceeds from debt, net of discount and issuance costs | 291,100 | |
Proceeds to repurchase existing debt | $ 229,700 | |
Interest rate (as a percent) | 9.75% | |
Frequency of periodic payment | semi-annually | |
Maturity date | Mar. 01, 2029 | |
Redemption price as a percentage of principal amount | 100% | |
2029 Notes (mature March 2029) | 2026 | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 104.875% | |
2029 Notes (mature March 2029) | 2027 | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 102.438% | |
2029 Notes (mature March 2029) | 2028 and thereafter | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 100% | |
2029 Notes (mature March 2029) | Change of Control | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 101% | |
2029 Notes (mature March 2029) | Minimum | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 40% | |
2029 Notes (mature March 2029) | Maximum | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 109.75% |
Long-Term Debt - Other (Details
Long-Term Debt - Other (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 15, 2023 | May 01, 2022 | Jan. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Interest expense | $ 21,359 | $ 20,176 | $ 23,489 | ||||
2023 Notes (mature September 2023) | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate (as a percent) | 4.125% | ||||||
Effective interest rate (as a percent) | 4.80% | ||||||
Interest expense | $ 1,000 | 1,400 | 1,400 | ||||
2023 Notes Converted (mature September 2023) | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase amount | $ 29,600 | ||||||
Principal amount repaid | 29,200 | ||||||
Remaining 2023 Notes (mature September 2023) | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount repaid | $ 800 | ||||||
2022 Notes (matured May 2022) | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount repaid | $ 35,000 | ||||||
Interest rate (as a percent) | 4.80% | ||||||
Interest expense | $ 600 | $ 1,700 | |||||
Revolving Credit Facility Previously Maturing December 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 175,000 | ||||||
Maturity date | Dec. 31, 2021 | ||||||
Borrowings under Revolving Credit Facility | $ 0 | ||||||
Term Loan Repaid September 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Remaining principal amount repaid | $ 28,000 | ||||||
Nordea Q5000 Loan Matured January 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Balloon payment | $ 53,600 |
Long-Term Debt - Maturities Of
Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Less than one year | $ 48,948 | |
One to two years | 9,186 | |
Two to three years | 9,644 | |
Three to four years | 5,001 | |
Over five years | 300,000 | |
Gross debt | 372,779 | $ 270,913 |
Unamortized debt discount | (1,404) | |
Unamortized debt issuance costs | (9,653) | (6,838) |
Total debt | 361,722 | 264,075 |
Less: current maturities | (48,292) | (38,200) |
Long-term debt | 313,430 | 225,875 |
2026 Notes (mature February 2026) | ||
Debt Instrument [Line Items] | ||
Less than one year | 40,199 | |
Gross debt | 40,199 | 200,000 |
Unamortized debt issuance costs | (656) | |
Total debt | 39,543 | |
Less: current maturities | (39,543) | |
MARAD Debt (matures February 2027) | ||
Debt Instrument [Line Items] | ||
Less than one year | 8,749 | |
One to two years | 9,186 | |
Two to three years | 9,644 | |
Three to four years | 5,001 | |
Gross debt | 32,580 | $ 40,913 |
Unamortized debt issuance costs | (1,586) | |
Total debt | 30,994 | |
Less: current maturities | (8,749) | |
Long-term debt | 22,245 | |
2029 Notes (mature March 2029) | ||
Debt Instrument [Line Items] | ||
Over five years | 300,000 | |
Gross debt | 300,000 | |
Unamortized debt discount | (1,404) | |
Unamortized debt issuance costs | (7,411) | |
Total debt | 291,185 | |
Long-term debt | $ 291,185 |
Long-Term Debt - Components Of
Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 21,359 | $ 20,176 | $ 23,489 |
Interest income | (4,021) | (1,226) | (288) |
Net interest expense | $ 17,338 | $ 18,950 | $ 23,201 |
Income Taxes - Schedule Of Comp
Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax provision (benefit): | |||
Domestic | $ 1,510 | $ (1,103) | |
Foreign | 5,310 | $ 8,217 | 7,347 |
Total current | 6,820 | 8,217 | 6,244 |
Deferred tax provision (benefit): | |||
Domestic | 8,689 | 1,167 | (5,756) |
Foreign | 2,843 | 3,219 | (9,446) |
Total deferred | 11,532 | 4,386 | (15,202) |
Income tax provision (benefit) | $ 18,352 | $ 12,603 | $ (8,958) |
Income Taxes - Schedule Of Co_2
Income Taxes - Schedule Of Components Of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (31,646) | $ (13,745) | $ (53,989) |
Foreign | 39,160 | (61,436) | (16,653) |
Income (loss) before income taxes | $ 7,514 | $ (75,181) | $ (70,642) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Taxes at U.S. statutory rate | $ 1,578 | $ (15,788) | $ (14,835) |
Foreign tax provision | 1,590 | 18,011 | 10,326 |
Change in valuation allowance | 6,374 | 8,110 | (5,675) |
Non-deductible expenses | 2,926 | 2,366 | 1,487 |
Extinguishment of long-term debt | 6,372 | ||
Other | (488) | (96) | (261) |
Income tax provision (benefit) | $ 18,352 | $ 12,603 | $ (8,958) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Taxes at U.S. statutory rate | 21% | 21% | 21% |
Foreign taxes | 21.20% | (24.00%) | (14.60%) |
Change in valuation allowance | 84.80% | (10.80%) | 8% |
Non-deductible expenses | 38.90% | (3.10%) | (2.10%) |
Extinguishment of long-term debt | 84.80% | ||
Other | (6.50%) | 0.10% | 0.40% |
Effective tax rate | 244.20% | (16.80%) | 12.70% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Undistributed earnings of foreign subsidiaries | $ 79.1 | ||
Unrecognized tax benefits related to uncertain tax positions | 0.1 | ||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance increase (release) | 59 | $ 8.1 | |
2023 Activity | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance increase (release) | 7.6 | ||
U.S. | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 35.6 | ||
Tax credits | 3 | ||
Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance increase (release) | $ (5) | ||
Net operating loss carryforward | 280.6 | ||
Net operating loss carryforwards not subject to expiration | 63.1 | ||
Foreign | Luxembourg | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance increase (release) | 51.4 | ||
Net operating loss carryforward | $ 217.5 |
Income Taxes - Schedule Of Defe
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||||
Depreciation | $ 132,178 | $ 147,302 | ||
Prepaid and other | 1,560 | 1,868 | ||
Total deferred tax liabilities | 133,738 | 149,170 | ||
Deferred tax assets: | ||||
Net operating losses | (78,250) | (53,136) | ||
Reserves, accrued liabilities and other | (26,048) | (19,308) | ||
Total deferred tax assets | (104,298) | (72,444) | ||
Valuation allowance | 81,115 | 22,157 | $ 14,047 | $ 19,722 |
Net deferred tax liabilities | $ 110,555 | $ 98,883 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2020 | Dec. 31, 2022 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Fair value of capped call transactions | $ 14,225 | ||
Proceeds from settlement of capped calls | $ 15,591 | ||
Common Stock | |||
Common Stock, Shares Authorized | 240,000,000 | 240,000,000 | |
Common stock, par value (USD per share) | $ 0 | $ 0 | |
Preferred Stock | |||
Preferred Stock, Shares Authorized | 5,000,000 | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | ||
2026 Capped Calls | |||
Option Indexed to Issuer's Equity [Line Items] | |||
Aggregate number of common shares subject to capped calls | 28,675,900 | ||
Initial strike price | $ 6.97 | ||
Initial cap price | $ 8.42 | $ 8.42 | |
Aggregate cost of capped call transactions | $ 10,600 | ||
Fair value of capped call transactions | $ 14,200 | ||
Proceeds from settlement of capped calls | $ 15,600 |
Share Repurchase Programs (Deta
Share Repurchase Programs (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share Repurchase Programs | |
Cost of shares repurchased | $ 11,988 |
2023 Repurchase Program | |
Share Repurchase Programs | |
Shares repurchased (in shares) | shares | 1,584,045 |
Cost of shares repurchased | $ 12,000 |
Average cost per share (USD per share) | $ / shares | $ 7.57 |
Authorized repurchase amount | $ 200,000 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue From Contracts With Customers | |||
Net revenues | $ 1,289,728 | $ 873,100 | $ 674,728 |
Intercompany Eliminations | |||
Revenue From Contracts With Customers | |||
Net revenues | (63,747) | (50,187) | (48,479) |
Well Intervention | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 732,761 | 524,241 | 516,564 |
Well Intervention | Intercompany Eliminations | |||
Revenue From Contracts With Customers | |||
Net revenues | (28,396) | (16,545) | (21,521) |
Robotics | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 257,875 | 191,921 | 137,295 |
Robotics | Intercompany Eliminations | |||
Revenue From Contracts With Customers | |||
Net revenues | (35,263) | (33,642) | (26,958) |
Shallow Water Abandonment | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 274,954 | 124,810 | |
Shallow Water Abandonment | Intercompany Eliminations | |||
Revenue From Contracts With Customers | |||
Net revenues | (88) | ||
Production Facilities | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 87,885 | 82,315 | 69,348 |
Short-term | |||
Revenue From Contracts With Customers | |||
Net revenues | 815,047 | 617,575 | 397,775 |
Short-term | Intercompany Eliminations | |||
Revenue From Contracts With Customers | |||
Net revenues | (3,441) | (635) | (627) |
Short-term | Well Intervention | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 443,332 | 395,867 | 308,734 |
Short-term | Robotics | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 133,740 | 97,533 | 89,668 |
Short-term | Shallow Water Abandonment | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 241,416 | 124,810 | |
Long-term | |||
Revenue From Contracts With Customers | |||
Net revenues | 474,681 | 255,525 | 276,953 |
Long-term | Intercompany Eliminations | |||
Revenue From Contracts With Customers | |||
Net revenues | (60,306) | (49,552) | (47,852) |
Long-term | Well Intervention | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 289,429 | 128,374 | 207,830 |
Long-term | Robotics | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 124,135 | 94,388 | 47,627 |
Long-term | Shallow Water Abandonment | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | 33,538 | ||
Long-term | Production Facilities | Reportable Segments | |||
Revenue From Contracts With Customers | |||
Net revenues | $ 87,885 | $ 82,315 | $ 69,348 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 5.8 | $ 6.3 | |
Credit losses on contract assets | 0 | 0 | $ 0 |
Contract liabilities | 32.8 | 10 | |
Revenue recognized | 8.7 | 7.4 | 7.9 |
Deferred contract costs | 36.6 | 20.4 | |
Amortization of deferred contract costs | 43.2 | 29.7 | 39.1 |
Impairment losses on deferred contract costs | 0 | 0 | $ 0 |
Revenue From Contracts With Customers | |||
Unsatisfied performance obligations | 849.9 | ||
Revenue related to performance obligation satisfied in previous years | $ 1 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Revenue From Contracts With Customers | |||
Unsatisfied performance obligations | $ 700.1 | ||
Expected timing of satisfaction | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Revenue From Contracts With Customers | |||
Unsatisfied performance obligations | $ 128.9 | ||
Expected timing of satisfaction | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||
Revenue From Contracts With Customers | |||
Unsatisfied performance obligations | $ 20.9 | ||
Expected timing of satisfaction | 1 year |
Earnings Per Share - Computatio
Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic and Diluted: | |||
Net Income (Loss) | $ (10,838) | $ (87,784) | $ (61,538) |
Less: Accretion of redeemable noncontrolling interests | (241) | ||
Net loss available to common shareholders, basic | (10,838) | (87,784) | (61,779) |
Net loss available to common shareholders, diluted | $ (10,838) | $ (87,784) | $ (61,779) |
Weighted average number of shares outstanding, basic (in shares) | 150,917 | 151,276 | 150,056 |
Weighted average number of shares outstanding, diluted (in shares) | 150,917 | 151,276 | 150,056 |
Loss per share, basic (in dollars per share) | $ (0.07) | $ (0.58) | $ (0.41) |
Loss per share, diluted (in dollars per share) | $ (0.07) | $ (0.58) | $ (0.41) |
Earnings Per Share - Shares Inc
Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Diluted shares (as reported) | 150,917 | 151,276 | 150,056 |
Share-based awards | 3,154 | 2,158 | 1,282 |
Total | 154,071 | 153,434 | 151,338 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2022 Notes | |||
Earnings Per Share | |||
Antidilutive securities (in shares) | 600 | 2,519 | |
2023 Notes | |||
Earnings Per Share | |||
Antidilutive securities (in shares) | 2,247 | 3,168 | 3,168 |
2026 Notes | |||
Earnings Per Share | |||
Antidilutive securities (in shares) | 28,139 | 28,676 | 28,676 |
Employee Benefit Plans - Long-T
Employee Benefit Plans - Long-Term Incentive Plan (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Of Active Incentive Plans | 1 |
2005 Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period | 3 years |
Award vesting percentage | 33% |
Shares authorized for issuance (in shares) | 17.3 |
Shares available for issuance (in shares) | 3.4 |
2005 Incentive Plan | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incentive shares outstanding | 0 |
2005 Incentive Plan | Employee Stock Option [Member] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized for issuance (in shares) | 2 |
Employee Benefit Plans - Grants
Employee Benefit Plans - Grants of Share-based Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 07, 2023 | Oct. 01, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Jan. 03, 2023 | Jan. 01, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares/Units | 506,436 | 1,065,705 | 452,381 | |||||||||
Grant Date Fair Value Per Share/Unit | $ 7.38 | $ 3.12 | $ 4.20 | |||||||||
Share-based payment awards vested (in shares) | 506,028 | 150,792 | ||||||||||
RSUs | Officers | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Date of Grant | Jan. 01, 2023 | |||||||||||
Shares/Units | 506,436 | |||||||||||
Grant Date Fair Value Per Share/Unit | $ 7.38 | |||||||||||
Vesting Percentage | 33% | |||||||||||
Vesting Period | 3 years | |||||||||||
RSUs | Officers | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares/Units | 375,730 | |||||||||||
Grant Date Fair Value Per Share/Unit | $ 10.28 | |||||||||||
Total market value granted | $ 3.9 | |||||||||||
PSUs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares/Units | 489,498 | 1,065,705 | 452,381 | |||||||||
Grant Date Fair Value Per Share/Unit | $ 9.26 | $ 4.25 | $ 5.33 | |||||||||
Vesting Period | 3 years | |||||||||||
Share-based payment awards vested (in shares) | 369,938 | 559,150 | 369,938 | 559,150 | 368,038 | |||||||
PSUs | Officers | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Date of Grant | Jan. 03, 2023 | |||||||||||
Shares/Units | 489,498 | |||||||||||
Grant Date Fair Value Per Share/Unit | $ 9.26 | |||||||||||
Vesting Percentage | 100% | |||||||||||
Vesting Date | Dec. 31, 2025 | |||||||||||
PSUs | Officers | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares/Units | 351,410 | |||||||||||
Grant Date Fair Value Per Share/Unit | $ 12.30 | |||||||||||
Total market value granted | $ 4.3 | |||||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares/Units | 148,224 | 253,358 | 332,841 | |||||||||
Grant Date Fair Value Per Share/Unit | $ 8.68 | $ 5.33 | $ 3.59 | |||||||||
Share-based payment awards vested (in shares) | 342,723 | 719,456 | 656,066 | |||||||||
Restricted Stock | Board of Directors | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Date of Grant | Dec. 06, 2023 | Oct. 01, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Jan. 01, 2023 | |||||||
Shares/Units | 119,049 | 5,076 | 7,622 | 7,267 | 9,210 | |||||||
Grant Date Fair Value Per Share/Unit | $ 8.82 | $ 11.17 | $ 7.38 | $ 7.74 | $ 7.38 | |||||||
Vesting Percentage | 100% | 100% | 100% | 100% | 100% | |||||||
Vesting Date | Dec. 06, 2024 | Jan. 01, 2025 | Jan. 01, 2025 | Jan. 01, 2025 | Jan. 01, 2025 | |||||||
Fixed Value Cash Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Long-term incentive cash awards granted | $ 6 | $ 5.5 | $ 3.5 | |||||||||
Fixed Value Cash Awards | Management and Employee | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Long-term incentive cash awards granted | $ 6.1 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Awards outstanding at beginning of year (in shares) | 387,628 | 853,726 | 1,176,951 |
Granted to executive officers and other employees (in shares) | 148,224 | 253,358 | 332,841 |
Vested (in shares) | (342,723) | (719,456) | (656,066) |
Awards outstanding at end of year (in shares) | 193,129 | 387,628 | 853,726 |
Grant Date Fair Value | |||
Awards outstanding at beginning of year (in dollars per share) | $ 6.70 | $ 5.62 | $ 6.61 |
Granted (in dollars per share) | 8.68 | 5.33 | 3.59 |
Vested (in dollars per share) | 7.10 | 4.94 | 6.35 |
Awards outstanding at end of year (in dollars per share) | $ 7.52 | $ 6.70 | $ 5.62 |
Fair value of awards vested | $ 2.9 | $ 2.9 | $ 2.6 |
Compensation cost | 1.3 | $ 2.5 | $ 3.3 |
Future share-based compensation | $ 1.2 | ||
Weighted average vesting period (in years) | 8 months 12 days |
Employee Benefit Plans - PSU Aw
Employee Benefit Plans - PSU Awards (Details) - PSUs $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 shares | Jan. 31, 2023 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Employee Benefit Plans | ||||||
Number of components of PSUs granted | item | 2 | |||||
Awards granted based on the performance of our common stock against peer group companies (as a percent) | 50% | |||||
Awards granted based on cumulative total Free Cash Flow (as a percent) | 50% | |||||
Vesting Period | 3 years | |||||
Payout at vesting (as a percent) | 77% | 157% | ||||
Units | ||||||
Awards outstanding at beginning of year (in shares) | 1,888,024 | 1,381,469 | 1,888,024 | 1,381,469 | 1,297,126 | |
Granted to executive officers and other employees (in shares) | 489,498 | 1,065,705 | 452,381 | |||
Vested (in shares) | (369,938) | (559,150) | (369,938) | (559,150) | (368,038) | |
Awards outstanding at end of year (in shares) | 2,007,584 | 1,888,024 | 1,381,469 | |||
Grant Date Fair Value | ||||||
Awards outstanding at beginning of year (in dollars per share) | $ / shares | $ 6.25 | $ 8.34 | $ 6.25 | $ 8.34 | $ 9.99 | |
Granted (in dollars per share) | $ / shares | 9.26 | 4.25 | 5.33 | |||
Vested (in dollars per share) | $ / shares | 13.15 | 7.60 | 10.44 | |||
Awards outstanding at end of year (in dollars per share) | $ / shares | $ 5.71 | $ 6.25 | $ 8.34 | |||
Compensation cost | $ | $ 4.8 | $ 4.8 | $ 4.1 | |||
Future share-based compensation | $ | $ 5.4 | |||||
Weighted average vesting period (in years) | 1 year | |||||
Shares issued upon vesting (in shares) | 285,778 | 876,469 | ||||
Fair value of awards vested | $ | $ 3.6 | $ 3.2 | ||||
Subsequent Event | ||||||
Employee Benefit Plans | ||||||
Payout at vesting (as a percent) | 181% | |||||
Grant Date Fair Value | ||||||
Shares issued upon vesting (in shares) | 818,810 | |||||
Maximum | ||||||
Employee Benefit Plans | ||||||
Payout at vesting (as a percent) | 200% | |||||
Minimum | ||||||
Employee Benefit Plans | ||||||
Payout at vesting (as a percent) | 0% |
Employee Benefit Plans - RSU Aw
Employee Benefit Plans - RSU Awards (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Units | |||
Awards outstanding at beginning of year (in shares) | 1,367,294 | 452,381 | |
Granted to executive officers and other employees (in shares) | 506,436 | 1,065,705 | 452,381 |
Vested (in shares) | (506,028) | (150,792) | |
Awards outstanding at end of year (in shares) | 1,367,702 | 1,367,294 | 452,381 |
Grant Date Fair Value | |||
Awards outstanding at beginning of year (in dollars per share) | $ 3.36 | $ 4.20 | |
Granted (in dollars per share) | 7.38 | 3.12 | $ 4.20 |
Vested (in dollars per share) | 3.44 | 4.20 | |
Awards outstanding at end of year (in dollars per share) | $ 4.82 | $ 3.36 | $ 4.20 |
Compensation cost | $ 6.8 | $ 3.7 | $ 0.5 |
Future share-based compensation | $ 7.1 | ||
Weighted average vesting period (in years) | 1 year 3 months 18 days |
Employee Benefit Plans - Cash A
Employee Benefit Plans - Cash Awards (Details) - Fixed Value Cash Awards - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term incentive cash awards granted | $ 6 | $ 5.5 | $ 3.5 |
Vesting period | 3 years | ||
Deferred compensation cost | $ 4.5 | $ 4.3 | $ 4 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Plan cost recognized | $ 4.3 | $ 3 | $ 1.3 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - ESPP | 12 Months Ended |
Dec. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for issuance (in shares) | 1,200,000 |
Period common stock may be purchased through payroll deductions | 4 months |
Percentage of share of non-vested stock considered as call option | 85% |
Purchase limit per employee (in shares) | 260 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information _2
Business Segment Information - Summary Of Financial Data By Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Segment Information | |||
Net revenues | $ 1,289,728 | $ 873,100 | $ 674,728 |
Income (loss) from operations | 63,510 | (44,855) | (48,687) |
Change in fair value of contingent consideration | (42,246) | (16,054) | |
Net interest expense | (17,338) | (18,950) | (23,201) |
Other non-operating income (expense), net | (38,658) | (11,376) | 1,246 |
Income (loss) before income taxes | 7,514 | (75,181) | (70,642) |
Capital expenditures | 19,588 | 33,504 | 8,322 |
Depreciation and amortization | 164,116 | 142,686 | 141,514 |
Reportable Segments | |||
Business Segment Information | |||
Income (loss) from operations | 171,920 | 26,310 | (7,214) |
Change in fair value of contingent consideration | (42,246) | (16,054) | |
Intercompany Eliminations | |||
Business Segment Information | |||
Net revenues | (63,747) | (50,187) | (48,479) |
Corporate, Eliminations and Other | |||
Business Segment Information | |||
Income (loss) from operations | (66,164) | (55,111) | (41,473) |
Capital expenditures | 978 | 1,176 | (917) |
Depreciation and amortization | 309 | (167) | (660) |
Well Intervention | Reportable Segments | |||
Business Segment Information | |||
Net revenues | 732,761 | 524,241 | 516,564 |
Income (loss) from operations | 32,398 | (53,056) | (35,882) |
Capital expenditures | 7,763 | 17,617 | 2,349 |
Depreciation and amortization | 113,025 | 103,952 | 107,551 |
Well Intervention | Intercompany Eliminations | |||
Business Segment Information | |||
Net revenues | (28,396) | (16,545) | (21,521) |
Robotics | Reportable Segments | |||
Business Segment Information | |||
Net revenues | 257,875 | 191,921 | 137,295 |
Income (loss) from operations | 52,450 | 29,981 | 5,762 |
Capital expenditures | 3,957 | 15,603 | 120 |
Depreciation and amortization | 9,604 | 12,209 | 15,158 |
Robotics | Intercompany Eliminations | |||
Business Segment Information | |||
Net revenues | (35,263) | (33,642) | (26,958) |
Shallow Water Abandonment | Reportable Segments | |||
Business Segment Information | |||
Net revenues | 274,954 | 124,810 | |
Income (loss) from operations | 66,240 | 22,184 | |
Capital expenditures | 6,890 | 532 | |
Depreciation and amortization | 20,150 | 8,172 | |
Shallow Water Abandonment | Intercompany Eliminations | |||
Business Segment Information | |||
Net revenues | (88) | ||
Production Facilities | Reportable Segments | |||
Business Segment Information | |||
Net revenues | 87,885 | 82,315 | 69,348 |
Income (loss) from operations | 20,832 | 27,201 | 22,906 |
Capital expenditures | (1,424) | 6,770 | |
Depreciation and amortization | $ 21,028 | $ 18,520 | $ 19,465 |
Business Segment Information _3
Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Segment Information | |||
Net revenues | $ (1,289,728) | $ (873,100) | $ (674,728) |
Intercompany Eliminations | |||
Business Segment Information | |||
Net revenues | 63,747 | 50,187 | 48,479 |
Intercompany Eliminations | Well Intervention | |||
Business Segment Information | |||
Net revenues | 28,396 | 16,545 | 21,521 |
Intercompany Eliminations | Robotics | |||
Business Segment Information | |||
Net revenues | 35,263 | $ 33,642 | $ 26,958 |
Intercompany Eliminations | Shallow Water Abandonment | |||
Business Segment Information | |||
Net revenues | $ 88 |
Business Segment Information _4
Business Segment Information - Revenue By Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Segment Information | |||
Net revenues | $ 1,289,728 | $ 873,100 | $ 674,728 |
United States | |||
Business Segment Information | |||
Net revenues | 644,755 | 447,205 | 232,661 |
North Sea | |||
Business Segment Information | |||
Net revenues | 274,745 | 206,647 | 129,772 |
United Kingdom | |||
Business Segment Information | |||
Net revenues | 236,200 | 167,000 | 100,200 |
Brazil | |||
Business Segment Information | |||
Net revenues | 177,070 | 81,940 | 154,326 |
Asia Pacific | |||
Business Segment Information | |||
Net revenues | 163,957 | 43,648 | 16,792 |
West Africa | |||
Business Segment Information | |||
Net revenues | 8,423 | 87,488 | 126,856 |
Other | |||
Business Segment Information | |||
Net revenues | $ 20,778 | $ 6,172 | $ 14,321 |
Business Segment Information _5
Business Segment Information - Property And Equipment Net Of Accumulated Depreciation By Geographic Location (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Business Segment Information | ||
Property and equipment, net | $ 1,572,849 | $ 1,641,615 |
United States | ||
Business Segment Information | ||
Property and equipment, net | 735,406 | 780,803 |
United Kingdom | ||
Business Segment Information | ||
Property and equipment, net | 617,819 | 625,001 |
Brazil | ||
Business Segment Information | ||
Property and equipment, net | $ 219,624 | $ 235,811 |
Business Segment Information _6
Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Business Segment Information | ||
Total assets | $ 2,556,036 | $ 2,389,338 |
Corporate, Eliminations and Other | ||
Business Segment Information | ||
Total assets | 210,674 | 57,049 |
Well Intervention | Reportable Segments | ||
Business Segment Information | ||
Total assets | 1,790,971 | 1,796,269 |
Robotics | Reportable Segments | ||
Business Segment Information | ||
Total assets | 177,801 | 192,694 |
Shallow Water Abandonment | Reportable Segments | ||
Business Segment Information | ||
Total assets | 256,356 | 206,944 |
Production Facilities | Reportable Segments | ||
Business Segment Information | ||
Total assets | $ 120,234 | $ 136,382 |
Asset Retirement Obligations -
Asset Retirement Obligations - Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligations | |||||
Asset retirement obligation | $ 61,356 | $ 51,956 | $ 29,658 | $ 30,913 | |
Production Facilities | Thunder Hawk Field | |||||
Asset Retirement Obligations | |||||
Ownership percentage | 62.50% | ||||
Asset retirement obligation | $ 23,600 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Changes in AROs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in our AROs: | |||
AROs at beginning of year | $ 51,956 | $ 29,658 | $ 30,913 |
Liability incurred during the period | 23,601 | ||
Revisions in estimates | 3,257 | (3,285) | (2,631) |
Accretion expense | 6,143 | 1,982 | 1,376 |
AROs at end of year | $ 61,356 | $ 51,956 | $ 29,658 |
Commitments And Contingencies_2
Commitments And Contingencies And Other Matters - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2023 | Feb. 28, 2024 | Dec. 31, 2023 | |
Commitments And Contingencies [Line Items] | |||
Agreed earn-out consideration | $ 85,000 | ||
Alliance | |||
Commitments And Contingencies [Line Items] | |||
Agreed earn-out consideration | $ 85,000 | ||
Vessel Charter Commitments | Subsequent Event | |||
Commitments And Contingencies [Line Items] | |||
Increase in vessel charter commitments | $ 559,600 | ||
Glomar Wave | |||
Commitments And Contingencies [Line Items] | |||
Term of charter agreement | 3 years |
Cash Flow Information - Supplem
Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 20,984 | $ 18,267 | $ 20,719 |
Income taxes paid | $ 7,394 | 9,516 | 8,310 |
Tax refunds related to the CARES Act | $ 1,100 | $ 18,900 |
Cash Flow Information - Narrati
Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Jul. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Non-cash capital additions | $ 1,100 | $ 400 | |
Alliance | |||
Non-cash investing and financing activities | |||
Contingent consideration | $ 26,700 | ||
2026 Notes (mature February 2026) | |||
Non-cash investing and financing activities | |||
Shares issued for repurchase of debt (in shares) | 1.5 | ||
P&A Systems | |||
Non-cash investing and financing activities | |||
Fair value of credits towards future services | $ 11,600 |
Allowance Accounts - Activities
Allowance Accounts - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for credit losses | |||
Balance at beginning of year | $ 2,277 | $ 1,477 | $ 3,469 |
Additions (reductions) | 1,149 | 800 | (146) |
Write-offs | (19) | (1,846) | |
Balance at end of year | 3,407 | 2,277 | 1,477 |
Deferred tax asset valuation allowance | |||
Balance at beginning of year | 22,157 | 14,047 | 19,722 |
Additions (reductions) | 51,354 | ||
Adjustments | 7,604 | 8,110 | (5,675) |
Balance at end of year | $ 81,115 | $ 22,157 | $ 14,047 |
Fair Value Measurements - Allia
Fair Value Measurements - Alliance Earn-out Consideration (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Agreed earn-out consideration | $ 85,000 |
Alliance | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Agreed earn-out consideration | $ 85,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets And Liabilities At Fair Value On Recurring Basis (Details) - Recurring $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value Measurements | |
Contingent consideration | $ 42,754 |
Level 3 | |
Fair Value Measurements | |
Contingent consideration | $ 42,754 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in the fair value of contingent consideration: | ||
Change in fair value | $ 42,246 | $ 16,054 |
Recurring | Level 3 | ||
Change in the fair value of contingent consideration: | ||
Balance at January 1, | 42,754 | |
Change in fair value | 42,246 | |
Transfers out of Level 3 | $ (85,000) | |
Balance at end of year | $ 42,754 |
Fair Value Measurements - Princ
Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
Principal Amount | $ 372,779 | $ 270,913 |
2023 Notes (mature September 2023) | ||
Fair Value Measurements | ||
Principal Amount | 30,000 | |
Fair Value | 31,149 | |
2026 Notes (mature February 2026) | ||
Fair Value Measurements | ||
Principal Amount | 40,199 | 200,000 |
Fair Value | 64,117 | 277,014 |
MARAD Debt (matures February 2027) | ||
Fair Value Measurements | ||
Principal Amount | 32,580 | 40,913 |
Fair Value | 32,348 | 40,940 |
2029 Notes (mature March 2029) | ||
Fair Value Measurements | ||
Principal Amount | 300,000 | |
Fair Value | 315,987 | |
Total Debt | ||
Fair Value Measurements | ||
Principal Amount | 372,779 | 270,913 |
Fair Value | $ 412,452 | $ 349,103 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (10,838) | $ (87,784) | $ (61,538) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |