Helix Energy Solutions (HLX) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 22, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		152,453,000
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 323,849	$ 332,191
Accounts receivable, net of allowance for credit losses of $3,700 and $3,407, respectively	219,844	280,427
Other current assets	62,064	85,223
Total current assets	605,757	697,841
Property and equipment	3,067,478	3,078,571
Less accumulated depreciation	(1,537,843)	(1,505,722)
Property and equipment, net	1,529,635	1,572,849
Operating lease right-of-use assets	358,285	169,233
Deferred recertification and dry dock costs, net	73,091	71,290
Other assets, net	47,046	44,823
Total assets	2,613,814	2,556,036
Current liabilities:
Accounts payable	120,375	134,552
Accrued liabilities	163,797	203,112
Current maturities of long-term debt	8,965	48,292
Current operating lease liabilities	54,892	62,662
Total current liabilities	348,029	448,618
Long-term debt	309,199	313,430
Operating lease liabilities	314,351	116,185
Deferred tax liabilities	109,981	110,555
Other non-current liabilities	65,432	66,248
Total liabilities	1,146,992	1,055,036
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 152,450 and 152,291 shares issued, respectively	1,270,357	1,271,565
Retained earnings	286,163	312,450
Accumulated other comprehensive loss	(89,698)	(83,015)
Total shareholders' equity	1,466,822	1,501,000
Total liabilities and shareholders' equity	$ 2,613,814	$ 2,556,036

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Allowance for credit losses	$ 3,700	$ 3,407
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000	240,000
Common stock, shares issued	152,450	152,291

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenues	$ 296,211	$ 250,084
Cost of sales	276,657	234,900
Gross profit	19,554	15,184
Gain (loss) on disposition of assets, net	(150)	367
Acquisition and integration costs		(231)
Change in fair value of contingent consideration		(3,992)
Selling, general and administrative expenses	(20,680)	(19,631)
Loss from operations	(1,276)	(8,303)
Net interest expense	(5,477)	(4,187)
Losses related to convertible senior notes	(20,922)
Other income (expense), net	(2,216)	3,444
Royalty income and other	1,906	1,863
Loss before income taxes	(27,985)	(7,183)
Income tax benefit	(1,698)	(2,018)
Net loss	$ (26,287)	$ (5,165)
Loss per share of common stock:
Basic	$ (0.17)	$ (0.03)
Diluted	$ (0.17)	$ (0.03)
Weighted average common shares outstanding (in shares)
Basic	152,369	151,764
Diluted	152,369	151,764

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (26,287)	$ (5,165)
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	(6,683)	8,432
Other comprehensive income (loss), net of tax	(6,683)	8,432
Comprehensive income (loss)	$ (32,970)	$ 3,267

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance, beginning of period at Dec. 31, 2022	$ 1,298,740	$ 323,288	$ (105,319)	$ 1,516,709
Balance, beginning of period (in shares) at Dec. 31, 2022	151,935
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(5,165)		(5,165)
Foreign currency translation adjustments			8,432	8,432
Repurchases of common stock	$ (5,006)			(5,006)
Repurchases of common stock (in shares)	(660)
Activity in company stock plans, net and other	$ (742)			(742)
Activity in company stock plans, net and other (in shares)	219
Share-based compensation	$ 1,492			1,492
Balance, end of period at Mar. 31, 2023	$ 1,294,484	318,123	(96,887)	1,515,720
Balance, end of period (in shares) at Mar. 31, 2023	151,494
Balance, beginning of period at Dec. 31, 2023	$ 1,271,565	312,450	(83,015)	1,501,000
Balance, beginning of period (in shares) at Dec. 31, 2023	152,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(26,287)		(26,287)
Foreign currency translation adjustments			(6,683)	(6,683)
Settlement of convertible debt conversion	$ (84)			(84)
Repurchases of common stock	$ (5,032)			(5,032)
Repurchases of common stock (in shares)	(463)
Termination of capped calls	$ 4,381			4,381
Activity in company stock plans, net and other	$ (2,071)			(2,071)
Activity in company stock plans, net and other (in shares)	622
Share-based compensation	$ 1,598			1,598
Balance, end of period at Mar. 31, 2024	$ 1,270,357	$ 286,163	$ (89,698)	$ 1,466,822
Balance, end of period (in shares) at Mar. 31, 2024	152,450

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (26,287)	$ (5,165)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	46,353	37,537
Amortization of debt discount	53
Amortization of debt issuance costs	570	596
Share-based compensation	1,711	1,575
Deferred income taxes	(574)	(1,306)
(Gain) loss on disposition of assets, net	150	(367)
Losses related to convertible senior notes	20,922
Unrealized foreign currency (gain) loss	2,117	(3,333)
Change in fair value of contingent consideration		3,992
Changes in operating assets and liabilities:
Accounts receivable, net	59,059	(2,484)
Income tax receivable, net of income tax payable	(2,510)	(2,419)
Other current assets	23,196	(1,961)
Accounts payable and accrued liabilities	(50,489)	(18,036)
Deferred recertification and dry dock costs, net	(9,594)	(17,154)
Other, net	(193)	3,133
Net cash provided by (used in) operating activities	64,484	(5,392)
Cash flows from investing activities:
Capital expenditures	(3,605)	(6,665)
Proceeds from sale of assets		365
Proceeds from insurance recoveries	363
Net cash used in investing activities	(3,242)	(6,300)
Cash flows from financing activities:
Payments related to convertible senior notes	(60,699)
Repayment of MARAD Debt	(4,322)	(4,116)
Proceeds from settlement of capped calls	4,381
Debt issuance costs	(984)
Repurchases of common stock	(4,177)	(4,983)
Payments related to tax withholding for share-based compensation	(4,003)	(564)
Proceeds from issuance of ESPP shares	500	239
Net cash used in financing activities	(69,304)	(9,424)
Effect of exchange rate changes on cash and cash equivalents	(280)	1,187
Net decrease in cash and cash equivalents	(8,342)	(19,929)
Cash and cash equivalents:
Balance, beginning of year	332,191	189,111
Balance, end of period	$ 323,849	$ 169,182

Basis Of Presentation And New A

Basis Of Presentation And New Accounting Standards	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation And New Accounting Standards	Note 1 — Basis of Presentation and New Accounting Standards The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Our balance sheet as of December 31, 2023 included herein has been derived from the audited balance sheet as of December 31, 2023 included in our 2023 Annual Report on Form 10-K (our “2023 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2023 Form 10-K. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. New accounting standards In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures,” which requires 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 entities to disclose, on an annual basis, specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that entities disclose on an annual basis: a) income taxes paid (net) disaggregated by federal, state and foreign taxes, b) income taxes paid (net) by individual jurisdiction, c) income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign, and d) 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 for annual 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. 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.

Company Overview

Company Overview	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Overview	Note 2 — Company Overview We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition: ● Production maximization — our assets and methodologies are specifically designed to efficiently enhance and extend the lives of existing oil and gas reserves; we also offer an alternative to take over end-of-life reserves in preparation for their abandonment; ● Decommissioning — we are a full-field abandonment contractor and believe that regulatory push for plug and abandonment (“P&A”) and transition to renewable energy will facilitate the continued growth of the abandonment market; and ● Renewables — we are an established global leader in jet trenching and provide specialty support services to renewable energy developments such as offshore wind farms, including boulder removal and unexploded ordnance clearance. We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of Mexico (deepwater and shelf), U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa regions. Our North Sea operations and our Gulf of Mexico shelf operations are usually subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months. Our services are segregated into four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment 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 H 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 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, IROV boulder grabs and robotics support vessels under term charters as well as spot vessels as needed. We offer our ROVs, trenchers and IROV boulder grabs 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 Helix Alliance that was acquired in July 2022, which offers a diversified fleet of marine assets including liftboats, offshore supply vessels (“OSVs”), dive support vessels (“DSVs”), a heavy lift derrick barge, a crew boat, P&A systems and coiled tubing (“CT”) systems. Our Production Facilities segment includes the Helix Producer I HP I HP 1 Q4000 Q5000

Details Of Certain Accounts

Details Of Certain Accounts	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details Of Certain Accounts	Note 3 — Details of Certain Accounts Other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Prepaids ​ $ 23,813 $ 28,352 Income tax receivable ​ ​ 447 ​ ​ — Contract assets (Note 8) ​ ​ 5,520 ​ ​ 5,824 Deferred costs (Note 8) ​ 21,581 ​ 36,041 Other ​ 10,703 ​ 15,006 Total other current assets ​ $ 62,064 $ 85,223 ​ Other assets, net consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Prepaid charter (1) ​ $ 12,544 $ 12,544 Deferred costs (Note 8) ​ ​ 2,450 ​ 587 Other receivable (2) ​ 26,236 ​ 25,623 Intangible assets with finite lives, net ​ 3,968 ​ 4,105 Other ​ 1,848 ​ 1,964 Total other assets, net ​ $ 47,046 $ 44,823 (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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Accrued payroll and related benefits ​ $ 31,472 $ 59,010 Accrued interest ​ ​ 2,720 ​ ​ 4,181 Income tax payable ​ — ​ 1,938 Deferred revenue (Note 8) ​ 20,856 ​ 32,763 Earn-out consideration (1) ​ 85,000 ​ 85,000 Other (2) ​ 23,749 ​ 20,220 Total accrued liabilities ​ $ 163,797 $ 203,112 (1) Represents the final amount of the earn-out consideration associated with the acquisition of the Alliance group of companies (collectively “Alliance”) on July 1, 2022, which was paid to the seller of Alliance in cash on April 3, 2024. (2) Amounts as of March 31, 2024 and December 31, 2023 included $11.6 million and $9.0 million, respectively, of credits towards future services that we granted for the purchase of five P&A systems and other assets . ​ Other non-current liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Asset retirement obligations (Note 12) ​ $ 62,732 $ 61,356 Other (1) ​ 2,700 ​ 4,892 Total other non-current liabilities ​ $ 65,432 $ 66,248 (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).

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Note 4 — Leases We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. The following table details the components of our lease cost (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Operating lease cost ​ $ 20,475 $ 17,006 Variable lease cost ​ 3,057 ​ 4,910 Short-term lease cost ​ 8,914 ​ 6,977 Sublease income ​ (22) ​ (331) Net lease cost ​ $ 32,424 $ 28,562 ​ Maturities of our operating lease liabilities as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facilities and ​ ​ ​ Vessels Equipment Total Less than one year ​ $ 75,235 ​ $ 6,232 $ 81,467 One to two years ​ 76,992 ​ 2,575 ​ 79,567 Two to three years ​ 63,907 ​ 1,270 ​ 65,177 Three to four years ​ 61,941 ​ 1,262 ​ 63,203 Four to five years ​ 53,539 ​ 1,169 ​ 54,708 Over five years ​ 125,999 ​ 1,656 ​ 127,655 Total lease payments ​ $ 457,613 ​ $ 14,164 $ 471,777 Less: imputed interest ​ (100,746) ​ (1,788) ​ (102,534) Total operating lease liabilities ​ $ 356,867 ​ $ 12,376 $ 369,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ $ 49,135 ​ $ 5,757 $ 54,892 Non-current operating lease liabilities ​ 307,732 ​ 6,619 ​ 314,351 Total operating lease liabilities ​ $ 356,867 ​ $ 12,376 $ 369,243 ​ 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 ​ The following table presents the weighted average remaining lease term and discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Weighted average remaining lease term 6.3 years ​ 3.1 years Weighted average discount rate 7.96 % ​ 8.20 % ​ The following table presents other information related to our operating leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Cash paid for operating lease liabilities ​ $ 18,720 $ 16,184 Right-of-use assets obtained in exchange for new operating lease liabilities (1) ​ 203,040 ​ 6,070 (1) Our operating lease additions during the three-month period ended March 31, 2024 are primarily related to the charter extensions for the Siem Helix 1 , the Siem Helix 2 , the Grand Canyon II and the Shelia Bordelon (Note 13). Our operating lease additions during the three-month period ended March 31, 2023 are primarily related to the vessel charter for the Glomar Wave .

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Note 5 — Long-Term Debt Scheduled maturities of our long-term debt outstanding as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARAD ​ 2029 ​ ​ ​ ​ Debt Notes Total Less than one year ​ $ 8,965 ​ $ — $ 8,965 One to two years ​ 9,412 ​ — ​ 9,412 Two to three years ​ 9,881 ​ — ​ 9,881 Three to four years ​ — ​ — ​ — Four to five years ​ — ​ — ​ — Over five years ​ — ​ 300,000 ​ 300,000 Gross debt ​ 28,258 ​ 300,000 ​ 328,258 Unamortized debt discount (1) ​ ​ — ​ ​ (1,351) ​ ​ (1,351) Unamortized debt issuance costs (1) ​ (1,463) ​ (7,280) ​ (8,743) Total debt ​ 26,795 ​ 291,369 ​ 318,164 Less current maturities ​ (8,965) ​ — ​ (8,965) Long-term debt ​ $ 17,830 ​ $ 291,369 $ 309,199 (1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. Below is a summary of our indebtedness: 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 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 March 31, 2024, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $95.6 million, net of $3.4 million of letters of credit issued. 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 rate (also known as CME Term SOFR as administered by CME Group, Inc.) 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 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 (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. 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 Senior Notes Due 2029 (“2029 Notes”) On December 1, 2023, we issued $300 million aggregate principal amount of 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 cash proceeds from the offering to retire the Convertible Senior Notes due 2026 (the “2026 Notes”). See details regarding the 2026 Notes below. 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 may 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. 2026 Notes During December 2023 and the first quarter 2024, we retired the 2026 Notes through various transactions using proceeds from the 2029 Notes as well as the issuance of our common stock. In December 2023, we entered into privately negotiated agreements with certain holders of the 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 in the fourth quarter 2023, representing the total settlement value in excess of the total conversion value of the 2026 Notes Repurchases when the final negotiated offers were accepted. 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 condensed consolidated balance sheets. In December 2023, $0.2 million aggregate principal amount of the 2026 Notes was tendered for conversion. We settled the conversions for $0.3 million cash in March 2024. The conversion value paid in excess of the $0.2 million carrying amount of the 2026 Notes that were tentered for conversion is reflected in “Common stock” in the shareholders’ equity section of the accompanying condensed consolidated balance sheet. 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 in March 2024 (the “2026 Notes Redemptions”). The redemption price consisted of the principal amount and the make-whole premium, plus accrued and unpaid interest. Our redemption notice enabled holders of $39.7 million aggregate principal amount of the 2026 Notes to tender their notes for conversion prior to the redemption date, with the remaining $0.3 million aggregate principal amount of the notes redeemed. We settled both the conversions and redemptions for an aggregate $60.2 million cash in March 2024 and recognized pre-tax losses of $20.9 million. These losses are reflected in “Losses related to convertible senior notes” in the accompanying condensed consolidated statement of operations. The 2026 Notes had a coupon interest rate of 6.75% per annum and an effective interest rate of 7.6%. For the three-month periods ended March 31, 2024 and 2023, total interest expense related to the 2026 Notes was $0.4 million and $3.7 million, respectively, with coupon interest expense of $0.3 million and $3.4 million, respectively, and the amortization of debt issuance costs of $0.1 million and $0.3 million, respectively. 2026 Capped Calls In connection with the 2026 Notes offering, we had entered into capped call transactions (the “2026 Capped Calls”) with three separate counterparties to hedge the dilution risk of the 2026 Notes. Concurrently with the 2026 Notes Repurchases in December 2023, we terminated a proportionate amount of the 2026 Capped Calls and received $15.6 million in cash, recognizing an increase to “Common stock” of $14.2 million and a $1.4 million gain. Concurrent with the settlement of the 2026 Notes Redemptions in March 2024, we terminated the remaining 2026 Capped Calls and received $4.4 million in cash, recognizing an increase to “Common stock” in the shareholders’ equity section of the accompanying condensed consolidated balance sheet. Other In accordance with the Amended ABL Facility, 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 March 31, 2024, we were in compliance with these covenants. The Convertible Senior Notes due 2023 (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 condensed consolidated balance sheets. 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 three-month period ended March 31, 2023, total interest expense related to the 2023 Notes was $0.4 million, primarily from coupon interest expense. The following table details the components of our net interest expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Interest expense ​ $ 8,778 $ 4,869 Interest income ​ (3,301) ​ (682) Net interest expense ​ $ 5,477 $ 4,187 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 — Income Taxes We operate in multiple jurisdictions with complex tax laws subject to interpretation and judgment. We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements. For the three-month periods ended March 31, 2024 and 2023, we recognized income tax benefit of $1.7 million and $2.0 million, respectively, resulting in effective tax rates of 6.1% and 28.1%, respectively. The effective tax rate for the three-month period ended March 31, 2024 was lower than the U.S. statutory rate primarily due to the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event and reported in the current quarter. The effective tax rate for the three-month period ended March 31, 2023 was higher than the U.S. statutory rate primarily due to certain non-deductible expenses and non-creditable foreign income taxes.

Share Repurchase Programs

Share Repurchase Programs	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Share Repurchase Programs	Note 7 — Share Repurchase Programs In February 2023, our Board of Directors (our “Board”) authorized a share repurchase program to repurchase issued and outstanding shares of our common stock up to $200 million (the “2023 Repurchase Program”). During the three-month period ended March 31, 2024, we repurchased a total of 462,585 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $5.0 million or an average of $10.88 per share, of which approximately $0.9 million was accrued as of March 31, 2024. 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 cancelled.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	Note 8 — Revenue from Contracts with Customers Disaggregation of Revenue 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. Our revenues are primarily derived from short-term and long-term service contracts with customers. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. The following table provides information about disaggregated revenue by contract duration (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Well ​ ​ ​ Shallow Water ​ Production ​ Intercompany ​ Total ​ Intervention Robotics Abandonment Facilities Eliminations Revenue Three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Short-term ​ $ 134,414 ​ $ 25,176 ​ $ 25,363 ​ $ — ​ $ (6,327) ​ $ 178,626 Long-term ​ 82,045 ​ 25,133 ​ 1,490 ​ 24,152 ​ (15,235) ​ 117,585 Total ​ $ 216,459 ​ $ 50,309 ​ $ 26,853 ​ $ 24,152 ​ $ (21,562) ​ $ 296,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Short-term ​ $ 77,767 ​ $ 35,205 ​ $ 49,381 ​ $ — ​ $ — ​ $ 162,353 Long-term ​ 64,671 ​ 14,017 ​ — ​ 20,905 ​ (11,862) ​ 87,731 Total ​ $ 142,438 ​ $ 49,222 ​ $ 49,381 ​ $ 20,905 ​ $ (11,862) ​ $ 250,084 ​ We provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following table provides information about disaggregated revenue by market strategy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Well ​ ​ ​ Shallow Water ​ Production ​ Intercompany ​ Total ​ Intervention Robotics Abandonment Facilities Eliminations Revenue Three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Production maximization ​ $ 70,449 ​ $ 18,436 ​ $ 3,242 ​ $ 24,152 ​ $ (11,392) ​ $ 104,887 Decommissioning ​ 142,685 ​ 5,412 ​ 23,611 ​ — ​ (6,928) ​ 164,780 Renewables ​ 2,504 ​ 24,172 ​ — ​ — ​ (2,504) ​ 24,172 Other ​ 821 ​ 2,289 ​ — ​ — ​ (738) ​ 2,372 Total ​ $ 216,459 ​ $ 50,309 ​ $ 26,853 ​ $ 24,152 ​ $ (21,562) ​ $ 296,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Production maximization ​ $ 47,267 ​ $ 26,719 ​ $ 3,407 ​ $ 20,905 ​ $ (3,817) ​ $ 94,481 Decommissioning ​ 92,620 ​ 11,048 ​ 45,974 ​ — ​ (5,071) ​ 144,571 Renewables ​ 1,326 ​ 8,678 ​ — ​ — ​ (1,326) ​ 8,678 Other ​ 1,225 ​ 2,777 ​ — ​ — ​ (1,648) ​ 2,354 Total ​ $ 142,438 ​ $ 49,222 ​ $ 49,381 ​ $ 20,905 ​ $ (11,862) ​ $ 250,084 ​ 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 condensed consolidated balance sheets (Note 3). Contract assets were $5.5 million as of March 31, 2024 and $5.8 million as of December 31, 2023. We had no credit losses on our contract assets for the three-month periods ended March 31, 2024 and 2023. 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 condensed consolidated balance sheets (Note 3). Contract liabilities totaled $20.9 million as of March 31, 2024 and $32.8 million as of December 31, 2023. Revenue recognized for the three-month periods ended March 31, 2024 and 2023 included $16.4 million and $3.9 million, respectively, that were included in the contract liability balance at the beginning of each period. We report the net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period. Performance Obligations As of March 31, 2024, $996.6 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $663.4 million, $309.7 million and $23.5 million in 2024 2025 2026 For the three-month periods ended March 31, 2024 and 2023, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial. Contract Fulfillment Costs Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3). Our deferred contract costs totaled $24.0 million as of March 31, 2024 and $36.6 million as of December 31, 2023. For the three-month periods ended March 31, 2024 and 2023, we recorded $20.3 million and $4.7 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented. For additional information regarding revenue recognition, see Notes 2 and 11 to our 2023 Form 10-K.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 9 — 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 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 for the periods in which they are outstanding 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). The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ March 31, 2024 ​ March 31, 2023 ​ Income Shares Income Shares Basic and Diluted: ​ ​ Net loss ​ $ (26,287) ​ ​ $ (5,165) Net loss available to common shareholders ​ $ (26,287) ​ 152,369 ​ $ (5,165) 151,764 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.17) ​ ​ ​ $ (0.03) ​ ​ ​ We had net losses for the three-month periods ended March 31, 2024 and 2023. 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): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Diluted shares (as reported) 152,369 151,764 Share-based awards 2,705 2,740 Total 155,074 154,504 ​ The following potentially dilutive shares related to the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 2023 Notes — 3,168 2026 Notes 5,187 28,676 ​ We have outstanding restricted stock units (“RSUs”) (Note 10) 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	3 Months Ended
	Mar. 31, 2024
Share-based Payment Arrangement [Abstract]
Employee Benefit Plans	Note 10 — Employee Benefit Plans Long-Term Incentive Plan As of March 31, 2024, there were approximately 2.5 million shares of our common stock available for issuance under our 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). During the three-month period ended March 31, 2024, the following grants of share-based awards were made under the 2005 Incentive Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Date of Grant Award Type Shares/Units Per Share/Unit Vesting Period/Vesting Date January 1, 2024 (1) RSU 375,730 ​ $ 10.28 33% per year over three years January 1, 2024 (1) PSU 351,410 ​ $ 12.30 100% on December 31, 2026 January 1, 2024 (2) Restricted stock 5,776 ​ $ 10.28 100% on January 1, 2026 (1) Reflects grants to our executive officers. (2) Reflects grants to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash. 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. Forfeitures are recognized as they occur. No restricted stock awards have been granted to our executive officers or other employees since 2020. For each of the three-month periods ended March 31, 2024 and 2023, we recognized $0.3 million as share-based compensation related to restricted stock. Our performance share units (“PSUs”) granted beginning in January 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee of our Board and have been accounted for as equity awards. Those PSUs consist of two components: (i) 50% based on the performance of our common stock against peer group companies, which component contains a service and a market condition, and (ii) 50% based on cumulative total Free Cash Flow, which component contains a service and a performance condition. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of a three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero. For PSUs 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. For the three-month periods ended March 31, 2024 and 2023, $1.3 million and $1.2 million, respectively, were recognized as share-based compensation related to PSUs. In the first quarter 2024, based on the performance of our common stock price as compared to our performance peer group and our cumulative total Free Cash Flow, in each case over a three-year performance period, 452,381 PSUs granted in 2021 vested at 181%, representing 818,812 shares of our common stock with a total market value of $8.4 million. Our currently outstanding RSUs may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards. Liability RSUs are measured at their estimated fair value 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. For the three-month periods ended March 31, 2024 and 2023, $1.5 million and $1.2 million, respectively, were recognized as compensation cost. In 2024 and 2023, we granted fixed-value cash awards of $6.1 million and $6.0 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 three-month periods ended March 31, 2024 and 2023, $1.4 million and $1.2 million, respectively, were recognized as compensation cost. Defined Contribution Plans We sponsor a defined contribution 401(k) retirement plan (the “401(k) Plan”) in the U.S. We also contribute to various other defined contribution plans globally. For the three-month periods ended March 31, 2024 and 2023, we made contributions to our defined contribution plans totaling $1.4 million and $1.1 million, respectively. Employee Stock Purchase Plan (“ESPP”) As of March 31, 2024, 1.1 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period. For more information regarding our employee benefit plans, including the 2005 Incentive Plan, the defined contribution plans and the ESPP, see Note 13 to our 2023 Form 10-K.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segment Information	Note 11 — Business Segment Information We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. All material intercompany transactions between the segments have been eliminated. See Note 2 for more information on our business segments. We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 2023 Net revenues — ​ ​ ​ Well Intervention ​ $ 216,459 ​ $ 142,438 Robotics ​ 50,309 ​ 49,222 Shallow Water Abandonment ​ ​ 26,853 ​ ​ 49,381 Production Facilities ​ 24,152 ​ 20,905 Intercompany eliminations ​ (21,562) ​ (11,862) Total ​ $ 296,211 ​ $ 250,084 ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations — ​ ​ Well Intervention ​ $ 18,679 ​ $ (8,143) Robotics ​ 5,450 ​ 5,094 Shallow Water Abandonment ​ ​ (12,428) ​ ​ 6,822 Production Facilities ​ (1,543) ​ 5,157 Segment operating income (loss) ​ 10,158 ​ 8,930 Change in fair value of contingent consideration ​ ​ — ​ ​ (3,992) Corporate, eliminations and other ​ (11,434) ​ (13,241) Total ​ $ (1,276) ​ $ (8,303) Net interest expense ​ ​ (5,477) ​ ​ (4,187) Losses related to convertible senior notes ​ ​ (20,922) ​ ​ — Other non-operating income (expense), net ​ ​ (310) ​ ​ 5,307 Loss before income taxes ​ $ (27,985) ​ $ (7,183) ​ Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Well Intervention ​ $ 11,252 ​ $ 4,469 Robotics ​ 10,228 ​ 7,393 Shallow Water Abandonment ​ 82 ​ — Total ​ $ 21,562 ​ $ 11,862 ​ Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. The following table reflects total assets by reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Well Intervention ​ $ 1,891,832 ​ $ 1,790,971 Robotics ​ 204,777 ​ 177,801 Shallow Water Abandonment ​ ​ 176,019 ​ ​ 256,356 Production Facilities ​ 115,283 ​ 120,234 Corporate and other ​ 225,903 ​ 210,674 Total ​ $ 2,613,814 ​ $ 2,556,036 ​

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 12 — Asset Retirement Obligations Our asset retirement obligations (“AROs”) relate to mature offshore oil and gas properties (Droshky and Thunder Hawk Field) that we acquired with the intention to perform decommissioning work at the end of their life cycles. 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. The following table describes the changes in our AROs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 AROs at January 1, ​ $ 61,356 ​ $ 51,956 Accretion expense ​ 1,376 ​ 1,168 AROs at March 31, ​ $ 62,732 ​ $ 53,124 ​

Commitments And Contingencies A

Commitments And Contingencies And Other Matters	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies And Other Matters	Note 13 — 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 North Sea Enabler Glomar Wave Grand Canyon II Grand Canyon III Shelia Bordelon North Sea Enabler three-year Glomar Wave 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 thereunder. While we believe we maintain appropriate accruals for such matters, the actual cost to us may be more or less than the amounts reserved. We are involved in various legal proceedings in the normal couse 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	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Statement Of Cash Flow Information	Note 14 — Statement of Cash Flow Information We define cash and cash equivalents as cash and all highly liquid financial instruments with original maturities of three months or less. The following table provides supplemental cash flow information (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Interest paid ​ $ 9,613 ​ $ 8,498 Income taxes paid (1) ​ 1,509 ​ 1,708 (1) Exclusive of any income tax refunds. ​ Our capital additions include the acquisition of property and equipment for which payment has not been made. These non-cash capital additions were $0.2 million at March 31, 2024 and $1.1 million at December 31, 2023.

Allowance For Credit Losses

Allowance For Credit Losses	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
Allowance For Credit Losses	Note 15 — Allowance for Credit Losses We estimate current expected credit losses on our accounts receivable at each reporting date based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. The following table sets forth the activity in our allowance for credit losses (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Balance at January 1, ​ $ 3,407 ​ $ 2,277 Additions (1) ​ 293 ​ 141 Balance at March 31, ​ $ 3,700 ​ $ 2,418 (1) Additions reflect reserves for expected credit losses during the respective periods.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 16 — 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. The principal amount and estimated fair value of our long-term debt are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Principal ​ Fair ​ Principal ​ Fair ​ Amount (1) Value (2) Amount (1) Value (2) 2026 Notes (fully redeemed March 2024) ​ $ — ​ $ — ​ $ 40,199 ​ $ 64,117 MARAD Debt (matures February 2027) ​ ​ 28,258 ​ ​ 27,906 ​ ​ 32,580 ​ ​ 32,348 2029 Notes (mature March 2029) ​ ​ 300,000 ​ ​ 318,000 ​ ​ 300,000 ​ ​ 315,987 Total debt ​ $ 328,258 ​ $ 345,906 ​ $ 372,779 ​ $ 412,452 (1) Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 5 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 quotes in inactive markets.

Basis Of Presentation And New_2

Basis Of Presentation And New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Our balance sheet as of December 31, 2023 included herein has been derived from the audited balance sheet as of December 31, 2023 included in our 2023 Annual Report on Form 10-K (our “2023 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2023 Form 10-K.
Reclassifications	Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.
New Accounting Standards	New accounting standards In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures,” which requires 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 entities to disclose, on an annual basis, specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet a quantitative threshold. This ASU also requires that entities disclose on an annual basis: a) income taxes paid (net) disaggregated by federal, state and foreign taxes, b) income taxes paid (net) by individual jurisdiction, c) income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign, and d) 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 for annual 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. 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.

Details Of Certain Accounts (Ta

Details Of Certain Accounts (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of other current assets	Other current assets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Prepaids ​ $ 23,813 $ 28,352 Income tax receivable ​ ​ 447 ​ ​ — Contract assets (Note 8) ​ ​ 5,520 ​ ​ 5,824 Deferred costs (Note 8) ​ 21,581 ​ 36,041 Other ​ 10,703 ​ 15,006 Total other current assets ​ $ 62,064 $ 85,223
Schedule of other assets, net	Other assets, net consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Prepaid charter (1) ​ $ 12,544 $ 12,544 Deferred costs (Note 8) ​ ​ 2,450 ​ 587 Other receivable (2) ​ 26,236 ​ 25,623 Intangible assets with finite lives, net ​ 3,968 ​ 4,105 Other ​ 1,848 ​ 1,964 Total other assets, net ​ $ 47,046 $ 44,823 (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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Accrued payroll and related benefits ​ $ 31,472 $ 59,010 Accrued interest ​ ​ 2,720 ​ ​ 4,181 Income tax payable ​ — ​ 1,938 Deferred revenue (Note 8) ​ 20,856 ​ 32,763 Earn-out consideration (1) ​ 85,000 ​ 85,000 Other (2) ​ 23,749 ​ 20,220 Total accrued liabilities ​ $ 163,797 $ 203,112 (1) Represents the final amount of the earn-out consideration associated with the acquisition of the Alliance group of companies (collectively “Alliance”) on July 1, 2022, which was paid to the seller of Alliance in cash on April 3, 2024. (2) Amounts as of March 31, 2024 and December 31, 2023 included $11.6 million and $9.0 million, respectively, of credits towards future services that we granted for the purchase of five P&A systems and other assets .
Schedule of other non-current liabilities	Other non-current liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Asset retirement obligations (Note 12) ​ $ 62,732 $ 61,356 Other (1) ​ 2,700 ​ 4,892 Total other non-current liabilities ​ $ 65,432 $ 66,248 (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).

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of components of lease cost	The following table details the components of our lease cost (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Operating lease cost ​ $ 20,475 $ 17,006 Variable lease cost ​ 3,057 ​ 4,910 Short-term lease cost ​ 8,914 ​ 6,977 Sublease income ​ (22) ​ (331) Net lease cost ​ $ 32,424 $ 28,562
Schedule of maturities of operating lease liabilities	Maturities of our operating lease liabilities as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facilities and ​ ​ ​ Vessels Equipment Total Less than one year ​ $ 75,235 ​ $ 6,232 $ 81,467 One to two years ​ 76,992 ​ 2,575 ​ 79,567 Two to three years ​ 63,907 ​ 1,270 ​ 65,177 Three to four years ​ 61,941 ​ 1,262 ​ 63,203 Four to five years ​ 53,539 ​ 1,169 ​ 54,708 Over five years ​ 125,999 ​ 1,656 ​ 127,655 Total lease payments ​ $ 457,613 ​ $ 14,164 $ 471,777 Less: imputed interest ​ (100,746) ​ (1,788) ​ (102,534) Total operating lease liabilities ​ $ 356,867 ​ $ 12,376 $ 369,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ $ 49,135 ​ $ 5,757 $ 54,892 Non-current operating lease liabilities ​ 307,732 ​ 6,619 ​ 314,351 Total operating lease liabilities ​ $ 356,867 ​ $ 12,376 $ 369,243 ​ 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
Schedule of weighted average remaining lease term and discount rate	The following table presents the weighted average remaining lease term and discount rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Weighted average remaining lease term 6.3 years ​ 3.1 years Weighted average discount rate 7.96 % ​ 8.20 %
Schedule of other information related to operating leases	The following table presents other information related to our operating leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Cash paid for operating lease liabilities ​ $ 18,720 $ 16,184 Right-of-use assets obtained in exchange for new operating lease liabilities (1) ​ 203,040 ​ 6,070 (1) Our operating lease additions during the three-month period ended March 31, 2024 are primarily related to the charter extensions for the Siem Helix 1 , the Siem Helix 2 , the Grand Canyon II and the Shelia Bordelon (Note 13). Our operating lease additions during the three-month period ended March 31, 2023 are primarily related to the vessel charter for the Glomar Wave .

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of maturities of long-term debt outstanding	Scheduled maturities of our long-term debt outstanding as of March 31, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MARAD ​ 2029 ​ ​ ​ ​ Debt Notes Total Less than one year ​ $ 8,965 ​ $ — $ 8,965 One to two years ​ 9,412 ​ — ​ 9,412 Two to three years ​ 9,881 ​ — ​ 9,881 Three to four years ​ — ​ — ​ — Four to five years ​ — ​ — ​ — Over five years ​ — ​ 300,000 ​ 300,000 Gross debt ​ 28,258 ​ 300,000 ​ 328,258 Unamortized debt discount (1) ​ ​ — ​ ​ (1,351) ​ ​ (1,351) Unamortized debt issuance costs (1) ​ (1,463) ​ (7,280) ​ (8,743) Total debt ​ 26,795 ​ 291,369 ​ 318,164 Less current maturities ​ (8,965) ​ — ​ (8,965) Long-term debt ​ $ 17,830 ​ $ 291,369 $ 309,199 (1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.
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 components of net interest expense	The following table details the components of our net interest expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Interest expense ​ $ 8,778 $ 4,869 Interest income ​ (3,301) ​ (682) Net interest expense ​ $ 5,477 $ 4,187 ​

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2024
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 Three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Short-term ​ $ 134,414 ​ $ 25,176 ​ $ 25,363 ​ $ — ​ $ (6,327) ​ $ 178,626 Long-term ​ 82,045 ​ 25,133 ​ 1,490 ​ 24,152 ​ (15,235) ​ 117,585 Total ​ $ 216,459 ​ $ 50,309 ​ $ 26,853 ​ $ 24,152 ​ $ (21,562) ​ $ 296,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Short-term ​ $ 77,767 ​ $ 35,205 ​ $ 49,381 ​ $ — ​ $ — ​ $ 162,353 Long-term ​ 64,671 ​ 14,017 ​ — ​ 20,905 ​ (11,862) ​ 87,731 Total ​ $ 142,438 ​ $ 49,222 ​ $ 49,381 ​ $ 20,905 ​ $ (11,862) ​ $ 250,084 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Well ​ ​ ​ Shallow Water ​ Production ​ Intercompany ​ Total ​ Intervention Robotics Abandonment Facilities Eliminations Revenue Three months ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ Production maximization ​ $ 70,449 ​ $ 18,436 ​ $ 3,242 ​ $ 24,152 ​ $ (11,392) ​ $ 104,887 Decommissioning ​ 142,685 ​ 5,412 ​ 23,611 ​ — ​ (6,928) ​ 164,780 Renewables ​ 2,504 ​ 24,172 ​ — ​ — ​ (2,504) ​ 24,172 Other ​ 821 ​ 2,289 ​ — ​ — ​ (738) ​ 2,372 Total ​ $ 216,459 ​ $ 50,309 ​ $ 26,853 ​ $ 24,152 ​ $ (21,562) ​ $ 296,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Production maximization ​ $ 47,267 ​ $ 26,719 ​ $ 3,407 ​ $ 20,905 ​ $ (3,817) ​ $ 94,481 Decommissioning ​ 92,620 ​ 11,048 ​ 45,974 ​ — ​ (5,071) ​ 144,571 Renewables ​ 1,326 ​ 8,678 ​ — ​ — ​ (1,326) ​ 8,678 Other ​ 1,225 ​ 2,777 ​ — ​ — ​ (1,648) ​ 2,354 Total ​ $ 142,438 ​ $ 49,222 ​ $ 49,381 ​ $ 20,905 ​ $ (11,862) ​ $ 250,084

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of computations of basic and diluted EPS	The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ March 31, 2024 ​ March 31, 2023 ​ Income Shares Income Shares Basic and Diluted: ​ ​ Net loss ​ $ (26,287) ​ ​ $ (5,165) Net loss available to common shareholders ​ $ (26,287) ​ 152,369 ​ $ (5,165) 151,764 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share ​ $ (0.17) ​ ​ ​ $ (0.03) ​ ​
Schedule of shares excluded from diluted EPS calculation	Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Diluted shares (as reported) 152,369 151,764 Share-based awards 2,705 2,740 Total 155,074 154,504 ​ The following potentially dilutive shares related to the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 2023 Notes — 3,168 2026 Notes 5,187 28,676

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-based Payment Arrangement [Abstract]
Schedule of grants of share-based awards	During the three-month period ended March 31, 2024, the following grants of share-based awards were made under the 2005 Incentive Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant Date ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ Date of Grant Award Type Shares/Units Per Share/Unit Vesting Period/Vesting Date January 1, 2024 (1) RSU 375,730 ​ $ 10.28 33% per year over three years January 1, 2024 (1) PSU 351,410 ​ $ 12.30 100% on December 31, 2026 January 1, 2024 (2) Restricted stock 5,776 ​ $ 10.28 100% on January 1, 2026 (1) Reflects grants to our executive officers. (2) Reflects grants to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of financial data by reportable segment	Certain financial data by reportable segment are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 2023 Net revenues — ​ ​ ​ Well Intervention ​ $ 216,459 ​ $ 142,438 Robotics ​ 50,309 ​ 49,222 Shallow Water Abandonment ​ ​ 26,853 ​ ​ 49,381 Production Facilities ​ 24,152 ​ 20,905 Intercompany eliminations ​ (21,562) ​ (11,862) Total ​ $ 296,211 ​ $ 250,084 ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations — ​ ​ Well Intervention ​ $ 18,679 ​ $ (8,143) Robotics ​ 5,450 ​ 5,094 Shallow Water Abandonment ​ ​ (12,428) ​ ​ 6,822 Production Facilities ​ (1,543) ​ 5,157 Segment operating income (loss) ​ 10,158 ​ 8,930 Change in fair value of contingent consideration ​ ​ — ​ ​ (3,992) Corporate, eliminations and other ​ (11,434) ​ (13,241) Total ​ $ (1,276) ​ $ (8,303) Net interest expense ​ ​ (5,477) ​ ​ (4,187) Losses related to convertible senior notes ​ ​ (20,922) ​ ​ — Other non-operating income (expense), net ​ ​ (310) ​ ​ 5,307 Loss before income taxes ​ $ (27,985) ​ $ (7,183)
Schedule of intercompany segment revenues	Intercompany segment revenues are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Well Intervention ​ $ 11,252 ​ $ 4,469 Robotics ​ 10,228 ​ 7,393 Shallow Water Abandonment ​ 82 ​ — Total ​ $ 21,562 ​ $ 11,862
Schedule of total assets by reportable segment	The following table reflects total assets by reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Well Intervention ​ $ 1,891,832 ​ $ 1,790,971 Robotics ​ 204,777 ​ 177,801 Shallow Water Abandonment ​ ​ 176,019 ​ ​ 256,356 Production Facilities ​ 115,283 ​ 120,234 Corporate and other ​ 225,903 ​ 210,674 Total ​ $ 2,613,814 ​ $ 2,556,036 ​

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of asset retirement obligations	The following table describes the changes in our AROs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 AROs at January 1, ​ $ 61,356 ​ $ 51,956 Accretion expense ​ 1,376 ​ 1,168 AROs at March 31, ​ $ 62,732 ​ $ 53,124 ​

Cash Flow Information (Tables)

Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of supplemental cash flow information	The following table provides supplemental cash flow information (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Interest paid ​ $ 9,613 ​ $ 8,498 Income taxes paid (1) ​ 1,509 ​ 1,708 (1) Exclusive of any income tax refunds.

Allowance For Credit Losses (Ta

Allowance For Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
Schedule of activities in allowance for credit losses	The following table sets forth the activity in our allowance for credit losses (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Balance at January 1, ​ $ 3,407 ​ $ 2,277 Additions (1) ​ 293 ​ 141 Balance at March 31, ​ $ 3,700 ​ $ 2,418 (1) Additions reflect reserves for expected credit losses during the respective periods.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of principal amount and estimated fair value of long-term debt	The principal amount and estimated fair value of our long-term debt are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Principal ​ Fair ​ Principal ​ Fair ​ Amount (1) Value (2) Amount (1) Value (2) 2026 Notes (fully redeemed March 2024) ​ $ — ​ $ — ​ $ 40,199 ​ $ 64,117 MARAD Debt (matures February 2027) ​ ​ 28,258 ​ ​ 27,906 ​ ​ 32,580 ​ ​ 32,348 2029 Notes (mature March 2029) ​ ​ 300,000 ​ ​ 318,000 ​ ​ 300,000 ​ ​ 315,987 Total debt ​ $ 328,258 ​ $ 345,906 ​ $ 372,779 ​ $ 412,452 (1) Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 5 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 quotes in inactive markets.

Company Overview (Details)

Company Overview (Details)	3 Months Ended
	Mar. 31, 2024 segment item
Business Segment Information
Number of reportable segments | segment	4
Well Intervention
Business Segment Information
Number of long-term chartered vessels | item	2

Details Of Certain Accounts - O

Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaids	$ 23,813	$ 28,352
Income tax receivable	447
Contract assets	5,520	5,824
Deferred costs	21,581	36,041
Other	10,703	15,006
Total other current assets	$ 62,064	$ 85,223

Details Of Certain Accounts -_2

Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Prepaid charter	$ 12,544	$ 12,544
Deferred costs	2,450	587
Other receivable	26,236	25,623
Intangible assets with finite lives, net	3,968	4,105
Other	1,848	1,964
Total other assets, net	$ 47,046	$ 44,823

Details Of Certain Accounts - A

Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued payroll and related benefits	$ 31,472,000	$ 59,010,000
Accrued interest	2,720,000	4,181,000
Income tax payable		1,938,000
Deferred revenue	20,856,000	32,763,000
Earn-out consideration	85,000,000	85,000,000
Other	23,749,000	20,220,000
Total accrued liabilities	163,797,000	203,112,000
P&A Systems
Asset Acquisition, Contingent Consideration [Line Items]
Credit towards future services, current	$ 11,600,000	$ 9,000,000
Number of P&A systems	5	5

Details Of Certain Accounts -_3

Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities, Noncurrent [Abstract]
Asset retirement obligations	$ 62,732	$ 61,356
Other	2,700	4,892
Total other non-current liabilities	$ 65,432	66,248
P&A Systems
Asset Acquisition, Contingent Consideration [Line Items]
Credit towards future services, non-current		$ 2,600

Leases - Components Of Lease Co

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 20,475	$ 17,006
Variable lease cost	3,057	4,910
Short-term lease cost	8,914	6,977
Sublease income	(22)	(331)
Net lease cost	$ 32,424	$ 28,562

Leases - Maturities Of Operatin

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	$ 81,467	$ 74,127
One to two years	79,567	58,961
Two to three years	65,177	36,489
Three to four years	63,203	27,517
Four to five years	54,708	4,284
Over five years	127,655	1,926
Total lease payments	471,777	203,304
Less: imputed interest	(102,534)	(24,457)
Total operating lease liabilities	369,243	178,847
Current operating lease liabilities	54,892	62,662
Non-current operating lease liabilities	314,351	116,185
Vessels
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	75,235	67,488
One to two years	76,992	55,453
Two to three years	63,907	35,200
Three to four years	61,941	26,245
Four to five years	53,539	3,040
Over five years	125,999
Total lease payments	457,613	187,426
Less: imputed interest	(100,746)	(22,419)
Total operating lease liabilities	356,867	165,007
Current operating lease liabilities	49,135	56,602
Non-current operating lease liabilities	307,732	108,405
Facilities and Equipment
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	6,232	6,639
One to two years	2,575	3,508
Two to three years	1,270	1,289
Three to four years	1,262	1,272
Four to five years	1,169	1,244
Over five years	1,656	1,926
Total lease payments	14,164	15,878
Less: imputed interest	(1,788)	(2,038)
Total operating lease liabilities	12,376	13,840
Current operating lease liabilities	5,757	6,060
Non-current operating lease liabilities	$ 6,619	$ 7,780

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 3 months 18 days	3 years 1 month 6 days
Weighted average discount rate (as a percent)	7.96%	8.20%

Leases - Other Information Rela

Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 18,720	$ 16,184
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 203,040	$ 6,070

Long-Term Debt - Maturities Of

Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023
Debt Instrument [Line Items]
Less than one year	$ 8,965
One to two years	9,412
Two to three years	9,881
Over five years	300,000
Gross debt	328,258	$ 372,779
Unamortized debt discount	(1,351)
Unamortized debt issuance costs	(8,743)
Total debt	318,164
Less: current maturities	(8,965)	(48,292)
Long-term debt	309,199	313,430
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Less than one year	8,965
One to two years	9,412
Two to three years	9,881
Gross debt	28,258	32,580
Unamortized debt issuance costs	(1,463)
Total debt	26,795
Less: current maturities	(8,965)
Long-term debt	17,830
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Over five years	300,000
Gross debt	300,000	$ 300,000	$ 300,000
Unamortized debt discount	(1,351)
Unamortized debt issuance costs	(7,280)
Total debt	291,369
Long-term debt	$ 291,369

Long-Term Debt - Credit Agreeme

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions	3 Months Ended
	Mar. 31, 2024 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	95.6
Letters of credit issued	$ 3.4
Pro Forma
Debt Instrument [Line Items]
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
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 | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2%
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 - MARAD Debt (De

Long-Term Debt - MARAD Debt (Details) - MARAD Debt (matures February 2027)	3 Months Ended
	Mar. 31, 2024
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		3 Months Ended
	Dec. 01, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross debt		$ 328,258	$ 372,779
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Gross debt	$ 300,000	$ 300,000	$ 300,000
Proceeds from debt, net of discount and issuance costs	$ 291,100
Interest rate (as a percent)		9.75%
Frequency of periodic payment		semi-annually
Maturity date		Mar. 01, 2029
Redemption as a percentage of principal amount (as a percent)		100%
2029 Notes (mature March 2029) | 2026
Debt Instrument [Line Items]
Redemption as a percentage of principal amount (as a percent)		104.875%
2029 Notes (mature March 2029) | 2027
Debt Instrument [Line Items]
Redemption as a percentage of principal amount (as a percent)		102.438%
2029 Notes (mature March 2029) | 2028 and thereafter
Debt Instrument [Line Items]
Redemption as a percentage of principal amount (as a percent)		100%
2029 Notes (mature March 2029) | Change of Control
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount (as a percent)		101%
2029 Notes (mature March 2029) | Minimum
Debt Instrument [Line Items]
Redemption as a percentage of principal amount (as a percent)		40%
2029 Notes (mature March 2029) | Maximum
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount (as a percent)		109.75%

Long-Term Debt - Convertible Se

Long-Term Debt - Convertible Senior Notes Due 2026 (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Jan. 31, 2024
Debt Instrument [Line Items]
Cash paid for retirement of debt			$ 60,699
Losses related to convertible senior notes			20,922
Interest expense			8,778		$ 4,869
Amortization of debt issuance costs			570		596
Carrying amount	$ 318,164		318,164
Unamortized debt discount	$ 1,351		$ 1,351
2026 Notes (fully redeemed March 2024)
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%		6.75%
Effective interest rate (as a percent)	7.60%		7.60%
Interest expense			$ 400		3,700
Coupon interest expense			300		3,400
Amortization of debt issuance costs			100		$ 300
2026 Notes (fully redeemed March 2024) | Privately Negotiated Agreements
Debt Instrument [Line Items]
Principal amount repurchased		$ 159,800
Shares issued for repurchase of debt (in shares)		1.5
Cash paid for retirement of debt		$ 229,700
Accrued and unpaid cash interest		3,800
Losses related to convertible senior notes				$ 37,400
2026 Notes (fully redeemed March 2024) | Notes Tendered for Conversion in December
Debt Instrument [Line Items]
Repurchase amount	$ 300		300
Principal amount tendered for conversion		$ 200		$ 200
Carrying amount	200		$ 200
2026 Notes (fully redeemed March 2024) | Notes subject to Redemption in March
Debt Instrument [Line Items]
Cash paid for retirement of debt	60,200
Losses related to convertible senior notes	$ 20,900
Principal amount tendered for conversion						$ 39,700
Remaining principal amount subject to redemption						300
Principal amount subject to redemption						$ 40,000

Long-Term Debt - 2026 Capped Ca

Long-Term Debt - 2026 Capped Calls (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Proceeds from settlement of capped calls		$ 4,381
Fair value of capped call transactions		4,381
2026 Capped Calls
Debt Instrument [Line Items]
Proceeds from settlement of capped calls	$ 15,600
Fair value of capped call transactions	14,200	$ 4,400
Gain on change in fair value	$ 1,400

Long-Term Debt - Other (Details

Long-Term Debt - Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 15, 2023
Debt Instrument [Line Items]
Interest expense	$ 8,778	$ 4,869
2023 Notes (matured September 2023)
Debt Instrument [Line Items]
Interest rate (as a percent)			4.125%
Effective interest rate (as a percent)			4.80%
Interest expense		$ 400
2023 Notes Converted (matured September 2023)
Debt Instrument [Line Items]
Repurchase amount			$ 29,600
Principal amount repaid			29,200
Remaining 2023 Notes (matured September 2023)
Debt Instrument [Line Items]
Principal amount repaid			$ 800

Long-Term Debt - Components Of

Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 8,778	$ 4,869
Interest income	(3,301)	(682)
Net interest expense	$ 5,477	$ 4,187

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ (1,698)	$ (2,018)
Effective tax rate	6.10%	28.10%

Share Repurchase Programs (Deta

Share Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Repurchase Programs
Cost of shares repurchased	$ 5,032	$ 5,006
2023 Repurchase Program
Share Repurchase Programs
Authorized repurchase amount	$ 200,000
Shares repurchased (in shares)	462,585
Cost of shares repurchased	$ 5,000
Average cost per share (USD per share)	$ 10.88
Accrued stock repurchased	$ 900

Revenue From Contracts With C_3

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue From Contracts With Customers
Total Revenue	$ 296,211	$ 250,084
Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(21,562)	(11,862)
Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	216,459	142,438
Well Intervention | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(11,252)	(4,469)
Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	50,309	49,222
Robotics | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(10,228)	(7,393)
Shallow Water Abandonment | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	26,853	49,381
Shallow Water Abandonment | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(82)
Production Facilities | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	24,152	20,905
Production maximization
Revenue From Contracts With Customers
Total Revenue	104,887	94,481
Production maximization | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(11,392)	(3,817)
Production maximization | Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	70,449	47,267
Production maximization | Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	18,436	26,719
Production maximization | Shallow Water Abandonment | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	3,242	3,407
Production maximization | Production Facilities | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	24,152	20,905
Decommissioning
Revenue From Contracts With Customers
Total Revenue	164,780	144,571
Decommissioning | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(6,928)	(5,071)
Decommissioning | Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	142,685	92,620
Decommissioning | Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	5,412	11,048
Decommissioning | Shallow Water Abandonment | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	23,611	45,974
Renewables
Revenue From Contracts With Customers
Total Revenue	24,172	8,678
Renewables | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(2,504)	(1,326)
Renewables | Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	2,504	1,326
Renewables | Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	24,172	8,678
Other
Revenue From Contracts With Customers
Total Revenue	2,372	2,354
Other | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(738)	(1,648)
Other | Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	821	1,225
Other | Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	2,289	2,777
Short-term
Revenue From Contracts With Customers
Total Revenue	178,626	162,353
Short-term | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(6,327)
Short-term | Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	134,414	77,767
Short-term | Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	25,176	35,205
Short-term | Shallow Water Abandonment | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	25,363	49,381
Long-term
Revenue From Contracts With Customers
Total Revenue	117,585	87,731
Long-term | Intercompany Eliminations
Revenue From Contracts With Customers
Total Revenue	(15,235)	(11,862)
Long-term | Well Intervention | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	82,045	64,671
Long-term | Robotics | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	25,133	14,017
Long-term | Shallow Water Abandonment | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	1,490
Long-term | Production Facilities | Reportable Segments
Revenue From Contracts With Customers
Total Revenue	$ 24,152	$ 20,905

Revenue From Contracts With C_4

Revenue From Contracts With Customers - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 5.5		$ 5.8
Credit losses on contract assets	0	$ 0
Contract liabilities	20.9		32.8
Revenue recognized	16.4	3.9
Deferred contract costs	24		$ 36.6
Amortization of deferred contract costs	$ 20.3	$ 4.7

Revenue From Contracts With C_5

Revenue From Contracts With Customers - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 996.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 663.4
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 309.7
Expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 23.5
Expected timing of satisfaction	12 months

Earnings Per Share - Computatio

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic and Diluted:
Net loss	$ (26,287)	$ (5,165)
Net loss available to common shareholders, basic	$ (26,287)	$ (5,165)
Weighted average number of shares outstanding, basic (in shares)	152,369	151,764
Weighted average number of shares outstanding, diluted (in shares)	152,369	151,764
Loss per share, basic (in dollars per share)	$ (0.17)	$ (0.03)
Loss per share, diluted (in dollars per share)	$ (0.17)	$ (0.03)

Earnings Per Share - Shares Inc

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Diluted shares (as reported)	152,369	151,764
Share-based awards	2,705	2,740
Total	155,074	154,504

Earnings Per Share - Potentiall

Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
2023 Notes
Earnings Per Share
Antidilutive securities (in shares)		3,168
2026 Notes
Earnings Per Share
Antidilutive securities (in shares)	5,187	28,676

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) item shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Defined Contribution Plans
Employee Benefit Plans
Plan cost recognized	$ 1.4	$ 1.1
2005 Incentive Plan
Employee Benefit Plans
Shares available for issuance (in shares) | shares	2,500,000
Restricted Stock
Employee Benefit Plans
Granted to executive officers and other employees (in shares) | shares	0
Compensation cost	$ 0.3	0.3
PSUs
Employee Benefit Plans
Number of components of equity awards granted | item	2
Percentage based on service and market conditions	50%
Percentage based on service and performance conditions	50%
Compensation cost	$ 1.3	1.2
Performance Period	3 years
Share-based payment awards vested (in shares) | shares	452,381
Award vesting percentage	181%
PSUs | Common Stock
Employee Benefit Plans
Shares issued upon vesting (in shares) | shares	818,812
Fair value of awards vested	$ 8.4
PSUs | Maximum
Employee Benefit Plans
Award vesting percentage	200%
PSUs | Minimum
Employee Benefit Plans
Award vesting percentage	0%
RSUs
Employee Benefit Plans
Compensation cost	$ 1.5	1.2
Fixed Value Cash Awards
Employee Benefit Plans
Long-term incentive cash awards granted	$ 6.1		$ 6
Vesting period	3 years
Deferred compensation cost	$ 1.4	$ 1.2
ESPP
Employee Benefit Plans
Shares available for issuance (in shares) | shares	1,100,000
Purchase limit per employee (in shares) | shares	260

Employee Benefit Plans - Share-

Employee Benefit Plans - Share-Based Awards Granted (Details) - $ / shares		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024
RSUs | Officers
Employee Benefit Plans
Date of Grant	Jan. 01, 2024
Shares/Units	375,730
Grant Date Fair Value Per Share/Unit	$ 10.28
Vesting Percentage	33%
Vesting Period	3 years
PSUs
Employee Benefit Plans
Vesting Percentage		181%
PSUs | Officers
Employee Benefit Plans
Date of Grant	Jan. 01, 2024
Shares/Units	351,410
Grant Date Fair Value Per Share/Unit	$ 12.30
Vesting Percentage	100%
Vesting Date	Dec. 31, 2026
Restricted Stock
Employee Benefit Plans
Shares/Units		0
Restricted Stock | Board of Directors
Employee Benefit Plans
Date of Grant	Jan. 01, 2024
Shares/Units	5,776
Grant Date Fair Value Per Share/Unit	$ 10.28
Vesting Percentage	100%
Vesting Date	Jan. 01, 2026

Business Segment Information -

Business Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Business Segment Information _2

Business Segment Information - Financial Data By Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Segment Information
Net revenues	$ 296,211	$ 250,084
Change in fair value of contingent consideration		(3,992)
Income (loss) from operations	(1,276)	(8,303)
Net interest expense	(5,477)	(4,187)
Losses related to convertible senior notes	(20,922)
Other non-operating income (expense), net	(310)	5,307
Loss before income taxes	(27,985)	(7,183)
Reportable Segments
Business Segment Information
Income (loss) from operations	10,158	8,930
Intercompany Eliminations
Business Segment Information
Net revenues	(21,562)	(11,862)
Corporate, Eliminations and Other
Business Segment Information
Income (loss) from operations	(11,434)	(13,241)
Well Intervention | Reportable Segments
Business Segment Information
Net revenues	216,459	142,438
Income (loss) from operations	18,679	(8,143)
Well Intervention | Intercompany Eliminations
Business Segment Information
Net revenues	(11,252)	(4,469)
Robotics | Reportable Segments
Business Segment Information
Net revenues	50,309	49,222
Income (loss) from operations	5,450	5,094
Robotics | Intercompany Eliminations
Business Segment Information
Net revenues	(10,228)	(7,393)
Shallow Water Abandonment | Reportable Segments
Business Segment Information
Net revenues	26,853	49,381
Income (loss) from operations	(12,428)	6,822
Shallow Water Abandonment | Intercompany Eliminations
Business Segment Information
Net revenues	(82)
Production Facilities | Reportable Segments
Business Segment Information
Net revenues	24,152	20,905
Income (loss) from operations	$ (1,543)	$ 5,157

Business Segment Information _3

Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Segment Information
Net revenues	$ (296,211)	$ (250,084)
Intercompany Eliminations
Business Segment Information
Net revenues	21,562	11,862
Intercompany Eliminations | Well Intervention
Business Segment Information
Net revenues	11,252	4,469
Intercompany Eliminations | Robotics
Business Segment Information
Net revenues	10,228	$ 7,393
Intercompany Eliminations | Shallow Water Abandonment
Business Segment Information
Net revenues	$ 82

Business Segment Information _4

Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Segment Information
Total assets	$ 2,613,814	$ 2,556,036
Corporate and Other
Business Segment Information
Total assets	225,903	210,674
Well Intervention | Reportable Segments
Business Segment Information
Total assets	1,891,832	1,790,971
Robotics | Reportable Segments
Business Segment Information
Total assets	204,777	177,801
Shallow Water Abandonment | Reportable Segments
Business Segment Information
Total assets	176,019	256,356
Production Facilities | Reportable Segments
Business Segment Information
Total assets	$ 115,283	$ 120,234

Asset Retirement Obligations -

Asset Retirement Obligations - Changes in AROs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in our AROs:
AROs at beginning of year	$ 61,356	$ 51,956
Accretion expense	1,376	1,168
AROs at end of period	$ 62,732	$ 53,124

Commitments And Contingencies_2

Commitments And Contingencies And Other Matters - Narrative (Details)	1 Months Ended
	Jan. 31, 2023
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 9,613	$ 8,498
Income taxes paid	$ 1,509	$ 1,708

Cash Flow Information - Narrati

Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Non-cash capital additions	$ 0.2	$ 1.1

Allowance For Credit Losses - A

Allowance For Credit Losses - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for credit losses
Balance at beginning of year	$ 3,407	$ 2,277
Additions	293	141
Balance at end of period	$ 3,700	$ 2,418

Fair Value Measurements - Princ

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023
Fair Value Measurements
Principal Amount	$ 328,258	$ 372,779
Fair Value	345,906	412,452
2026 Notes (fully redeemed March 2024)
Fair Value Measurements
Principal Amount		40,199
Fair Value		64,117
MARAD Debt (matures February 2027)
Fair Value Measurements
Principal Amount	28,258	32,580
Fair Value	27,906	32,348
2029 Notes (mature March 2029)
Fair Value Measurements
Principal Amount	300,000	300,000	$ 300,000
Fair Value	$ 318,000	$ 315,987

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (26,287)	$ (5,165)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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