0000866829-22-000020 | 10-Q | XBRL Viewer | Helix Energy Solutions Group INC

Six Months Ended

June 30,

Cash paid for operating lease liabilities

Right-of-use assets obtained in exchange for new operating lease obligations ⁽¹⁾

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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Jul. 20, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-32936
Entity Registrant Name	HELIX ENERGY SOLUTIONS GROUP, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	95-3409686
Entity Address, Address Line One	3505 West Sam Houston Parkway North
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77043
City Area Code	281
Local Phone Number	618–0400
Title of 12(b) Security	Common Stock
Trading Symbol	HLX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		151,729,078
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 260,595	$ 253,515
Restricted cash	2,505	73,612
Accounts receivable, net of allowance for credit losses of $1,563 and $1,477, respectively	153,314	144,137
Other current assets	68,990	58,274
Total current assets	485,404	529,538
Property and equipment	2,860,872	2,938,154
Less accumulated depreciation	(1,321,699)	(1,280,509)
Property and equipment, net	1,539,173	1,657,645
Operating lease right-of-use assets	139,262	104,190
Other assets, net	49,814	34,655
Total assets	2,213,653	2,326,028
Current liabilities:
Accounts payable	99,716	87,959
Accrued liabilities	85,180	91,712
Current maturities of long-term debt	8,133	42,873
Current operating lease liabilities	39,697	55,739
Total current liabilities	232,726	278,283
Long-term debt	258,977	262,137
Operating lease liabilities	103,548	50,198
Deferred tax liabilities	86,416	86,966
Other non-current liabilities	196	975
Total liabilities	681,863	678,559
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 151,714 and 151,124 shares issued, respectively	1,295,016	1,292,479
Retained earnings	339,342	411,072
Accumulated other comprehensive loss	(102,568)	(56,082)
Total shareholders' equity	1,531,790	1,647,469
Total liabilities and shareholders' equity	$ 2,213,653	$ 2,326,028

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Allowance for credit losses	$ 1,563	$ 1,477
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000	240,000
Common stock, shares issued	151,714	151,124

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net revenues	$ 162,612	$ 161,941	$ 312,737	$ 325,356
Cost of sales	163,966	158,811	332,700	307,602
Gross profit (loss)	(1,354)	3,130	(19,963)	17,754
Loss on disposition of assets, net		(646)		(646)
Selling, general and administrative expenses	(17,622)	(13,425)	(31,990)	(28,604)
Loss from operations	(18,976)	(10,941)	(51,953)	(11,496)
Equity in earnings of investment	8,184		8,184
Net interest expense	(4,799)	(5,919)	(9,973)	(11,972)
Other income (expense), net	(13,471)	960	(17,352)	2,577
Royalty income and other	797	249	2,938	2,306
Loss before income taxes	(28,265)	(15,651)	(68,156)	(18,585)
Income tax provision (benefit)	1,434	(1,968)	3,574	(1,852)
Net loss	(29,699)	(13,683)	(71,730)	(16,733)
Net income (loss) attributable to redeemable noncontrolling interests		26		(146)
Net loss attributable to common shareholders	$ (29,699)	$ (13,709)	$ (71,730)	$ (16,587)
Loss per share of common stock:
Basic	$ (0.20)	$ (0.09)	$ (0.47)	$ (0.11)
Diluted	$ (0.20)	$ (0.09)	$ (0.47)	$ (0.11)
Weighted average common shares outstanding (in shares)
Basic	151,205	150,028	151,174	149,982
Diluted	151,205	150,028	151,174	149,982

Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (29,699)	$ (13,683)	$ (71,730)	$ (16,733)
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	(33,338)	2,356	(46,486)	6,969
Other comprehensive income (loss), net of tax	(33,338)	2,356	(46,486)	6,969
Comprehensive loss	(63,037)	(11,327)	(118,216)	(9,764)
Less comprehensive income (loss) attributable to redeemable noncontrolling interests:
Net income (loss)		26		(146)
Foreign currency translation gain		12		48
Comprehensive income (loss) attributable to redeemable noncontrolling interests		38		(98)
Comprehensive loss attributable to common shareholders	$ (63,037)	$ (11,365)	$ (118,216)	$ (9,666)

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Cumulative Effect, Period of Adoption	Common Stock	Retained Earnings Cumulative Effect, Period of Adoption	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption	Total
Balance, beginning of period (Accounting Standards Update 2020-06) at Dec. 31, 2020	$ (41,456)		$ 6,682			$ (34,774)
Balance, beginning of period at Dec. 31, 2020		$ 1,327,592		$ 464,524	$ (51,620)		$ 1,740,496
Balance, beginning of period (in shares) at Dec. 31, 2020		150,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(16,587)			(16,587)
Foreign currency translation adjustments					6,969		6,969
Accretion of redeemable noncontrolling interests				1,489			1,489
Activity in company stock plans, net and other		$ (1,314)					(1,314)
Activity in company stock plans, net and other (in shares)		446
Share-based compensation		$ 3,781					3,781
Balance, end of period at Jun. 30, 2021		$ 1,288,603		456,108	(44,651)		1,700,060
Balance, end of period (in shares) at Jun. 30, 2021		150,787
Balance, beginning of period at Dec. 31, 2020							3,855
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							(146)
Foreign currency translation adjustments related to redeemable noncontrolling interests							48
Accretion of redeemable noncontrolling interests							(1,489)
Acquisition of redeemable noncontrolling interests							(2,268)
Balance, beginning of period at Mar. 31, 2021		$ 1,286,380		468,087	(47,007)		1,707,460
Balance, beginning of period (in shares) at Mar. 31, 2021		150,715
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(13,709)			(13,709)
Foreign currency translation adjustments					2,356		2,356
Accretion of redeemable noncontrolling interests				1,730			1,730
Activity in company stock plans, net and other		$ 286					286
Activity in company stock plans, net and other (in shares)		72
Share-based compensation		$ 1,937					1,937
Balance, end of period at Jun. 30, 2021		$ 1,288,603		456,108	(44,651)		1,700,060
Balance, end of period (in shares) at Jun. 30, 2021		150,787
Balance, beginning of period at Mar. 31, 2021							3,960
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							26
Foreign currency translation adjustments related to redeemable noncontrolling interests							12
Accretion of redeemable noncontrolling interests							(1,730)
Acquisition of redeemable noncontrolling interests							(2,268)
Balance, beginning of period at Dec. 31, 2021		$ 1,292,479		411,072	(56,082)		1,647,469
Balance, beginning of period (in shares) at Dec. 31, 2021		151,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(71,730)			(71,730)
Foreign currency translation adjustments					(46,486)		(46,486)
Activity in company stock plans, net and other		$ (947)					(947)
Activity in company stock plans, net and other (in shares)		590
Share-based compensation		$ 3,484					3,484
Balance, end of period at Jun. 30, 2022		$ 1,295,016		339,342	(102,568)		1,531,790
Balance, end of period (in shares) at Jun. 30, 2022		151,714
Balance, beginning of period at Mar. 31, 2022		$ 1,292,935		369,041	(69,230)		1,592,746
Balance, beginning of period (in shares) at Mar. 31, 2022		151,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(29,699)			(29,699)
Foreign currency translation adjustments					(33,338)		(33,338)
Activity in company stock plans, net and other		$ 231					231
Activity in company stock plans, net and other (in shares)		77
Share-based compensation		$ 1,850					1,850
Balance, end of period at Jun. 30, 2022		$ 1,295,016		$ 339,342	$ (102,568)		$ 1,531,790
Balance, end of period (in shares) at Jun. 30, 2022		151,714

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (71,730)	$ (16,733)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	66,646	69,507
Amortization of debt issuance costs	1,161	1,587
Share-based compensation	3,572	3,901
Deferred income taxes	(550)	(3,649)
Equity in earnings of investment	(8,184)
Loss on disposition of assets, net		646
Unrealized foreign currency (gain) loss	12,578	(1,366)
Changes in operating assets and liabilities:
Accounts receivable, net	(15,165)	6,620
Other current assets	(10,449)	16,017
Income tax payable, net of income tax receivable	846	5,136
Accounts payable and accrued liabilities	18,754	18,828
Other, net	20,733	7,954
Net cash provided by (used in) operating activities	(23,254)	92,540
Cash flows from investing activities:
Capital expenditures	(2,187)	(6,772)
Distribution from equity investment, net	7,840
Proceeds from sale of assets		11
Net cash provided by (used in) investing activities	5,653	(6,761)
Cash flows from financing activities:
Repayment of convertible senior notes	(35,000)
Debt issuance costs	(227)	(43)
Acquisition of redeemable noncontrolling interests		(2,268)
Payments related to tax withholding for share-based compensation	(1,525)	(1,878)
Proceeds from issuance of ESPP shares	353	443
Net cash used in financing activities	(40,319)	(62,802)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(6,107)	896
Net increase (decrease) in cash and cash equivalents and restricted cash	(64,027)	23,873
Cash and cash equivalents and restricted cash:
Balance, beginning of year	327,127	291,320
Balance, end of period	263,100	315,193
Term Loan Repaid September 2021
Cash flows from financing activities:
Repayment of loan debt		(1,750)
Nordea Q5000 Loan Matured January 2021
Cash flows from financing activities:
Repayment of loan debt		(53,572)
MARAD Debt Maturing February 2027
Cash flows from financing activities:
Repayment of loan debt	$ (3,920)	$ (3,734)

Basis Of Presentation And New Accounting Standards

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation And New Accounting Standards

Note 1 — Basis of Presentation and New Accounting Standards

The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements 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 income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three- and six-month periods ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Our balance sheet as of December 31, 2021 included herein has been derived from the audited balance sheet as of December 31, 2021 included in our 2021 Annual Report on Form 10-K (our “2021 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2021 Form 10-K.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.

We do not expect any recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

Company Overview

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Overview

Note 2 — Company Overview

We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. Our services are centered on a three-legged business model:

●

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 have historical success as 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 abandonment backlog; and

●

Renewable energy support — we are an established global leader in jet trenching and continue to seek to provide specialty support services to offshore wind farm developments, including boulder removal and unexploded ordnance clearance.

We provide services primarily in deepwater in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions. On July 1, 2022, we completed the acquisition of the Alliance group of companies (collectively “Alliance”), expanding our service capabilities to shallow waters in the Gulf of Mexico. Our North Sea operations are subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months. Our services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 10).

Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby avoiding drilling new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and gas. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and two chartered monohull vessels, the Siem Helix 1 and the Siem Helix 2. Our well intervention equipment includes intervention systems such as intervention riser systems (“IRSs”), subsea intervention lubricators (“SILs”) and the Riserless Open-water Abandonment Module, some of which we provide on a stand-alone basis.

Our Robotics segment provides offshore construction, trenching, seabed clearance, and inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of affordable and reliable energy and supporting the responsible transition away from a carbon-based economy. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and robotics support vessels under term charters as well as spot vessels as needed.

Our Production Facilities segment includes the Helix Producer I (the “HP I”), a ship-shaped dynamically positioned floating production vessel, the Helix Fast Response System (the “HFRS”), which combines the HP I, the Q4000 and the Q5000 with certain well control equipment that can be deployed to respond to a well control incident, and our ownership of oil and gas properties. We also have a 20% ownership interest in Independence Hub, LLC (“Independence Hub”) that we account for using the equity method of accounting. In May 2022, we received a net cash distribution of $7.8 million from the sale of the “Independence Hub” platform owned by Independence Hub. All of our current Production Facilities activities are located in the Gulf of Mexico.

Details Of Certain Accounts

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details Of Certain Accounts

Note 3 — Details of Certain Accounts

Other current assets consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Contract assets (Note 7)	$	9,097	$	639
Prepaids		17,069		18,228
Deferred costs (Note 7)		6,841		2,967
Income tax receivable		—		1,116
Other receivable (Note 11)		30,052		28,805
Other		5,931		6,519
Total other current assets	$	68,990	$	58,274

Other assets, net consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Deferred recertification and dry dock costs, net	$	29,532	$	16,291
Deferred costs (Note 7)		1,857		381
Prepaid charter ⁽¹⁾		12,544		12,544
Intangible assets with finite lives, net		3,119		3,472
Other		2,762		1,967
Total other assets, net	$	49,814	$	34,655

(1)	Represents prepayments to the owner of the Siem Helix 1 and the Siem Helix 2 to offset certain payment obligations associated with the vessels at the end of their respective charter term.

Accrued liabilities consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued payroll and related benefits	$	24,924	$	28,657
Accrued interest		6,379		6,746
Income tax payable		12		—
Deferred revenue (Note 7)		6,386		8,272
Asset retirement obligations (Note 11)		30,961		29,658
Other		16,518		18,379
Total accrued liabilities	$	85,180	$	91,712

Other non-current liabilities consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Deferred revenue (Note 7)	$	—	$	476
Other		196		499
Total other non-current liabilities	$	196	$	975

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Note 4 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. We also sublease some of our facilities under non-cancelable sublease agreements.

The following table details the components of our lease cost (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating lease cost	$	13,798	$	14,839	$	28,260	$	31,055
Variable lease cost		4,625		3,635		9,547		7,119
Short-term lease cost		7,571		5,243		13,009		6,975
Sublease income		(381)		(329)		(630)		(678)
Net lease cost	$	25,613	$	23,388	$	50,186	$	44,471

Maturities of our operating lease liabilities as of June 30, 2022 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	42,744	$	5,135	$	47,879
One to two years		34,404		4,672		39,076
Two to three years		34,002		4,058		38,060
Three to four years		17,155		916		18,071
Four to five years		16,847		966		17,813
Over five years		—		3,289		3,289
Total lease payments	$	145,152	$	19,036	$	164,188
Less: imputed interest		(18,030)		(2,913)		(20,943)
Total operating lease liabilities	$	127,122	$	16,123	$	143,245

Current operating lease liabilities	$	35,306	$	4,391	$	39,697
Non-current operating lease liabilities		91,816		11,732		103,548
Total operating lease liabilities	$	127,122	$	16,123	$	143,245

Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	55,573	$	5,601	$	61,174
One to two years		34,580		4,844		39,424
Two to three years		2,470		4,514		6,984
Three to four years		—		2,462		2,462
Four to five years		—		1,074		1,074
Over five years		—		4,193		4,193
Total lease payments	$	92,623	$	22,688	$	115,311
Less: imputed interest		(5,633)		(3,741)		(9,374)
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Current operating lease liabilities	$	51,035	$	4,704	$	55,739
Non-current operating lease liabilities		35,955		14,243		50,198
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

The following table presents the weighted average remaining lease term and discount rate:


	June 30,		December 31,
	2022		2021
Weighted average remaining lease term	3.8	years	2.4	years
Weighted average discount rate	6.97	%	7.57	%

The following table presents other information related to our operating leases (in thousands):

(1)	Amount in 2022 primarily relates to the charter extensions for the Siem Helix 1 and the Siem Helix 2 (Note 12).

Long-Term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term Debt

Note 5 — Long-Term Debt

Scheduled maturities of our long-term debt outstanding as of June 30, 2022 are as follows (in thousands):


	2023		2026		MARAD
	Notes		Notes		Debt		Total
Less than one year	$	—	$	—	$	8,133	$	8,133
One to two years		30,000		—		8,538		38,538
Two to three years		—		—		8,965		8,965
Three to four years		—		200,000		9,412		209,412
Four to five years		—		—		9,882		9,882
Gross debt		30,000		200,000		44,930		274,930
Unamortized debt issuance costs ⁽¹⁾		(225)		(5,278)		(2,317)		(7,820)
Total debt		29,775		194,722		42,613		267,110
Less current maturities		—		—		(8,133)		(8,133)
Long-term debt	$	29,775	$	194,722	$	34,480	$	258,977

(1)	Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Below is a summary of certain components of our indebtedness:

Credit Agreement

On September 30, 2021, we entered into an asset-based credit agreement (the “ABL Facility”) with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation. The ABL Facility provides for an $80 million asset-based revolving credit facility, which matures on September 30, 2026, with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $50 million. The ABL Facility also permits us to request an increase of the facility by up to $70 million, subject to certain conditions.

Commitments under the ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $45 million and $35 million, respectively. The ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash, and provides for a $10 million sub-limit for the issuance of letters of credit. As of June 30, 2022, we had no borrowings under the ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $60.3 million, net of $2.3 million of letters of credit issued under that facility.

We and certain of our U.S. and U.K. subsidiaries are the initial borrowers under the ABL Facility, whose obligations under the ABL Facility are guaranteed by those borrowers and certain other U.S. and U.K. subsidiaries, excluding Cal Dive I – Title XI, Inc. (“CDI Title XI”), Helix Offshore Services Limited and certain other enumerated subsidiaries. Other subsidiaries may be added as guarantors of the facility in the future. The ABL Facility is secured by all accounts receivable and designated deposit accounts of the U.S. borrowers and guarantors, and by substantially all of the assets of the U.K. borrowers and guarantors.

U.S. borrowings under the ABL Facility initially bear interest at the LIBOR rate plus a margin of 1.50% to 2.00% or at a base rate plus a margin of 0.50% to 1.00%. U.K. borrowings under the ABL Facility denominated in U.S. dollars initially bear interest at the LIBOR rate and U.K. borrowings denominated in the British pound initially bear interest at the SONIA daily rate, each plus a margin of 1.50% to 2.00%. We also pay a commitment fee of 0.375% to 0.50% per annum on the unused portion of the facility. Beginning on the earlier of June 30, 2023, cessation of LIBOR or an earlier opt-in election, LIBOR will be replaced by either SOFR or term SOFR plus a margin of 0.114% to 0.428% or an alternate benchmark rate.

The ABL Facility includes certain limitations on our ability to incur additional indebtedness, grant liens on assets, pay dividends and make distributions on equity interests, dispose of assets, make investments, repay certain indebtedness, engage in mergers, and other matters, in each case subject to certain exceptions. The ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The ABL Facility requires us to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if availability is less than the greater of 10% of the borrowing base or $8 million. The ABL Facility also requires us to maintain a pro forma minimum excess availability of $16 million for the 91 days prior to the maturity of each of our outstanding convertible senior notes.

On July 1, 2022, we entered into a first amendment to the ABL Facility to (i) increase the asset-based revolving credit facility from $80 million to $100 million, (ii) replace LIBOR with Term SOFR (also known as CME Term SOFR), as administered by CME Group Inc., and make certain conforming changes therewith, (iii) increase the amount of permitted debt for the deferred purchase price of property from $25 million to $50 million, (iv) increase the fixed coverage charge ratio trigger from $8 million to $10 million, (v) increase the excess availability requirements prior to the maturity of our outstanding convertible senior notes from $16 million to $20 million, (vi) establish an excess availability requirement for the portion of any post-closing earn-out consideration related to our acquisition of all of the equity interests of Alliance that will be paid in cash (Note 16), and (vii) provide for potential pricing adjustments based on specific metrics and performance targets determined by us and Bank of America, as agent with respect to the ABL Facility, related to environmental, social and governance (“ESG”) changes implemented by us in our business.

Convertible Senior Notes Due 2022 (“2022 Notes”)

We fully redeemed the $35 million remaining principal amount of the 2022 Notes plus accrued interest by delivering cash upon maturity on May 1, 2022. The effective interest rate for the 2022 Notes was 4.8%. For the three- and six month periods ended June 30, 2022, total interest expense related to the 2022 Notes was $0.1 million and $0.6 million, respectively, primarily from coupon interest expense. For the three- and six-month periods ended June 30, 2021, total interest expense related to the 2022 Notes was $0.4 million and $0.8 million, respectively, with coupon interest expense of $0.4 million and $0.7 million, respectively, and the amortization of issuance costs of $0.1 million for the six-month period ended June 30, 2021.

Convertible Senior Notes Due 2023 (“2023 Notes”)

The 2023 Notes bear interest at a coupon interest rate of 4.125% per annum payable semi-annually in arrears on March 15 and September 15 of each year until maturity. The 2023 Notes mature on September 15, 2023 unless earlier converted, redeemed or repurchased by us. The 2023 Notes are convertible by their holders at any time beginning March 15, 2023 at an initial conversion rate of 105.6133 shares of our common stock per $1,000 principal amount, which currently represents 3,168,399 potentially convertible shares at an initial conversion price of approximately $9.47 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof.

Prior to March 15, 2023, holders of the 2023 Notes may convert their notes if the closing price of our common stock exceeds 130% of the conversion price for at least 20 days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter (share price condition) or if the trading price of the 2023 Notes is equal to or less than 97% of the conversion value of the notes during the five consecutive business days immediately after any ten consecutive trading day period (trading price condition). Holders of the 2023 Notes may also convert their notes if we make certain distributions on shares of our common stock or engage in certain corporate transactions, in which case the holders may be entitled to an increase in the conversion rate, depending on the price of our common shares and the time remaining to maturity, of up to 47.5260 shares of our common stock per $1,000 principal amount.

Prior to March 15, 2021, the 2023 Notes were not redeemable. On or after March 15, 2021, we may redeem all or any portion of the 2023 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Any redemption would be payable in cash equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. Holders of the 2023 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2023 Notes may also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (as defined in the indenture governing the 2023 Notes).

The indenture governing the 2023 Notes contains customary terms and covenants, including that upon certain events of default, the entire principal amount of and any accrued interest on the notes may be declared immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a significant subsidiary, the principal amount of the 2023 Notes together with any accrued interest will become immediately due and payable.

The effective interest rate for the 2023 Notes is 4.8%. For the three- and six-month periods ended June 30, 2022, total interest expense related to the 2023 Notes was $0.3 million and $0.7 million, respectively, with coupon interest expense of $0.3 million and $0.6 million, respectively, and the amortization of debt issuance costs of $0.1 million for the six-month period ended June 30, 2022. For the three- and six-month periods ended June 30, 2021, total interest expense related to the 2023 Notes was $0.3 million and $0.7 million, respectively, with coupon interest expense of $0.3 million and $0.6 million, respectively, and the amortization of issuance costs of $0.1 million for the six-month period ended June 30, 2021.

Convertible Senior Notes Due 2026 (“2026 Notes”)

The 2026 Notes bear interest at a coupon interest rate of 6.75% per annum payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2021 until maturity. The 2026 Notes mature on February 15, 2026 unless earlier converted, redeemed or repurchased by us. The 2026 Notes are convertible by their holders at any time beginning November 17, 2025 at an initial conversion rate of 143.3795 shares of our common stock per $1,000 principal amount, which currently represents 28,675,900 potentially convertible shares at an initial conversion price of approximately $6.97 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof.

Prior to November 17, 2025, holders of the 2026 Notes may convert their notes if the closing price of our common stock exceeds 130% of the conversion price for at least 20 days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter (share price condition) or if the trading price of the 2026 Notes is equal to or less than 97% of the conversion value of the notes during the five consecutive business days immediately after any ten consecutive trading day period (trading price condition). Holders of the 2026 Notes may also convert their notes if we make certain distributions on shares of our common stock or engage in certain corporate transactions, in which case the holders may be entitled to an increase in the conversion rate, depending on the price of our common shares and the time remaining to maturity, of up to 64.5207 shares of our common stock per $1,000 principal amount.

Prior to August 15, 2023, the 2026 Notes are not redeemable. On or after August 15, 2023, we may redeem all or any portion of the 2026 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Any redemption would be payable in cash equal to 100% of the principal amount plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. Holders of the 2026 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2026 Notes may also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (as defined in the indenture governing the 2026 Notes).

The indenture governing the 2026 Notes contains customary terms and covenants, including that upon certain events of default, the entire principal amount of and any accrued interest on the notes may be declared immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a significant subsidiary, the principal amount of the 2026 Notes together with any accrued interest will become immediately due and payable.

The effective interest rate for the 2026 Notes is 7.6%. For the three- and six-month periods ended June 30, 2022, total interest expense related to the 2026 Notes was $3.7 million and $7.4 million, respectively, with coupon interest expense of $3.4 million and $6.8 million, respectively, and the amortization of debt issuance costs of $0.3 million and $0.6 million, respectively. For the three- and six-month periods ended June 30, 2021, total interest expense related to the 2026 Notes was $3.7 million and $7.3 million, respectively, with coupon interest expense of $3.4 million and $6.7 million, respectively, and the amortization of debt issuance costs of $0.3 million and $0.6 million, respectively.

2026 Capped Calls

In connection with the 2026 Notes offering, we entered into capped call transactions (the “2026 Capped Calls”) with three separate option counterparties. The 2026 Capped Calls are for an aggregate of 28,675,900 shares of our common stock, which corresponds to the shares into which the 2026 Notes are initially convertible. The capped call shares are subject to certain anti-dilution adjustments. Each capped call option has an initial strike price of approximately $6.97 per share, which corresponds to the initial conversion price of the 2026 Notes, and an initial cap price of approximately $8.42 per share. The strike and cap prices are subject to certain adjustments. The 2026 Capped Calls are intended to offset some or all of the potential dilution to Helix common shares caused by any conversion of the 2026 Notes up to the cap price. The 2026 Capped Calls can be settled in either net shares or cash at our option in components commencing December 15, 2025 and ending February 12, 2026, which could be extended under certain circumstances.

The 2026 Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting Helix, including a merger, tender offer, nationalization, insolvency or delisting. In addition, certain events may result in a termination of the 2026 Capped Calls, including changes in law, insolvency filings and hedging disruptions. The 2026 Capped Calls are recorded at their aggregate cost of $10.6 million as a reduction to common stock in the shareholders’ equity section of our condensed consolidated balance sheets.

MARAD Debt

In 2005, Helix’s subsidiary CDI – Title XI issued its U.S. Government Guaranteed Ship Financing Bonds, Q4000 Series, to refinance the construction financing originally granted in 2002 of the Q4000 vessel (the “MARAD Debt”). The MARAD Debt is guaranteed by the U.S. government pursuant to Title XI of the Merchant Marine Act of 1936, administered by the Maritime Administration (“MARAD”). The obligation of CDI Title XI to reimburse MARAD in the event CDI Title XI fails to repay the MARAD Debt is collateralized by the Q4000 and is guaranteed 50% by us. In addition, we have agreed to bareboat charter the Q4000 from CDI Title XI for so long as the MARAD Debt remains outstanding. The MARAD Debt is payable in equal semi-annual installments, matures in February 2027 and bears interest at a rate of 4.93%. The agreements relating to the bonds and the terms and conditions of our obligations to MARAD in respect of the MARAD Debt are typical for U.S. government-guaranteed ship financing transactions, including customary restrictions on incurring additional liens on the Q4000 and trading restrictions with respect to the vessel as well as working capital requirements.

Other

We previously had a credit agreement (and the amendments made thereafter, collectively the “Credit Agreement”) with a group of lenders led by Bank of America. The Credit Agreement was comprised of a term loan (the “Term Loan”) and a revolving credit facility (the “Revolving Credit Facility”) with a maximum availability of $175 million and had a maturity date of December 31, 2021. Concurrent with our entering into the ABL Facility on September 30, 2021, the Credit Agreement was terminated, the $28 million remaining balance of the Term Loan was repaid in full and the letters of credit issued under the Revolving Credit Facility were transferred to the ABL Facility. We had no borrowings under the Revolving Credit Facility.

We previously had a credit agreement with a syndicated bank lending group for a term loan (the “Nordea Q5000 Loan”) to finance the construction of the Q5000. The loan was secured by the Q5000 and its charter earnings. In January 2021, we repaid the remaining principal amount of $53.6 million.

In accordance with the ABL Facility, the 2023 Notes, the 2026 Notes and the MARAD Debt, 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 ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of June 30, 2022, we were in compliance with these covenants.

The following table details the components of our net interest expense (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Interest expense	$	5,034	$	5,943	$	10,341	$	12,055
Interest income		(235)		(24)		(368)		(83)
Net interest expense	$	4,799	$	5,919	$	9,973	$	11,972

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 6 — Income Taxes

We operate in multiple jurisdictions with complex tax laws subject to interpretation and judgment. We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements.

For the three- and six-month periods ended June 30, 2022, we recognized income tax expense of $1.4 million and $3.6 million, respectively, resulting in effective tax rates of (5.1)% and (5.2)%, respectively. For the three- and six-month periods ended June 30, 2021, we recognized income tax benefit of $2.0 million and $1.9 million, respectively, resulting in effective tax rates of 12.6% and 10.0%, respectively. These variances were primarily attributable to the earnings mix between our higher and lower tax rate jurisdictions as well as losses for which no financial statement benefits have been recognized. For the three- and six-month periods ended June 30, 2022, our aggregate tax expense was greater than the aggregate tax benefit of our losses, resulting in negative effective tax rates. The effective tax rates in those periods were significantly lower than the U.S. statutory rate primarily due to non-creditable foreign income and deemed profit taxes, as well as unbenefited tax losses.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Revenue From Contracts With Customers

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

Note 7 — Revenue from Contracts with Customers

Disaggregation of Revenue

Our revenues are primarily derived from short-term and long-term service contracts with customers. Our service contracts generally contain either provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) or lump sum payment provisions (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities. Contracts are classified as long-term if all or part of the contract is to be performed over a period extending beyond 12 months from the effective date of the contract. Long-term contracts may include multi-year agreements whereby the commitment for services in any one year may be short in duration. The following table provides information about disaggregated revenue by contract duration (in thousands):


	Well				Production		Intercompany		Total
	Intervention		Robotics		Facilities		Eliminations		Revenue
Three months ended June 30, 2022
Short-term	$	86,048	$	25,852	$	—	$	—	$	111,900
Long-term		20,243		23,998		17,678		(11,207)		50,712
Total	$	106,291	$	49,850	$	17,678	$	(11,207)	$	162,612

Three months ended June 30, 2021
Short-term	$	76,669	$	21,012	$	—	$	—	$	97,681
Long-term		55,636		10,639		14,218		(16,233)		64,260
Total	$	132,305	$	31,651	$	14,218	$	(16,233)	$	161,941

Six months ended June 30, 2022
Short-term	$	177,394	$	46,989	$	—	$	(635)	$	223,748
Long-term		35,264		40,212		35,972		(22,459)		88,989
Total	$	212,658	$	87,201	$	35,972	$	(23,094)	$	312,737

Six months ended June 30, 2021
Short-term	$	125,886	$	30,419	$	—	$	—	$	156,305
Long-term		140,187		23,388		30,665		(25,189)		169,051
Total	$	266,073	$	53,807	$	30,665	$	(25,189)	$	325,356

Contract Balances

Accounts receivable are recognized when our right to consideration becomes unconditional.

Contract assets are rights to consideration in exchange for services that we have provided to a customer when those rights are conditioned on our future performance. Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract assets are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3). Contract assets were $9.1 million at June 30, 2022 and $0.6 million at December 31, 2021. We had no credit losses on our contract assets for the three- and six-month periods ended June 30, 2022 and 2021.

Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer. Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying condensed consolidated balance sheets (Note 3). Contract liabilities totaled $6.4 million at June 30, 2022 and $8.7 million at December 31, 2021. Revenue recognized for the three- and six-month periods ended June 30, 2022 included $3.5 million and $5.8 million, respectively, that were included in the contract liability balance at the beginning of each period. Revenue recognized for the three- and six-month periods ended June 30, 2021 included $4.2 million and $5.4 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 June 30, 2022, $551.5 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $232.4 million, $233.5 million and $85.6 million in 2022, 2023 and 2024, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at June 30, 2022.

For the three- and six-month periods ended June 30, 2022 and 2021, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

Contract Fulfillment Costs

Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3). Our deferred contract costs totaled $8.7 million at June 30, 2022 and $3.3 million at December 31, 2021. For the three- and six-month periods ended June 30, 2022, we recorded $6.6 million and $11.2 million, respectively, related to amortization of these deferred contract costs. For the three- and six-month periods ended June 30, 2021, we recorded $9.5 million and $19.9 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented.

For additional information regarding revenue recognition, see Notes 2 and 12 to our 2021 Form 10-K.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 8 — Earnings Per Share

We have shares of restricted stock issued and outstanding that are currently unvested. Because holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock, we are required to compute basic and diluted earnings per share (“EPS”) under the two-class method in periods in which we have earnings. Under the two-class method, net income or loss attributable to common shareholders for each period is allocated based on the participation rights of both common shareholders and the holders of any participating securities as if earnings for the respective periods had been distributed. For periods in which we have a net loss we do not use the two-class method as holders of our restricted shares are not obligated to share in such losses.

Basic EPS is computed by dividing net income or loss available to common shareholders by the weighted average shares of our common stock outstanding. The calculation of diluted EPS is similar to that for basic EPS, except that the denominator includes dilutive common stock equivalents and the numerator excludes the effects of dilutive common stock equivalents, if any. The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands):


	Three Months Ended			Three Months Ended
	June 30, 2022			June 30, 2021
	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(29,699)		$	(13,709)
Net loss available to common shareholders	$	(29,699)	151,205	$	(13,709)	150,028


	Six Months Ended			Six Months Ended
	June 30, 2022			June 30, 2021
	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(71,730)		$	(16,587)
Less: Accretion of redeemable noncontrolling interests		—			(241)
Net loss available to common shareholders	$	(71,730)	151,174	$	(16,828)	149,982

We had net losses for the three- and six-month periods ended June 30, 2022 and 2021. Accordingly, our diluted EPS calculation for these periods excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Diluted shares (as reported)	151,205	150,028	151,174	149,982
Share-based awards	1,250	1,325	1,119	1,282
Total	152,455	151,353	152,293	151,264

The following potentially dilutive shares related to the 2022 Notes, the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
2022 Notes	—	2,519	1,211	2,519
2023 Notes	3,168	3,168	3,168	3,168
2026 Notes	28,676	28,676	28,676	28,676

Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Note 9 — Employee Benefit Plans

Long-Term Incentive Plan

As of June 30, 2022, there were 4.2 million shares of our common stock available for issuance under our 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). During the six-month period ended June 30, 2022, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period
January 1, 2022 ⁽¹⁾	RSU	1,065,705	$	3.12	33% per year over three years
January 4, 2022 ⁽¹⁾	PSU	1,065,705	$	4.25	100% on January 4, 2025
January 4, 2022 ⁽²⁾	Restricted stock	15,775	$	3.12	100% on January 1, 2024
April 1, 2022 ⁽²⁾	Restricted stock	14,710	$	4.78	100% on January 1, 2024

(1)	Reflects grants to our executive officers.

(2)

Reflects grants to certain independent members of our Board of Directors (our “Board”) who have elected to take their quarterly fees in stock in lieu of cash, of which 8,013 shares granted on January 4, 2022 and 5,230 shares granted on April 1, 2022 vested upon the approval of our Board’s Compensation Committee in connection with the departure of an independent director during the second quarter 2022.

Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis. Forfeitures are recognized as they occur. No restricted stock awards have been granted to our executive officers or other employees in 2022. For the three- and six-month periods ended June 30, 2022, $0.8 million and $1.4 million, respectively, were recognized as share-based compensation related to restricted stock. For the three- and six-month periods ended June 30, 2021, $0.9 million and $1.7 million, respectively, were recognized as share-based compensation related to restricted stock.

Our performance share units (“PSUs”) that were granted prior to 2021 are to be settled solely in shares of our common stock and are accounted for as equity awards. Those PSUs, which contain a service and a market condition, are based on the performance of our common stock against peer group companies. Our PSUs granted beginning 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee of our Board and have been accounted for as equity awards. Those PSUs consist of two components: (i) 50% based on the performance of our common stock against peer group companies, which component contains a service and a market condition, and (ii) 50% based on cumulative total Free Cash Flow, which component contains a service and a performance condition. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of a three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero.

For PSUs that have a service and a market condition and are accounted for as equity awards, compensation cost is measured based on the grant date estimated fair value determined using a Monte Carlo simulation model and subsequently recognized over the vesting period on a straight-line basis. For PSUs that have a service and a performance condition and are accounted for as equity awards, compensation cost is initially measured based on the grant date fair value. Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition. For the three- and six-month periods ended June 30, 2022, $1.1 million and $2.1 million, respectively, were recognized as share-based compensation related to equity PSUs. For the three- and six-month periods ended June 30, 2021, $1.0 million and $2.1 million, respectively, were recognized as share-based compensation related to equity PSUs. In January 2022, based on the performance of our common stock price as compared to our performance peer group over a three-year period, 559,150 equity PSUs granted in 2019 vested at 157%, representing 876,469 shares of our common stock with a total market value of $3.2 million.

Our restricted stock units (“RSUs”) may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards. Liability RSUs are measured at their estimated fair value at each balance sheet date, and subsequent changes in the fair value of the awards are recognized in earnings for the portion of the award for which the requisite service period has elapsed. Cumulative compensation cost for vested liability RSUs equals the actual payout value upon vesting. For the three- and six-month periods ended June 30, 2022, $0.2 million and $0.8 million, respectively, were recognized as compensation cost. For the three- and six-month periods ended June 30, 2021, $0.2 million and $0.4 million, respectively, were recognized as compensation cost.

In 2022 and 2021, we granted fixed-value cash awards of $5.1 million and $3.5 million, respectively, to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the three- and six-month periods ended June 30, 2022, $1.1 million and $2.1 million, respectively, were recognized as compensation cost. For the three- and six-month periods ended June 30, 2021, $1.0 million and $2.0 million, respectively, were recognized as compensation cost.

Defined Contribution Plan

We sponsor a defined contribution 401(k) retirement plan. Our discretionary contributions are in the form of cash and consist of a 50% match of each participant’s contribution up to 5% of the participant’s salary. Our discretionary contributions were suspended for 2021 and re-activated beginning January 2022. For the three- and six-month periods ended June 30, 2022, we made $0.4 million and $0.8 million, respectively, in contributions to the 401(k) plan.

Employee Stock Purchase Plan

We have an employee stock purchase plan (the “ESPP”). As of June 30, 2022, 1.4 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

For more information regarding our employee benefit plans, including the 2005 Incentive Plan and the ESPP, see Note 14 to our 2021 Form 10-K.

Business Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segment Information

Note 10 — Business Segment Information

We have three reportable business segments: Well Intervention, Robotics and Production Facilities. Our U.S., U.K. and Brazil well intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations primarily in the Gulf of Mexico, Brazil, the North Sea and West Africa. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and the Siem Helix 1 and Siem Helix 2 chartered vessels. Our well intervention equipment includes intervention systems, some of which we provide on a stand-alone basis. Our Robotics segment provides offshore construction, trenching, seabed clearance and IRM services to both the oil and gas and the renewable energy markets globally. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes ROVs, trenchers and robotics support vessels under term charters as well as spot vessels as needed. Our Production Facilities segment includes the HP I, the HFRS and our ownership of oil and gas properties (Note 11). All material intercompany transactions between the segments have been eliminated.

We evaluate our performance based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net revenues —
Well Intervention	$	106,291	$	132,305	$	212,658	$	266,073
Robotics		49,850		31,651		87,201		53,807
Production Facilities		17,678		14,218		35,972		30,665
Intercompany eliminations		(11,207)		(16,233)		(23,094)		(25,189)
Total	$	162,612	$	161,941	$	312,737	$	325,356

Income (loss) from operations —
Well Intervention	$	(22,548)	$	(6,719)	$	(54,306)	$	(1,476)
Robotics		9,666		255		11,146		(2,679)
Production Facilities		6,045		4,682		11,896		11,196
Segment operating income (loss)		(6,837)		(1,782)		(31,264)		7,041
Corporate, eliminations and other		(12,139)		(9,159)		(20,689)		(18,537)
Total	$	(18,976)	$	(10,941)	$	(51,953)	$	(11,496)

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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Well Intervention	$	3,893	$	10,206	$	7,743	$	12,793
Robotics		7,314		6,027		15,351		12,396
Total	$	11,207	$	16,233	$	23,094	$	25,189

Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments. The following table reflects total assets by reportable segment (in thousands):


	June 30,		December 31,
	2022		2021
Well Intervention	$	1,830,655	$	2,012,214
Robotics		88,781		96,249
Production Facilities		113,984		119,004
Corporate and other		180,233		98,561
Total	$	2,213,653	$	2,326,028

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 11 — Asset Retirement Obligations

Asset retirement obligations (“AROs”) are recorded at fair value and consist of estimated costs for subsea infrastructure decommissioning and P&A activities associated with our oil and gas properties. The estimated costs are discounted to present value using a credit-adjusted risk-free discount rate. After its initial recognition, an ARO liability is increased for the passage of time as accretion expense, which is a component of our depreciation and amortization expense. An ARO liability may also change based on revisions in estimated costs and/or timing to settle the obligations.

Our AROs relate to our Droshky oil and gas properties that we acquired from Marathon Oil Corporation (“Marathon Oil”) in January 2019. In connection with assuming the P&A obligations related to those assets, we are entitled to receive agreed-upon amounts from Marathon Oil as the P&A work is completed. The following table describes the changes in our AROs (in thousands):


	2022		2021
AROs at January 1,	$	29,658	$	30,913
Revisions in estimates		—		(2,631)
Accretion expense		1,303		48
AROs at June 30,	$	30,961	$	28,330

Commitments And Contingencies And Other Matters

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies And Other Matters

Note 12 — Commitments and Contingencies and Other Matters

Commitments

We have long-term charter agreements with Siem Offshore AS for the Siem Helix 1 and Siem Helix 2 vessels. During the first quarter 2022, the charter agreements for the Siem Helix 1 and the Siem Helix 2 were extended to February 2025 and February 2027, respectively, with further options to extend. We have time charter agreements for the Grand Canyon II and Grand Canyon III vessels. The expiration date of the Grand Canyon II charter was extended to December 2022, with an option to renew. The Grand Canyon III charter expires May 2023. During the first quarter 2022, we executed short-term time charter agreements for the Horizon Enabler in the North Sea and the Shelia Bordelon in the Gulf of Mexico.

Contingencies and Claims

We believe that there are currently no contingencies that would have a material adverse effect on our financial position, results of operations or cash flows.

Litigation

We are involved in various legal proceedings, some involving claims under the General Maritime Laws of the United States and the Merchant Marine Act of 1920 (commonly referred to as the Jones Act). In addition, from time to time we receive other claims, such as contract and employment-related disputes, in the normal course of business.

We are currently involved in several lawsuits filed by current and former offshore employees seeking overtime compensation. These suits are brought as collective actions and are in various stages of litigation. In one such lawsuit, during the third quarter 2021 the United States Court of Appeals for the Fifth Circuit issued a ruling adverse to us that may also have implications for some of the other cases in which we are involved, as well as the way offshore personnel are compensated throughout our industry. We further appealed that matter and in May 2022, the United States Supreme Court granted our petition for a writ of certiorari. We continue to vigorously defend these lawsuits. Notwithstanding that we believe we retain valid defenses, we have established a liability in certain of these matters. The final outcome of these matters remains uncertain, and the ultimate liability to us could be more or less than the liability established.

Statement Of Cash Flow Information

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information [Abstract]

Statement Of Cash Flow Information

Note 13 — Statement of Cash Flow Information

We define cash and cash equivalents as cash and all highly liquid financial instruments with original maturities of three months or less. We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. The following table provides supplemental cash flow information (in thousands):

Our capital additions include the acquisition of property and equipment for which payment has not been made. These non-cash capital additions totaled $0.3 million at June 30, 2022 and December 31, 2021.

Allowance for Credit Losses

6 Months Ended

Jun. 30, 2022

Credit Loss [Abstract]

Allowance for Credit Losses

Note 14 — Allowance for Credit Losses

We estimate current expected credit losses on our accounts receivable at each reporting date based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable.

The following table sets forth the activity in our allowance for credit losses (in thousands):


	2022		2021
Balance at January 1,	$	1,477	$	3,469
Additions (reductions) ⁽¹⁾		86		(76)
Write-offs ⁽²⁾		—		(1,845)
Balance at June 30,	$	1,563	$	1,548

(1)	Additions (reductions) in allowance for credit losses reflect credit loss reserves (releases) during the respective periods.

(2)	The write-offs of allowance for credit losses reflect certain receivables related to our Robotics segment that were previously reserved and subsequently deemed to be uncollectible.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 15 — Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

●

Level 1. Observable inputs such as quoted prices in active markets;

●

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

●

Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on one or more of three valuation approaches as follows:

(a)

Market Approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

(b)

Cost Approach. Amount that would be required to replace the service capacity of an asset (replacement cost).

(c)

Income Approach. Techniques to convert expected future cash flows to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models).

Our financial instruments include cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments.

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):


	June 30, 2022				December 31, 2021
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	44,930	$	45,851	$	48,850	$	52,481
2022 Notes (matured May 2022)		—		—		35,000		34,794
2023 Notes (mature September 2023)		30,000		29,615		30,000		29,054
2026 Notes (mature February 2026)		200,000		191,902		200,000		200,562
Total debt	$	274,930	$	267,368	$	313,850	$	316,891

(1)	Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 5 for additional disclosures on our long-term debt.

(2)

The estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes was determined using Level 1 fair value inputs under the market approach. The fair value of the MARAD Debt was estimated using Level 2 fair value inputs under the market approach, which was determined using a third-party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 16 — Subsequent Events

Alliance Acquisition

On July 1, 2022, we completed our acquisition of all of the equity interests of Alliance for approximately $120 million cash at closing plus post-closing earn-out consideration payable in 2024 in the event the Alliance business achieves certain financial metrics in 2022 and 2023. Alliance provides services in support of the upstream and midstream ‎industries in the Gulf of Mexico shelf, including offshore oil field decommissioning and ‎reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services. The acquisition extends our energy transition strategy by adding shallow-water capabilities into what we expect to be a growing offshore decommissioning market.

Due to the recent timing of the acquisition, the initial accounting for the Alliance acquisition is incomplete, and we are not able to disclose certain information relating to the acquisition, including the preliminary fair value of the contingent earn-out consideration, assets acquired and liabilities assumed.

Basis Of Presentation And New Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements 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 income (loss), statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three- and six-month periods ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Our balance sheet as of December 31, 2021 included herein has been derived from the audited balance sheet as of December 31, 2021 included in our 2021 Annual Report on Form 10-K (our “2021 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2021 Form 10-K.
Reclassifications	Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.
New Accounting Standards	We do not expect any recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

Details Of Certain Accounts (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of other current assets

Other current assets consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Contract assets (Note 7)	$	9,097	$	639
Prepaids		17,069		18,228
Deferred costs (Note 7)		6,841		2,967
Income tax receivable		—		1,116
Other receivable (Note 11)		30,052		28,805
Other		5,931		6,519
Total other current assets	$	68,990	$	58,274

Schedule of other assets, net

Other assets, net consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Deferred recertification and dry dock costs, net	$	29,532	$	16,291
Deferred costs (Note 7)		1,857		381
Prepaid charter ⁽¹⁾		12,544		12,544
Intangible assets with finite lives, net		3,119		3,472
Other		2,762		1,967
Total other assets, net	$	49,814	$	34,655

(1)	Represents prepayments to the owner of the Siem Helix 1 and the Siem Helix 2 to offset certain payment obligations associated with the vessels at the end of their respective charter term.

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued payroll and related benefits	$	24,924	$	28,657
Accrued interest		6,379		6,746
Income tax payable		12		—
Deferred revenue (Note 7)		6,386		8,272
Asset retirement obligations (Note 11)		30,961		29,658
Other		16,518		18,379
Total accrued liabilities	$	85,180	$	91,712

Schedule of other non-current liabilities

Other non-current liabilities consist of the following (in thousands):


	June 30,		December 31,
	2022		2021
Deferred revenue (Note 7)	$	—	$	476
Other		196		499
Total other non-current liabilities	$	196	$	975

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of components of lease cost

The following table details the components of our lease cost (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating lease cost	$	13,798	$	14,839	$	28,260	$	31,055
Variable lease cost		4,625		3,635		9,547		7,119
Short-term lease cost		7,571		5,243		13,009		6,975
Sublease income		(381)		(329)		(630)		(678)
Net lease cost	$	25,613	$	23,388	$	50,186	$	44,471

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of June 30, 2022 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	42,744	$	5,135	$	47,879
One to two years		34,404		4,672		39,076
Two to three years		34,002		4,058		38,060
Three to four years		17,155		916		18,071
Four to five years		16,847		966		17,813
Over five years		—		3,289		3,289
Total lease payments	$	145,152	$	19,036	$	164,188
Less: imputed interest		(18,030)		(2,913)		(20,943)
Total operating lease liabilities	$	127,122	$	16,123	$	143,245

Current operating lease liabilities	$	35,306	$	4,391	$	39,697
Non-current operating lease liabilities		91,816		11,732		103,548
Total operating lease liabilities	$	127,122	$	16,123	$	143,245

Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	55,573	$	5,601	$	61,174
One to two years		34,580		4,844		39,424
Two to three years		2,470		4,514		6,984
Three to four years		—		2,462		2,462
Four to five years		—		1,074		1,074
Over five years		—		4,193		4,193
Total lease payments	$	92,623	$	22,688	$	115,311
Less: imputed interest		(5,633)		(3,741)		(9,374)
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Current operating lease liabilities	$	51,035	$	4,704	$	55,739
Non-current operating lease liabilities		35,955		14,243		50,198
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Schedule of weighted average remaining lease term and discount rate

The following table presents the weighted average remaining lease term and discount rate:


	June 30,		December 31,
	2022		2021
Weighted average remaining lease term	3.8	years	2.4	years
Weighted average discount rate	6.97	%	7.57	%

Schedule of other information related to operating leases

The following table presents other information related to our operating leases (in thousands):

(1)	Amount in 2022 primarily relates to the charter extensions for the Siem Helix 1 and the Siem Helix 2 (Note 12).

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of June 30, 2022 are as follows (in thousands):


	2023		2026		MARAD
	Notes		Notes		Debt		Total
Less than one year	$	—	$	—	$	8,133	$	8,133
One to two years		30,000		—		8,538		38,538
Two to three years		—		—		8,965		8,965
Three to four years		—		200,000		9,412		209,412
Four to five years		—		—		9,882		9,882
Gross debt		30,000		200,000		44,930		274,930
Unamortized debt issuance costs ⁽¹⁾		(225)		(5,278)		(2,317)		(7,820)
Total debt		29,775		194,722		42,613		267,110
Less current maturities		—		—		(8,133)		(8,133)
Long-term debt	$	29,775	$	194,722	$	34,480	$	258,977

(1)	Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Interest expense	$	5,034	$	5,943	$	10,341	$	12,055
Interest income		(235)		(24)		(368)		(83)
Net interest expense	$	4,799	$	5,919	$	9,973	$	11,972

Revenue From Contracts With Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

The following table provides information about disaggregated revenue by contract duration (in thousands):


	Well				Production		Intercompany		Total
	Intervention		Robotics		Facilities		Eliminations		Revenue
Three months ended June 30, 2022
Short-term	$	86,048	$	25,852	$	—	$	—	$	111,900
Long-term		20,243		23,998		17,678		(11,207)		50,712
Total	$	106,291	$	49,850	$	17,678	$	(11,207)	$	162,612

Three months ended June 30, 2021
Short-term	$	76,669	$	21,012	$	—	$	—	$	97,681
Long-term		55,636		10,639		14,218		(16,233)		64,260
Total	$	132,305	$	31,651	$	14,218	$	(16,233)	$	161,941

Six months ended June 30, 2022
Short-term	$	177,394	$	46,989	$	—	$	(635)	$	223,748
Long-term		35,264		40,212		35,972		(22,459)		88,989
Total	$	212,658	$	87,201	$	35,972	$	(23,094)	$	312,737

Six months ended June 30, 2021
Short-term	$	125,886	$	30,419	$	—	$	—	$	156,305
Long-term		140,187		23,388		30,665		(25,189)		169,051
Total	$	266,073	$	53,807	$	30,665	$	(25,189)	$	325,356

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of computations of basic and diluted EPS

The computations of the numerator (earnings or loss) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations are as follows (in thousands):


	Three Months Ended			Three Months Ended
	June 30, 2022			June 30, 2021
	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(29,699)		$	(13,709)
Net loss available to common shareholders	$	(29,699)	151,205	$	(13,709)	150,028


	Six Months Ended			Six Months Ended
	June 30, 2022			June 30, 2021
	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(71,730)		$	(16,587)
Less: Accretion of redeemable noncontrolling interests		—			(241)
Net loss available to common shareholders	$	(71,730)	151,174	$	(16,828)	149,982

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		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Diluted shares (as reported)	151,205	150,028	151,174	149,982
Share-based awards	1,250	1,325	1,119	1,282
Total	152,455	151,353	152,293	151,264

The following potentially dilutive shares related to the 2022 Notes, the 2023 Notes and the 2026 Notes were excluded from the diluted EPS calculation as they were anti-dilutive (in thousands):


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
2022 Notes	—	2,519	1,211	2,519
2023 Notes	3,168	3,168	3,168	3,168
2026 Notes	28,676	28,676	28,676	28,676

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of grants of share-based awards

During the six-month period ended June 30, 2022, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period
January 1, 2022 ⁽¹⁾	RSU	1,065,705	$	3.12	33% per year over three years
January 4, 2022 ⁽¹⁾	PSU	1,065,705	$	4.25	100% on January 4, 2025
January 4, 2022 ⁽²⁾	Restricted stock	15,775	$	3.12	100% on January 1, 2024
April 1, 2022 ⁽²⁾	Restricted stock	14,710	$	4.78	100% on January 1, 2024

(1)	Reflects grants to our executive officers.

(2)

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of financial data by reportable segment

Certain financial data by reportable segment are summarized as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net revenues —
Well Intervention	$	106,291	$	132,305	$	212,658	$	266,073
Robotics		49,850		31,651		87,201		53,807
Production Facilities		17,678		14,218		35,972		30,665
Intercompany eliminations		(11,207)		(16,233)		(23,094)		(25,189)
Total	$	162,612	$	161,941	$	312,737	$	325,356

Income (loss) from operations —
Well Intervention	$	(22,548)	$	(6,719)	$	(54,306)	$	(1,476)
Robotics		9,666		255		11,146		(2,679)
Production Facilities		6,045		4,682		11,896		11,196
Segment operating income (loss)		(6,837)		(1,782)		(31,264)		7,041
Corporate, eliminations and other		(12,139)		(9,159)		(20,689)		(18,537)
Total	$	(18,976)	$	(10,941)	$	(51,953)	$	(11,496)

Schedule of intercompany segment revenues

Intercompany segment revenues are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Well Intervention	$	3,893	$	10,206	$	7,743	$	12,793
Robotics		7,314		6,027		15,351		12,396
Total	$	11,207	$	16,233	$	23,094	$	25,189

Schedule of total assets by reportable segment

The following table reflects total assets by reportable segment (in thousands):


	June 30,		December 31,
	2022		2021
Well Intervention	$	1,830,655	$	2,012,214
Robotics		88,781		96,249
Production Facilities		113,984		119,004
Corporate and other		180,233		98,561
Total	$	2,213,653	$	2,326,028

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

The following table describes the changes in our AROs (in thousands):


	2022		2021
AROs at January 1,	$	29,658	$	30,913
Revisions in estimates		—		(2,631)
Accretion expense		1,303		48
AROs at June 30,	$	30,961	$	28,330

Statement Of Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information [Abstract]

Schedule of supplemental cash flow information

The following table provides supplemental cash flow information (in thousands):

Allowance For Credit Losses (Tables)

6 Months Ended

Jun. 30, 2022

Credit Loss [Abstract]

Schedule of activities in allowance for credit losses

The following table sets forth the activity in our allowance for credit losses (in thousands):


	2022		2021
Balance at January 1,	$	1,477	$	3,469
Additions (reductions) ⁽¹⁾		86		(76)
Write-offs ⁽²⁾		—		(1,845)
Balance at June 30,	$	1,563	$	1,548

(1)	Additions (reductions) in allowance for credit losses reflect credit loss reserves (releases) during the respective periods.

(2)	The write-offs of allowance for credit losses reflect certain receivables related to our Robotics segment that were previously reserved and subsequently deemed to be uncollectible.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of principal amount and estimated fair value of long-term debt

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):


	June 30, 2022				December 31, 2021
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	44,930	$	45,851	$	48,850	$	52,481
2022 Notes (matured May 2022)		—		—		35,000		34,794
2023 Notes (mature September 2023)		30,000		29,615		30,000		29,054
2026 Notes (mature February 2026)		200,000		191,902		200,000		200,562
Total debt	$	274,930	$	267,368	$	313,850	$	316,891

(1)	Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 5 for additional disclosures on our long-term debt.

(2)

Company Overview (Details) $ in Thousands	1 Months Ended	6 Months Ended
Company Overview (Details) $ in Thousands	May 31, 2022 USD ($)	Jun. 30, 2022 USD ($) item segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		3
Distribution from equity investment, net		$ 7,840
Well Intervention
Segment Reporting Information [Line Items]
Number of long-term chartered vessels \| item		2
Production Facilities \| Independence Hub, LLC
Segment Reporting Information [Line Items]
Percentage of ownership interest		20.00%
Distribution from equity investment, net	$ 7,800

Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets	$ 9,097	$ 639
Prepaids	17,069	18,228
Deferred costs	6,841	2,967
Income tax receivable		1,116
Other receivable	30,052	28,805
Other	5,931	6,519
Total other current assets	$ 68,990	$ 58,274

Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred recertification and dry dock costs, net	$ 29,532	$ 16,291
Deferred costs	1,857	381
Prepaid charter	12,544	12,544
Intangible assets with finite lives, net	3,119	3,472
Other	2,762	1,967
Total other assets, net	$ 49,814	$ 34,655

Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and related benefits	$ 24,924	$ 28,657
Accrued interest	6,379	6,746
Income tax payable	12
Deferred revenue	6,386	8,272
Asset retirement obligations	30,961	29,658
Other	16,518	18,379
Total accrued liabilities	$ 85,180	$ 91,712

Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue		$ 476
Other	$ 196	499
Total other non-current liabilities	$ 196	$ 975

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease, Cost [Abstract]
Operating lease cost	$ 13,798	$ 14,839	$ 28,260	$ 31,055
Variable lease cost	4,625	3,635	9,547	7,119
Short-term lease cost	7,571	5,243	13,009	6,975
Sublease income	(381)	(329)	(630)	(678)
Net lease cost	$ 25,613	$ 23,388	$ 50,186	$ 44,471

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	$ 47,879	$ 61,174
One to two years	39,076	39,424
Two to three years	38,060	6,984
Three to four years	18,071	2,462
Four to five years	17,813	1,074
Over five years	3,289	4,193
Total lease payments	164,188	115,311
Less: imputed interest	(20,943)	(9,374)
Total operating lease liabilities	143,245	105,937
Current operating lease liabilities	39,697	55,739
Non-current operating lease liabilities	103,548	50,198
Vessels
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	42,744	55,573
One to two years	34,404	34,580
Two to three years	34,002	2,470
Three to four years	17,155
Four to five years	16,847
Total lease payments	145,152	92,623
Less: imputed interest	(18,030)	(5,633)
Total operating lease liabilities	127,122	86,990
Current operating lease liabilities	35,306	51,035
Non-current operating lease liabilities	91,816	35,955
Facilities and Equipment
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	5,135	5,601
One to two years	4,672	4,844
Two to three years	4,058	4,514
Three to four years	916	2,462
Four to five years	966	1,074
Over five years	3,289	4,193
Total lease payments	19,036	22,688
Less: imputed interest	(2,913)	(3,741)
Total operating lease liabilities	16,123	18,947
Current operating lease liabilities	4,391	4,704
Non-current operating lease liabilities	$ 11,732	$ 14,243

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years 9 months 18 days	2 years 4 months 24 days
Weighted average discount rate (as a percent)	6.97%	7.57%

Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for operating lease liabilities	$ 28,860	$ 31,562
Right-of-use assets obtained in exchange for new operating lease obligations	$ 60,772	$ 1,500

Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less than one year	$ 8,133
One to two years	38,538
Two to three years	8,965
Three to four years	209,412
Four to five years	9,882
Gross debt	274,930	$ 313,850
Unamortized debt issuance costs	(7,820)
Total debt	267,110
Less: current maturities	(8,133)	(42,873)
Long-term debt	258,977	262,137
Convertible Senior Notes Maturing September 2023
Debt Instrument [Line Items]
One to two years	30,000
Gross debt	30,000	30,000
Unamortized debt issuance costs	(225)
Total debt	29,775
Long-term debt	29,775
Convertible Senior Notes Maturing February 2026
Debt Instrument [Line Items]
Three to four years	200,000
Gross debt	200,000	200,000
Unamortized debt issuance costs	(5,278)
Total debt	194,722
Long-term debt	194,722
MARAD Debt Maturing February 2027
Debt Instrument [Line Items]
Less than one year	8,133
One to two years	8,538
Two to three years	8,965
Three to four years	9,412
Four to five years	9,882
Gross debt	44,930	$ 48,850
Unamortized debt issuance costs	(2,317)
Total debt	42,613
Less: current maturities	(8,133)
Long-term debt	$ 34,480

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022 USD ($)	Jul. 01, 2022 USD ($)
Debt Instrument [Line Items]
Borrowing capacity		$ 80.0
Maturity date		Sep. 30, 2026
Springing maturity period		91 days
Outstanding principal amount with a springing maturity		$ 50.0
Additional commitments (up to)		70.0
Sub-limit for the issuance of letters of credit		10.0
Borrowings under ABL Facility		0.0
Available borrowing capacity		60.3
Letters of credit issued		2.3
Pro Forma
Debt Instrument [Line Items]
Available borrowing capacity		$ 16.0
Available borrowing capacity (as a percent of borrowing base)		10.00%
Permitted debt for the deferred purchase price of property		$ 25.0
Availability of the borrowing base to satisfy and maintain fixed charge ratio		$ 8.0
Period prior to maturity to maintain a pro forma minimum excess availability		91 days
Subsequent Event
Debt Instrument [Line Items]
Borrowing capacity			$ 100.0
Subsequent Event \| Pro Forma
Debt Instrument [Line Items]
Available borrowing capacity			20.0
Permitted debt for the deferred purchase price of property			50.0
Availability of the borrowing base to satisfy and maintain fixed charge ratio			$ 10.0
Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Fixed charge coverage ratio		1.0
Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
SOFR \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.114%
SOFR \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.428%
United States
Debt Instrument [Line Items]
Borrowing capacity		$ 45.0
United States \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
United States \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.00%
United States \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.50%
United States \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.00%
United Kingdom
Debt Instrument [Line Items]
Borrowing capacity		$ 35.0
United Kingdom \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
United Kingdom \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.00%
United Kingdom \| SONIA \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
United Kingdom \| SONIA \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.00%

Long-Term Debt - Convertible Senior Notes Due 2022 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 01, 2022
Debt Instrument [Line Items]
Interest expense	$ 5,034	$ 5,943	$ 10,341	$ 12,055
Amortization of debt issuance costs			1,161	1,587
Convertible Senior Notes Maturing May 2022
Debt Instrument [Line Items]
Repurchased principal amount					$ 35,000
Interest rate (as a percent)					4.80%
Interest expense	$ 100	400	$ 600	800
Coupon interest expense		$ 400		700
Amortization of debt issuance costs				$ 100

Long-Term Debt - Convertible Senior Notes Due 2023 (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 5,034,000	$ 5,943,000	$ 10,341,000	$ 12,055,000
Amortization of debt issuance costs			$ 1,161,000	1,587,000
Convertible Senior Notes Maturing September 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	4.125%		4.125%
Frequency of periodic payment			semi-annually
Maturity date			Sep. 15, 2023
Initial conversion ratio			0.1056133
Aggregate number of shares \| shares			3,168,399
Initial conversion price per share (USD per share) \| $ / shares	$ 9.47		$ 9.47
Increase in the conversion rate			0.0475260
Redemption price as a percentage of principal amount			100.00%
Effective interest rate (as a percent)	4.80%		4.80%
Interest expense	$ 300,000	300,000	$ 700,000	700,000
Coupon interest expense	$ 300,000	$ 300,000	600,000	600,000
Amortization of debt issuance costs			$ 100,000	$ 100,000
Convertible Senior Notes Maturing September 2023 \| Maximum
Debt Instrument [Line Items]
Percentage of closing price of common stock to conversion price			130.00%
Number of trading days			20
Number of consecutive trading days			30
Convertible Senior Notes Maturing September 2023 \| Minimum
Debt Instrument [Line Items]
Percentage of closing price of common stock to conversion price			97.00%
Number of trading days			5
Number of consecutive trading days			10

Long-Term Debt - Convertible Senior Notes Due 2026 (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 5,034,000	$ 5,943,000	$ 10,341,000	$ 12,055,000
Amortization of debt issuance costs			$ 1,161,000	1,587,000
Convertible Senior Notes Maturing February 2026
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%		6.75%
Maturity date			Feb. 15, 2026
Frequency of periodic payment			semi-annually
Initial conversion ratio			0.1433795
Aggregate number of shares \| shares			28,675,900
Initial conversion price per share (USD per share) \| $ / shares	$ 6.97		$ 6.97
Increase in the conversion rate			0.0645207
Redemption price as a percentage of principal amount			100.00%
Effective interest rate (as a percent)	7.60%		7.60%
Interest expense	$ 3,700,000	3,700,000	$ 7,400,000	7,300,000
Coupon interest expense	3,400,000	3,400,000	6,800,000	6,700,000
Amortization of debt issuance costs	$ 300,000	$ 300,000	$ 600,000	$ 600,000
Convertible Senior Notes Maturing February 2026 \| Maximum
Debt Instrument [Line Items]
Percentage of closing price of common stock to conversion price			130.00%
Number of trading days			20
Number of consecutive trading days			30
Convertible Senior Notes Maturing February 2026 \| Minimum
Debt Instrument [Line Items]
Percentage of closing price of common stock to conversion price			97.00%
Number of trading days			5
Number of consecutive trading days			10

Long-Term Debt - 2026 Capped Calls (Details) - 2026 Capped Calls $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Debt Instrument [Line Items]
Aggregate number of common shares subject to capped calls \| shares	28,675,900
Initial strike price	$ 6.97
Initial cap price	$ 8.42
Aggregate cost of capped call transactions \| $	$ 10.6

Long-Term Debt - MARAD Debt (Details) - MARAD Debt Maturing February 2027	6 Months Ended
	Jun. 30, 2022
Debt Instrument [Line Items]
Guarantor obligations (as a percent)	50.00%
Frequency of periodic payment	semi-annual
Maturity date	February 2027
Interest rate (as a percent)	4.93%

Long-Term Debt - Former Credit Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Revolving Credit Facility Previously Maturing December 2021
Debt Instrument [Line Items]
Borrowing capacity	$ 175,000
Borrowings under Revolving Credit Facility	0
Term Loan Repaid September 2021
Debt Instrument [Line Items]
Repayment of Term Loan	$ 28,000	$ 1,750

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Long-Term Debt - Former Nordea Q5000 Loan (Details) $ in Millions	Jan. 31, 2021 USD ($)
Nordea Q5000 Loan Matured January 2021
Debt Instrument [Line Items]
Balloon payment	$ 53.6

Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Interest expense	$ 5,034	$ 5,943	$ 10,341	$ 12,055
Interest income	(235)	(24)	(368)	(83)
Net interest expense	$ 4,799	$ 5,919	$ 9,973	$ 11,972

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 1,434	$ (1,968)	$ 3,574	$ (1,852)
Effective tax rate	(5.10%)	12.60%	(5.20%)	10.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 162,612	$ 161,941	$ 312,737	$ 325,356
Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(11,207)	(16,233)	(23,094)	(25,189)
Well Intervention
Disaggregation of Revenue [Line Items]
Net revenues	106,291	132,305	212,658	266,073
Well Intervention \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(3,893)	(10,206)	(7,743)	(12,793)
Robotics
Disaggregation of Revenue [Line Items]
Net revenues	49,850	31,651	87,201	53,807
Robotics \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(7,314)	(6,027)	(15,351)	(12,396)
Production Facilities
Disaggregation of Revenue [Line Items]
Net revenues	17,678	14,218	35,972	30,665
Short-term
Disaggregation of Revenue [Line Items]
Net revenues	111,900	97,681	223,748	156,305
Short-term \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues			(635)
Short-term \| Well Intervention
Disaggregation of Revenue [Line Items]
Net revenues	86,048	76,669	177,394	125,886
Short-term \| Robotics
Disaggregation of Revenue [Line Items]
Net revenues	25,852	21,012	46,989	30,419
Long-term
Disaggregation of Revenue [Line Items]
Net revenues	50,712	64,260	88,989	169,051
Long-term \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(11,207)	(16,233)	(22,459)	(25,189)
Long-term \| Well Intervention
Disaggregation of Revenue [Line Items]
Net revenues	20,243	55,636	35,264	140,187
Long-term \| Robotics
Disaggregation of Revenue [Line Items]
Net revenues	23,998	10,639	40,212	23,388
Long-term \| Production Facilities
Disaggregation of Revenue [Line Items]
Net revenues	$ 17,678	$ 14,218	$ 35,972	$ 30,665

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue From Contracts With Customers - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 9.1		$ 9.1		$ 0.6
Credit losses on contract assets	0.0	$ 0.0	0.0	$ 0.0
Contract liabilities	6.4		6.4		8.7
Revenue recognized	3.5	4.2	5.8	5.4
Deferred contract costs	8.7		8.7		$ 3.3
Amortization of deferred contract costs	$ 6.6	$ 9.5	$ 11.2	$ 19.9

Revenue From Contracts With Customers - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 551.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 232.4
Expected timing of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 233.5
Expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 85.6
Expected timing of satisfaction	12 months

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic:
Net loss attributable to common shareholders	$ (29,699)	$ (13,709)	$ (71,730)	$ (16,587)
Less: Accretion of redeemable noncontrolling interests				(241)
Net loss available to common shareholders, basic	$ (29,699)	$ (13,709)	$ (71,730)	$ (16,828)
Weighted average number of shares outstanding, basic (in shares)	151,205	150,028	151,174	149,982
Diluted:
Net loss available to common shareholders, diluted	$ (29,699)	$ (13,709)	$ (71,730)	$ (16,828)
Weighted average number of shares outstanding, diluted (in shares)	151,205	150,028	151,174	149,982

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Diluted shares (as reported)	151,205	150,028	151,174	149,982
Share-based awards	1,250	1,325	1,119	1,282
Total	152,455	151,353	152,293	151,264

Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Convertible Senior Notes Maturing May 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		2,519	1,211	2,519
Convertible Senior Notes Maturing September 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,168	3,168	3,168	3,168
Convertible Senior Notes Maturing February 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	28,676	28,676	28,676	28,676

Employee Benefit Plans - Narrative (Details) $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Jan. 04, 2022 item	Jan. 04, 2021 item	Jan. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)
401(k) Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution (as a percent)						50.00%
Employer matching contribution percent of employees' salary (up to)						5.00%
Plan cost recognized				$ 0.4		$ 0.8
2005 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) \| shares				4,200,000		4,200,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares) \| shares						0
Compensation cost				$ 0.8	$ 0.9	$ 1.4	$ 1.7
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of components of equity awards granted \| item	2	2
Percentage based on service and market conditions	50.00%	50.00%
Percentage based on service and performance conditions	50.00%	50.00%
Compensation cost				1.1	1.0	2.1	2.1
Performance Period			3 years
Share-based payment awards vested (in shares) \| shares			559,150
Award vesting percentage			157.00%
PSUs \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment awards vested (in shares) \| shares			876,469
Fair value of awards vested			$ 3.2
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		200.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		0.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost				0.2	0.2	0.8	0.4
Fixed Value Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted				5.1	3.5	$ 5.1	3.5
Vesting period						3 years
Deferred compensation cost				$ 1.1	$ 1.0	$ 2.1	$ 2.0
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) \| shares				1,400,000		1,400,000
Purchase limit per employee (in shares) \| shares						260

Employee Benefit Plans - Share-Based Awards Granted (Details) - $ / shares				1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 01, 2022	Jan. 04, 2022	Jan. 01, 2022	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2022
RSUs \| Executive Officers
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Date of Grant			Jan. 01, 2022
Shares/Units			1,065,705
Grant Date Fair Value Per Share/Unit			$ 3.12
Vesting Percentage			33.00%
Vesting Period			3 years
PSUs
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting Percentage				157.00%
Share-based payment awards vested (in shares)				559,150
PSUs \| Executive Officers
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Date of Grant		Jan. 04, 2022
Shares/Units		1,065,705
Grant Date Fair Value Per Share/Unit		$ 4.25
Vesting Percentage		100.00%
Vesting Date		Jan. 04, 2025
Restricted Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Shares/Units						0
Restricted Stock \| Board of Directors
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Date of Grant	Apr. 01, 2022	Jan. 04, 2022
Shares/Units	14,710	15,775
Grant Date Fair Value Per Share/Unit	$ 4.78	$ 3.12
Vesting Percentage	100.00%	100.00%
Vesting Date	Jan. 01, 2024	Jan. 01, 2024
Restricted Stock \| Board of Directors \| Shares granted on January 4, 2022
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based payment awards vested (in shares)					8,013
Restricted Stock \| Board of Directors \| Shares granted on April 1, 2022
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-based payment awards vested (in shares)					5,230

Business Segment Information - Narrative (Details)	6 Months Ended
Business Segment Information - Narrative (Details)	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Business Segment Information - Financial Data By Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenues	$ 162,612	$ 161,941	$ 312,737	$ 325,356
Income (loss) from operations	(18,976)	(10,941)	(51,953)	(11,496)
Reportable Segments
Segment Reporting Information [Line Items]
Income (loss) from operations	(6,837)	(1,782)	(31,264)	7,041
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	(11,207)	(16,233)	(23,094)	(25,189)
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Income (loss) from operations	(12,139)	(9,159)	(20,689)	(18,537)
Well Intervention
Segment Reporting Information [Line Items]
Net revenues	106,291	132,305	212,658	266,073
Well Intervention \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	106,291	132,305	212,658	266,073
Income (loss) from operations	(22,548)	(6,719)	(54,306)	(1,476)
Well Intervention \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	(3,893)	(10,206)	(7,743)	(12,793)
Robotics
Segment Reporting Information [Line Items]
Net revenues	49,850	31,651	87,201	53,807
Robotics \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	49,850	31,651	87,201	53,807
Income (loss) from operations	9,666	255	11,146	(2,679)
Robotics \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	(7,314)	(6,027)	(15,351)	(12,396)
Production Facilities
Segment Reporting Information [Line Items]
Net revenues	17,678	14,218	35,972	30,665
Production Facilities \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	17,678	14,218	35,972	30,665
Income (loss) from operations	$ 6,045	$ 4,682	$ 11,896	$ 11,196

- Definition

+ References

+ Details

Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenues	$ (162,612)	$ (161,941)	$ (312,737)	$ (325,356)
Well Intervention
Segment Reporting Information [Line Items]
Net revenues	(106,291)	(132,305)	(212,658)	(266,073)
Robotics
Segment Reporting Information [Line Items]
Net revenues	(49,850)	(31,651)	(87,201)	(53,807)
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	11,207	16,233	23,094	25,189
Intercompany Eliminations \| Well Intervention
Segment Reporting Information [Line Items]
Net revenues	3,893	10,206	7,743	12,793
Intercompany Eliminations \| Robotics
Segment Reporting Information [Line Items]
Net revenues	$ 7,314	$ 6,027	$ 15,351	$ 12,396

- Definition

+ References

+ Details

Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 2,213,653	$ 2,326,028
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Total assets	180,233	98,561
Well Intervention \| Reportable Segments
Segment Reporting Information [Line Items]
Total assets	1,830,655	2,012,214
Robotics \| Reportable Segments
Segment Reporting Information [Line Items]
Total assets	88,781	96,249
Production Facilities \| Reportable Segments
Segment Reporting Information [Line Items]
Total assets	$ 113,984	$ 119,004

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
AROs at beginning of year	$ 29,658	$ 30,913
Revisions in estimates		(2,631)
Accretion expense	1,303	48
AROs at end of period	$ 30,961	$ 28,330

Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Interest paid, net of interest capitalized	$ 9,550	$ 10,601
Income Taxes Paid	$ 4,381	$ 4,588

Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Non-cash capital additions	$ 0.3	$ 0.3

Allowance For Credit Losses - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 1,477	$ 3,469
Additions (reductions)	86	(76)
Write-offs		(1,845)
Balance at end of period	$ 1,563	$ 1,548

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 274,930	$ 313,850
Fair value	267,368	316,891
MARAD Debt Maturing February 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	44,930	48,850
Fair value	45,851	52,481
Convertible Senior Notes Maturing May 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount		35,000
Fair value		34,794
Convertible Senior Notes Maturing September 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	30,000	30,000
Fair value	29,615	29,054
Convertible Senior Notes Maturing February 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	200,000	200,000
Fair value	$ 191,902	$ 200,562

Subsequent Events - (Details) $ in Millions	Jul. 01, 2022 USD ($)
Subsequent Event \| Alliance
Subsequent Event [Line Items]
Cash paid to acquire companies	$ 120