0000866829-23-000010 | 10-K | XBRL Viewer | Helix Energy Solutions Group INC

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Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-32936
Entity Registrant Name	HELIX ENERGY SOLUTIONS GROUP, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	95-3409686
Entity Address, Address Line One	3505 West Sam Houston Parkway North
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77043
City Area Code	281
Local Phone Number	618-0400
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	HLX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 442.6
Entity Common Stock, Shares Outstanding		152,153,912
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Houston, Texas
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 17, 2023 are incorporated by reference into Part III hereof.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 186,604	$ 253,515
Restricted cash	2,507	73,612
Accounts receivable, net of allowance for credit losses of $2,277 and $1,477, respectively	212,779	144,137
Other current assets	58,699	58,274
Total current assets	460,589	529,538
Property and equipment	3,016,312	2,938,154
Less accumulated depreciation	(1,374,697)	(1,280,509)
Property and equipment, net	1,641,615	1,657,645
Operating lease right-of-use assets	197,849	104,190
Deferred recertification and dry dock costs, net	38,778	16,291
Other assets, net	50,507	18,364
Total assets	2,389,338	2,326,028
Current liabilities:
Accounts payable	135,267	87,959
Accrued liabilities	73,574	91,712
Current maturities of long-term debt	38,200	42,873
Current operating lease liabilities	50,914	55,739
Total current liabilities	297,955	278,283
Long-term debt	225,875	262,137
Operating lease liabilities	154,686	50,198
Deferred tax liabilities	98,883	86,966
Other non-current liabilities	95,230	975
Total liabilities	872,629	678,559
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 151,935 and 151,124 shares issued, respectively	1,298,740	1,292,479
Retained earnings	323,288	411,072
Accumulated other comprehensive loss	(105,319)	(56,082)
Total shareholders' equity	1,516,709	1,647,469
Total liabilities and shareholders' equity	$ 2,389,338	$ 2,326,028

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Allowance for credit losses	$ 2,277	$ 1,477
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	151,935,000	151,124,000

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net revenues	$ 873,100	$ 674,728	$ 733,555
Cost of sales	822,484	659,335	653,646
Gross profit	50,616	15,393	79,909
Gain (loss) on disposition of assets, net		(631)	889
Goodwill impairment			(6,689)
Acquisition and integration costs	(2,664)
Change in fair value of contingent consideration	(16,054)
Selling, general and administrative expenses	(76,753)	(63,449)	(61,084)
Income (loss) from operations	(44,855)	(48,687)	13,025
Equity in earnings (losses) of investment	8,262	(1)	216
Net interest expense	(18,950)	(23,201)	(28,531)
Gain (loss) on extinguishment of long-term debt		(136)	9,239
Other income (expense), net	(23,330)	(1,490)	4,724
Royalty income and other	3,692	2,873	2,710
Income (loss) before income taxes	(75,181)	(70,642)	1,383
Income tax provision (benefit)	12,603	(8,958)	(18,701)
Net income (loss)	(87,784)	(61,684)	20,084
Net loss attributable to redeemable noncontrolling interests	0	(146)	(2,090)
Net income (loss) attributable to common shareholders	$ (87,784)	$ (61,538)	$ 22,174
Earnings (loss) per share of common stock:
Basic	$ (0.58)	$ (0.41)	$ 0.13
Diluted	$ (0.58)	$ (0.41)	$ 0.13
Weighted average common shares outstanding (in shares)
Basic	151,276	150,056	148,993
Diluted	151,276	150,056	149,897

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (87,784)	$ (61,684)	$ 20,084
Other comprehensive income (loss), net of tax:
Net unrealized loss on hedges arising during the period			(95)
Reclassifications into earnings			452
Income taxes on hedges			(72)
Net change in hedges, net of tax			285
Foreign currency translation gain (loss)	(49,237)	(4,462)	12,835
Other comprehensive income (loss), net of tax	(49,237)	(4,462)	13,120
Comprehensive income (loss)	(137,021)	(66,146)	33,204
Less comprehensive loss attributable to redeemable noncontrolling interests:
Net loss	0	(146)	(2,090)
Foreign currency translation gain	0	50	90
Comprehensive loss attributable to redeemable noncontrolling interests	0	(96)	(2,000)
Comprehensive income (loss) attributable to common shareholders	$ (137,021)	$ (66,050)	$ 35,204

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 2016-13) at Dec. 31, 2019			$ (620)			$ (620)
Balance, beginning of period at Dec. 31, 2019		$ 1,318,961		$ 445,370	$ (64,740)		$ 1,699,591
Balance, beginning of period (in shares) at Dec. 31, 2019		148,888
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				22,174			22,174
Foreign currency translation adjustments					12,835		12,835
Unrealized gain on hedges, net of tax					285		285
Accretion of redeemable noncontrolling interests				(2,400)			(2,400)
Equity component of convertible senior notes		$ 33,336					33,336
Re-acquisition of equity component of convertible senior notes		(18,006)					(18,006)
Capped call transactions		(10,625)					(10,625)
Activity in company stock plans, net and other		$ (4,345)					(4,345)
Activity in company stock plans, net and other (in shares)		1,453
Share-based compensation		$ 8,271					8,271
Balance, end of period (Accounting Standards Update 2020-06) at Dec. 31, 2020	$ (41,456)		$ 6,682			$ (34,774)
Balance, end of period at Dec. 31, 2020		$ 1,327,592		464,524	(51,620)		1,740,496
Balance, end of period (in shares) at Dec. 31, 2020		150,341
Balance, beginning of period at Dec. 31, 2019							3,455
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							(2,090)
Foreign currency translation adjustments related to redeemable noncontrolling interests							90
Accretion of redeemable noncontrolling interests							2,400
Balance, end of period at Dec. 31, 2020							3,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(61,538)			(61,538)
Foreign currency translation adjustments					(4,462)		(4,462)
Accretion of redeemable noncontrolling interests				1,404			1,404
Activity in company stock plans, net and other		$ (1,128)					(1,128)
Activity in company stock plans, net and other (in shares)		783
Share-based compensation		$ 7,471					7,471
Balance, end of period at Dec. 31, 2021		$ 1,292,479		411,072	(56,082)		1,647,469
Balance, end of period (in shares) at Dec. 31, 2021		151,124
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							(146)
Foreign currency translation adjustments related to redeemable noncontrolling interests							50
Accretion of redeemable noncontrolling interests							(1,404)
Acquisition of redeemable noncontrolling interests							(2,355)
Net income (loss)				(87,784)			(87,784)
Foreign currency translation adjustments					(49,237)		(49,237)
Activity in company stock plans, net and other		$ (991)					(991)
Activity in company stock plans, net and other (in shares)		811
Share-based compensation		$ 7,252					7,252
Balance, end of period at Dec. 31, 2022		$ 1,298,740		$ 323,288	$ (105,319)		$ 1,516,709
Balance, end of period (in shares) at Dec. 31, 2022		151,935

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (87,784)	$ (61,684)	$ 20,084
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	142,686	141,514	133,709
Goodwill impairment			6,689
Amortization of debt discounts			6,964
Amortization of debt issuance costs	2,334	3,179	3,177
Share-based compensation	7,451	7,689	8,568
Deferred income taxes	4,386	(15,202)	(3,883)
Equity in (earnings) losses of investment	(8,262)	1	(216)
(Gain) loss on disposition of assets, net		631	(889)
(Gain) loss on extinguishment of long-term debt		136	(9,239)
Unrealized gain on derivative contracts, net			(601)
Unrealized foreign currency (gain) loss	21,596	2,252	(2,665)
Change in fair value of contingent consideration	16,054
Changes in operating assets and liabilities:
Accounts receivable, net	(29,865)	(14,154)	(8,419)
Other current assets	7,593	22,973	(28,664)
Income tax payable, net of income tax receivable	(49)	18,610	(22,124)
Accounts payable and accrued liabilities	9,807	46,645	10,830
Deferred recertification and dry dock costs, net	(35,072)	(9,620)	(19,348)
Other, net	(233)	2,853	(4,827)
Net cash provided by operating activities	51,108	140,117	98,800
Cash flows from investing activities:
Alliance acquisition, net of cash acquired	(112,625)
Capital expenditures	(33,504)	(8,322)	(20,244)
Distribution from equity investment, net	7,840
Proceeds from sale of assets		51	963
Net cash used in investing activities	(138,289)	(8,271)	(19,281)
Cash flows from financing activities:
Proceeds from convertible senior notes			200,000
Repayment of convertible senior notes	(35,000)		(183,150)
Capped call transactions			(10,625)
Debt issuance costs	(580)	(1,337)	(7,747)
Acquisition of redeemable noncontrolling interests		(2,355)
Payments related to tax withholding for share-based compensation	(1,902)	(2,001)	(5,264)
Proceeds from issuance of ESPP shares	575	654	622
Net cash used in financing activities	(44,844)	(95,997)	(52,578)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(5,991)	(42)	1,818
Net increase (decrease) in cash and cash equivalents and restricted cash	(138,016)	35,807	28,759
Cash and cash equivalents and restricted cash:
Balance, beginning of year	327,127	291,320	262,561
Balance, end of year	189,111	327,127	291,320
Term Loan Repaid September 2021
Cash flows from financing activities:
Repayment of loan debt		(29,826)	(3,500)
Nordea Q5000 Loan Matured January 2021
Cash flows from financing activities:
Repayment of loan debt		(53,572)	(35,714)
MARAD Debt (matures February 2027)
Cash flows from financing activities:
Repayment of loan debt	$ (7,937)	$ (7,560)	$ (7,200)

Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Organization

Unless the context indicates otherwise, the terms “we,” “us” and “our” in this Annual Report refer collectively to Helix Energy Solutions Group, Inc. and its subsidiaries (“Helix” or the “Company”). We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and full-field decommissioning operations. Our services are centered toward and well positioned to facilitate global energy transition by maximizing production of remaining oil and gas reserves, supporting renewable energy developments and decommissioning end-of-life oil and gas fields. We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of Mexico, U.S. East Coast, Brazil, North Sea, Asia Pacific and West Africa regions. We have expanded our service capabilities to the Gulf of Mexico shelf with the acquisition of the Alliance group of companies (collectively “Alliance”) on July 1, 2022. Our North Sea operations and our Gulf of Mexico shelf operations related to our Alliance acquisition are subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months.

Our Operations

Our services are segregated into four reportable business segments: Well Intervention, Robotics, Production Facilities and our new reporting segment, Shallow Water Abandonment, which was formed in the third quarter 2022 comprising the Helix Alliance business (Note 14).

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 trenching, seabed clearance, offshore construction and inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of 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, the IROV boulder grab and robotics support vessels under term charters as well as spot vessels as needed.

Our Shallow Water Abandonment segment provides services in support of the upstream and midstream ‎industries predominantly in the Gulf of Mexico shelf, including offshore oilfield decommissioning and ‎reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services. Our Shallow Water Abandonment segment includes a diversified fleet of marine assets including liftboats, offshore supply vessels (“OSVs”), dive support vessels (“DSVs”), a heavy lift derrick barge, a crew boat and plug and abandonment (“P&A”) and coiled tubing systems.

Our Production Facilities segment includes the Helix Producer I (the “HP I”), the Helix Fast Response System (the “HFRS”), and our ownership of mature oil and gas properties. All of our current Production Facilities activities are located in the Gulf of Mexico.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Principles of Consolidation

Our consolidated financial statements include the accounts of our majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership but have the ability to exert significant influence. All material intercompany accounts and transactions have been eliminated.

Basis of Presentation

Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) in U.S. dollars. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. We have made all adjustments that we believe are necessary for a fair presentation of our consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value.

Restricted Cash

We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. Our restricted cash as of December 31, 2022 consisted of $2.5 million pledged toward our asset-based credit agreement (the “ABL Facility”). Our restricted cash as of December 31, 2021 consisted of $71.1 million pledged as collateral for a letter of credit for a temporary importation permit for work offshore Nigeria and $2.5 million pledged toward the ABL Facility. These cash pledges increase the availability under the ABL Facility.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recognized when our right to consideration becomes unconditional. Accounts receivable are stated at the historical carrying amount, net of write-offs and allowance for credit losses. We perform ongoing credit evaluations of our customers and provide allowances for credit losses. We estimate current expected credit losses on our accounts receivable at each reporting date based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 18).

Business Combinations

Business combinations are accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. The purchase price consideration is allocated to the assets acquired and liabilities assumed based upon estimates of their fair values as of the acquisition date. Fair values of the assets acquired and liabilities assumed are measured in accordance with ASC Topic 820, Fair Value Measurement, using income approach, cost approach and other applicable valuation techniques. The fair value of property, plant and equipment acquired from the acquisition was estimated primarily by applying the cost approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence and economic useful life. The fair value of intangible assets acquired from the acquisition was estimated primarily by applying the income approach. The key assumptions of the income approach include revenue projections, royalty rates and economic useful life. For certain other assets and liabilities, those fair values are consistent with historical carrying values.

The purchase price allocation is subject to revision to reflect new information obtained about facts and circumstances that existed at the acquisition date. The purchase price consideration, as well as the estimated fair values of the assets acquired and liabilities assumed, must be finalized as soon as practicable, but no later than one year from the closing of the acquisition.

Contingent consideration payable in cash, which is included in “Other non-current liabilities” in the accompanying consolidated balance sheet (Note 4), is initially measured at fair value and included as part of the purchase price and subsequently measured at fair value at the end of each reporting period with changes in value reported in earnings until the liability is settled.

Acquisition and integration costs consist of legal and professional fees as well as costs incurred to integrate the acquiree’s operations and systems and to align its financial processes and procedures with those of Helix. Those costs are expensed as incurred and are presented separately from “Selling, general and administrative expenses” in the consolidated statements of operations. Also presented separately are the changes in fair value of the contingent earn-out consideration (Note 19).

Property and Equipment

Property and equipment (including oil and gas properties) acquired separately from a business combination is recorded initially at cost and subsequently depreciated on a straight-line basis over its estimated useful life. The cost of improvements is capitalized whereas the cost of repairs and maintenance is expensed as incurred.

Assets used in operations are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s expected undiscounted cash flows. If the carrying amount of the asset or asset group is not recoverable and is greater than its fair value, an impairment charge is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are evaluated for impairment at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets.

Capitalized Interest

Interest from external borrowings is capitalized on major projects under development until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful life of the asset. Capitalized interest is excluded from our interest expense (Note 7) and is included as an investing cash outflow in the consolidated statements of cash flows.

Equity Investment

We have a 20% ownership interest in Independence Hub, LLC (“Independence Hub”), which is included in our Production Facilities segment. We account for our ownership interest in Independence Hub using the equity method of accounting. In May 2022, we received a net cash distribution of $7.8 million from the sale of the “Independence Hub” platform owned by Independence Hub.

Leases

Leases with a term greater than one year are recognized in the consolidated balance sheet as right-of-use (“ROU”) assets and lease liabilities. We have not recognized in the consolidated balance sheet leases with an initial term of one year or less. Lease liabilities and their corresponding ROU assets are recorded at the commencement date based on the present value of lease payments over the expected lease term. The lease term may include the option to extend or terminate the lease when it is reasonably certain that we will exercise the option. We use our incremental borrowing rate, which would be the rate incurred to borrow on a collateralized basis over a similar term in a similar economic environment, to calculate the present value of lease payments. ROU assets are adjusted for any initial direct costs paid or incentives received.

We separate our long-term vessel charters between their lease components and non-lease services. We estimate the lease component using the residual approach by estimating the non-lease services, which primarily include crew, repair and maintenance, and regulatory certification costs. For all other leases, we have not separated the lease components and non-lease services.

We recognize operating lease cost on a straight-line basis over the lease term for both (i) leases that are recognized in the consolidated balance sheet and (ii) short-term leases. We recognize lease cost related to variable lease payments that are not recognized in the consolidated balance sheet in the period in which the obligation is incurred.

Goodwill

Goodwill impairment is evaluated using a two-step process. The first step involves comparing a reporting unit’s fair value with its carrying amount. We have the option to assess qualitative factors to determine if it is necessary to perform the first step. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, we must perform the quantitative goodwill impairment test, which involves estimating the reporting unit’s fair value and comparing it to its carrying amount. If the reporting unit’s carrying amount exceeds its fair value, impairment loss is recognized in an amount equal to that excess, but not to exceed the goodwill’s carrying amount.

We perform an impairment analysis of goodwill at least annually as of November 1 or more frequently whenever events or circumstances occur indicating that goodwill might be impaired. Our goodwill balance attributable to the acquisition of a controlling interest in Subsea Technologies Group Limited (“STL”) was fully impaired during 2020 (Note 3).

Deferred Recertification and Dry Dock Costs

Our vessels and systems are required by regulation to be periodically recertified. Recertification costs for a vessel are typically incurred while the vessel is in dry dock. We defer and amortize recertification costs, including vessel dry dock costs, over the period that the certification applies, which generally ranges from 24 to 60 months if the appropriate permitting is obtained. A recertification process, including vessel dry dock, typically lasts between one to three months, a period during which a vessel or system is idle and generally not available to earn revenue. Major replacements and improvements that extend the economic useful life or functional operating capability of a vessel or system are capitalized and depreciated over the asset’s remaining economic useful life. Routine repairs and maintenance costs are expensed as incurred.

During the years ended December 31, 2022, 2021 and 2020, amortization expense related to deferred recertification and dry dock costs was $14.0 million, $14.6 million and $14.3 million, respectively.

Revenue Recognition

Revenue from Contracts with Customers

We generate revenue in our Well Intervention segment by supplying vessels, personnel and equipment to provide well intervention services, which involve providing marine access, serving as a deployment mechanism to the subsea well, connecting to and maintaining a secure connection to the subsea well and maintaining well control through the duration of the intervention services. We may also perform down-hole intervention work and provide certain engineering services. We generate revenue in our Robotics segment by operating ROVs and trenchers to provide subsea trenching and burial of pipelines and cables as well as seabed clearing for the oil and gas and the renewable energy markets and to provide offshore construction and IRM services to oil and gas companies. We also provide integrated robotic services by supplying vessels that deploy ROVs and trenchers. We generate revenue in our Production Facilities segment by supplying vessels, personnel and equipment for oil and natural gas processing, well control response services, and oil and gas production from owned properties. We generate revenue in our new Shallow Water Abandonment segment by providing decommissioning and intervention services with P&A and coiled tubing systems and personnel; by providing marine access to offshore facilities with liftboats, OSVs and the crew boat in order to perform decommissioning, intervention, diving and other work scopes; and by providing diving and platform decommissioning services with DSVs and personnel and with the heavy lift barge.

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

We generally account for our services under contracts with customers as a single performance obligation satisfied over time. The single performance obligation in our dayrate contracts is comprised of a series of distinct time increments in which we provide services. We do not account for activities that are immaterial or not distinct within the context of our contracts as separate performance obligations. Consideration received under a contract is allocated to the single performance obligation on a systematic basis that depicts the pattern of the provision of our services to the customer.

The total transaction price for a contract is determined by estimating both fixed and variable consideration expected to be earned over the term of the contract. We generally do not provide significant financing to our customers and do not adjust contract consideration for the time value of money if extended payment terms are granted for less than one year. Estimated variable consideration, if any, is considered to be constrained and therefore is not included in the transaction price until it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. At the end of each reporting period, we reassess and update our estimates of variable consideration and amounts of that variable consideration that should be constrained.

Dayrate Contracts. Revenues generated from dayrate contracts generally provide for payment according to the rates per day as stipulated in the contract (e.g., operating rate, standby rate, and repair rate). Invoices billed to the customer are typically based on the varying rates applicable to operating status on an hourly basis. Dayrate consideration is allocated to the distinct hourly time increment to which it relates and is therefore recognized in line with the contractual rate billed for the services provided for any given hour. Similarly, revenues from contracts that stipulate a monthly rate are recognized ratably during the month.

Dayrate contracts also may contain fees charged to the customer for mobilizing and/or demobilizing equipment and personnel. Mobilization and demobilization are considered contract fulfillment activities, and related fees (subject to any constraint on estimates of variable consideration) are allocated to the single performance obligation and recognized ratably over the term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer.

We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable and subject to uncertainty as the amounts received and timing thereof are dependent on factors outside of our influence. Accordingly, these revenues are constrained and not recognized until the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer.

A dayrate contract modification involving an extension of the contract by adding days of services is generally accounted for prospectively as a separate contract, but may be accounted for as a termination of the existing contract and creation of a new contract if the consideration for the extended services does not represent their stand-alone selling prices.

Lump Sum Contracts. Revenues generated from lump sum contracts are recognized over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our lump sum contracts because it best depicts the progress toward satisfaction of our performance obligation, which occurs as we incur costs under those contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of cumulative costs incurred to date to the total estimated costs at completion of the performance obligation. Consideration, including lump sum mobilization and demobilization fees billed to the customer, is recorded proportionally as revenue in accordance with the cost-to-cost measure of progress. Consideration for lump sum contracts is generally due from the customer based on the achievement of milestones. As such, contract assets are generated to the extent we recognize revenues in advance of our rights to collect contract consideration and contract liabilities are generated when contract consideration due or received is greater than revenues recognized to date.

We review and update our contract-related estimates regularly and recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period in which the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If a current estimate of total contract costs to be incurred exceeds the estimate of total revenues to be earned, we recognize the projected loss in full when it is identified. A modification to a lump sum contract is generally accounted for as part of the existing contract and recognized as an adjustment to revenue on a cumulative catch-up basis.

Income from Oil and Gas Production

Income from oil and gas production is recognized according to monthly oil and gas production volumes from the oil and gas properties that we own, and is included in revenues from our Production Facilities segment.

Income from Royalty Interests

Income from royalty interests is recognized according to our share of monthly oil and gas production volumes and is included in “Royalty income and other” in the consolidated statements of operations.

Income Taxes

Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized.

We provide for uncertain tax positions and related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by local taxing authorities. At December 31, 2022, we believe that we have appropriately accounted for any unrecognized tax benefits. To the extent we prevail in matters for which a liability for an unrecognized tax benefit has been recognized or are required to pay amounts exceeding the liability, our effective tax rate in a given financial statement period may be affected.

Share-Based Compensation

Share-based compensation is measured at the grant date based on the estimated fair value of an award. Share-based compensation based solely on service conditions is recognized on a straight-line basis over the vesting period of the related shares. Forfeitures are recognized as they occur.

Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis.

For performance share unit (“PSU”) awards 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.

Compensation cost for restricted stock unit (“RSU”) awards, which are accounted for as liability awards, is measured at their estimated fair value based on the closing share price of our common stock as of each balance sheet date, and subsequent changes in the fair value of the awards are recognized in earnings for the portion of the award for which the requisite service period has elapsed. Cumulative compensation cost for vested liability RSUs equals the actual payout value upon vesting.

Asset Retirement Obligations

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

Foreign Currency

Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect at the end of the reporting period, and the resulting translation adjustments are included in other comprehensive income (loss) (“OCI”).

For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in “Other income (expense), net” in the consolidated statements of operations. Foreign currency gains or losses from the remeasurement of monetary assets and liabilities as well as unsettled foreign currency transactions, including intercompany transactions that are not of a long-term investment nature, are also recognized as a component of “Other income (expense), net.” For the years ended December 31, 2022, 2021 and 2020, our foreign currency transaction gains (losses) totaled $(23.4) million, $(1.5) million and $4.6 million, respectively.

Earnings Per Share

Basic earnings per share (“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. We have shares of restricted stock issued and outstanding that are currently unvested. Because holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock, we are required to compute basic and diluted EPS under the two-class method in periods in which we have earnings. Under the two-class method, 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.

Major Customers and Concentration of Risk

We offer our products and services primarily in the offshore oil and gas and renewable markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2022 — Shell (15%); 2021 — Petrobras (23%) and Shell (17%); and 2020 — Petrobras (28%) and BP (17%). Most of the concentration of revenues are in our Well Intervention segment.

Fair Value Measurements

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

●

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

●

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

●

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

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

(a)

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

(b)

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

(c)

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

New Accounting Standards

New accounting standards adopted

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which was updated by subsequent amendments. This ASU replaces the current incurred loss model for measurement of credit losses on financial assets (including trade receivables) with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. Upon adoption of ASU No. 2016-13 on January 1, 2020, we recognized $0.6 million (net of deferred taxes of $0.2 million) related to the provision for current expected credit losses on our accounts receivable through a cumulative effect offset to retained earnings. The credit loss standard also resulted in the recognition of an additional $0.7 million in credit loss reserves on our accounts receivable for the year ended December 31, 2020. See Note 18 for additional information regarding allowance for credit losses on our accounts receivable.

In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, this ASU removes from GAAP the requirement to separate certain convertible instruments, such as our Convertible Senior Notes Due 2022 (the “2022 Notes”), Convertible Senior Notes Due 2023 (the “2023 Notes”) and Convertible Senior Notes Due 2026 (the “2026 Notes”) (Note 7), into liability and equity components. Consequently, those convertible instruments will be accounted for in their entirety as liabilities measured at their amortized cost. We elected to early adopt ASU No. 2020-06 on a modified retrospective basis beginning January 1, 2021. The adoption of this ASU increased our long-term debt and decreased the reported value of our common stock by $44.1 million and $41.5 million, respectively, as we reclassified the conversion features associated with our various outstanding convertible senior notes from equity to long-term debt. The adoption of this ASU also increased our retained earnings and decreased deferred tax liabilities by $6.7 million and $9.3 million, respectively. As a result of our adoption of ASU No. 2020-06, interest expense associated with our outstanding convertible senior notes decreased by $7.6 million in 2021 as there were no longer any debt discounts to amortize.

New accounting standards issued but not yet effective

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

Business Combinations

12 Months Ended

Dec. 31, 2022

Business Combinations

Business Combinations

Note 3 — Business Combinations

Alliance Acquisition

On July 1, 2022, we completed our acquisition of all of the equity interests of Alliance. The Alliance acquisition extends our energy transition strategy by adding shallow water capabilities into what we expect to be a growing offshore decommissioning market.

The aggregate preliminary purchase price of the Alliance acquisition was $145.7 million, consisting of $119.0 million with cash on hand and the estimated fair value of $26.7 million of contingent consideration related to the post-closing earn-out consideration. The earn-out is payable in 2024 to the seller in the Alliance transaction in either cash or shares of our common stock pursuant to the terms of the Equity Purchase Agreement (the “Equity Purchase Agreement”) dated May 16, 2022. The earn-out is not capped and is calculated based on certain financial metrics of the Helix Alliance business for 2022 and 2023 relative to amounts as set forth in the Equity Purchase Agreement.

The following table summarizes the purchase consideration and the preliminary purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed as of July 1, 2022 (in thousands):


	As Originally				As
	Reported		Adjustments ⁽¹⁾		Adjusted
Cash consideration	$	118,961	$	—	$	118,961
Contingent consideration		26,700		—		26,700
Total fair value of consideration transferred	$	145,661		—	$	145,661

Assets acquired:
Cash and cash equivalents	$	6,336		—	$	6,336
Accounts receivable ⁽²⁾		43,378		—		43,378
Other current assets		4,879		1,198		6,077
Property and equipment		118,619		(1,298)		117,321
Operating lease right-of-use assets		1,205		—		1,205
Intangible assets		1,400		100		1,500
Other assets		2,133		—		2,133
Total assets acquired		177,950		—		177,950
Liabilities assumed:
Accounts payable		20,480		—		20,480
Accrued liabilities		3,073		—		3,073
Operating lease liabilities		1,205		—		1,205
Deferred tax liabilities		7,531		—		7,531
Total liabilities assumed		32,289		—		32,289
Net assets acquired	$	145,661	$	—	$	145,661

(1)	Adjustments to the preliminary purchase price allocation stem mainly from additional information obtained in between the closing of the Alliance acquisition on July 1, 2022 and December 31, 2022 about facts and circumstances that existed as of the acquisition date.

(2)	The gross contractual accounts receivable totaled $44.2 million. The fair value of accounts receivable reflects our best estimate at the acquisition date of contractual cash flows expected to be collected.

The pro forma summary below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2021 and includes transaction accounting adjustments such as incremental depreciation and amortization expense from acquired tangible and intangible assets, elimination of interest expense on Alliance’s long-term debt that was paid off in conjunction with the acquisition, and tax-related effects. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may differ significantly from this pro forma financial information. The pro forma information does not reflect any cost savings, operating synergies or revenue enhancements that might have been achieved from combining the operations. The unaudited pro forma summary is provided for illustrative purposes only and does not purport to represent Helix’s actual consolidated results of operations had the acquisition been completed as of the date presented, nor should it be considered indicative of Helix’s future consolidated results of operations.

The following table summarizes the pro forma results of Helix and Alliance (in thousands):


	Year Ended December 31,
	2022		2021
Revenues	$	952,837	$	789,051
Net loss		(79,686)		(56,203)

STL Acquisition

In May 2019, we acquired a 70% controlling interest in STL, a subsea engineering firm based in Aberdeen, Scotland. The acquisition resulted in goodwill of $6.9 million. Oil prices as well as energy and energy services valuations experienced significant decline during the first quarter 2020 and as a result, we impaired all of our goodwill, which consisted entirely of goodwill attributable to STL. In June 2021, we acquired the remaining 30% interest in STL, which had been recognized as temporary equity. STL is included in our Well Intervention segment and its revenue and earnings are immaterial to our consolidated results.

The changes in the carrying amount of goodwill are as follows (in thousands):


	Well Intervention
Balance at December 31, 2019	$	7,157
Impairment loss		(6,689)
Foreign currency adjustments		(468)
Balance at December 31, 2020	$	—

Details Of Certain Accounts

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details Of Certain Accounts

Note 4 — Details of Certain Accounts

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


	December 31,
	2022		2021
Prepaids	$	26,609	$	18,228
Income tax receivable		—		1,116
Contract assets (Note 11)		6,295		639
Deferred costs (Note 11)		13,969		2,967
Other receivable ⁽¹⁾		—		28,805
Other		11,826		6,519
Total other current assets	$	58,699	$	58,274

(1)

Represents agreed-upon amounts that we are entitled to receive from Marathon Oil Corporation (“Marathon Oil”) for remaining P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil in 2019; classified as current as the P&A work was expected to be performed within 12 months from December 31, 2021.

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


	December 31,
	2022		2021
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 11)		6,432		381
Other receivable ⁽²⁾		24,827		—
Intangible assets with finite lives, net		4,465		3,472
Other		2,239		1,967
Total other assets, net	$	50,507	$	18,364

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

(2)	Represents agreed-upon amounts that we are entitled to receive from Marathon Oil; reclassified to non-current as we expect the remaining P&A work to be performed beyond 12 months from December 31, 2022.

Accrued liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Accrued payroll and related benefits	$	41,339	$	28,657
Accrued interest		6,306		6,746
Income tax payable		479		—
Deferred revenue (Note 11)		9,961		8,272
Asset retirement obligations (Note 15)		—		29,658
Other		15,489		18,379
Total accrued liabilities	$	73,574	$	91,712

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


	December 31,
	2022		2021
Deferred revenue (Note 11)	$	—	$	476
Asset retirement obligations (Note 15)		51,956		—
Contingent consideration (Note 19)		42,754		—
Other		520		499
Total other non-current liabilities	$	95,230	$	975

Property And Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property And Equipment

Note 5 — Property and Equipment

The following is a summary of the gross components of property and equipment (dollars in thousands):


		December 31,
	Estimated Useful Life	2022		2021
Vessels	15 to 30 years	$	2,371,084	$	2,343,162
ROVs and trenchers	5 to 10 years		262,763		257,274
Machinery, equipment, buildings and other	5 to 39 years		382,465		337,718
Total property and equipment		$	3,016,312	$	2,938,154

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 6 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. The majority of the increases in our operating leases during the year ended December 31, 2022 are related to the vessel charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II, the Grand Canyon III and the Shelia Bordelon (Note 16). We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2022, the minimum sublease income to be received in the future totaled $1.3 million.

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


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	61,067	$	60,636	$	64,742
Variable lease cost		20,562		16,711		15,021
Short-term lease cost		29,487		20,590		37,524
Sublease income		(1,275)		(1,303)		(1,286)
Net lease cost	$	109,841	$	96,634	$	116,001

Maturities of our operating lease liabilities as of December 31, 2022 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	58,063	$	6,603	$	64,666
One to two years		55,515		5,697		61,212
Two to three years		43,400		2,797		46,197
Three to four years		35,200		959		36,159
Four to five years		26,244		959		27,203
Over five years		3,041		2,783		5,824
Total lease payments	$	221,463	$	19,798	$	241,261
Less: imputed interest		(32,986)		(2,675)		(35,661)
Total operating lease liabilities	$	188,477	$	17,123	$	205,600

Current operating lease liabilities	$	45,131	$	5,783	$	50,914
Non-current operating lease liabilities		143,346		11,340		154,686
Total operating lease liabilities	$	188,477	$	17,123	$	205,600

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:


	December 31,
	2022		2021		2020
Weighted average remaining lease term	4.0	years	2.4	years	3.1	years
Weighted average discount rate	7.84	%	7.57	%	7.53	%

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


	Year Ended December 31,
	2022		2021		2020
Cash paid for operating lease liabilities	$	58,129	$	61,826	$	66,026
Right-of-use assets obtained in exchange for new operating lease obligations		144,134		5,992		516

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

Note 7 — Long-Term Debt

Long-term debt consists of the following (in thousands):


	December 31,
	2022		2021
2022 Notes (matured May 2022)	$	—	$	35,000
2023 Notes (mature September 2023)		30,000		30,000
2026 Notes (mature February 2026)		200,000		200,000
MARAD Debt (matures February 2027)		40,913		48,850
Unamortized debt issuance costs		(6,838)		(8,840)
Total debt		264,075		305,010
Less current maturities		(38,200)		(42,873)
Long-term debt	$	225,875	$	262,137

Credit Agreement

On September 30, 2021 we entered into an asset-based credit agreement with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation and on July 1, 2022 we entered into a first amendment to the credit agreement (collectively, the “Amended ABL Facility”). The Amended ABL Facility provides for a $100 million asset-based revolving credit facility, which matures on September 30, 2026, with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $50 million. The Amended ABL Facility also permits us to request an increase of the facility by up to $50 million, subject to certain conditions.

Commitments under the Amended ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $65 million and $35 million, respectively. The Amended ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash, and provides for a $10 million sub-limit for the issuance of letters of credit. As of December 31, 2022, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $98.1 million, net of $1.9 million of letters of credit issued under that facility.

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

U.S. borrowings under the Amended ABL Facility bear interest at the Term SOFR (also known as CME Term SOFR as administered by CME Group, Inc.) rate plus a margin of 1.50% to 2.00% or at a base rate plus a margin of 0.50% to 1.00%. U.K. borrowings under the Amended ABL Facility denominated in U.S. dollars bear interest at the Term SOFR rate with SOFR adjustment of 0.10% and U.K. borrowings denominated in the British pound bear interest at the SONIA daily rate, each plus a margin of 1.50% to 2.00%. We also pay a commitment fee of 0.375% to 0.50% per annum on the unused portion of the facility.

The Amended ABL Facility includes certain limitations on our ability to incur additional indebtedness, grant liens on assets, pay dividends and make distributions on equity interests, dispose of assets, make investments, repay certain indebtedness, engage in mergers, and other matters, in each case subject to certain exceptions. The Amended ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The Amended ABL Facility requires us to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if availability is less than the greater of 10% of the borrowing base or $10 million. The Amended ABL Facility also requires us to maintain a pro forma minimum excess availability of $20 million for the 91 days prior to the maturity of each of our outstanding convertible senior notes.

The Amended ABL Facility also (i) limits the amount of permitted debt for the deferred purchase price of property not to exceed $50 million, (ii) establishes an excess availability requirement for the portion of any post-closing earn-out consideration related to our acquisition of Alliance that will be paid in cash (Note 3), and (iii) provides for potential pricing adjustments based on specific metrics and performance targets determined by us and Bank of America, as agent with respect to the Amended ABL Facility, related to environmental, social and governance (“ESG”) changes implemented by us in our business.

2022 Notes

We fully redeemed the $35 million remaining principal amount of the 2022 Notes plus accrued interest by delivering cash upon maturity as of May 1, 2022. The effective interest rate for the 2022 Notes was 4.8%. For the years ended December 31, 2022 and 2021, total interest expense related to the 2022 Notes was $0.6 million and $1.7 million, respectively, primarily from coupon interest expense. As a result of our adoption of ASU No. 2020-06, there were no longer any debt discounts to amortize in 2022 and 2021 (Note 2). During 2020, we repurchased $90 million in aggregate principal amount of the 2022 Notes, and for the year ended December 31, 2020, total interest expense related to the 2022 Notes was $6.6 million, with coupon interest expense of $3.9 million and the amortization of debt discount and issuance costs of $2.7 million.

2023 Notes

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

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

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

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

The effective interest rate for the 2023 Notes is 4.8%. For each of the years ended December 31, 2022 and 2021, total interest expense related to the 2023 Notes was $1.4 million primarily from coupon interest expense. As a result of our adoption of ASU No. 2020-06, there were no longer any debt discounts to amortize in 2022 and 2021 (Note 2). During 2020, we repurchased $95 million in aggregate principal amount of the 2023 Notes, and for the year ended December 31, 2020, total interest expense related to the 2023 Notes was $6.6 million, with coupon interest expense of $3.7 million and the amortization of debt discount and issuance costs of $2.9 million.

2026 Notes

The 2026 Notes bear interest at a coupon interest rate of 6.75% per annum payable semi-annually in arrears on February 15 and August 15 of each year, beginning on 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. In order to reduce the potential dilution of the 2026 Notes to shareholders’ equity, we entered into capped call transactions (the “2026 Capped Calls”) in August 2020 concurrent with the 2026 Notes offering (Note 9). The 2026 Capped Calls effectively increase the conversion price of the 2026 Notes to approximately $8.42 per share. However, the 2026 Capped Calls are separate transactions from the 2026 Notes and do not change the holders’ rights under the 2026 Notes, and holders of the 2026 Notes do not have any rights with respect to the 2026 Capped Calls.

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 years ended December 31, 2022 and 2021, total interest expense related to the 2026 Notes was $14.8 million and $14.7 million, respectively, with coupon interest expense of $13.5 million each, and the amortization of debt issuance costs of $1.3 million and $1.2 million, respectively. As a result of our adoption of ASU No. 2020-06, there were no longer any debt discounts to amortize in 2022 and 2021 (Note 2). For the year ended December 31, 2020, total interest expense related to the 2026 Notes was $7.5 million, with coupon interest expense of $5.1 million and the amortization of debt discount and issuance costs of $2.4 million.

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 through 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

In accordance with the Amended 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 Amended ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of December 31, 2022, we were in compliance with these covenants.

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.

Scheduled maturities of our long-term debt outstanding as of December 31, 2022 are as follows (in thousands):


	2023		2026		MARAD
	Notes		Notes		Debt		Total
Less than one year	$	30,000	$	—	$	8,333	$	38,333
One to two years		—		—		8,749		8,749
Two to three years		—		—		9,186		9,186
Three to four years		—		200,000		9,644		209,644
Four to five years		—		—		5,001		5,001
Gross debt		30,000		200,000		40,913		270,913
Unamortized debt issuance costs ⁽¹⁾		(133)		(4,632)		(2,073)		(6,838)
Total debt		29,867		195,368		38,840		264,075
Less current maturities		(29,867)		—		(8,333)		(38,200)
Long-term debt	$	—	$	195,368	$	30,507	$	225,875

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

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


	Year Ended December 31,
	2022		2021		2020
Interest expense	$	20,176	$	23,489	$	30,538
Capitalized interest		—		—		(1,182)
Interest income		(1,226)		(288)		(825)
Net interest expense	$	18,950	$	23,201	$	28,531

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 — Income Taxes

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

Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Current tax provision (benefit):
Domestic	$	—	$	(1,103)	$	(18,927)
Foreign		8,217		7,347		4,109
Total current	$	8,217	$	6,244	$	(14,818)
Deferred tax provision (benefit):
Domestic	$	1,167	$	(5,756)	$	3,853
Foreign		3,219		(9,446)		(7,736)
Total deferred	$	4,386	$	(15,202)	$	(3,883)
Total income tax provision (benefit)	$	12,603	$	(8,958)	$	(18,701)

Components of income (loss) before income taxes are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Domestic	$	(13,745)	$	(53,989)	$	(3,406)
Foreign		(61,436)		(16,653)		4,789
Income (loss) before income taxes	$	(75,181)	$	(70,642)	$	1,383

The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows (dollars in thousands):


	Year Ended December 31,
	2022				2021				2020
Taxes at U.S. statutory rate	$	(15,788)	21.0	%	$	(14,835)	21.0	%	$	290	21.0	%
Foreign tax provision (benefit)		18,011	(24.0)			10,326	(14.6)			(4,517)	(326.7)
CARES Act		—	—			—	—			(7,596)	(549.2)
Subsidiary restructuring		—	—			—	—			(8,333)	(602.5)
Change in valuation allowance		8,110	(10.8)			(5,675)	8.0			1,091	78.9
Non-deductible expenses		2,366	(3.1)			1,487	(2.1)			1,184	85.6
Other		(96)	0.1			(261)	0.4			(820)	(59.3)
Income tax provision (benefit)	$	12,603	(16.8)	%	$	(8,958)	12.7	%	$	(18,701)	(1,352.2)	%

During the year ended December 31, 2022, the $8.1 million increase in valuation allowance was predominantly driven by current year activity and the related change in unrealizable net deferred tax assets.

During the year ended December 31, 2021, we released a non-U.S. valuation allowance of $5.0 million for deferred tax assets as it is more likely than not that they will be fully utilized.

On March 27, 2020, the U.S. Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted, extending the U.S. tax loss carryback period from three years to five years. As a result, we recognized a $7.6 million net tax benefit for the year ended December 31, 2020, consisting of an $18.9 million current tax benefit (refund received) and an $11.3 million deferred tax expense (reduction in U.S. net operating loss). Also during the year ended December 31, 2020, we migrated two of our foreign subsidiaries into our U.S. consolidated tax group. As a result, these subsidiaries are not subject to future U.S. branch profits tax and a net deferred tax benefit of $8.3 million was recognized.

Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax liabilities:
Depreciation	$	147,302	$	137,898
Prepaid and other		1,868		1,088
Total deferred tax liabilities	$	149,170	$	138,986
Deferred tax assets:
Net operating losses	$	(53,136)	$	(56,369)
Reserves, accrued liabilities and other		(19,308)		(9,698)
Total deferred tax assets		(72,444)		(66,067)
Valuation allowance		22,157		14,047
Net deferred tax liabilities	$	98,883	$	86,966

At December 31, 2022, our U.S. net operating losses available for carryforward totaled $163.1 million, of which $74.5 million will begin to expire between 2036 and 2037, with the remaining $88.6 million not subject to expiration. Management believes it is more likely than not that these tax losses will be utilized prior to their expiration. At December 31, 2022, we had $4.2 million in gross U.S. tax credits, which included $3.0 million of foreign tax credits subject to a full valuation allowance. At December 31, 2022, our non-U.S. net operating losses totaled $69.7 million, which do not expire under local tax law.

At December 31, 2022, we had accumulated undistributed earnings generated by our non-U.S. subsidiaries of approximately $78.9 million, which management intends to indefinitely reinvest in our international operations. Due to the enactment of the U.S. Tax Cuts and Jobs Act, repatriations of foreign earnings will generally be free of U.S. federal tax but may be subject to changes in future tax legislation that may result in taxation. It is not practicable to calculate deferred income taxes associated with these undistributed earnings given the complexities in tax laws and the manner and timing of repatriation.

At December 31, 2022, we had unrecognized tax benefits of $0.1 million related to uncertain tax positions, which, if recognized, would have an insignificant effect on the annual effective tax rate. Due to the expiration of the statute of limitations as well as effective settlements in 2021 we released the full $0.6 million reserve related to uncertain tax positions recorded in 2020. We account for tax-related interest in interest expense and tax penalties in selling, general and administrative expenses. However, no interest has been recorded for these positions as the amount was immaterial.

We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. We anticipate that any potential adjustments to our state, local and non-U.S. jurisdiction tax returns by taxing authorities would not have a material impact on our financial position. The tax periods from 2018 through 2022 are open to review and examination by the U.S. Internal Revenue Service. In non-U.S. jurisdictions, the open tax periods include 2014 through 2022.

- 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

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 9 — Shareholders’ Equity

Our amended and restated Articles of Incorporation provide for authorized Common Stock of 240,000,000 shares with no stated par value per share and 5,000,000 shares of preferred stock, $0.01 par value per share, issuable in one or more series.

In connection with the 2026 Notes offering (Note 7), we entered into the 2026 Capped Calls with three separate option counterparties. The 2026 Capped Calls are for an aggregate of 28,675,900 shares of our common stock, which corresponds to the shares into which the 2026 Notes are initially convertible. The capped call shares are subject to certain anti-dilution adjustments. Each capped call option has an initial strike price of approximately $6.97 per share, which corresponds to the initial conversion price of the 2026 Notes, and an initial cap price of approximately $8.42 per share. The strike and cap prices are subject to certain adjustments. The 2026 Capped Calls are intended to offset some or all of the potential dilution to Helix common shares caused by any conversion of the 2026 Notes up to the cap price. The 2026 Capped Calls can be settled in either net shares or cash at our option in components commencing December 15, 2025 and ending February 12, 2026, which could be extended under certain circumstances.

The 2026 Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting Helix, including a merger, tender offer, nationalization, insolvency or delisting. In addition, certain events may result in a termination of the 2026 Capped Calls, including changes in law, insolvency filings and hedging disruptions. The 2026 Capped Calls are recorded at their aggregate cost of $10.6 million as a reduction to common stock in the shareholders’ equity section of our consolidated balance sheets are not recognized as either asset or liability at fair value.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Share Repurchase Programs

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Share Repurchase Programs

Note 10 — Share Repurchase Programs

Our Board of Directors (our “Board”) previously granted us the authority to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (the “ESPP”) (Note 13). As of December 31, 2022, 9,547,027 shares of our common stock were available for repurchase under the program. Concurrent with the authorization of a new share repurchase program as discussed below, our Board revoked the prior authorization relating to this repurchase program.

On February 20, 2023, we announced that our Board authorized a new share repurchase program under which we are authorized to repurchase up to $200 million issued and outstanding shares of our common stock. The repurchase program has no set expiration date. Repurchases under the program would be made through open market purchases in compliance with Rule 10b-18 under the Exchange Act, privately negotiated transactions or plans, instructions or contracts established under Rule 10b5-1 under the Exchange Act. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price, liquidity and other factors. The program does not obligate us to acquire any particular amount of common stock and may be modified or superseded at any time at our discretion. The purchase of shares by us under the program is at our discretion and subject to prevailing financial and market conditions. Any repurchased shares are expected to be cancelled. No repurchases have been made pursuant to this program at the time of this filing.

Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

Note 11 — Revenue from Contracts with Customers

Disaggregation of Revenue

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


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Year ended December 31, 2022
Short-term	$	395,867	$	97,533	$	124,810	$	—	$	(635)	$	617,575
Long-term		128,374		94,388		—		82,315		(49,552)		255,525
Total	$	524,241	$	191,921	$	124,810	$	82,315	$	(50,187)	$	873,100

Year ended December 31, 2021
Short-term	$	308,734	$	89,668	$	—	$	—	$	(627)	$	397,775
Long-term		207,830		47,627		—		69,348		(47,852)		276,953
Total	$	516,564	$	137,295	$	—	$	69,348	$	(48,479)	$	674,728

Year ended December 31, 2020
Short-term	$	206,812	$	117,439	$	—	$	—	$	—	$	324,251
Long-term		332,437		60,579		—		58,303		(42,015)		409,304
Total	$	539,249	$	178,018	$	—	$	58,303	$	(42,015)	$	733,555

Contract Balances

Contract assets are rights to consideration in exchange for services that we have provided to a customer when those rights are conditioned on our future performance. Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract assets are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 4). Contract assets as of December 31, 2022 and 2021 were $6.3 million and $0.6 million, respectively. We had no credit losses on our contract assets for the years ended December 31, 2022, 2021 and 2020.

Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer. Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets (Note 4). Contract liabilities as of December 31, 2022 and 2021 totaled $10.0 million and $8.7 million, respectively. Revenue recognized for the years ended December 31, 2022, 2021 and 2020 included $7.4 million, $7.9 million and $11.6 million, respectively, that were included in the contract liability balance as the beginning of each period.

We report the net contract asset or contract liability position on a contract-by-contract basis at the end of each reporting period.

Performance Obligations

As of December 31, 2022, $846.7 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $532.6 million and $314.1 million in 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 December 31, 2022.

For the years ended December 31, 2022, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $1.0 million, which resulted from the retrospective application of certain contractual adjustments. For the years ended December 31, 2021 and 2020, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial.

Contract Fulfillment Costs

Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying consolidated balance sheets (Note 4). Our deferred contract costs as of December 31, 2022 and 2021 totaled $20.4 million and $3.3 million, respectively. For the years ended December 31, 2022, 2021 and 2020, we recorded $29.7 million, $39.1 million and $35.8 million, respectively, related to amortization of deferred contract costs. There were no associated impairment losses for any period presented.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 12 — Earnings Per Share

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


	Year Ended December 31,
	2022			2021			2020
	Income		Shares	Income		Shares	Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(87,784)		$	(61,538)		$	22,174
Less: Undistributed earnings allocated to participating securities		—			—			(140)
Less: Accretion of redeemable noncontrolling interests		—			(241)			(2,400)
Net income (loss) available to common shareholders, basic	$	(87,784)	151,276	$	(61,779)	150,056	$	19,634	148,993

Diluted:
Net income (loss) available to common shareholders, basic	$	(87,784)	151,276	$	(61,779)	150,056	$	19,634	148,993
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	—		—	904
Undistributed earnings reallocated to participating securities		—	—		—	—		1	—
Net income (loss) available to common shareholders, diluted	$	(87,784)	151,276	$	(61,779)	150,056	$	19,635	149,897

We had net losses for the years ended December 31, 2022 and 2021. Accordingly, our diluted EPS calculation for these periods excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):



	Year Ended December 31,
	2022	2021
Diluted shares (as reported)	151,276	150,056
Share-based awards	2,158	1,282
Total	153,434	151,338

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


	Year Ended December 31,
	2022	2021	2020
2022 Notes	600	2,519	6,537
2023 Notes	3,168	3,168	9,391
2026 Notes	28,676	28,676	10,891

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Note 13 — Employee Benefit Plans

Defined Contribution Plan

We sponsor a defined contribution 401(k) retirement plan. Our discretionary contributions are in the form of cash and consist of a 50% match of each participant’s contribution up to 5% of the participant’s salary. Our discretionary contributions were suspended for 2021 and re-activated beginning January 2022. For the years ended December 31, 2022 and 2020, we made discretionary employer contributions of $1.5 million and $1.6 million, respectively, to the 401(k) plan.

Employee Stock Purchase Plan

As of December 31, 2022, 1.4 million shares were available for issuance under the ESPP. Eligible employees who participate in the ESPP may purchase shares of our common stock through payroll deductions on an after-tax basis over a four-month period beginning on January 1, May 1, and September 1 of each year during the term of the ESPP, subject to certain restrictions and limitations established by the Compensation Committee of our Board (the “Compensation Committee”) and Section 423 of the Internal Revenue Code. The per share price of common stock purchased under the ESPP is equal to 85% of the lesser of its fair market value on (i) the first trading day of the purchase period or (ii) the last trading day of the purchase period. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

Long-Term Incentive Plan

We currently have one active long-term incentive plan, the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). The 2005 Incentive Plan is administered by the Compensation Committee. The Compensation Committee also determines the type of award to be made to each participant and, as set forth in the related award agreement, the terms, conditions and limitations applicable to each award. The Compensation Committee may grant stock options, restricted stock, RSUs, PSUs and cash awards. Awards that have been granted to employees under the 2005 Incentive Plan have a vesting period of three years (or 33% per year) with the exception of PSUs, which vest in amounts in accordance with their terms on the third anniversary date of the grant.

The 2005 Incentive Plan currently has 17.3 million shares authorized for issuance, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. As of December 31, 2022, there were approximately 4.0 million shares available for issuance under the 2005 Incentive Plan and no incentive stock options are currently outstanding.

The following grants of share-based awards were made in 2022 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
July 1, 2022 ⁽²⁾	Restricted stock	14,867	$	3.10	100% on January 1, 2024
September 22, 2022 ⁽³⁾	Restricted stock	19,328	$	4.38	100% on September 22, 2023
October 1, 2022 ⁽²⁾	Restricted stock	12,796	$	3.86	100% on January 1, 2024
December 7, 2022 ⁽²⁾	Restricted stock	175,882	$	5.97	100% on December 7, 2023

(1)	Reflects grants to our executive officers.

(2)

Reflects grants to certain independent members of our Board who have elected to take their quarterly fees in stock in lieu of cash, 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.

(3)	Reflects restricted stock grants made to two new independent members of our Board in connection with their appointment to our Board.

In January 2023, we granted certain officers 506,436 RSUs and 489,498 PSUs under the 2005 Incentive Plan. The grant date fair value of the RSUs was $7.38 per unit or $3.7 million. The grant date fair value of the PSUs was $9.26 per unit or $4.5 million. PSUs and RSUs issued in 2023 are payable in either cash or stock at the discretion of the Compensation Committee. Also in January 2023, we granted $5.9 million of fixed value cash awards to select management employees under the 2005 Incentive Plan.

Restricted Stock Awards

We grant restricted stock to members of our Board and from time to time our executive officers and select management employees. The following table summarizes information about our restricted stock:


	Year Ended December 31,
	2022			2021			2020
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾
Awards outstanding at beginning of year	853,726	$	5.62	1,176,951	$	6.61	1,173,045	$	6.81
Granted	253,358		5.33	332,841		3.59	667,752		7.06
Vested ⁽²⁾	(719,456)		4.94	(656,066)		6.35	(631,498)		7.52
Forfeited	—		—	—		—	(32,348)		5.41
Awards outstanding at end of year	387,628	$	6.70	853,726	$	5.62	1,176,951	$	6.61

(1)	Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant.

(2)	Total fair value of restricted stock that vested during the years ended December 31, 2022, 2021 and 2020 was $2.9 million, $2.6 million and $5.4 million, respectively.

For the years ended December 31, 2022, 2021 and 2020, $2.5 million, $3.3 million and $4.2 million, respectively, were recognized as share-based compensation related to restricted stock. Future compensation cost associated with unvested restricted stock at December 31, 2022 totaled approximately $1.2 million. The weighted average vesting period related to unvested restricted stock at December 31, 2022 was approximately 0.6 years.

PSU Awards

Our 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 and have been accounted for as equity awards. Those PSUs consist of two components: (i) 50% based on the performance of our common stock against peer group companies, which component contains a service and a market condition, and (ii) 50% based on cumulative total Free Cash Flow, which component contains a service and a performance condition. Free Cash Flow is calculated as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets. Our PSUs cliff vest at the end of a three-year period with the maximum amount of the award being 200% of the original PSU awards and the minimum amount being zero.

The following table summarizes information about our PSU awards:


	Year Ended December 31,
	2022			2021			2020
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
PSU awards outstanding at beginning of year	1,381,469	$	8.34	1,297,126	$	9.99	1,565,044	$	10.17
Granted	1,065,705		4.25	452,381		5.33	369,938		13.15
Vested	(559,150)		7.60	(368,038)		10.44	(589,335)		12.64
Forfeited	—		—	—		—	(48,521)		7.60
PSU awards outstanding at end of year	1,888,024	$	6.25	1,381,469	$	8.34	1,297,126	$	9.99

(1)	Represents the weighted average grant date fair value.

For the years ended December 31, 2022, 2021 and 2020, $4.8 million, $4.1 million and $4.0 million, respectively, were recognized as share-based compensation related to PSUs. Future compensation cost associated with unvested PSU awards at December 31, 2022 totaled approximately $5.2 million. The weighted average vesting period related to unvested PSUs at December 31, 2022 was approximately 1.4 year. In January 2023, 369,938 PSUs granted in 2020 vested at 77%, representing 285,778 shares of our common stock with a total market value of $3.6 million. In January 2022, 559,150 PSUs granted in 2019 vested at 157%, representing 876,469 shares of our common stock with a total market value of $3.2 million. In January 2021, 368,038 PSUs granted in 2018 vested at 200%, representing 736,075 shares of our common stock with a total market value of $3.1 million.

RSU Awards

Our RSUs granted beginning 2021 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.

The following table summarizes information about our RSU awards:


	Year Ended December 31,
	2022			2021
		Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
RSU awards outstanding at beginning of year	452,381	$	4.20	—	$	—
Granted	1,065,705		3.12	452,381		4.20
Vested	(150,792)		4.20	—		—
RSU awards outstanding at end of year	1,367,294	$	3.36	452,381	$	4.20

(1)	Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant.

Compensation cost recognized for the years ended December 31, 2022 and 2021 was $3.7 million and $0.5 million, respectively, which is reflected in the liability balance at December 31, 2022 and 2021 for the fair value of RSUs that vested in January 2023 and 2022, respectively. Future compensation cost based on the fair value of unvested RSUs at December 31, 2022 totaled approximately $6.4 million. The weighted average vesting period related to unvested RSUs at December 31, 2022 was approximately 1.8 years.

Cash Awards

In 2022, 2021 and 2020, we granted $5.5 million, $3.5 million and $4.7 million, respectively, of fixed value cash awards to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the years ended December 31, 2022, 2021 and 2020, we recognized compensation costs of $4.3 million and $4.0 million and $4.4 million, respectively, which reflected the cash payouts made in January 2023, 2022 and 2021, respectively.

Business Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segment Information

Note 14 — Business Segment Information

Through the second quarter 2022, we have three reportable business segments: Well Intervention, Robotics and Production Facilities. Beginning in the third quarter 2022 as a result of the Alliance acquisition (Note 3), we formed a new reportable business segment: Shallow Water Abandonment, which includes the assets, liabilities and operating results of Helix Alliance. All material intercompany transactions between the segments have been eliminated.

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, with expansion into Asia Pacific. 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 trenching, seabed clearance, offshore construction 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, the IROV boulder grab and robotics support vessels under term charters as well as spot vessels as needed.

Our Shallow Water Abandonment segment provides services in support of the upstream and midstream ‎industries in the Gulf of Mexico shelf, including offshore oilfield decommissioning and ‎reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services. Our Shallow Water Abandonment segment operates a diversified fleet of marine assets including liftboats, OSVs, DSVs, a heavy lift derrick barge, a crew boat and P&A and coiled tubing systems.

Our Production Facilities segment includes the HP I, the HFRS and our ownership of oil and gas properties (Note 15).

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


	Year Ended December 31,
	2022		2021		2020
Net revenues —
Well Intervention	$	524,241	$	516,564	$	539,249
Robotics		191,921		137,295		178,018
Shallow Water Abandonment		124,810		—		—
Production Facilities		82,315		69,348		58,303
Intercompany eliminations		(50,187)		(48,479)		(42,015)
Total	$	873,100	$	674,728	$	733,555

Income (loss) from operations —
Well Intervention	$	(53,056)	$	(35,882)	$	26,855
Robotics		29,981		5,762		13,755
Shallow Water Abandonment		22,184		—		—
Production Facilities		27,201		22,906		15,975
Segment operating income (loss)		26,310		(7,214)		56,585
Goodwill impairment ⁽¹⁾		—		—		(6,689)
Change in fair value of contingent consideration		(16,054)		—		—
Corporate, eliminations and other		(55,111)		(41,473)		(36,871)
Total	$	(44,855)	$	(48,687)	$	13,025
Net interest expense		(18,950)		(23,201)		(28,531)
Other non-operating income (expense), net		(11,376)		1,246		16,889
Income (loss) before income taxes	$	(75,181)	$	(70,642)	$	1,383

Capital expenditures —
Well Intervention	$	17,617	$	2,349	$	19,523
Robotics		15,603		120		257
Shallow Water Abandonment		532		—		—
Production Facilities		(1,424)		6,770		—
Corporate, eliminations and other		1,176		(917)		464
Total	$	33,504	$	8,322	$	20,244

Depreciation and amortization —
Well Intervention	$	103,952	$	107,551	$	101,756
Robotics		12,209		15,158		15,952
Shallow Water Abandonment		8,172		—		—
Production Facilities		18,520		19,465		15,652
Corporate and eliminations		(167)		(660)		349
Total	$	142,686	$	141,514	$	133,709

(1)	Relates to the impairment of the entire STL goodwill balance (Note 3).

Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Well Intervention	$	16,545	$	21,521	$	15,039
Robotics		33,642		26,958		26,976
Total	$	50,187	$	48,479	$	42,015

Revenues by individually significant geographic location are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
U.S.	$	447,205	$	232,661	$	304,563
U.K.		166,980		100,154		133,005
Brazil		81,940		154,326		208,565
West Africa		87,488		126,856		41,840
Other		89,487		60,731		45,582
Total	$	873,100	$	674,728	$	733,555

Our operational assets work in various regions around the world such as the Gulf of Mexico, Brazil, the North Sea, Asia Pacific and West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location where those assets are based (in thousands):


	December 31,
	2022		2021
U.S.	$	780,803	$	693,062
U.K. ⁽¹⁾		625,001		713,385
Brazil ⁽²⁾		235,811		251,194
Other		—		4
Total	$	1,641,615	$	1,657,645

(1)	Includes the Q7000 and certain other assets that are based in the U.K. but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.

(2)	Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but are have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.

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


	December 31,
	2022		2021
Well Intervention	$	1,796,269	$	2,012,214
Robotics		192,694		96,249
Shallow Water Abandonment		206,944		—
Production Facilities		136,382		119,004
Corporate and other		57,049		98,561
Total	$	2,389,338	$	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 15 — Asset Retirement Obligations

Our AROs relate to mature offshore oil and gas properties that we acquired with the intention to perform decommissioning work at the end of their life cycles. In August 2022, we made an asset acquisition from MP Gulf of Mexico, LLC (“MP GOM”), a joint venture controlled by Murphy Exploration & Production Company – USA, for all of MP GOM’s 62.5% interest in the Thunder Hawk Field, in exchange for the assumption of MP GOM’s abandonment obligations (initially estimated at $23.6 million). Our AROs also include P&A costs associated with our Droshky oil and gas properties (Note 4). The following table describes the changes in our AROs (in thousands):


	2022		2021		2020
AROs at January 1,	$	29,658	$	30,913	$	28,258
Liability incurred during the period		23,601		—		—
Revisions in estimates		(3,285)		(2,631)		—
Accretion expense		1,982		1,376		2,655
AROs at December 31,	$	51,956	$	29,658	$	30,913

Commitments And Contingencies And Other Matters

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies And Other Matters

Note 16 — 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, which were extended during the third quarter 2022 to December 2027 and May 2028, respectively, with further options to renew. 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. During the third quarter 2022, the charter agreement for the Shelia Bordelon was extended to June 2024. In January 2023, we entered into a three-year charter agreement for the Glomar Wave in the North Sea with options to extend.

Contingencies and Claims

Our contingent consideration liability resulting from the Alliance acquisition is subject to risk as a result of changes in our probability weighted discounted cash flow model, which is based on internal forecasts, and changes in weighted average discount rate, which is derived from market data.

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

Litigation

We are involved in various legal proceedings, some involving claims 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 federal district courts. We appealed one such lawsuit to the United States Supreme Court, which issued a ruling adverse to us in the first quarter 2023 that is likely to have implications for similar lawsuits in which we are involved. We previously established a liability in each of the cases impacted by the Supreme Court ruling, and the ultimate liability to us could be more or less than the liability established. In a separate lawsuit, during the third quarter 2022 the United States Court of Appeals for the Fifth Circuit issued an adverse ruling that may also have implications for other similar lawsuits in which we are involved. We continue to vigorously defend these lawsuits. Notwithstanding that we believe we retain valid defenses, we have established a liability in each 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

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information [Abstract]

Statement Of Cash Flow Information

Note 17 — Statement of Cash Flow Information

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


	Year Ended December 31,
	2022		2021		2020
Interest paid	$	18,267	$	20,719	$	15,943
Income taxes paid ⁽¹⁾		9,516		8,310		7,434

(1)	Exclusive of income tax refunds. During the years ended December 31, 2022 and 2021, we received refunds related to the CARES Act of $1.1 million and $18.9 million, respectively.

Our capital additions include the acquisition of property and equipment for which payment has not been made. As of December 31, 2022 and 2021, these non-cash capital additions totaled $0.4 million and $0.3 million, respectively.

Non-cash investing activities for the year ended December 31, 2022 also included $26.7 million in estimated fair value of contingent earn-out consideration as of July 1, 2022, the date of the Alliance acquisition (Note 3).

Allowance Accounts

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Allowance Accounts

Note 18 — Allowance Accounts

The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2022 (in thousands):


	Allowance for		Deferred Tax Asset
	Credit Losses		Valuation Allowance
Balance at December 31, 2019	$	—	$	18,631
Additions (reductions) ⁽¹⁾		2,684		—
Adjustments ⁽²⁾		785		1,091
Balance at December 31, 2020		3,469		19,722
Additions (reductions) ⁽¹⁾		(146)		—
Write-offs ⁽³⁾		(1,846)
Adjustments ⁽⁴⁾		—		(5,675)
Balance at December 31, 2021		1,477		14,047
Additions (reductions) ⁽¹⁾		800		—
Adjustments ⁽⁵⁾		—		8,110
Balance at December 31, 2022	$	2,277	$	22,157

(1)

Additions (reductions) in allowance for credit losses reflect credit loss reserves (releases) during the respective years, including a $1.7 million credit loss reserve in 2020 related to a receivable in our Robotics segment. Additions during 2022 primarily reflected adjustments to the allowance for credit losses due to increases in our expected credit losses as a result of the Alliance acquisition.

(2)	The adjustment in allowance for credit losses reflects provision for current expected credit losses upon the adoption of ASU No. 2016-13 on January 1, 2020.

(3)	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.

(4)	The decrease in valuation allowance primarily relates to the valuation allowance release for certain of our U.K. operations.

(5)	The increase in valuation allowance relates to current year activity and the related change in unrealizable net deferred tax assets.

See Note 2 for a detailed discussion regarding our accounting policy on accounts receivable and allowance for credit losses as well as the adoption of ASU No. 2016-13. See Note 8 for a detailed discussion of the valuation allowance related to our deferred tax assets.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 19 — Fair Value Measurements

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

The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

Fair Value at December 31, 2022

Level 1

Level 2

Level 3

Total

Liabilities:

Contingent consideration

—

42,754

Contingent consideration liability related to the Alliance acquisition (Note 3) is measured at fair value using Level 3 unobservable inputs at the end of each reporting period. The fair value of the estimated contingent consideration is determined based on our evaluation of the probability and amount of earnout that may be achieved based on expected future performance of Helix Alliance. The Monte Carlo simulation model is used to calculate the estimated earnout payment, which is then discounted to present value based on the expected payment date of the contingent consideration. The weighted-average volatility was 47.5% and the weighted average discount rate was estimated to be 8.0% at December 31, 2022. The changes in the fair value of contingent consideration are as follows:


	2022
Balance at July 1,	$	26,700
Change in fair value		16,054
Balance at December 31,	$	42,754

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


	December 31, 2022				December 31, 2021
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	40,913	$	40,940	$	48,850	$	52,481
2022 Notes (matured May 2022)		—		—		35,000		34,794
2023 Notes (mature September 2023)		30,000		31,149		30,000		29,054
2026 Notes (mature February 2026)		200,000		277,014		200,000		200,562
Total debt	$	270,913	$	349,103	$	313,850	$	316,891

(1)	Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 7 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

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Basis Of Presentation

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value.

Restricted Cash

Accounts Receivable and Allowance for Credit Losses

Business Combinations

Property and Equipment

Deferred Recertification and Dry Dock Costs

During the years ended December 31, 2022, 2021 and 2020, amortization expense related to deferred recertification and dry dock costs was $14.0 million, $14.6 million and $14.3 million, respectively.

Revenue Recognition

Revenue from Contracts with Customers

Income from Oil and Gas Production

Income from Royalty Interests

Income Taxes

Share-Based Compensation

Asset Retirement Obligations

Foreign Currency

Earnings Per Share

Major Customers and Concentration of Risk

Fair Value Measurements

●

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)

New Accounting Standards

New accounting standards adopted

New accounting standards issued but not yet effective

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

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations

Schedule of purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities


	As Originally				As
	Reported		Adjustments ⁽¹⁾		Adjusted
Cash consideration	$	118,961	$	—	$	118,961
Contingent consideration		26,700		—		26,700
Total fair value of consideration transferred	$	145,661		—	$	145,661

Assets acquired:
Cash and cash equivalents	$	6,336		—	$	6,336
Accounts receivable ⁽²⁾		43,378		—		43,378
Other current assets		4,879		1,198		6,077
Property and equipment		118,619		(1,298)		117,321
Operating lease right-of-use assets		1,205		—		1,205
Intangible assets		1,400		100		1,500
Other assets		2,133		—		2,133
Total assets acquired		177,950		—		177,950
Liabilities assumed:
Accounts payable		20,480		—		20,480
Accrued liabilities		3,073		—		3,073
Operating lease liabilities		1,205		—		1,205
Deferred tax liabilities		7,531		—		7,531
Total liabilities assumed		32,289		—		32,289
Net assets acquired	$	145,661	$	—	$	145,661

(1)	Adjustments to the preliminary purchase price allocation stem mainly from additional information obtained in between the closing of the Alliance acquisition on July 1, 2022 and December 31, 2022 about facts and circumstances that existed as of the acquisition date.

(2)	The gross contractual accounts receivable totaled $44.2 million. The fair value of accounts receivable reflects our best estimate at the acquisition date of contractual cash flows expected to be collected.

Schedule of pro forma information

The following table summarizes the pro forma results of Helix and Alliance (in thousands):


	Year Ended December 31,
	2022		2021
Revenues	$	952,837	$	789,051
Net loss		(79,686)		(56,203)

Schedule of changes in carrying amount of goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):


	Well Intervention
Balance at December 31, 2019	$	7,157
Impairment loss		(6,689)
Foreign currency adjustments		(468)
Balance at December 31, 2020	$	—

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Name Accounting Standards Codification
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+ Details

Details Of Certain Accounts (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of other current assets

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


	December 31,
	2022		2021
Prepaids	$	26,609	$	18,228
Income tax receivable		—		1,116
Contract assets (Note 11)		6,295		639
Deferred costs (Note 11)		13,969		2,967
Other receivable ⁽¹⁾		—		28,805
Other		11,826		6,519
Total other current assets	$	58,699	$	58,274

(1)

Schedule of other assets, net

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


	December 31,
	2022		2021
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 11)		6,432		381
Other receivable ⁽²⁾		24,827		—
Intangible assets with finite lives, net		4,465		3,472
Other		2,239		1,967
Total other assets, net	$	50,507	$	18,364

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

(2)	Represents agreed-upon amounts that we are entitled to receive from Marathon Oil; reclassified to non-current as we expect the remaining P&A work to be performed beyond 12 months from December 31, 2022.

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Accrued payroll and related benefits	$	41,339	$	28,657
Accrued interest		6,306		6,746
Income tax payable		479		—
Deferred revenue (Note 11)		9,961		8,272
Asset retirement obligations (Note 15)		—		29,658
Other		15,489		18,379
Total accrued liabilities	$	73,574	$	91,712

Schedule of other non-current liabilities

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


	December 31,
	2022		2021
Deferred revenue (Note 11)	$	—	$	476
Asset retirement obligations (Note 15)		51,956		—
Contingent consideration (Note 19)		42,754		—
Other		520		499
Total other non-current liabilities	$	95,230	$	975

Property And Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of gross components of property and equipment

The following is a summary of the gross components of property and equipment (dollars in thousands):


		December 31,
	Estimated Useful Life	2022		2021
Vessels	15 to 30 years	$	2,371,084	$	2,343,162
ROVs and trenchers	5 to 10 years		262,763		257,274
Machinery, equipment, buildings and other	5 to 39 years		382,465		337,718
Total property and equipment		$	3,016,312	$	2,938,154

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of components of lease cost

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


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	61,067	$	60,636	$	64,742
Variable lease cost		20,562		16,711		15,021
Short-term lease cost		29,487		20,590		37,524
Sublease income		(1,275)		(1,303)		(1,286)
Net lease cost	$	109,841	$	96,634	$	116,001

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of December 31, 2022 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	58,063	$	6,603	$	64,666
One to two years		55,515		5,697		61,212
Two to three years		43,400		2,797		46,197
Three to four years		35,200		959		36,159
Four to five years		26,244		959		27,203
Over five years		3,041		2,783		5,824
Total lease payments	$	221,463	$	19,798	$	241,261
Less: imputed interest		(32,986)		(2,675)		(35,661)
Total operating lease liabilities	$	188,477	$	17,123	$	205,600

Current operating lease liabilities	$	45,131	$	5,783	$	50,914
Non-current operating lease liabilities		143,346		11,340		154,686
Total operating lease liabilities	$	188,477	$	17,123	$	205,600

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:


	December 31,
	2022		2021		2020
Weighted average remaining lease term	4.0	years	2.4	years	3.1	years
Weighted average discount rate	7.84	%	7.57	%	7.53	%

Schedule of other information related to operating leases

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


	Year Ended December 31,
	2022		2021		2020
Cash paid for operating lease liabilities	$	58,129	$	61,826	$	66,026
Right-of-use assets obtained in exchange for new operating lease obligations		144,134		5,992		516

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following (in thousands):


	December 31,
	2022		2021
2022 Notes (matured May 2022)	$	—	$	35,000
2023 Notes (mature September 2023)		30,000		30,000
2026 Notes (mature February 2026)		200,000		200,000
MARAD Debt (matures February 2027)		40,913		48,850
Unamortized debt issuance costs		(6,838)		(8,840)
Total debt		264,075		305,010
Less current maturities		(38,200)		(42,873)
Long-term debt	$	225,875	$	262,137

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of December 31, 2022 are as follows (in thousands):


	2023		2026		MARAD
	Notes		Notes		Debt		Total
Less than one year	$	30,000	$	—	$	8,333	$	38,333
One to two years		—		—		8,749		8,749
Two to three years		—		—		9,186		9,186
Three to four years		—		200,000		9,644		209,644
Four to five years		—		—		5,001		5,001
Gross debt		30,000		200,000		40,913		270,913
Unamortized debt issuance costs ⁽¹⁾		(133)		(4,632)		(2,073)		(6,838)
Total debt		29,867		195,368		38,840		264,075
Less current maturities		(29,867)		—		(8,333)		(38,200)
Long-term debt	$	—	$	195,368	$	30,507	$	225,875

(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):


	Year Ended December 31,
	2022		2021		2020
Interest expense	$	20,176	$	23,489	$	30,538
Capitalized interest		—		—		(1,182)
Interest income		(1,226)		(288)		(825)
Net interest expense	$	18,950	$	23,201	$	28,531

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision (benefit)

Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands):


	Year Ended December 31,
	2022		2021		2020
Current tax provision (benefit):
Domestic	$	—	$	(1,103)	$	(18,927)
Foreign		8,217		7,347		4,109
Total current	$	8,217	$	6,244	$	(14,818)
Deferred tax provision (benefit):
Domestic	$	1,167	$	(5,756)	$	3,853
Foreign		3,219		(9,446)		(7,736)
Total deferred	$	4,386	$	(15,202)	$	(3,883)
Total income tax provision (benefit)	$	12,603	$	(8,958)	$	(18,701)

Schedule of components of income (loss) before income taxes

Components of income (loss) before income taxes are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Domestic	$	(13,745)	$	(53,989)	$	(3,406)
Foreign		(61,436)		(16,653)		4,789
Income (loss) before income taxes	$	(75,181)	$	(70,642)	$	1,383

Schedule of differences between income tax provision (benefit) at U.S. statutory rate and actual income tax provision (benefit)

The primary differences between the income tax provision (benefit) at the U.S. statutory rate and our actual income tax provision (benefit) are as follows (dollars in thousands):


	Year Ended December 31,
	2022				2021				2020
Taxes at U.S. statutory rate	$	(15,788)	21.0	%	$	(14,835)	21.0	%	$	290	21.0	%
Foreign tax provision (benefit)		18,011	(24.0)			10,326	(14.6)			(4,517)	(326.7)
CARES Act		—	—			—	—			(7,596)	(549.2)
Subsidiary restructuring		—	—			—	—			(8,333)	(602.5)
Change in valuation allowance		8,110	(10.8)			(5,675)	8.0			1,091	78.9
Non-deductible expenses		2,366	(3.1)			1,487	(2.1)			1,184	85.6
Other		(96)	0.1			(261)	0.4			(820)	(59.3)
Income tax provision (benefit)	$	12,603	(16.8)	%	$	(8,958)	12.7	%	$	(18,701)	(1,352.2)	%

Schedule of deferred income taxes


	December 31,
	2022		2021
Deferred tax liabilities:
Depreciation	$	147,302	$	137,898
Prepaid and other		1,868		1,088
Total deferred tax liabilities	$	149,170	$	138,986
Deferred tax assets:
Net operating losses	$	(53,136)	$	(56,369)
Reserves, accrued liabilities and other		(19,308)		(9,698)
Total deferred tax assets		(72,444)		(66,067)
Valuation allowance		22,157		14,047
Net deferred tax liabilities	$	98,883	$	86,966

Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

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


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Year ended December 31, 2022
Short-term	$	395,867	$	97,533	$	124,810	$	—	$	(635)	$	617,575
Long-term		128,374		94,388		—		82,315		(49,552)		255,525
Total	$	524,241	$	191,921	$	124,810	$	82,315	$	(50,187)	$	873,100

Year ended December 31, 2021
Short-term	$	308,734	$	89,668	$	—	$	—	$	(627)	$	397,775
Long-term		207,830		47,627		—		69,348		(47,852)		276,953
Total	$	516,564	$	137,295	$	—	$	69,348	$	(48,479)	$	674,728

Year ended December 31, 2020
Short-term	$	206,812	$	117,439	$	—	$	—	$	—	$	324,251
Long-term		332,437		60,579		—		58,303		(42,015)		409,304
Total	$	539,249	$	178,018	$	—	$	58,303	$	(42,015)	$	733,555

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of computations of basic and diluted EPS


	Year Ended December 31,
	2022			2021			2020
	Income		Shares	Income		Shares	Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(87,784)		$	(61,538)		$	22,174
Less: Undistributed earnings allocated to participating securities		—			—			(140)
Less: Accretion of redeemable noncontrolling interests		—			(241)			(2,400)
Net income (loss) available to common shareholders, basic	$	(87,784)	151,276	$	(61,779)	150,056	$	19,634	148,993

Diluted:
Net income (loss) available to common shareholders, basic	$	(87,784)	151,276	$	(61,779)	150,056	$	19,634	148,993
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	—		—	904
Undistributed earnings reallocated to participating securities		—	—		—	—		1	—
Net income (loss) available to common shareholders, diluted	$	(87,784)	151,276	$	(61,779)	150,056	$	19,635	149,897

Schedule of shares excluded from diluted EPS calculation

Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):



	Year Ended December 31,
	2022	2021
Diluted shares (as reported)	151,276	150,056
Share-based awards	2,158	1,282
Total	153,434	151,338

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


	Year Ended December 31,
	2022	2021	2020
2022 Notes	600	2,519	6,537
2023 Notes	3,168	3,168	9,391
2026 Notes	28,676	28,676	10,891

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of grants of share-based awards

The following grants of share-based awards were made in 2022 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
July 1, 2022 ⁽²⁾	Restricted stock	14,867	$	3.10	100% on January 1, 2024
September 22, 2022 ⁽³⁾	Restricted stock	19,328	$	4.38	100% on September 22, 2023
October 1, 2022 ⁽²⁾	Restricted stock	12,796	$	3.86	100% on January 1, 2024
December 7, 2022 ⁽²⁾	Restricted stock	175,882	$	5.97	100% on December 7, 2023

(1)	Reflects grants to our executive officers.

(2)

(3)	Reflects restricted stock grants made to two new independent members of our Board in connection with their appointment to our Board.

Summary of information about restricted stock

The following table summarizes information about our restricted stock:


	Year Ended December 31,
	2022			2021			2020
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾
Awards outstanding at beginning of year	853,726	$	5.62	1,176,951	$	6.61	1,173,045	$	6.81
Granted	253,358		5.33	332,841		3.59	667,752		7.06
Vested ⁽²⁾	(719,456)		4.94	(656,066)		6.35	(631,498)		7.52
Forfeited	—		—	—		—	(32,348)		5.41
Awards outstanding at end of year	387,628	$	6.70	853,726	$	5.62	1,176,951	$	6.61

(1)	Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant.

(2)	Total fair value of restricted stock that vested during the years ended December 31, 2022, 2021 and 2020 was $2.9 million, $2.6 million and $5.4 million, respectively.

Summary of information about PSU awards

The following table summarizes information about our PSU awards:


	Year Ended December 31,
	2022			2021			2020
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
PSU awards outstanding at beginning of year	1,381,469	$	8.34	1,297,126	$	9.99	1,565,044	$	10.17
Granted	1,065,705		4.25	452,381		5.33	369,938		13.15
Vested	(559,150)		7.60	(368,038)		10.44	(589,335)		12.64
Forfeited	—		—	—		—	(48,521)		7.60
PSU awards outstanding at end of year	1,888,024	$	6.25	1,381,469	$	8.34	1,297,126	$	9.99

(1)	Represents the weighted average grant date fair value.

Summary of information about RSU awards

The following table summarizes information about our RSU awards:


	Year Ended December 31,
	2022			2021
		Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
RSU awards outstanding at beginning of year	452,381	$	4.20	—	$	—
Granted	1,065,705		3.12	452,381		4.20
Vested	(150,792)		4.20	—		—
RSU awards outstanding at end of year	1,367,294	$	3.36	452,381	$	4.20

(1)	Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant.

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of financial data by reportable segment

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


	Year Ended December 31,
	2022		2021		2020
Net revenues —
Well Intervention	$	524,241	$	516,564	$	539,249
Robotics		191,921		137,295		178,018
Shallow Water Abandonment		124,810		—		—
Production Facilities		82,315		69,348		58,303
Intercompany eliminations		(50,187)		(48,479)		(42,015)
Total	$	873,100	$	674,728	$	733,555

Income (loss) from operations —
Well Intervention	$	(53,056)	$	(35,882)	$	26,855
Robotics		29,981		5,762		13,755
Shallow Water Abandonment		22,184		—		—
Production Facilities		27,201		22,906		15,975
Segment operating income (loss)		26,310		(7,214)		56,585
Goodwill impairment ⁽¹⁾		—		—		(6,689)
Change in fair value of contingent consideration		(16,054)		—		—
Corporate, eliminations and other		(55,111)		(41,473)		(36,871)
Total	$	(44,855)	$	(48,687)	$	13,025
Net interest expense		(18,950)		(23,201)		(28,531)
Other non-operating income (expense), net		(11,376)		1,246		16,889
Income (loss) before income taxes	$	(75,181)	$	(70,642)	$	1,383

Capital expenditures —
Well Intervention	$	17,617	$	2,349	$	19,523
Robotics		15,603		120		257
Shallow Water Abandonment		532		—		—
Production Facilities		(1,424)		6,770		—
Corporate, eliminations and other		1,176		(917)		464
Total	$	33,504	$	8,322	$	20,244

Depreciation and amortization —
Well Intervention	$	103,952	$	107,551	$	101,756
Robotics		12,209		15,158		15,952
Shallow Water Abandonment		8,172		—		—
Production Facilities		18,520		19,465		15,652
Corporate and eliminations		(167)		(660)		349
Total	$	142,686	$	141,514	$	133,709

(1)	Relates to the impairment of the entire STL goodwill balance (Note 3).

Schedule of intercompany segment revenues

Intercompany segment amounts are derived primarily from equipment and services provided to other business segments. Intercompany segment revenues are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Well Intervention	$	16,545	$	21,521	$	15,039
Robotics		33,642		26,958		26,976
Total	$	50,187	$	48,479	$	42,015

Schedule of revenue by individually significant geographic location

Revenues by individually significant geographic location are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
U.S.	$	447,205	$	232,661	$	304,563
U.K.		166,980		100,154		133,005
Brazil		81,940		154,326		208,565
West Africa		87,488		126,856		41,840
Other		89,487		60,731		45,582
Total	$	873,100	$	674,728	$	733,555

Schedule of property and equipment, net of accumulated depreciation, by individually significant geographic location

The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location where those assets are based (in thousands):


	December 31,
	2022		2021
U.S.	$	780,803	$	693,062
U.K. ⁽¹⁾		625,001		713,385
Brazil ⁽²⁾		235,811		251,194
Other		—		4
Total	$	1,641,615	$	1,657,645

(1)	Includes the Q7000 and certain other assets that are based in the U.K. but have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.

(2)	Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but are have operated in West Africa and may also operate in the North Sea, Asia Pacific and other regions.

Schedule of total assets by reportable segment

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


	December 31,
	2022		2021
Well Intervention	$	1,796,269	$	2,012,214
Robotics		192,694		96,249
Shallow Water Abandonment		206,944		—
Production Facilities		136,382		119,004
Corporate and other		57,049		98,561
Total	$	2,389,338	$	2,326,028

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

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


	2022		2021		2020
AROs at January 1,	$	29,658	$	30,913	$	28,258
Liability incurred during the period		23,601		—		—
Revisions in estimates		(3,285)		(2,631)		—
Accretion expense		1,982		1,376		2,655
AROs at December 31,	$	51,956	$	29,658	$	30,913

Statement Of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information [Abstract]

Schedule of supplemental cash flow information

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


	Year Ended December 31,
	2022		2021		2020
Interest paid	$	18,267	$	20,719	$	15,943
Income taxes paid ⁽¹⁾		9,516		8,310		7,434

(1)	Exclusive of income tax refunds. During the years ended December 31, 2022 and 2021, we received refunds related to the CARES Act of $1.1 million and $18.9 million, respectively.

Allowance Accounts (Tables)

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Schedule of activities in allowance for credit losses and deferred tax assets

The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2022 (in thousands):


	Allowance for		Deferred Tax Asset
	Credit Losses		Valuation Allowance
Balance at December 31, 2019	$	—	$	18,631
Additions (reductions) ⁽¹⁾		2,684		—
Adjustments ⁽²⁾		785		1,091
Balance at December 31, 2020		3,469		19,722
Additions (reductions) ⁽¹⁾		(146)		—
Write-offs ⁽³⁾		(1,846)
Adjustments ⁽⁴⁾		—		(5,675)
Balance at December 31, 2021		1,477		14,047
Additions (reductions) ⁽¹⁾		800		—
Adjustments ⁽⁵⁾		—		8,110
Balance at December 31, 2022	$	2,277	$	22,157

(1)

(2)	The adjustment in allowance for credit losses reflects provision for current expected credit losses upon the adoption of ASU No. 2016-13 on January 1, 2020.

(3)	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.

(4)	The decrease in valuation allowance primarily relates to the valuation allowance release for certain of our U.K. operations.

(5)	The increase in valuation allowance relates to current year activity and the related change in unrealizable net deferred tax assets.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of financial instruments measured at fair value on a recurring basis

The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

Fair Value at December 31, 2022

Level 1

Level 2

Level 3

Total

Liabilities:

Contingent consideration

—

42,754

Schedule of changes in the fair value of contingent consideration

The changes in the fair value of contingent consideration are as follows:


	2022
Balance at July 1,	$	26,700
Change in fair value		16,054
Balance at December 31,	$	42,754

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

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


	December 31, 2022				December 31, 2021
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	40,913	$	40,940	$	48,850	$	52,481
2022 Notes (matured May 2022)		—		—		35,000		34,794
2023 Notes (mature September 2023)		30,000		31,149		30,000		29,054
2026 Notes (mature February 2026)		200,000		277,014		200,000		200,562
Total debt	$	270,913	$	349,103	$	313,850	$	316,891

(1)	Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 7 for additional disclosures on our long-term debt.

(2)

Organization - Company Overview (Details)	6 Months Ended
Organization - Company Overview (Details)	Dec. 31, 2022 item segment	Jun. 30, 2022 segment
Business Segment Information
Number of reportable segments \| segment	4	3
Well Intervention
Business Segment Information
Number of long-term chartered vessels \| item	2

Summary Of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,507	$ 73,612
Letter of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		71,100
ABL Facility Maturing September 2026
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,500	$ 2,500

Summary Of Significant Accounting Policies - Equity Investment (Details) - Independence Hub, LLC - USD ($) $ in Millions	1 Months Ended
	May 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Distribution from equity investment, net	$ 7.8
Production Facilities
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		20.00%

Summary Of Significant Accounting Policies - Deferred Recertification And Dry Dock Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization expense	$ 14.0	$ 14.6	$ 14.3
Minimum
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization period	24 months
Recertification process period	1 month
Maximum
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization period	60 months
Recertification process period	3 months

Summary Of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Foreign currency transaction gains (losses)	$ (23.4)	$ (1.5)	$ 4.6

Summary Of Significant Accounting Policies - Major Customers And Concentration Of Risk (Details) - Customer Concentration Risk - Revenue Benchmark	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Petrobras
Revenue, Major Customer [Line Items]
Percentage of concentration risk		23.00%	28.00%
BP
Revenue, Major Customer [Line Items]
Percentage of concentration risk			17.00%
Shell
Revenue, Major Customer [Line Items]
Percentage of concentration risk	15.00%	17.00%

Summary Of Significant Accounting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt	$ 264,075	$ 305,010
Common stock	1,298,740	1,292,479
Retained earnings	323,288	411,072
Allowance for credit losses	2,277	1,477	$ 3,469
Deferred tax liabilities	98,883	86,966
Net interest expense	$ (18,950)	(23,201)	(28,531)
Accounting Standards Update 2016-13 \| Cumulative Effect, Period of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				$ (600)
Tax effect of credit losses				(200)
Allowance for credit losses				$ 700
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net interest expense		$ (7,600)
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt			44,100
Common stock			(41,500)
Retained earnings			6,700
Deferred tax liabilities			$ (9,300)

Business Combinations (Details) - Alliance Acquisition (Details) - Alliance $ in Thousands	Jul. 01, 2022 USD ($)
Business Acquisition [Line Items]
Total consideration for business acquisition	$ 145,661
Cash paid to acquire companies	118,961
Post-closing earn-out consideration payable	26,700
Estimated fair values of the identifiable assets acquired and liabilities assumed
Cash consideration	118,961
Contingent consideration	26,700
Total fair value of consideration transferred	145,661
Assets acquired:
Cash and cash equivalents	6,336
Accounts receivable	43,378
Other current assets	6,077
Property and equipment	117,321
Operating lease right-of-use assets	1,205
Intangible assets	1,500
Other assets	2,133
Total assets acquired	177,950
Liabilities assumed:
Accounts payable	20,480
Accrued liabilities	3,073
Operating lease liabilities	1,205
Deferred tax liabilities	7,531
Total liabilities assumed	32,289
Net assets acquired	145,661
Gross contractual accounts receivable	44,200
As Originally Reported
Business Acquisition [Line Items]
Total consideration for business acquisition	145,661
Cash paid to acquire companies	118,961
Post-closing earn-out consideration payable	26,700
Estimated fair values of the identifiable assets acquired and liabilities assumed
Cash consideration	118,961
Contingent consideration	26,700
Total fair value of consideration transferred	145,661
Assets acquired:
Cash and cash equivalents	6,336
Accounts receivable	43,378
Other current assets	4,879
Property and equipment	118,619
Operating lease right-of-use assets	1,205
Intangible assets	1,400
Other assets	2,133
Total assets acquired	177,950
Liabilities assumed:
Accounts payable	20,480
Accrued liabilities	3,073
Operating lease liabilities	1,205
Deferred tax liabilities	7,531
Total liabilities assumed	32,289
Net assets acquired	145,661
Adjustments
Assets acquired:
Other current assets	1,198
Property and equipment	(1,298)
Intangible assets	$ 100

Business Combinations (Details) - Pro forma information (Details) - Alliance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenues	$ 952,837	$ 789,051
Net loss	$ (79,686)	$ (56,203)

Business Combinations - STL Acquisition (Details) - STL - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2021	May 31, 2019
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)		70.00%
Goodwill acquired		$ 6.9
Controlling interest acquired, ownership percentage	30.00%

Business Combinations - Changes In Carrying Amount Of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Changes in the Carrying Amount of Goodwill
Impairment loss	$ (6,689)
Well Intervention
Changes in the Carrying Amount of Goodwill
Balance at beginning of year	7,157
Impairment loss	(6,689)
Foreign currency adjustments	$ (468)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaids	$ 26,609	$ 18,228
Income tax receivable		1,116
Contract assets	6,295	639
Deferred costs	13,969	2,967
Other receivable		28,805
Other	11,826	6,519
Total other current assets	$ 58,699	$ 58,274

Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid charter	$ 12,544	$ 12,544
Deferred costs	6,432	381
Other receivable	24,827
Intangible assets with finite lives, net	4,465	3,472
Other	2,239	1,967
Total other assets, net	$ 50,507	$ 18,364

Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and related benefits	$ 41,339	$ 28,657
Accrued interest	6,306	6,746
Income tax payable	479
Deferred revenue	9,961	8,272
Asset retirement obligations		29,658
Other	15,489	18,379
Total accrued liabilities	$ 73,574	$ 91,712

Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue		$ 476
Asset retirement obligations	$ 51,956
Contingent consideration	42,754
Other	520	499
Total other non-current liabilities	$ 95,230	$ 975

Property And Equipment - Gross Components Of Property And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,016,312	$ 2,938,154
Vessels
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,371,084	2,343,162
Vessels \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Vessels \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
ROVs and Trenchers
Property, Plant and Equipment [Line Items]
Property and equipment	$ 262,763	257,274
ROVs and Trenchers \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
ROVs and Trenchers \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Machinery, Equipment, Buildings and Other
Property, Plant and Equipment [Line Items]
Property and equipment	$ 382,465	$ 337,718
Machinery, Equipment, Buildings and Other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Machinery, Equipment, Buildings and Other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years

Leases - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Leases [Abstract]
Minimum sublease income to be received in the future	$ 1.3

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease, Cost [Abstract]
Operating lease cost	$ 61,067	$ 60,636	$ 64,742
Variable lease cost	20,562	16,711	15,021
Short-term lease cost	29,487	20,590	37,524
Sublease income	(1,275)	(1,303)	(1,286)
Net lease cost	$ 109,841	$ 96,634	$ 116,001

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	$ 64,666	$ 61,174
One to two years	61,212	39,424
Two to three years	46,197	6,984
Three to four years	36,159	2,462
Four to five years	27,203	1,074
Over five years	5,824	4,193
Total lease payments	241,261	115,311
Less: imputed interest	(35,661)	(9,374)
Total operating lease liabilities	205,600	105,937
Current operating lease liabilities	50,914	55,739
Non-current operating lease liabilities	154,686	50,198
Vessels
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	58,063	55,573
One to two years	55,515	34,580
Two to three years	43,400	2,470
Three to four years	35,200
Four to five years	26,244
Over five years	3,041
Total lease payments	221,463	92,623
Less: imputed interest	(32,986)	(5,633)
Total operating lease liabilities	188,477	86,990
Current operating lease liabilities	45,131	51,035
Non-current operating lease liabilities	143,346	35,955
Facilities and Equipment
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	6,603	5,601
One to two years	5,697	4,844
Two to three years	2,797	4,514
Three to four years	959	2,462
Four to five years	959	1,074
Over five years	2,783	4,193
Total lease payments	19,798	22,688
Less: imputed interest	(2,675)	(3,741)
Total operating lease liabilities	17,123	18,947
Current operating lease liabilities	5,783	4,704
Non-current operating lease liabilities	$ 11,340	$ 14,243

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years	2 years 4 months 24 days	3 years 1 month 6 days
Weighted average discount rate (as a percent)	7.84%	7.57%	7.53%

Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for operating lease liabilities	$ 58,129	$ 61,826	$ 66,026
Right-of-use assets obtained in exchange for new operating lease obligations	$ 144,134	$ 5,992	$ 516

Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Amount	$ 270,913
Unamortized debt issuance costs	(6,838)	$ (8,840)
Total debt	264,075	305,010
Less: current maturities	(38,200)	(42,873)
Long-term debt	225,875	262,137
2022 Notes (matured May 2022)
Debt Instrument [Line Items]
Principal Amount		35,000
2023 Notes (mature September 2023)
Debt Instrument [Line Items]
Principal Amount	30,000	30,000
Unamortized debt issuance costs	(133)
Total debt	29,867
Less: current maturities	(29,867)
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Principal Amount	200,000	200,000
Unamortized debt issuance costs	(4,632)
Total debt	195,368
Long-term debt	195,368
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Principal Amount	40,913	$ 48,850
Unamortized debt issuance costs	(2,073)
Total debt	38,840
Less: current maturities	(8,333)
Long-term debt	$ 30,507

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Borrowing capacity	$ 100.0
Maturity date	Sep. 30, 2026
Springing maturity period	91 days
Outstanding principal amount with a springing maturity	$ 50.0
Additional commitments (up to)	50.0
Sub-limit for the issuance of letters of credit	10.0
Borrowings under ABL Facility	0.0
Available borrowing capacity	98.1
Letters of credit issued	1.9
Pro Forma
Debt Instrument [Line Items]
Available borrowing capacity	$ 20.0
Available borrowing capacity (as a percent of borrowing base)	10.00%
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
Period prior to maturity to maintain a pro forma minimum excess availability	91 days
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
Fixed charge coverage ratio	1.0
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
United States
Debt Instrument [Line Items]
Borrowing capacity	$ 65.0
United States \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United States \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
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 \| SOFR
Debt Instrument [Line Items]
Adjustment on variable rate (as a percent)	0.10%
United Kingdom \| SONIA \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom \| SONIA \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%

Long-Term Debt - Convertible Senior Notes Due 2022 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 01, 2022
Debt Instrument [Line Items]
Interest expense	$ 20,176	$ 23,489	$ 30,538
Amortization of debt issuance costs	2,334	3,179	3,177
2022 Notes (matured May 2022)
Debt Instrument [Line Items]
Repurchased principal amount				$ 35,000
Effective interest rate (as a percent)				4.80%
Repurchase amount			90,000
Interest expense	$ 600	$ 1,700	6,600
Coupon interest expense			3,900
Amortization of debt discount and issuance costs			$ 2,700

Long-Term Debt - Convertible Senior Notes Due 2023 (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 20,176,000	$ 23,489,000	$ 30,538,000
Amortization of debt issuance costs	$ 2,334,000	3,179,000	3,177,000
2023 Notes (mature September 2023)
Debt Instrument [Line Items]
Interest rate (as a percent)	4.125%
Frequency of periodic payment	semi-annually
Maturity date	Sep. 15, 2023
Initial conversion ratio	0.1056133
Aggregate number of shares \| shares	3,168,399
Initial conversion price per share (USD per share) \| $ / shares	$ 9.47
Increase in the conversion rate	0.0475260
Redemption price as a percentage of principal amount	100.00%
Repurchase amount			95,000,000
Effective interest rate (as a percent)	4.80%
Interest expense	$ 1,400,000	$ 1,400,000	6,600,000
Coupon interest expense			3,700,000
Amortization of debt discount and issuance costs			$ 2,900,000
2023 Notes (mature 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
2023 Notes (mature 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)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) $ / shares
Debt Instrument [Line Items]
Interest expense	$ 20,176,000	$ 23,489,000	$ 30,538,000
Amortization of debt issuance costs	$ 2,334,000	3,179,000	$ 3,177,000
2026 Capped Calls
Debt Instrument [Line Items]
Initial cap price \| $ / shares	$ 8.42		$ 8.42
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%
Maturity date	Feb. 15, 2026
Frequency of periodic payment	semi-annually
Initial conversion ratio	0.1433795
Aggregate number of shares \| shares	28,675,900
Initial conversion price per share (USD per share) \| $ / shares	$ 6.97
Increase in the conversion rate	0.0645207
Redemption price as a percentage of principal amount	100.00%
Effective interest rate (as a percent)	7.60%
Interest expense	$ 14,800,000	14,700,000	$ 7,500,000
Coupon interest expense	13,500,000	13,500,000	5,100,000
Amortization of debt issuance costs	$ 1,300,000	$ 1,200,000
Amortization of debt discount and issuance costs			$ 2,400,000
2026 Notes (mature 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
2026 Notes (mature 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 - MARAD Debt (Details) - MARAD Debt (matures February 2027)	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Guarantor obligations (as a percent)	50.00%
Frequency of periodic payment	semi-annual
Maturity date	February 2027
Interest rate (as a percent)	4.93%

Long-Term Debt - Other (Details) - USD ($) $ in Millions	1 Months Ended
Long-Term Debt - Other (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jan. 31, 2021
Revolving Credit Facility Previously Maturing December 2021
Debt Instrument [Line Items]
Borrowing capacity	$ 175.0
Maturity date	Dec. 31, 2021
Borrowings under Revolving Credit Facility	$ 0.0
Term Loan Repaid September 2021
Debt Instrument [Line Items]
Remaining principal amount repaid	$ 28.0
Nordea Q5000 Loan Matured January 2021
Debt Instrument [Line Items]
Balloon payment		$ 53.6

- 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 - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less than one year	$ 38,333
One to two years	8,749
Two to three years	9,186
Three to four years	209,644
Four to five years	5,001
Gross debt	270,913
Unamortized debt issuance costs	(6,838)	$ (8,840)
Total debt	264,075	305,010
Less: current maturities	(38,200)	(42,873)
Long-term debt	225,875	262,137
2023 Notes (mature September 2023)
Debt Instrument [Line Items]
Less than one year	30,000
Gross debt	30,000	30,000
Unamortized debt issuance costs	(133)
Total debt	29,867
Less: current maturities	(29,867)
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Three to four years	200,000
Gross debt	200,000	200,000
Unamortized debt issuance costs	(4,632)
Total debt	195,368
Long-term debt	195,368
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Less than one year	8,333
One to two years	8,749
Two to three years	9,186
Three to four years	9,644
Four to five years	5,001
Gross debt	40,913	$ 48,850
Unamortized debt issuance costs	(2,073)
Total debt	38,840
Less: current maturities	(8,333)
Long-term debt	$ 30,507

Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest expense	$ 20,176	$ 23,489	$ 30,538
Capitalized interest			(1,182)
Interest income	(1,226)	(288)	(825)
Net interest expense	$ 18,950	$ 23,201	$ 28,531

Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax provision (benefit):
Domestic		$ (1,103)	$ (18,927)
Foreign	$ 8,217	7,347	4,109
Total current	8,217	6,244	(14,818)
Deferred tax provision (benefit):
Domestic	1,167	(5,756)	3,853
Foreign	3,219	(9,446)	(7,736)
Total deferred	4,386	(15,202)	(3,883)
Income tax provision (benefit)	$ 12,603	$ (8,958)	$ (18,701)

- Definition

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

+ References + Details

Income Taxes - Schedule Of Components Of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (13,745)	$ (53,989)	$ (3,406)
Foreign	(61,436)	(16,653)	4,789
Income (loss) before income taxes	$ (75,181)	$ (70,642)	$ 1,383

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Taxes at U.S. statutory rate	$ (15,788)	$ (14,835)	$ 290
Foreign tax provision (benefit)	18,011	10,326	(4,517)
CARES Act			(7,596)
Subsidiary restructuring			(8,333)
Change in valuation allowance	8,110	(5,675)	1,091
Non-deductible expenses	2,366	1,487	1,184
Other	(96)	(261)	(820)
Income tax provision (benefit)	$ 12,603	$ (8,958)	$ (18,701)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Taxes at U.S. statutory rate	21.00%	21.00%	21.00%
Foreign taxes	(24.00%)	(14.60%)	(326.70%)
CARES Act			(549.20%)
Subsidiary restructuring			(602.50%)
Change in valuation allowance	(10.80%)	8.00%	78.90%
Non-deductible expenses	(3.10%)	(2.10%)	85.60%
Other	0.10%	0.40%	(59.30%)
Effective tax rate	(16.80%)	12.70%	(1352.20%)

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) subsidiary
Income Tax Disclosure [Abstract]
Tax loss carryback period prior to CARES Act.			3 years
Tax loss carryback period after CARES Act enacted.			5 years
Net tax benefit from CARES Act			$ 7,600
Current tax benefit from CARES Act			18,900
Deferred tax expense from CARES Act			$ 11,300
Number of foreign subsidiaries \| subsidiary			2
Net deferred tax benefit from foreign subsidiary restructuring			$ 8,300
Undistributed earnings of foreign subsidiaries	$ 78,900
Unrecognized tax benefits related to uncertain tax positions	100
Expiration of uncertain tax positions			600
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (release)	8,110	$ (5,675)	$ 1,091
Tax credits	4,200
U.S.
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	163,100
Net operating loss carryforwards subject to expiration	74,500
Net operating loss carryforwards not subject to expiration	88,600
Foreign
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (release)		$ (5,000)
Net operating loss carryforward	69,700
Tax credits	$ 3,000

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities:
Depreciation	$ 147,302	$ 137,898
Prepaid and other	1,868	1,088
Total deferred tax liabilities	149,170	138,986
Deferred tax assets:
Net operating losses	(53,136)	(56,369)
Reserves, accrued liabilities and other	(19,308)	(9,698)
Total deferred tax assets	(72,444)	(66,067)
Valuation allowance	22,157	14,047	$ 19,722	$ 18,631
Net deferred tax liabilities	$ 98,883	$ 86,966

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	240,000,000		240,000,000
Common stock, par value (USD per share)	$ 0		$ 0
Preferred stock, shares authorized	5,000,000
Preferred stock, par value per share (in dollars per share)	$ 0.01
Option Indexed to Issuer's Equity [Line Items]
Aggregate cost of capped call transactions		$ 10,625
2026 Capped Calls
Option Indexed to Issuer's Equity [Line Items]
Aggregate number of common shares subject to capped calls		28,675,900
Initial strike price		$ 6.97
Initial cap price	$ 8.42	$ 8.42
Aggregate cost of capped call transactions		$ 10,600

Share Repurchase Programs (Details) - USD ($) $ in Millions	Feb. 20, 2023	Dec. 31, 2022
Previously Authorized Share Repurchase Program
Share Repurchase Programs
Remaining number of shares available to be repurchased (in shares)		9,547,027
New Share Repurchase Program \| Subsequent Event
Share Repurchase Programs
Authorized repurchase amount	$ 200

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue From Contracts With Customers
Net revenues	$ 873,100	$ 674,728	$ 733,555
Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(50,187)	(48,479)	(42,015)
Well Intervention
Revenue From Contracts With Customers
Net revenues	524,241	516,564	539,249
Well Intervention \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(16,545)	(21,521)	(15,039)
Robotics
Revenue From Contracts With Customers
Net revenues	191,921	137,295	178,018
Robotics \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(33,642)	(26,958)	(26,976)
Shallow Water Abandonment
Revenue From Contracts With Customers
Net revenues	124,810
Production Facilities
Revenue From Contracts With Customers
Net revenues	82,315	69,348	58,303
Short-term
Revenue From Contracts With Customers
Net revenues	617,575	397,775	324,251
Short-term \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(635)	(627)
Short-term \| Well Intervention
Revenue From Contracts With Customers
Net revenues	395,867	308,734	206,812
Short-term \| Robotics
Revenue From Contracts With Customers
Net revenues	97,533	89,668	117,439
Short-term \| Shallow Water Abandonment
Revenue From Contracts With Customers
Net revenues	124,810
Long-term
Revenue From Contracts With Customers
Net revenues	255,525	276,953	409,304
Long-term \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(49,552)	(47,852)	(42,015)
Long-term \| Well Intervention
Revenue From Contracts With Customers
Net revenues	128,374	207,830	332,437
Long-term \| Robotics
Revenue From Contracts With Customers
Net revenues	94,388	47,627	60,579
Long-term \| Production Facilities
Revenue From Contracts With Customers
Net revenues	$ 82,315	$ 69,348	$ 58,303

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 6.3	$ 0.6
Credit losses on contract assets	0.0	0.0	$ 0.0
Contract liabilities	10.0	8.7
Revenue recognized	7.4	7.9	11.6
Deferred contract costs	20.4	3.3
Amortization of deferred contract costs	29.7	39.1	35.8
Impairment losses on deferred contract costs	0.0	$ 0.0	$ 0.0
Revenue From Contracts With Customers
Unsatisfied performance obligations	846.7
Revenue related to performance obligation satisfied in previous years	1.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 532.6
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 314.1
Expected timing of satisfaction	1 year

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic:
Net loss attributable to common shareholders	$ (87,784)	$ (61,538)	$ 22,174
Less: Undistributed earnings allocated to participating securities			(140)
Less: Accretion of redeemable noncontrolling interests		(241)	(2,400)
Net loss available to common shareholders, basic	$ (87,784)	$ (61,779)	$ 19,634
Weighted average number of shares outstanding, basic (in shares)	151,276	150,056	148,993
Effect of dilutive securities:
Share-based awards other than participating securities (in shares)			904
Undistributed earnings reallocated to participating securities			$ 1
Net loss available to common shareholders, diluted	$ (87,784)	$ (61,779)	$ 19,635
Weighted average number of shares outstanding, diluted (in shares)	151,276	150,056	149,897

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Diluted shares (as reported)	151,276	150,056	149,897
Share-based awards	2,158	1,282
Total	153,434	151,338

Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2022 Notes
Earnings Per Share
Antidilutive securities (in shares)	600	2,519	6,537
2023 Notes
Earnings Per Share
Antidilutive securities (in shares)	3,168	3,168	9,391
2026 Notes
Earnings Per Share
Antidilutive securities (in shares)	28,676	28,676	10,891

Employee Benefit Plans - Defined Contribution Plan (Details) - 401(k) Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
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	$ 1.5	$ 1.6

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	1,400,000
Period common stock may be purchased through payroll deductions	4 months
Percentage of share of non-vested stock considered as call option	85.00%
Purchase limit per employee (in shares)	260

Employee Benefit Plans - Long-Term Incentive Plan (Details) shares in Millions	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Active Incentive Plans	1
2005 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Award vesting percentage	33.00%
Shares authorized for issuance (in shares)	17.3
Shares available for issuance (in shares)	4.0
2005 Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding	0.0
2005 Incentive Plan \| Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	2.0

Employee Benefit Plans - Grants of Share-based Awards (Details) $ / shares in Units, $ in Millions								1 Months Ended			3 Months Ended	12 Months Ended
	Dec. 07, 2022 $ / shares shares	Oct. 01, 2022 $ / shares shares	Sep. 22, 2022 director $ / shares shares	Jul. 01, 2022 $ / shares shares	Apr. 01, 2022 $ / shares shares	Jan. 04, 2022 $ / shares shares	Jan. 01, 2022 $ / shares shares	Jan. 31, 2023 USD ($) $ / shares shares	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Jun. 30, 2022 shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units												1,065,705	452,381
Grant Date Fair Value Per Share/Unit \| $ / shares												$ 3.12	$ 4.20
Share-based payment awards vested (in shares)												150,792
RSUs \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant							Jan. 01, 2022
Shares/Units							1,065,705
Grant Date Fair Value Per Share/Unit \| $ / shares							$ 3.12
Vesting Percentage							33.00%
Vesting Period							3 years
RSUs \| Officers \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units								506,436
Grant Date Fair Value Per Share/Unit \| $ / shares								$ 7.38
Total market value granted \| $								$ 3.7
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units												1,065,705	452,381	369,938
Grant Date Fair Value Per Share/Unit \| $ / shares												$ 4.25	$ 5.33	$ 13.15
Vesting Period					3 years
Share-based payment awards vested (in shares)									559,150	368,038		559,150	368,038	589,335
PSUs \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment awards vested (in shares)								369,938
PSUs \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant						Jan. 04, 2022
Shares/Units						1,065,705
Grant Date Fair Value Per Share/Unit \| $ / shares						$ 4.25
Vesting Percentage						100.00%
Vesting Date						Jan. 04, 2025
PSUs \| Officers \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units								489,498
Grant Date Fair Value Per Share/Unit \| $ / shares								$ 9.26
Total market value granted \| $								$ 4.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units												253,358	332,841	667,752
Grant Date Fair Value Per Share/Unit \| $ / shares												$ 5.33	$ 3.59	$ 7.06
Share-based payment awards vested (in shares)												719,456	656,066	631,498
Restricted Stock \| Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant	Dec. 07, 2022	Oct. 01, 2022	Sep. 22, 2022	Jul. 01, 2022	Apr. 01, 2022	Jan. 04, 2022
Shares/Units	175,882	12,796	19,328	14,867	14,710	15,775
Grant Date Fair Value Per Share/Unit \| $ / shares	$ 5.97	$ 3.86	$ 4.38	$ 3.10	$ 4.78	$ 3.12
Vesting Percentage	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Vesting Date	Dec. 07, 2023	Jan. 01, 2024	Sep. 22, 2023	Jan. 01, 2024	Jan. 01, 2024	Jan. 01, 2024
New members of the Board of Directors \| director			2
Restricted Stock \| Board of Directors \| Shares granted on January 4, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment awards vested (in shares)											8,013
Restricted Stock \| Board of Directors \| Shares granted on April 1, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment awards vested (in shares)											5,230
Fixed Value Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted \| $												$ 5.5	$ 3.5	$ 4.7
Fixed Value Cash Awards \| Management and Employee \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted \| $								$ 5.9

Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Awards outstanding at beginning of year (in shares)	853,726	1,176,951	1,173,045
Granted (in shares)	253,358	332,841	667,752
Vested (in shares)	(719,456)	(656,066)	(631,498)
Forfeited (in shares)			(32,348)
Awards outstanding at end of year (in shares)	387,628	853,726	1,176,951
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share)	$ 5.62	$ 6.61	$ 6.81
Granted (in dollars per share)	5.33	3.59	7.06
Vested (in dollars per share)	4.94	6.35	7.52
Forfeited (in dollars per share)			5.41
Awards outstanding at end of year (in dollars per share)	$ 6.70	$ 5.62	$ 6.61
Fair value of awards vested	$ 2.9	$ 2.6	$ 5.4
Compensation cost	2.5	$ 3.3	$ 4.2
Future share-based compensation	$ 1.2
Weighted average vesting period (in years)	7 months 6 days

Employee Benefit Plans - PSU Awards (Details) - PSUs $ / shares in Units, $ in Millions		1 Months Ended			12 Months Ended
	Apr. 01, 2022 item	Jan. 31, 2023 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Employee Benefit Plans
Number of components of PSUs granted \| item	2
Awards granted based on the performance of our common stock against peer group companies (as a percent)	50.00%
Awards granted based on cumulative total Free Cash Flow (as a percent)	50.00%
Vesting Period	3 years
Payout at vesting (as a percent)			157.00%	200.00%
Units
Awards outstanding at beginning of year (in shares)		1,888,024	1,381,469	1,297,126	1,381,469	1,297,126	1,565,044
Granted (in shares)					1,065,705	452,381	369,938
Vested (in shares)			(559,150)	(368,038)	(559,150)	(368,038)	(589,335)
Forfeited (in shares)							(48,521)
Awards outstanding at end of year (in shares)					1,888,024	1,381,469	1,297,126
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares		$ 6.25	$ 8.34	$ 9.99	$ 8.34	$ 9.99	$ 10.17
Granted (in dollars per share) \| $ / shares					4.25	5.33	13.15
Vested (in dollars per share) \| $ / shares					7.60	10.44	12.64
Forfeited (in dollars per share) \| $ / shares							7.60
Awards outstanding at end of year (in dollars per share) \| $ / shares					$ 6.25	$ 8.34	$ 9.99
Compensation cost \| $					$ 4.8	$ 4.1	$ 4.0
Future share-based compensation \| $					$ 5.2
Weighted average vesting period (in years)					1 year 4 months 24 days
Shares issued upon vesting			876,469	736,075
Fair value of awards vested \| $			$ 3.2	$ 3.1
Subsequent Event
Employee Benefit Plans
Payout at vesting (as a percent)		77.00%
Units
Vested (in shares)		(369,938)
Grant Date Fair Value
Shares issued upon vesting		285,778
Fair value of awards vested \| $		$ 3.6
Minimum
Employee Benefit Plans
Payout at vesting (as a percent)	0.00%
Maximum
Employee Benefit Plans
Payout at vesting (as a percent)	200.00%

Employee Benefit Plans - RSU Awards (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Units
Awards outstanding at beginning of year (in shares)	452,381
Granted (in shares)	1,065,705	452,381
Vested (in shares)	(150,792)
Awards outstanding at end of year (in shares)	1,367,294	452,381
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share)	$ 4.20
Granted (in dollars per share)	3.12	$ 4.20
Vested (in dollars per share)	4.20
Awards outstanding at end of year (in dollars per share)	$ 3.36	$ 4.20
Compensation cost	$ 3.7	$ 0.5
Future share-based compensation	$ 6.4
Weighted average vesting period (in years)	1 year 9 months 18 days

Employee Benefit Plans - Cash Awards (Details) - Fixed Value Cash Awards - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted	$ 5.5	$ 3.5	$ 4.7
Vesting period	3 years
Deferred compensation cost	$ 4.3	$ 4.0	$ 4.4

Business Segment Information - Narrative (Details) - segment	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Segment Reporting [Abstract]
Number of reportable segments	4	3

Business Segment Information - Summary Of Financial Data By Segment (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Segment Information
Net revenues		$ 873,100	$ 674,728	$ 733,555
Income (loss) from operations		(44,855)	(48,687)	13,025
Change in fair value of contingent consideration	$ (16,054)	(16,054)
Goodwill impairment				(6,689)
Net interest expense		(18,950)	(23,201)	(28,531)
Other non-operating income (expense), net		(11,376)	1,246	16,889
Income (loss) before income taxes		(75,181)	(70,642)	1,383
Capital expenditures		33,504	8,322	20,244
Depreciation and amortization		142,686	141,514	133,709
Reportable Segments
Business Segment Information
Income (loss) from operations		26,310	(7,214)	56,585
Change in fair value of contingent consideration		(16,054)
Goodwill impairment				(6,689)
Intercompany Eliminations
Business Segment Information
Net revenues		(50,187)	(48,479)	(42,015)
Corporate, Eliminations and Other
Business Segment Information
Income (loss) from operations		(55,111)	(41,473)	(36,871)
Capital expenditures		1,176	(917)	464
Depreciation and amortization		(167)	(660)	349
Well Intervention
Business Segment Information
Net revenues		524,241	516,564	539,249
Goodwill impairment				(6,689)
Well Intervention \| Reportable Segments
Business Segment Information
Net revenues		524,241	516,564	539,249
Income (loss) from operations		(53,056)	(35,882)	26,855
Capital expenditures		17,617	2,349	19,523
Depreciation and amortization		103,952	107,551	101,756
Well Intervention \| Intercompany Eliminations
Business Segment Information
Net revenues		(16,545)	(21,521)	(15,039)
Robotics
Business Segment Information
Net revenues		191,921	137,295	178,018
Robotics \| Reportable Segments
Business Segment Information
Net revenues		191,921	137,295	178,018
Income (loss) from operations		29,981	5,762	13,755
Capital expenditures		15,603	120	257
Depreciation and amortization		12,209	15,158	15,952
Robotics \| Intercompany Eliminations
Business Segment Information
Net revenues		(33,642)	(26,958)	(26,976)
Shallow Water Abandonment
Business Segment Information
Net revenues		124,810
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Net revenues		124,810
Income (loss) from operations		22,184
Capital expenditures		532
Depreciation and amortization		8,172
Production Facilities
Business Segment Information
Net revenues		82,315	69,348	58,303
Production Facilities \| Reportable Segments
Business Segment Information
Net revenues		82,315	69,348	58,303
Income (loss) from operations		27,201	22,906	15,975
Capital expenditures		(1,424)	6,770
Depreciation and amortization		$ 18,520	$ 19,465	$ 15,652

Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Segment Information
Net revenues	$ (873,100)	$ (674,728)	$ (733,555)
Well Intervention
Business Segment Information
Net revenues	(524,241)	(516,564)	(539,249)
Robotics
Business Segment Information
Net revenues	(191,921)	(137,295)	(178,018)
Intercompany Eliminations
Business Segment Information
Net revenues	50,187	48,479	42,015
Intercompany Eliminations \| Well Intervention
Business Segment Information
Net revenues	16,545	21,521	15,039
Intercompany Eliminations \| Robotics
Business Segment Information
Net revenues	$ 33,642	$ 26,958	$ 26,976

- Definition

+ References

+ Details

Business Segment Information - Revenue By Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Segment Information
Net revenues	$ 873,100	$ 674,728	$ 733,555
United States
Business Segment Information
Net revenues	447,205	232,661	304,563
United Kingdom
Business Segment Information
Net revenues	166,980	100,154	133,005
Brazil
Business Segment Information
Net revenues	81,940	154,326	208,565
West Africa
Business Segment Information
Net revenues	87,488	126,856	41,840
Other
Business Segment Information
Net revenues	$ 89,487	$ 60,731	$ 45,582

- Definition

+ References

+ Details

Business Segment Information - Property And Equipment Net Of Accumulated Depreciation By Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Segment Information
Property and equipment, net	$ 1,641,615	$ 1,657,645
United States
Business Segment Information
Property and equipment, net	780,803	693,062
United Kingdom
Business Segment Information
Property and equipment, net	625,001	713,385
Brazil
Business Segment Information
Property and equipment, net	$ 235,811	251,194
Other
Business Segment Information
Property and equipment, net		$ 4

Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Segment Information
Total assets	$ 2,389,338	$ 2,326,028
Corporate, Eliminations and Other
Business Segment Information
Total assets	57,049	98,561
Well Intervention \| Reportable Segments
Business Segment Information
Total assets	1,796,269	2,012,214
Robotics \| Reportable Segments
Business Segment Information
Total assets	192,694	96,249
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Total assets	206,944
Production Facilities \| Reportable Segments
Business Segment Information
Total assets	$ 136,382	$ 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 - Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligations
Asset retirement obligation		$ 51,956	$ 29,658	$ 30,913	$ 28,258
Production Facilities \| Thunder Hawk Field
Asset Retirement Obligations
Ownership percentage	62.50%
Asset retirement obligation	$ 23,600

Asset Retirement Obligations - Changes in AROs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in our AROs:
AROs at beginning of year	$ 29,658	$ 30,913	$ 28,258
Liability incurred during the period	23,601
Revisions in estimates	(3,285)	(2,631)
Accretion expense	1,982	1,376	2,655
AROs at end of period	$ 51,956	$ 29,658	$ 30,913

Commitments And Contingencies And Other Matters - Narrative (Details)	1 Months Ended
	Jan. 31, 2023
Glomar Wave \| Subsequent Event
Commitments And Contingencies [Line Items]
Term of charter agreement	3 years

Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 18,267	$ 20,719	$ 15,943
Income taxes paid	9,516	8,310	$ 7,434
Tax refunds related to the CARES Act	$ 1,100	$ 18,900

Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2022	Dec. 31, 2022	Dec. 31, 2021
Non-cash capital additions		$ 400	$ 300
Alliance
Post-closing earn-out consideration payable	$ 26,700

Allowance Accounts - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses
Balance at beginning of year	$ 1,477	$ 3,469
Additions (reductions)	800	(146)	$ 2,684
Write-offs		(1,846)
Adjustments			785
Balance at end of period	2,277	1,477	3,469
Deferred tax asset valuation allowance
Balance at beginning of year	14,047	19,722	18,631
Adjustments	8,110	(5,675)	1,091
Balance at end of period	$ 22,157	$ 14,047	19,722
Allowance for Credit Losses \| Robotics
Allowance for credit losses
Additions (reductions)			$ 1,700

Fair Value Measurements - Assets And Liabilities At Fair Value On Recurring Basis (Details) - Recurring $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value Measurements
Contingent consideration	$ 42,754
Level 3
Fair Value Measurements
Contingent consideration	$ 42,754

Fair Value Measurements - Inputs Used in Valuation (Details)	Dec. 31, 2022
Weighted-average volatility
Fair Value Measurements
Contingent consideration, measurement input	0.475
Weighted average discount rate
Fair Value Measurements
Contingent consideration, measurement input	0.080

Fair Value Measurements - Change in Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Change in the fair value of contingent consideration:
Balance at July 1,	$ 26,700
Change in fair value	16,054	$ 16,054
Balance at end of period	$ 42,754	$ 42,754

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Principal Amount	$ 270,913
MARAD Debt (matures February 2027)
Fair Value Measurements
Principal Amount	40,913	$ 48,850
Fair Value	40,940	52,481
2022 Notes (matured May 2022)
Fair Value Measurements
Principal Amount		35,000
Fair Value		34,794
2023 Notes (mature September 2023)
Fair Value Measurements
Principal Amount	30,000	30,000
Fair Value	31,149	29,054
2026 Notes (mature February 2026)
Fair Value Measurements
Principal Amount	200,000	200,000
Fair Value	277,014	200,562
Total Debt
Fair Value Measurements
Principal Amount	270,913	313,850
Fair Value	$ 349,103	$ 316,891