0000866829-23-000017 | 10-Q | XBRL Viewer | Helix Energy Solutions Group INC

Three Months Ended

March 31,

Cash paid for operating lease liabilities

Right-of-use assets obtained in exchange for new operating lease liabilities

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	Apr. 20, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-32936
Entity Registrant Name	HELIX ENERGY SOLUTIONS GROUP, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	95-3409686
Entity Address, Address Line One	3505 West Sam Houston Parkway North
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77043
City Area Code	281
Local Phone Number	618–0400
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	HLX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		151,501,179
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 166,674	$ 186,604
Restricted cash	2,508	2,507
Accounts receivable, net of allowance for credit losses of $2,418 and $2,277, respectively	216,946	212,779
Other current assets	63,228	58,699
Total current assets	449,356	460,589
Property and equipment	3,036,579	3,016,312
Less accumulated depreciation	(1,410,428)	(1,374,697)
Property and equipment, net	1,626,151	1,641,615
Operating lease right-of-use assets	191,051	197,849
Deferred recertification and dry dock costs, net	53,697	38,778
Other assets, net	49,079	50,507
Total assets	2,369,334	2,389,338
Current liabilities:
Accounts payable	134,363	135,267
Accrued liabilities	60,811	73,574
Current maturities of long-term debt	38,452	38,200
Current operating lease liabilities	54,407	50,914
Total current liabilities	288,033	297,955
Long-term debt	222,008	225,875
Operating lease liabilities	145,186	154,686
Deferred tax liabilities	97,577	98,883
Other non-current liabilities	100,810	95,230
Total liabilities	853,614	872,629
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 151,494 and 151,935 shares issued, respectively	1,294,484	1,298,740
Retained earnings	318,123	323,288
Accumulated other comprehensive loss	(96,887)	(105,319)
Total shareholders' equity	1,515,720	1,516,709
Total liabilities and shareholders' equity	$ 2,369,334	$ 2,389,338

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Allowance for credit losses	$ 2,418	$ 2,277
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000	240,000
Common stock, shares issued	151,494	151,935

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues	$ 250,084	$ 150,125
Cost of sales	234,900	168,734
Gross profit (loss)	15,184	(18,609)
Gain on disposition of assets, net	367
Acquisition and integration costs	(231)
Change in fair value of contingent consideration	(3,992)
Selling, general and administrative expenses	(19,631)	(14,368)
Loss from operations	(8,303)	(32,977)
Net interest expense	(4,187)	(5,174)
Other income (expense), net	3,444	(3,881)
Royalty income and other	1,863	2,141
Loss before income taxes	(7,183)	(39,891)
Income tax provision (benefit)	(2,018)	2,140
Net loss	$ (5,165)	$ (42,031)
Loss per share of common stock:
Basic	$ (0.03)	$ (0.28)
Diluted	$ (0.03)	$ (0.28)
Weighted average common shares outstanding (in shares)
Basic	151,764	151,142
Diluted	151,764	151,142

Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,165)	$ (42,031)
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	8,432	(13,148)
Other comprehensive income (loss), net of tax	8,432	(13,148)
Comprehensive loss	$ 3,267	$ (55,179)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance, beginning of period at Dec. 31, 2021	$ 1,292,479	$ 411,072	$ (56,082)	$ 1,647,469
Balance, beginning of period (in shares) at Dec. 31, 2021	151,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(42,031)		(42,031)
Foreign currency translation adjustments			(13,148)	(13,148)
Activity in company stock plans, net and other	$ (1,178)			(1,178)
Activity in company stock plans, net and other (in shares)	513
Share-based compensation	$ 1,634			1,634
Balance, end of period at Mar. 31, 2022	$ 1,292,935	369,041	(69,230)	1,592,746
Balance, end of period (in shares) at Mar. 31, 2022	151,637
Balance, beginning of period at Dec. 31, 2022	$ 1,298,740	323,288	(105,319)	1,516,709
Balance, beginning of period (in shares) at Dec. 31, 2022	151,935
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(5,165)		(5,165)
Foreign currency translation adjustments			8,432	8,432
Repurchases of common stock	$ (5,006)			(5,006)
Repurchases of common stock (in shares)	(660)
Activity in company stock plans, net and other	$ (742)			(742)
Activity in company stock plans, net and other (in shares)	219
Share-based compensation	$ 1,492			1,492
Balance, end of period at Mar. 31, 2023	$ 1,294,484	$ 318,123	$ (96,887)	$ 1,515,720
Balance, end of period (in shares) at Mar. 31, 2023	151,494

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (5,165)	$ (42,031)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	37,537	33,488
Amortization of debt issuance costs	596	590
Share-based compensation	1,575	1,672
Deferred income taxes	(1,306)	(722)
Gain on disposition of assets, net	(367)
Unrealized foreign currency (gain) loss	(3,333)	2,603
Change in fair value of contingent consideration	3,992
Changes in operating assets and liabilities:
Accounts receivable, net	(2,484)	906
Income tax receivable, net of income tax payable	(2,419)	1,230
Other current assets	(1,961)	(534)
Accounts payable and accrued liabilities	(18,036)	(9,411)
Deferred recertification and dry dock costs, net	(17,154)	(5,508)
Other, net	3,133	304
Net cash used in operating activities	(5,392)	(17,413)
Cash flows from investing activities:
Capital expenditures	(6,665)	(623)
Proceeds from sale of assets	365
Net cash used in investing activities	(6,300)	(623)
Cash flows from financing activities:
Debt issuance costs		(136)
Repurchases of common stock	(4,983)
Payments related to tax withholding for share-based compensation	(564)	(1,525)
Proceeds from issuance of ESPP shares	239	173
Net cash used in financing activities	(9,424)	(5,408)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1,187	(1,005)
Net decrease in cash and cash equivalents and restricted cash	(19,929)	(24,449)
Cash and cash equivalents and restricted cash:
Balance, beginning of year	189,111	327,127
Balance, end of period	169,182	302,678
MARAD Debt (matures February 2027)
Cash flows from financing activities:
Repayment of loan debt	$ (4,116)	$ (3,920)

Basis Of Presentation And New Accounting Standards

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation And New Accounting Standards

Note 1 — Basis of Presentation and New Accounting Standards

The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Our balance sheet as of December 31, 2022 included herein has been derived from the audited balance sheet as of December 31, 2022 included in our 2022 Annual Report on Form 10-K (our “2022 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2022 Form 10-K.

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

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

Company Overview

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Overview

Note 2 — Company Overview

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

●

Production maximization — our assets and methodologies are specifically designed to efficiently enhance and extend the lives of existing oil and gas reserves; we also offer an alternative to take over end-of-life reserves in preparation for their abandonment;

●

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

●

Decommissioning — we have historical success as a full-field abandonment contractor and believe that regulatory push for plug and abandonment (“P&A”) and transition to renewable energy will facilitate the continued growth of the abandonment market.

We provide services 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 Alliance group of companies (collectively “Alliance”) on July 1, 2022 (Note 3), which we have re-branded as Helix Alliance. Our North Sea operations and our Gulf of Mexico shelf operations related to Helix Alliance are usually subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months. Our services are segregated into four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment, which was formed in the third quarter 2022 comprising the Helix Alliance business (Note 12), and Production Facilities.

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, P&A systems and coiled tubing systems.

Our Production Facilities segment includes the Helix Producer I (the “HP I”), a ship-shaped dynamically positioned floating production vessel, the Helix Fast Response System (the “HFRS”), which combines the HP I, the Q4000 and the Q5000 with certain well control equipment that can be deployed to respond to a well control incident, and our ownership of mature oil and gas properties. All of our current Production Facilities activities are located in the Gulf of Mexico.

Alliance Acquisition

3 Months Ended

Mar. 31, 2023

Alliance Acquisition

Alliance Acquisition

Note 3 — Alliance Acquisition

On July 1, 2022, we completed our acquisition 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 an 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.

We had finalized the purchase price allocation as of March 31, 2023 and there were no changes as compared to the amounts recorded at December 31, 2022. The following table summarizes the final purchase consideration and the final purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands):


	July 1, 2022
Cash consideration	$	118,961
Contingent consideration		26,700
Total fair value of consideration transferred	$	145,661

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

The pro forma summary below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2022 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):


	Three Months Ended
	March 31,
	2022
Revenues	$	177,621
Net loss		(41,709)

Details Of Certain Accounts

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details Of Certain Accounts

Note 4 — Details of Certain Accounts

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


	March 31,		December 31,
	2023		2022
Prepaids	$	21,365	$	26,609
Income tax receivable		1,093		—
Contract assets (Note 9)		712		6,295
Deferred costs (Note 9)		27,505		13,969
Other		12,553		11,826
Total other current assets	$	63,228	$	58,699

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


	March 31,		December 31,
	2023		2022
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 9)		4,526		6,432
Other receivable ⁽²⁾		25,422		24,827
Intangible assets with finite lives, net		4,386		4,465
Other		2,201		2,239
Total other assets, net	$	49,079	$	50,507

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

(2)	Represents agreed-upon amounts that we are entitled to receive from Marathon Oil Corporation (“Marathon Oil”) for remaining P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil in 2019.

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued payroll and related benefits	$	29,877	$	41,339
Accrued interest		2,081		6,306
Income tax payable		—		479
Deferred revenue (Note 9)		11,555		9,961
Other		17,298		15,489
Total accrued liabilities	$	60,811	$	73,574

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


	March 31,		December 31,
	2023		2022
Asset retirement obligations (Note 13)	$	53,124	$	51,956
Contingent consideration (Note 17)		46,746		42,754
Other		940		520
Total other non-current liabilities	$	100,810	$	95,230

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 5 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. Our operating lease additions during the three-month period ended March 31, 2023 are primarily related to the vessel charter for the Glomar Wave (Note 14). Our operating lease additions during the three-month period ended March 31, 2022 are primarily related to the charter extensions for the Siem Helix 1 and the Siem Helix 2. We also sublease some of our facilities under non-cancelable sublease agreements.

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


	Three Months Ended
	March 31,
	2023		2022
Operating lease cost	$	17,006	$	14,462
Variable lease cost		4,910		4,922
Short-term lease cost		6,977		5,438
Sublease income		(331)		(249)
Net lease cost	$	28,562	$	24,573

Maturities of our operating lease liabilities as of March 31, 2023 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	60,932	$	6,688	$	67,620
One to two years		60,058		5,517		65,575
Two to three years		36,690		1,974		38,664
Three to four years		39,169		979		40,148
Four to five years		15,845		979		16,824
Over five years		791		2,597		3,388
Total lease payments	$	213,485	$	18,734	$	232,219
Less: imputed interest		(30,177)		(2,449)		(32,626)
Total operating lease liabilities	$	183,308	$	16,285	$	199,593

Current operating lease liabilities	$	48,466	$	5,941	$	54,407
Non-current operating lease liabilities		134,842		10,344		145,186
Total operating lease liabilities	$	183,308	$	16,285	$	199,593

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


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

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

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


	March 31,		December 31,
	2023		2022
Weighted average remaining lease term	3.8	years	4.0	years
Weighted average discount rate	7.91	%	7.84	%

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

Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

Note 6 — Long-Term Debt

Scheduled maturities of our long-term debt outstanding as of March 31, 2023 are as follows (in thousands):


	2023		2026		MARAD
	Notes		Notes		Debt		Total
Less than one year	$	30,000	$	—	$	8,539	$	38,539
One to two years		—		—		8,965		8,965
Two to three years		—		200,000		9,412		209,412
Three to four years		—		—		9,881		9,881
Gross debt		30,000		200,000		36,797		266,797
Unamortized debt issuance costs ⁽¹⁾		(87)		(4,299)		(1,951)		(6,337)
Total debt		29,913		195,701		34,846		260,460
Less current maturities		(29,913)		—		(8,539)		(38,452)
Long-term debt	$	—	$	195,701	$	26,307	$	222,008

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

Below is a summary of certain components of our indebtedness:

Credit Agreement

On September 30, 2021 we entered into an asset-based credit agreement 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 March 31, 2023, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $80.0 million, net of $6.9 million of letters of credit issued under that facility.

We and certain of our U.S. and U.K. subsidiaries 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 and for any portion of the Alliance earnout payment to be made in cash.

The Amended ABL Facility also (i) limits the amount of permitted debt for the deferred purchase price of property not to exceed $50 million, (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.

Convertible Senior Notes Due 2022 (“2022 Notes”)

We fully redeemed the $35 million remaining principal amount of the 2022 Notes plus accrued interest by delivering cash upon maturity on May 1, 2022. The effective interest rate for the 2022 Notes was 4.8%. For the three-month period ended March 31, 2022, total interest expense related to the 2022 Notes was $0.4 million, primarily from coupon interest expense.

Convertible Senior Notes Due 2023 (“2023 Notes”)

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

Holders of the 2023 Notes may 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.

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. Holders of the 2023 Notes may convert any of their notes if we call the notes for redemption. 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 also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (as defined in the indenture governing the 2023 Notes).

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

The effective interest rate for the 2023 Notes is 4.8%. For each of the three-month periods ended March 31, 2023 and 2022, total interest expense related to the 2023 Notes was $0.4 million, with coupon interest expense of $0.3 million and the amortization of debt issuance costs of $0.1 million.

Convertible Senior Notes Due 2026 (“2026 Notes”)

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

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

Prior to August 15, 2023, the 2026 Notes are not redeemable. On or after August 15, 2023, we may redeem all or any portion of the 2026 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Holders of the 2026 Notes may convert any of their notes if we call the notes for redemption. 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 also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (as defined in the indenture governing the 2026 Notes).

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

The effective interest rate for the 2026 Notes is 7.6%. For each of the three-month periods ended March 31, 2023 and 2022, total interest expense related to the 2026 Notes was $3.7 million, with coupon interest expense of $3.4 million and the amortization of debt issuance costs of $0.3 million.

2026 Capped Calls

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

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

MARAD Debt

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

Other

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 March 31, 2023, we were in compliance with these covenants.

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


	Three Months Ended
	March 31,
	2023		2022
Interest expense	$	4,869	$	5,307
Interest income		(682)		(133)
Net interest expense	$	4,187	$	5,174

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 — Income Taxes

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

For the three-month periods ended March 31, 2023 and 2022, we recognized income tax (benefit) expense of $(2.0) million and $2.1 million, respectively, resulting in effective tax rates of 28.1% and (5.4)%, respectively. These variances were primarily attributable to the earnings mix between our higher and lower tax rate jurisdictions as well as losses for which no financial statement benefits have been recognized. The effective tax rate for the three-month period ended March 31, 2023 was higher than the U.S. statutory rate primarily due to certain non-deductible expenses and non-creditable foreign income taxes. For the three-month period ended March 31, 2022, our aggregate tax expense was greater than the aggregate tax benefit of our losses, resulting in negative effective tax rates. The effective tax rate for the three-month period ended March 31, 2022 was significantly lower than the U.S. statutory rate primarily due to non-creditable foreign income and deemed profit taxes, as well as losses without tax benefits.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Share Repurchase Programs

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Share Repurchase Programs

Note 8 — Share Repurchase Programs

On February 20, 2023, we announced that our Board of Directors (our “Board”) authorized a new share repurchase program (the “2023 Repurchase Program”) under which we are authorized to repurchase up to $200 million issued and outstanding shares of our common stock. Concurrent with the authorization of the 2023 Repurchase Program, our Board revoked the prior authorization to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (Note 11).

The 2023 Repurchase Program has no set expiration date. Repurchases under the 2023 Repurchase Program are expected to 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 2023 Repurchase Program does not obligate us to acquire any particular amount of common stock and may be modified or superseded at any time at our discretion. The purchase of shares by us under the 2023 Repurchase Program is at our discretion and subject to prevailing financial and market conditions. Any repurchased shares are expected to be cancelled. During the three-month period ended March 31, 2023, we repurchased a total of 660,000 shares of our common stock for approximately $5.0 million or an average of $7.55 per share pursuant to the 2023 Repurchase Program.

Revenue From Contracts With Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

Note 9 — Revenue from Contracts with Customers

Disaggregation of Revenue

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


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Three months ended March 31, 2023
Short-term	$	77,767	$	35,205	$	49,381	$	—	$	—	$	162,353
Long-term		64,671		14,017		—		20,905		(11,862)		87,731
Total	$	142,438	$	49,222	$	49,381	$	20,905	$	(11,862)	$	250,084

Three months ended March 31, 2022
Short-term	$	91,346	$	21,137	$	—	$	—	$	(635)	$	111,848
Long-term		15,021		16,214		—		18,294		(11,252)		38,277
Total	$	106,367	$	37,351	$	—	$	18,294	$	(11,887)	$	150,125

Contract Balances

Contract assets are rights to consideration in exchange for services that we have provided to a customer when those rights are conditioned on our future performance. Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract assets are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 4). Contract assets were $0.7 million as of March 31, 2023 and $6.3 million as of December 31, 2022. We had no credit losses on our contract assets for the three-month periods ended March 31, 2023 and 2022.

Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer. Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying condensed consolidated balance sheets (Note 4). Contract liabilities totaled $11.6 million as of March 31, 2023 and $10.0 million as of December 31, 2022. Revenue recognized for the three-month periods ended March 31, 2023 and 2022 included $3.9 million and $4.3 million, respectively, that were included in the contract liability balance at the beginning of each period.

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

Performance Obligations

As of March 31, 2023, $920.4 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $554.3 million, $363.6 million and $2.5 million in 2023, 2024 and 2025, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at March 31, 2023.

For the three-month periods ended March 31, 2023 and 2022, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

Contract Fulfillment Costs

Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 4). Our deferred contract costs totaled $32.0 million as of March 31, 2023 and $20.4 million as of December 31, 2022. For the three-month periods ended March 31, 2023 and 2022, we recorded $4.7 million and $4.6 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented.

For additional information regarding revenue recognition, see Notes 2 and 11 to our 2022 Form 10-K.

- Definition

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

+ References

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

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 10 — Earnings Per Share

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

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


	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(5,165)		$	(42,031)
Net loss available to common shareholders	$	(5,165)	151,764	$	(42,031)	151,142

We had net losses for the three-month periods ended March 31, 2023 and 2022. Accordingly, our diluted EPS calculation for these periods excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):


	Three Months Ended
	March 31,
	2023	2022
Diluted shares (as reported)	151,764	151,142
Share-based awards	2,740	953
Total	154,504	152,095

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


	Three Months Ended
	March 31,
	2023	2022
2022 Notes	—	2,435
2023 Notes	3,168	3,168
2026 Notes	28,676	28,676

Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Note 11 — Employee Benefit Plans

Long-Term Incentive Plan

As of March 31, 2023, there were 3.5 million shares of our common stock available for issuance under our 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). During the three-month period ended March 31, 2023, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period
January 1, 2023 ⁽¹⁾	RSU	506,436	$	7.38	33% per year over three years
January 3, 2023 ⁽¹⁾	PSU	489,498	$	9.26	100% on December 31, 2025
January 1, 2023 ⁽²⁾	Restricted stock	9,210	$	7.38	100% on January 1, 2025

(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.

Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis. Forfeitures are recognized as they occur. No restricted stock awards have been granted to our executive officers or other employees since 2020. For the three-month periods ended March 31, 2023 and 2022, $0.3 million and $0.6 million, respectively, were recognized as share-based compensation related to restricted stock.

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

For PSUs with a service and a market condition that are accounted for as equity awards, compensation cost is measured based on the grant date estimated fair value determined using a Monte Carlo simulation model and subsequently recognized over the vesting period on a straight-line basis. For PSUs with a service and a performance condition that are accounted for as equity awards, compensation cost is initially measured based on the grant date fair value. Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition. For the three-month periods ended March 31, 2023 and 2022, $1.2 million and $1.1 million, respectively, were recognized as share-based compensation related to PSUs. In January 2023, based on the performance of our common stock price as compared to our performance peer group over a three-year period, 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.

Our restricted stock units (“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. Liability RSUs are measured at their estimated fair value based on the closing share price of our common stock as of each balance sheet date, and subsequent changes in the fair value of the awards are recognized in earnings for the portion of the award for which the requisite service period has elapsed. Cumulative compensation cost for vested liability RSUs equals the actual payout value upon vesting. For the three-month periods ended March 31, 2023 and 2022, $1.2 million and $0.6 million, respectively, were recognized as compensation cost.

In 2023 and 2022, we granted fixed-value cash awards of $6.0 million and $5.5 million, respectively, to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the three-month periods ended March 31, 2023 and 2022, $1.2 million and $1.0 million, respectively, were recognized as compensation cost.

Defined Contribution Plan

We sponsor a defined contribution 401(k) retirement plan (the “401(k) 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. For the three-month periods ended March 31, 2023 and 2022, we made $0.6 million and $0.4 million, respectively, in contributions to the 401(k) Plan.

Employee Stock Purchase Plan

We have an employee stock purchase plan (the “ESPP”). As of March 31, 2023, 1.3 million shares were available for issuance under the ESPP. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

For more information regarding our employee benefit plans, including the 2005 Incentive Plan and the ESPP, see Note 13 to our 2022 Form 10-K.

Business Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Note 12 — Business Segment Information

Through the second quarter 2022, we had 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 globally. 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. We offer our ROVs, trenchers and the IROV on a stand-alone basis or on an integrated basis with chartered robotics support vessels.

Our Shallow Water Abandonment segment provides services in support of the upstream and midstream ‎industries 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 13).

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


	Three Months Ended
	March 31,
	2023		2022
Net revenues —
Well Intervention	$	142,438	$	106,367
Robotics		49,222		37,351
Shallow Water Abandonment		49,381		—
Production Facilities		20,905		18,294
Intercompany eliminations		(11,862)		(11,887)
Total	$	250,084	$	150,125

Income (loss) from operations —
Well Intervention	$	(8,143)	$	(31,758)
Robotics		5,094		1,480
Shallow Water Abandonment		6,822		—
Production Facilities		5,157		5,851
Segment operating income (loss)		8,930		(24,427)
Change in fair value of contingent consideration		(3,992)		—
Corporate, eliminations and other		(13,241)		(8,550)
Total	$	(8,303)	$	(32,977)

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


	Three Months Ended
	March 31,
	2023		2022
Well Intervention	$	4,469	$	3,850
Robotics		7,393		8,037
Total	$	11,862	$	11,887

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


	March 31,		December 31,
	2023		2022
Well Intervention	$	1,795,612	$	1,796,269
Robotics		183,986		192,694
Shallow Water Abandonment		205,544		206,944
Production Facilities		128,262		136,382
Corporate and other		55,930		57,049
Total	$	2,369,334	$	2,389,338

- Definition

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

+ References

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+ Details

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 13 — Asset Retirement Obligations

Our asset retirement obligations (“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. 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.

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):


	2023		2022
AROs at January 1,	$	51,956	$	29,658
Accretion expense		1,168		741
AROs at March 31,	$	53,124	$	30,399

Commitments And Contingencies And Other Matters

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies And Other Matters

Note 14 — Commitments and Contingencies and Other Matters

Commitments

In January 2023, we entered into a three-year charter agreement for the Glomar Wave in the North Sea with options to extend. We have long-term charter agreements with Siem Offshore AS for the Siem Helix 1 and Siem Helix 2 vessels expiring in February 2025 and February 2027, respectively, with options to extend. We have time charter agreements for the Grand Canyon II and Grand Canyon III vessels expiring in December 2027 and May 2028, respectively, with options to renew. We also have a time charter agreement for the Shelia Bordelon in the Gulf of Mexico through June 2024 and a short-term time charter agreement for the Horizon Enabler in the North Sea.

Contingencies and Claims

Our contingent consideration liability resulting from the Alliance acquisition is subject to risk, through the remainder of the contingency period, which ends on December 31, 2023, 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 or cash flows.

Litigation

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

We are currently involved in several lawsuits filed by current and former offshore employees seeking overtime compensation. These suits are brought as collective actions and are in various stages of litigation in 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. 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, and 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.

Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

Statement Of Cash Flow Information

Note 15 — Statement of Cash Flow Information

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

(1)	Exclusive of any income tax refunds.

Our capital additions include the acquisition of property and equipment for which payment has not been made. These non-cash capital additions totaled $0.2 million at March 31, 2023 and $0.3 million at December 31, 2022.

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

Allowance for Credit Losses

Note 16 — Allowance for Credit Losses

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

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


	2023		2022
Balance at January 1,	$	2,277	$	1,477
Additions (reductions) ⁽¹⁾		141		(126)
Balance at March 31,	$	2,418	$	1,351

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

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 17 — 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 March 31, 2023

Level 1

Level 2

Level 3

Total

Liabilities:

Contingent consideration

—

46,746

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 changes in the fair value of contingent consideration are as follows (in thousands):


	2023
Balance at January 1,	$	42,754
Change in fair value		3,992
Balance at March 31,	$	46,746

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


	March 31, 2023				December 31, 2022
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	36,797	$	36,888	$	40,913	$	40,940
2023 Notes (mature September 2023)		30,000		30,590		30,000		31,149
2026 Notes (mature February 2026)		200,000		274,287		200,000		277,014
Total debt	$	266,797	$	341,765	$	270,913	$	349,103

(1)	Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 6 for additional disclosures on our long-term debt.

(2)

The estimated fair value of 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

Basis Of Presentation And New Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements in U.S. dollars have been prepared in accordance with instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”) and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable. The operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Our balance sheet as of December 31, 2022 included herein has been derived from the audited balance sheet as of December 31, 2022 included in our 2022 Annual Report on Form 10-K (our “2022 Form 10-K”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in our 2022 Form 10-K.
Reclassifications	Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format.
New Accounting Standards	We do not expect any recently issued accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

Alliance Acquisition (Tables)

3 Months Ended

Mar. 31, 2023

Alliance Acquisition

Final purchase consideration and final purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities

The following table summarizes the final purchase consideration and the final purchase price allocation to estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands):


	July 1, 2022
Cash consideration	$	118,961
Contingent consideration		26,700
Total fair value of consideration transferred	$	145,661

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

Schedule of pro forma information

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


	Three Months Ended
	March 31,
	2022
Revenues	$	177,621
Net loss		(41,709)

Details Of Certain Accounts (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of other current assets

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


	March 31,		December 31,
	2023		2022
Prepaids	$	21,365	$	26,609
Income tax receivable		1,093		—
Contract assets (Note 9)		712		6,295
Deferred costs (Note 9)		27,505		13,969
Other		12,553		11,826
Total other current assets	$	63,228	$	58,699

Schedule of other assets, net

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


	March 31,		December 31,
	2023		2022
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 9)		4,526		6,432
Other receivable ⁽²⁾		25,422		24,827
Intangible assets with finite lives, net		4,386		4,465
Other		2,201		2,239
Total other assets, net	$	49,079	$	50,507

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

(2)	Represents agreed-upon amounts that we are entitled to receive from Marathon Oil Corporation (“Marathon Oil”) for remaining P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil in 2019.

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued payroll and related benefits	$	29,877	$	41,339
Accrued interest		2,081		6,306
Income tax payable		—		479
Deferred revenue (Note 9)		11,555		9,961
Other		17,298		15,489
Total accrued liabilities	$	60,811	$	73,574

Schedule of other non-current liabilities

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


	March 31,		December 31,
	2023		2022
Asset retirement obligations (Note 13)	$	53,124	$	51,956
Contingent consideration (Note 17)		46,746		42,754
Other		940		520
Total other non-current liabilities	$	100,810	$	95,230

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of components of lease cost

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


	Three Months Ended
	March 31,
	2023		2022
Operating lease cost	$	17,006	$	14,462
Variable lease cost		4,910		4,922
Short-term lease cost		6,977		5,438
Sublease income		(331)		(249)
Net lease cost	$	28,562	$	24,573

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of March 31, 2023 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	60,932	$	6,688	$	67,620
One to two years		60,058		5,517		65,575
Two to three years		36,690		1,974		38,664
Three to four years		39,169		979		40,148
Four to five years		15,845		979		16,824
Over five years		791		2,597		3,388
Total lease payments	$	213,485	$	18,734	$	232,219
Less: imputed interest		(30,177)		(2,449)		(32,626)
Total operating lease liabilities	$	183,308	$	16,285	$	199,593

Current operating lease liabilities	$	48,466	$	5,941	$	54,407
Non-current operating lease liabilities		134,842		10,344		145,186
Total operating lease liabilities	$	183,308	$	16,285	$	199,593

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


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

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

Schedule of weighted average remaining lease term and discount rate

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


	March 31,		December 31,
	2023		2022
Weighted average remaining lease term	3.8	years	4.0	years
Weighted average discount rate	7.91	%	7.84	%

Schedule of other information related to operating leases

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

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of March 31, 2023 are as follows (in thousands):


	2023		2026		MARAD
	Notes		Notes		Debt		Total
Less than one year	$	30,000	$	—	$	8,539	$	38,539
One to two years		—		—		8,965		8,965
Two to three years		—		200,000		9,412		209,412
Three to four years		—		—		9,881		9,881
Gross debt		30,000		200,000		36,797		266,797
Unamortized debt issuance costs ⁽¹⁾		(87)		(4,299)		(1,951)		(6,337)
Total debt		29,913		195,701		34,846		260,460
Less current maturities		(29,913)		—		(8,539)		(38,452)
Long-term debt	$	—	$	195,701	$	26,307	$	222,008

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

Schedule of components of net interest expense

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


	Three Months Ended
	March 31,
	2023		2022
Interest expense	$	4,869	$	5,307
Interest income		(682)		(133)
Net interest expense	$	4,187	$	5,174

Revenue From Contracts With Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

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


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Three months ended March 31, 2023
Short-term	$	77,767	$	35,205	$	49,381	$	—	$	—	$	162,353
Long-term		64,671		14,017		—		20,905		(11,862)		87,731
Total	$	142,438	$	49,222	$	49,381	$	20,905	$	(11,862)	$	250,084

Three months ended March 31, 2022
Short-term	$	91,346	$	21,137	$	—	$	—	$	(635)	$	111,848
Long-term		15,021		16,214		—		18,294		(11,252)		38,277
Total	$	106,367	$	37,351	$	—	$	18,294	$	(11,887)	$	150,125

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of computations of basic and diluted EPS

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


	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(5,165)		$	(42,031)
Net loss available to common shareholders	$	(5,165)	151,764	$	(42,031)	151,142

Schedule of shares excluded from diluted EPS calculation

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


	Three Months Ended
	March 31,
	2023	2022
Diluted shares (as reported)	151,764	151,142
Share-based awards	2,740	953
Total	154,504	152,095

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


	Three Months Ended
	March 31,
	2023	2022
2022 Notes	—	2,435
2023 Notes	3,168	3,168
2026 Notes	28,676	28,676

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-based Payment Arrangement [Abstract]

Schedule of grants of share-based awards

During the three-month period ended March 31, 2023, the following grants of share-based awards were made under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period
January 1, 2023 ⁽¹⁾	RSU	506,436	$	7.38	33% per year over three years
January 3, 2023 ⁽¹⁾	PSU	489,498	$	9.26	100% on December 31, 2025
January 1, 2023 ⁽²⁾	Restricted stock	9,210	$	7.38	100% on January 1, 2025

(1)	Reflects grants to our executive officers.

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

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of financial data by reportable segment

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


	Three Months Ended
	March 31,
	2023		2022
Net revenues —
Well Intervention	$	142,438	$	106,367
Robotics		49,222		37,351
Shallow Water Abandonment		49,381		—
Production Facilities		20,905		18,294
Intercompany eliminations		(11,862)		(11,887)
Total	$	250,084	$	150,125

Income (loss) from operations —
Well Intervention	$	(8,143)	$	(31,758)
Robotics		5,094		1,480
Shallow Water Abandonment		6,822		—
Production Facilities		5,157		5,851
Segment operating income (loss)		8,930		(24,427)
Change in fair value of contingent consideration		(3,992)		—
Corporate, eliminations and other		(13,241)		(8,550)
Total	$	(8,303)	$	(32,977)

Schedule of intercompany segment revenues

Intercompany segment revenues are as follows (in thousands):


	Three Months Ended
	March 31,
	2023		2022
Well Intervention	$	4,469	$	3,850
Robotics		7,393		8,037
Total	$	11,862	$	11,887

Schedule of total assets by reportable segment

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


	March 31,		December 31,
	2023		2022
Well Intervention	$	1,795,612	$	1,796,269
Robotics		183,986		192,694
Shallow Water Abandonment		205,544		206,944
Production Facilities		128,262		136,382
Corporate and other		55,930		57,049
Total	$	2,369,334	$	2,389,338

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

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


	2023		2022
AROs at January 1,	$	51,956	$	29,658
Accretion expense		1,168		741
AROs at March 31,	$	53,124	$	30,399

Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of supplemental cash flow information

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

(1)	Exclusive of any income tax refunds.

Allowance For Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Credit Loss [Abstract]

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

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


	2023		2022
Balance at January 1,	$	2,277	$	1,477
Additions (reductions) ⁽¹⁾		141		(126)
Balance at March 31,	$	2,418	$	1,351

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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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

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

Fair Value at March 31, 2023

Level 1

Level 2

Level 3

Total

Liabilities:

Contingent consideration

—

46,746

Schedule of changes in the fair value of contingent consideration

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


	2023
Balance at January 1,	$	42,754
Change in fair value		3,992
Balance at March 31,	$	46,746

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

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


	March 31, 2023				December 31, 2022
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
MARAD Debt (matures February 2027)	$	36,797	$	36,888	$	40,913	$	40,940
2023 Notes (mature September 2023)		30,000		30,590		30,000		31,149
2026 Notes (mature February 2026)		200,000		274,287		200,000		277,014
Total debt	$	266,797	$	341,765	$	270,913	$	349,103

(1)	Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 6 for additional disclosures on our long-term debt.

(2)

Company Overview (Details)	3 Months Ended	6 Months Ended
Company Overview (Details)	Mar. 31, 2023 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

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

Alliance Acquisition - Pro forma information (Details) - Alliance $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Revenues	$ 177,621
Net loss	$ (41,709)

Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaids	$ 21,365	$ 26,609
Income tax receivable	1,093
Contract assets	712	6,295
Deferred costs	27,505	13,969
Other	12,553	11,826
Total other current assets	$ 63,228	$ 58,699

Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid charter	$ 12,544	$ 12,544
Deferred costs	4,526	6,432
Other receivable	25,422	24,827
Intangible assets with finite lives, net	4,386	4,465
Other	2,201	2,239
Total other assets, net	$ 49,079	$ 50,507

Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and related benefits	$ 29,877	$ 41,339
Accrued interest	2,081	6,306
Income tax payable		479
Deferred revenue	11,555	9,961
Other	17,298	15,489
Total accrued liabilities	$ 60,811	$ 73,574

Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset retirement obligations	$ 53,124	$ 51,956
Contingent consideration	46,746	42,754
Other	940	520
Total other non-current liabilities	$ 100,810	$ 95,230

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 17,006	$ 14,462
Variable lease cost	4,910	4,922
Short-term lease cost	6,977	5,438
Sublease income	(331)	(249)
Net lease cost	$ 28,562	$ 24,573

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	$ 67,620	$ 64,666
One to two years	65,575	61,212
Two to three years	38,664	46,197
Three to four years	40,148	36,159
Four to five years	16,824	27,203
Over five years	3,388	5,824
Total lease payments	232,219	241,261
Less: imputed interest	(32,626)	(35,661)
Total operating lease liabilities	199,593	205,600
Current operating lease liabilities	54,407	50,914
Non-current operating lease liabilities	145,186	154,686
Vessels
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	60,932	58,063
One to two years	60,058	55,515
Two to three years	36,690	43,400
Three to four years	39,169	35,200
Four to five years	15,845	26,244
Over five years	791	3,041
Total lease payments	213,485	221,463
Less: imputed interest	(30,177)	(32,986)
Total operating lease liabilities	183,308	188,477
Current operating lease liabilities	48,466	45,131
Non-current operating lease liabilities	134,842	143,346
Facilities and Equipment
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	6,688	6,603
One to two years	5,517	5,697
Two to three years	1,974	2,797
Three to four years	979	959
Four to five years	979	959
Over five years	2,597	2,783
Total lease payments	18,734	19,798
Less: imputed interest	(2,449)	(2,675)
Total operating lease liabilities	16,285	17,123
Current operating lease liabilities	5,941	5,783
Non-current operating lease liabilities	$ 10,344	$ 11,340

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years 9 months 18 days	4 years
Weighted average discount rate (as a percent)	7.91%	7.84%

Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 16,184	$ 16,010
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 6,070	$ 60,699

Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less than one year	$ 38,539
One to two years	8,965
Two to three years	209,412
Three to four years	9,881
Gross debt	266,797	$ 270,913
Unamortized debt issuance costs	(6,337)
Total debt	260,460
Less: current maturities	(38,452)	(38,200)
Long-term debt	222,008	225,875
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	(87)
Total debt	29,913
Less: current maturities	(29,913)
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Two to three years	200,000
Gross debt	200,000	200,000
Unamortized debt issuance costs	(4,299)
Total debt	195,701
Long-term debt	195,701
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Less than one year	8,539
One to two years	8,965
Two to three years	9,412
Three to four years	9,881
Gross debt	36,797	$ 40,913
Unamortized debt issuance costs	(1,951)
Total debt	34,846
Less: current maturities	(8,539)
Long-term debt	$ 26,307

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions	3 Months Ended
	Mar. 31, 2023 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	80.0
Letters of credit issued	6.9
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 \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
United Kingdom \| SONIA \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom \| SONIA \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%

Long-Term Debt - Convertible Senior Notes Due 2022 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	May 01, 2022
Debt Instrument [Line Items]
Interest expense	$ 4,869	$ 5,307
Amortization of debt issuance costs	$ 596	590
2022 Notes (matured May 2022)
Debt Instrument [Line Items]
Repurchased principal amount			$ 35,000
Interest rate (as a percent)			4.80%
Interest expense		$ 400

Long-Term Debt - Convertible Senior Notes Due 2023 (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 4,869,000	$ 5,307,000
Amortization of debt issuance costs	$ 596,000	590,000
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%
Effective interest rate (as a percent)	4.80%
Interest expense	$ 400,000	400,000
Coupon interest expense	300,000	300,000
Amortization of debt issuance costs	$ 100,000	$ 100,000
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

Long-Term Debt - Convertible Senior Notes Due 2026 (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 4,869,000	$ 5,307,000
Amortization of debt issuance costs	$ 596,000	590,000
2026 Capped Calls
Debt Instrument [Line Items]
Initial cap price \| $ / shares	$ 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	$ 3,700,000	3,700,000
Coupon interest expense	3,400,000	3,400,000
Amortization of debt issuance costs	$ 300,000	$ 300,000
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 - 2026 Capped Calls (Details) - 2026 Capped Calls $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Debt Instrument [Line Items]
Aggregate number of common shares subject to capped calls \| shares	28,675,900
Initial strike price	$ 6.97
Initial cap price	$ 8.42
Aggregate cost of capped call transactions \| $	$ 10.6

Long-Term Debt - MARAD Debt (Details) - MARAD Debt (matures February 2027)	3 Months Ended
	Mar. 31, 2023
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 - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Interest expense	$ 4,869	$ 5,307
Interest income	(682)	(133)
Net interest expense	$ 4,187	$ 5,174

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (2,018)	$ 2,140
Effective tax rate	28.10%	(5.40%)

- Definition

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

+ References + Details

Share Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Feb. 20, 2023
Share Repurchase Programs
Cost of shares repurchased	$ 5,006
2023 Repurchase Program
Share Repurchase Programs
Authorized repurchase amount		$ 200,000
Shares repurchased (in shares)	660,000
Cost of shares repurchased	$ 5,000
Average cost per share (USD per share)	$ 7.55

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue From Contracts With Customers
Net revenues	$ 250,084	$ 150,125
Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(11,862)	(11,887)
Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	142,438	106,367
Well Intervention \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(4,469)	(3,850)
Robotics \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	49,222	37,351
Robotics \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(7,393)	(8,037)
Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	49,381
Production Facilities \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	20,905	18,294
Short-term
Revenue From Contracts With Customers
Net revenues	162,353	111,848
Short-term \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues		(635)
Short-term \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	77,767	91,346
Short-term \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	35,205	21,137
Short-term \| Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	49,381
Long-term
Revenue From Contracts With Customers
Net revenues	87,731	38,277
Long-term \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(11,862)	(11,252)
Long-term \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	64,671	15,021
Long-term \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	14,017	16,214
Long-term \| Production Facilities \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	$ 20,905	$ 18,294

Revenue From Contracts With Customers - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0.7		$ 6.3
Credit losses on contract assets	0.0	$ 0.0
Contract liabilities	11.6		10.0
Revenue recognized	3.9	4.3
Deferred contract costs	32.0		$ 20.4
Amortization of deferred contract costs	$ 4.7	$ 4.6

Revenue From Contracts With Customers - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 920.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 554.3
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 363.6
Expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 2.5
Expected timing of satisfaction	12 months

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic:
Net loss attributable to common shareholders	$ (5,165)	$ (42,031)
Net loss available to common shareholders, basic	$ (5,165)	$ (42,031)
Weighted average number of shares outstanding, basic (in shares)	151,764	151,142
Diluted:
Net loss available to common shareholders, diluted	$ (5,165)	$ (42,031)
Weighted average number of shares outstanding, diluted (in shares)	151,764	151,142

- Definition

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

+ References

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- Definition

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

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- Definition

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

+ References + Details

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Diluted shares (as reported)	151,764	151,142
Share-based awards	2,740	953
Total	154,504	152,095

Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2022 Notes
Earnings Per Share
Antidilutive securities (in shares)		2,435
2023 Notes
Earnings Per Share
Antidilutive securities (in shares)	3,168	3,168
2026 Notes
Earnings Per Share
Antidilutive securities (in shares)	28,676	28,676

Employee Benefit Plans - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Jan. 03, 2023 item	Jan. 31, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
401(k) Plan
Employee Benefit Plans
Employer matching contribution (as a percent)			50.00%
Employer matching contribution percent of employees' salary (up to)			5.00%
Plan cost recognized			$ 0.6	$ 0.4
2005 Incentive Plan
Employee Benefit Plans
Shares available for issuance (in shares) \| shares			3,500,000
Restricted Stock
Employee Benefit Plans
Granted to executive officers and other employees (in shares) \| shares			0
Compensation cost			$ 0.3	0.6
PSUs
Employee Benefit Plans
Number of components of equity awards granted \| item	2
Percentage based on service and market conditions	50.00%
Percentage based on service and performance conditions	50.00%
Compensation cost			1.2	1.1
Performance Period		3 years
Share-based payment awards vested (in shares) \| shares		369,938
Award vesting percentage		77.00%
PSUs \| Common Stock
Employee Benefit Plans
Shares issued upon vesting (in shares) \| shares		285,778
Fair value of awards vested		$ 3.6
PSUs \| Maximum
Employee Benefit Plans
Award vesting percentage	200.00%
PSUs \| Minimum
Employee Benefit Plans
Award vesting percentage	0.00%
RSUs
Employee Benefit Plans
Compensation cost			1.2	0.6
Fixed Value Cash Awards
Employee Benefit Plans
Long-term incentive cash awards granted			$ 6.0		$ 5.5
Vesting period			3 years
Deferred compensation cost			$ 1.2	$ 1.0
ESPP
Employee Benefit Plans
Shares available for issuance (in shares) \| shares			1,300,000
Purchase limit per employee (in shares) \| shares			260

Employee Benefit Plans - Share-Based Awards Granted (Details) - $ / shares			1 Months Ended	3 Months Ended
	Jan. 03, 2023	Jan. 01, 2023	Jan. 31, 2023	Mar. 31, 2023
RSUs \| Officers
Employee Benefit Plans
Date of Grant		Jan. 01, 2023
Shares/Units		506,436
Grant Date Fair Value Per Share/Unit		$ 7.38
Vesting Percentage		33.00%
Vesting Period		3 years
PSUs
Employee Benefit Plans
Vesting Percentage			77.00%
Share-based payment awards vested (in shares)			369,938
PSUs \| Officers
Employee Benefit Plans
Date of Grant	Jan. 03, 2023
Shares/Units	489,498
Grant Date Fair Value Per Share/Unit	$ 9.26
Vesting Percentage	100.00%
Vesting Date	Dec. 31, 2025
Restricted Stock
Employee Benefit Plans
Shares/Units				0
Restricted Stock \| Board of Directors
Employee Benefit Plans
Date of Grant		Jan. 01, 2023
Shares/Units		9,210
Grant Date Fair Value Per Share/Unit		$ 7.38
Vesting Percentage		100.00%
Vesting Date		Jan. 01, 2025

Business Segment Information - Narrative (Details) - segment	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Number of reportable segments	4	3

Business Segment Information - Financial Data By Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Segment Information
Net revenues	$ 250,084	$ 150,125
Change in fair value of contingent consideration	(3,992)
Income (loss) from operations	(8,303)	(32,977)
Reportable Segments
Business Segment Information
Income (loss) from operations	8,930	(24,427)
Intercompany Eliminations
Business Segment Information
Net revenues	(11,862)	(11,887)
Corporate, Eliminations and Other
Business Segment Information
Income (loss) from operations	(13,241)	(8,550)
Well Intervention \| Reportable Segments
Business Segment Information
Net revenues	142,438	106,367
Income (loss) from operations	(8,143)	(31,758)
Well Intervention \| Intercompany Eliminations
Business Segment Information
Net revenues	(4,469)	(3,850)
Robotics \| Reportable Segments
Business Segment Information
Net revenues	49,222	37,351
Income (loss) from operations	5,094	1,480
Robotics \| Intercompany Eliminations
Business Segment Information
Net revenues	(7,393)	(8,037)
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Net revenues	49,381
Income (loss) from operations	6,822
Production Facilities \| Reportable Segments
Business Segment Information
Net revenues	20,905	18,294
Income (loss) from operations	$ 5,157	$ 5,851

Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Segment Information
Net revenues	$ (250,084)	$ (150,125)
Intercompany Eliminations
Business Segment Information
Net revenues	11,862	11,887
Intercompany Eliminations \| Well Intervention
Business Segment Information
Net revenues	4,469	3,850
Intercompany Eliminations \| Robotics
Business Segment Information
Net revenues	$ 7,393	$ 8,037

- Definition

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

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Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Business Segment Information
Total assets	$ 2,369,334	$ 2,389,338
Corporate, Eliminations and Other
Business Segment Information
Total assets	55,930	57,049
Well Intervention \| Reportable Segments
Business Segment Information
Total assets	1,795,612	1,796,269
Robotics \| Reportable Segments
Business Segment Information
Total assets	183,986	192,694
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Total assets	205,544	206,944
Production Facilities \| Reportable Segments
Business Segment Information
Total assets	$ 128,262	$ 136,382

- 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.

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Asset Retirement Obligations - Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Asset Retirement Obligations
Asset retirement obligation		$ 53,124	$ 51,956	$ 30,399	$ 29,658
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in our AROs:
AROs at beginning of year	$ 51,956	$ 29,658
Accretion expense	1,168	741
AROs at end of period	$ 53,124	$ 30,399

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

Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 8,498	$ 8,708
Income taxes paid	$ 1,708	$ 2,736

Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Non-cash capital additions	$ 0.2	$ 0.3

Allowance For Credit Losses - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for credit losses
Balance at beginning of year	$ 2,277	$ 1,477
Additions (reductions)	141	(126)
Balance at end of period	$ 2,418	$ 1,351

Fair Value Measurements - Assets And Liabilities At Fair Value On Recurring Basis (Details) - Recurring $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value Measurements
Contingent consideration	$ 46,746
Level 3
Fair Value Measurements
Contingent consideration	$ 46,746

Fair Value Measurements - Change in Fair Value of Contingent Consideration (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Change in the fair value of contingent consideration:
Balance at January 1,	$ 42,754
Change in fair value	3,992
Balance at end of period	$ 46,746

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Principal Amount	$ 266,797	$ 270,913
Fair Value	341,765	349,103
MARAD Debt (matures February 2027)
Fair Value Measurements
Principal Amount	36,797	40,913
Fair Value	36,888	40,940
2023 Notes (mature September 2023)
Fair Value Measurements
Principal Amount	30,000	30,000
Fair Value	30,590	31,149
2026 Notes (mature February 2026)
Fair Value Measurements
Principal Amount	200,000	200,000
Fair Value	$ 274,287	$ 277,014