0000866829-24-000007 | 10-K | XBRL Viewer | Helix Energy Solutions Group INC

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Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Taxes at U.S. statutory rate	$ 1,578	$ (15,788)	$ (14,835)
Foreign tax provision	1,590	18,011	10,326
Change in valuation allowance	6,374	8,110	(5,675)
Non-deductible expenses	2,926	2,366	1,487
Extinguishment of long-term debt	6,372
Other	(488)	(96)	(261)
Income tax provision (benefit)	$ 18,352	$ 12,603	$ (8,958)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Taxes at U.S. statutory rate	21.00%	21.00%	21.00%
Foreign taxes	21.20%	(24.00%)	(14.60%)
Change in valuation allowance	84.80%	(10.80%)	8.00%
Non-deductible expenses	38.90%	(3.10%)	(2.10%)
Extinguishment of long-term debt	84.80%
Other	(6.50%)	0.10%	0.40%
Effective tax rate	244.20%	(16.80%)	12.70%

Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Segment Information
Total assets	$ 2,556,036	$ 2,389,338
Corporate, Eliminations and Other
Business Segment Information
Total assets	210,674	57,049
Well Intervention \| Reportable Segments
Business Segment Information
Total assets	1,790,971	1,796,269
Robotics \| Reportable Segments
Business Segment Information
Total assets	177,801	192,694
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Total assets	256,356	206,944
Production Facilities \| Reportable Segments
Business Segment Information
Total assets	$ 120,234	$ 136,382

- 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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+ Details

Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaids	$ 28,352	$ 26,609
Contract assets	5,824	6,295
Deferred costs	36,041	13,969
Other	15,006	11,826
Total other current assets	$ 85,223	$ 58,699

Details Of Certain Accounts

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details Of Certain Accounts

Note 4 — Details of Certain Accounts

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


	December 31,
	2023		2022
Prepaids	$	28,352	$	26,609
Contract assets (Note 11)		5,824		6,295
Deferred costs (Note 11)		36,041		13,969
Other		15,006		11,826
Total other current assets	$	85,223	$	58,699

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


	December 31,
	2023		2022
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 11)		587		6,432
Other receivable ⁽²⁾		25,623		24,827
Intangible assets with finite lives, net		4,105		4,465
Other		1,964		2,239
Total other assets, net	$	44,823	$	50,507

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

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

Accrued liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Accrued payroll and related benefits	$	59,010	$	41,339
Accrued interest		4,181		6,306
Income tax payable		1,938		479
Deferred revenue (Note 11)		32,763		9,961
Earn-out consideration (Note 3)		85,000		—
Other ⁽¹⁾		20,220		15,489
Total accrued liabilities	$	203,112	$	73,574

(1)	During the third quarter 2023, we acquired five P&A systems and other assets for total consideration of $17.6 million including $6.0 million in cash in addition to credits towards future services offered by us. Amount as of December 31, 2023 included $9.0 million of those credits.

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


	December 31,
	2023		2022
Asset retirement obligations (Note 15)	$	61,356	$	51,956
Contingent consideration (Note 19)		—		42,754
Other ⁽¹⁾		4,892		520
Total other non-current liabilities	$	66,248	$	95,230

(1)	Amount as of December 31, 2023 included $2.6 million of credits offered by us in exchange for the purchase of P&A equipment (see above).

Summary Of Significant Accounting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt	$ 361,722	$ 264,075
Common stock	1,271,565	1,298,740
Retained earnings	312,450	323,288
Deferred tax liabilities	$ 110,555	$ 98,883
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt			$ 44,100
Common stock			(41,500)
Retained earnings			6,700
Deferred tax liabilities			$ (9,300)

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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- Definition

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Asset Retirement Obligations - Changes in AROs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in our AROs:
AROs at beginning of year	$ 51,956	$ 29,658	$ 30,913
Liability incurred during the period		23,601
Revisions in estimates	3,257	(3,285)	(2,631)
Accretion expense	6,143	1,982	1,376
AROs at end of year	$ 61,356	$ 51,956	$ 29,658

Employee Benefit Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan cost recognized	$ 4.3	$ 3.0	$ 1.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

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

Employee Benefit Plans - Grants of Share-based Awards (Details) - USD ($) $ / shares in Units, $ in Millions							1 Months Ended			12 Months Ended
	Dec. 07, 2023	Oct. 01, 2023	Jul. 01, 2023	Apr. 01, 2023	Jan. 03, 2023	Jan. 01, 2023	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units										506,436	1,065,705	452,381
Grant Date Fair Value Per Share/Unit										$ 7.38	$ 3.12	$ 4.20
Share-based payment awards vested (in shares)										506,028	150,792
RSUs \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant								Jan. 01, 2023
Shares/Units								506,436
Grant Date Fair Value Per Share/Unit								$ 7.38
Vesting Percentage								33.00%
Vesting Period								3 years
RSUs \| Officers \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units							375,730
Grant Date Fair Value Per Share/Unit							$ 10.28
Total market value granted							$ 3.9
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units										489,498	1,065,705	452,381
Grant Date Fair Value Per Share/Unit										$ 9.26	$ 4.25	$ 5.33
Vesting Period										3 years
Share-based payment awards vested (in shares)								369,938	559,150	369,938	559,150	368,038
PSUs \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant					Jan. 03, 2023
Shares/Units					489,498
Grant Date Fair Value Per Share/Unit					$ 9.26
Vesting Percentage					100.00%
Vesting Date					Dec. 31, 2025
PSUs \| Officers \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units							351,410
Grant Date Fair Value Per Share/Unit							$ 12.30
Total market value granted							$ 4.3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units										148,224	253,358	332,841
Grant Date Fair Value Per Share/Unit										$ 8.68	$ 5.33	$ 3.59
Share-based payment awards vested (in shares)										342,723	719,456	656,066
Restricted Stock \| Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant	Dec. 06, 2023	Oct. 01, 2023	Jul. 01, 2023	Apr. 01, 2023		Jan. 01, 2023
Shares/Units	119,049	5,076	7,622	7,267		9,210
Grant Date Fair Value Per Share/Unit	$ 8.82	$ 11.17	$ 7.38	$ 7.74		$ 7.38
Vesting Percentage	100.00%	100.00%	100.00%	100.00%		100.00%
Vesting Date	Dec. 06, 2024	Jan. 01, 2025	Jan. 01, 2025	Jan. 01, 2025		Jan. 01, 2025
Fixed Value Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted										$ 6.0	$ 5.5	$ 3.5
Fixed Value Cash Awards \| Management and Employee \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted							$ 6.1

Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Segment Information
Net revenues	$ (1,289,728)	$ (873,100)	$ (674,728)
Intercompany Eliminations
Business Segment Information
Net revenues	63,747	50,187	48,479
Intercompany Eliminations \| Well Intervention
Business Segment Information
Net revenues	28,396	16,545	21,521
Intercompany Eliminations \| Robotics
Business Segment Information
Net revenues	35,263	$ 33,642	$ 26,958
Intercompany Eliminations \| Shallow Water Abandonment
Business Segment Information
Net revenues	$ 88

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense	$ 21,359	$ 20,176	$ 23,489
Interest income	(4,021)	(1,226)	(288)
Net interest expense	$ 17,338	$ 18,950	$ 23,201

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Statement Of Cash Flow Information

Note 17 — Statement of Cash Flow Information

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


	Year Ended December 31,
	2023		2022		2021
Interest paid	$	20,984	$	18,267	$	20,719
Income taxes paid ⁽¹⁾		7,394		9,516		8,310

(1)	Exclusive of any income tax refunds. During the years ended December 31, 2022 and 2021, we received refunds related to the U.S. Coronavirus Aid, Relief, and Economic Security Act of $1.1 million and $18.9 million, respectively.

Our capital additions include the acquisition of property and equipment for which payment has not been made. As of December 31, 2023 and 2022, these non-cash capital additions totaled $1.1 million and $0.4 million, respectively.

Non-cash investing and financing activities for the year ended December 31, 2023 included a portion of P&A equipment purchase financed by the seller in the form of credits towards future services offered by us which had an estimated fair value of $11.6 million at the time of purchase in the third quarter 2023 (Note 4). Non-cash financing activities for the year ended December 31, 2023 included the issuance of 1.5 million shares of our common stock for the repurchase of a portion of our 2026 Notes. Non-cash investing activities for the year ended December 31, 2022 included $26.7 million in estimated fair value of contingent earn-out consideration as of July 1, 2022, the date of the Alliance acquisition (Note 3).

Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for operating lease liabilities	$ 68,788	$ 58,129	$ 61,826
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 26,502	$ 144,134	$ 5,992

Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less than one year	$ 48,948
One to two years	9,186
Two to three years	9,644
Three to four years	5,001
Over five years	300,000
Gross debt	372,779	$ 270,913
Unamortized debt discount	(1,404)
Unamortized debt issuance costs	(9,653)	(6,838)
Total debt	361,722	264,075
Less: current maturities	(48,292)	(38,200)
Long-term debt	313,430	225,875
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Less than one year	40,199
Gross debt	40,199	200,000
Unamortized debt issuance costs	(656)
Total debt	39,543
Less: current maturities	(39,543)
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Less than one year	8,749
One to two years	9,186
Two to three years	9,644
Three to four years	5,001
Gross debt	32,580	$ 40,913
Unamortized debt issuance costs	(1,586)
Total debt	30,994
Less: current maturities	(8,749)
Long-term debt	22,245
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Over five years	300,000
Gross debt	300,000
Unamortized debt discount	(1,404)
Unamortized debt issuance costs	(7,411)
Total debt	291,185
Long-term debt	$ 291,185

Business Segment Information - Summary Of Financial Data By Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Segment Information
Net revenues	$ 1,289,728	$ 873,100	$ 674,728
Income (loss) from operations	63,510	(44,855)	(48,687)
Change in fair value of contingent consideration	(42,246)	(16,054)
Net interest expense	(17,338)	(18,950)	(23,201)
Other non-operating income (expense), net	(38,658)	(11,376)	1,246
Income (loss) before income taxes	7,514	(75,181)	(70,642)
Capital expenditures	19,588	33,504	8,322
Depreciation and amortization	164,116	142,686	141,514
Reportable Segments
Business Segment Information
Income (loss) from operations	171,920	26,310	(7,214)
Change in fair value of contingent consideration	(42,246)	(16,054)
Intercompany Eliminations
Business Segment Information
Net revenues	(63,747)	(50,187)	(48,479)
Corporate, Eliminations and Other
Business Segment Information
Income (loss) from operations	(66,164)	(55,111)	(41,473)
Capital expenditures	978	1,176	(917)
Depreciation and amortization	309	(167)	(660)
Well Intervention \| Reportable Segments
Business Segment Information
Net revenues	732,761	524,241	516,564
Income (loss) from operations	32,398	(53,056)	(35,882)
Capital expenditures	7,763	17,617	2,349
Depreciation and amortization	113,025	103,952	107,551
Well Intervention \| Intercompany Eliminations
Business Segment Information
Net revenues	(28,396)	(16,545)	(21,521)
Robotics \| Reportable Segments
Business Segment Information
Net revenues	257,875	191,921	137,295
Income (loss) from operations	52,450	29,981	5,762
Capital expenditures	3,957	15,603	120
Depreciation and amortization	9,604	12,209	15,158
Robotics \| Intercompany Eliminations
Business Segment Information
Net revenues	(35,263)	(33,642)	(26,958)
Shallow Water Abandonment \| Reportable Segments
Business Segment Information
Net revenues	274,954	124,810
Income (loss) from operations	66,240	22,184
Capital expenditures	6,890	532
Depreciation and amortization	20,150	8,172
Shallow Water Abandonment \| Intercompany Eliminations
Business Segment Information
Net revenues	(88)
Production Facilities \| Reportable Segments
Business Segment Information
Net revenues	87,885	82,315	69,348
Income (loss) from operations	20,832	27,201	22,906
Capital expenditures		(1,424)	6,770
Depreciation and amortization	$ 21,028	$ 18,520	$ 19,465

Details Of Certain Accounts - Accrued Liabilities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accrued Liabilities, Current [Abstract]
Accrued payroll and related benefits		$ 59,010	$ 41,339
Accrued interest		4,181	6,306
Income tax payable		1,938	479
Deferred revenue		32,763	9,961
Earn-out consideration		85,000
Other		20,220	15,489
Total accrued liabilities		203,112	73,574
Cash paid for acquired assets		19,588	$ 33,504	$ 8,322
P&A Systems
Accrued Liabilities, Current [Abstract]
Number of P&A systems \| item	5
Consideration for acquired assets	$ 17,600
Cash paid for acquired assets	$ 6,000
Credit towards future services, current		$ 9,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 332,191	$ 186,604
Restricted cash		2,507
Accounts receivable, net of allowance for credit losses of $3,407 and $2,277, respectively	280,427	212,779
Other current assets	85,223	58,699
Total current assets	697,841	460,589
Property and equipment	3,078,571	3,016,312
Less accumulated depreciation	(1,505,722)	(1,374,697)
Property and equipment, net	1,572,849	1,641,615
Operating lease right-of-use assets	169,233	197,849
Deferred recertification and dry dock costs, net	71,290	38,778
Other assets, net	44,823	50,507
Total assets	2,556,036	2,389,338
Current liabilities:
Accounts payable	134,552	135,267
Accrued liabilities	203,112	73,574
Current maturities of long-term debt	48,292	38,200
Current operating lease liabilities	62,662	50,914
Total current liabilities	448,618	297,955
Long-term debt	313,430	225,875
Operating lease liabilities	116,185	154,686
Deferred tax liabilities	110,555	98,883
Other non-current liabilities	66,248	95,230
Total liabilities	1,055,036	872,629
Commitments and contingencies
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 152,291 and 151,935 shares issued, respectively	1,271,565	1,298,740
Retained earnings	312,450	323,288
Accumulated other comprehensive loss	(83,015)	(105,319)
Total shareholders' equity	1,501,000	1,516,709
Total liabilities and shareholders' equity	$ 2,556,036	$ 2,389,338

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Borrowing capacity	$ 120.0
Maturity date	Sep. 30, 2026
Springing maturity period	91 days
Outstanding principal amount with a springing maturity	$ 50.0
Additional commitments (up to)	30.0
Sub-limit for the issuance of letters of credit	20.0
Borrowings under ABL Facility	0.0
Available borrowing capacity	99.3
Letters of credit issued	6.9
Pro Forma
Debt Instrument [Line Items]
Available borrowing capacity	$ 30.0
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	$ 12.0
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	$ 85.0
United States \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United States \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
United States \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
United States \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
United Kingdom
Debt Instrument [Line Items]
Borrowing capacity	$ 35.0
United Kingdom \| SOFR
Debt Instrument [Line Items]
Adjustment on variable rate (as a percent)	0.10%
United Kingdom \| SONIA \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
United Kingdom \| SONIA \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%

Allowance Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

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

The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2023 (in thousands):


	Allowance for		Deferred Tax Asset
	Credit Losses		Valuation Allowance
Balance at December 31, 2020	$	3,469	$	19,722
Additions (reductions) ⁽¹⁾		(146)		—
Write-offs ⁽²⁾		(1,846)		—
Adjustments ⁽³⁾		—		(5,675)
Balance at December 31, 2021		1,477		14,047
Additions (reductions) ⁽¹⁾		800		—
Adjustments ⁽⁴⁾		—		8,110
Balance at December 31, 2022		2,277		22,157
Additions (reductions) ^{(1) (5)}		1,149		51,354
Write-offs ⁽²⁾		(19)		—
Adjustments ⁽⁴⁾		—		7,604
Balance at December 31, 2023	$	3,407	$	81,115

(1)	The additions (reductions) in allowance for credit losses relate to reserves (releases) for expected credit losses during the respective years.

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

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

(4)	The increase in valuation allowance relates to current year activity, including adjustments to prior year returns, and the related change in unrealized net deferred tax assets.

(5)	The addition in valuation allowance relates to the adjustment for a change in assessment on the realizability of our Luxembourg net operating losses from remote to less likely than not.

Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2022 Notes
Earnings Per Share
Antidilutive securities (in shares)		600	2,519
2023 Notes
Earnings Per Share
Antidilutive securities (in shares)	2,247	3,168	3,168
2026 Notes
Earnings Per Share
Antidilutive securities (in shares)	28,139	28,676	28,676

Property And Equipment - Gross Components Of Property And Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,078,571	$ 3,016,312
Vessels
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,406,089	2,371,084
Vessels \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Vessels \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Systems and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 337,913	306,316
Systems and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Systems and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
ROVs and Trenchers
Property, Plant and Equipment [Line Items]
Property and equipment	$ 252,753	262,763
ROVs and Trenchers \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
ROVs and Trenchers \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings and Other
Property, Plant and Equipment [Line Items]
Property and equipment	$ 81,816	$ 76,149
Buildings and Other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings and Other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Payment Arrangement [Abstract]

Schedule of grants of share-based awards

The following grants of share-based awards were made in 2023 under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period/Vesting Date
January 1, 2023 ⁽¹⁾	RSU	506,436	$	7.38	33% per year over three years
January 3, 2023 ⁽¹⁾	PSU	489,498	$	9.26	100% on December 31, 2025
January 1, 2023 ⁽²⁾	Restricted stock	9,210	$	7.38	100% on January 1, 2025
April 1, 2023 ⁽²⁾	Restricted stock	7,267	$	7.74	100% on January 1, 2025
July 1, 2023 ⁽²⁾	Restricted stock	7,622	$	7.38	100% on January 1, 2025
October 1, 2023 ⁽²⁾	Restricted stock	5,076	$	11.17	100% on January 1, 2025
December 6, 2023 ⁽²⁾	Restricted stock	119,049	$	8.82	100% on December 6, 2024

(1)	Reflects grants to our executive officers.

(2)	Reflects grants to certain independent members of our Board.

Summary of information about restricted stock

The following table summarizes information about our restricted stock:


	Year Ended December 31,
	2023			2022			2021
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾
Awards outstanding at beginning of year	387,628	$	6.70	853,726	$	5.62	1,176,951	$	6.61
Granted	148,224		8.68	253,358		5.33	332,841		3.59
Vested ⁽²⁾	(342,723)		7.10	(719,456)		4.94	(656,066)		6.35
Awards outstanding at end of year	193,129	$	7.52	387,628	$	6.70	853,726	$	5.62

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

(2)	Total fair value of restricted stock that vested during the years ended December 31, 2023, 2022 and 2021 was $2.9 million, $2.9 million and $2.6 million, respectively.

Summary of information about PSU awards

The following table summarizes information about our PSU awards:


	Year Ended December 31,
	2023			2022			2021
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
PSU awards outstanding at beginning of year	1,888,024	$	6.25	1,381,469	$	8.34	1,297,126	$	9.99
Granted	489,498		9.26	1,065,705		4.25	452,381		5.33
Vested	(369,938)		13.15	(559,150)		7.60	(368,038)		10.44
PSU awards outstanding at end of year	2,007,584	$	5.71	1,888,024	$	6.25	1,381,469	$	8.34

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

Summary of information about RSU awards

The following table summarizes information about our RSU awards:


	Year Ended December 31,
	2023			2022			2021
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
RSU awards outstanding at beginning of year	1,367,294	$	3.36	452,381	$	4.20	—	$	—
Granted	506,436		7.38	1,065,705		3.12	452,381		4.20
Vested	(506,028)		3.44	(150,792)		4.20	—		—
RSU awards outstanding at end of year	1,367,702	$	4.82	1,367,294	$	3.36	452,381	$	4.20

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

Business Combinations - Alliance Acquisition (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Agreed earn-out consideration		$ 85,000
Alliance
Business Acquisition [Line Items]
Total consideration for business acquisition	$ 145,661
Cash paid to acquire companies	118,961
Post-closing earn-out consideration payable	26,700
Agreed earn-out consideration		$ 85,000
Estimated fair values of the identifiable assets acquired and liabilities assumed
Cash consideration	118,961
Contingent consideration	26,700
Total fair value of consideration transferred	145,661
Assets acquired:
Cash and cash equivalents	6,336
Accounts receivable	43,378
Other current assets	6,077
Property and equipment	117,321
Operating lease right-of-use assets	1,205
Intangible assets	1,500
Other assets	2,133
Total assets acquired	177,950
Liabilities assumed:
Accounts payable	20,480
Accrued liabilities	3,073
Operating lease liabilities	1,205
Deferred tax liabilities	7,531
Total liabilities assumed	32,289
Net assets acquired	$ 145,661

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (10,838)	$ (87,784)	$ (61,684)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	164,116	142,686	141,514
Amortization of debt discount	17
Amortization of debt issuance costs	2,485	2,334	3,179
Share-based compensation	6,510	7,451	7,689
Deferred income taxes	11,532	4,386	(15,202)
Equity in (earnings) losses of investment		(8,262)	1
(Gain) loss on disposition of assets, net	(367)		631
Loss on extinguishment of long-term debt	37,277		136
Unrealized foreign currency loss	8,310	21,596	2,252
Change in fair value of contingent consideration	42,246	16,054
Changes in operating assets and liabilities:
Accounts receivable, net	(64,520)	(29,865)	(14,154)
Other current assets	(22,597)	7,593	22,973
Income tax payable, net of income tax receivable	(418)	(49)	18,610
Accounts payable and accrued liabilities	31,996	9,807	46,645
Deferred recertification and dry dock costs, net	(62,522)	(35,072)	(9,620)
Other, net	9,230	233	(2,853)
Net cash provided by operating activities	152,457	51,108	140,117
Cash flows from investing activities:
Alliance acquisition, net of cash acquired		(112,625)
Capital expenditures	(19,588)	(33,504)	(8,322)
Distribution from equity investment, net		7,840
Proceeds from sale of assets	365		51
Proceeds from insurance recoveries	564
Net cash used in investing activities	(18,659)	(138,289)	(8,271)
Cash flows from financing activities:
Proceeds from senior notes, net of discount	298,578
Payments related to convertible senior notes	(261,147)	(35,000)
Proceeds from settlement of capped calls	15,591
Debt issuance costs	(6,817)	(580)	(1,337)
Acquisition of redeemable noncontrolling interests			(2,355)
Repurchases of common stock	(11,988)
Payments related to tax withholding for share-based compensation	(1,757)	(1,902)	(2,001)
Proceeds from issuance of ESPP shares	982	575	654
Net cash provided by (used in) financing activities	25,109	(44,844)	(95,997)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(15,827)	(5,991)	(42)
Net increase (decrease) in cash and cash equivalents and restricted cash	143,080	(138,016)	35,807
Cash and cash equivalents and restricted cash:
Balance, beginning of year	189,111	327,127	291,320
Balance, end of year	332,191	189,111	327,127
Term Loan Repaid September 2021
Cash flows from financing activities:
Repayment of loan debt			(29,826)
Nordea Q5000 Loan Matured January 2021
Cash flows from financing activities:
Repayment of loan debt			(53,572)
MARAD Debt (matures February 2027)
Cash flows from financing activities:
Repayment of loan debt	$ (8,333)	$ (7,937)	$ (7,560)

Summary Of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Foreign currency transaction gains (losses)	$ (4.4)	$ (23.4)	$ (1.5)

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 19 — Fair Value Measurements

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

Contingent consideration liability related to the Alliance acquisition (Note 3) was previously measured at fair value using Level 3 unobservable inputs and determined based on our evaluation of the probability and amount of earn-out that may be achieved based on expected future performance of Helix Alliance. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earn-out expected to be paid in cash in April 2024. As such, the Alliance earn-out consideration has been reported at $85.0 million in the accompanying consolidated balance sheet (Note 4) and was no longer contingent and subject to fair value measurement as of December 31, 2023.

The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 (in thousands):


	Fair Value at December 31, 2022
	Level 1		Level 2		Level 3		Total
Liabilities:
Contingent consideration	$	—	$	—	$	42,754	$	42,754

The reconciliation of Level 3 recurring fair value measurements is as follows (in thousands):


	2023
Balance at January 1,	$	42,754
Change in fair value		42,246
Transfers out of Level 3		(85,000)
Balance at December 31,	$	—

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


	December 31, 2023				December 31, 2022
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
2023 Notes (matured September 2023)	$	—	$	—	$	30,000	$	31,149
2026 Notes (mature February 2026)		40,199		64,117		200,000		277,014
MARAD Debt (matures February 2027)		32,580		32,348		40,913		40,940
2029 Notes (mature March 2029)		300,000		315,987		—		—
Total debt	$	372,779	$	412,452	$	270,913	$	349,103

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

(2)

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

- 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

Organization

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

HELIX ENERGY SOLUTIONS GROUP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Organization

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

Our Operations

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

Our Well Intervention segment provides services enabling our customers to safely access subsea offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby mitigating the need to drill new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and natural gas. Our well intervention vessels include the Q4000, 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 with the delivery of renewable energy and supporting the responsible transition away from a carbon-based economy. Additionally, our robotics services are used in and complement our well intervention services. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers, the IROV boulder grab and robotics support vessels under term charters as well as spot vessels as needed. We offer our ROVs, trenchers and the IROV boulder grab on a stand-alone basis or on an integrated basis with chartered robotics support vessels.

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

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

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 1,289,728	$ 873,100	$ 674,728
Cost of sales	1,089,372	822,484	659,335
Gross profit	200,356	50,616	15,393
Gain (loss) on disposition of assets, net	367		(631)
Acquisition and integration costs	(540)	(2,664)
Change in fair value of contingent consideration	(42,246)	(16,054)
Selling, general and administrative expenses	(94,427)	(76,753)	(63,449)
Income (loss) from operations	63,510	(44,855)	(48,687)
Equity in earnings (losses) of investment		8,262	(1)
Net interest expense	(17,338)	(18,950)	(23,201)
Loss on extinguishment of long-term debt	(37,277)		(136)
Other expense, net	(3,590)	(23,330)	(1,490)
Royalty income and other	2,209	3,692	2,873
Income (loss) before income taxes	7,514	(75,181)	(70,642)
Income tax provision (benefit)	18,352	12,603	(8,958)
Net loss	(10,838)	(87,784)	(61,684)
Net loss attributable to redeemable noncontrolling interests			(146)
Net loss attributable to common shareholders	$ (10,838)	$ (87,784)	$ (61,538)
Loss per share of common stock:
Basic	$ (0.07)	$ (0.58)	$ (0.41)
Diluted	$ (0.07)	$ (0.58)	$ (0.41)
Weighted average common shares outstanding (in shares)
Basic	150,917	151,276	150,056
Diluted	150,917	151,276	150,056

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Diluted shares (as reported)	150,917	151,276	150,056
Share-based awards	3,154	2,158	1,282
Total	154,071	153,434	151,338

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

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

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


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

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

Schedule of pro forma information

The pro forma summary table below presents the results of operations as if the Alliance acquisition had occurred on January 1, 2021 (in thousands). The unaudited pro forma summary includes certain transaction accounting adjustments as necessary and uses estimates and assumptions based on information available at the time. The pro forma summary is provided for illustrative purposes only and does not purport to represent Helix’s actual consolidated results of operations had the acquisition been completed as of the date presented, nor should it be considered indicative of Helix’s future consolidated results of operations.


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

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Principles of Consolidation

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

Basis of Presentation

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

Use of Estimates

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

Cash and Cash Equivalents

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

Restricted Cash

We classify cash as restricted when there are legal or contractual restrictions for its withdrawal. Our restricted cash as of December 31, 2022 consisted of $2.5 million pledged toward our asset-based credit agreement (the “ABL Facility”).

Accounts Receivable and Allowance for Credit Losses

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

Business Combinations

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

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

Contingent consideration payable in cash is initially measured at fair value and included as part of the purchase price and subsequently measured at fair value at the end of each reporting period with changes in value reported in “Change in fair value of contingent consideration” in the consolidated statements of operations until the liability is no longer contingent (Note 19).

Acquisition and integration costs consist of legal and professional fees as well as costs incurred to integrate the acquiree’s operations and systems and to align its financial processes and procedures with those of Helix. Those costs are expensed as incurred and are presented separately from “Selling, general and administrative expenses” in the consolidated statements of operations.

Property and Equipment

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

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

Equity Investment

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

Leases

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

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

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

Deferred Recertification and Dry Dock Costs

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

During the years ended December 31, 2023, 2022 and 2021, amortization expense related to deferred recertification and dry dock costs was $25.7 million, $14.0 million and $14.6 million, respectively.

Revenue Recognition

Revenue from Contracts with Customers

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

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

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

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

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

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

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

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

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

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

Income from Oil and Gas Production

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

Income from Royalty Interests

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

Income Taxes

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

We provide for uncertain tax positions and related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by local taxing authorities. At December 31, 2023, we believe we have appropriately accounted for any unrecognized tax benefits.

Share-Based Compensation

Share-based payment awards are classified as either equity or liability awards based on various factors such as award conditions, settlement features, substantive terms and past practices. Shared-based compensation is initially measured at the grant date based on the estimated fair value of an award and subsequently measured depending on their award conditions and classification. Forfeitures are recognized as they occur.

Restricted stock awards are based solely on service conditions and are accounted for as equity awards. Compensation cost for restricted stock is the product of the grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting period on a straight-line basis.

For performance share unit (“PSU”) awards with a service and a market condition that are accounted for as equity awards, compensation cost is measured based on the grant date estimated fair value determined using a Monte Carlo simulation model and subsequently recognized over the vesting period on a straight-line basis. For PSUs with a service and a performance condition that are accounted for as equity awards, compensation cost is initially measured based on the grant date fair value. Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition.

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

Asset Retirement Obligations

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

Foreign Currency

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

For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in “Other income (expense), net” in the consolidated statements of operations. Foreign currency gains or losses from the remeasurement of monetary assets and liabilities as well as unsettled foreign currency transactions, including intercompany transactions that are not of a long-term investment nature, are also recognized as a component of “Other income (expense), net.” For the years ended December 31, 2023, 2022 and 2021, our foreign currency transaction losses totaled $4.4 million, $23.4 million and $1.5 million, respectively.

Earnings Per Share

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

Basic earnings per share (“EPS”) is computed by dividing net income allocated to common shareholders or net loss by the weighted average shares of our common stock outstanding. Diluted EPS is computed in a similar manner after considering the potential dilutive effect of share-based awards and convertible senior notes and taking the more dilutive of the two-class method and the treasury stock method or if-converted method, as applicable. The dilutive effect of share-based awards is computed using the treasury stock method, as applicable, which includes the incremental shares that would be hypothetically vested in excess of the number of shares assumed to be hypothetically repurchased with the assumed proceeds. The effect of convertible senior notes is computed using the if-converted method, if dilutive, which assumes conversion of the convertible senior notes into shares of our common stock at the beginning of the period, giving income recognition for the add-back of related interest expense (net of tax).

Major Customers and Concentration of Risk

We offer our products and services primarily in the offshore oil and gas and renewable energy markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and natural gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) were as follows: 2023 — Apache (11%) and Shell (10%); 2022 — Shell (15%); and 2021 — Petrobras (23%) and Shell (17%). Most of the concentration of revenues are in our Well Intervention segment and, for 2023, our Shallow Water Abandonment segment.

As of December 31, 2023, 19% of our labor force was covered by collective bargaining agreements or similar arrangements and 17% of our labor force was covered by those agreements that will expire within one year.

Fair Value Measurements

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

●

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

●

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

●

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

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

(a)

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

(b)

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

(c)

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

New Accounting Standards

New accounting standards adopted

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

New accounting standards issued but not yet effective

In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures,” which requires all public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and included within each reported measure of segment profit or loss as well as an amount for other segment items by reportable segment and a description of its composition. ASU No. 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods as well. Among other things, this ASU also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 will be effective on a retrospective basis for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” which requires public business entities on an annual basis to disclose specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet certain quantitative threshold. This ASU also requires that all entities disclose on an annual basis the disaggregation of income taxes paid (net of refunds received) by federal, state and foreign and by jurisdictions, of income (or loss) from continuing operations before income tax expense (or benefit) between domestic and foreign, and of income tax expense (or benefit) from continuing operations by federal, state and foreign. Certain previous disclosure requirements on unrecognized tax benefits and cumulative amount of temporary differences are eliminated. ASU No. 2023-09 will be effective for us beginning January 1, 2025. This ASU is not expected to have a material impact on our consolidated financial statements other than increased disclosure requirements.

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

Long-Term Debt - Convertible Senior Notes Due 2026 (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2024 USD ($)
Debt Instrument [Line Items]
Interest expense		$ 21,359,000	$ 20,176,000	$ 23,489,000
Amortization of debt issuance costs		2,485,000	2,334,000	3,179,000
Cash paid for repurchase of debt		261,147,000	35,000,000
Loss on extinguishment of long-term debt		37,277,000		136,000
Unamortized debt discount	$ 1,404,000	$ 1,404,000
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%	6.75%
Maturity date		Feb. 15, 2026
Frequency of periodic payment		semi-annually
Initial conversion ratio		0.1433795
Aggregate number of shares \| shares		28,675,900
Initial conversion price per share (USD per share) \| $ / shares	$ 6.97	$ 6.97
Effective interest rate (as a percent)	7.60%	7.60%
Interest expense		$ 14,600,000	14,800,000	14,700,000
Coupon interest expense		13,300,000	13,500,000	13,500,000
Amortization of debt issuance costs		$ 1,300,000	$ 1,300,000	$ 1,200,000
Increase in the conversion rate		0.0645207
Redemption price as a percentage of principal amount		100.00%
Principal amount repurchased	$ 159,800,000	$ 159,800,000
Cash paid for repurchase of debt		$ 229,700,000
Shares issued for repurchase of debt (in shares) \| shares		1,500,000
Accrued and unpaid cash interest		$ 3,800,000
Loss on extinguishment of long-term debt		37,400,000
Principal amount tendered for conversion	$ 200,000	$ 200,000
2026 Notes (mature February 2026) \| Subsequent Event
Debt Instrument [Line Items]
Principal amount subject to redemption					$ 40,000,000.0
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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 — Income Taxes

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

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


	Year Ended December 31,
	2023		2022		2021
Current tax provision (benefit):
Domestic	$	1,510	$	—	$	(1,103)
Foreign		5,310		8,217		7,347
Total current	$	6,820	$	8,217	$	6,244
Deferred tax provision (benefit):
Domestic	$	8,689	$	1,167	$	(5,756)
Foreign		2,843		3,219		(9,446)
Total deferred	$	11,532	$	4,386	$	(15,202)
Total income tax provision (benefit)	$	18,352	$	12,603	$	(8,958)

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


	Year Ended December 31,
	2023		2022		2021
Domestic	$	(31,646)	$	(13,745)	$	(53,989)
Foreign		39,160		(61,436)		(16,653)
Income (loss) before income taxes	$	7,514	$	(75,181)	$	(70,642)

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


	Year Ended December 31,
	2023				2022				2021
Taxes at U.S. statutory rate	$	1,578	21.0	%	$	(15,788)	21.0	%	$	(14,835)	21.0	%
Foreign tax provision		1,590	21.2			18,011	(24.0)			10,326	(14.6)
Change in valuation allowance		6,374	84.8			8,110	(10.8)			(5,675)	8.0
Non-deductible expenses		2,926	38.9			2,366	(3.1)			1,487	(2.1)
Extinguishment of long-term debt ⁽¹⁾		6,372	84.8			—	—			—	—
Other		(488)	(6.5)			(96)	0.1			(261)	0.4
Income tax provision (benefit)	$	18,352	244.2	%	$	12,603	(16.8)	%	$	(8,958)	12.7	%

(1)	Primarily relates to the non-deductibility for U.S. federal income tax purposes of certain charges associated with the 2026 Notes Repurchases (Note 7).

For the year ended December 31, 2023, the valuation allowance increased by $59.0 million, which included a $51.4 million increase for a change in assessment of our Luxembourg net operating losses, and a $7.6 million increase in valuation allowance, which was predominantly driven by current year activity, including adjustments to prior year returns. Due to changes in the Luxembourg taxation of our Brazilian operations during the year, the assessment on the realizability of our Luxembourg net operating losses changed from remote to not more likely than not. Therefore, a deferred tax asset and corresponding valuation allowance have been recorded accordingly.

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

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

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


	December 31,
	2023		2022
Deferred tax liabilities:
Depreciation	$	132,178	$	147,302
Prepaid and other		1,560		1,868
Total deferred tax liabilities	$	133,738	$	149,170
Deferred tax assets:
Net operating losses	$	(78,250)	$	(53,136)
Reserves, accrued liabilities and other		(26,048)		(19,308)
Total deferred tax assets		(104,298)		(72,444)
Valuation allowance		81,115		22,157
Net deferred tax liabilities	$	110,555	$	98,883

At December 31, 2023, our U.S. tax attributes included $35.6 million of net operating losses, which do not expire, and $3.0 million in tax credits, which are subject to a full valuation allowance. At December 31, 2023, our non-U.S. net operating losses totaled $280.6 million, which included $217.5 million net operating losses in Luxembourg, and $63.1 million net operating losses in U.K. and Brazil, which do not expire under local tax law.

At December 31, 2023, we had accumulated undistributed earnings generated by our non-U.S. subsidiaries of approximately $79.1 million. With the enactment of the U.S. Tax Cuts and Jobs Act in 2017, repatriations of foreign earnings are generally free of U.S. federal income taxation.

For the year ended December 31, 2023, we released our remaining reserve for uncertain tax positions of $0.1 million, which related to a research and development credit taken on our 2019 U.S. Federal Income Tax Return.

We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. We anticipate that any potential adjustments to our state, local and non-U.S. jurisdiction tax returns by taxing authorities would not have a material impact on our financial position. The tax periods from 2020 through 2023 are open to review and examination by the U.S. Internal Revenue Service. In non-U.S. jurisdictions, the open tax periods include 2019 through 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business Segment Information - Property And Equipment Net Of Accumulated Depreciation By Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Business Segment Information
Property and equipment, net	$ 1,572,849	$ 1,641,615
United States
Business Segment Information
Property and equipment, net	735,406	780,803
United Kingdom
Business Segment Information
Property and equipment, net	617,819	625,001
Brazil
Business Segment Information
Property and equipment, net	$ 219,624	$ 235,811

Details Of Certain Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of other current assets

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


	December 31,
	2023		2022
Prepaids	$	28,352	$	26,609
Contract assets (Note 11)		5,824		6,295
Deferred costs (Note 11)		36,041		13,969
Other		15,006		11,826
Total other current assets	$	85,223	$	58,699

Schedule of other assets, net

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


	December 31,
	2023		2022
Prepaid charter ⁽¹⁾	$	12,544	$	12,544
Deferred costs (Note 11)		587		6,432
Other receivable ⁽²⁾		25,623		24,827
Intangible assets with finite lives, net		4,105		4,465
Other		1,964		2,239
Total other assets, net	$	44,823	$	50,507

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

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

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Accrued payroll and related benefits	$	59,010	$	41,339
Accrued interest		4,181		6,306
Income tax payable		1,938		479
Deferred revenue (Note 11)		32,763		9,961
Earn-out consideration (Note 3)		85,000		—
Other ⁽¹⁾		20,220		15,489
Total accrued liabilities	$	203,112	$	73,574

(1)	During the third quarter 2023, we acquired five P&A systems and other assets for total consideration of $17.6 million including $6.0 million in cash in addition to credits towards future services offered by us. Amount as of December 31, 2023 included $9.0 million of those credits.

Schedule of other non-current liabilities

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


	December 31,
	2023		2022
Asset retirement obligations (Note 15)	$	61,356	$	51,956
Contingent consideration (Note 19)		—		42,754
Other ⁽¹⁾		4,892		520
Total other non-current liabilities	$	66,248	$	95,230

(1)	Amount as of December 31, 2023 included $2.6 million of credits offered by us in exchange for the purchase of P&A equipment (see above).

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2020	Dec. 31, 2022
Option Indexed to Issuer's Equity [Line Items]
Fair value of capped call transactions	$ 14,225
Proceeds from settlement of capped calls	$ 15,591
Common Stock
Common Stock, Shares Authorized	240,000,000		240,000,000
Common stock, par value (USD per share)	$ 0		$ 0
Preferred Stock
Preferred Stock, Shares Authorized	5,000,000
Preferred stock, par value per share (in dollars per share)	$ 0.01
2026 Capped Calls
Option Indexed to Issuer's Equity [Line Items]
Aggregate number of common shares subject to capped calls		28,675,900
Initial strike price		$ 6.97
Initial cap price	$ 8.42	$ 8.42
Aggregate cost of capped call transactions		$ 10,600
Fair value of capped call transactions	$ 14,200
Proceeds from settlement of capped calls	$ 15,600

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of computations of basic and diluted EPS

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


	Year Ended December 31,
	2023			2022			2021
	Income		Shares	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(10,838)		$	(87,784)		$	(61,538)
Less: Accretion of redeemable noncontrolling interests		—			—			(241)
Net loss available to common shareholders	$	(10,838)	150,917	$	(87,784)	151,276	$	(61,779)	150,056

Loss per share	$	(0.07)		$	(0.58)		$	(0.41)

Schedule of shares excluded from diluted EPS calculation

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


	Year Ended December 31,
	2023	2022	2021
Diluted shares (as reported)	150,917	151,276	150,056
Share-based awards	3,154	2,158	1,282
Total	154,071	153,434	151,338

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


	Year Ended December 31,
	2023	2022	2021
2022 Notes	—	600	2,519
2023 Notes	2,247	3,168	3,168
2026 Notes	28,139	28,676	28,676

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 5.8	$ 6.3
Credit losses on contract assets	0.0	0.0	$ 0.0
Contract liabilities	32.8	10.0
Revenue recognized	8.7	7.4	7.9
Deferred contract costs	36.6	20.4
Amortization of deferred contract costs	43.2	29.7	39.1
Impairment losses on deferred contract costs	0.0	0.0	$ 0.0
Revenue From Contracts With Customers
Unsatisfied performance obligations	849.9
Revenue related to performance obligation satisfied in previous years		$ 1.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 700.1
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 128.9
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue From Contracts With Customers
Unsatisfied performance obligations	$ 20.9
Expected timing of satisfaction	1 year

Fair Value Measurements - Alliance Earn-out Consideration (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Agreed earn-out consideration	$ 85,000
Alliance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Agreed earn-out consideration	$ 85,000

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Principal Amount	$ 372,779	$ 270,913
2023 Notes (mature September 2023)
Fair Value Measurements
Principal Amount		30,000
Fair Value		31,149
2026 Notes (mature February 2026)
Fair Value Measurements
Principal Amount	40,199	200,000
Fair Value	64,117	277,014
MARAD Debt (matures February 2027)
Fair Value Measurements
Principal Amount	32,580	40,913
Fair Value	32,348	40,940
2029 Notes (mature March 2029)
Fair Value Measurements
Principal Amount	300,000
Fair Value	315,987
Total Debt
Fair Value Measurements
Principal Amount	372,779	270,913
Fair Value	$ 412,452	$ 349,103

Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

Note 11 — Revenue from Contracts with Customers

Disaggregation of Revenue

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


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue

Year ended December 31, 2023
Short-term	$	443,332	$	133,740	$	241,416	$	—	$	(3,441)	$	815,047
Long-term		289,429		124,135		33,538		87,885		(60,306)		474,681
Total	$	732,761	$	257,875	$	274,954	$	87,885	$	(63,747)	$	1,289,728

Year ended December 31, 2022
Short-term	$	395,867	$	97,533	$	124,810	$	—	$	(635)	$	617,575
Long-term		128,374		94,388		—		82,315		(49,552)		255,525
Total	$	524,241	$	191,921	$	124,810	$	82,315	$	(50,187)	$	873,100

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

Contract Balances

Contract assets are rights to consideration in exchange for services that we have provided to a customer when those rights are conditioned on our future performance. Contract assets generally consist of (i) demobilization fees recognized ratably over the contract term but invoiced upon completion of the demobilization activities and (ii) revenue recognized in excess of the amount billed to the customer for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract assets are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 4). Contract assets as of December 31, 2023 and 2022 were $5.8 million and $6.3 million, respectively. We had no credit losses on our contract assets for the years ended December 31, 2023, 2022 and 2021.

Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer. Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” in the accompanying consolidated balance sheets (Note 4). Contract liabilities as of December 31, 2023 and 2022 totaled $32.8 million and $10.0 million, respectively. Revenue recognized for the years ended December 31, 2023, 2022 and 2021 included $8.7 million, $7.4 million and $7.9 million, respectively, that were included in the contract liability balance as the beginning of each period.

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

Performance Obligations

As of December 31, 2023, $849.9 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $700.1 million, $128.9 million and $20.9 million in 2024, 2025 and 2026, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at December 31, 2023.

For the years ended December 31, 2023 and 2021, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial. For the year ended December 31, 2022, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $1.0 million, which resulted from the retrospective application of certain contractual adjustments.

Contract Fulfillment Costs

Contract fulfillment costs consist of costs incurred in fulfilling a contract with a customer. Our contract fulfillment costs primarily relate to costs incurred for mobilization of personnel and equipment at the beginning of a contract and costs incurred for demobilization at the end of a contract. Mobilization costs are deferred and amortized ratably over the contract term (including anticipated contract extensions) based on the pattern of the provision of services to which the contract fulfillment costs relate. Demobilization costs are recognized when incurred at the end of the contract. Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying consolidated balance sheets (Note 4). Our deferred contract costs as of December 31, 2023 and 2022 totaled $36.6 million and $20.4 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded $43.2 million, $29.7 million and $39.1 million, respectively, related to amortization of deferred contract costs. There were no material impairment losses on deferred contract costs for any period presented.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

Basis Of Presentation

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

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

Restricted Cash

Accounts Receivable and Allowance for Credit Losses

Business Combinations

Property and Equipment

Equity Investment

Leases

Deferred Recertification and Dry Dock Costs

During the years ended December 31, 2023, 2022 and 2021, amortization expense related to deferred recertification and dry dock costs was $25.7 million, $14.0 million and $14.6 million, respectively.

Revenue Recognition

Revenue from Contracts with Customers

Income from Oil and Gas Production

Income from Royalty Interests

Income Taxes

Share-Based Compensation

Asset Retirement Obligations

Foreign Currency

Earnings Per Share

Major Customers and Concentration of Risk

Fair Value Measurements

●

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

●

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

●

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

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

(a)

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

(b)

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

(c)

New Accounting Standards

New accounting standards adopted

New accounting standards issued but not yet effective

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Awards outstanding at beginning of year (in shares)	387,628	853,726	1,176,951
Granted to executive officers and other employees (in shares)	148,224	253,358	332,841
Vested (in shares)	(342,723)	(719,456)	(656,066)
Awards outstanding at end of year (in shares)	193,129	387,628	853,726
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share)	$ 6.70	$ 5.62	$ 6.61
Granted (in dollars per share)	8.68	5.33	3.59
Vested (in dollars per share)	7.10	4.94	6.35
Awards outstanding at end of year (in dollars per share)	$ 7.52	$ 6.70	$ 5.62
Fair value of awards vested	$ 2.9	$ 2.9	$ 2.6
Compensation cost	1.3	$ 2.5	$ 3.3
Future share-based compensation	$ 1.2
Weighted average vesting period (in years)	8 months 12 days

Long-Term Debt - 2029 Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gross debt	$ 372,779	$ 270,913
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Gross debt	300,000
Proceeds from debt, net of discount and issuance costs	291,100
Proceeds to repurchase existing debt	$ 229,700
Interest rate (as a percent)	9.75%
Frequency of periodic payment	semi-annually
Maturity date	Mar. 01, 2029
Redemption price as a percentage of principal amount	100.00%
2029 Notes (mature March 2029) \| 2026
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	104.875%
2029 Notes (mature March 2029) \| 2027
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	102.438%
2029 Notes (mature March 2029) \| 2028 and thereafter
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	100.00%
2029 Notes (mature March 2029) \| Change of Control
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	101.00%
2029 Notes (mature March 2029) \| Minimum
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	40.00%
2029 Notes (mature March 2029) \| Maximum
Debt Instrument [Line Items]
Redemption price as a percentage of principal amount	109.75%

Commitments And Contingencies And Other Matters

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies And Other Matters

Note 16 — Commitments and Contingencies and Other Matters

Commitments

Our Well Intervention segment has long-term charter agreements with Siem Offshore AS for the Siem Helix 1 and Siem Helix 2 vessels expiring in February 2025 and February 2027, respectively, with options to extend. Our Robotics segment has vessel charters for the Grand Canyon II, the Grand Canyon III, the Shelia Bordelon, the Glomar Wave and the Horizon Enabler. Our time charter agreements for the Grand Canyon II and Grand Canyon III vessels expire in December 2027 and May 2028, respectively, with options to renew the Grand Canyon III. In January 2023, we entered into a three-year charter agreement for the Glomar Wave in the North Sea with options to extend. In July 2023, we entered into a new agreement to extend the Horizon Enabler charter until December 2025, with further options to extend.

In January 2024, the expiration date of our time charter agreement for the Shelia Bordelon in the Gulf of Mexico was extended from June 2024 to June 2026. In February 2024, we extended the vessel charters for the Siem Helix 1 until December 2030 and for the Siem Helix 2 until December 2031. These subsequent extensions increased our vessel charter commitments by $559.6 million.

Contingencies and Claims

From time to time, we may incur losses related to our contracts for matters such as costs in excess of contract consideration or claims related to disputes with customers and any obligations thereon. While we believe we maintain appropriate accruals for such matters, the actual loss to us may be more or less than the amounts reserved.

During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earn-out expected to be paid in cash in April 2024 (Note 3). Consequently, any uncertainty related to this liability has been resolved as the payment amount was fixed and the measurement period ended on December 31, 2023.

We are involved in various legal proceedings in the normal course of business, including claims under the General Maritime Laws of the United States and the Merchant Marine Act of 1920 (commonly referred to as the Jones Act), contract-related disputes, employee-related disputes and subsequently identified legacy issues related to Alliance. We recognize losses for lawsuits when the probability of an unfavorable outcome is probable and we can reasonably estimate the amount of the loss. For insured claims, we recognize such losses to the extent they exceed applicable insurance coverage. Although we can give no assurance about the outcome of litigation, claims or other proceedings, we do not currently believe that any loss resulting from litigation, claims or other proceedings, to the extent not otherwise covered by insurance, will have a material adverse impact on our consolidated financial statements.

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Depreciation	$ 132,178	$ 147,302
Prepaid and other	1,560	1,868
Total deferred tax liabilities	133,738	149,170
Deferred tax assets:
Net operating losses	(78,250)	(53,136)
Reserves, accrued liabilities and other	(26,048)	(19,308)
Total deferred tax assets	(104,298)	(72,444)
Valuation allowance	81,115	22,157	$ 14,047	$ 19,722
Net deferred tax liabilities	$ 110,555	$ 98,883

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 9 — Shareholders’ Equity

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

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

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

Concurrently with the 2026 Notes Repurchases in December 2023 (Note 7), we entered into agreements with each of the counterparties to terminate a proportionate amount of the 2026 Capped Calls (the “2026 Capped Calls Terminations”). Upon entering into the 2026 Capped Calls Terminations, we recorded the $14.2 million fair value of the terminated 2026 Capped Calls to “Derivative assets” with a corresponding increase in “Common stock” as those capped calls no longer qualified for equity classification. The derivative assets were subsequently marked to market to the cash settlement amount of $15.6 million with the changes reported in “Loss on extinguishment of long-term debt” in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
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-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Topic 505
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-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	1,200,000
Period common stock may be purchased through payroll deductions	4 months
Percentage of share of non-vested stock considered as call option	85.00%
Purchase limit per employee (in shares)	260

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 (in thousands):


	Fair Value at December 31, 2022
	Level 1		Level 2		Level 3		Total
Liabilities:
Contingent consideration	$	—	$	—	$	42,754	$	42,754

Reconciliation of Level 3 recurring fair value measurements

The reconciliation of Level 3 recurring fair value measurements is as follows (in thousands):


	2023
Balance at January 1,	$	42,754
Change in fair value		42,246
Transfers out of Level 3		(85,000)
Balance at December 31,	$	—

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

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


	December 31, 2023				December 31, 2022
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ⁽²⁾		Amount ⁽¹⁾		Value ⁽²⁾
2023 Notes (matured September 2023)	$	—	$	—	$	30,000	$	31,149
2026 Notes (mature February 2026)		40,199		64,117		200,000		277,014
MARAD Debt (matures February 2027)		32,580		32,348		40,913		40,940
2029 Notes (mature March 2029)		300,000		315,987		—		—
Total debt	$	372,779	$	412,452	$	270,913	$	349,103

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

(2)

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Cumulative Effect, Period of Adoption	Common Stock	Retained Earnings Cumulative Effect, Period of Adoption	Retained Earnings	Accumulated Other Comprehensive Loss	Cumulative Effect, Period of Adoption	Total
Balance, beginning of period (Accounting Standards Update 2020-06) at Dec. 31, 2020	$ (41,456)		$ 6,682			$ (34,774)
Balance, beginning of period at Dec. 31, 2020		$ 1,327,592		$ 464,524	$ (51,620)		$ 1,740,496
Balance, beginning of period (in shares) at Dec. 31, 2020		150,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(61,538)			(61,538)
Foreign currency translation adjustments					(4,462)		(4,462)
Accretion of redeemable noncontrolling interests				1,404			1,404
Activity in company stock plans, net and other		$ (1,128)					(1,128)
Activity in company stock plans, net and other (in shares)		783
Share-based compensation		$ 7,471					7,471
Balance, end of period at Dec. 31, 2021		$ 1,292,479		411,072	(56,082)		1,647,469
Balance, end of period (in shares) at Dec. 31, 2021		151,124
Balance, beginning of period at Dec. 31, 2020							3,855
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net loss							(146)
Foreign currency translation adjustments related to redeemable noncontrolling interests							50
Accretion of redeemable noncontrolling interests							(1,404)
Acquisition of redeemable noncontrolling interests							(2,355)
Net loss				(87,784)			(87,784)
Foreign currency translation adjustments					(49,237)		(49,237)
Activity in company stock plans, net and other		$ (991)					(991)
Activity in company stock plans, net and other (in shares)		811
Share-based compensation		$ 7,252					7,252
Balance, end of period at Dec. 31, 2022		$ 1,298,740		323,288	(105,319)		1,516,709
Balance, end of period (in shares) at Dec. 31, 2022		151,935
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(10,838)			(10,838)
Foreign currency translation adjustments					22,304		22,304
Repurchase of convertible senior notes		$ (35,469)					(35,469)
Repurchase of convertible senior notes (in shares)		1,500
Termination of capped calls		$ 14,225					14,225
Repurchases of common stock		$ (11,988)					(11,988)
Repurchases of common stock (in shares)		(1,584)
Activity in company stock plans, net and other		$ (92)					(92)
Activity in company stock plans, net and other (in shares)		440
Share-based compensation		$ 6,149					6,149
Balance, end of period at Dec. 31, 2023		$ 1,271,565		$ 312,450	$ (83,015)		$ 1,501,000
Balance, end of period (in shares) at Dec. 31, 2023		152,291

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,838)	$ (87,784)	$ (61,684)
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	22,304	(49,237)	(4,462)
Other comprehensive income (loss), net of tax	22,304	(49,237)	(4,462)
Comprehensive income (loss)	11,466	(137,021)	(66,146)
Less comprehensive loss attributable to redeemable noncontrolling interests:
Net loss			(146)
Foreign currency translation gain			50
Comprehensive loss attributable to redeemable noncontrolling interests			(96)
Comprehensive income (loss) attributable to common shareholders	$ 11,466	$ (137,021)	$ (66,050)

Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid charter	$ 12,544	$ 12,544
Deferred costs	587	6,432
Other receivable	25,623	24,827
Intangible assets with finite lives, net	4,105	4,465
Other	1,964	2,239
Total other assets, net	$ 44,823	$ 50,507

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Allowance for credit losses	$ 3,407	$ 2,277
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	152,291,000	151,935,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 6 — Leases

We charter vessels and lease facilities and equipment under non-cancelable contracts that expire on various dates through 2031. Our operating lease additions during the year ended December 31, 2023 are primarily related to the vessel charters for the Glomar Wave and the Horizon Enabler (Note 16). Our operating lease additions during the year ended December 31, 2022 are primarily related to the charter extensions for the Siem Helix 1, the Siem Helix 2, the Grand Canyon II, the Grand Canyon III and the Shelia Bordelon. We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2023, the minimum sublease income to be received in the future was minimal.

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


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	72,775	$	61,067	$	60,636
Variable lease cost		21,423		20,562		16,711
Short-term lease cost		54,613		29,487		20,590
Sublease income		(1,113)		(1,275)		(1,303)
Net lease cost	$	147,698	$	109,841	$	96,634

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


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	67,488	$	6,639	$	74,127
One to two years		55,453		3,508		58,961
Two to three years		35,200		1,289		36,489
Three to four years		26,245		1,272		27,517
Four to five years		3,040		1,244		4,284
Over five years		—		1,926		1,926
Total lease payments	$	187,426	$	15,878	$	203,304
Less: imputed interest		(22,419)		(2,038)		(24,457)
Total operating lease liabilities	$	165,007	$	13,840	$	178,847

Current operating lease liabilities	$	56,602	$	6,060	$	62,662
Non-current operating lease liabilities		108,405		7,780		116,185
Total operating lease liabilities	$	165,007	$	13,840	$	178,847

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


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

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

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


	December 31,
	2023		2022		2021
Weighted average remaining lease term	3.1	years	4.0	years	2.4	years
Weighted average discount rate	8.20	%	7.84	%	7.57	%

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for operating lease liabilities	$	68,788	$	58,129	$	61,826
Right-of-use assets obtained in exchange for new operating lease obligations		26,502		144,134		5,992

Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Note 14 — Business Segment Information

We have four reportable business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our U.S., U.K. and Brazil Well Intervention operating segments are aggregated into the Well Intervention segment for financial reporting purposes. We formed the Shallow Water Abandonment segment in the third quarter 2022 following the Alliance acquisition (Note 3). All material intercompany transactions between the segments have been eliminated. See Note 1 for more information on our business segments.

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


	Year Ended December 31,
	2023		2022		2021
Net revenues —
Well Intervention	$	732,761	$	524,241	$	516,564
Robotics		257,875		191,921		137,295
Shallow Water Abandonment		274,954		124,810		—
Production Facilities		87,885		82,315		69,348
Intercompany eliminations		(63,747)		(50,187)		(48,479)
Total	$	1,289,728	$	873,100	$	674,728


	Year Ended December 31,
	2023		2022		2021
Income (loss) from operations —
Well Intervention	$	32,398	$	(53,056)	$	(35,882)
Robotics		52,450		29,981		5,762
Shallow Water Abandonment		66,240		22,184		—
Production Facilities		20,832		27,201		22,906
Segment operating income (loss)		171,920		26,310		(7,214)
Change in fair value of contingent consideration		(42,246)		(16,054)		—
Corporate, eliminations and other		(66,164)		(55,111)		(41,473)
Total	$	63,510	$	(44,855)	$	(48,687)
Net interest expense		(17,338)		(18,950)		(23,201)
Other non-operating income (expense), net		(38,658)		(11,376)		1,246
Income (loss) before income taxes	$	7,514	$	(75,181)	$	(70,642)

Capital expenditures —
Well Intervention	$	7,763	$	17,617	$	2,349
Robotics		3,957		15,603		120
Shallow Water Abandonment		6,890		532		—
Production Facilities		—		(1,424)		6,770
Corporate, eliminations and other		978		1,176		(917)
Total	$	19,588	$	33,504	$	8,322

Depreciation and amortization —
Well Intervention	$	113,025	$	103,952	$	107,551
Robotics		9,604		12,209		15,158
Shallow Water Abandonment		20,150		8,172		—
Production Facilities		21,028		18,520		19,465
Corporate and eliminations		309		(167)		(660)
Total	$	164,116	$	142,686	$	141,514

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


	Year Ended December 31,
	2023		2022		2021
Well Intervention	$	28,396	$	16,545	$	21,521
Robotics		35,263		33,642		26,958
Shallow Water Abandonment		88		—		—
Total	$	63,747	$	50,187	$	48,479

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


	Year Ended December 31,
	2023		2022		2021
U.S.	$	644,755	$	447,205	$	232,661
North Sea ⁽¹⁾		274,745		206,647		129,772
Brazil		177,070		81,940		154,326
Asia Pacific		163,957		43,648		16,792
West Africa		8,423		87,488		126,856
Other		20,778		6,172		14,321
Total	$	1,289,728	$	873,100	$	674,728

(1)	Includes revenues generated from the U.K. of $236.2 million, $167.0 million and $100.2 million, respectively, during the years ended December 31, 2023, 2022 and 2021.

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


	December 31,
	2023		2022
U.S.	$	735,406	$	780,803
U.K. ⁽¹⁾		617,819		625,001
Brazil ⁽²⁾		219,624		235,811
Total	$	1,572,849	$	1,641,615

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

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

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


	December 31,		December 31,
	2023		2022
Well Intervention	$	1,790,971	$	1,796,269
Robotics		177,801		192,694
Shallow Water Abandonment		256,356		206,944
Production Facilities		120,234		136,382
Corporate and other		210,674		57,049
Total	$	2,556,036	$	2,389,338

- 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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-Topic 280
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+ Details

Long-Term Debt - MARAD Debt (Details) - MARAD Debt (matures February 2027)	12 Months Ended
	Dec. 31, 2023
Debt Instrument [Line Items]
Guarantor obligations (as a percent)	50.00%
Frequency of periodic payment	semi-annual
Maturity date	February 2027
Interest rate (as a percent)	4.93%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Reconciliation of Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in the fair value of contingent consideration:
Change in fair value	$ 42,246	$ 16,054
Recurring \| Level 3
Change in the fair value of contingent consideration:
Balance at January 1,	42,754
Change in fair value	42,246
Transfers out of Level 3	$ (85,000)
Balance at end of year		$ 42,754

Document And Entity Information - USD ($) $ in Billions	12 Months Ended
Document And Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-32936
Entity Registrant Name	HELIX ENERGY SOLUTIONS GROUP, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	95-3409686
Entity Address, Address Line One	3505 West Sam Houston Parkway North
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77043
City Area Code	281
Local Phone Number	618-0400
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	HLX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.0
Entity Common Stock, Shares Outstanding		152,416,382
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Houston, Texas
Entity Central Index Key	0000866829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 15, 2024 are incorporated by reference into Part III hereof.

Commitments And Contingencies And Other Matters - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2023	Feb. 28, 2024	Dec. 31, 2023
Commitments And Contingencies [Line Items]
Agreed earn-out consideration			$ 85,000
Alliance
Commitments And Contingencies [Line Items]
Agreed earn-out consideration			$ 85,000
Vessel Charter Commitments \| Subsequent Event
Commitments And Contingencies [Line Items]
Increase in vessel charter commitments		$ 559,600
Glomar Wave
Commitments And Contingencies [Line Items]
Term of charter agreement	3 years

Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gross debt	$ 372,779	$ 270,913
Unamortized debt discount	(1,404)
Unamortized debt issuance costs	(9,653)	(6,838)
Total debt	361,722	264,075
Less: current maturities	(48,292)	(38,200)
Long-term debt	313,430	225,875
2023 Notes (mature September 2023)
Debt Instrument [Line Items]
Gross debt		30,000
2026 Notes (mature February 2026)
Debt Instrument [Line Items]
Gross debt	40,199	200,000
Unamortized debt issuance costs	(656)
Total debt	39,543
Less: current maturities	(39,543)
MARAD Debt (matures February 2027)
Debt Instrument [Line Items]
Gross debt	32,580	$ 40,913
Unamortized debt issuance costs	(1,586)
Total debt	30,994
Less: current maturities	(8,749)
Long-term debt	22,245
2029 Notes (mature March 2029)
Debt Instrument [Line Items]
Gross debt	300,000
Unamortized debt discount	(1,404)
Unamortized debt issuance costs	(7,411)
Total debt	291,185
Long-term debt	$ 291,185

Long-Term Debt - Other (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Long-Term Debt - Other (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 15, 2023	May 01, 2022	Jan. 31, 2021
Debt Instrument [Line Items]
Interest expense		$ 21,359	$ 20,176	$ 23,489
2023 Notes (mature September 2023)
Debt Instrument [Line Items]
Interest rate (as a percent)					4.125%
Effective interest rate (as a percent)					4.80%
Interest expense		$ 1,000	1,400	1,400
2023 Notes Converted (mature September 2023)
Debt Instrument [Line Items]
Repurchase amount					$ 29,600
Principal amount repaid					29,200
Remaining 2023 Notes (mature September 2023)
Debt Instrument [Line Items]
Principal amount repaid					$ 800
2022 Notes (matured May 2022)
Debt Instrument [Line Items]
Principal amount repaid						$ 35,000
Interest rate (as a percent)						4.80%
Interest expense			$ 600	$ 1,700
Revolving Credit Facility Previously Maturing December 2021
Debt Instrument [Line Items]
Borrowing capacity	$ 175,000
Maturity date	Dec. 31, 2021
Borrowings under Revolving Credit Facility	$ 0
Term Loan Repaid September 2021
Debt Instrument [Line Items]
Remaining principal amount repaid	$ 28,000
Nordea Q5000 Loan Matured January 2021
Debt Instrument [Line Items]
Balloon payment							$ 53,600

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

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contracts With Customers
Net revenues	$ 1,289,728	$ 873,100	$ 674,728
Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(63,747)	(50,187)	(48,479)
Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	732,761	524,241	516,564
Well Intervention \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(28,396)	(16,545)	(21,521)
Robotics \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	257,875	191,921	137,295
Robotics \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(35,263)	(33,642)	(26,958)
Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	274,954	124,810
Shallow Water Abandonment \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(88)
Production Facilities \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	87,885	82,315	69,348
Short-term
Revenue From Contracts With Customers
Net revenues	815,047	617,575	397,775
Short-term \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(3,441)	(635)	(627)
Short-term \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	443,332	395,867	308,734
Short-term \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	133,740	97,533	89,668
Short-term \| Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	241,416	124,810
Long-term
Revenue From Contracts With Customers
Net revenues	474,681	255,525	276,953
Long-term \| Intercompany Eliminations
Revenue From Contracts With Customers
Net revenues	(60,306)	(49,552)	(47,852)
Long-term \| Well Intervention \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	289,429	128,374	207,830
Long-term \| Robotics \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	124,135	94,388	47,627
Long-term \| Shallow Water Abandonment \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	33,538
Long-term \| Production Facilities \| Reportable Segments
Revenue From Contracts With Customers
Net revenues	$ 87,885	$ 82,315	$ 69,348

Employee Benefit Plans - RSU Awards (Details) - RSUs - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Units
Awards outstanding at beginning of year (in shares)	1,367,294	452,381
Granted to executive officers and other employees (in shares)	506,436	1,065,705	452,381
Vested (in shares)	(506,028)	(150,792)
Awards outstanding at end of year (in shares)	1,367,702	1,367,294	452,381
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share)	$ 3.36	$ 4.20
Granted (in dollars per share)	7.38	3.12	$ 4.20
Vested (in dollars per share)	3.44	4.20
Awards outstanding at end of year (in dollars per share)	$ 4.82	$ 3.36	$ 4.20
Compensation cost	$ 6.8	$ 3.7	$ 0.5
Future share-based compensation	$ 7.1
Weighted average vesting period (in years)	1 year 3 months 18 days

Property And Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of gross components of property and equipment

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


		December 31,
	Estimated Useful Life	2023		2022
Vessels	15 to 30 years	$	2,406,089	$	2,371,084
Systems and equipment	5 to 15 years		337,913		306,316
ROVs and trenchers	5 to 10 years		252,753		262,763
Buildings and other	5 to 39 years		81,816		76,149
Total property and equipment		$	3,078,571	$	3,016,312

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

Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of supplemental cash flow information

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


	Year Ended December 31,
	2023		2022		2021
Interest paid	$	20,984	$	18,267	$	20,719
Income taxes paid ⁽¹⁾		7,394		9,516		8,310

(1)	Exclusive of any income tax refunds. During the years ended December 31, 2022 and 2021, we received refunds related to the U.S. Coronavirus Aid, Relief, and Economic Security Act of $1.1 million and $18.9 million, respectively.

Summary Of Significant Accounting Policies - Deferred Recertification And Dry Dock Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization expense	$ 25.7	$ 14.0	$ 14.6
Minimum
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization period	24 months
Recertification process period	1 month
Maximum
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization period	60 months
Recertification process period	3 months

Cash Flow Information - Narrative (Details) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Jul. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
Non-cash capital additions		$ 1,100	$ 400
Alliance
Non-cash investing and financing activities
Contingent consideration	$ 26,700
2026 Notes (mature February 2026)
Non-cash investing and financing activities
Shares issued for repurchase of debt (in shares)		1.5
P&A Systems
Non-cash investing and financing activities
Fair value of credits towards future services		$ 11,600

Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

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


	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue

Year ended December 31, 2023
Short-term	$	443,332	$	133,740	$	241,416	$	—	$	(3,441)	$	815,047
Long-term		289,429		124,135		33,538		87,885		(60,306)		474,681
Total	$	732,761	$	257,875	$	274,954	$	87,885	$	(63,747)	$	1,289,728

Year ended December 31, 2022
Short-term	$	395,867	$	97,533	$	124,810	$	—	$	(635)	$	617,575
Long-term		128,374		94,388		—		82,315		(49,552)		255,525
Total	$	524,241	$	191,921	$	124,810	$	82,315	$	(50,187)	$	873,100

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

Summary Of Significant Accounting Policies - Major Customers And Concentration Of Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer Concentration Risk \| Revenue Benchmark \| Apache
Concentration Risk [Line Items]
Percentage of concentration risk	11.00%
Customer Concentration Risk \| Revenue Benchmark \| Petrobras
Concentration Risk [Line Items]
Percentage of concentration risk			23.00%
Customer Concentration Risk \| Revenue Benchmark \| Shell
Concentration Risk [Line Items]
Percentage of concentration risk	10.00%	15.00%	17.00%
Unionized Employees Concentration Risk \| Employees Benchmark
Concentration Risk [Line Items]
Percentage of concentration risk	19.00%
Unionized Employees Covered by an Agreement that will Expire within One Year Concentration Risk \| Employees Benchmark
Concentration Risk [Line Items]
Percentage of concentration risk with agreements expiring within one year	17.00%

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	$ 74,127	$ 64,666
One to two years	58,961	61,212
Two to three years	36,489	46,197
Three to four years	27,517	36,159
Four to five years	4,284	27,203
Over five years	1,926	5,824
Total lease payments	203,304	241,261
Less: imputed interest	(24,457)	(35,661)
Total operating lease liabilities	178,847	205,600
Current operating lease liabilities	62,662	50,914
Non-current operating lease liabilities	116,185	154,686
Vessels
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	67,488	58,063
One to two years	55,453	55,515
Two to three years	35,200	43,400
Three to four years	26,245	35,200
Four to five years	3,040	26,244
Over five years		3,041
Total lease payments	187,426	221,463
Less: imputed interest	(22,419)	(32,986)
Total operating lease liabilities	165,007	188,477
Current operating lease liabilities	56,602	45,131
Non-current operating lease liabilities	108,405	143,346
Facilities and Equipment
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract]
Less than one year	6,639	6,603
One to two years	3,508	5,697
Two to three years	1,289	2,797
Three to four years	1,272	959
Four to five years	1,244	959
Over five years	1,926	2,783
Total lease payments	15,878	19,798
Less: imputed interest	(2,038)	(2,675)
Total operating lease liabilities	13,840	17,123
Current operating lease liabilities	6,060	5,783
Non-current operating lease liabilities	$ 7,780	$ 11,340

Share Repurchase Programs

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Share Repurchase Programs

Note 10 — Share Repurchase Programs

During 2023, we repurchased a total of 1,584,045 shares of our common stock for approximately $12.0 million or an average of $7.57 per share pursuant to a share repurchase program (the “2023 Repurchase Program”) authorized by our Board of Directors (our “Board”) in February 2023. Under the 2023 Repurchase Program, we are authorized to repurchase up to $200 million issued and outstanding shares of our common stock. Concurrent with the authorization of the 2023 Repurchase Program, our Board revoked the prior authorization to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (the “ESPP”) (Note 13).

The 2023 Repurchase Program has no set expiration date. Repurchases under the 2023 Repurchase Program have been made through open market purchases in compliance with Rule 10b-18 under the Exchange Act, but may also be made through privately negotiated transactions or plans, instructions or contracts established under Rule 10b5-1 under the Exchange Act. The manner, timing and amount of any purchase will be determined by management at its discretion based on an evaluation of market conditions, stock price, liquidity and other factors. The 2023 Repurchase Program does not obligate us to acquire any particular amount of common stock and may be modified or superseded at any time at our discretion. Any repurchased shares are expected to be cancelled.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of components of lease cost

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


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	72,775	$	61,067	$	60,636
Variable lease cost		21,423		20,562		16,711
Short-term lease cost		54,613		29,487		20,590
Sublease income		(1,113)		(1,275)		(1,303)
Net lease cost	$	147,698	$	109,841	$	96,634

Schedule of maturities of operating lease liabilities

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


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	67,488	$	6,639	$	74,127
One to two years		55,453		3,508		58,961
Two to three years		35,200		1,289		36,489
Three to four years		26,245		1,272		27,517
Four to five years		3,040		1,244		4,284
Over five years		—		1,926		1,926
Total lease payments	$	187,426	$	15,878	$	203,304
Less: imputed interest		(22,419)		(2,038)		(24,457)
Total operating lease liabilities	$	165,007	$	13,840	$	178,847

Current operating lease liabilities	$	56,602	$	6,060	$	62,662
Non-current operating lease liabilities		108,405		7,780		116,185
Total operating lease liabilities	$	165,007	$	13,840	$	178,847

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


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

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

Schedule of weighted average remaining lease term and discount rate

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


	December 31,
	2023		2022		2021
Weighted average remaining lease term	3.1	years	4.0	years	2.4	years
Weighted average discount rate	8.20	%	7.84	%	7.57	%

Schedule of other information related to operating leases

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


	Year Ended December 31,
	2023		2022		2021
Cash paid for operating lease liabilities	$	68,788	$	58,129	$	61,826
Right-of-use assets obtained in exchange for new operating lease obligations		26,502		144,134		5,992

Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition, Contingent Consideration [Line Items]
Asset retirement obligations	$ 61,356	$ 51,956
Contingent consideration		42,754
Other	4,892	520
Total other non-current liabilities	66,248	$ 95,230
P&A Systems
Asset Acquisition, Contingent Consideration [Line Items]
Credit towards future services, non-current	$ 2,600

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic and Diluted:
Net Income (Loss)	$ (10,838)	$ (87,784)	$ (61,538)
Less: Accretion of redeemable noncontrolling interests			(241)
Net loss available to common shareholders, basic	(10,838)	(87,784)	(61,779)
Net loss available to common shareholders, diluted	$ (10,838)	$ (87,784)	$ (61,779)
Weighted average number of shares outstanding, basic (in shares)	150,917	151,276	150,056
Weighted average number of shares outstanding, diluted (in shares)	150,917	151,276	150,056
Loss per share, basic (in dollars per share)	$ (0.07)	$ (0.58)	$ (0.41)
Loss per share, diluted (in dollars per share)	$ (0.07)	$ (0.58)	$ (0.41)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

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

+ References + Details

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

Note 7 — Long-Term Debt

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


	December 31,
	2023		2022
2023 Notes (matured September 2023)	$	—	$	30,000
2026 Notes (mature February 2026)		40,199		200,000
MARAD Debt (matures February 2027)		32,580		40,913
2029 Notes (mature March 2029)		300,000		—
Gross debt		372,779		270,913
Unamortized debt discount		(1,404)		—
Unamortized debt issuance costs		(9,653)		(6,838)
Total debt		361,722		264,075
Less current maturities ⁽¹⁾		(48,292)		(38,200)
Long-term debt	$	313,430	$	225,875

(1)

Current maturities as of December 31, 2023 included the carrying amount of the 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). Current maturities as of December 31, 2022 included the carrying amount of the 2023 Notes that matured in September 2023. Current maturities as of December 31, 2023 and 2022 both included the current portion of the MARAD Debt.

Credit Agreement

On September 30, 2021 we entered into an asset-based credit agreement with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation and subsequently we entered into amendments to the credit agreement on July 1, 2022, June 23,2023 and November 15, 2023 (collectively, the “Amended ABL Facility”). The Amended ABL Facility provides for a $120 million asset-based revolving credit facility, which matures on September 30, 2026, with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $50 million. The Amended ABL Facility also permits us to request an increase of the facility by up to $30 million, subject to certain conditions.

Commitments under the Amended ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $85 million and $35 million, respectively. The Amended ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash, and provides for a $20 million sub-limit for the issuance of letters of credit. As of December 31, 2023, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $99.3 million, net of $6.9 million of letters of credit issued under that facility.

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

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

The Amended ABL Facility includes certain limitations on our ability to incur additional indebtedness, grant liens on assets, pay dividends and make distributions on equity interests, dispose of assets, make investments, repay certain indebtedness, engage in mergers, and other matters, in each case subject to certain exceptions. The Amended ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The Amended ABL Facility requires us to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 if availability is less than the greater of 10% of the borrowing base or $12 million. The Amended ABL Facility also requires us to maintain a pro forma minimum excess availability of $30 million for the 91 days prior to the maturity of each of our outstanding senior notes and for any portion of the Alliance earn-out payment to be made in cash.

The Amended ABL Facility also (i) limits the amount of permitted debt for the deferred purchase price of property not to exceed $50 million, and (ii) provides for potential ESG-related pricing adjustments based on specific metrics and performance targets determined by us and Bank of America, as agent with respect to the Amended ABL Facility.

2026 Notes

The 2026 Notes bear interest at a coupon interest rate of 6.75% per annum payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021. The 2026 Notes mature on February 15, 2026 unless earlier converted, redeemed or repurchased by us (see below). The 2026 Notes are convertible by their holders at any time beginning November 17, 2025 at an initial conversion rate of 143.3795 shares of our common stock per $1,000 principal amount, which initially represented 28,675,900 shares at an initial conversion price of approximately $6.97 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof. In order to reduce the potential dilution of the 2026 Notes to shareholders’ equity, we entered into capped call transactions (the “2026 Capped Calls”) in August 2020 concurrent with the 2026 Notes offering (Note 9). The 2026 Capped Calls effectively increase the conversion price of the 2026 Notes to approximately $8.42 per share. However, the 2026 Capped Calls are separate transactions from the 2026 Notes and do not change the holders’ rights under the 2026 Notes, and holders of the 2026 Notes do not have any rights with respect to the 2026 Capped Calls.

The effective interest rate for the 2026 Notes is 7.6%. For the years ended December 31, 2023, 2022 and 2021, total interest expense related to the 2026 Notes was $14.6 million, $14.8 million and $14.7 million, respectively, with coupon interest expense of $13.3 million, $13.5 million and $13.5 million, respectively, and the amortization of debt issuance costs of $1.3 million, $1.3 million and $1.2 million, respectively.

Prior to November 17, 2025, holders of the 2026 Notes may convert their notes if the closing price of our common stock exceeds 130% of the conversion price for at least 20 days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter (share price condition) or if the trading price of the 2026 Notes is equal to or less than 97% of the conversion value of the notes during the five consecutive business days immediately after any ten consecutive trading day period (trading price condition). The 2026 Notes have been convertible since October 1, 2023 and will continue to be convertible through March 31, 2024 as a result of the share price condition being met. Holders of the 2026 Notes may also convert their notes if we make certain distributions on shares of our common stock or engage in certain corporate transactions, in which case the holders may be entitled to an increase in the conversion rate, depending on the price of our common shares and the time remaining to maturity, of up to 64.5207 shares of our common stock per $1,000 principal amount.

Prior to August 15, 2023, the 2026 Notes were not redeemable. Beginning August 15, 2023, we may, at our option, redeem all or any portion of the 2026 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding the date we provide a notice of redemption and the trading day immediately preceding such date (redemption price condition). Any redemption would be payable in cash equal to 100% of the principal amount plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. The 2026 Notes were redeemable as of December 31, 2023 based on the redemption price condition being met and on January 16, 2024 we issued a notice for the redemption of remaining 2026 Notes (see below). Holders of the 2026 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2026 Notes may also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (as defined in the indenture governing the 2026 Notes).

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

In December 2023, we entered into privately negotiated agreements with certain holders of our 2026 Notes to repurchase $159.8 million aggregate principal amount of the 2026 Notes (the “2026 Notes Repurchases”) for 1.5 million shares of our common stock and aggregate cash payments of $229.7 million, plus accrued and unpaid cash interest of $3.8 million. We recognized pre-tax inducement charges of $37.4 million for the 2026 Notes Repurchases, representing the total settlement value in excess of the total conversion value of the 2026 Notes Repurchases when the final negotiated offers were accepted. These charges are reflected in “Loss on extinguishment of long-term debt” in the accompanying consolidated statements of operations. The conversion value paid in excess of the carrying amount of the 2026 Notes Repurchases is reflected in “Common stock” in the shareholders’ equity section of the accompanying consolidated balance sheet. Concurrently with the 2026 Notes Repurchases, we entered into agreements with the 2026 Capped Calls counterparties to terminate a proportionate amount of the 2026 Capped Calls and received $15.6 million in cash proceeds for the termination (Note 9).

In January 2024, we issued a notice for the redemption of the remaining $40.0 million aggregate principal amount of the 2026 Notes to be settled March 20, 2024. The redemption price, which consists of the principal amount and the make-whole premium, plus accrued and unpaid interest, is required to be settled in cash. Holders can convert their 2026 Notes prior to the redemption date, and any conversion thereof will be settled in cash. The ultimate settlement amount of the 2026 Notes will be dependent on various factors, including the number of notes converted and the volume weighted average trading price of our common stock during the measurement period preceding their settlement. In December 2023, $0.2 million aggregate principal amount of the 2026 Notes was tendered for conversion, which is also expected to be cash settled in March 2024. The carrying amount of the remaining 2026 Notes as of December 31, 2023 is reflected in “Current maturities of long-term debt” in the accompanying consolidated balance sheet (see Note 19 for their fair value).

MARAD Debt

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

2029 Notes

On December 1, 2023, we issued $300 million aggregate principal amount of Senior Notes due 2029 (the “2029 Notes”). The net proceeds from the issuance of the 2029 Notes were approximately $291.1 million, after deducting the purchasers’ discount and debt issuance costs. We used $229.7 million of cash proceeds from the offering (excluding accrued interest), together with 1.5 million shares of our common stock, to fund the repurchase of $159.8 million aggregate principal amount of the 2026 Notes in December 2023. We intend to use the remainder of the net proceeds from this offering for redemption of the remaining 2026 Notes outstanding and for general corporate purposes, which may include repayment of other indebtedness.

The 2029 Notes bear interest at a coupon interest rate of 9.75% per annum payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2024. The 2029 Notes mature on March 1, 2029 unless earlier redeemed or repurchased by us.

Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings.


		Redemption
Year		Price
2026		104.875%
2027		102.438%
2028 and thereafter		100.000%

Upon the occurrence of a Change of Control Triggering Event, as defined in the indenture governing the 2029 Notes, we may be required to make an offer to repurchase all of the notes then outstanding at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The indenture governing the 2029 Notes contains customary terms and covenants, including limitations on additional indebtedness, restricted payments, liens, asset sales, transactions with affiliates, mergers and consolidations, designation of unrestricted subsidiaries, and dividend and other restrictions affecting restricted subsidiaries.

The 2029 Notes are guaranteed on a senior unsecured basis by the subsidiaries that guarantee the Amended ABL Facility, as well as certain future subsidiaries that guarantee certain of our indebtedness, including the Amended ABL Facility. The 2029 Notes are junior in right of payment to all our existing and future secured indebtedness and obligations and rank equally in right of payment with all our existing and future senior unsecured indebtedness. The 2029 Notes rank senior in right of payment to any of our future subordinated indebtedness and are fully and unconditionally guaranteed by the guarantors described above on a senior basis.

Other

In accordance with the Amended ABL Facility, the 2026 Notes, the MARAD Debt and the 2029 Notes, we are required to comply with certain covenants, including minimum liquidity and a springing fixed charge coverage ratio (applicable under certain conditions that are currently not applicable) with respect to the Amended ABL Facility and the maintenance of net worth, working capital and debt-to-equity requirements with respect to the MARAD Debt. As of December 31, 2023, we were in compliance with these covenants.

The 2023 Notes matured on September 15, 2023. Upon maturity of the 2023 Notes, we paid $29.6 million in cash to settle the conversion of $29.2 million aggregate principal amount of the notes, plus accrued and unpaid interest. We recorded the conversion value in excess of such principal amount converted to “Common stock” in the accompanying consolidated balance sheet. Notes representing the remaining $0.8 million aggregate principal amount of the 2023 Notes were redeemed at par, plus accrued and unpaid interest. The 2023 Notes had a coupon interest rate of 4.125% per annum and an effective interest rate of 4.8%. For the years ended December 31, 2023, 2022 and 2021, total interest expense related to the 2023 Notes was $1.0 million, $1.4 million and $1.4 million, respectively, primarily from coupon interest expense.

We fully paid the $35 million remaining principal amount of the 2022 Notes plus accrued interest by delivering cash upon maturity as of May 1, 2022. The effective interest rate for the 2022 Notes was 4.8%. For the years ended December 31, 2022 and 2021, total interest expense related to the 2022 Notes was $0.6 million and $1.7 million, respectively, primarily from coupon interest expense.

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

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

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


	2026		MARAD		2029
	Notes		Debt		Notes		Total
Less than one year	$	40,199	$	8,749	$	—	$	48,948
One to two years		—		9,186		—		9,186
Two to three years		—		9,644		—		9,644
Three to four years		—		5,001		—		5,001
Four to five years		—		—		—		—
Over five years		—		—		300,000		300,000
Gross debt		40,199		32,580		300,000		372,779
Unamortized debt discount ⁽¹⁾		—		—		(1,404)		(1,404)
Unamortized debt issuance costs ⁽¹⁾		(656)		(1,586)		(7,411)		(9,653)
Total debt		39,543		30,994		291,185		361,722
Less current maturities ⁽²⁾		(39,543)		(8,749)		—		(48,292)
Long-term debt	$	—	$	22,245	$	291,185	$	313,430

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

(2)	Current maturities of the 2026 Notes reflect the carrying amount of the remaining 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value).

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


	Year Ended December 31,
	2023		2022		2021
Interest expense	$	21,359	$	20,176	$	23,489
Interest income		(4,021)		(1,226)		(288)
Net interest expense	$	17,338	$	18,950	$	23,201

Income Taxes - Schedule Of Components Of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (31,646)	$ (13,745)	$ (53,989)
Foreign	39,160	(61,436)	(16,653)
Income (loss) before income taxes	$ 7,514	$ (75,181)	$ (70,642)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
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-Topic 280
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-Paragraph 32
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Allowance Accounts

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Allowance Accounts

Note 18 — Allowance Accounts

The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2023 (in thousands):


	Allowance for		Deferred Tax Asset
	Credit Losses		Valuation Allowance
Balance at December 31, 2020	$	3,469	$	19,722
Additions (reductions) ⁽¹⁾		(146)		—
Write-offs ⁽²⁾		(1,846)		—
Adjustments ⁽³⁾		—		(5,675)
Balance at December 31, 2021		1,477		14,047
Additions (reductions) ⁽¹⁾		800		—
Adjustments ⁽⁴⁾		—		8,110
Balance at December 31, 2022		2,277		22,157
Additions (reductions) ^{(1) (5)}		1,149		51,354
Write-offs ⁽²⁾		(19)		—
Adjustments ⁽⁴⁾		—		7,604
Balance at December 31, 2023	$	3,407	$	81,115

(1)	The additions (reductions) in allowance for credit losses relate to reserves (releases) for expected credit losses during the respective years.

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

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

(4)	The increase in valuation allowance relates to current year activity, including adjustments to prior year returns, and the related change in unrealized net deferred tax assets.

(5)	The addition in valuation allowance relates to the adjustment for a change in assessment on the realizability of our Luxembourg net operating losses from remote to less likely than not.

See Note 2 for a detailed discussion regarding our accounting policy on accounts receivable and allowance for credit losses. See Note 8 for a detailed discussion of the valuation allowance related to our deferred tax assets.

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease, Cost [Abstract]
Operating lease cost	$ 72,775	$ 61,067	$ 60,636
Variable lease cost	21,423	20,562	16,711
Short-term lease cost	54,613	29,487	20,590
Sublease income	(1,113)	(1,275)	(1,303)
Net lease cost	$ 147,698	$ 109,841	$ 96,634

Allowance Accounts - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for credit losses
Balance at beginning of year	$ 2,277	$ 1,477	$ 3,469
Additions (reductions)	1,149	800	(146)
Write-offs	(19)		(1,846)
Balance at end of year	3,407	2,277	1,477
Deferred tax asset valuation allowance
Balance at beginning of year	22,157	14,047	19,722
Additions (reductions)	51,354
Adjustments	7,604	8,110	(5,675)
Balance at end of year	$ 81,115	$ 22,157	$ 14,047

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of financial data by reportable segment

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


	Year Ended December 31,
	2023		2022		2021
Net revenues —
Well Intervention	$	732,761	$	524,241	$	516,564
Robotics		257,875		191,921		137,295
Shallow Water Abandonment		274,954		124,810		—
Production Facilities		87,885		82,315		69,348
Intercompany eliminations		(63,747)		(50,187)		(48,479)
Total	$	1,289,728	$	873,100	$	674,728


	Year Ended December 31,
	2023		2022		2021
Income (loss) from operations —
Well Intervention	$	32,398	$	(53,056)	$	(35,882)
Robotics		52,450		29,981		5,762
Shallow Water Abandonment		66,240		22,184		—
Production Facilities		20,832		27,201		22,906
Segment operating income (loss)		171,920		26,310		(7,214)
Change in fair value of contingent consideration		(42,246)		(16,054)		—
Corporate, eliminations and other		(66,164)		(55,111)		(41,473)
Total	$	63,510	$	(44,855)	$	(48,687)
Net interest expense		(17,338)		(18,950)		(23,201)
Other non-operating income (expense), net		(38,658)		(11,376)		1,246
Income (loss) before income taxes	$	7,514	$	(75,181)	$	(70,642)

Capital expenditures —
Well Intervention	$	7,763	$	17,617	$	2,349
Robotics		3,957		15,603		120
Shallow Water Abandonment		6,890		532		—
Production Facilities		—		(1,424)		6,770
Corporate, eliminations and other		978		1,176		(917)
Total	$	19,588	$	33,504	$	8,322

Depreciation and amortization —
Well Intervention	$	113,025	$	103,952	$	107,551
Robotics		9,604		12,209		15,158
Shallow Water Abandonment		20,150		8,172		—
Production Facilities		21,028		18,520		19,465
Corporate and eliminations		309		(167)		(660)
Total	$	164,116	$	142,686	$	141,514

Schedule of intercompany segment revenues

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


	Year Ended December 31,
	2023		2022		2021
Well Intervention	$	28,396	$	16,545	$	21,521
Robotics		35,263		33,642		26,958
Shallow Water Abandonment		88		—		—
Total	$	63,747	$	50,187	$	48,479

Schedule of revenue by individually significant geographic location

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


	Year Ended December 31,
	2023		2022		2021
U.S.	$	644,755	$	447,205	$	232,661
North Sea ⁽¹⁾		274,745		206,647		129,772
Brazil		177,070		81,940		154,326
Asia Pacific		163,957		43,648		16,792
West Africa		8,423		87,488		126,856
Other		20,778		6,172		14,321
Total	$	1,289,728	$	873,100	$	674,728

(1)	Includes revenues generated from the U.K. of $236.2 million, $167.0 million and $100.2 million, respectively, during the years ended December 31, 2023, 2022 and 2021.

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

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


	December 31,
	2023		2022
U.S.	$	735,406	$	780,803
U.K. ⁽¹⁾		617,819		625,001
Brazil ⁽²⁾		219,624		235,811
Total	$	1,572,849	$	1,641,615

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

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

Schedule of total assets by reportable segment

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


	December 31,		December 31,
	2023		2022
Well Intervention	$	1,790,971	$	1,796,269
Robotics		177,801		192,694
Shallow Water Abandonment		256,356		206,944
Production Facilities		120,234		136,382
Corporate and other		210,674		57,049
Total	$	2,556,036	$	2,389,338

Business Segment Information - Revenue By Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Segment Information
Net revenues	$ 1,289,728	$ 873,100	$ 674,728
United States
Business Segment Information
Net revenues	644,755	447,205	232,661
North Sea
Business Segment Information
Net revenues	274,745	206,647	129,772
United Kingdom
Business Segment Information
Net revenues	236,200	167,000	100,200
Brazil
Business Segment Information
Net revenues	177,070	81,940	154,326
Asia Pacific
Business Segment Information
Net revenues	163,957	43,648	16,792
West Africa
Business Segment Information
Net revenues	8,423	87,488	126,856
Other
Business Segment Information
Net revenues	$ 20,778	$ 6,172	$ 14,321

- Definition

+ References

+ Details

Summary Of Significant Accounting Policies - Equity Investment (Details) - Independence Hub, LLC - USD ($) $ in Millions	1 Months Ended
	May 31, 2022	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Distribution from equity investment, net	$ 7.8
Production Facilities
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest		20.00%

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

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


	2023		2022		2021
AROs at January 1,	$	51,956	$	29,658	$	30,913
Liability incurred during the period		—		23,601		—
Revisions in estimates		3,257		(3,285)		(2,631)
Accretion expense		6,143		1,982		1,376
AROs at December 31,	$	61,356	$	51,956	$	29,658

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,838)	$ (87,784)	$ (61,538)

- Definition

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

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Undistributed earnings of foreign subsidiaries	$ 79.1
Unrecognized tax benefits related to uncertain tax positions	0.1
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (release)	59.0	$ 8.1
2023 Activity
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (release)	7.6
U.S.
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	35.6
Tax credits	3.0
Foreign
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (release)			$ (5.0)
Net operating loss carryforward	280.6
Net operating loss carryforwards not subject to expiration	63.1
Foreign \| Luxembourg
Operating Loss Carryforwards [Line Items]
Valuation allowance increase (release)	51.4
Net operating loss carryforward	$ 217.5

Employee Benefit Plans - Long-Term Incentive Plan (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Active Incentive Plans	1
2005 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
Award vesting percentage	33.00%
Shares authorized for issuance (in shares)	17.3
Shares available for issuance (in shares)	3.4
2005 Incentive Plan \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding	0.0
2005 Incentive Plan \| Employee Stock Option [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	2.0

Long-Term Debt - 2026 Capped Calls (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from settlement of capped calls	$ 15,591
2026 Capped Calls
Debt Instrument [Line Items]
Initial cap price	$ 8.42	$ 8.42
Proceeds from settlement of capped calls	$ 15,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property And Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property And Equipment

Note 5 — Property and Equipment

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


		December 31,
	Estimated Useful Life	2023		2022
Vessels	15 to 30 years	$	2,406,089	$	2,371,084
Systems and equipment	5 to 15 years		337,913		306,316
ROVs and trenchers	5 to 10 years		252,753		262,763
Buildings and other	5 to 39 years		81,816		76,149
Total property and equipment		$	3,078,571	$	3,016,312

Asset Retirement Obligations - Acquisitions (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligations
Asset retirement obligation		$ 61,356	$ 51,956	$ 29,658	$ 30,913
Production Facilities \| Thunder Hawk Field
Asset Retirement Obligations
Ownership percentage	62.50%
Asset retirement obligation	$ 23,600

Employee Benefit Plans - Cash Awards (Details) - Fixed Value Cash Awards - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted	$ 6.0	$ 5.5	$ 3.5
Vesting period	3 years
Deferred compensation cost	$ 4.5	$ 4.3	$ 4.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Note 13 — Employee Benefit Plans

Long-Term Incentive Plan

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

The 2005 Incentive Plan currently has 17.3 million shares authorized for issuance, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. As of December 31, 2023, there were approximately 3.4 million shares of our common stock available for issuance under the 2005 Incentive Plan and no incentive stock options are currently outstanding.

The following grants of share-based awards were made in 2023 under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period/Vesting Date
January 1, 2023 ⁽¹⁾	RSU	506,436	$	7.38	33% per year over three years
January 3, 2023 ⁽¹⁾	PSU	489,498	$	9.26	100% on December 31, 2025
January 1, 2023 ⁽²⁾	Restricted stock	9,210	$	7.38	100% on January 1, 2025
April 1, 2023 ⁽²⁾	Restricted stock	7,267	$	7.74	100% on January 1, 2025
July 1, 2023 ⁽²⁾	Restricted stock	7,622	$	7.38	100% on January 1, 2025
October 1, 2023 ⁽²⁾	Restricted stock	5,076	$	11.17	100% on January 1, 2025
December 6, 2023 ⁽²⁾	Restricted stock	119,049	$	8.82	100% on December 6, 2024

(1)	Reflects grants to our executive officers.

(2)	Reflects grants to certain independent members of our Board.

In January 2024, we granted certain officers 375,730 RSUs and 351,410 PSUs under the 2005 Incentive Plan. The grant date fair value of the RSUs was $10.28 per unit or $3.9 million. The grant date fair value of the PSUs was $12.30 per unit or $4.3 million. PSUs and RSUs issued in 2024 are payable in either cash or stock, or a combination thereof, at the discretion of the Compensation Committee. Also in January 2024, we granted $6.1 million of fixed value cash awards to select management employees under the 2005 Incentive Plan.

Restricted Stock Awards

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


	Year Ended December 31,
	2023			2022			2021
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾
Awards outstanding at beginning of year	387,628	$	6.70	853,726	$	5.62	1,176,951	$	6.61
Granted	148,224		8.68	253,358		5.33	332,841		3.59
Vested ⁽²⁾	(342,723)		7.10	(719,456)		4.94	(656,066)		6.35
Awards outstanding at end of year	193,129	$	7.52	387,628	$	6.70	853,726	$	5.62

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

(2)	Total fair value of restricted stock that vested during the years ended December 31, 2023, 2022 and 2021 was $2.9 million, $2.9 million and $2.6 million, respectively.

For the years ended December 31, 2023, 2022 and 2021, $1.3 million, $2.5 million and $3.3 million, respectively, were recognized as share-based compensation related to restricted stock. Future compensation cost associated with unvested restricted stock at December 31, 2023 totaled approximately $1.2 million. The weighted average vesting period related to unvested restricted stock at December 31, 2023 was approximately 0.7 years.

PSU Awards

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

The following table summarizes information about our PSU awards:


	Year Ended December 31,
	2023			2022			2021
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
PSU awards outstanding at beginning of year	1,888,024	$	6.25	1,381,469	$	8.34	1,297,126	$	9.99
Granted	489,498		9.26	1,065,705		4.25	452,381		5.33
Vested	(369,938)		13.15	(559,150)		7.60	(368,038)		10.44
PSU awards outstanding at end of year	2,007,584	$	5.71	1,888,024	$	6.25	1,381,469	$	8.34

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

For the years ended December 31, 2023, 2022 and 2021, $4.8 million, $4.8 million and $4.1 million, respectively, were recognized as share-based compensation related to PSUs. Future compensation cost associated with unvested PSU awards at December 31, 2023 totaled approximately $5.4 million. The weighted average vesting period related to unvested PSUs at December 31, 2023 was approximately 1.0 year. PSUs granted in 2021 are expected to vest at a 181% performance factor in March 2024 once the Free Cash Flow payout factor is finalized, representing an estimated 818,810 shares of our common stock. In January 2023, 369,938 PSUs granted in 2020 vested at a 77% performance factor, representing 285,778 shares of our common stock with a total market value of $3.6 million. In January 2022, 559,150 PSUs granted in 2019 vested at a 157% performance factor, representing 876,469 shares of our common stock with a total market value of $3.2 million.

RSU Awards

Our currently outstanding RSUs may be settled in either cash or shares of our common stock, or a combination thereof, upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards.

The following table summarizes information about our RSU awards:


	Year Ended December 31,
	2023			2022			2021
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
RSU awards outstanding at beginning of year	1,367,294	$	3.36	452,381	$	4.20	—	$	—
Granted	506,436		7.38	1,065,705		3.12	452,381		4.20
Vested	(506,028)		3.44	(150,792)		4.20	—		—
RSU awards outstanding at end of year	1,367,702	$	4.82	1,367,294	$	3.36	452,381	$	4.20

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

Compensation cost recognized for the years ended December 31, 2023, 2022 and 2021 was $6.8 million and $3.7 million and $0.5 million, respectively, which approximated the fair value of RSUs vested in January 2024, 2023 and 2022, respectively. Future compensation cost based on the fair value of unvested RSUs at December 31, 2023 totaled approximately $7.1 million. The weighted average vesting period related to unvested RSUs at December 31, 2023 was approximately 1.3 years.

Cash Awards

In 2023, 2022 and 2021, we granted fixed value cash awards of $6.0 million, $5.5 million and $3.5 million, respectively, to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the years ended December 31, 2023, 2022 and 2021, we recognized compensation costs of $4.5 million and $4.3 million and $4.0 million, respectively, which reflect the cash payouts made in January 2024, 2023 and 2022, respectively.

Defined Contribution Plans

We sponsor a defined contribution 401(k) retirement plan in the U.S. We also contribute to various other defined contribution plans globally. For the years ended December 31, 2023, 2022 and 2021, we made contributions to our defined contribution plans totaling $4.3 million, $3.0 million and $1.3 million, respectively.

Employee Stock Purchase Plan

As of December 31, 2023, 1.2 million shares were available for issuance under the ESPP. Eligible employees who participate in the ESPP may purchase shares of our common stock through payroll deductions on an after-tax basis over a four-month period beginning on January 1, May 1, and September 1 of each year during the term of the ESPP, subject to certain restrictions and limitations established by the Compensation Committee and Section 423 of the Internal Revenue Code. The per share price of common stock purchased under the ESPP is equal to 85% of the lesser of its fair market value on (i) the first trading day of the purchase period or (ii) the last trading day of the purchase period. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 20,984	$ 18,267	$ 20,719
Income taxes paid	$ 7,394	9,516	8,310
Tax refunds related to the CARES Act		$ 1,100	$ 18,900

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 15 — Asset Retirement Obligations

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


	2023		2022		2021
AROs at January 1,	$	51,956	$	29,658	$	30,913
Liability incurred during the period		—		23,601		—
Revisions in estimates		3,257		(3,285)		(2,631)
Accretion expense		6,143		1,982		1,376
AROs at December 31,	$	61,356	$	51,956	$	29,658

Business Segment Information - Narrative (Details)	12 Months Ended
Business Segment Information - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax provision (benefit):
Domestic	$ 1,510		$ (1,103)
Foreign	5,310	$ 8,217	7,347
Total current	6,820	8,217	6,244
Deferred tax provision (benefit):
Domestic	8,689	1,167	(5,756)
Foreign	2,843	3,219	(9,446)
Total deferred	11,532	4,386	(15,202)
Income tax provision (benefit)	$ 18,352	$ 12,603	$ (8,958)

- Definition

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

+ References + Details

Share Repurchase Programs (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share Repurchase Programs
Cost of shares repurchased	$ 11,988
2023 Repurchase Program
Share Repurchase Programs
Shares repurchased (in shares) \| shares	1,584,045
Cost of shares repurchased	$ 12,000
Average cost per share (USD per share) \| $ / shares	$ 7.57
Authorized repurchase amount	$ 200,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2023 item segment
Business Segment Information
Number of reportable segments \| segment	4
Well Intervention
Business Segment Information
Number of long-term chartered vessels \| item	2

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Combinations

Note 3 — Business Combinations

Alliance Acquisition

On July 1, 2022, we completed our acquisition of Alliance. The Alliance acquisition extended our energy transition strategy by adding shallow water capabilities into the growing offshore decommissioning market.

The aggregate purchase price of the Alliance acquisition was $145.7 million, consisting of $119.0 million of cash on hand and the acquisition-date estimated fair value of $26.7 million related to the post-closing earn-out consideration. The earn-out was calculated based on certain financial metrics of the Helix Alliance business for 2022 and 2023 relative to amounts as set forth in the Equity Purchase Agreement dated May 16, 2022. During the fourth quarter 2023, we finalized the calculation and agreed with the seller in the Alliance transaction on an $85.0 million earn-out expected to be paid in cash in April 2024. As of December 31, 2023, the Alliance earn-out consideration is reported at $85.0 million in “Accrued liabilities” in the accompanying consolidated balance sheet (Note 4).


	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


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

STL Acquisition

In May 2019, we acquired a 70% controlling interest in Subsea Technologies Group Ltd. (“STL”), a subsea engineering firm based in Aberdeen, Scotland. In June 2021, we acquired the remaining 30% interest in STL, which had been recognized as temporary equity. STL is included in our Well Intervention segment and its revenue and earnings are immaterial to our consolidated results.

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision (benefit)

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


	Year Ended December 31,
	2023		2022		2021
Current tax provision (benefit):
Domestic	$	1,510	$	—	$	(1,103)
Foreign		5,310		8,217		7,347
Total current	$	6,820	$	8,217	$	6,244
Deferred tax provision (benefit):
Domestic	$	8,689	$	1,167	$	(5,756)
Foreign		2,843		3,219		(9,446)
Total deferred	$	11,532	$	4,386	$	(15,202)
Total income tax provision (benefit)	$	18,352	$	12,603	$	(8,958)

Schedule of components of income (loss) before income taxes

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


	Year Ended December 31,
	2023		2022		2021
Domestic	$	(31,646)	$	(13,745)	$	(53,989)
Foreign		39,160		(61,436)		(16,653)
Income (loss) before income taxes	$	7,514	$	(75,181)	$	(70,642)

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

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


	Year Ended December 31,
	2023				2022				2021
Taxes at U.S. statutory rate	$	1,578	21.0	%	$	(15,788)	21.0	%	$	(14,835)	21.0	%
Foreign tax provision		1,590	21.2			18,011	(24.0)			10,326	(14.6)
Change in valuation allowance		6,374	84.8			8,110	(10.8)			(5,675)	8.0
Non-deductible expenses		2,926	38.9			2,366	(3.1)			1,487	(2.1)
Extinguishment of long-term debt ⁽¹⁾		6,372	84.8			—	—			—	—
Other		(488)	(6.5)			(96)	0.1			(261)	0.4
Income tax provision (benefit)	$	18,352	244.2	%	$	12,603	(16.8)	%	$	(8,958)	12.7	%

(1)	Primarily relates to the non-deductibility for U.S. federal income tax purposes of certain charges associated with the 2026 Notes Repurchases (Note 7).

Schedule of deferred income taxes


	December 31,
	2023		2022
Deferred tax liabilities:
Depreciation	$	132,178	$	147,302
Prepaid and other		1,560		1,868
Total deferred tax liabilities	$	133,738	$	149,170
Deferred tax assets:
Net operating losses	$	(78,250)	$	(53,136)
Reserves, accrued liabilities and other		(26,048)		(19,308)
Total deferred tax assets		(104,298)		(72,444)
Valuation allowance		81,115		22,157
Net deferred tax liabilities	$	110,555	$	98,883

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	3 years 1 month 6 days	4 years	2 years 4 months 24 days
Weighted average discount rate (as a percent)	8.20%	7.84%	7.57%

Employee Benefit Plans - PSU Awards (Details) - PSUs $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2024 shares	Jan. 31, 2023 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) item $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Employee Benefit Plans
Number of components of PSUs granted \| item				2
Awards granted based on the performance of our common stock against peer group companies (as a percent)				50.00%
Awards granted based on cumulative total Free Cash Flow (as a percent)				50.00%
Vesting Period				3 years
Payout at vesting (as a percent)		77.00%	157.00%
Units
Awards outstanding at beginning of year (in shares)		1,888,024	1,381,469	1,888,024	1,381,469	1,297,126
Granted to executive officers and other employees (in shares)				489,498	1,065,705	452,381
Vested (in shares)		(369,938)	(559,150)	(369,938)	(559,150)	(368,038)
Awards outstanding at end of year (in shares)				2,007,584	1,888,024	1,381,469
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares		$ 6.25	$ 8.34	$ 6.25	$ 8.34	$ 9.99
Granted (in dollars per share) \| $ / shares				9.26	4.25	5.33
Vested (in dollars per share) \| $ / shares				13.15	7.60	10.44
Awards outstanding at end of year (in dollars per share) \| $ / shares				$ 5.71	$ 6.25	$ 8.34
Compensation cost \| $				$ 4.8	$ 4.8	$ 4.1
Future share-based compensation \| $				$ 5.4
Weighted average vesting period (in years)				1 year
Shares issued upon vesting (in shares)		285,778	876,469
Fair value of awards vested \| $		$ 3.6	$ 3.2
Subsequent Event
Employee Benefit Plans
Payout at vesting (as a percent)	181.00%
Grant Date Fair Value
Shares issued upon vesting (in shares)	818,810
Maximum
Employee Benefit Plans
Payout at vesting (as a percent)				200.00%
Minimum
Employee Benefit Plans
Payout at vesting (as a percent)				0.00%

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 12 — Earnings Per Share


	Year Ended December 31,
	2023			2022			2021
	Income		Shares	Income		Shares	Income		Shares
Basic and Diluted:
Net loss attributable to common shareholders	$	(10,838)		$	(87,784)		$	(61,538)
Less: Accretion of redeemable noncontrolling interests		—			—			(241)
Net loss available to common shareholders	$	(10,838)	150,917	$	(87,784)	151,276	$	(61,779)	150,056

Loss per share	$	(0.07)		$	(0.58)		$	(0.41)

We had net losses for the years ended December 31, 2023, 2022 and 2021. Accordingly, our diluted EPS calculation for these periods excluded the dilutive effect of share-based awards because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands):


	Year Ended December 31,
	2023	2022	2021
Diluted shares (as reported)	150,917	151,276	150,056
Share-based awards	3,154	2,158	1,282
Total	154,071	153,434	151,338

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


	Year Ended December 31,
	2023	2022	2021
2022 Notes	—	600	2,519
2023 Notes	2,247	3,168	3,168
2026 Notes	28,139	28,676	28,676

We have outstanding RSUs (Note 13) that can be settled in either cash or shares of our common stock or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

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


	December 31,
	2023		2022
2023 Notes (matured September 2023)	$	—	$	30,000
2026 Notes (mature February 2026)		40,199		200,000
MARAD Debt (matures February 2027)		32,580		40,913
2029 Notes (mature March 2029)		300,000		—
Gross debt		372,779		270,913
Unamortized debt discount		(1,404)		—
Unamortized debt issuance costs		(9,653)		(6,838)
Total debt		361,722		264,075
Less current maturities ⁽¹⁾		(48,292)		(38,200)
Long-term debt	$	313,430	$	225,875

(1)

Schedule of redemption prices expressed as percentages of the principal amount


		Redemption
Year		Price
2026		104.875%
2027		102.438%
2028 and thereafter		100.000%

Schedule of maturities of long-term debt outstanding

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


	2026		MARAD		2029
	Notes		Debt		Notes		Total
Less than one year	$	40,199	$	8,749	$	—	$	48,948
One to two years		—		9,186		—		9,186
Two to three years		—		9,644		—		9,644
Three to four years		—		5,001		—		5,001
Four to five years		—		—		—		—
Over five years		—		—		300,000		300,000
Gross debt		40,199		32,580		300,000		372,779
Unamortized debt discount ⁽¹⁾		—		—		(1,404)		(1,404)
Unamortized debt issuance costs ⁽¹⁾		(656)		(1,586)		(7,411)		(9,653)
Total debt		39,543		30,994		291,185		361,722
Less current maturities ⁽²⁾		(39,543)		(8,749)		—		(48,292)
Long-term debt	$	—	$	22,245	$	291,185	$	313,430

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

(2)	Current maturities of the 2026 Notes reflect the carrying amount of the remaining 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value).

Schedule of components of net interest expense

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


	Year Ended December 31,
	2023		2022		2021
Interest expense	$	21,359	$	20,176	$	23,489
Interest income		(4,021)		(1,226)		(288)
Net interest expense	$	17,338	$	18,950	$	23,201

- Definition

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

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+ Details