What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-07-24 compared with 2025-04-24 · 150 added, 84 removed, 491 unchanged (32% of the section changed)

42 unchanged sentences

Three Months Ended

Six Months Ended

Cost of sales

4 unchanged sentences

Losses related to convertible senior notes

Other expense, net

Other income (expense), net

Royalty income and other

10 unchanged sentences

Three Months Ended

Six Months Ended

Net income (loss)

8 unchanged sentences

Shareholders’

Balance, December 31, 2024

Balance, March 31, 2025

Foreign currency translation adjustments

Repurchases of common stock

Activity in company stock plans, net and other

Share-based compensation

Balance, June 30, 2025

Balance, March 31, 2024

Foreign currency translation adjustments

Repurchases of common stock

Activity in company stock plans, net and other

Share-based compensation

Balance, June 30, 2024

Comprehensive

Shareholders’

Balance, December 31, 2024

Foreign currency translation adjustments

Repurchases of common stock

Activity in company stock plans, net and other

Share-based compensation

Balance, June 30, 2025

Balance, December 31, 2023

Foreign currency translation adjustments

Settlement of convertible debt conversion

3 unchanged sentences

Share-based compensation

Balance, March 31, 2024

Balance, June 30, 2024

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization, excluding amortization of deferred recertification and dry dock costs

1 unchanged sentence

Deferred recertification and dry dock costs

Payment of earnout consideration

Amortization of debt discount

10 unchanged sentences

Accounts payable and accrued liabilities

Net cash provided by operating activities

Net cash provided by (used in) operating activities

Cash flows from investing activities:

10 unchanged sentences

Proceeds from issuance of ESPP shares

Payment of earnout consideration

Net cash used in financing activities

Effect of exchange rate changes on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Net decrease in cash and cash equivalents

Cash and cash equivalents:

15 unchanged sentences

We have made all adjustments, which, unless otherwise disclosed, are of normal recurring nature, that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of shareholders’ equity and statements of cash flows, as applicable.

The operating results for the three-month period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The operating results for the three- and six-month periods ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Our balance sheet as of December 31, 2024 included herein has been derived from the audited balance sheet as of December 31, 2024 included in our 2024 Annual Report on Form 10-K (our “2024 Form 10-K”).

2 unchanged sentences

New accounting standards

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No.

2023-07, “Improvements to Reportable Segment Disclosures,” which requires entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”) and included within each reported measure of segment profit or loss as well as an amount for other segment items by reportable segment and a description of its composition.

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.

We adopted ASU No.

2023-07 on a retrospective basis starting with our 2024 Form 10-K.

The adoption of this ASU increased segment disclosures, which are reflected in Note 11, but otherwise had no impact on our earnings, cash flows or financial condition.

In December 2023, the FASB issued ASU No.

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued accounting Standards Update (“ASU”) No.

2023-09, “Improvements to Income Tax Disclosures,” which requires entities to disclose, on an annual basis, specific categories in a tabular rate reconciliation using both percentages and reporting currency amounts and to provide additional information for reconciling items that meet a quantitative threshold.

19 unchanged sentences

Our services are key in supporting a global energy transition:

● Production maximization — our assets and methodologies are specifically designed to efficiently enhance and extend the lives of existing oil and gas reserves;

we also offer an alternative to take over end-of-life reserves in preparation for their abandonment;

● Production maximization — our assets and methodologies are specifically designed to safely and efficiently enhance and extend the lives of existing oil and gas reserves;

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

● Renewables — we are an established global leader in jet trenching and provide specialty support services to renewable energy developments such as offshore wind farms, including boulder removal and unexploded ordnance clearance.

● Renewables — we are an established global leader in jet trenching and provide specialty support services to renewable energy developments (primarily offshore wind farms), including boulder removal and unexploded ordnance clearance.

We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of America (deepwater and shelf), U.S.

East Coast, Brazil, North Sea, Asia Pacific and West Africa regions.

Our North Sea operations and our Gulf of America shelf operations are usually subject to seasonal changes in activity levels, which generally peaks in the summer months and declines in the winter months.

Our North Sea operations and our Gulf of America shelf operations are usually subject to seasonal changes in activity levels, which generally peak in the summer months and decline in the winter months.

Our services are segregated into four reportable business segments:

23 unchanged sentences

Total other assets, net

(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.

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

(2) Represents the present value of receivables for P&A work to be performed by us on Droshky oil and gas properties we acquired from Marathon Oil Corporation in 2019.

12 unchanged sentences

Three Months Ended

Six Months Ended

Operating lease cost

3 unchanged sentences

Net lease cost

Maturities of our operating lease liabilities as of March 31, 2025 are as follows (in thousands):

Maturities of our operating lease liabilities as of June 30, 2025 are as follows (in thousands):

Facilities and

29 unchanged sentences

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

Three Months Ended

Six Months Ended

Cash paid for operating lease liabilities

Right-of-use assets related to new operating lease liabilities (1)

(1) Our operating lease additions are primarily related to the charter for the Trym during the three-month period ended March 31, 2025, and the charter extensions for the Siem Helix 1 , the Siem Helix 2 , the Grand Canyon II and the Shelia Bordelon during the three-month period ended March 31, 2024 (Note 13).

(1) Our operating lease additions are primarily related to the charter for the Trym during the six-month period ended June 30, 2025, and the charter extensions for the Siem Helix 1 , the Siem Helix 2 , the Grand Canyon II and the Shelia Bordelon during the six-month period ended June 30, 2024 (Note 13).

Note 5 — Long-Term Debt

Scheduled maturities of our long-term debt outstanding as of March 31, 2025 are as follows (in thousands):

Scheduled maturities of our long-term debt outstanding as of June 30, 2025 are as follows (in thousands):

Less than one year

12 unchanged sentences

and Zions Bancorporation and subsequently we entered into various amendments (collectively, the “Amended ABL Facility”).

The most recent amendment on August 2, 2024 extended the maturity of the Amended ABL Facility and increased the letter of credit basket size.

The Amended ABL Facility provides a $ 120 million asset-based revolving credit facility, which matures on August 2, 2029 , 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.

The Amended ABL Facility provides a $ 120 million asset-based revolving credit line that matures on August 2, 2029 , 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 permits us to request an increase of the facility of up to $ 30 million, subject to certain conditions.

Commitments under the Amended ABL Facility are comprised of separate U.S.

2 unchanged sentences

customer accounts receivable and cash and provides for a $ 55 million sub-limit for the issuance of letters of credit.

As of March 31, 2025, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $ 62.7 million, net of $ 31.8 million of letters of credit issued.

As of June 30, 2025, we had no borrowings under the Amended ABL Facility, and our available borrowing capacity, based on the borrowing base, totaled $ 70.5 million, net of $ 1.5 million of letters of credit issued.

We and certain of our U.S.

45 unchanged sentences

The 2026 Notes had a coupon interest rate of 6.75 % per annum and an effective interest rate of 7.6 %.

For the three-month period ended March 31, 2024, total interest expense related to the 2026 Notes was $ 0.4 million with coupon interest expense of $ 0.3 million and the amortization of debt issuance costs of $ 0.1 million.

In connection with the 2026 Notes offering, we had entered into capped call transactions (the “2026 Capped Calls”) with three separate counterparties to hedge the dilution risk of the 2026 Notes.

For the six-month period ended June 30, 2024, total interest expense related to the 2026 Notes was $ 0.4 million with coupon interest expense of $ 0.3 million and the amortization of debt issuance costs of $ 0.1 million.

In connection with the 2026 Notes offering, we entered into capped call transactions (the “2026 Capped Calls”) with three separate counterparties to hedge the dilution risk of the 2026 Notes.

Concurrent with the settlement of the 2026 Notes Redemptions in March 2024, we terminated the remaining 2026 Capped Calls and received $ 4.4 million in cash, recognizing an increase to “Common stock” in the shareholders’ equity section of the accompanying condensed consolidated balance sheets.

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

As of March 31, 2025, we were in compliance with these covenants.

As of June 30, 2025, we were in compliance with these covenants.

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

5 unchanged sentences

We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements.

For the three-month periods ended March 31, 2025 and 2024, we recognized income tax provision (benefit) of $ 0.5 million and $( 1.7 ) million, respectively, resulting in effective tax rates of 12.9 % and 6.1 %, respectively.

The effective tax rate for the three-month period ended March 31, 2025 was impacted by a discrete non-U.S.

The effective rate for the three-month period ended March 31, 2024 was impacted by the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event.

For the three- and six-month periods ended June 30, 2025, we recognized income tax benefit of $ 6.0 million and $ 5.5 million, respectively, resulting in effective tax rates of 69.8 % and 109.3 % respectively.

The effective tax rates for these periods were impacted by certain non-U.S.

discrete items and the jurisdictional mix of earnings.

For the three- and six-month periods ended June 30, 2024, we recognized income tax provision of $ 14.7 million and $ 13.0 million, respectively, resulting in effective tax rates of 31.3 % and 68.5 %, respectively.

The effective rate for the three-month period ended June 30, 2024 was impacted by certain non-deductible expenses and non-creditable foreign income taxes.

The effective rate for the six-month period ended June 30, 2024 was impacted by the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event.

Note 7 — Share Repurchase Programs

In February 2023, our Board of Directors (our “Board”) authorized a share repurchase program to repurchase issued and outstanding shares of our common stock up to $ 200 million (the “2023 Repurchase Program”).

As of March 31, 2025, approximately $ 158.4 million remain authorized for repurchase under the 2023 Repurchase Program.

As of June 30, 2025, approximately $ 128.4 million remained authorized for the repurchase of shares under the 2023 Repurchase Program.

During the six-month period ended June 30, 2025, we repurchased a total of 4,643,060 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $ 30.0 million.

During the six-month period ended June 30, 2024, we repurchased a total of 937,585 shares of our common stock pursuant to the 2023 Repurchase Program for approximately $ 10.2 million.

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.

Repurchases under the 2023 Repurchase Program have been made through open market purchases in compliance with Rule 10b-18 as well as a plan established under Rule 10b5-1 under the Exchange Act, and may also be made through privately negotiated transactions or future plans, instructions or contracts established under Rule 10b5-1.

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.

12 unchanged sentences

Shallow Water

Three months ended March 31, 2025

Three months ended March 31, 2024 (1)

Three months ended June 30, 2025

Three months ended June 30, 2024 (1)

Six months ended June 30, 2025

Six months ended June 30, 2024 (1)

Shallow Water

Three months ended March 31, 2025

Three months ended June 30, 2025

Production maximization

Decommissioning

Three months ended March 31, 2024 (1)

Three months ended June 30, 2024 (1)

Production maximization

Decommissioning

(1) For the three-month period ended March 31, 2024, $ 5.2 million have been removed from Well Intervention segment revenues and related intersegment eliminations.

Six months ended June 30, 2025

Production maximization

Decommissioning

Six months ended June 30, 2024 (1)

Production maximization

Decommissioning

(1) For the three- and six-month periods ended June 30, 2024, $ 6.9 million and $ 12.1 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations.

See Note 11 regarding this change in prior year reported segment information .

Contract Balances

Net contract assets were $ 26.0 million as of March 31, 2025 and $ 12.2 million as of December 31, 2024 and are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3).

The increase in net contract assets was primarily attributable to more revenue recognized for demobilization fees and more revenue recognized in excess of the amount billed to the customer for lump sum contracts.

We had no credit losses on our contract assets for the three-month periods ended March 31, 2025 and 2024.

Net contract liabilities totaled $ 40.2 million as of March 31, 2025 and $ 15.6 million as of December 31, 2024 and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and ‘Other non-current liabilities” in the accompanying condensed consolidated balance sheets (Note 3).

The increase was primarily attributable to the increase in deferred mobilization revenue due to the timing of mobilization payments for contracts.

Revenue recognized for the three-month periods ended March 31, 2025 and 2024 included $ 15.6 million and $ 16.4 million, respectively, that were included in the contract liability balance at the beginning of each period.

Net contract assets were $ 13.2 million as of June 30, 2025 and $ 12.2 million as of December 31, 2024 and are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3).

The increase in net contract assets was primarily attributable to more revenue recognized in excess of the amount billed to the customer for lump sum contracts, offset in part by less revenue recognized for demobilization fees.

We had no credit losses on our contract assets for the three- and six-month periods ended June 30, 2025 and 2024.

Net contract liabilities totaled $ 38.6 million as of June 30, 2025 and $ 15.6 million as of December 31, 2024 and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and ‘Other non-current liabilities” in the accompanying condensed consolidated balance sheets (Note 3).

The increase was primarily attributable to an increase in deferred mobilization revenue.

Revenue recognized for the three- and six-month periods ended June 30, 2025 included $ 13.8 million and $ 19.0 million, respectively, that were included in the contract liability balance at the beginning of each period.

Revenue recognized for the three- and six-month periods ended June 30, 2024 included $ 18.2 million and $ 31.0 million, respectively, that were included in the contract liability balance at the beginning of each period.

Performance Obligations

As of March 31, 2025, $ 1.4 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $ 592.1 million, $ 429.3 million and $ 394.4 million in 2025 , 2026 , 2027 and beyond, respectively.

As of June 30, 2025, $ 1.3 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $ 424.7 million, $ 450.4 million and $ 407.5 million in 2025 , 2026 , 2027 and beyond, respectively.

These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees.

These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at March 31, 2025.

For the three-month periods ended March 31, 2025 and 2024, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

For the three- and six-month periods ended June 30, 2025 and 2024, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial.

Contract Fulfillment Costs

Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3).

Our deferred contract costs totaled $ 43.2 million as of March 31, 2025 and $ 37.2 million as of December 31, 2024.

For the three-month periods ended March 31, 2025 and 2024, we recorded $ 16.4 million and $ 20.3 million, respectively, related to amortization of these deferred contract costs.

Our deferred contract costs totaled $ 43.4 million as of June 30, 2025 and $ 37.2 million as of December 31, 2024.

For the three- and six-month periods ended June 30, 2025, we recorded $ 16.8 million and $ 33.2 million, respectively, related to amortization of these deferred contract costs.

For the three- and six-month periods ended June 30, 2024, we recorded $ 11.0 million and $ 31.3 million, respectively, related to amortization of these deferred contract costs.

There were no associated impairment losses for any period presented.

4 unchanged sentences

Three Months Ended

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

Net income (loss)

8 unchanged sentences

Earnings (loss) per share, diluted

We had a net loss for the three-month period ended March 31, 2024.

Six Months Ended

June 30, 2025

June 30, 2024

Undistributed earnings allocated to participating securities

Net income available to common shareholders, basic

Earnings per share, basic

Net income available to common shareholders, basic

Effect of dilutive securities:

Share-based awards other than participating securities

Undistributed earnings reallocated to participating securities

Net income available to common shareholders, diluted

Earnings per share, diluted

We had a net loss for the three-month period ended June 30, 2025.

Accordingly, our diluted EPS calculation for this period 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 period.

1 unchanged sentence

Three Months Ended

June 30, 2025

Diluted shares (as reported)

1 unchanged sentence

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

Three Months Ended

Six Months Ended

We have outstanding restricted stock units (“RSUs”) (Note 10) that can be settled in either cash or shares of our common stock, or a combination thereof, which are not included in the computation of diluted EPS as cash settlement is assumed.

3 unchanged sentences

the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”).

As of March 31, 2025, there were approximately 8.1 million shares of our common stock available for issuance under the 2005 Incentive Plan, assuming outstanding performance share units (“PSUs”) vest in shares of our common stock at 100 % of the original awards and outstanding RSUs are settled in cash.

During the three-month period ended March 31, 2025, the following grants of share-based awards were made under the 2005 Incentive Plan:

As of June 30, 2025, there were approximately 8.1 million shares of our common stock available for issuance under the 2005 Incentive Plan, assuming outstanding performance share units (“PSUs”) vest in shares of our common stock at 100 % of the original awards and outstanding RSUs are settled in cash.

During the six-month period ended June 30, 2025, the following grants of share-based awards were made under the 2005 Incentive Plan:

Date of Grant

8 unchanged sentences

100 % on January 1, 2027

(1) Reflects grants to certain officers including our executive officers.

(1) Reflects grants to our executive officers and certain other officers.

(2) Reflects grants to our executive officers.

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

We grant restricted stock to members of our Board and from time to time our executive officers and select management employees.

For the three-month periods ended March 31, 2025 and 2024, we recognized $ 0.2 million and $ 0.3 million, respectively, as share-based compensation related to restricted stock.

We have restricted stock outstanding granted to members of our Board.

For the three- and six-month periods ended June 30, 2025, we recognized $ 0.2 million and $ 0.5 million, respectively, as share-based compensation related to restricted stock.

For the three- and six-month periods ended June 30, 2024, we recognized $ 0.3 million and $ 0.6 million, respectively, as share-based compensation related to restricted stock.

Our outstanding PSUs can be settled in either cash or shares of our common stock, or a combination thereof, at the discretion of the Compensation Committee of our Board upon vesting and generally have been accounted for as equity awards.

Those PSUs consist of two components measured across a three-year performance period:

(i) 50 % based on the performance of our common stock against peer group companies (TSR component), which component contains a service and a market condition, and (ii) 50 % based on cumulative total Free Cash Flow (FCF component), which component contains a service and a performance condition.

(i) 50 % containing a service and market condition based on the performance of our common stock against peer group companies, and (ii) 50 % containing a service and performance condition based on cumulative total Free Cash Flow.

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 the three-year period with the maximum amount of the award being 200 % of the original PSU awards and the minimum amount being zero .

For each of the three-month periods ended March 31, 2025 and 2024, $ 1.3 million were recognized as share-based compensation related to PSUs.

For the three- and six-month periods ended June 30, 2025, $ 1.3 million and $ 2.6 million, respectively, were recognized as share-based compensation related to PSUs.

For the three- and six-month periods ended June 30, 2024, $ 1.5 million and $ 2.8 million, respectively, were recognized as share-based compensation related to PSUs.

In the first quarter 2025, based on the performance of our common stock price as compared to our performance peer group and our cumulative total Free Cash Flow, in each case over a three-year performance period, 1,065,705 PSUs granted in 2022 vested at 200 %, resulting in 1,958,334 shares of our common stock with a total market value of $ 18.3 million and $ 1.6 million of cash.

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

For the three-month periods ended March 31, 2025 and 2024, $ 1.0 million and $ 1.5 million, respectively, were recognized as compensation cost.

During the three-month period ended March 31, 2025 and the year ended December 31, 2024, we granted fixed-value cash awards of $ 6.7 million and $ 6.1 million, respectively, to select management employees under the 2005 Incentive Plan.

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

For the three- and six-month periods ended June 30, 2025, $ 0.5 million and $ 1.5 million, respectively, were recognized as compensation cost.

For the three- and six-month periods ended June 30, 2024, $ 2.1 million and $ 3.7 million, respectively, were recognized as compensation cost.

During the six-month period ended June 30, 2025 and the year ended December 31, 2024, we granted fixed-value cash awards of $ 6.7 million and $ 6.1 million, respectively, to select management employees under the 2005 Incentive Plan.

The value of these cash awards is recognized on a straight-line basis over a vesting period of three years .

For the three-month periods ended March 31, 2025 and 2024, $ 1.5 million and $ 1.4 million, respectively, were recognized as compensation cost.

For the three- and six-month periods ended June 30, 2025, $ 1.4 million and $ 2.9 million, respectively, were recognized as compensation cost.

For the three- and six-month periods ended June 30, 2024, $ 1.3 million and $ 2.7 million, respectively, were recognized as compensation cost.

Defined Contribution Plans

1 unchanged sentence

We also contribute to various other defined contribution plans globally.

For the three-month periods ended March 31, 2025 and 2024, we made contributions to our defined contribution plans totaling $ 1.5 million and $ 1.4 million, respectively.

For the three- and six-month periods ended June 30, 2025, we made contributions to our defined contribution plans totaling $ 1.4 million and $ 2.9 million, respectively.

For the three- and six-month periods ended June 30, 2024, we made contributions to our defined contribution plans totaling $ 1.4 million and $ 2.8 million, respectively.

Employee Stock Purchase Plan (“ESPP”)

As of March 31, 2025, 0.9 million shares were available for issuance under the ESPP.

As of June 30, 2025, 0.8 million shares were available for issuance under the ESPP.

The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

13 unchanged sentences

Shallow Water

Three months ended March 31, 2025

Three months ended June 30, 2025

External revenues

6 unchanged sentences

Selling, general and administrative expenses

Segment operating income

Shallow Water

Three months ended June 30, 2024

External revenues

Intersegment revenues (1)

Segment revenues

Elimination of intersegment revenues

Total consolidated net revenues

Direct cost of revenues

Operations support

Selling, general and administrative expenses

Segment operating income

Six months ended June 30, 2025

External revenues

Intersegment revenues (1)

Segment revenues

Elimination of intersegment revenues

Total consolidated net revenues

Direct cost of revenues

Operations support

Selling, general and administrative expenses

Segment operating income (loss)

Three months ended March 31, 2024

Six months ended June 30, 2024

External revenues

9 unchanged sentences

(1) Intersegment amounts are derived primarily from equipment and services provided to other business segments .

Beginning in 2024, certain intersegment revenues of Well Intervention are no longer evaluated by the CODM in his assessment of the segment’s results as those revenues are pass-through amounts related to non-core services.

For the three-month period ended March 31, 2024, $ 5.2 million have been removed from Well Intervention segment revenues and related intersegment eliminations.

Beginning with the full-year 2024, certain intersegment revenues of Well Intervention are no longer evaluated by the CODM in his assessment of the segment’s results as those revenues are pass-through amounts related to non-core services.

Accordingly, for the three- and six-month periods ended June 30, 2024, $ 6.9 million and $ 12.1 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations.

This change has no impact on our segment profit or our consolidated revenues and operating income (loss).

4 unchanged sentences

Three Months Ended

Six Months Ended

Reconciliation of segment profit —

7 unchanged sentences

Three Months Ended

Six Months Ended

Capital expenditures (1) —

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(2) Represents an aggregate of depreciation and amortization expense related to property and equipment and deferred recertification and dry dock costs, which is included within the segment expense captions “Direct cost of revenues” and “Selling, general and administrative expenses” as well as the line item caption “Corporate, eliminations and other” presented above.

The CODM does not regularly review segment asset information as management’s focus is on operating performance and cash flow generation.

As such, we have omitted the disclosure of total assets by segment.

We have not included a disclosure of total assets by segment as management’s focus is on operating performance and cash flow generation and the CODM does not regularly review segment asset information.

Note 12 — Asset Retirement Obligations

3 unchanged sentences

Accretion expense

AROs at March 31,

AROs at June 30,

Note 13 — Commitments and Contingencies and Other Matters

Our Well Intervention segment has long-term charter agreements with Sea1 Offshore (formerly Siem Offshore) for the Siem Helix 1 and Siem Helix 2 vessels, whose terms expire in December 2030 and December 2031, respectively.

Our Robotics segment has vessel charters for the Grand Canyon II , the Grand Canyon III , the Shelia Bordelon , the North Sea Enabler and the Glomar Wave , which charter terms expire in December 2030, May 2028, June 2026, December 2025 and December 2025, respectively.

Our Robotics segment has long-term vessel charters for the Grand Canyon II , the Grand Canyon III , the Shelia Bordelon , the North Sea Enabler and the Glomar Wave , which charter terms expire in December 2030, May 2028, June 2026, December 2025 and December 2025, respectively.

In February 2025, our Robotics segment took delivery of the Trym with a three-year charter that expires in February 2028.

10 unchanged sentences

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

Three Months Ended

Six Months Ended

Interest paid

2 unchanged sentences

Our capital additions include the acquisition of property and equipment for which payment has not been made.

These non-cash capital additions were $ 0.2 million at March 31, 2025 and $ 0.1 million at December 31, 2024.

These non-cash capital additions were $ 0.4 million at June 30, 2025 and $ 0.1 million at December 31, 2024.

Note 15 — Allowance for Credit Losses

2 unchanged sentences

Balance at January 1,

Additions (reductions) (1)

Balance at March 31,

Additions (1)

Balance at June 30,

(1) Additions reflect reserves for expected credit losses during the respective periods.

3 unchanged sentences

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

March 31, 2025

June 30, 2025

December 31, 2024

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements