Annual report [Section 13 and 15(d), not S-K Item 405]

Operating Segments (Tables)

v3.25.0.1
Operating Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summarized Segment Financial Information Summarized financial information for our segments as of and for the years ended December 31, 2024 and 2023, is as follows (in thousands):

 

 

Year ended December 31, 2024

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Corporate

 

 

Total

 

Revenue (eliminations)

 

$

87,370

 

 

$

71,673

 

 

$

1,061

 

 

$

(905

)

 

$

159,199

 

Cost of revenue

 

 

77,169

 

 

 

61,211

 

 

 

(529

)

 

 

(905

)

 

 

136,946

 

Gross profit (1)

 

 

10,201

 

 

 

10,462

 

 

 

1,590

 

 

 

—

 

 

 

22,253

 

General and administrative expenses

 

 

2,759

 

 

 

2,008

 

 

 

—

 

 

 

8,754

 

 

 

13,521

 

Other (income) expense, net (1)

 

 

106

 

 

 

(3,429

)

 

 

85

 

 

 

(309

)

 

 

(3,547

)

Operating income (loss) (1)

 

$

7,336

 

 

$

11,883

 

 

$

1,505

 

 

$

(8,445

)

 

$

12,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

1,974

 

 

$

2,581

 

 

$

—

 

 

$

310

 

 

$

4,865

 

Interest (expense) income, net

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,411

 

 

$

2,411

 

Capital expenditures

 

$

841

 

 

$

4,503

 

 

$

—

 

 

$

—

 

 

$

5,344

 

Total assets (3)

 

$

20,268

 

 

$

39,723

 

 

$

216

 

 

$

73,009

 

 

$

133,216

 

 

 

 

Year ended December 31, 2023

 

 

 

Services

 

 

Fabrication

 

 

Shipyard

 

 

Corporate

 

 

Total

 

Revenue (eliminations) (2)

 

$

93,548

 

 

$

89,046

 

 

$

(30,417

)

 

$

(1,110

)

 

$

151,067

 

Cost of revenue

 

 

79,765

 

 

 

78,868

 

 

 

5,445

 

 

 

(1,110

)

 

 

162,968

 

Gross profit (loss) (2)

 

 

13,783

 

 

 

10,178

 

 

 

(35,862

)

 

 

—

 

 

 

(11,901

)

General and administrative expenses

 

 

2,902

 

 

 

1,885

 

 

 

3,205

 

 

 

8,286

 

 

 

16,278

 

Other (income) expense, net (2)

 

 

(48

)

 

 

(2,265

)

 

 

307

 

 

 

(290

)

 

 

(2,296

)

Operating income (loss) (2)

 

$

10,929

 

 

$

10,558

 

 

$

(39,374

)

 

$

(7,996

)

 

$

(25,883

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

1,926

 

 

$

3,249

 

 

$

—

 

 

$

291

 

 

$

5,466

 

Interest (expense) income, net

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,440

 

 

$

1,440

 

Capital expenditures

 

$

544

 

 

$

2,233

 

 

$

—

 

 

$

99

 

 

$

2,876

 

Total assets (3)

 

$

32,191

 

 

$

42,368

 

 

$

1,553

 

 

$

52,316

 

 

$

128,428

 

 

(1)
Gross profit and operating income (loss) for 2024 include project improvements of $1.1 million (including the favorable resolution of a vendor claim that resulted in negative cost of revenue) for our Shipyard Division and the partial under-recovery of overhead costs for our Fabrication Division. Other (income) expense, net and operating income (loss) for 2024 include a gain of $2.9 million related to the sale of assets held for sale and gains of $1.1 million related to the sales of excess equipment for our Fabrication Division. See Note 2 for further discussion of our project impacts and Notes 1 and 3 for further discussion of our sales of assets held for sale and equipment.
(2)
Revenue for 2023 includes a charge of $32.5 million resulting from the resolution of our previous MPSV Litigation for our Shipyard Division. Gross profit (loss) and operating income (loss) for 2023 include a charge of $32.5 million resulting from the resolution of our previous MPSV Litigation and project charges of $2.7 million for our Shipyard Division and the partial under-recovery of overhead costs for our Fabrication Division. Other (income) expense, net and operating income (loss) for 2023 include gains of $2.0 million from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida for our Fabrication Division and charges of $0.5 million associated with damage previously caused by Hurricane Ida for our Shipyard Division. See Note 2 for further discussion of our project and Hurricane Ida impacts and Note 7 for further discussion of the resolution of our MPSV Litigation.
(3)
Cash and short-term investments are reported within our Corporate Division.