0000866829-22-000005 | 10-K | XBRL Viewer | Helix Energy Solutions Group INC

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ (61,684)	$ 20,084	$ 57,697
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	141,514	133,709	112,720
Goodwill impairment		6,689
Amortization of debt discounts		6,964	6,261
Amortization of debt issuance costs	3,179	3,177	3,600
Share-based compensation	7,689	8,568	11,469
Deferred income taxes	(15,202)	(3,883)	3,485
Equity in (earnings) losses of investment	1	(216)	(1,439)
(Gain) loss on disposition of assets, net	631	(889)
(Gain) loss on extinguishment of long-term debt	136	(9,239)	18
Unrealized gain on derivative contracts, net		(601)	(3,383)
Unrealized foreign currency (gain) loss	2,252	(2,665)	(628)
Changes in operating assets and liabilities:
Accounts receivable, net	(14,154)	(8,419)	(3,050)
Income tax receivable, net of income tax payable	18,610	(22,124)	(4,456)
Other current assets	22,973	(28,664)	25,383
Accounts payable and accrued liabilities	46,645	10,830	(31,265)
Other, net	12,473	14,521	6,743
Net cash provided by operating activities	140,117	98,800	169,669
Cash flows from investing activities:
Capital expenditures	(8,322)	(20,244)	(140,854)
STL acquisition, net			(4,081)
Proceeds from sale of assets	51	963	2,550
Net cash used in investing activities	(8,271)	(19,281)	(142,385)
Cash flows from financing activities:
Proceeds from convertible senior notes		200,000
Repayment of convertible senior notes		(183,150)
Capped call transactions		(10,625)
Debt issuance costs	(1,337)	(7,747)	(1,586)
Acquisition of redeemable noncontrolling interests	(2,355)
Payments related to tax withholding for share-based compensation	(2,001)	(5,264)	(1,680)
Proceeds from issuance of ESPP shares	654	622	462
Net cash used in financing activities	(95,997)	(52,578)	(45,818)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(42)	1,818	1,636
Net increase (decrease) in cash and cash equivalents and restricted cash	35,807	28,759	(16,898)
Cash and cash equivalents and restricted cash:
Balance, beginning of year	291,320	262,561	279,459
Balance, end of year	327,127	291,320	262,561
Term Loan Repaid September 2021
Cash flows from financing activities:
Issuance of loan debt			35,000
Repayment of loan debt	(29,826)	(3,500)	(35,442)
Nordea Q5000 Loan Matured January 2021
Cash flows from financing activities:
Repayment of loan debt	(53,572)	(35,714)	(35,714)
MARAD Debt Maturing February 2027
Cash flows from financing activities:
Repayment of loan debt	$ (7,560)	$ (7,200)	$ (6,858)

Long-Term Debt - Convertible Senior Notes Due 2022 (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Unamortized debt discount		$ 45,692,000
Interest expense	$ 23,489,000	30,538,000	$ 31,186,000
Amortization of debt issuance costs	$ 3,179,000	3,177,000	3,600,000
Convertible Senior Notes Maturing May 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	4.25%
Frequency of periodic payment	semi-annually
Maturity date	May 01, 2022
Initial conversion ratio	0.0719748
Aggregate number of shares \| shares	2,519,118
Initial conversion price per share (USD per share) \| $ / shares	$ 13.89
Increase in the conversion rate	0.0305887
Redemption price as a percentage of principal amount	100.00%
Unamortized debt discount and debt issuance costs		$ 1,500,000
Unamortized debt issuance costs	$ 100,000
Effective interest rate (as a percent)	4.80%	7.30%
Interest expense	$ 1,700,000	$ 6,600,000	8,900,000
Coupon interest expense	1,500,000	3,900,000	5,300,000
Amortization of debt issuance costs	$ 200,000
Amortization of debt discount and issuance costs		$ 2,700,000	$ 3,600,000
Convertible Senior Notes Maturing May 2022 \| 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
Convertible Senior Notes Maturing May 2022 \| 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 - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Taxes at U.S. statutory rate	$ (14,835)	$ 290	$ 13,767
Foreign tax provision (benefit)	10,856	(3,426)	(6,557)
CARES Act		(7,596)
Subsidiary restructuring		(8,333)
Valuation allowance release (net of U.S. tax)	(5,040)
Other	61	364	649
Income tax provision (benefit)	$ (8,958)	$ (18,701)	$ 7,859
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Taxes at U.S. statutory rate	21.00%	21.00%	21.00%
Foreign taxes	(15.30%)	(247.70%)	(10.00%)
CARES Act		(549.20%)
Subsidiary restructuring		(602.50%)
Valuation allowance release (net of U.S. tax)	7.10%
Other	(0.10%)	26.20%	1.00%
Effective tax rate	12.70%	(1352.20%)	12.00%

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock Cumulative Effect, Period of Adoption	Common Stock	Retained Earnings Cumulative Effect, Period of Adoption	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative Effect, Period of Adoption	Total
Balance, beginning of period (Accounting Standards Update 2016-02) at Dec. 31, 2018			$ 4,560			$ 4,560
Balance, beginning of period at Dec. 31, 2018		$ 1,308,709		$ 383,034	$ (73,964)		$ 1,617,779
Balance, beginning of period (in shares) at Dec. 31, 2018		148,203
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				57,919			57,919
Foreign currency translation adjustments					5,400		5,400
Unrealized gain on hedges, net of tax					3,824		3,824
Accretion of redeemable noncontrolling interests				(143)			(143)
Activity in company stock plans, net and other		$ (1,032)					(1,032)
Activity in company stock plans, net and other (in shares)		685
Share-based compensation		$ 11,284					11,284
Balance, end of period (Accounting Standards Update 2016-13) at Dec. 31, 2019			(620)			(620)
Balance, end of period at Dec. 31, 2019		$ 1,318,961		445,370	(64,740)		1,699,591
Balance, end of period (in shares) at Dec. 31, 2019		148,888
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							(222)
Foreign currency translation adjustments related to redeemable noncontrolling interests							138
Issuance of redeemable noncontrolling interests							3,396
Accretion of redeemable noncontrolling interests							143
Balance, end of period at Dec. 31, 2019							3,455
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				22,174			22,174
Foreign currency translation adjustments					12,835		12,835
Unrealized gain on hedges, net of tax					285		285
Accretion of redeemable noncontrolling interests				(2,400)			(2,400)
Equity component of convertible senior notes		$ 33,336					33,336
Re-acquisition of equity component of convertible senior notes		(18,006)					(18,006)
Capped call transactions		(10,625)					(10,625)
Activity in company stock plans, net and other		$ (4,345)					(4,345)
Activity in company stock plans, net and other (in shares)		1,453
Share-based compensation		$ 8,271					8,271
Balance, end of period (Accounting Standards Update 2020-06) at Dec. 31, 2020	$ (41,456)		$ 6,682			$ (34,774)
Balance, end of period at Dec. 31, 2020		$ 1,327,592		464,524	(51,620)		1,740,496
Balance, end of period (in shares) at Dec. 31, 2020		150,341
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							(2,090)
Foreign currency translation adjustments related to redeemable noncontrolling interests							90
Accretion of redeemable noncontrolling interests							2,400
Balance, end of period at Dec. 31, 2020							3,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(61,538)			(61,538)
Foreign currency translation adjustments					(4,462)		(4,462)
Accretion of redeemable noncontrolling interests							(241)
Accretion of redeemable noncontrolling interests				1,404			1,404
Activity in company stock plans, net and other		$ (1,128)					(1,128)
Activity in company stock plans, net and other (in shares)		783
Share-based compensation		$ 7,471					7,471
Balance, end of period at Dec. 31, 2021		$ 1,292,479		$ 411,072	$ (56,082)		1,647,469
Balance, end of period (in shares) at Dec. 31, 2021		151,124
Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward]
Net income (loss)							(146)
Foreign currency translation adjustments related to redeemable noncontrolling interests							50
Accretion of redeemable noncontrolling interests							(1,404)
Acquisition of redeemable noncontrolling interests							$ (2,355)

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Depreciation	$ 137,898	$ 153,226
Debt discounts on 2022 Notes, 2023 Notes and 2026 Notes		9,298
Prepaid and other	1,088
Total deferred tax liabilities	138,986	162,524
Deferred tax assets:
Net operating losses	(56,369)	(59,794)
Reserves, accrued liabilities and other	(9,698)	(11,631)
Total deferred tax assets	(66,067)	(71,425)
Valuation allowance	14,047	19,722
Net deferred tax liabilities	$ 86,966	$ 110,821

Allowance Accounts

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Allowance Accounts

Note 19 — 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, 2021 (in thousands):


	Allowance for		Deferred Tax Asset
	Credit Losses		Valuation Allowance
Balance at December 31, 2018	$	—	$	17,940
Adjustments		—		691
Balance at December 31, 2019		—		18,631
Additions ⁽¹⁾		2,684		—
Adjustments ⁽²⁾		785		1,091
Balance at December 31, 2020		3,469		19,722
Reductions ⁽¹⁾		(146)		—
Write-offs ⁽³⁾		(1,846)		—
Adjustments ⁽⁴⁾		—		(5,675)
Balance at December 31, 2021	$	1,477	$	14,047

(1)	Additions (reductions) in allowance for credit losses reflect credit loss reserves during the respective years, including a $1.7 million credit loss reserve in 2020 related to a receivable in our Robotics segment.

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

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

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

See Note 2 for a detailed discussion regarding our accounting policy on accounts receivable and allowance for credit losses as well as the adoption of ASU No. 2016-13. See Note 9 for a detailed discussion of the valuation allowance related to our deferred tax assets.

Summary Of Significant Accounting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total operating lease liabilities	$ 105,937	$ 152,608
Operating lease right-of-use assets	104,190	149,656
Long-term debt	305,010	349,563
Common stock	1,292,479	1,327,592
Retained earnings	411,072	464,524
Allowance for credit losses	1,477	3,469
Deferred tax liabilities	86,966	110,821
Net interest expense	(23,201)	(28,531)	$ (8,333)
Accounting Standards Update 2016-02 \| Cumulative Effect, Period of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total operating lease liabilities				$ 259,000
Operating lease right-of-use assets				253,400
Retained earnings				4,600
Tax effect of deferred gain on sale and leaseback transaction				$ 900
Accounting Standards Update 2016-13 \| Cumulative Effect, Period of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			(600)
Tax effect of credit losses			(200)
Allowance for credit losses			$ 700
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net interest expense	$ (7,600)
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt		44,100
Common stock		(41,500)
Retained earnings		6,700
Deferred tax liabilities		$ (9,300)

Long-Term Debt - Convertible Senior Notes Due 2026 (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 23,489,000	$ 30,538,000	$ 31,186,000
Amortization of debt issuance costs	$ 3,179,000	3,177,000	$ 3,600,000
Unamortized debt discount		45,692,000
Convertible Senior Notes Maturing February 2026
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%
Maturity date	Feb. 15, 2026
Frequency of periodic payment	semi-annually
Initial conversion ratio	0.1433795
Aggregate number of shares \| shares	28,675,900
Initial conversion price per share (USD per share) \| $ / shares	$ 6.97
Increase in the conversion rate	0.0645207
Redemption price as a percentage of principal amount	100.00%
Unamortized debt discount and debt issuance costs		$ 47,300,000
Unamortized debt issuance costs	$ 5,900,000
Effective interest rate (as a percent)	7.60%	12.40%
Interest expense	$ 14,700,000	$ 7,500,000
Coupon interest expense	13,500,000	5,100,000
Amortization of debt issuance costs	$ 1,200,000
Amortization of debt discount and issuance costs		$ 2,400,000
Convertible Senior Notes Maturing 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
Convertible Senior Notes Maturing 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

Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 2,326,028	$ 2,498,278
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Total assets	98,561	101,874
Well Intervention \| Reportable Segments
Segment Reporting Information [Line Items]
Total assets	2,012,214	2,134,081
Robotics \| Reportable Segments
Segment Reporting Information [Line Items]
Total assets	96,249	132,550
Production Facilities \| Reportable Segments
Segment Reporting Information [Line Items]
Total assets	$ 119,004	$ 129,773

- 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

Employee Benefit Plans - Cash Awards (Details) - Fixed Value Cash Awards - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted	$ 3.5	$ 4.7	$ 4.6
Vesting period	3 years
Deferred compensation cost	$ 4.0	$ 4.4	$ 3.2

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

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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

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, 2021 consisted of $71.1 million pledged as collateral for a letter of credit for a temporary importation permit for work offshore Nigeria and $2.5 million pledged toward our asset-based credit agreement (the “ABL Facility”). These cash pledges increase the availability under the ABL Facility. We had no restricted cash as of December 31, 2020.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recognized when our right to consideration becomes unconditional. Accounts receivable are stated at the historical carrying amount, net of write-offs and allowance for credit losses. We perform ongoing credit evaluations of our customers and provide allowances for credit losses. We estimate current expected credit losses on our accounts receivable at each reporting date based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 19).

Property and Equipment

Property and equipment is recorded at historical cost, net of accumulated depreciation. Property and equipment is depreciated on a straight-line basis over its estimated useful life. The cost of improvements is capitalized whereas the cost of repairs and maintenance is expensed as incurred.

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

Capitalized Interest

Interest from external borrowings is capitalized on major projects under development until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful life of the asset. Capitalized interest is excluded from our interest expense (Note 8) and is included as an investing cash outflow in the consolidated statements of cash flows.

Equity Investment

With respect to our investment accounted for using the equity method of accounting, losses in excess of the carrying amount of our equity investment are recognized when (i) we guaranteed the obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee’s return to profitability is imminent. Losses in excess of the carrying amount of our equity investment are presented as a liability in the consolidated balance sheets.

Leases

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

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

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

Goodwill

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

We perform an impairment analysis of goodwill at least annually as of November 1 or more frequently whenever events or circumstances occur indicating that goodwill might be impaired. Our goodwill balance attributable to the acquisition of a controlling interest in Subsea Technologies Group Limited (“STL”) was fully impaired during 2020 (Note 7).

Deferred Recertification and Dry Dock Costs

Our vessels and certain well intervention assets are required by regulation to be periodically recertified. Recertification costs for a vessel are typically incurred while the vessel is in dry dock. We defer and amortize recertification costs, including vessel dry dock costs, over the period that the certification applies, which generally ranges from 30 to 60 months if the appropriate permitting is obtained. A recertification process, including vessel dry dock, typically lasts between one to three months, a period during which a vessel or other asset 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 other asset are capitalized and depreciated over the asset’s remaining economic useful life. We expense routine repairs and maintenance costs as they are incurred.

As of December 31, 2021 and 2020, deferred recertification and dry dock costs, which were included within “Other assets, net” in the accompanying consolidated balance sheets (Note 3), totaled $16.3 million and $21.5 million (net of accumulated amortization of $23.6 million and $21.8 million), respectively. During the years ended December 31, 2021, 2020 and 2019, amortization expense related to deferred recertification and dry dock costs was $14.6 million, $14.3 million and $12.4 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 construction and IRM services to oil and gas companies as well as subsea trenching and burial of pipelines and cables as well as seabed clearing for the oil and gas and the renewable energy markets. We also provide integrated robotic services by supplying vessels that deploy ROVs and trenchers. Our Production Facilities segment generates revenue by supplying vessels, personnel and equipment for oil and natural gas processing, well control response services, and oil and gas production from owned properties.

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

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

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

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

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

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

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

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

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

Income from Oil and Gas Production

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

Income from Royalty Interests

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

Income Taxes

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

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, 2021, we believe that we have appropriately accounted for any unrecognized tax benefits. To the extent we prevail in matters for which a liability for an unrecognized tax benefit has been recognized or are required to pay amounts exceeding the liability, our effective tax rate in a given financial statement period may be affected.

Share-Based Compensation

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

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

Compensation cost for performance share unit (“PSU”) awards that have a service condition and a market condition and are accounted for as equity awards, 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. Compensation cost for PSUs that have a service condition and a performance condition and are accounted for as equity awards is initially measured based on the grant date fair value. Cumulative compensation cost is subsequently adjusted at the end of each reporting period to reflect the current estimation of achieving the performance condition.

Compensation cost for restricted stock unit (“RSU”) awards, which are accounted for as liability awards, is measured at their estimated fair value at 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 at fair value and consist of estimated costs for subsea infrastructure plug and abandonment (“P&A”) and other decommissioning 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, 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 or expense in the consolidated statements of operations. For the years ended December 31, 2021, 2020 and 2019, our foreign currency transaction gains (losses) totaled $(1.5) million, $4.6 million and $1.5 million, respectively. These realized amounts are exclusive of any gains or losses from our foreign currency exchange derivative contracts.

Derivative Instruments and Hedging Activities

Our business is exposed to market risks associated with interest rates and foreign currency exchange rates. Our risk management activities involve the use of derivative financial instruments to mitigate the impact of market risk exposure related to variable interest rates and foreign currency exchange rates. To reduce the impact of these risks on earnings and increase the predictability of our cash flows, from time to time we enter into derivative contracts, including interest rate swaps and foreign currency exchange contracts. Interest rate and foreign currency derivative instruments are reflected in the consolidated balance sheets at fair value. The capped call transactions (the “2026 Capped Calls”) we entered into in connection with the issuance of our Convertible Senior Notes Due 2026 (the “2026 Notes”) are recorded in shareholders’ equity and are not accounted for as derivatives (Note 8).

We engage solely in cash flow hedges. Cash flow hedges are entered into to hedge the variability of cash flows related to a forecasted transaction or to be received or paid related to a recognized asset or liability. Changes in the fair value of derivative instruments that are designated as cash flow hedges are reported in OCI. These changes are subsequently reclassified into earnings when the hedged transactions affect earnings. Changes in the fair value of interest rate and foreign currency derivative instruments that are not designated as or do not qualify for hedge accounting are recorded immediately in earnings.

We formally document all relationships between hedging instruments and the related hedged items, as well as our risk management objectives, strategies for undertaking various hedge transactions and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment or forecasted transaction. We also assess, both at the inception of the hedge and on an ongoing basis, whether the derivative instruments that are designated as hedging instruments are highly effective in offsetting changes in cash flows of the hedged items. We discontinue hedge accounting if we determine that a derivative is no longer highly effective as a hedge, or if it is probable that a hedged transaction will not occur. If hedge accounting is discontinued because it is probable the hedged transaction will not occur, gains or losses on the hedging instruments are reclassified from accumulated OCI into earnings immediately.

Earnings Per Share

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

Major Customers and Concentration of Credit Risk

Major Customers and Concentration of Risk

We offer our products and services primarily in the offshore oil and gas and renewable markets. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and gas prices and volatility, which are subject to many external factors. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, renewable energy companies and offshore engineering and construction firms. The percentages of consolidated revenue from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2021 — Petrobras (23%) and Shell (17%); 2020 — Petrobras (28%) and BP (17%); and 2019 — Petrobras (29%), BP (15%) and Shell (13%). Most of the concentration of revenues are in our Well Intervention segment.

Fair Value Measurements

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

●

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

●

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

●

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

Assets and liabilities measured at fair value are based on one or more of three valuation approaches as described in Note 20.

New Accounting Standards

New accounting standards adopted

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASC 842”). Our adoption of ASC 842 as of January 1, 2019 resulted in the recognition of operating lease liabilities of $259.0 million and corresponding ROU assets of $253.4 million (net of existing prepaid/deferred rent balances). In addition, we reclassified the remaining deferred gain of $4.6 million (net of deferred taxes of $0.9 million) on a 2016 sale and leaseback transaction to retained earnings. See Note 6 for additional information regarding our leases.

In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” which was updated by subsequent amendments. This ASU replaces the current incurred loss model for measurement of credit losses on financial assets (including trade receivables) with a forward-looking expected loss model based on historical experience, current conditions, and reasonable and supportable forecasts. Upon adoption of ASU No. 2016-13 on January 1, 2020, we recognized $0.6 million (net of deferred taxes of $0.2 million) related to the provision for current expected credit losses on our accounts receivable through a cumulative effect offset to retained earnings. The credit loss standard also resulted in the recognition of an additional $0.7 million in credit loss reserves on our accounts receivable for the year ended December 31, 2020. See Note 19 for additional information regarding allowance for credit losses on our accounts receivable.

In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, this ASU removes from GAAP the requirement to separate certain convertible instruments, such as our Convertible Senior Notes Due 2022 (the “2022 Notes”), Convertible Senior Notes Due 2023 (the “2023 Notes”) and the 2026 Notes (Note 8), into liability and equity components. Consequently, those convertible instruments will be accounted for in their entirety as liabilities measured at their amortized cost. We elected to early adopt ASU No. 2020-06 on a modified retrospective basis beginning January 1, 2021. The adoption of this ASU increased our long-term debt and decreased the reported value of our common stock by $44.1 million and $41.5 million, respectively, as we reclassified the conversion features associated with our various outstanding convertible senior notes from equity to long-term debt. The adoption of this ASU also increased our retained earnings and decreased deferred tax liabilities by $6.7 million and $9.3 million, respectively. As a result of our adoption of ASU No. 2020-06, interest expense associated with our outstanding convertible senior notes decreased by $7.6 million in 2021 as there were no longer any debt discounts to amortize.

New accounting standards issued but not yet effective

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

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligations

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


	2021		2020		2019
AROs at January 1,	$	30,913	$	28,258	$	—
Liability incurred during the period		—		—		53,294
Liability settled during the period		—		—		(28,296)
Revisions in estimates		(2,631)		—		822
Accretion expense		1,376		2,655		2,438
AROs at December 31,	$	29,658	$	30,913	$	28,258

Long-Term Debt - Credit Agreement (Details) - ABL Facility Maturing September 2026 $ in Millions		12 Months Ended
	Jun. 30, 2023	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Borrowing capacity		$ 80.0
Maturity date		Sep. 30, 2026
Springing maturity period		91 days
Outstanding principal amount with a springing maturity		$ 50.0
Additional commitments (up to)		70.0
Sub-limit for the issuance of letters of credit		10.0
Borrowings under ABL Facility		0.0
Available borrowing capacity		$ 51.1
Available borrowing capacity (as a percent of borrowing base)		10.00%
Availability of the borrowing base to satisfy and maintain fixed charge ratio		$ 8.0
Letters of credit issued		$ 1.9
Pro Forma
Debt Instrument [Line Items]
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
Minimum \| Pro Forma
Debt Instrument [Line Items]
Available borrowing capacity		$ 16.0
Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
SOFR \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.114%
SOFR \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.428%
United States
Debt Instrument [Line Items]
Borrowing capacity		$ 45.0
United States \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
United States \| LIBOR \| 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 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
United Kingdom \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.00%
United Kingdom \| SONIA \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
United Kingdom \| SONIA \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.00%

Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax provision (benefit):
Domestic	$ (1,103)	$ (18,927)	$ (2)
Foreign	7,347	4,109	4,376
Total current	6,244	(14,818)	4,374
Deferred tax provision (benefit):
Domestic	(5,756)	3,853	3,717
Foreign	(9,446)	(7,736)	(232)
Total deferred	(15,202)	(3,883)	3,485
Income tax provision (benefit)	$ (8,958)	$ (18,701)	$ 7,859

- Definition

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

+ References + Details

Employee Benefit Plans - Grants of Share-based Awards (Details) - USD ($) $ / shares in Units, $ in Millions								1 Months Ended	12 Months Ended
	Dec. 08, 2021	Oct. 01, 2021	Jul. 23, 2021	Jul. 01, 2021	Apr. 01, 2021	Jan. 04, 2021	Jan. 01, 2021	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant							Jan. 01, 2021
Shares/Units							452,381
Grant Date Fair Value Per Share/Unit							$ 4.20
Vesting Percentage							33.00%
Vesting Period							3 years
RSUs \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units								1,065,705
Grant Date Fair Value Per Share/Unit								$ 3.12
Total market value granted								$ 3.3
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant						Jan. 04, 2021
Shares/Units						452,381			452,381	369,938	688,540
Grant Date Fair Value Per Share/Unit						$ 5.33			$ 5.33	$ 13.15	$ 7.60
Vesting Percentage						100.00%
Vesting Date						Jan. 04, 2024
PSUs \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units								1,065,705
Grant Date Fair Value Per Share/Unit								$ 4.25
Total market value granted								$ 4.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date of Grant	Dec. 08, 2021	Oct. 01, 2021	Jul. 23, 2021	Jul. 01, 2021	Apr. 01, 2021	Jan. 04, 2021
Shares/Units	273,558	12,685	14,664	8,403	9,282	14,249			332,841	667,752	846,835
Grant Date Fair Value Per Share/Unit	$ 3.29	$ 3.88	$ 4.54	$ 5.71	$ 5.05	$ 4.20			$ 3.59	$ 7.06	$ 6.02
Vesting Percentage	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Vesting Date	Dec. 08, 2022	Jan. 01, 2023	Jul. 23, 2022	Jan. 01, 2023	Jan. 01, 2023	Jan. 01, 2023
Fixed Value Cash Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted									$ 3.5	$ 4.7	$ 4.6
Fixed Value Cash Awards \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive cash awards granted								$ 5.0

Commitments And Contingencies And Other Matters

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies And Other Matters

Note 17 — Commitments and Contingencies and Other Matters

Commitments

We have long-term charter agreements with Siem Offshore AS (“Siem”) for the Siem Helix 1 and Siem Helix 2 vessels, which historically have been used in connection with our contracts with Petrobras to perform well intervention work offshore Brazil. The initial term of the charter agreements with Siem is for seven years, with options to extend. The Siem Helix 1 charter expires June 2023 and the Siem Helix 2 charter expires February 2024. We have time charter agreements for the Grand Canyon II and Grand Canyon III vessels. The expiration date of the Grand Canyon II charter was extended to December 2022, with an option to renew. The Grand Canyon III charter expires May 2023.

Contingencies and Claims

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

Litigation

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

We are currently involved in several lawsuits filed by current and former offshore employees seeking overtime compensation. These suits are brought as collective actions and are in various stages of litigation. In one such lawsuit, during the third quarter 2021 the United States Court of Appeals for the Fifth Circuit issued a ruling adverse to us that may also have implications for some of the other cases in which we are involved, as well as the way offshore personnel are compensated throughout our industry. We have further appealed this matter and continue to vigorously defend these lawsuits. Notwithstanding that we believe we retain valid defenses, at this time we have established a liability for probable losses in certain of these matters. The final outcome of these matters remains uncertain and the ultimate liability to us could be more or less than the liability established.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of grants of share-based awards

The following grants of share-based awards were made in 2021 under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period
January 1, 2021 ⁽¹⁾	RSU	452,381	$	4.20	33% per year over three years
January 4, 2021 ⁽¹⁾	PSU	452,381	$	5.33	100% on January 4, 2024
January 4, 2021 ⁽²⁾	Restricted stock	14,249	$	4.20	100% on January 1, 2023
April 1, 2021 ⁽²⁾	Restricted stock	9,282	$	5.05	100% on January 1, 2023
July 1, 2021 ⁽²⁾	Restricted stock	8,403	$	5.71	100% on January 1, 2023
July 23, 2021 ⁽²⁾	Restricted stock	14,664	$	4.54	100% on July 23, 2022
October 1, 2021 ⁽²⁾	Restricted stock	12,685	$	3.88	100% on January 1, 2023
December 8, 2021 ⁽²⁾	Restricted stock	273,558	$	3.29	100% on December 8, 2022

(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,
	2021			2020			2019
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾
Awards outstanding at beginning of year	1,176,951	$	6.61	1,173,045	$	6.81	1,320,989	$	7.40
Granted	332,841		3.59	667,752		7.06	846,835		6.02
Vested ⁽²⁾	(656,066)		6.35	(631,498)		7.52	(993,361)		6.92
Forfeited	—		—	(32,348)		5.41	(1,418)		8.82
Awards outstanding at end of year	853,726	$	5.62	1,176,951	$	6.61	1,173,045	$	6.81

(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, 2021, 2020 and 2019 was $2.6 million, $5.4 million and $6.5 million, respectively.

Summary of information about equity PSU awards

The following table summarizes information about our equity PSU awards:


	Year Ended December 31,
	2021			2020			2019
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
Equity PSU awards outstanding at beginning of year	1,297,126	$	9.99	1,565,044	$	10.17	1,006,360	$	11.76
Granted	452,381		5.33	369,938		13.15	688,540		7.60
Vested	(368,038)		10.44	(589,335)		12.64	—		—
Forfeited	—		—	(48,521)		7.60	(129,856)		8.91
Equity PSU awards outstanding at end of year	1,381,469	$	8.34	1,297,126	$	9.99	1,565,044	$	10.17

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Current tax provision (benefit):
Domestic	$	(1,103)	$	(18,927)	$	(2)
Foreign		7,347		4,109		4,376
Total current	$	6,244	$	(14,818)	$	4,374
Deferred tax provision (benefit):
Domestic	$	(5,756)	$	3,853	$	3,717
Foreign		(9,446)		(7,736)		(232)
Total deferred	$	(15,202)	$	(3,883)	$	3,485
Total income tax provision (benefit)	$	(8,958)	$	(18,701)	$	7,859

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,
	2021		2020		2019
Domestic	$	(53,989)	$	(3,406)	$	2,219
Foreign		(16,653)		4,789		63,337
Income (loss) before income taxes	$	(70,642)	$	1,383	$	65,556

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,
	2021				2020				2019
Taxes at U.S. statutory rate	$	(14,835)	21.0	%	$	290	21.0	%	$	13,767	21.0	%
Foreign tax provision (benefit)		10,856	(15.3)			(3,426)	(247.7)			(6,557)	(10.0)
CARES Act		—	—			(7,596)	(549.2)			—	—
Subsidiary restructuring		—	—			(8,333)	(602.5)			—	—
Valuation allowance release (net of U.S. tax)		(5,040)	7.1			—	—			—	—
Other		61	(0.1)			364	26.2			649	1.0
Income tax provision (benefit)	$	(8,958)	12.7	%	$	(18,701)	(1,352.2)	%	$	7,859	12.0	%

Schedule of deferred income taxes

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,
	2021		2020
Deferred tax liabilities:
Depreciation	$	137,898	$	153,226
Debt discounts on 2022 Notes, 2023 Notes and 2026 Notes		—		9,298
Prepaid and other		1,088		—
Total deferred tax liabilities	$	138,986	$	162,524
Deferred tax assets:
Net operating losses	$	(56,369)	$	(59,794)
Reserves, accrued liabilities and other		(9,698)		(11,631)
Total deferred tax assets		(66,067)		(71,425)
Valuation allowance		14,047		19,722
Net deferred tax liabilities	$	86,966	$	110,821

Business Segment Information - Summary Of Financial Data By Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 674,728	$ 733,555	$ 751,909
Income (loss) from operations	(48,687)	13,025	67,997
Goodwill impairment		(6,689)
Net interest expense	(23,201)	(28,531)	(8,333)
Other non-operating income (expense), net	1,246	16,889	5,892
Income (loss) before income taxes	(70,642)	1,383	65,556
Capital expenditures	8,322	20,244	140,854
Depreciation and amortization	141,514	133,709	112,720
Reportable Segments
Segment Reporting Information [Line Items]
Income (loss) from operations	(7,214)	56,585	113,985
Goodwill impairment		(6,689)
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	(48,479)	(42,015)	(74,273)
Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Income (loss) from operations	(41,473)	(36,871)	(45,988)
Capital expenditures	(917)	464	1,102
Depreciation and amortization	(660)	349	450
Well Intervention
Segment Reporting Information [Line Items]
Net revenues	516,564	539,249	593,300
Goodwill impairment		(6,689)
Well Intervention \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	516,564	539,249	593,300
Income (loss) from operations	(35,882)	26,855	89,564
Capital expenditures	2,349	19,523	139,212
Depreciation and amortization	107,551	101,756	80,153
Well Intervention \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	(21,521)	(15,039)	(43,484)
Robotics
Segment Reporting Information [Line Items]
Net revenues	137,295	178,018	171,672
Robotics \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	137,295	178,018	171,672
Income (loss) from operations	5,762	13,755	7,261
Capital expenditures	120	257	417
Depreciation and amortization	15,158	15,952	16,459
Robotics \| Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	(26,958)	(26,976)	(30,789)
Production Facilities
Segment Reporting Information [Line Items]
Net revenues	69,348	58,303	61,210
Production Facilities \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	69,348	58,303	61,210
Income (loss) from operations	22,906	15,975	17,160
Capital expenditures	6,770		123
Depreciation and amortization	$ 19,465	$ 15,652	$ 15,658

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) subsidiary
Income Tax Disclosure [Abstract]
Net tax benefit from CARES Act		$ 7,600
Current tax benefit from CARES Act		18,900
Deferred tax expense from CARES Act		$ 11,300
Number of foreign subsidiaries \| subsidiary		2
Net deferred tax benefit from foreign subsidiary restructuring		$ 8,300
Undistributed earnings of foreign subsidiaries	$ 62,900
Unrecognized tax benefits related to uncertain tax positions	100
Expiration of uncertain tax positions		$ 600
Operating Loss Carryforwards [Line Items]
Valuation allowance release	(5,040)
Tax credits	5,300
U.S.
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	180,000
Net operating loss carryforwards subject to expiration	112,300
Net operating loss carryforwards not subject to expiration	67,700
Foreign
Operating Loss Carryforwards [Line Items]
Valuation allowance release	(6,400)
Net operating loss carryforward	71,000
Tax credits	$ 3,000

Details Of Certain Accounts

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details Of Certain Accounts

Note 3 — Details of Certain Accounts

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


	December 31,
	2021		2020
Contract assets (Note 12)	$	639	$	2,446
Prepaids		18,228		15,904
Deferred costs (Note 12)		2,967		23,522
Income tax receivable (Note 9)		1,116		20,787
Other receivable (Note 16)		28,805		29,782
Other		6,519		9,651
Total other current assets	$	58,274	$	102,092

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


	December 31,
	2021		2020
Deferred recertification and dry dock costs, net (Note 2)	$	16,291	$	21,464
Deferred costs (Note 12)		381		861
Charter deposit ⁽¹⁾		12,544		12,544
Intangible assets with finite lives, net		3,472		3,809
Other		1,967		1,335
Total other assets, net	$	34,655	$	40,013

(1)	This amount is deposited with the owner of the Siem Helix 2 to offset certain payment obligations associated with the vessel at the end of the charter term.

Accrued liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Accrued payroll and related benefits	$	28,657	$	24,768
Accrued interest		6,746		7,098
Investee losses in excess of investment (Note 5)		797		1,499
Deferred revenue (Note 12)		8,272		8,140
Asset retirement obligations (Note 16)		29,658		30,913
Other		17,582		14,617
Total accrued liabilities	$	91,712	$	87,035

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


	December 31,
	2021		2020
Deferred revenue (Note 12)	$	476	$	1,869
Other		499		2,009
Total other non-current liabilities	$	975	$	3,878

Earnings Per Share - Shares Included in Diluted Calculations Assuming Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Diluted shares (as reported)	150,056	149,897	149,577
Share-based awards	1,282
Total	151,338

Employee Benefit Plans - RSU Awards (Details) $ in Millions	12 Months Ended
Employee Benefit Plans - RSU Awards (Details) $ in Millions	Dec. 31, 2021 USD ($)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 0.5

Summary Of Significant Accounting Policies - Deferred Recertification And Dry Dock Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Deferred recertification and dry dock costs, net	$ 16,291	$ 21,464
Deferred recertification and dry dock costs accumulated amortization	23,600	21,800
Recertification and dry dock amortization expense	$ 14,600	$ 14,300	$ 12,400
Minimum
Finite-Lived Intangible Assets [Line Items]
Recertification and dry dock amortization period	30 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

Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic:
Net income (loss) attributable to common shareholders	$ (61,538)	$ 22,174	$ 57,919
Less: Undistributed earnings allocated to participating securities		(140)	(487)
Less: Accretion of redeemable noncontrolling interests	(241)	(2,400)	(143)
Net income (loss) available to common shareholders, basic	$ (61,779)	$ 19,634	$ 57,289
Weighted average number of shares outstanding, basic (in shares)	150,056	148,993	147,536
Diluted:
Net income (loss) available to common shareholders, basic	$ (61,779)	$ 19,634	$ 57,289
Weighted average number of shares outstanding, basic (in shares)	150,056	148,993	147,536
Effect of dilutive securities:
Share-based awards other than participating securities (in shares)		904	2,041
Undistributed earnings reallocated to participating securities		$ 1	$ 6
Net income (loss) available to common shareholders, diluted	$ (61,779)	$ 19,635	$ 57,295
Weighted average number of shares outstanding, diluted (in shares)	150,056	149,897	149,577

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (61,684)	$ 20,084	$ 57,697
Other comprehensive income (loss), net of tax:
Net unrealized loss on hedges arising during the period		(95)	(680)
Reclassifications into earnings		452	5,470
Income taxes on hedges		(72)	(966)
Net change in hedges, net of tax		285	3,824
Foreign currency translation gain (loss)	(4,462)	12,835	5,400
Other comprehensive income (loss), net of tax	(4,462)	13,120	9,224
Comprehensive income (loss)	(66,146)	33,204	66,921
Less comprehensive loss attributable to redeemable noncontrolling interests:
Net loss	(146)	(2,090)	(222)
Foreign currency translation gain	50	90	138
Comprehensive loss attributable to redeemable noncontrolling interests	(96)	(2,000)	(84)
Comprehensive income (loss) attributable to common shareholders	$ (66,050)	$ 35,204	$ 67,005

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

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


	December 31,
	2021		2020
Term Loan (repaid September 2021) ⁽¹⁾	$	—	$	29,750
Nordea Q5000 Loan (matured January 2021) ⁽²⁾		—		53,572
2022 Notes (mature May 2022)		35,000		35,000
2023 Notes (mature September 2023)		30,000		30,000
2026 Notes (mature February 2026)		200,000		200,000
MARAD Debt (matures February 2027)		48,850		56,410
Unamortized debt discounts ⁽³⁾		—		(45,692)
Unamortized debt issuance costs		(8,840)		(9,477)
Total debt		305,010		349,563
Less current maturities		(42,873)		(90,651)
Long-term debt	$	262,137	$	258,912

(1)	The Term Loan was fully repaid in September 2021 concurrent with our entering into the ABL Facility.

(2)	The Nordea Q5000 Loan was fully repaid upon maturity in January 2021.

(3)	As a result of the adoption of ASU No. 2020-06 beginning January 1, 2021, there are no longer any debt discounts associated with the 2022 Notes, the 2023 Notes and the 2026 Notes (Note 2).

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of December 31, 2021 are as follows (in thousands):


	2022		2023		2026		MARAD
	Notes		Notes		Notes		Debt		Total
Less than one year	$	35,000	$	—	$	—	$	7,937	$	42,937
One to two years		—		30,000		—		8,333		38,333
Two to three years		—		—		—		8,749		8,749
Three to four years		—		—		—		9,186		9,186
Four to five years		—		—		200,000		9,644		209,644
Over five years		—		—		—		5,001		5,001
Gross debt		35,000		30,000		200,000		48,850		313,850
Unamortized debt issuance costs ⁽¹⁾		(64)		(314)		(5,901)		(2,561)		(8,840)
Total debt		34,936		29,686		194,099		46,289		305,010
Less current maturities		(34,936)		—		—		(7,937)		(42,873)
Long-term debt	$	—	$	29,686	$	194,099	$	38,352	$	262,137

(1)	Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. See Note 2 for accounting changes as a result of the adoption of ASU No. 2020-06.

Schedule of components of net interest expense

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


	Year Ended December 31,
	2021		2020		2019
Interest expense	$	23,489	$	30,538	$	31,186
Capitalized interest ⁽¹⁾		—		(1,182)		(20,246)
Interest income		(288)		(825)		(2,607)
Net interest expense	$	23,201	$	28,531	$	8,333

(1)	The significant reduction in capitalized interest was attributable to the conclusion of our planned major capital commitments following the completion of the Q7000 in 2020.

- Definition

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

+ References

+ Details

Property And Equipment - Gross Components Of Property And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,938,154	$ 2,948,907
Vessels
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,343,162	2,349,752
Vessels \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Vessels \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
ROVs and Trenchers
Property, Plant and Equipment [Line Items]
Property and equipment	$ 257,274	263,968
Estimated useful life	10 years
Machinery, Equipment and Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 337,718	$ 335,187
Machinery, Equipment and Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Machinery, Equipment and Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 20 — Fair Value Measurements

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).

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

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


	December 31, 2021				December 31, 2020
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ^{(2) (3)}		Amount ⁽¹⁾		Value ^{(2) (3)}
Term Loan (repaid September 2021) ⁽⁴⁾	$	—	$	—	$	29,750	$	28,969
Nordea Q5000 Loan (matured January 2021) ⁽⁵⁾		—		—		53,572		53,598
MARAD Debt (matures February 2027)		48,850		52,481		56,410		62,318
2022 Notes (mature May 2022)		35,000		34,794		35,000		33,513
2023 Notes (mature September 2023)		30,000		29,054		30,000		28,650
2026 Notes (mature February 2026)		200,000		200,562		200,000		211,383
Total debt	$	313,850	$	316,891	$	404,732	$	418,431

(1)	Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 8 for additional disclosures on our long-term debt.

(2)

The estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes was determined using Level 1 fair value inputs under the market approach. The fair value of the Term Loan, the Nordea Q5000 Loan and the MARAD Debt was estimated using Level 2 fair value inputs under the market approach, which was determined using a third-party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms.

(3)	The principal amount and estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes are for the entire instrument inclusive of the conversion feature, which had been accounted for in shareholders’ equity through December 31, 2020.

(4)	The Term Loan was fully repaid in September 2021 concurrent with our entering into the ABL Facility (Note 8).

(5)	The Nordea Q5000 Loan was fully repaid upon maturity in January 2021 (Note 8).

- 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

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Note 16 — Asset Retirement Obligations

Our AROs relate to our Droshky oil and gas properties that we acquired from Marathon Oil Corporation (“Marathon Oil”) in January 2019. In connection with assuming the P&A obligations related to those assets, we are entitled to receive agreed-upon amounts from Marathon Oil as the P&A work is completed. The following table describes the changes in our AROs (in thousands):


	2021		2020		2019
AROs at January 1,	$	30,913	$	28,258	$	—
Liability incurred during the period		—		—		53,294
Liability settled during the period		—		—		(28,296)
Revisions in estimates		(2,631)		—		822
Accretion expense		1,376		2,655		2,438
AROs at December 31,	$	29,658	$	30,913	$	28,258

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0.6	$ 2.4
Credit losses on contract assets	0.0	0.0	$ 0.0
Contract liabilities	8.7	10.0
Revenue recognized	7.9	11.6	10.1
Deferred contract costs	3.3	24.4
Amortization of deferred contract costs	39.1	$ 35.8	31.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	348.2
Revenue related to performance obligation satisfied in previous years			$ 2.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 245.9
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 102.1
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0.2
Expected timing of satisfaction	1 year

Derivative Instruments And Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of impact of derivative instruments designated as hedging instruments on accumulated OCI and consolidated statements of operations

We had no derivative instruments as of December 31, 2021 and 2020. The following tables present the impact that derivative instruments designated as hedging instruments had on our accumulated OCI (net of tax) and our consolidated statements of operations for the years ended December 31, 2020 and 2019 (in thousands):


	Unrealized Loss Recognized in OCI
	Year Ended December 31,
	2020		2019
Foreign exchange contracts	$	(54)	$	(315)
Interest rate swaps		(41)		(365)
	$	(95)	$	(680)


	Location of Gain (Loss)	Gain (Loss) Reclassified from
	Reclassified from	Accumulated OCI into Earnings
	Accumulated OCI into	Year Ended December 31,
	Earnings	2020		2019
Foreign exchange contracts	Cost of sales	$	(455)	$	(6,125)
Interest rate swaps	Net interest expense		3		655
		$	(452)	$	(5,470)

Schedule of impact of derivative instruments not designated as hedging instruments on consolidated statements of operations

The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations for the years ended December 31, 2020 and 2019 (in thousands):


		Loss Recognized in Earnings
	Location of Loss	Year Ended December 31,
	Recognized in Earnings	2020		2019
Foreign exchange contracts	Other income (expense), net	$	(81)	$	(378)
		$	(81)	$	(378)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of computations of basic and diluted EPS

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


	Year Ended December 31,
	2021			2020			2019
	Income		Shares	Income		Shares	Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(61,538)		$	22,174		$	57,919
Less: Undistributed earnings allocated to participating securities		—			(140)			(487)
Less: Accretion of redeemable noncontrolling interests		(241)			(2,400)			(143)
Net income (loss) available to common shareholders, basic	$	(61,779)	150,056	$	19,634	148,993	$	57,289	147,536

Diluted:
Net income (loss) available to common shareholders, basic	$	(61,779)	150,056	$	19,634	148,993	$	57,289	147,536
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	904		—	2,041
Undistributed earnings reallocated to participating securities		—	—		1	—		6	—
Net income (loss) available to common shareholders, diluted	$	(61,779)	150,056	$	19,635	149,897	$	57,295	149,577

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,
		2021
Diluted shares (as reported)		150,056
Share-based awards		1,282
Total		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,
	2021	2020	2019
2022 Notes	2,519	6,537	8,997
2023 Notes	3,168	9,391	13,202
2026 Notes	28,676	10,891	—

Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Convertible Senior Notes Maturing May 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,519	6,537	8,997
Convertible Senior Notes Maturing September 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,168	9,391	13,202
Convertible Senior Notes Maturing February 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	28,676	10,891

Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue From Contracts With Customers

Note 12 — Revenue from Contracts with Customers

Disaggregation of Revenue

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


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

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

Year ended December 31, 2019
Short-term	$	214,926	$	94,501	$	—	$	—	$	309,427
Long-term		378,374		77,171		61,210		(74,273)		442,482
Total	$	593,300	$	171,672	$	61,210	$	(74,273)	$	751,909

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 3). Contract assets as of December 31, 2021 and 2020 were $0.6 million and $2.4 million, respectively. We had no credit losses on our contract assets for the years ended December 31, 2021, 2020 and 2019.

Contract liabilities are obligations to provide future services to a customer for which we have already received, or have the unconditional right to receive, the consideration for those services from the customer. Contract liabilities may consist of (i) advance payments received from customers, including upfront mobilization fees allocated to a single performance obligation and recognized ratably over the contract term and/or (ii) amounts billed to the customer in excess of revenue recognized for lump sum contracts when the cost-to-cost method of revenue recognition is utilized. Contract liabilities are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets (Note 3). Contract liabilities as of December 31, 2021 and 2020 totaled $8.7 million and $10.0 million, respectively. Revenue recognized for the years ended December 31, 2021, 2020 and 2019 included $7.9 million, $11.6 million and $10.1 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, 2021, $348.2 million related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $245.9 million, $102.1 million and $0.2 million in 2022, 2023 and 2024, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at December 31, 2021.

For the years ended December 31, 2021 and 2020, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial. For the year ended December 31, 2019, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $2.1 million, which resulted from the recognition of previously constrained variable consideration for contractual adjustments related to withholding taxes in Brazil.

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 3). Our deferred contract costs as of December 31, 2021 and 2020 totaled $3.3 million and $24.4 million, respectively. For the years ended December 31, 2021, 2020 and 2019, we recorded $39.1 million, $35.8 million and $31.5 million, respectively, related to amortization of deferred contract costs. There were no associated impairment losses for any period presented.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Derivative Instruments And Hedging Activities - Gain (Loss) Reclassified From Accumulated OCI Into Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (452)	$ (5,470)
Foreign Exchange Contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(455)	(6,125)
Interest Rate Swaps \| Net Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ 3	$ 655

Allowance Accounts - Activities In Allowance For Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 3,469
Balance at end of period	1,477	$ 3,469
Cumulative Effect, Period of Adoption \| Accounting Standards Update 2016-13
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year		700
Balance at end of period			$ 700
Allowance for Credit Losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	3,469
Additions (reductions)	(146)	2,684
Write-offs	(1,846)
Adjustments		785
Balance at end of period	1,477	3,469
Allowance for Credit Losses \| Robotics
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Additions (reductions)		1,700
Deferred Tax Asset Valuation Allowance
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,722	18,631	17,940
Adjustments	(5,675)	1,091	691
Balance at end of period	$ 14,047	$ 19,722	$ 18,631

Leases - Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Less than one year	$ 61,174	$ 60,649
One to two years	39,424	57,541
Two to three years	6,984	39,229
Three to four years	2,462	6,844
Four to five years	1,074	2,340
Over five years	4,193	4,054
Total lease payments	115,311	170,657
Less: imputed interest	(9,374)	(18,049)
Total operating lease liabilities	105,937	152,608
Current operating lease liabilities	55,739	51,599
Non-current operating lease liabilities	50,198	101,009
Vessels
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Less than one year	55,573	54,621
One to two years	34,580	52,106
Two to three years	2,470	34,580
Three to four years		2,470
Total lease payments	92,623	143,777
Less: imputed interest	(5,633)	(13,352)
Total operating lease liabilities	86,990	130,425
Current operating lease liabilities	51,035	46,748
Non-current operating lease liabilities	35,955	83,677
Facilities and Equipment
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Less than one year	5,601	6,028
One to two years	4,844	5,435
Two to three years	4,514	4,649
Three to four years	2,462	4,374
Four to five years	1,074	2,340
Over five years	4,193	4,054
Total lease payments	22,688	26,880
Less: imputed interest	(3,741)	(4,697)
Total operating lease liabilities	18,947	22,183
Current operating lease liabilities	4,704	4,851
Non-current operating lease liabilities	$ 14,243	$ 17,332

Summary Of Significant Accounting Policies (Imported)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Principles of Consolidation

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

Property and Equipment

Capitalized Interest

Equity Investment

Leases

Goodwill

Deferred Recertification and Dry Dock Costs

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

Derivative Instruments and Hedging Activities

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 described in Note 20.

New Accounting Standards

New accounting standards adopted

New accounting standards issued but not yet effective

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

Statement Of Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information [Abstract]

Statement Of Cash Flow Information

Note 18 — Statement of Cash Flow Information

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


	Year Ended December 31,
	2021		2020		2019
Interest paid, net of interest capitalized	$	20,719	$	15,943	$	1,909
Income taxes paid ⁽¹⁾		8,310		7,434		8,856

(1)	Exclusive of income tax refunds. During the year ended December 31, 2021, we received $18.9 million in refunds related to the CARES Act.

Our capital additions include the acquisition of property and equipment for which payment has not been made. As of December 31, 2021 and 2020, these non-cash capital additions totaled $0.3 million and $1.6 million, respectively.

Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and related benefits	$ 28,657	$ 24,768
Accrued interest	6,746	7,098
Investee losses in excess of investment	797	1,499
Deferred revenue	8,272	8,140
Asset retirement obligations	29,658	30,913
Other	17,582	14,617
Total accrued liabilities	$ 91,712	$ 87,035

Property And Equipment (Tables)

12 Months Ended

Dec. 31, 2021

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	2021		2020
Vessels	15 to 30 years	$	2,343,162	$	2,349,752
ROVs and trenchers	10 years		257,274		263,968
Machinery, equipment and leasehold improvements	5 to 15 years		337,718		335,187
Total property and equipment		$	2,938,154	$	2,948,907

Commitments And Contingencies And Other Matters - Narrative (Details)	12 Months Ended
	Dec. 31, 2021
Siem Helix 1 and Siem Helix 2
Commitments And Contingencies [Line Items]
Term of charter agreement	7 years

Business Segment Information - Revenue By Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 674,728	$ 733,555	$ 751,909
United States
Segment Reporting Information [Line Items]
Net revenues	232,661	304,563	297,162
United Kingdom
Segment Reporting Information [Line Items]
Net revenues	100,154	133,005	193,903
Brazil
Segment Reporting Information [Line Items]
Net revenues	154,326	208,565	216,796
West Africa
Segment Reporting Information [Line Items]
Net revenues	126,856	41,840	646
Other
Segment Reporting Information [Line Items]
Net revenues	$ 60,731	$ 45,582	$ 43,402

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary Of Significant Accounting Policies - Major Customers And Concentration Of Risk (Details) - Customer Concentration Risk - Revenue Benchmark	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Petrobras
Revenue, Major Customer [Line Items]
Percentage of concentration risk	23.00%	28.00%	29.00%
BP
Revenue, Major Customer [Line Items]
Percentage of concentration risk		17.00%	15.00%
Shell
Revenue, Major Customer [Line Items]
Percentage of concentration risk	17.00%		13.00%

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - ESPP - shares		12 Months Ended
	May 15, 2019	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance (in shares)	1,500,000
Shares available for issuance (in shares)		1,600,000
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

Business Combinations And Goodwill

12 Months Ended

Dec. 31, 2021

Business Combinations and Goodwill [Abstract]

Business Combinations And Goodwill

Note 7 — Business Combinations and Goodwill

Oil prices as well as energy and energy services valuations experienced significant decline during the first quarter 2020 due to the COVID-19 pandemic and the price war among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other non-OPEC producer nations (collectively with OPEC members, “OPEC+”). As a result, we impaired all of our goodwill, which consisted entirely of goodwill attributable to the acquisition in May 2019 of a 70% controlling interest in STL, a subsea engineering firm based in Aberdeen, Scotland. In June 2021, we acquired the remaining 30% noncontrolling interest in STL. These redeemable noncontrolling interests had been recognized as temporary equity. STL is included in our Well Intervention segment and its revenue and earnings are immaterial to our consolidated results.

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


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

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Note 10 — 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 8), we entered into the 2026 Capped Calls with three separate option counterparties. The 2026 Capped Calls are for an aggregate of 28,675,900 shares of our common stock, which corresponds to the shares into which the 2026 Notes are initially convertible. The capped call shares are subject to certain anti-dilution adjustments. Each capped call option has an initial strike price of approximately $6.97 per share, which corresponds to the initial conversion price of the 2026 Notes, and an initial cap price of approximately $8.42 per share. The strike and cap prices are subject to certain adjustments. The 2026 Capped Calls are intended to offset some or all of the potential dilution to Helix common shares caused by any conversion of the 2026 Notes up to the cap price. The 2026 Capped Calls can be settled in either net shares or cash at our option in components commencing December 15, 2025 and ending February 12, 2026, which could be extended under certain circumstances.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 14
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Fair Value Measurements - Principal Amount And Estimated Fair Value Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 313,850
Term Loan Repaid September 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount		$ 29,750
Fair value		28,969
Nordea Q5000 Loan Matured January 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount		53,572
Fair value		53,598
MARAD Debt Maturing February 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	48,850	56,410
Fair value	52,481	62,318
Convertible Senior Notes Maturing May 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	35,000	35,000
Fair value	34,794	33,513
Convertible Senior Notes Maturing September 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	30,000	30,000
Fair value	29,054	28,650
Convertible Senior Notes Maturing February 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	200,000	200,000
Fair value	200,562	211,383
Total Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	313,850	404,732
Fair value	$ 316,891	$ 418,431

Derivative Instruments And Hedging Activities

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments And Hedging Activities

Note 21 — Derivative Instruments and Hedging Activities

In June 2015, we entered into interest rate swap contracts to fix the interest rate on $187.5 million of the Nordea Q5000 Loan (Note 8). These swap contracts expired in April 2020. Our interest rate swap contracts qualified for cash flow hedge accounting treatment.

In February 2013, we entered into foreign currency exchange contracts to hedge our foreign currency exposure associated with the Grand Canyon II and Grand Canyon III charter payments denominated in the Norwegian kroner through July 2019 and February 2020, respectively. A portion of our foreign currency exchange contracts qualified for hedge accounting treatment.


	Unrealized Loss Recognized in OCI
	Year Ended December 31,
	2020		2019
Foreign exchange contracts	$	(54)	$	(315)
Interest rate swaps		(41)		(365)
	$	(95)	$	(680)


	Location of Gain (Loss)	Gain (Loss) Reclassified from
	Reclassified from	Accumulated OCI into Earnings
	Accumulated OCI into	Year Ended December 31,
	Earnings	2020		2019
Foreign exchange contracts	Cost of sales	$	(455)	$	(6,125)
Interest rate swaps	Net interest expense		3		655
		$	(452)	$	(5,470)


		Loss Recognized in Earnings
	Location of Loss	Year Ended December 31,
	Recognized in Earnings	2020		2019
Foreign exchange contracts	Other income (expense), net	$	(81)	$	(378)
		$	(81)	$	(378)

Equity Method Investments

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Note 5 — Equity Method Investments

We have a 20% ownership interest in Independence Hub, LLC (“Independence Hub”) that we account for using the equity method of accounting. Independence Hub owns the “Independence Hub” platform, which is nearing the completion of its decommissioning. The remaining liability balances for our share of Independence Hub’s estimated obligations, net of remaining working capital, were $0.8 million and $1.5 million at December 31, 2021 and 2020, respectively.

Leases

12 Months Ended

Dec. 31, 2021

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. We also sublease some of our facilities under non-cancelable sublease agreements. As of December 31, 2021, the minimum sublease income to be received in the future totaled $1.5 million.

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


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	60,636	$	64,742	$	70,860
Variable lease cost		16,711		15,021		13,780
Short-term lease cost		20,590		37,524		20,384
Sublease income		(1,303)		(1,286)		(1,391)
Net lease cost	$	96,634	$	116,001	$	103,633

Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	55,573	$	5,601	$	61,174
One to two years		34,580		4,844		39,424
Two to three years		2,470		4,514		6,984
Three to four years		—		2,462		2,462
Four to five years		—		1,074		1,074
Over five years		—		4,193		4,193
Total lease payments	$	92,623	$	22,688	$	115,311
Less: imputed interest		(5,633)		(3,741)		(9,374)
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Current operating lease liabilities	$	51,035	$	4,704	$	55,739
Non-current operating lease liabilities		35,955		14,243		50,198
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Maturities of our operating lease liabilities as of December 31, 2020 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	54,621	$	6,028	$	60,649
One to two years		52,106		5,435		57,541
Two to three years		34,580		4,649		39,229
Three to four years		2,470		4,374		6,844
Four to five years		—		2,340		2,340
Over five years		—		4,054		4,054
Total lease payments	$	143,777	$	26,880	$	170,657
Less: imputed interest		(13,352)		(4,697)		(18,049)
Total operating lease liabilities	$	130,425	$	22,183	$	152,608

Current operating lease liabilities	$	46,748	$	4,851	$	51,599
Non-current operating lease liabilities		83,677		17,332		101,009
Total operating lease liabilities	$	130,425	$	22,183	$	152,608

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


	December 31,
	2021		2020		2019
Weighted average remaining lease term	2.4	years	3.1	years	4.0	years
Weighted average discount rate	7.57	%	7.53	%	7.54	%

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


	Year Ended December 31,
	2021		2020		2019
Cash paid for operating lease liabilities	$	61,826	$	66,026	$	71,698
Right-of-use assets obtained in exchange for new operating lease obligations		5,992		516		1,168

Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less than one year	$ 42,937
One to two years	38,333
Two to three years	8,749
Three to four years	9,186
Four to five years	209,644
Over five years	5,001
Gross debt	313,850
Unamortized debt issuance costs	(8,840)	$ (9,477)
Total debt	305,010	349,563
Less: current maturities	(42,873)	(90,651)
Long-term debt	262,137	258,912
Convertible Senior Notes Maturing May 2022
Debt Instrument [Line Items]
Less than one year	35,000
Gross debt	35,000	35,000
Unamortized debt issuance costs	(64)
Total debt	34,936
Less: current maturities	(34,936)
Convertible Senior Notes Maturing September 2023
Debt Instrument [Line Items]
One to two years	30,000
Gross debt	30,000	30,000
Unamortized debt issuance costs	(314)
Total debt	29,686
Long-term debt	29,686
Convertible Senior Notes Maturing February 2026
Debt Instrument [Line Items]
Four to five years	200,000
Gross debt	200,000	200,000
Unamortized debt issuance costs	(5,901)
Total debt	194,099
Long-term debt	194,099
MARAD Debt Maturing February 2027
Debt Instrument [Line Items]
Less than one year	7,937
One to two years	8,333
Two to three years	8,749
Three to four years	9,186
Four to five years	9,644
Over five years	5,001
Gross debt	48,850	$ 56,410
Unamortized debt issuance costs	(2,561)
Total debt	46,289
Less: current maturities	(7,937)
Long-term debt	$ 38,352

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 253,515	$ 291,320
Restricted cash	73,612
Accounts receivable, net of allowance for credit losses of $1,477 and $3,469, respectively	144,137	132,233
Other current assets	58,274	102,092
Total current assets	529,538	525,645
Property and equipment	2,938,154	2,948,907
Less accumulated depreciation	(1,280,509)	(1,165,943)
Property and equipment, net	1,657,645	1,782,964
Operating lease right-of-use assets	104,190	149,656
Other assets, net	34,655	40,013
Total assets	2,326,028	2,498,278
Current liabilities:
Accounts payable	87,959	50,022
Accrued liabilities	91,712	87,035
Current maturities of long-term debt	42,873	90,651
Current operating lease liabilities	55,739	51,599
Total current liabilities	278,283	279,307
Long-term debt	262,137	258,912
Operating lease liabilities	50,198	101,009
Deferred tax liabilities	86,966	110,821
Other non-current liabilities	975	3,878
Total liabilities	678,559	753,927
Commitments and contingencies
Redeemable noncontrolling interests		3,855
Shareholders' equity:
Common stock, no par, 240,000 shares authorized, 151,124 and 150,341 shares issued, respectively	1,292,479	1,327,592
Retained earnings	411,072	464,524
Accumulated other comprehensive loss	(56,082)	(51,620)
Total shareholders' equity	1,647,469	1,740,496
Total liabilities, redeemable noncontrolling interests and shareholders' equity	$ 2,326,028	$ 2,498,278

Long-Term Debt - Components Of Net Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest expense	$ 23,489	$ 30,538	$ 31,186
Capitalized interest		(1,182)	(20,246)
Interest income	(288)	(825)	(2,607)
Net interest expense	$ 23,201	$ 28,531	$ 8,333

Derivative Instruments And Hedging Activities - Unrealized Loss Recognized In OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Loss Recognized in OCI	$ (95)	$ (680)
Foreign Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Loss Recognized in OCI	(54)	(315)
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Loss Recognized in OCI	$ (41)	$ (365)

Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred recertification and dry dock costs, net	$ 16,291	$ 21,464
Deferred costs	381	861
Charter deposit	12,544	12,544
Intangible assets with finite lives, net	3,472	3,809
Other	1,967	1,335
Total other assets, net	$ 34,655	$ 40,013

Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 476	$ 1,869
Other	499	2,009
Total other non-current liabilities	$ 975	$ 3,878

Leases - Weighted Average Remaining Lease Term And Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	2 years 4 months 24 days	3 years 1 month 6 days	4 years
Weighted average discount rate (as a percent)	7.57%	7.53%	7.54%

Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 313,850
Unamortized debt discounts		$ (45,692)
Unamortized debt issuance costs	(8,840)	(9,477)
Total debt	305,010	349,563
Less: current maturities	(42,873)	(90,651)
Long-term debt	262,137	258,912
Term Loan Repaid September 2021
Debt Instrument [Line Items]
Principal amount		29,750
Nordea Q5000 Loan Matured January 2021
Debt Instrument [Line Items]
Principal amount		53,572
Convertible Senior Notes Maturing May 2022
Debt Instrument [Line Items]
Principal amount	35,000	35,000
Unamortized debt issuance costs	(64)
Total debt	34,936
Less: current maturities	(34,936)
Convertible Senior Notes Maturing September 2023
Debt Instrument [Line Items]
Principal amount	30,000	30,000
Unamortized debt issuance costs	(314)
Total debt	29,686
Long-term debt	29,686
Convertible Senior Notes Maturing February 2026
Debt Instrument [Line Items]
Principal amount	200,000	200,000
Unamortized debt issuance costs	(5,901)
Total debt	194,099
Long-term debt	194,099
MARAD Debt Maturing February 2027
Debt Instrument [Line Items]
Principal amount	48,850	$ 56,410
Unamortized debt issuance costs	(2,561)
Total debt	46,289
Less: current maturities	(7,937)
Long-term debt	$ 38,352

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Allowance for credit losses	$ 1,477	$ 3,469
Shareholders' equity:
Common stock, par value (USD per share)	$ 0	$ 0
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	151,124,000	150,341,000

Long-Term Debt - Former Nordea Q5000 Loan (Details) $ in Millions	Jan. 31, 2021 USD ($)
Nordea Q5000 Loan Matured January 2021
Debt Instrument [Line Items]
Balloon payment	$ 53.6

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net revenues	$ 674,728	$ 733,555	$ 751,909
Cost of sales	659,335	653,646	614,071
Gross profit	15,393	79,909	137,838
Gain (loss) on disposition of assets, net	(631)	889
Goodwill impairment		(6,689)
Selling, general and administrative expenses	(63,449)	(61,084)	(69,841)
Income (loss) from operations	(48,687)	13,025	67,997
Equity in earnings (losses) of investment	(1)	216	1,439
Net interest expense	(23,201)	(28,531)	(8,333)
Gain (loss) on extinguishment of long-term debt	(136)	9,239	(18)
Other income (expense), net	(1,490)	4,724	1,165
Royalty income and other	2,873	2,710	3,306
Income (loss) before income taxes	(70,642)	1,383	65,556
Income tax provision (benefit)	(8,958)	(18,701)	7,859
Net income (loss)	(61,684)	20,084	57,697
Net loss attributable to redeemable noncontrolling interests	(146)	(2,090)	(222)
Net income (loss) attributable to common shareholders	$ (61,538)	$ 22,174	$ 57,919
Earnings (loss) per share of common stock:
Basic	$ (0.41)	$ 0.13	$ 0.39
Diluted	$ (0.41)	$ 0.13	$ 0.38
Weighted average common shares outstanding (in shares)
Basic	150,056	148,993	147,536
Diluted	150,056	149,897	149,577

Stock Buyback Program

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stock Buyback Program

Note 11 — Stock Buyback Program

Our Board of Directors (our “Board”) has granted us the authority to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (the “ESPP”) (Note 14). We may continue to make repurchases pursuant to this authority from time to time as additional equity is issued under our stock-based plans depending on prevailing market conditions and other factors. As described in an announced plan, all repurchases may be commenced or suspended at any time as determined by management. We have not purchased any shares available under this program since 2015. As of December 31, 2021, 8,182,193 shares of our common stock were available for repurchase under the program.

Allowance Accounts (Tables)

12 Months Ended

Dec. 31, 2021

Credit Loss [Abstract]

Schedule of activities in allowance for credit losses

The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2021 (in thousands):


	Allowance for		Deferred Tax Asset
	Credit Losses		Valuation Allowance
Balance at December 31, 2018	$	—	$	17,940
Adjustments		—		691
Balance at December 31, 2019		—		18,631
Additions ⁽¹⁾		2,684		—
Adjustments ⁽²⁾		785		1,091
Balance at December 31, 2020		3,469		19,722
Reductions ⁽¹⁾		(146)		—
Write-offs ⁽³⁾		(1,846)		—
Adjustments ⁽⁴⁾		—		(5,675)
Balance at December 31, 2021	$	1,477	$	14,047

(1)	Additions (reductions) in allowance for credit losses reflect credit loss reserves during the respective years, including a $1.7 million credit loss reserve in 2020 related to a receivable in our Robotics segment.

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

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

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

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 13 — Earnings Per Share


	Year Ended December 31,
	2021			2020			2019
	Income		Shares	Income		Shares	Income		Shares
Basic:
Net income (loss) attributable to common shareholders	$	(61,538)		$	22,174		$	57,919
Less: Undistributed earnings allocated to participating securities		—			(140)			(487)
Less: Accretion of redeemable noncontrolling interests		(241)			(2,400)			(143)
Net income (loss) available to common shareholders, basic	$	(61,779)	150,056	$	19,634	148,993	$	57,289	147,536

Diluted:
Net income (loss) available to common shareholders, basic	$	(61,779)	150,056	$	19,634	148,993	$	57,289	147,536
Effect of dilutive securities:
Share-based awards other than participating securities		—	—		—	904		—	2,041
Undistributed earnings reallocated to participating securities		—	—		1	—		6	—
Net income (loss) available to common shareholders, diluted	$	(61,779)	150,056	$	19,635	149,897	$	57,295	149,577

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


		Year Ended December 31,
		2021
Diluted shares (as reported)		150,056
Share-based awards		1,282
Total		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,
	2021	2020	2019
2022 Notes	2,519	6,537	8,997
2023 Notes	3,168	9,391	13,202
2026 Notes	28,676	10,891	—

Derivative Instruments And Hedging Activities - Narrative (Details) $ in Millions	Jun. 30, 2015 USD ($)
Interest Rate Swaps \| Nordea Q5000 Loan Matured January 2021
Derivative [Line Items]
Notional amount	$ 187.5

Business Combinations And Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in carrying amount of goodwill

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


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

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Net revenues —
Well Intervention	$	516,564	$	539,249	$	593,300
Robotics		137,295		178,018		171,672
Production Facilities		69,348		58,303		61,210
Intercompany eliminations		(48,479)		(42,015)		(74,273)
Total	$	674,728	$	733,555	$	751,909

Income (loss) from operations —
Well Intervention	$	(35,882)	$	26,855	$	89,564
Robotics		5,762		13,755		7,261
Production Facilities		22,906		15,975		17,160
Segment operating income (loss)		(7,214)		56,585		113,985
Goodwill impairment ⁽¹⁾		—		(6,689)		—
Corporate, eliminations and other		(41,473)		(36,871)		(45,988)
Total	$	(48,687)	$	13,025	$	67,997
Net interest expense		(23,201)		(28,531)		(8,333)
Other non-operating income (expense), net		1,246		16,889		5,892
Income (loss) before income taxes	$	(70,642)	$	1,383	$	65,556

Capital expenditures —
Well Intervention	$	2,349	$	19,523	$	139,212
Robotics		120		257		417
Production Facilities		6,770		—		123
Corporate, eliminations and other		(917)		464		1,102
Total	$	8,322	$	20,244	$	140,854

Depreciation and amortization —
Well Intervention	$	107,551	$	101,756	$	80,153
Robotics		15,158		15,952		16,459
Production Facilities		19,465		15,652		15,658
Corporate and eliminations		(660)		349		450
Total	$	141,514	$	133,709	$	112,720

(1)	Relates to the impairment of the entire STL goodwill balance (Note 7).

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,
	2021		2020		2019
Well Intervention ⁽¹⁾	$	21,521	$	15,039	$	43,484
Robotics		26,958		26,976		30,789
Total	$	48,479	$	42,015	$	74,273

(1)	Amount for the year ended December 31, 2019 included $27.5 million associated with the P&A work on our oil and gas properties in our Production Facilities segment (Note 16).

Schedule of revenue by individually significant geographic location

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


	Year Ended December 31,
	2021		2020		2019
U.S.	$	232,661	$	304,563	$	297,162
U.K.		100,154		133,005		193,903
Brazil		154,326		208,565		216,796
West Africa		126,856		41,840		646
Other		60,731		45,582		43,402
Total	$	674,728	$	733,555	$	751,909

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,
	2021		2020
U.S.	$	693,062	$	750,986
U.K. ⁽¹⁾		713,385		764,070
Brazil ⁽²⁾		251,194		267,896
Singapore		4		12
Total	$	1,657,645	$	1,782,964

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

(2)	Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but are currently operating 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,
	2021		2020
Well Intervention	$	2,012,214	$	2,134,081
Robotics		96,249		132,550
Production Facilities		119,004		129,773
Corporate and other		98,561		101,874
Total	$	2,326,028	$	2,498,278

Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Not Designated As Hedging Instruments On Consolidated Statements Of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Loss Recognized in Earnings	$ (81)	$ (378)
Foreign Exchange Contracts \| Other Expense, Net
Derivative Instruments, Gain (Loss) [Line Items]
Loss Recognized in Earnings	$ (81)	$ (378)

Long-Term Debt - MARAD Debt (Details) - MARAD Debt Maturing February 2027	12 Months Ended
	Dec. 31, 2021
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%

Income Taxes - Schedule Of Components Of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (53,989)	$ (3,406)	$ 2,219
Foreign	(16,653)	4,789	63,337
Income (loss) before income taxes	$ (70,642)	$ 1,383	$ 65,556

- 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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Non-cash capital additions	$ 0.3	$ 1.6

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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, 2021				December 31, 2020
	Principal		Fair		Principal		Fair
	Amount ⁽¹⁾		Value ^{(2) (3)}		Amount ⁽¹⁾		Value ^{(2) (3)}
Term Loan (repaid September 2021) ⁽⁴⁾	$	—	$	—	$	29,750	$	28,969
Nordea Q5000 Loan (matured January 2021) ⁽⁵⁾		—		—		53,572		53,598
MARAD Debt (matures February 2027)		48,850		52,481		56,410		62,318
2022 Notes (mature May 2022)		35,000		34,794		35,000		33,513
2023 Notes (mature September 2023)		30,000		29,054		30,000		28,650
2026 Notes (mature February 2026)		200,000		200,562		200,000		211,383
Total debt	$	313,850	$	316,891	$	404,732	$	418,431

(1)	Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 8 for additional disclosures on our long-term debt.

(2)

(3)	The principal amount and estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes are for the entire instrument inclusive of the conversion feature, which had been accounted for in shareholders’ equity through December 31, 2020.

(4)	The Term Loan was fully repaid in September 2021 concurrent with our entering into the ABL Facility (Note 8).

(5)	The Nordea Q5000 Loan was fully repaid upon maturity in January 2021 (Note 8).

Long-Term Debt - Former Credit Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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]
Repayment of Term Loan	$ 28,000	$ 29,826	$ 3,500	$ 35,442

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Business Segment Information - Property And Equipment Net Of Accumulated Depreciation By Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property and equipment, net	$ 1,657,645	$ 1,782,964
United States
Segment Reporting Information [Line Items]
Property and equipment, net	693,062	750,986
United Kingdom
Segment Reporting Information [Line Items]
Property and equipment, net	713,385	764,070
Brazil
Segment Reporting Information [Line Items]
Property and equipment, net	251,194	267,896
Singapore
Segment Reporting Information [Line Items]
Property and equipment, net	$ 4	$ 12

Summary Of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Foreign currency transaction gains (losses)	$ (1.5)	$ 4.6	$ 1.5

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Note 14 — Employee Benefit Plans

Defined Contribution Plan

We sponsor a defined contribution 401(k) retirement plan. Our discretionary contributions are in the form of cash and consist of a 50% match of each participant’s contribution up to 5% of the participant’s salary. Our discretionary contributions were suspended for 2021 and re-activated beginning January 2022. For the years ended December 31, 2020 and 2019, we made discretionary employer contributions of $1.6 million and $1.0 million, respectively, to the 401(k) plan.

Employee Stock Purchase Plan

On May 15, 2019, our shareholders approved an amendment to and restatement of the ESPP to: (i) increase the shares authorized for issuance by 1.5 million shares and (ii) delegate to an internal administrator the authority to establish the maximum shares purchasable during a purchase period. As of December 31, 2021, 1.6 million shares were available for issuance under the ESPP. Eligible employees who participate in the ESPP may purchase shares of our common stock through payroll deductions on an after-tax basis over a four-month period beginning on January 1, May 1, and September 1 of each year during the term of the ESPP, subject to certain restrictions and limitations established by the Compensation Committee of our Board (the “Compensation Committee”) and Section 423 of the Internal Revenue Code. The per share price of common stock purchased under the ESPP is equal to 85% of the lesser of its fair market value on (i) the first trading day of the purchase period or (ii) the last trading day of the purchase period. The ESPP currently has a purchase limit of 260 shares per employee per purchase period.

Long-Term Incentive Plan

We currently have one active long-term incentive plan, the 2005 Long-Term Incentive Plan, as amended and restated (the “2005 Incentive Plan”). The 2005 Incentive Plan is administered by the Compensation Committee. The Compensation Committee also determines the type of award to be made to each participant and, as set forth in the related award agreement, the terms, conditions and limitations applicable to each award. The Compensation Committee may grant stock options, restricted stock, RSUs, PSUs and cash awards. Awards that have been granted to employees under the 2005 Incentive Plan have a vesting period of three years (or 33% per year) with the exception of PSUs, which vest 100% on the third anniversary date of the grant.

On May 15, 2019, our shareholders approved an amendment to and restatement of the 2005 Incentive Plan to: (i) authorize 7.0 million additional shares for issuance pursuant to our equity incentive compensation strategy, (ii) establish a maximum award limit applicable to independent members of our Board under the 2005 Incentive Plan, (iii) require, subject to certain exceptions, that all awards under the 2005 Incentive Plan have a minimum vesting or restriction period of one year and (iv) remove certain requirements with respect to performance-based compensation under Section 162(m) of the Internal Revenue Code that were repealed by the 2017 Tax Act. 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, 2021, there were 5.6 million shares available for issuance under the 2005 Incentive Plan and no incentive stock options are currently outstanding.

The following grants of share-based awards were made in 2021 under the 2005 Incentive Plan:


			Grant Date
			Fair Value
Date of Grant	Award Type	Shares/Units	Per Share/Unit		Vesting Period
January 1, 2021 ⁽¹⁾	RSU	452,381	$	4.20	33% per year over three years
January 4, 2021 ⁽¹⁾	PSU	452,381	$	5.33	100% on January 4, 2024
January 4, 2021 ⁽²⁾	Restricted stock	14,249	$	4.20	100% on January 1, 2023
April 1, 2021 ⁽²⁾	Restricted stock	9,282	$	5.05	100% on January 1, 2023
July 1, 2021 ⁽²⁾	Restricted stock	8,403	$	5.71	100% on January 1, 2023
July 23, 2021 ⁽²⁾	Restricted stock	14,664	$	4.54	100% on July 23, 2022
October 1, 2021 ⁽²⁾	Restricted stock	12,685	$	3.88	100% on January 1, 2023
December 8, 2021 ⁽²⁾	Restricted stock	273,558	$	3.29	100% on December 8, 2022

(1)	Reflects grants to our executive officers.

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

In January 2022, we granted our executive officers 1,065,705 RSUs and 1,065,705 PSUs under the 2005 Incentive Plan. The grant date fair value of the RSUs was $3.12 per unit or $3.3 million. The grant date fair value of the PSUs was $4.25 per unit or $4.5 million. PSUs and RSUs issued in 2022 are payable in either cash or stock at the discretion of the Compensation Committee. Also in January 2022, we granted $5.0 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,
	2021			2020			2019
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾		Shares	Fair Value ⁽¹⁾
Awards outstanding at beginning of year	1,176,951	$	6.61	1,173,045	$	6.81	1,320,989	$	7.40
Granted	332,841		3.59	667,752		7.06	846,835		6.02
Vested ⁽²⁾	(656,066)		6.35	(631,498)		7.52	(993,361)		6.92
Forfeited	—		—	(32,348)		5.41	(1,418)		8.82
Awards outstanding at end of year	853,726	$	5.62	1,176,951	$	6.61	1,173,045	$	6.81

(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, 2021, 2020 and 2019 was $2.6 million, $5.4 million and $6.5 million, respectively.

For the years ended December 31, 2021, 2020 and 2019, $3.3 million, $4.2 million and $6.2 million, respectively, were recognized as share-based compensation related to restricted stock. Future compensation cost associated with unvested restricted stock at December 31, 2021 totaled approximately $2.2 million. The weighted average vesting period related to unvested restricted stock at December 31, 2021 was approximately 0.7 years.

PSU Awards

Our PSUs that were granted prior to 2021 are to be settled solely in shares of our common stock and are accounted for as equity awards. Those PSUs contain a service condition and a market condition. PSUs granted in 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee and are initially accounted for as equity awards. The PSUs granted in 2021 consist of two components: (i) 50% based on the performance of our common stock against peer group companies, which contains a service condition and a market condition, and (ii) 50% based on cumulative total Free Cash Flow, which contains a service condition 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. The maximum payout at vesting of our PSUs is 200% of the original PSU awards and the minimum payout is zero.

The following table summarizes information about our equity PSU awards:


	Year Ended December 31,
	2021			2020			2019
		Grant Date			Grant Date			Grant Date
	Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾		Units	Fair Value ⁽¹⁾
Equity PSU awards outstanding at beginning of year	1,297,126	$	9.99	1,565,044	$	10.17	1,006,360	$	11.76
Granted	452,381		5.33	369,938		13.15	688,540		7.60
Vested	(368,038)		10.44	(589,335)		12.64	—		—
Forfeited	—		—	(48,521)		7.60	(129,856)		8.91
Equity PSU awards outstanding at end of year	1,381,469	$	8.34	1,297,126	$	9.99	1,565,044	$	10.17

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

For the years ended December 31, 2021, 2020 and 2019, $4.1 million, $4.0 million and $5.1 million, respectively, were recognized as share-based compensation related to equity PSUs. Future compensation cost associated with unvested equity PSU awards at December 31, 2021 totaled approximately $3.9 million. The weighted average vesting period related to unvested equity PSUs at December 31, 2021 was approximately 0.9 year. In January 2022, 559,150 equity PSUs granted in 2019 vested at 157%, representing 876,469 shares of our common stock with a total market value of $3.2 million. In January 2021, 368,038 equity PSUs granted in 2018 vested at 200%, representing 736,075 shares of our common stock with a total market value of $3.1 million. In January 2020, 589,335 equity PSUs granted in 2017 vested at 200%, representing 1,178,670 shares of our common stock with a total market value of $11.4 million.

RSU Awards

RSUs granted in 2021 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee and have been accounted for as liability awards. Compensation cost recognized for the year ended December 31, 2021 was $0.5 million, which reflects the value of RSUs that were granted in 2021 and paid out in January 2022.

Cash Awards

In 2021, 2020 and 2019, we granted $3.5 million, $4.7 million and $4.6 million, respectively, of fixed value cash awards to select management employees under the 2005 Incentive Plan. The value of these cash awards is recognized on a straight-line basis over a vesting period of three years. For the years ended December 31, 2021, 2020 and 2019, we recognized compensation costs of $4.0 million and $4.4 million and $3.2 million, respectively, which reflected the cash payouts made in January 2022, 2021 and 2020, respectively.

Equity Method Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Remaining liability balance	$ 678,559	$ 753,927
Independence Hub, LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	20.00%
Remaining liability balance	$ 800	$ 1,500

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Business Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segment Information

Note 15 — Business Segment Information

We have three reportable business segments: Well Intervention, Robotics 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. Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations primarily in the Gulf of Mexico, Brazil, the North Sea and West Africa. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and the Siem Helix 1 and Siem Helix 2 chartered vessels. Our well intervention equipment includes intervention systems, some of which we provide on a stand-alone basis. Our Robotics segment provides offshore construction, trenching, seabed clearance and IRM services to both the oil and gas and the renewable energy markets globally. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes ROVs, trenchers and robotics support vessels under long-term charter as well as spot vessels as needed. Our Production Facilities segment includes the HP I, the HFRS and our ownership of oil and gas properties (Note 16). All material intercompany transactions between the segments have been eliminated.

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,
	2021		2020		2019
Net revenues —
Well Intervention	$	516,564	$	539,249	$	593,300
Robotics		137,295		178,018		171,672
Production Facilities		69,348		58,303		61,210
Intercompany eliminations		(48,479)		(42,015)		(74,273)
Total	$	674,728	$	733,555	$	751,909

Income (loss) from operations —
Well Intervention	$	(35,882)	$	26,855	$	89,564
Robotics		5,762		13,755		7,261
Production Facilities		22,906		15,975		17,160
Segment operating income (loss)		(7,214)		56,585		113,985
Goodwill impairment ⁽¹⁾		—		(6,689)		—
Corporate, eliminations and other		(41,473)		(36,871)		(45,988)
Total	$	(48,687)	$	13,025	$	67,997
Net interest expense		(23,201)		(28,531)		(8,333)
Other non-operating income (expense), net		1,246		16,889		5,892
Income (loss) before income taxes	$	(70,642)	$	1,383	$	65,556

Capital expenditures —
Well Intervention	$	2,349	$	19,523	$	139,212
Robotics		120		257		417
Production Facilities		6,770		—		123
Corporate, eliminations and other		(917)		464		1,102
Total	$	8,322	$	20,244	$	140,854

Depreciation and amortization —
Well Intervention	$	107,551	$	101,756	$	80,153
Robotics		15,158		15,952		16,459
Production Facilities		19,465		15,652		15,658
Corporate and eliminations		(660)		349		450
Total	$	141,514	$	133,709	$	112,720

(1)	Relates to the impairment of the entire STL goodwill balance (Note 7).

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,
	2021		2020		2019
Well Intervention ⁽¹⁾	$	21,521	$	15,039	$	43,484
Robotics		26,958		26,976		30,789
Total	$	48,479	$	42,015	$	74,273

(1)	Amount for the year ended December 31, 2019 included $27.5 million associated with the P&A work on our oil and gas properties in our Production Facilities segment (Note 16).

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


	Year Ended December 31,
	2021		2020		2019
U.S.	$	232,661	$	304,563	$	297,162
U.K.		100,154		133,005		193,903
Brazil		154,326		208,565		216,796
West Africa		126,856		41,840		646
Other		60,731		45,582		43,402
Total	$	674,728	$	733,555	$	751,909

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,
	2021		2020
U.S.	$	693,062	$	750,986
U.K. ⁽¹⁾		713,385		764,070
Brazil ⁽²⁾		251,194		267,896
Singapore		4		12
Total	$	1,657,645	$	1,782,964

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

(2)	Includes the equipment on the Siem Helix 1 chartered vessel and certain other assets that are based in Brazil but are currently operating 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,
	2021		2020
Well Intervention	$	2,012,214	$	2,134,081
Robotics		96,249		132,550
Production Facilities		119,004		129,773
Corporate and other		98,561		101,874
Total	$	2,326,028	$	2,498,278

- 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.

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+ Details

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2021 item segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Well Intervention
Segment Reporting Information [Line Items]
Number of chartered vessels \| item	2

Asset Retirement Obligations - Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
AROs at beginning of year	$ 30,913	$ 28,258
Liability incurred during the period			$ 53,294
Liability settled during the period			(28,296)
Revisions in estimates	(2,631)		822
Accretion expense	1,376	2,655	2,438
AROs at end of period	$ 29,658	$ 30,913	$ 28,258

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

Note 8 — Long-Term Debt

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


	December 31,
	2021		2020
Term Loan (repaid September 2021) ⁽¹⁾	$	—	$	29,750
Nordea Q5000 Loan (matured January 2021) ⁽²⁾		—		53,572
2022 Notes (mature May 2022)		35,000		35,000
2023 Notes (mature September 2023)		30,000		30,000
2026 Notes (mature February 2026)		200,000		200,000
MARAD Debt (matures February 2027)		48,850		56,410
Unamortized debt discounts ⁽³⁾		—		(45,692)
Unamortized debt issuance costs		(8,840)		(9,477)
Total debt		305,010		349,563
Less current maturities		(42,873)		(90,651)
Long-term debt	$	262,137	$	258,912

(1)	The Term Loan was fully repaid in September 2021 concurrent with our entering into the ABL Facility.

(2)	The Nordea Q5000 Loan was fully repaid upon maturity in January 2021.

(3)	As a result of the adoption of ASU No. 2020-06 beginning January 1, 2021, there are no longer any debt discounts associated with the 2022 Notes, the 2023 Notes and the 2026 Notes (Note 2).

Credit Agreement

On September 30, 2021, we entered into the ABL Facility with Bank of America, N.A. (“Bank of America”), Wells Fargo Bank, N.A. and Zions Bancorporation. The ABL Facility provides for an $80 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 ABL Facility also permits us to request an increase of the facility by up to $70 million, subject to certain conditions.

Commitments under the ABL Facility are comprised of separate U.S. and U.K. revolving credit facility commitments of $45 million and $35 million, respectively. The ABL Facility provides funding based on a borrowing base calculation that includes eligible U.S. and U.K. customer accounts receivable and cash, and provides for a $10 million sub-limit for the issuance of letters of credit. As of December 31, 2021, we had no borrowings under the ABL Facility, and our available borrowing capacity under that facility, based on the borrowing base, totaled $51.1 million, net of $1.9 million of letters of credit issued under that facility.

We and certain of our U.S. and U.K. subsidiaries are the initial borrowers under the ABL Facility, whose obligations under the 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 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 ABL Facility initially bear interest at the LIBOR 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 ABL Facility denominated in U.S. dollars initially bear interest at the LIBOR rate and U.K. borrowings denominated in the British pound initially 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. Beginning on the earlier of June 30, 2023, cessation of LIBOR or an earlier opt-in election, LIBOR will be replaced by either SOFR or term SOFR plus a margin of 0.114% to 0.428% or an alternate benchmark rate.

The 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 ABL Facility contains customary default provisions which, if triggered, could result in acceleration of all amounts then outstanding. The 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 $8 million. The ABL Facility also requires us to maintain a pro forma minimum excess availability of $16 million for the 91 days prior to the maturity of each of our outstanding convertible senior notes.

2022 Notes

The 2022 Notes bear interest at a coupon interest rate of 4.25% per annum payable semi-annually in arrears on November 1 and May 1 of each year until maturity. The 2022 Notes mature on May 1, 2022 unless earlier converted, redeemed or repurchased by us. The 2022 Notes are convertible by their holders at any time beginning February 1, 2022 at an initial conversion rate of 71.9748 shares of our common stock per $1,000 principal, which currently represents 2,519,118 potentially convertible shares at an initial conversion price of approximately $13.89 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof.

Prior to February 1, 2022, holders of the 2022 Notes were able to convert their notes if the closing price of our common stock exceeded 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 2022 Notes was equal to or less than 97% of the conversion value of the notes during the five consecutive business days immediately after any ten consecutive trading day period (trading price condition). Holders of the 2022 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 30.5887 shares of our common stock per $1,000 principal amount.

Prior to November 1, 2019, the 2022 Notes were not redeemable. On or after November 1, 2019, we may redeem all or any portion of the 2022 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Any redemption would be payable in cash equal to 100% of the principal amount plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. Holders of the 2022 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2022 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 2022 Notes).

The indenture governing the 2022 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 subsidiary, the principal amount of the 2022 Notes together with any accrued interest will become immediately due and payable.

The 2022 Notes were initially separated between the equity component recognized in shareholders’ equity and the debt component, which was presented as long-term debt, net of the unamortized debt discount and debt issuance costs. The unamortized debt discount and debt issuance costs were being accreted to interest expense through the maturity date of the 2022 Notes. As of December 31, 2020, unamortized debt discount and debt issuance costs related to the 2022 Notes totaled $1.5 million. As a result of the adoption of ASU No. 2020-06 beginning January 1, 2021, there is no longer any debt discount (or related accretion) associated with the 2022 Notes (Note 2). As of December 31, 2021, unamortized debt issuance costs related to the 2022 Notes were $0.1 million.

The effective interest rate for the 2022 Notes prior to the adoption of ASU No. 2020-06 was 7.3%. The effective interest rate subsequent to the adoption of ASU No. 2020-06 decreased to 4.8%. For the year ended December 31, 2021, total interest expense related to the 2022 Notes was $1.7 million, with coupon interest expense of $1.5 million and the amortization of issuance costs of $0.2 million. For the years ended December 31, 2020 and 2019, total interest expense related to the 2022 Notes was $6.6 million and $8.9 million, respectively, with coupon interest expense of $3.9 million and $5.3 million, respectively, and the amortization of debt discount and issuance costs of $2.7 million and $3.6 million, respectively.

2023 Notes

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

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

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

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

The 2023 Notes were initially separated between the equity component recognized in shareholders’ equity and the debt component, which was presented as long-term debt, net of the unamortized debt discount and debt issuance costs. The unamortized debt discount and debt issuance costs were being accreted to interest expense through the maturity date of the 2023 Notes. As of December 31, 2020, unamortized debt discount and debt issuance costs related to the 2023 Notes totaled $3.1 million. As a result of the adoption of ASU No. 2020-06 beginning January 1, 2021, there is no longer any debt discount (or related accretion) associated with the 2023 Notes (Note 2). As of December 31, 2021, unamortized debt issuance costs related to the 2023 Notes were $0.3 million.

The effective interest rate for the 2023 Notes prior to the adoption of ASU No. 2020-06 was 7.8%. The effective interest rate subsequent to the adoption of ASU No. 2020-06 decreased to 4.8%. For the year ended December 31, 2021, total interest expense related to the 2023 Notes was $1.4 million, with coupon interest expense of $1.2 million and the amortization of issuance costs of $0.2 million. For the years ended December 31, 2020 and 2019, total interest expense related to the 2023 Notes was $6.6 million and $8.9 million, respectively, with coupon interest expense of $3.7 million and $5.2 million, respectively, and the amortization of debt discount and issuance costs of $2.9 million and $3.7 million, respectively.

2026 Notes

The 2026 Notes bear interest at a coupon interest rate of 6.75% per annum payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021 until maturity. The 2026 Notes mature on February 15, 2026 unless earlier converted, redeemed or repurchased by us. The 2026 Notes are convertible by their holders at any time beginning November 17, 2025 at an initial conversion rate of 143.3795 shares of our common stock per $1,000 principal amount, which currently represents 28,675,900 potentially convertible shares at an initial conversion price of approximately $6.97 per share of common stock. Upon conversion, we have the right to satisfy our conversion obligation by delivering cash, shares of our common stock or any combination thereof. In order to reduce the potential dilution of the 2026 Notes to shareholders’ equity, we entered into the 2026 Capped Calls in August 2020 concurrent with the 2026 Notes offering (Note 10). The 2026 Capped Calls effectively increase the conversion price of the 2026 Notes to approximately $8.42 per share. However, the 2026 Capped Calls are separate transactions from the 2026 Notes and do not change the holders’ rights under the 2026 Notes, and holders of the 2026 Notes do not have any rights with respect to the 2026 Capped Calls.

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

Prior to August 15, 2023, the 2026 Notes are not redeemable. On or after August 15, 2023, we may redeem all or any portion of the 2026 Notes if the price of our common stock has been at least 130% of the conversion price for at least 20 trading days during any 30 consecutive trading day period preceding our redemption notice. Any redemption would be payable in cash equal to 100% of the principal amount plus accrued and unpaid interest and a “make-whole premium” calculated as the present value of all remaining scheduled interest payments. Holders of the 2026 Notes may convert any of their notes if we call the notes for redemption. Holders of the 2026 Notes may also require us to repurchase the notes following a “fundamental change,” which includes a change of control or a termination of trading of our common stock (as defined in the indenture governing the 2026 Notes).

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

The 2026 Notes were initially separated between the equity component recognized in shareholders’ equity and the debt component, which was presented as long-term debt, net of the unamortized debt discount and debt issuance costs. The unamortized debt discount and debt issuance costs were being accreted to interest expense through the maturity date of the 2026 Notes. As of December 31, 2020, unamortized debt discount and debt issuance costs related to the 2026 Notes totaled $47.3 million. As a result of the adoption of ASU No. 2020-06 beginning January 1, 2021, there is no longer any debt discount (or related accretion) associated with the 2026 Notes (Note 2). As of December 31, 2021, unamortized debt issuance costs related to the 2026 Notes were $5.9 million.

The effective interest rate for the 2026 Notes prior to the adoption of ASU No. 2020-06 was 12.4%. The effective interest rate subsequent to the adoption of ASU No. 2020-06 decreased to 7.6%. For the year ended December 31, 2021, total interest expense related to the 2026 Notes was $14.7 million, with coupon interest expense of $13.5 million and the amortization of debt issuance costs of $1.2 million. For the year ended December 31, 2020, total interest expense related to the 2026 Notes was $7.5 million, with coupon interest expense of $5.1 million and the amortization of debt discount and issuance costs of $2.4 million.

MARAD Debt

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

Other

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. As of December 31, 2020, the remaining principal amount of the Nordea Q5000 Loan was $53.6 million, which we repaid in January 2021.

We previously had another 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, 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.

In accordance with the ABL Facility, the 2022 Notes, the 2023 Notes, the 2026 Notes and the MARAD Debt, we are required to comply with certain covenants, including a springing fixed charge coverage ratio and minimum liquidity with respect to the 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, 2021, we were in compliance with these covenants.

Scheduled maturities of our long-term debt outstanding as of December 31, 2021 are as follows (in thousands):


	2022		2023		2026		MARAD
	Notes		Notes		Notes		Debt		Total
Less than one year	$	35,000	$	—	$	—	$	7,937	$	42,937
One to two years		—		30,000		—		8,333		38,333
Two to three years		—		—		—		8,749		8,749
Three to four years		—		—		—		9,186		9,186
Four to five years		—		—		200,000		9,644		209,644
Over five years		—		—		—		5,001		5,001
Gross debt		35,000		30,000		200,000		48,850		313,850
Unamortized debt issuance costs ⁽¹⁾		(64)		(314)		(5,901)		(2,561)		(8,840)
Total debt		34,936		29,686		194,099		46,289		305,010
Less current maturities		(34,936)		—		—		(7,937)		(42,873)
Long-term debt	$	—	$	29,686	$	194,099	$	38,352	$	262,137

(1)	Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement. See Note 2 for accounting changes as a result of the adoption of ASU No. 2020-06.

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


	Year Ended December 31,
	2021		2020		2019
Interest expense	$	23,489	$	30,538	$	31,186
Capitalized interest ⁽¹⁾		—		(1,182)		(20,246)
Interest income		(288)		(825)		(2,607)
Net interest expense	$	23,201	$	28,531	$	8,333

(1)	The significant reduction in capitalized interest was attributable to the conclusion of our planned major capital commitments following the completion of the Q7000 in 2020.

Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Interest paid, net of interest capitalized	$ 20,719	$ 15,943	$ 1,909
Income Taxes Paid	8,310	$ 7,434	$ 8,856
Tax refunds related to the CARES Act	$ 18,900

Statement Of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Interest paid, net of interest capitalized	$	20,719	$	15,943	$	1,909
Income taxes paid ⁽¹⁾		8,310		7,434		8,856

(1)	Exclusive of income tax refunds. During the year ended December 31, 2021, we received $18.9 million in refunds related to the CARES Act.

Details Of Certain Accounts (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of other current assets

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


	December 31,
	2021		2020
Contract assets (Note 12)	$	639	$	2,446
Prepaids		18,228		15,904
Deferred costs (Note 12)		2,967		23,522
Income tax receivable (Note 9)		1,116		20,787
Other receivable (Note 16)		28,805		29,782
Other		6,519		9,651
Total other current assets	$	58,274	$	102,092

Schedule of other assets, net

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


	December 31,
	2021		2020
Deferred recertification and dry dock costs, net (Note 2)	$	16,291	$	21,464
Deferred costs (Note 12)		381		861
Charter deposit ⁽¹⁾		12,544		12,544
Intangible assets with finite lives, net		3,472		3,809
Other		1,967		1,335
Total other assets, net	$	34,655	$	40,013

(1)	This amount is deposited with the owner of the Siem Helix 2 to offset certain payment obligations associated with the vessel at the end of the charter term.

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2021		2020
Accrued payroll and related benefits	$	28,657	$	24,768
Accrued interest		6,746		7,098
Investee losses in excess of investment (Note 5)		797		1,499
Deferred revenue (Note 12)		8,272		8,140
Asset retirement obligations (Note 16)		29,658		30,913
Other		17,582		14,617
Total accrued liabilities	$	91,712	$	87,035

Schedule of other non-current liabilities

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


	December 31,
	2021		2020
Deferred revenue (Note 12)	$	476	$	1,869
Other		499		2,009
Total other non-current liabilities	$	975	$	3,878

Leases - Other Information Related To Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for operating lease liabilities	$ 61,826	$ 66,026	$ 71,698
Right-of-use assets obtained in exchange for new operating lease obligations	$ 5,992	$ 516	$ 1,168

Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2021

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

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

Year ended December 31, 2019
Short-term	$	214,926	$	94,501	$	—	$	—	$	309,427
Long-term		378,374		77,171		61,210		(74,273)		442,482
Total	$	593,300	$	171,672	$	61,210	$	(74,273)	$	751,909

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

Property And Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property And Equipment

Note 4 — Property and Equipment

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


		December 31,
	Estimated Useful Life	2021		2020
Vessels	15 to 30 years	$	2,343,162	$	2,349,752
ROVs and trenchers	10 years		257,274		263,968
Machinery, equipment and leasehold improvements	5 to 15 years		337,718		335,187
Total property and equipment		$	2,938,154	$	2,948,907

Long-Term Debt - 2026 Capped Calls (Details)	12 Months Ended
Long-Term Debt - 2026 Capped Calls (Details)	Dec. 31, 2020 $ / shares
2026 Capped Calls
Debt Instrument [Line Items]
Initial cap price	$ 8.42

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of components of lease cost

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


	Year Ended December 31,
	2021		2020		2019
Operating lease cost	$	60,636	$	64,742	$	70,860
Variable lease cost		16,711		15,021		13,780
Short-term lease cost		20,590		37,524		20,384
Sublease income		(1,303)		(1,286)		(1,391)
Net lease cost	$	96,634	$	116,001	$	103,633

Schedule of maturities of operating lease liabilities

Maturities of our operating lease liabilities as of December 31, 2021 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	55,573	$	5,601	$	61,174
One to two years		34,580		4,844		39,424
Two to three years		2,470		4,514		6,984
Three to four years		—		2,462		2,462
Four to five years		—		1,074		1,074
Over five years		—		4,193		4,193
Total lease payments	$	92,623	$	22,688	$	115,311
Less: imputed interest		(5,633)		(3,741)		(9,374)
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Current operating lease liabilities	$	51,035	$	4,704	$	55,739
Non-current operating lease liabilities		35,955		14,243		50,198
Total operating lease liabilities	$	86,990	$	18,947	$	105,937

Maturities of our operating lease liabilities as of December 31, 2020 are as follows (in thousands):


			Facilities and
	Vessels		Equipment		Total
Less than one year	$	54,621	$	6,028	$	60,649
One to two years		52,106		5,435		57,541
Two to three years		34,580		4,649		39,229
Three to four years		2,470		4,374		6,844
Four to five years		—		2,340		2,340
Over five years		—		4,054		4,054
Total lease payments	$	143,777	$	26,880	$	170,657
Less: imputed interest		(13,352)		(4,697)		(18,049)
Total operating lease liabilities	$	130,425	$	22,183	$	152,608

Current operating lease liabilities	$	46,748	$	4,851	$	51,599
Non-current operating lease liabilities		83,677		17,332		101,009
Total operating lease liabilities	$	130,425	$	22,183	$	152,608

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,
	2021		2020		2019
Weighted average remaining lease term	2.4	years	3.1	years	4.0	years
Weighted average discount rate	7.57	%	7.53	%	7.54	%

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,
	2021		2020		2019
Cash paid for operating lease liabilities	$	61,826	$	66,026	$	71,698
Right-of-use assets obtained in exchange for new operating lease obligations		5,992		516		1,168

Summary Of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 0.0
Letter of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 71.1
ABL Facility Maturing September 2026
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2.5

Business Segment Information - Intercompany Segment Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues	$ (674,728)	$ (733,555)	$ (751,909)
Well Intervention
Segment Reporting Information [Line Items]
Net revenues	(516,564)	(539,249)	(593,300)
Robotics
Segment Reporting Information [Line Items]
Net revenues	(137,295)	(178,018)	(171,672)
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net revenues	48,479	42,015	74,273
Intercompany Eliminations \| Well Intervention
Segment Reporting Information [Line Items]
Net revenues	21,521	15,039	43,484
Intercompany Eliminations \| Well Intervention \| Production Facilities
Segment Reporting Information [Line Items]
Net revenues			27,500
Intercompany Eliminations \| Robotics
Segment Reporting Information [Line Items]
Net revenues	$ 26,958	$ 26,976	$ 30,789

- Definition

+ References

+ Details

Employee Benefit Plans - Defined Contribution Plan (Details) - 401(k) Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution (as a percent)	50.00%
Employer matching contribution percent of employees' salary (up to)	5.00%
Plan cost recognized		$ 1.6	$ 1.0

Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets	$ 639	$ 2,446
Prepaids	18,228	15,904
Deferred costs	2,967	23,522
Income tax receivable	1,116	20,787
Other receivable	28,805	29,782
Other	6,519	9,651
Total other current assets	$ 58,274	$ 102,092

Employee Benefit Plans - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions							12 Months Ended
	Dec. 08, 2021	Oct. 01, 2021	Jul. 23, 2021	Jul. 01, 2021	Apr. 01, 2021	Jan. 04, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Awards outstanding at beginning of year (in shares)							1,176,951	1,173,045	1,320,989
Stock awards granted (in shares)	273,558	12,685	14,664	8,403	9,282	14,249	332,841	667,752	846,835
Vested (in shares)							(656,066)	(631,498)	(993,361)
Forfeited (in shares)								(32,348)	(1,418)
Awards outstanding at end of year (in shares)							853,726	1,176,951	1,173,045
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share)							$ 6.61	$ 6.81	$ 7.40
Granted (in dollars per share)	$ 3.29	$ 3.88	$ 4.54	$ 5.71	$ 5.05	$ 4.20	3.59	7.06	6.02
Vested (in dollars per share)							6.35	7.52	6.92
Forfeited (in dollars per share)								5.41	8.82
Awards outstanding at end of year (in dollars per share)							$ 5.62	$ 6.61	$ 6.81
Fair value of awards vested							$ 2.6	$ 5.4	$ 6.5
Compensation cost							3.3	$ 4.2	$ 6.2
Future share-based compensation							$ 2.2
Weighted average vesting period (in years)							8 months 12 days

Leases - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Leases [Abstract]
Minimum sublease income to be received in the future	$ 1.5

Employee Benefit Plans - PSU Awards (Details) - PSUs $ / shares in Units, $ in Millions		1 Months Ended			12 Months Ended
	Jan. 04, 2021 $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2021 USD ($) $ / shares shares	Jan. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) item $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%
Payout at vesting (as a percent)			200.00%	200.00%
Units
Awards outstanding at beginning of year (in shares)		1,381,469	1,297,126	1,565,044	1,297,126	1,565,044	1,006,360
Stock awards granted (in shares)	452,381				452,381	369,938	688,540
Vested (in shares)			(368,038)	(589,335)	(368,038)	(589,335)
Forfeited (in shares)						(48,521)	(129,856)
Awards outstanding at end of year (in shares)					1,381,469	1,297,126	1,565,044
Grant Date Fair Value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares		$ 8.34	$ 9.99	$ 10.17	$ 9.99	$ 10.17	$ 11.76
Granted (in dollars per share) \| $ / shares	$ 5.33				5.33	13.15	7.60
Vested (in dollars per share) \| $ / shares					10.44	12.64
Forfeited (in dollars per share) \| $ / shares						7.60	8.91
Awards outstanding at end of year (in dollars per share) \| $ / shares					$ 8.34	$ 9.99	$ 10.17
Compensation cost \| $					$ 4.1	$ 4.0	$ 5.1
Future share-based compensation \| $					$ 3.9
Weighted average vesting period (in years)					10 months 24 days
Shares issued upon vesting			736,075	1,178,670
Fair value of awards vested \| $			$ 3.1	$ 11.4
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout at vesting (as a percent)		157.00%
Units
Stock awards granted (in shares)		1,065,705
Vested (in shares)		(559,150)
Grant Date Fair Value
Granted (in dollars per share) \| $ / shares		$ 4.25
Shares issued upon vesting		876,469
Fair value of awards vested \| $		$ 3.2
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout at vesting (as a percent)					0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout at vesting (as a percent)					200.00%

Revenue From Contracts With Customers - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 674,728	$ 733,555	$ 751,909
Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(48,479)	(42,015)	(74,273)
Well Intervention
Disaggregation of Revenue [Line Items]
Net revenues	516,564	539,249	593,300
Well Intervention \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(21,521)	(15,039)	(43,484)
Robotics
Disaggregation of Revenue [Line Items]
Net revenues	137,295	178,018	171,672
Robotics \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(26,958)	(26,976)	(30,789)
Production Facilities
Disaggregation of Revenue [Line Items]
Net revenues	69,348	58,303	61,210
Short-term
Disaggregation of Revenue [Line Items]
Net revenues	397,775	324,251	309,427
Short-term \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(627)
Short-term \| Well Intervention
Disaggregation of Revenue [Line Items]
Net revenues	308,734	206,812	214,926
Short-term \| Robotics
Disaggregation of Revenue [Line Items]
Net revenues	89,668	117,439	94,501
Long-term
Disaggregation of Revenue [Line Items]
Net revenues	276,953	409,304	442,482
Long-term \| Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net revenues	(47,852)	(42,015)	(74,273)
Long-term \| Well Intervention
Disaggregation of Revenue [Line Items]
Net revenues	207,830	332,437	378,374
Long-term \| Robotics
Disaggregation of Revenue [Line Items]
Net revenues	47,627	60,579	77,171
Long-term \| Production Facilities
Disaggregation of Revenue [Line Items]
Net revenues	$ 69,348	$ 58,303	$ 61,210

- Definition

+ References

+ Details

Business Combinations And Goodwill (Details) - STL	1 Months Ended
Business Combinations And Goodwill (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%

Leases - Components Of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease, Cost [Abstract]
Operating lease cost	$ 60,636	$ 64,742	$ 70,860
Variable lease cost	16,711	15,021	13,780
Short-term lease cost	20,590	37,524	20,384
Sublease income	(1,303)	(1,286)	(1,391)
Net lease cost	$ 96,634	$ 116,001	$ 103,633

Business Segment Information - Narrative (Details)	12 Months Ended
Business Segment Information - Narrative (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Organization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Overview

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 and robotics operations. Traditionally, our services have covered the lifecycle of an offshore oil or gas field. In recent years, we have seen an increasing demand for our services from the offshore renewable energy market. We provide services primarily in deepwater in the Gulf of Mexico, Brazil, North Sea, Asia Pacific and West Africa regions. Our North Sea operations are subject to seasonal changes in demand, which generally peaks in the summer months and declines in the winter months.

Our Operations

Our services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 15).

Our Well Intervention segment provides services enabling our customers to safely access offshore wells for the purpose of performing production enhancement or decommissioning operations, thereby avoiding drilling new wells by extending the useful lives of existing wells and preserving the environment by preventing uncontrolled releases of oil and gas. Our well intervention vessels include the Q4000, the Q5000, the Q7000, the Seawell, the Well Enhancer, and two chartered monohull vessels, the Siem Helix 1 and the Siem Helix 2. Our well intervention equipment includes intervention systems, some of which we provide on a stand-alone basis.

Our Robotics segment provides offshore construction, trenching, seabed clearance, inspection, repair and maintenance (“IRM”) services to both the oil and gas and the renewable energy markets globally, thereby assisting the delivery of affordable and reliable energy and supporting the responsible transition away from a carbon-based economy. Additionally, our Robotics services are used in and complement our well intervention services. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and robotics support vessels under long-term charter as well as spot vessels as needed.

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

Long-Term Debt - Convertible Senior Notes Due 2023 (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Unamortized debt discount		$ 45,692,000
Interest expense	$ 23,489,000	30,538,000	$ 31,186,000
Amortization of debt issuance costs	$ 3,179,000	3,177,000	3,600,000
Convertible Senior Notes Maturing September 2023
Debt Instrument [Line Items]
Interest rate (as a percent)	4.125%
Frequency of periodic payment	semi-annually
Maturity date	Sep. 15, 2023
Initial conversion ratio	0.1056133
Aggregate number of shares \| shares	3,168,399
Initial conversion price per share (USD per share) \| $ / shares	$ 9.47
Increase in the conversion rate	0.0475260
Redemption price as a percentage of principal amount	100.00%
Unamortized debt discount and debt issuance costs		$ 3,100,000
Unamortized debt issuance costs	$ 300,000
Effective interest rate (as a percent)	4.80%	7.80%
Interest expense	$ 1,400,000	$ 6,600,000	8,900,000
Coupon interest expense	1,200,000	3,700,000	5,200,000
Amortization of debt issuance costs	$ 200,000
Amortization of debt discount and issuance costs		$ 2,900,000	$ 3,700,000
Convertible Senior Notes Maturing September 2023 \| Maximum
Debt Instrument [Line Items]
Percentage of closing price of common stock to conversion price	130.00%
Number of trading days	20
Number of consecutive trading days	30
Convertible Senior Notes Maturing September 2023 \| Minimum
Debt Instrument [Line Items]
Percentage of closing price of common stock to conversion price	97.00%
Number of trading days	5
Number of consecutive trading days	10

Employee Benefit Plans - Long-Term Incentive Plan (Details) shares in Millions			12 Months Ended
	Jan. 04, 2021	May 15, 2019 shares	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Active Incentive Plans			1
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	100.00%
2005 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period			3 years
Award vesting percentage			33.00%
Additional shares authorized for issuance (in shares)		7.0
Shares authorized for issuance (in shares)			17.3
Shares available for issuance (in shares)			5.6
2005 Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period		1 year
2005 Incentive Plan \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			100.00%
2005 Incentive Plan \| Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)			2.0

Stock Buyback Program (Details)	Dec. 31, 2021 shares
Equity [Abstract]
Remaining number of shares available to be repurchased	8,182,193

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 — Income Taxes

We are a U.S.-based multinational corporation subject to taxation in multiple jurisdictions. We believe that our deferred tax assets and liabilities for all jurisdictions are reasonable and fairly presented. Tax laws in each jurisdiction, as well as their interactions, are complex and their interpretation requires significant judgment.

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


	Year Ended December 31,
	2021		2020		2019
Current tax provision (benefit):
Domestic	$	(1,103)	$	(18,927)	$	(2)
Foreign		7,347		4,109		4,376
Total current	$	6,244	$	(14,818)	$	4,374
Deferred tax provision (benefit):
Domestic	$	(5,756)	$	3,853	$	3,717
Foreign		(9,446)		(7,736)		(232)
Total deferred	$	(15,202)	$	(3,883)	$	3,485
Total income tax provision (benefit)	$	(8,958)	$	(18,701)	$	7,859

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


	Year Ended December 31,
	2021		2020		2019
Domestic	$	(53,989)	$	(3,406)	$	2,219
Foreign		(16,653)		4,789		63,337
Income (loss) before income taxes	$	(70,642)	$	1,383	$	65,556

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,
	2021				2020				2019
Taxes at U.S. statutory rate	$	(14,835)	21.0	%	$	290	21.0	%	$	13,767	21.0	%
Foreign tax provision (benefit)		10,856	(15.3)			(3,426)	(247.7)			(6,557)	(10.0)
CARES Act		—	—			(7,596)	(549.2)			—	—
Subsidiary restructuring		—	—			(8,333)	(602.5)			—	—
Valuation allowance release (net of U.S. tax)		(5,040)	7.1			—	—			—	—
Other		61	(0.1)			364	26.2			649	1.0
Income tax provision (benefit)	$	(8,958)	12.7	%	$	(18,701)	(1,352.2)	%	$	7,859	12.0	%

The U.S. Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed into law on March 27, 2020, is an economic stimulus package designed to aid in offsetting the economic damage caused by the ongoing COVID-19 pandemic and includes various changes to U.S. income tax regulations. The CARES Act permits the carryback of certain net operating losses, which previously had been required to be carried forward, at the tax rates applicable in the relevant carryback year. Under the CARES Act, we recognized a $7.6 million net tax benefit for the year ended December 31, 2020, consisting of an $18.9 million current tax benefit (refund claim) and an $11.3 million deferred tax expense (reduction in U.S. net operating loss). The refund was received in full during 2021.

During the year ended December 31, 2020, we migrated two of our foreign subsidiaries into our U.S. consolidated tax group. As a result, these subsidiaries are not subject to future U.S. branch profits tax and a net deferred tax benefit of $8.3 million was recognized.

During the year ended December 31, 2021, we released a non-U.S. valuation allowance of $6.4 million ($5.0 million net of U.S. federal tax benefit) for deferred tax assets as it is more likely than not that they will be fully utilized.


	December 31,
	2021		2020
Deferred tax liabilities:
Depreciation	$	137,898	$	153,226
Debt discounts on 2022 Notes, 2023 Notes and 2026 Notes		—		9,298
Prepaid and other		1,088		—
Total deferred tax liabilities	$	138,986	$	162,524
Deferred tax assets:
Net operating losses	$	(56,369)	$	(59,794)
Reserves, accrued liabilities and other		(9,698)		(11,631)
Total deferred tax assets		(66,067)		(71,425)
Valuation allowance		14,047		19,722
Net deferred tax liabilities	$	86,966	$	110,821

At December 31, 2021, our U.S. net operating losses available for carryforward totaled $180.0 million, of which $112.3 million will begin to expire between 2035 and 2037, with the remaining $67.7 million not subject to expiration. Management believes it is more likely than not that these tax losses will be utilized prior to their expiration. At December 31, 2021, we had $5.3 million in gross U.S. tax credits, which included $3.0 million of foreign tax credits subject to a full valuation allowance. At December 31, 2021, our non-U.S. net operating losses totaled $71.0 million, and do not expire under local tax law.

At December 31, 2021, we had accumulated undistributed earnings generated by our non-U.S. subsidiaries without operations in the U.S. of approximately $62.9 million. Due to the enactment of the U.S. Tax Cuts and Jobs Act (the “2017 Tax Act”), repatriations of foreign earnings will generally be free of U.S. federal tax but may be subject to changes in future tax legislation that may result in taxation. Management intends to indefinitely reinvest these earnings to fund our international operations. In addition, we expect future U.S. cash generation will be sufficient to meet future U.S. cash needs. Due to complexities in the tax laws and the manner of repatriation, it is not practicable to calculate the deferred income taxes associated with these undistributed earnings.

As of December 31, 2021, we had unrecognized tax benefits of $0.1 million related to uncertain tax positions, which, if recognized, would affect the annual effective tax rate. Due to the expiration of the statute of limitations as well as effective settlements in 2021 we released the full $0.6 million reserve related to uncertain tax positions recorded in 2020. We account for tax-related interest in interest expense and tax penalties in selling, general and administrative expenses. We did not record any interest related to these positions in 2021 as the amount was immaterial.

We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. We anticipate that any potential adjustments to our state, local and non-U.S. jurisdiction tax returns by taxing authorities would not have a material impact on our financial position. The tax periods from 2018 through 2021 are open to review and examination by the U.S. Internal Revenue Service. In non-U.S. jurisdictions, the open tax periods include 2014 through 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details