Note 15 - Segment Information, Geographical Data and Major Customers

12 Months Ended

Dec. 31, 2025

Segment Reporting Disclosure [Text Block]

(15)

SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS

Each of our five operating segments is led by senior management reporting to our Chief Executive Officer, the chief operating decision maker (CODM). Our operating segments comprise the structure used by our CODM to make key operating decisions and assess performance. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. Our CODM evaluates the segments’ operating performance based on segment operating income. Segment operating income is defined as segment revenues less segment costs and expenses. The CODM primarily considers segment operating income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, additions to properties and equipment and assets by segment and in total. Vessel operating profit is calculated as vessel revenues less vessel operating costs, segment depreciation expenses, and segment general and administrative costs. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our other miscellaneous marine-related businesses.

(In Thousands)	Year Ended December 31,
	2025		2024		2023
Americas:
Vessel revenues	$	270,229	$	261,929	$	237,205

Vessel operating costs:
Crew costs		82,155		87,545		86,328
Repair and maintenance		20,732		20,677		17,295
Insurance		2,032		2,034		1,891
Fuel, lube and supplies		10,035		13,635		13,175
Other		26,567		24,391		19,232
Total vessel operating costs		141,521		148,282		137,921
General and administrative expense		14,927		14,046		15,105
Depreciation and amortization		48,506		44,822		41,215
Vessel operating profit		65,275		54,779		42,964

Additions to properties and equipment	$	2,870	$	5,980	$	2,916

Total assets	$	360,846	$	350,126	$	418,151

(In Thousands)	Year Ended December 31,
	2025		2024		2023
Asia Pacific:
Vessel revenues	$	189,747	$	210,328	$	122,235

Vessel operating costs:
Crew costs		74,040		88,968		41,940
Repair and maintenance		12,904		13,999		9,212
Insurance		1,161		1,197		794
Fuel, lube and supplies		7,889		8,834		5,251
Other		9,572		10,311		7,751
Total vessel operating costs		105,566		123,309		64,948
General and administrative expense		9,080		8,544		8,147
Depreciation and amortization		21,894		18,606		10,669
Vessel operating profit		53,207		59,869		38,471

Additions to properties and equipment	$	2,587	$	2,157	$	7,839

Total assets	$	148,385	$	173,587	$	167,085

(In Thousands)	Year Ended December 31,
	2025		2024		2023
Middle East:
Vessel revenues	$	172,573	$	152,187	$	135,375

Vessel operating costs:
Crew costs		54,330		53,390		53,416
Repair and maintenance		19,070		17,595		16,187
Insurance		1,819		1,882		1,784
Fuel, lube and supplies		10,995		10,019		12,092
Other		18,061		24,076		17,127
Total vessel operating costs		104,275		106,962		100,606
General and administrative expense		11,208		11,320		9,254
Depreciation and amortization		33,174		30,135		26,566
Vessel operating profit		23,916		3,770		(1,051	)

Additions to properties and equipment	$	1,968	$	1,260	$	3,016

Total assets	$	207,208	$	180,286	$	191,927

(In Thousands)	Year Ended December 31,
	2025		2024		2023
Europe/Mediterranean:
Vessel revenues	$	343,627	$	333,081	$	230,217

Vessel operating costs:
Crew costs		116,489		109,178		78,613
Repair and maintenance		27,195		28,288		17,029
Insurance		2,868		3,171		2,218
Fuel, lube and supplies		12,020		14,650		11,697
Other		20,988		18,864		13,758
Total vessel operating costs		179,560		174,151		123,315
General and administrative expense		14,259		12,726		10,063
Depreciation and amortization		92,114		92,331		63,152
Vessel operating profit		57,694		53,873		33,687

Additions to properties and equipment	$	3,520	$	11,069	$	7,320

Total assets	$	607,178	$	659,158	$	671,626

(In Thousands)	Year Ended December 31,
	2025		2024		2023
West Africa:
Vessel revenues	$	362,755	$	380,112	$	273,961

Vessel operating costs:
Crew costs		75,276		77,195		69,176
Repair and maintenance		24,002		17,817		18,993
Insurance		2,509		2,743		2,610
Fuel, lube and supplies		20,214		18,233		18,333
Other		27,659		24,415		20,613
Total vessel operating costs		149,660		140,403		129,725
General and administrative expense		11,528		9,495		9,281
Depreciation and amortization		62,894		53,782		36,508
Vessel operating profit		138,673		176,432		98,447

Additions to properties and equipment	$	18,798	$	3,300	$	19,593

Total assets	$	496,608	$	512,549	$	421,054

(In Thousands)	Year Ended December 31,
	2025			2024			2023
World Wide:
Revenues:
Vessel revenues	$	1,338,931		$	1,337,637		$	998,993
Other operating revenues		13,855			8,198			10,992
Total revenue		1,352,786			1,345,835			1,009,985

Vessel operating costs:
Crew costs		402,290			416,276			329,473
Repair and maintenance		103,903			98,376			78,716
Insurance		10,389			11,027			9,297
Fuel, lube and supplies		61,153			65,371			60,548
Other		102,847			102,057			78,481
Total vessel operating costs		680,582			693,107			556,515
Costs of other operating revenues		6,420			3,555			4,342
General and administrative expense		61,002			56,131			51,850
Depreciation and amortization		258,582			239,676			178,110
Operating profit		346,200			353,366			219,168
Corporate expenses		(77,286	)		(57,780	)		(45,654	)
Gain on asset dispositions, net		13,682			15,762			8,701
Operating income	$	282,596		$	311,348		$	182,215

Segment additions to properties and equipment	$	29,743		$	23,766		$	40,684
Corporate additions to properties and equipment		6,745			3,814			5,168
Total additions to properties and equipment	$	36,488		$	27,580		$	45,852

Segment assets	$	1,820,225		$	1,875,706		$	1,869,843
Corporate assets		566,686			199,198			192,931
Total assets	$	2,386,911		$	2,074,904		$	2,062,774

The Company attributes revenue to various countries based on the location where services are actually performed. Revenues by country for the year ended December 31, 2025 are as follows:

(In Thousands)	Year Ended December 31,
	2025		2024
Countries:
Angola	$	155,846	$	144,566
United Kingdom		149,006		147,175
Saudi Arabia		133,782		129,333
Norway		117,445		112,167
Australia		108,470		130,788
United Sates		74,614		81,547
Other (includes more than 30 countries)		613,623		600,259
Total revenues	$	1,352,786	$	1,345,835

The following table discloses our customers that accounted for 10% or more of total revenues:

	Year Ended December 31,
	2025		2024			2023
Eni S.p.A		*		12.3	%		10.3	%

* Less than 10% of total revenues.

- 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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