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Revenue - Performance obligation (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Price allocated to remaining performance obligations $ 414,000
Revenue REVENUE
Revenue by Category

The following tables present revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services:

Three Months EndedSix Months Ended
(in thousands)Jun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024
Business Segment:
Energy
Subsea Robotics$218,786 $214,985 $424,762 $401,917 
Manufactured Products145,134 139,314 280,171 268,767 
Offshore Projects Group149,281 144,058 314,222 259,112 
Integrity Management & Digital Solutions75,367 73,492 146,785 143,182 
Total Energy588,568 571,849 1,165,940 1,072,978 
Aerospace and Defense Technologies109,593 96,959 206,744 194,922 
Total$698,161 $668,808 $1,372,684 $1,267,900 
Geographic Operating Areas:
Foreign:
Africa$97,349 $114,055 $221,883 $201,294 
United Kingdom74,273 63,990 136,150 114,189 
Brazil62,736 54,620 124,895 111,672 
Norway65,996 60,066 120,744 117,790 
Asia and Australia60,436 53,505 113,985 102,889 
Other23,660 38,490 45,889 73,377 
Total Foreign384,450 384,726 763,546 721,211 
United States313,711 284,082 609,138 546,689 
Total$698,161 $668,808 $1,372,684 $1,267,900 
Timing of Transfer of Goods or Services:
Revenue recognized over time$646,346 $619,832 $1,272,822 $1,171,682 
Revenue recognized at a point in time51,815 48,976 99,862 96,218 
Total$698,161 $668,808 $1,372,684 $1,267,900 

Contract Balances

Our contracts with milestone payments have, in the aggregate, a significant impact on the contract asset and the contract liability balances. Milestones are contractually agreed with customers and relate to significant events across the contract lives. Some milestones are achieved before revenue is recognized, resulting in a contract liability, while other milestones are achieved after revenue is recognized, resulting in a contract asset.
The following table provides information about contract assets and contract liabilities from contracts with customers.

Six Months Ended
(in thousands)Jun 30, 2025Jun 30, 2024
Total contract assets, beginning of period275,280 $234,505 
Revenue accrued1,261,403 1,167,835 
Amounts billed(1,285,875)(1,177,865)
Total contract assets, end of period$250,808 $224,475 
Total contract liabilities, beginning of period140,697 $164,631 
Deferrals of milestone payments65,827 116,619 
Recognition of revenue for goods and services(114,559)(100,193)
Total contract liabilities, end of period$91,965 $181,057 
   

Performance Obligations

As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $414 million. In arriving at this value, we have used two expedients available to us and are not disclosing amounts in relation to performance obligations: (1) that are part of contracts with an original expected duration of one year or less; or (2) on contracts where we recognize revenue in line with the billing. Of this amount, we expect to recognize revenue of $306 million over the next 12 months, $105 million within the next 24 months, and we expect to recognize substantially all of the remaining balance of $3.5 million within the next 36 months.

In our Manufactured Products and ADTech segments, we have long-term contracts that extend beyond one year, and these make up the majority of the performance obligations balance reported as of June 30, 2025. We also have shorter-term product contracts with an expected original duration of one year or less that have been excluded.

Where appropriate, we have made estimates within the transaction price of elements of variable consideration within the contracts and constrained those amounts to a level where we consider it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The amount of revenue recognized in the three- and six-month periods ended June 30, 2025 and 2024 that was associated with performance obligations completed or partially completed in prior periods was not significant.

As of June 30, 2025, there were no significant outstanding liability balances for refunds or returns due to the nature of our contracts and the services and products we provide. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. The majority of our contracts consist of a single performance obligation. While our contracts predominantly only contain one performance obligation and a limited number have variable consideration, when there are multiple obligations, we look for observable evidence of stand-alone selling prices on which to base the allocation. This involves judgment as to the appropriateness of the observable evidence relating to the facts and circumstances of the contract. If we do not have observable evidence, we estimate stand-alone selling prices by taking a cost-plus-margin approach, using typical margins from the type of product or service, customer and regional geography involved.

Costs to Obtain or Fulfill a Contract

In line with the available practical expedient, we capitalize incremental costs to obtain a contract that would not have been incurred if the contract had not been obtained when those amounts are significant and the contract is expected at inception to exceed one year in duration. Our costs to obtain a contract primarily consist of bid and proposal costs, which are generally expensed in the period incurred. There were no balances or amortization of costs to obtain a contract in the current reporting periods.

Costs to fulfill a contract primarily consist of certain mobilization costs incurred to provide services or products to our customers. These costs are deferred and amortized over the period of contract performance. The closing balance of costs to fulfill a contract was $2.2 million and $3.2 million as of June 30, 2025 and December 31, 2024, respectively.
For the three- and six-month periods ended June 30, 2025, we recorded amortization expense of $0.6 million and $1.5 million. For the three- and six-month periods ended June 30, 2024, we recorded amortization expense of $1.1 million and $2.1 million, respectively. No impairment costs were recognized.