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Revenue From Contracts With Customers | 12 Months Ended
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Dec. 31, 2024
Revenue from Contracts with Customers |
Revenue From Contracts With Customers | Note 11 — Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by contract duration (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Well | ​ | ​ | ​ | Shallow Water | ​ | Production | ​ | Intercompany | ​ | Total
​ |  | Intervention |  | Robotics |  | Abandonment |  | Facilities |  | Eliminations |  | Revenue
Year ended December 31, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Short-term | ​ | $ | 496,164 | ​ | $ | 156,656 | ​ | $ | 154,280 | ​ | $ | — | ​ | $ | (6,782) | ​ | $ | 800,318
Long-term | ​ |  | 333,698 | ​ |  | 141,022 | ​ |  | 32,699 | ​ |  | 88,709 | ​ |  | (37,886) | ​ |  | 558,242
Total | ​ | $ | 829,862 | ​ | $ | 297,678 | ​ | $ | 186,979 | ​ | $ | 88,709 | ​ | $ | (44,668) | ​ | $ | 1,358,560
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Short-term | ​ | $ | 443,332 | ​ | $ | 133,740 | ​ | $ | 241,416 | ​ | $ | — | ​ | $ | (3,441) | ​ | $ | 815,047
Long-term | ​ |  | 264,386 | ​ |  | 124,135 | ​ |  | 33,538 | ​ |  | 87,885 | ​ |  | (35,263) | ​ |  | 474,681
Total | ​ | $ | 707,718 | ​ | $ | 257,875 | ​ | $ | 274,954 | ​ | $ | 87,885 | ​ | $ | (38,704) | ​ | $ | 1,289,728
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Short-term | ​ | $ | 395,867 | ​ | $ | 97,533 | ​ | $ | 124,810 | ​ | $ | — | ​ | $ | (635) | ​ | $ | 617,575
Long-term | ​ |  | 112,464 | ​ |  | 94,388 | ​ |  | — | ​ |  | 82,315 | ​ |  | (33,642) | ​ |  | 255,525
Total | ​ | $ | 508,331 | ​ | $ | 191,921 | ​ | $ | 124,810 | ​ | $ | 82,315 | ​ | $ | (34,277) | ​ | $ | 873,100
​ We provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following table provides information about disaggregated revenue by market strategy (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Well | ​ | ​ | ​ | Shallow Water | ​ | Production | ​ | Intercompany | ​ | Total
​ |  | Intervention |  | Robotics |  | Abandonment |  | Facilities |  | Eliminations |  | Revenue
Year ended December 31, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Production maximization | ​ | $ | 408,791 | ​ | $ | 117,207 | ​ | $ | 8,469 | ​ | $ | 88,709 | ​ | $ | (29,678) | ​ | $ | 593,498
Decommissioning | ​ | ​ | 416,057 | ​ | ​ | 17,717 | ​ | ​ | 178,462 | ​ | ​ | — | ​ | ​ | (14,272) | ​ | ​ | 597,964
Renewables | ​ | ​ | — | ​ | ​ | 152,306 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 152,306
Other | ​ |  | 5,014 | ​ |  | 10,448 | ​ |  | 48 | ​ |  | — | ​ |  | (718) | ​ |  | 14,792
Total | ​ | $ | 829,862 | ​ | $ | 297,678 | ​ | $ | 186,979 | ​ | $ | 88,709 | ​ | $ | (44,668) | ​ | $ | 1,358,560
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Production maximization | ​ | $ | 228,649 | ​ | $ | 103,692 | ​ | $ | 13,825 | ​ | $ | 87,885 | ​ | $ | (17,824) | ​ | $ | 416,227
Decommissioning | ​ | ​ | 458,437 | ​ | ​ | 47,768 | ​ | ​ | 261,129 | ​ | ​ | — | ​ | ​ | (18,690) | ​ | ​ | 748,644
Renewables | ​ | ​ | — | ​ | ​ | 99,861 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 99,861
Other | ​ |  | 20,632 | ​ |  | 6,554 | ​ |  | — | ​ |  | — | ​ |  | (2,190) | ​ |  | 24,996
Total | ​ | $ | 707,718 | ​ | $ | 257,875 | ​ | $ | 274,954 | ​ | $ | 87,885 | ​ | $ | (38,704) | ​ | $ | 1,289,728
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Production maximization | ​ | $ | 302,409 | ​ | $ | 66,068 | ​ | $ | 9,059 | ​ | $ | 82,315 | ​ | $ | (18,115) | ​ | $ | 441,736
Decommissioning | ​ | ​ | 194,985 | ​ | ​ | 24,289 | ​ | ​ | 115,509 | ​ | ​ | — | ​ | ​ | (14,977) | ​ | ​ | 319,806
Renewables | ​ | ​ | 635 | ​ | ​ | 82,793 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (635) | ​ | ​ | 82,793
Other | ​ |  | 10,302 | ​ |  | 18,771 | ​ |  | 242 | ​ |  | — | ​ |  | (550) | ​ |  | 28,765
Total | ​ | $ | 508,331 | ​ | $ | 191,921 | ​ | $ | 124,810 | ​ | $ | 82,315 | ​ | $ | (34,277) | ​ | $ | 873,100
​ Contract Balances Net contract assets as of December 31, 2024 and 2023 were $12.2 million and $5.8 million, respectively, and are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 4). The increase in net contract assets was primarily attributable to more revenue recognized in excess of the amount billed to the customer for lump sum contracts. We had no credit losses on our contract assets for the years ended December 31, 2024, 2023 and 2022. Net contract liabilities as of December 31, 2024 and 2023 totaled $15.6 million and $32.8 million, respectively, and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets (Note 4). The decrease was primarily attributable to the reduction in deferred mobilization revenue due to the timing of mobilization payments for contracts. Net contract liabilities as of December 31,2023 also included amounts billed to the customer in excess of revenue recognized for a lump sum contract. Revenue recognized for the years ended December 31, 2024, 2023 and 2022 included $36.3 million, $8.7 million and $7.4 million, respectively, that were included in the contract liability balance at the beginning of each period. Performance Obligations As of December 31, 2024, $1.4 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $680.6 million, $383.8 million and $347.2 million in 2025, 2026, and 2027 and beyond, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at December 31, 2024. For the years ended December 31, 2024 and 2023, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial. For the year ended December 31, 2022, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $1.0 million, which resulted from the retrospective application of certain contractual adjustments. Contract Fulfillment Costs 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 4). Our deferred contract costs as of December 31, 2024 and 2023 totaled $37.2 million and $36.6 million, respectively. For the years ended December 31, 2024, 2023 and 2022, we recorded $62.9 million, $43.2 million and $29.7 million, respectively, related to amortization of deferred contract costs. There were no material impairment losses on deferred contract costs for any period presented.

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