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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2025
Revenue from Contracts with Customers |
Revenue from Contracts with Customers | Note 8 — Revenue from Contracts with Customers Disaggregation of Revenue Our service contracts generally contain provisions for specific time, material and equipment charges that are billed in accordance with the terms of such contracts (dayrate contracts) but we occasionally contract on a lump sum basis (lump sum contracts). We record revenues net of taxes collected from customers and remitted to governmental authorities. Our revenues are primarily derived from short-term and long-term service contracts with customers. 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 provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following tables provide information about disaggregated revenue by contract duration and by market strategy (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Well | ​ | ​ | ​ | Shallow Water | ​ | Production | ​ | Intercompany | ​ | Total
​ |  | Intervention |  | Robotics |  | Abandonment |  | Facilities |  | Eliminations |  | Revenue
Three months ended June 30, 2025 | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Short-term | ​ | $ | 46,130 | ​ | $ | 64,779 | ​ | $ | 46,550 | ​ | $ | — | ​ | $ | (8) | ​ | $ | 157,451
Long-term | ​ |  | 110,656 | ​ |  | 20,793 | ​ |  | 4,068 | ​ |  | 17,081 | ​ |  | (7,761) | ​ |  | 144,837
Total | ​ | $ | 156,786 | ​ | $ | 85,572 | ​ | $ | 50,618 | ​ | $ | 17,081 | ​ | $ | (7,769) | ​ | $ | 302,288
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended June 30, 2024 (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Short-term | ​ | $ | 153,152 | ​ | $ | 44,193 | ​ | $ | 42,369 | ​ | $ | — | ​ | $ | (106) | ​ | $ | 239,608
Long-term | ​ |  | 64,609 | ​ |  | 37,056 | ​ |  | 8,472 | ​ |  | 25,400 | ​ |  | (10,348) | ​ |  | 125,189
Total | ​ | $ | 217,761 | ​ | $ | 81,249 | ​ | $ | 50,841 | ​ | $ | 25,400 | ​ | $ | (10,454) | ​ | $ | 364,797
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six months ended June 30, 2025 | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Short-term | ​ | $ | 70,353 | ​ | $ | 87,329 | ​ | $ | 62,121 | ​ | $ | — | ​ | $ | (60) | ​ | $ | 219,743
Long-term | ​ |  | 284,807 | ​ |  | 49,285 | ​ |  | 5,315 | ​ |  | 36,918 | ​ |  | (15,716) | ​ |  | 360,609
Total | ​ | $ | 355,160 | ​ | $ | 136,614 | ​ | $ | 67,436 | ​ | $ | 36,918 | ​ | $ | (15,776) | ​ | $ | 580,352
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six months ended June 30, 2024 (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Short-term | ​ | $ | 287,566 | ​ | $ | 69,369 | ​ | $ | 67,732 | ​ | $ | — | ​ | $ | (6,433) | ​ | $ | 418,234
Long-term | ​ |  | 141,495 | ​ |  | 62,189 | ​ |  | 9,962 | ​ |  | 49,552 | ​ |  | (20,424) | ​ |  | 242,774
Total | ​ | $ | 429,061 | ​ | $ | 131,558 | ​ | $ | 77,694 | ​ | $ | 49,552 | ​ | $ | (26,857) | ​ | $ | 661,008
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Well | ​ | ​ | ​ | Shallow Water | ​ | Production | ​ | Intercompany | ​ | Total
​ |  | Intervention |  | Robotics |  | Abandonment |  | Facilities |  | Eliminations |  | Revenue
Three months ended June 30, 2025 | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Production maximization | ​ | $ | 26,800 | ​ | $ | 29,554 | ​ | $ | 1,270 | ​ | $ | 17,081 | ​ | $ | (702) | ​ | $ | 74,003
Decommissioning | ​ |  | 128,762 | ​ |  | 7,233 | ​ |  | 49,348 | ​ |  | — | ​ |  | (6,622) | ​ |  | 178,721
Renewables | ​ |  | — | ​ |  | 41,987 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 41,987
Other | ​ |  | 1,224 | ​ |  | 6,798 | ​ |  | — | ​ |  | — | ​ |  | (445) | ​ |  | 7,577
Total | ​ | $ | 156,786 | ​ | $ | 85,572 | ​ | $ | 50,618 | ​ | $ | 17,081 | ​ | $ | (7,769) | ​ | $ | 302,288
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended June 30, 2024 (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Production maximization | ​ | $ | 108,043 | ​ | $ | 20,596 | ​ | $ | 3,009 | ​ | $ | 25,400 | ​ | $ | (6,560) | ​ | $ | 150,488
Decommissioning | ​ |  | 109,546 | ​ |  | 7,099 | ​ |  | 47,832 | ​ |  | — | ​ |  | (3,547) | ​ |  | 160,930
Renewables | ​ |  | — | ​ |  | 50,493 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 50,493
Other | ​ |  | 172 | ​ |  | 3,061 | ​ |  | — | ​ |  | — | ​ |  | (347) | ​ |  | 2,886
Total | ​ | $ | 217,761 | ​ | $ | 81,249 | ​ | $ | 50,841 | ​ | $ | 25,400 | ​ | $ | (10,454) | ​ | $ | 364,797
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six months ended June 30, 2025 | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Production maximization | ​ | $ | 123,762 | ​ | $ | 54,280 | ​ | $ | 2,346 | ​ | $ | 36,918 | ​ | $ | (4,674) | ​ | $ | 212,632
Decommissioning | ​ |  | 229,445 | ​ |  | 11,249 | ​ |  | 65,014 | ​ |  | — | ​ |  | (10,657) | ​ |  | 295,051
Renewables | ​ |  | — | ​ |  | 58,761 | ​ |  | 76 | ​ |  | — | ​ |  | — | ​ |  | 58,837
Other | ​ |  | 1,953 | ​ |  | 12,324 | ​ |  | — | ​ |  | — | ​ |  | (445) | ​ |  | 13,832
Total | ​ | $ | 355,160 | ​ | $ | 136,614 | ​ | $ | 67,436 | ​ | $ | 36,918 | ​ | $ | (15,776) | ​ | $ | 580,352
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six months ended June 30, 2024 (1) | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Production maximization | ​ | $ | 177,978 | ​ | $ | 39,032 | ​ | $ | 6,251 | ​ | $ | 49,552 | ​ | $ | (17,438) | ​ | $ | 255,375
Decommissioning | ​ |  | 250,824 | ​ |  | 12,511 | ​ |  | 71,443 | ​ |  | — | ​ |  | (9,068) | ​ |  | 325,710
Renewables | ​ |  | — | ​ |  | 74,665 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 74,665
Other | ​ |  | 259 | ​ |  | 5,350 | ​ |  | — | ​ |  | — | ​ |  | (351) | ​ |  | 5,258
Total | ​ | $ | 429,061 | ​ | $ | 131,558 | ​ | $ | 77,694 | ​ | $ | 49,552 | ​ | $ | (26,857) | ​ | $ | 661,008
(1) | For the three- and six-month periods ended June 30, 2024, $6.9 million and $12.1 million, respectively, have been removed from Well Intervention segment revenues and related intersegment eliminations. See Note 11 regarding this change in prior year reported segment information.
​ Contract Balances Net contract assets were $13.2 million as of June 30, 2025 and $12.2 million as of December 31, 2024 and are reflected in “Other current assets” in the accompanying condensed consolidated balance sheets (Note 3). 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, offset in part by less revenue recognized for demobilization fees. We had no credit losses on our contract assets for the three- and six-month periods ended June 30, 2025 and 2024. Net contract liabilities totaled $38.6 million as of June 30, 2025 and $15.6 million as of December 31, 2024 and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and ‘Other non-current liabilities” in the accompanying condensed consolidated balance sheets (Note 3). The increase was primarily attributable to an increase in deferred mobilization revenue. Revenue recognized for the three- and six-month periods ended June 30, 2025 included $13.8 million and $19.0 million, respectively, that were included in the contract liability balance at the beginning of each period. Revenue recognized for the three- and six-month periods ended June 30, 2024 included $18.2 million and $31.0 million, respectively, that were included in the contract liability balance at the beginning of each period. Performance Obligations As of June 30, 2025, $1.3 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $424.7 million, $450.4 million and $407.5 million in 2025, 2026, 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 June 30, 2025. For the three- and six-month periods ended June 30, 2025 and 2024, revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were immaterial. Contract Fulfillment Costs Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying condensed consolidated balance sheets (Note 3). Our deferred contract costs totaled $43.4 million as of June 30, 2025 and $37.2 million as of December 31, 2024. For the three- and six-month periods ended June 30, 2025, we recorded $16.8 million and $33.2 million, respectively, related to amortization of these deferred contract costs. For the three- and six-month periods ended June 30, 2024, we recorded $11.0 million and $31.3 million, respectively, related to amortization of these deferred contract costs. There were no associated impairment losses for any period presented. For additional information regarding revenue recognition, see Notes 2 and 11 to our 2024 Form 10-K.

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- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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