XML 26 R15.htm IDEA: XBRL DOCUMENT v3.25.2
Revenue from Contracts with Customers
 6 Months Ended
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.