XML 26 R15.htm IDEA: XBRL DOCUMENT v3.25.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 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 September 30, 2025

​

​

​

​

 

​

  

 

​

  

 

​

  

 

​

  

Short-term

​

$

80,075

​

$

82,168

​

$

70,777

​

$

—

​

$

—

​

$

233,020

Long-term

​

 

113,130

​

 

17,239

​

 

3,865

​

 

18,513

​

 

(8,807)

​

 

143,940

Total

​

$

193,205

​

$

99,407

​

$

74,642

​

$

18,513

​

$

(8,807)

​

$

376,960

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 2024 (1)

​

​

​

​

​

 

  

​

 

  

​

 

  

​

 

  

Short-term

​

$

130,150

​

$

48,906

​

$

53,410

​

$

—

​

$

(38)

​

$

232,428

Long-term

​

 

44,463

​

 

35,620

​

 

18,185

​

 

20,695

​

 

(8,972)

​

 

109,991

Total

​

$

174,613

​

$

84,526

​

$

71,595

​

$

20,695

​

$

(9,010)

​

$

342,419

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 2025

​

​

​

​

​

 

  

​

 

  

​

 

  

​

 

  

Short-term

​

$

150,428

​

$

169,497

​

$

132,898

​

$

—

​

$

(60)

​

$

452,763

Long-term

​

 

397,937

​

 

66,524

​

 

9,180

​

 

55,431

​

 

(24,523)

​

 

504,549

Total

​

$

548,365

​

$

236,021

​

$

142,078

​

$

55,431

​

$

(24,583)

​

$

957,312

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 2024 (1)

​

​

​

​

​

 

  

​

 

  

​

 

  

​

 

  

Short-term

​

$

417,716

​

$

118,275

​

$

121,142

​

$

—

​

$

(6,471)

​

$

650,662

Long-term

​

 

185,958

​

 

97,809

​

 

28,147

​

 

70,247

​

 

(29,396)

​

 

352,765

Total

​

$

603,674

​

$

216,084

​

$

149,289

​

$

70,247

​

$

(35,867)

​

$

1,003,427

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Well

​

​

​

Shallow Water

​

Production

​

Intercompany

​

Total

​

    

Intervention

    

Robotics

    

Abandonment

    

Facilities

    

Eliminations

    

Revenue

Three months ended September 30, 2025

​

​

​

​

 

​

  

 

​

  

 

​

  

 

​

  

Production maximization

​

$

65,350

​

$

33,591

​

$

2,607

​

$

18,513

​

$

(3,804)

​

$

116,257

Decommissioning

​

 

124,364

​

 

13,071

​

 

72,035

​

 

—

​

 

(4,374)

​

 

205,096

Renewables

​

 

—

​

 

50,104

​

 

—

​

 

—

​

 

—

​

 

50,104

Other

​

 

3,491

​

 

2,641

​

 

—

​

 

—

​

 

(629)

​

 

5,503

Total

​

$

193,205

​

$

99,407

​

$

74,642

​

$

18,513

​

$

(8,807)

​

$

376,960

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 2024 (1)

​

​

​

​

​

 

  

​

 

  

​

 

  

​

 

  

Production maximization

​

$

92,323

​

$

34,541

​

$

483

​

$

20,695

​

$

(6,266)

​

$

141,776

Decommissioning

​

 

82,135

​

 

2,746

​

 

71,112

​

 

—

​

 

(2,744)

​

 

153,249

Renewables

​

 

—

​

 

42,804

​

 

—

​

 

—

​

 

—

​

 

42,804

Other

​

 

155

​

 

4,435

​

 

—

​

 

—

​

 

—

​

 

4,590

Total

​

$

174,613

​

$

84,526

​

$

71,595

​

$

20,695

​

$

(9,010)

​

$

342,419

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 2025

​

​

​

​

​

 

  

​

 

  

​

 

  

​

 

  

Production maximization

​

$

189,112

​

$

87,871

​

$

4,953

​

$

55,431

​

$

(8,478)

​

$

328,889

Decommissioning

​

 

353,809

​

 

24,320

​

 

137,049

​

 

—

​

 

(15,031)

​

 

500,147

Renewables

​

 

—

​

 

108,865

​

 

76

​

 

—

​

 

—

​

 

108,941

Other

​

 

5,444

​

 

14,965

​

 

—

​

 

—

​

 

(1,074)

​

 

19,335

Total

​

$

548,365

​

$

236,021

​

$

142,078

​

$

55,431

​

$

(24,583)

​

$

957,312

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 2024 (1)

​

​

​

​

​

 

  

​

 

  

​

 

  

​

 

  

Production maximization

​

$

270,301

​

$

73,573

​

$

6,734

​

$

70,247

​

$

(23,704)

​

$

397,151

Decommissioning

​

 

332,959

​

 

15,257

​

 

142,555

​

 

—

​

 

(11,812)

​

 

478,959

Renewables

​

 

—

​

 

117,469

​

 

—

​

 

—

​

 

—

​

 

117,469

Other

​

 

414

​

 

9,785

​

 

—

​

 

—

​

 

(351)

​

 

9,848

Total

​

$

603,674

​

$

216,084

​

$

149,289

​

$

70,247

​

$

(35,867)

​

$

1,003,427

(1)For the three- and nine-month periods ended September 30, 2024, $8.1 million and $20.1 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 $8.8 million as of September 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 decrease in net contract assets was primarily attributable to less accrued revenues related to lump sum demobilization fees. We had no credit losses on our contract assets for the three- and nine-month periods ended September 30, 2025 and 2024.

Net contract liabilities totaled $31.1 million as of September 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 a larger amount of deferred mobilization fees for work that has not yet been completed as well as more prepayments on work not yet performed. Revenue recognized for the three- and nine-month periods ended September 30, 2025 included $19.8 million and $19.4 million, respectively, that were included in the contract liability balance at the beginning of each period. Revenue recognized for the three- and nine-month periods ended September 30, 2024 included $12.6 million and $34.4 million, respectively, that were included in the contract liability balance at the beginning of each period.

Performance Obligations

As of September 30, 2025, $1.3 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $207.6 million, $542.0 million and $559.9 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 September 30, 2025.

For the three- and nine-month periods ended September 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 $29.1 million as of September 30, 2025 and $37.2 million as of December 31, 2024. For the three- and nine-month periods ended September 30, 2025, we recorded $20.5 million and $53.7 million, respectively, related to amortization of these deferred contract costs. For the three- and nine-month periods ended September 30, 2024, we recorded $9.9 million and $41.1 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.