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Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Type of Work and Customer, Contract Revenues

The following table sets forth, by type of work, the Company’s contract revenues for the years ended December 31, 2024, 2023 and 2022:
 

Revenues		2024				2023				2022
Dredging:
Capital—U.S.		$	348,085			$	186,715			$	342,461
Coastal protection			253,360				196,343				192,567
Maintenance			158,882				187,586				98,077
Rivers & lakes			2,366				16,318				15,527
Capital—foreign			—				—				149
Total dredging revenues		$	762,693			$	586,962			$	648,781
Offshore energy			—				2,663				—
Total revenues		$	762,693			$	589,625			$	648,781

The following table sets forth, by type of customer, the Company’s contract revenues for the years ended December 31, 2024, 2023 and 2022:

Revenues		2024				2023				2022
Dredging:
Federal government		$	430,980			$	438,790			$	431,705
State and local government			154,427				129,583				207,033
Private			177,286				18,589				9,894
Foreign			—				—				149
Total dredging revenues		$	762,693			$	586,962			$	648,781
Offshore energy			—				2,663				—
Total revenues		$	762,693			$	589,625			$	648,781

Schedule of Accounts Receivable

Accounts receivable at December 31, 2024 and 2023 are as follows:

		2024				2023
Completed contracts		$	660			$	2,920
Contracts in progress			105,159				40,743
Retainage			12,575				11,511
			118,394				55,174
Allowance for credit losses			(364	)			(364	)
Total accounts receivable—net		$	118,030			$	54,810

Components of Contracts in Progress

The components of contracts in progress at December 31, 2024 and 2023 are as follows:

		2024				2023
Costs and earnings in excess of billings:
Costs and earnings for contracts in progress		$	206,933			$	206,330
Amounts billed			(153,208	)			(196,520	)
Costs and earnings in excess of billings for contracts in progress			53,725				9,810
Costs and earnings in excess of billings for completed contracts			20,472				58,925
Total contract revenues in excess of billings		$	74,197			$	68,735
Current portion of contract revenues in excess of billings		$	74,197			$	68,735
Long-term contract revenues in excess of billings			—				—
Total contract revenues in excess of billings		$	74,197			$	68,735
Billings in excess of costs and earnings:
Amounts billed		$	(303,810	)		$	(258,948	)
Costs and earnings for contracts in progress			278,014				229,388
Total billings in excess of contract revenues		$	(25,796	)		$	(29,560	)

Summary of Revenues and Gross Profit from Foreign Project Operations

The Company derived revenues and gross loss from foreign project operations for the years ended December 31, 2024, 2023, and 2022, as follows:
 

	2024				2023				2022
Contract revenues	$	—			$	—			$	149
Costs of contract revenues		(1,808	)			(1,142	)			(341	)
Gross loss	$	(1,808	)		$	(1,142	)		$	(192	)

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