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Revenue | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | 8. Revenue At June 30, 2025, the Company h ad $960.4 million of remaining performance obligations on dredging contracts, which the Company refers to as total dredging backlog. Total dredging backlog does not include $215.4 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at June 30, 2025. Additionally, the Company had $52.4 million of remaining performance obligations and $14.5 million of contracts and options pending award related to offshore energy contracts. Approximately 40% of the Company’s dredging backlog at June 30, 2025 is expected to be completed during the remainder of 2025, with the remaining balance expected to be mostly completed in 2026. Revenue by category The following series of tables presents the Company's revenue disaggregated by several categories. Domestically, the Company’s work generally is performed in coastal waterways and deep-water ports. The U.S. dredging market consists of three primary types of work: capital, coastal protection and maintenance. Foreign projects typically involve capital work. The Company’s contract revenues by type of work, for the periods indicated, are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenues |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Capital |  | $ | 105,674 |  |  | $ | 70,747 |  |  | $ | 196,492 |  |  | $ | 140,647 |
Coastal protection |  |  | 65,227 |  |  |  | 70,195 |  |  |  | 185,831 |  |  |  | 134,121 |
Maintenance |  |  | 22,854 |  |  |  | 29,144 |  |  |  | 54,297 |  |  |  | 93,978 |
Total revenues |  | $ | 193,755 |  |  | $ | 170,086 |  |  | $ | 436,620 |  |  | $ | 368,746 |
The Company’s contract revenues by type of customer, for the periods indicated, are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Revenues |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Federal government |  | $ | 90,941 |  |  | $ | 118,687 |  |  | $ | 225,349 |  |  | $ | 253,476 |
State and local government |  |  | 21,109 |  |  |  | 21,463 |  |  |  | 57,503 |  |  |  | 69,163 |
Private |  |  | 81,705 |  |  |  | 29,936 |  |  |  | 153,768 |  |  |  | 46,107 |
Total revenues |  | $ | 193,755 |  |  | $ | 170,086 |  |  | $ | 436,620 |  |  | $ | 368,746 |
Accounts receivable at June 30, 2025 and December 31, 2024 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Completed contracts |  | $ | 12,368 |  |  | $ | 660 |
Contracts in progress |  |  | 89,405 |  |  |  | 105,159 |
Retainage |  |  | 9,678 |  |  |  | 12,575 |
|  |  | 111,451 |  |  |  | 118,394 |
Allowance for credit losses |  |  | (364 | ) |  |  | (364 | )
Total accounts receivable—net |  | $ | 111,087 |  |  | $ | 118,030 |
The components of contracts in progress at June 30, 2025 and December 31, 2024 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Costs and earnings in excess of billings: |  |  |  |  |  |
Costs and earnings for contracts in progress |  | $ | 231,757 |  |  | $ | 206,933 |
Amounts billed |  |  | (184,682 | ) |  |  | (153,208 | )
Costs and earnings in excess of billings for contracts in progress |  |  | 47,075 |  |  |  | 53,725 |
Costs and earnings in excess of billings for completed contracts |  |  | 12,107 |  |  |  | 20,472 |
Total contract revenues in excess of billings |  | $ | 59,182 |  |  | $ | 74,197 |
Current portion of contract revenues in excess of billings |  | $ | 59,182 |  |  | $ | 74,197 |
Billings in excess of costs and earnings: |  |  |  |  |  |
Amounts billed |  | $ | (499,516 | ) |  | $ | (303,810 | )
Costs and earnings for contracts in progress |  |  | 470,760 |  |  |  | 278,014 |
Total billings in excess of contract revenues |  | $ | (28,756 | ) |  | $ | (25,796 | )
At June 30, 2025 and December 31, 2024, costs to fulfill contracts customers recognized as other current assets were $8.3 million and $10.3 million, respectively. At June 30, 2025 and December 31, 2024, costs to fulfill contracts with customers recognized as other noncurrent assets were $1.9 million and $7.6 million, respectively. These costs relate to pre-contract and pre-construction activities. During the three and six months ended June 30, 2025, the Company amortized $5.8 million and $9.2 million of pre-construction costs, respectively. During the three and six months ended June 30, 2024, the Company amortized $4.0 million and $8.4 million of pre-construction costs, respectively.

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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