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Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
8.
Revenue

At June 30, 2025, the Company had $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.