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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
8.
Revenue

At September 30, 2025, the Company had $934.5 million of remaining performance obligations on dredging contracts, which the Company refers to as total dredging backlog. Total dredging backlog does not include $193.5 million of domestic low bids pending formal award and additional phases (“options”) pending on projects currently in dredging backlog at September 30, 2025. Additionally, the Company had $73.0 million of remaining performance obligations related to offshore energy contracts. The Company expects the majority of its dredging backlog and all of its offshore energy backlog at September 30, 2025 to be converted to revenue by the end of 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. Offshore energy consists of projects servicing the offshore wind, oil and gas, and power and telecommunications industries, both domestically and internationally.

The Company’s contract revenues by type of work, for the periods indicated, are as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital

 

$

126,285

 

 

$

108,682

 

 

$

322,777

 

 

$

249,329

 

Coastal protection

 

 

39,807

 

 

 

43,913

 

 

 

225,638

 

 

 

178,034

 

Maintenance

 

 

22,991

 

 

 

38,578

 

 

 

77,288

 

 

 

132,556

 

Total dredging revenues

 

 

189,083

 

 

 

191,173

 

 

 

625,703

 

 

 

559,919

 

Offshore energy

 

 

6,122

 

 

 

—

 

 

 

6,122

 

 

 

—

 

Total revenues

 

$

195,205

 

 

$

191,173

 

 

$

631,825

 

 

$

559,919

 

 

The Company’s contract revenues by type of customer, for the periods indicated, are as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Revenues

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Federal government

 

$

90,306

 

 

$

85,876

 

 

$

315,655

 

 

$

339,352

 

State and local government

 

 

11,886

 

 

 

39,330

 

 

 

69,389

 

 

 

108,493

 

Private

 

 

86,891

 

 

 

65,967

 

 

 

240,659

 

 

 

112,074

 

Total dredging revenues

 

 

189,083

 

 

 

191,173

 

 

 

625,703

 

 

 

559,919

 

Offshore energy - private

 

 

6,122

 

 

 

—

 

 

 

6,122

 

 

 

—

 

Total revenues

 

$

195,205

 

 

$

191,173

 

 

$

631,825

 

 

$

559,919

 

 

Accounts receivable at September 30, 2025 and December 31, 2024 are as follows:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Completed contracts

 

$

579

 

 

$

660

 

Contracts in progress

 

 

93,073

 

 

 

105,159

 

Retainage

 

 

16,033

 

 

 

12,575

 

 

 

 

109,685

 

 

 

118,394

 

Allowance for credit losses

 

 

(364

)

 

 

(364

)

 

 

 

 

 

 

 

Total accounts receivable—net

 

$

109,321

 

 

$

118,030

 

 

 

 

 

 

 

 

 

The components of contracts in progress at September 30, 2025 and December 31, 2024 are as follows:

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Costs and earnings in excess of billings:

 

 

 

 

 

 

Costs and earnings for contracts in progress

 

$

367,562

 

 

$

206,933

 

Amounts billed

 

 

(328,880

)

 

 

(153,208

)

Costs and earnings in excess of billings for contracts in progress

 

 

38,682

 

 

 

53,725

 

Costs and earnings in excess of billings for completed contracts

 

 

11,658

 

 

 

20,472

 

Total contract revenues in excess of billings

 

$

50,340

 

 

$

74,197

 

 

 

 

 

 

 

 

Current portion of contract revenues in excess of billings

 

$

50,340

 

 

$

74,197

 

 

 

 

 

 

 

 

Billings in excess of costs and earnings:

 

 

 

 

 

 

Amounts billed

 

$

(490,333

)

 

$

(303,810

)

Costs and earnings for contracts in progress

 

 

453,344

 

 

 

278,014

 

Total billings in excess of contract revenues

 

$

(36,989

)

 

$

(25,796

)

 

 

At September 30, 2025 and December 31, 2024, costs to fulfill contracts customers recognized as other current assets were $12.8 million and $10.3 million, respectively. At September 30, 2025 and December 31, 2024, costs to fulfill contracts with customers recognized as other noncurrent assets were $1.6 million and $7.6 million, respectively. These costs relate to pre-contract and pre-construction activities. During the three and nine months ended September 30, 2025, the Company amortized $2.8 million and $12.0 million of pre-construction costs, respectively. During the three and nine months ended September 30, 2024, the Company amortized $4.4 million and $12.8 million of pre-construction costs, respectively.