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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 3 Months Ended
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Mar. 31, 2023
Revenue From Contract With Customer [Abstract] |
Summary of Disaggregation of Revenue | The following tables summarize revenue for each of our operating segments, disaggregated by contract type and duration, for the three months ended March 31, 2023 and 2022 (in thousands):
|  | Three Months Ended March 31, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 172 |  |  | $ | 12,189 |  |  | $ | 1,347 |  |  | $ | (8 | ) |  | $ | 13,700 |
T&M and cost-reimbursable |  |  | 20,542 |  |  |  | 27,473 |  |  |  | — |  |  |  | — |  |  |  | 48,015 |
Other |  |  | 873 |  |  |  | — |  |  |  | — |  |  |  | (420 | ) |  |  | 453 |
Total |  | $ | 21,587 |  |  | $ | 39,662 |  |  | $ | 1,347 |  |  | $ | (428 | ) |  | $ | 62,168 |
Long-term |  | $ | 172 |  |  | $ | 38,708 |  |  | $ | 1,347 |  |  | $ | (8 | ) |  | $ | 40,219 |
Short-term |  |  | 21,415 |  |  |  | 954 |  |  |  | — |  |  |  | (420 | ) |  |  | 21,949 |
Total |  | $ | 21,587 |  |  | $ | 39,662 |  |  | $ | 1,347 |  |  | $ | (428 | ) |  | $ | 62,168 |
|  | Three Months Ended March 31, 2022 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 1,609 |  |  | $ | 5,044 |  |  | $ | 2,497 |  |  | $ | (1 | ) |  | $ | 9,149 |
T&M and cost-reimbursable |  |  | 18,463 |  |  |  | 573 |  |  |  | — |  |  |  | — |  |  |  | 19,036 |
Other |  |  | 592 |  |  |  | — |  |  |  | — |  |  |  | (91 | ) |  |  | 501 |
Total |  | $ | 20,664 |  |  | $ | 5,617 |  |  | $ | 2,497 |  |  | $ | (92 | ) |  | $ | 28,686 |
Long-term |  | $ | 1,609 |  |  | $ | 5,044 |  |  | $ | 2,497 |  |  | $ | (1 | ) |  | $ | 9,149 |
Short-term |  |  | 19,055 |  |  |  | 573 |  |  |  | — |  |  |  | (91 | ) |  |  | 19,537 |
Total |  | $ | 20,664 |  |  | $ | 5,617 |  |  | $ | 2,497 |  |  | $ | (92 | ) |  | $ | 28,686 |
Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type | The following table summarizes our remaining performance obligations, disaggregated by operating segment and contract type, at March 31, 2023 (in thousands):
|  | March 31, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Total |
Fixed-price and unit-rate |  | $ | 1,207 |  |  | $ | 10,948 |  |  | $ | 1,803 |  |  | $ | 13,958 |
T&M and cost-reimbursable(1) |  |  | — |  |  |  | 76,383 |  |  |  | — |  |  |  | 76,383 |
Total(2) |  | $ | 1,207 |  |  | $ | 87,331 |  |  | $ | 1,803 |  |  | $ | 90,341 |
(1) In February 2023, we received direction from our customer to suspend all activities on our offshore jackets project for our Fabrication Division. No duration of the suspension or timing of potential recommencement of the project has been provided. See “Other Operating and Project Matters” below for further discussion of the impacts of the suspension. (2) We expect to recognize revenue of $14.4 million for the remainder of 2023 associated with our performance obligations at March 31, 2023 based on our current estimates. Such estimates exclude potential revenue of $75.9 million associated with our performance obligations for our offshore jackets project given the uncertainty with respect to when such amounts will be recognized, if at all. Certain factors and circumstances, including the suspension, could result in changes in the timing of recognition of our performance obligations as revenue and the amounts ultimately recognized.
Summary of Contract with Customer, Asset and Liability | Information with respect to contracts that were incomplete at March 31, 2023 and December 31, 2022, is as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Contract assets(1), (2) |  | $ | 5,538 |  |  | $ | 4,839 |
Contract liabilities(3), (4), (5) |  |  | (4,388 | ) |  |  | (8,196 | )
Contracts in progress, net |  | $ | 1,150 |  |  | $ | (3,357 | )
(1) The increase in contract assets compared to December 31, 2022, was primarily due to increased unbilled positions on various projects for our Fabrication Division, offset partially by, decreased unbilled positions for our forty-vehicle ferry projects for our Shipyard Division. (2) Contract assets at March 31, 2023 and December 31, 2022, excluded $3.6 million and $3.6 million, respectively, associated with revenue recognized in excess of amounts billed for which we have an unconditional right to the consideration. Such amounts are reflected within contract receivables. (3) The decrease in contract liabilities compared to December 31, 2022, was primarily due to a decrease in advance billings on our offshore jackets project for our Fabrication Division and accrued contract losses on our forty-vehicle ferry projects for our Shipyard Division. (4) Revenue recognized during the three months ended March 31, 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021 was $6.0 million and $2.1 million, respectively. (5) Contract liabilities at March 31, 2023 and December 31, 2022, includes accrued contract losses of $1.0 million and $1.6 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(1) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 + Details
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