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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in thousands):
|  | Three Months Ended September 30, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 557 |  |  | $ | 12,185 |  |  | $ | (32,702 | ) |  | $ | (20 | ) |  | $ | (19,980 | )
T&M and cost-reimbursable |  |  | 21,086 |  |  |  | 2,794 |  |  |  | — |  |  |  | — |  |  |  | 23,880 |
Other |  |  | 1,333 |  |  |  | — |  |  |  | — |  |  |  | (210 | ) |  |  | 1,123 |
Total |  | $ | 22,976 |  |  | $ | 14,979 |  |  | $ | (32,702 | ) |  | $ | (230 | ) |  | $ | 5,023 |
Long-term |  | $ | 557 |  |  | $ | 13,043 |  |  | $ | (32,702 | ) |  | $ | (20 | ) |  | $ | (19,122 | )
Short-term |  |  | 22,419 |  |  |  | 1,936 |  |  |  | — |  |  |  | (210 | ) |  |  | 24,145 |
Total |  | $ | 22,976 |  |  | $ | 14,979 |  |  | $ | (32,702 | ) |  | $ | (230 | ) |  | $ | 5,023 |
|  | Three Months Ended September 30, 2022 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 986 |  |  | $ | 11,410 |  |  | $ | 1,849 |  |  | $ | (1 | ) |  | $ | 14,244 |
T&M and cost-reimbursable |  |  | 20,937 |  |  |  | 2,373 |  |  |  | — |  |  |  | — |  |  |  | 23,310 |
Other |  |  | 646 |  |  |  | 1,646 |  |  |  | — |  |  |  | (253 | ) |  |  | 2,039 |
Total |  | $ | 22,569 |  |  | $ | 15,429 |  |  | $ | 1,849 |  |  | $ | (254 | ) |  | $ | 39,593 |
Long-term |  | $ | 986 |  |  | $ | 14,078 |  |  | $ | 1,849 |  |  | $ | (1 | ) |  | $ | 16,912 |
Short-term |  |  | 21,583 |  |  |  | 1,351 |  |  |  | — |  |  |  | (253 | ) |  |  | 22,681 |
Total |  | $ | 22,569 |  |  | $ | 15,429 |  |  | $ | 1,849 |  |  | $ | (254 | ) |  | $ | 39,593 |
|  | Nine Months Ended September 30, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 1,356 |  |  | $ | 37,773 |  |  | $ | (30,973 | ) |  | $ | (30 | ) |  | $ | 8,126 |
T&M and cost-reimbursable |  |  | 64,456 |  |  |  | 31,609 |  |  |  | — |  |  |  | — |  |  |  | 96,065 |
Other |  |  | 3,221 |  |  |  | — |  |  |  | — |  |  |  | (895 | ) |  |  | 2,326 |
Total |  | $ | 69,033 |  |  | $ | 69,382 |  |  | $ | (30,973 | ) |  | $ | (925 | ) |  | $ | 106,517 |
Long-term |  | $ | 1,356 |  |  | $ | 65,259 |  |  | $ | (30,973 | ) |  | $ | (30 | ) |  | $ | 35,612 |
Short-term |  |  | 67,677 |  |  |  | 4,123 |  |  |  | — |  |  |  | (895 | ) |  |  | 70,905 |
Total |  | $ | 69,033 |  |  | $ | 69,382 |  |  | $ | (30,973 | ) |  | $ | (925 | ) |  | $ | 106,517 |
|  | Nine Months Ended September 30, 2022 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 3,557 |  |  | $ | 25,651 |  |  | $ | 7,314 |  |  | $ | (7 | ) |  | $ | 36,515 |
T&M and cost-reimbursable |  |  | 59,903 |  |  |  | 3,588 |  |  |  | — |  |  |  | — |  |  |  | 63,491 |
Other |  |  | 1,953 |  |  |  | 2,646 |  |  |  | — |  |  |  | (424 | ) |  |  | 4,175 |
Total |  | $ | 65,413 |  |  | $ | 31,885 |  |  | $ | 7,314 |  |  | $ | (431 | ) |  | $ | 104,181 |
Long-term |  | $ | 3,557 |  |  | $ | 29,319 |  |  | $ | 7,314 |  |  | $ | (7 | ) |  | $ | 40,183 |
Short-term |  |  | 61,856 |  |  |  | 2,566 |  |  |  | — |  |  |  | (424 | ) |  |  | 63,998 |
Total |  | $ | 65,413 |  |  | $ | 31,885 |  |  | $ | 7,314 |  |  | $ | (431 | ) |  | $ | 104,181 |
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 September 30, 2023 (in thousands):
|  | September 30, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Total |
Fixed-price and unit-rate |  | $ | 867 |  |  | $ | 10,033 |  |  | $ | 726 |  |  | $ | 11,626 |
T&M and cost-reimbursable(1) |  |  | — |  |  |  | 1,474 |  |  |  | — |  |  |  | 1,474 |
Total(2) |  | $ | 867 |  |  | $ | 11,507 |  |  | $ | 726 |  |  | $ | 13,100 |
(1) In February 2023, we received direction from our customer to suspend all activities on our offshore jackets project for our Fabrication Division, and in July 2023, the customer cancelled the contract. Accordingly, during the second quarter 2023, our performance obligations were reduced by $76.1 million to reflect the estimated revenue amount that will not be recognized due to the cancellation. See “Other Operating and Project Matters” below for further discussion of the project cancellation. (2) Based on our current estimates we expect to recognize revenue of approximately $12.6 million and $0.5 million for the remainder of 2023 and 2024, respectively, associated with our performance obligations at September 30, 2023. Certain factors and circumstances 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 September 30, 2023 and December 31, 2022, is as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Contract assets(1), (2) |  | $ | 4,305 |  |  | $ | 4,839 |
Contract liabilities(3), (4), (5) |  |  | (3,534 | ) |  |  | (8,196 | )
Contracts in progress, net |  | $ | 771 |  |  | $ | (3,357 | )
(1) The decrease in contract assets compared to December 31, 2022, was primarily due to decreased unbilled positions on our forty-vehicle ferry projects for our Shipyard Division, offset partially by increased unbilled positions on various projects for our Fabrication Division. (2) Contract assets at September 30, 2023 and December 31, 2022, excluded $3.8 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 cancelled offshore jackets project for our Fabrication Division and accrued contract losses on our forty-vehicle ferry projects for our Shipyard Division. See “Future Performance Obligations” above for further discussion of the project cancellation. (4) Revenue recognized during the three months ended September 30, 2023 and 2022, related to amounts included in our contract liabilities balance at June 30, 2023 and 2022 was $1.1 million and $0.6 million, respectively. Revenue recognized during the nine months ended September 30, 2023 and 2022, related to amounts included in our contract liabilities balance at December 31, 2022 and 2021, was $6.2 million and $2.7 million, respectively. (5) Contract liabilities at September 30, 2023 and December 31, 2022, includes accrued contract losses of $0.4 million and $1.6 million, respectively. See “Changes in Project Estimates” below for further discussion of our accrued contract losses and Note 4 for discussion of the noncurrent contract liability associated with the resolution of our MPSV Litigation.

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