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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 12 Months Ended
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Dec. 31, 2024
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 2024 and 2023 (in thousands):
|  | Year ended December 31, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 937 |  |  | $ | 51,313 |  |  | $ | 1,061 |  |  | $ | (6 | ) |  | $ | 53,305 |
T&M and cost-reimbursable |  |  | 83,542 |  |  |  | 20,360 |  |  |  | — |  |  |  | — |  |  |  | 103,902 |
Other |  |  | 2,891 |  |  |  | — |  |  |  | — |  |  |  | (899 | ) |  |  | 1,992 |
Total |  | $ | 87,370 |  |  | $ | 71,673 |  |  | $ | 1,061 |  |  | $ | (905 | ) |  | $ | 159,199 |
Long-term |  | $ | 937 |  |  | $ | 67,240 |  |  | $ | 1,061 |  |  | $ | (6 | ) |  | $ | 69,232 |
Short-term |  |  | 86,433 |  |  |  | 4,433 |  |  |  | — |  |  |  | (899 | ) |  |  | 89,967 |
Total |  | $ | 87,370 |  |  | $ | 71,673 |  |  | $ | 1,061 |  |  | $ | (905 | ) |  | $ | 159,199 |
|  | Year ended December 31, 2023 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 1,618 |  |  | $ | 51,015 |  |  | $ | (30,417 | ) |  | $ | (33 | ) |  | $ | 22,183 |
T&M and cost-reimbursable |  |  | 87,914 |  |  |  | 38,031 |  |  |  | — |  |  |  | — |  |  |  | 125,945 |
Other |  |  | 4,016 |  |  |  | — |  |  |  | — |  |  |  | (1,077 | ) |  |  | 2,939 |
Total |  | $ | 93,548 |  |  | $ | 89,046 |  |  | $ | (30,417 | ) |  | $ | (1,110 | ) |  | $ | 151,067 |
Long-term |  | $ | 1,618 |  |  | $ | 82,535 |  |  | $ | (30,417 | ) |  | $ | (33 | ) |  | $ | 53,703 |
Short-term |  |  | 91,930 |  |  |  | 6,511 |  |  |  | — |  |  |  | (1,077 | ) |  |  | 97,364 |
Total |  | $ | 93,548 |  |  | $ | 89,046 |  |  | $ | (30,417 | ) |  | $ | (1,110 | ) |  | $ | 151,067 |
Summary of Remaining Performance Obligations for Each of Operating Segments, Disaggregated by Contract Type | The following table summarizes remaining performance obligations for each of our operating segments, disaggregated by contract type, at December 31, 2024 (in thousands):
| December 31, 2024 |
| Services |  |  | Fabrication |  |  | Shipyard |  |  | Total |
Fixed-price and unit-rate | $ | 52 |  |  | $ | 5,450 |  |  | $ | — |  |  | $ | 5,502 |
T&M and cost-reimbursable |  | — |  |  |  | 10,049 |  |  |  | — |  |  |  | 10,049 |
Total (1) | $ | 52 |  |  | $ | 15,499 |  |  | $ | — |  |  | $ | 15,551 |
(1) We expect all of our performance obligations at December 31, 2024, to be recognized as revenue during 2025. C ertain 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 December 31, 2024 and 2023, is as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Costs incurred to date |  | $ | 49,003 |  |  | $ | 117,274 |
Estimated profit (loss) incurred to date |  |  | 7,942 |  |  |  | (12,735 | )
Sub-total |  |  | 56,945 |  |  |  | 104,539 |
Billings to date |  |  | (49,612 | ) |  |  | (107,270 | )
Total |  | $ | 7,333 |  |  | $ | (2,731 | )
The above amounts are included within the following captions on our Balance Sheet at December 31, 2024 and 2023 (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Contract assets (1), (2) |  | $ | 8,611 |  |  | $ | 2,739 |
Contract liabilities (3), (4), (5) |  |  | (1,278 | ) |  |  | (5,470 | )
Total |  | $ | 7,333 |  |  | $ | (2,731 | )
(1) The increase in contract assets from December 31, 2023 to December 31, 2024, was primarily due to higher unbilled positions on various projects for our Fabrication Division. (2) Contract assets at December 31, 2024 and 2023, excluded $4.6 million and $6.0 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. The decrease from December 31, 2023 to December 31, 2024, was primarily due to lower unbilled positions on various projects for our Services Division. (3) The decrease in contract liabilities from December 31, 2023 to December 31, 2024, was primarily due to lower advance billings on various projects for our Fabrication Division. (4) Revenue recognized during 2024 and 2023, related to amounts included in our contract liabilities balance at December 31, 2023 and 2022, was $4.9 million and $6.6 million, respectively. (5) Contract liabilities at December 31, 2023, included accrued contract losses of $0.4 million, primarily related to projects for our Shipyard Division.
Schedules of Concentration of Risk, by Risk Factor | The following table summarizes revenue for customers that accounted for 10% or more of our consolidated revenue for 2024 and 2023 (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Customer A |  | $ | 63,633 |  |  | $ | 70,497 |
Customer B |  |  | 18,036 |  |  | * |
Customer C |  | * |  |  |  | 26,956 |
Customer D (1) |  | * |  |  |  | 16,498 |
Customer E (1) |  | * |  |  |  | 15,481 |
(*) The customer revenue was less than 10% of consolidated revenue for the year. (1) For 2023, these customers accounted for 10% or more of our consolidated revenue due to lower revenue for the period associated with a charge of $32.5 million for our Shipyard Division, resulting from the resolution of our previous MPSV Litigation. See “Changes in Project Estimates” below and Note 7 for further discussion of the resolution of our MPSV Litigation.

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