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Revenue, Contract Assets and Liabilities and Other Contract Matters (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 and 2024 (in thousands):
|  | Three Months Ended March 31, 2025 |
|  | Services |  |  | Fabrication |  |  | Shipyard(1) |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 218 |  |  | $ | 11,035 |  |  | $ | — |  |  | $ | (69 | ) |  | $ | 11,184 |
T&M and cost-reimbursable |  |  | 18,189 |  |  |  | 9,659 |  |  |  | — |  |  |  | — |  |  |  | 27,848 |
Other |  |  | 1,448 |  |  |  | — |  |  |  | — |  |  |  | (207 | ) |  |  | 1,241 |
Total |  | $ | 19,855 |  |  | $ | 20,694 |  |  | $ | — |  |  | $ | (276 | ) |  | $ | 40,273 |
Long-term |  | $ | 218 |  |  | $ | 19,535 |  |  | $ | — |  |  | $ | (69 | ) |  | $ | 19,684 |
Short-term |  |  | 19,637 |  |  |  | 1,159 |  |  |  | — |  |  |  | (207 | ) |  |  | 20,589 |
Total |  | $ | 19,855 |  |  | $ | 20,694 |  |  | $ | — |  |  | $ | (276 | ) |  | $ | 40,273 |
|  | Three Months Ended March 31, 2024 |
|  | Services |  |  | Fabrication |  |  | Shipyard |  |  | Eliminations |  |  | Total |
Fixed-price and unit-rate |  | $ | 249 |  |  | $ | 15,875 |  |  | $ | 409 |  |  | $ | — |  |  | $ | 16,533 |
T&M and cost-reimbursable |  |  | 24,727 |  |  |  | 1,263 |  |  |  | — |  |  |  | — |  |  |  | 25,990 |
Other |  |  | 558 |  |  |  | — |  |  |  | — |  |  |  | (200 | ) |  |  | 358 |
Total |  | $ | 25,534 |  |  | $ | 17,138 |  |  | $ | 409 |  |  | $ | (200 | ) |  | $ | 42,881 |
Long-term |  | $ | 249 |  |  | $ | 15,958 |  |  | $ | 409 |  |  | $ | — |  |  | $ | 16,616 |
Short-term |  |  | 25,285 |  |  |  | 1,180 |  |  |  | — |  |  |  | (200 | ) |  |  | 26,265 |
Total |  | $ | 25,534 |  |  | $ | 17,138 |  |  | $ | 409 |  |  | $ | (200 | ) |  | $ | 42,881 |
(1) Effective January 1, 2025, the Shipyard Division is no longer a reportable segment. Remaining operating results for our Shipyard Division are not material and are reflected within our Corporate Division. See Notes 1 and 7 for further discussion of our Shipyard Division and change in reportable segments.
Summary of Remaining Performance Obligations, Disaggregated by Operating Segment and Contract Type | The following table summarizes our remaining performance obligations for each of our operating segments, disaggregated by contract type, at March 31, 2025 (in thousands):
|  | March 31, 2025 |
|  | Services |  |  | Fabrication |  |  | Total |
Fixed-price and unit-rate |  | $ | 68 |  |  | $ | 6,199 |  |  | $ | 6,267 |
T&M and cost-reimbursable |  |  | — |  |  |  | 2,991 |  |  |  | 2,991 |
Total(1) |  | $ | 68 |  |  | $ | 9,190 |  |  | $ | 9,258 |
(1) We expect all of our performance obligations at March 31, 2025, to be recognized as revenue during 2025. 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 March 31, 2025 and December 31, 2024, is as follows (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Contract assets(1), (2) |  | $ | 10,073 |  |  | $ | 8,611 |
Contract liabilities(3), (4) |  |  | (934 | ) |  |  | (1,278 | )
Contracts in progress, net |  | $ | 9,139 |  |  | $ | 7,333 |
(1) The increase in contract assets from December 31, 2024 to March 31, 2025, was primarily due to higher unbilled positions on various projects for our Fabrication Division. (2) Contract assets at March 31, 2025 and December 31, 2024, excluded $4.5 million and $4.6 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. The decrease from December 31, 2024 to March 31, 2025, was primarily due to lower unbilled positions on various projects for our Services Division. (3) The decrease in contract liabilities from December 31, 2024 to March 31, 2025, was primarily due to lower advance billings on various projects for our Fabrication Division. (4) Revenue recognized during the three months ended March 31, 2025 and 2024, from amounts included in our contract liabilities balance at December 31, 2024 and 2023, was $0.8 million and $4.2 million, respectively.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 + Details
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