Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3.Revenue

Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments:

	Year Ended December 31,
	2025		2024		2023
Marine Segment
Construction	$	453,170	$	448,321	$	297,462
Dredging		76,429		57,048		60,667
Specialty services		15,232		15,881		37,788
Marine segment contract revenues	$	544,831	$	521,250	$	395,917
Concrete Segment
Structural	$	45,819	$	61,545	$	53,827
Light commercial		261,610		213,599		262,034
Concrete segment contract revenues	$	307,429	$	275,144	$	315,861
Total contract revenues	$	852,260	$	796,394	$	711,778

The Company has determined that it has two reportable segments as described in Note 17, but has disaggregated its contract revenues in the above chart in terms of services provided within such segments. Additionally, both the marine and concrete segments have limited contracts with multiple performance obligations. The Company’s contracts are often estimated and bid as one project and performance is evaluated as one project, not by individual services performed by each.

Additionally, the table below represents contract revenue by type of customer for the years ended December 31, 2025, 2024 and 2023, respectively:

	2025		%		2024		%		2023		%
Federal Government	$	162,992	19	%	$	234,175	30	%	$	153,410	22	%
State Governments		116,304	14	%		74,286	9	%		59,354	8	%
Local Government		158,990	19	%		123,160	15	%		99,621	14	%
Private Companies		413,974	48	%		364,773	46	%		399,393	56	%
Total contract revenues	$	852,260	100	%	$	796,394	100	%	$	711,778	100	%

On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s joint venture with Dragados/Hawaiian Dredging is a related-party transaction. The Company’s portion of work as a dedicated subcontractor totals $463.9 million.

For the years ended December 31, 2025, 2024 and 2023, the United States Navy, which is included in the Federal Government category, accounted for 14%, 25% and 13%, respectively, of total contract revenue.

For the years ended December 31, 2025, 2024 and 2023, the Company’s revenue related to the joint venture subcontract was approximately $121.5 million, $199.4 million and $90.5 million, respectively.

The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time.

Contract revenues generated outside the United States totaled 5%, 7% and 5% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively, and were primarily located in the Caribbean Basin.