Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

4.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:

	Three Months Ended
	March 31,
	2026		2025
Marine Segment
Construction	$	92,683	$	104,482
Dredging		14,081		16,911
Specialty services		3,365		5,770
Marine segment contract revenues	$	110,129	$	127,163
Concrete Segment
Structural	$	9,753	$	13,721
Light commercial		96,419		47,769
Concrete segment contract revenues	$	106,172	$	61,490
Total contract revenues	$	216,301	$	188,653

The Company has determined that it has two reportable operating segments as described in Note 16, 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 three months ended March 31, 2026 and 2025, respectively:

	Three Months Ended
	March 31,
	2026		%		2025		%
Federal Government(1)	$	29,726	14	%	$	41,884	22	%
State Governments(1)		35,658	16	%		28,961	15	%
Local Government(1)		27,620	13	%		37,037	20	%
Private Companies		123,297	57	%		80,771	43	%
Total contract revenues	$	216,301	100	%	$	188,653	100	%

(1) Sales to federal, state and local governments include sales from contracts for which the Company is the prime contractor, as well as those for which the Company is a subcontractor and the ultimate customer is the federal, state and local governments.

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 $467.8 million.

For the three months ended March 31, 2026 and 2025, the Company’s revenue related to the joint venture subcontract was approximately $14.3 million and $33.3 million, respectively.

For the three months ended March 31, 2026, no single customer exceeded 10% of total contract revenues. For the three months ended March 31, 2025, the United States Navy, included in the Federal Government category, accounted for 18% of total contract revenues.  

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 2% and 6% of total revenues for the three months ended March 31, 2026 and 2025, respectively, and were primarily from the Caribbean Basin.