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Revenue - Performance obligation (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Price allocated to remaining performance obligations $ 444,000
Revenue REVENUE
Revenue by Category

The following tables present revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services:

Three Months Ended
(in thousands)Mar 31, 2025Mar 31, 2024
Business Segment:
Energy
Subsea Robotics$205,976 $186,932 
Manufactured Products135,037 129,453 
Offshore Projects Group164,941 115,054 
Integrity Management & Digital Solutions71,418 69,690 
Total Energy577,372 501,129 
Aerospace and Defense Technologies97,151 97,963 
Total$674,523 $599,092 
Geographic Operating Areas:
Foreign:
Africa$124,534 $87,239 
Brazil62,159 57,052 
United Kingdom61,877 50,199 
Norway54,748 57,724 
Asia and Australia53,549 49,384 
Other22,229 34,887 
Total Foreign379,096 336,485 
United States295,427 262,607 
Total$674,523 $599,092 
Timing of Transfer of Goods or Services:
Revenue recognized over time$626,476 $551,850 
Revenue recognized at a point in time48,047 47,242 
Total$674,523 $599,092 

Contract Balances

Our contracts with milestone payments have, in the aggregate, a significant impact on the contract asset and the contract liability balances. Milestones are contractually agreed with customers and relate to significant events across the contract lives. Some milestones are achieved before revenue is recognized, resulting in a contract liability, while other milestones are achieved after revenue is recognized, resulting in a contract asset.
The following table provides information about contract assets and contract liabilities from contracts with customers.

Three months ended
(in thousands)Mar 31, 2025Mar 31, 2024
Total contract assets, beginning of period275,280 $234,505 
Revenue accrued607,903 528,958 
Amounts billed(613,886)(570,208)
Total contract assets, end of period$269,297 $193,255 
Total contract liabilities, beginning of period140,697 $164,631 
Deferrals of milestone payments35,713 54,636 
Recognition of revenue for goods and services(70,199)(69,117)
Total contract liabilities, end of period$106,211 $150,150 
   

Performance Obligations

As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $444 million. In arriving at this value, we have used two expedients available to us and are not disclosing amounts in relation to performance obligations: (1) that are part of contracts with an original expected duration of one year or less; or (2) on contracts where we recognize revenue in line with the billing. Of this amount, we expect to recognize revenue of $319 million over the next 12 months, $107 million within the next 24 months, and we expect to recognize substantially all of the remaining balance of $18 million within the next 36 months.

In our Manufactured Products and ADTech segments, we have long-term contracts that extend beyond one year, and these make up the majority of the performance obligations balance reported as of March 31, 2025. We also have shorter-term product contracts with an expected original duration of one year or less that have been excluded.

Where appropriate, we have made estimates within the transaction price of elements of variable consideration within the contracts and constrained those amounts to a level where we consider it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The amount of revenue recognized in the three months ended March 31, 2025 and 2024 that was associated with performance obligations completed or partially completed in prior periods was not significant.

As of March 31, 2025, there were no significant outstanding liability balances for refunds or returns due to the nature of our contracts and the services and products we provide. Our warranties are limited to assurance warranties that are of a standard length and are not considered to be material rights. The majority of our contracts consist of a single performance obligation. While our contracts predominantly only contain one performance obligation and a limited number have variable consideration, when there are multiple obligations, we look for observable evidence of stand-alone selling prices on which to base the allocation. This involves judgment as to the appropriateness of the observable evidence relating to the facts and circumstances of the contract. If we do not have observable evidence, we estimate stand-alone selling prices by taking a cost-plus-margin approach, using typical margins from the type of product or service, customer and regional geography involved.

Costs to Obtain or Fulfill a Contract

In line with the available practical expedient, we capitalize incremental costs to obtain a contract that would not have been incurred if the contract had not been obtained when those amounts are significant and the contract is expected at inception to exceed one year in duration. Our costs to obtain a contract primarily consist of bid and proposal costs, which are generally expensed in the period incurred. There were no balances or amortization of costs to obtain a contract in the current reporting periods.

Costs to fulfill a contract primarily consist of certain mobilization costs incurred to provide services or products to our customers. These costs are deferred and amortized over the period of contract performance. The closing balance of costs to fulfill a contract was $2.8 million and $3.2 million as of March 31, 2025 and December 31, 2024,
respectively. For the three-month periods ended March 31, 2025 and 2024, we recorded amortization expense of $1.0 million. No impairment costs were recognized.