Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Products and Services

			Three Months Ended				Nine Months Ended
(in thousands)			Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Business Segment:
	Energy
		Subsea Robotics	$	218,767	$	215,715	$	643,529	$	617,632
		Manufactured Products	156,395		143,734		436,566		412,501
		Offshore Projects Group	171,046		147,539		485,268		406,651
		Integrity Management & Digital Solutions	70,781		73,622		217,566		216,804
	Total Energy		616,989		580,610		1,782,929		1,653,588
	Aerospace and Defense Technologies		125,909		99,201		332,653		294,123
		Total	$	742,898	$	679,811	$	2,115,582	$	1,947,711
Geographic Operating Areas:
	Foreign:
		Africa	$	104,673	$	101,859	$	326,556	$	303,153
		United Kingdom	88,747		93,378		224,897		207,567
		Norway	68,143		56,418		188,887		174,208
		Brazil	59,314		53,285		184,209		164,957
		Asia and Australia	60,407		54,680		174,392		157,569
		Other	23,792		24,192		69,681		97,569
	Total Foreign		405,076		383,812		1,168,622		1,105,023
	United States		337,822		295,999		946,960		842,688
Total			$	742,898	$	679,811	$	2,115,582	$	1,947,711
Timing of Transfer of Goods or Services:
	Revenue recognized over time		$	693,247	$	636,390	$	1,966,069	$	1,808,072
	Revenue recognized at a point in time		49,651		43,421		149,513		139,639
Total			$	742,898	$	679,811	$	2,115,582	$	1,947,711

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				Nine Months Ended
(in thousands)			Sep 30, 2025		Sep 30, 2024		Sep 30, 2025		Sep 30, 2024
Business Segment:
	Energy
		Subsea Robotics	$	218,767	$	215,715	$	643,529	$	617,632
		Manufactured Products	156,395		143,734		436,566		412,501
		Offshore Projects Group	171,046		147,539		485,268		406,651
		Integrity Management & Digital Solutions	70,781		73,622		217,566		216,804
	Total Energy		616,989		580,610		1,782,929		1,653,588
	Aerospace and Defense Technologies		125,909		99,201		332,653		294,123
		Total	$	742,898	$	679,811	$	2,115,582	$	1,947,711
Geographic Operating Areas:
	Foreign:
		Africa	$	104,673	$	101,859	$	326,556	$	303,153
		United Kingdom	88,747		93,378		224,897		207,567
		Norway	68,143		56,418		188,887		174,208
		Brazil	59,314		53,285		184,209		164,957
		Asia and Australia	60,407		54,680		174,392		157,569
		Other	23,792		24,192		69,681		97,569
	Total Foreign		405,076		383,812		1,168,622		1,105,023
	United States		337,822		295,999		946,960		842,688
Total			$	742,898	$	679,811	$	2,115,582	$	1,947,711
Timing of Transfer of Goods or Services:
	Revenue recognized over time		$	693,247	$	636,390	$	1,966,069	$	1,808,072
	Revenue recognized at a point in time		49,651		43,421		149,513		139,639
Total			$	742,898	$	679,811	$	2,115,582	$	1,947,711

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.

	Nine Months Ended
(in thousands)	Sep 30, 2025		Sep 30, 2024
Total contract assets, beginning of period	$	275,280	$	234,505
Revenue accrued	1,993,137		1,827,715
Amounts billed	(1,999,005)		(1,823,127)
Total contract assets, end of period	$	269,412	$	239,093
Total contract liabilities, beginning of period	$	140,697	$	164,631
Deferrals of milestone payments	103,119		134,415
Recognition of revenue for goods and services	(125,892)		(130,230)
Total contract liabilities, end of period	$	117,924	$	168,816

Performance Obligations

As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $405 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 $297 million over the next 12 months, $67 million within the next 24 months, and we expect to recognize substantially all of the remaining balance of $41 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 September 30, 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- and nine-month periods ended September 30, 2025 and 2024 that was associated with performance obligations completed or partially completed in prior periods was not significant.

As of September 30, 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 $2.1 million and $3.2 million as of September 30, 2025 and December 31, 2024,

respectively. For the three- and nine-month periods ended September 30, 2025, we recorded amortization expense of $0.7 million and $2.2 million. For the three- and nine-month periods ended September 30, 2024, we recorded amortization expense of $1.8 million and $3.9 million, respectively. No impairment costs were recognized.

Contract with Customer, Asset and Liability [Table Text Block]

The following table provides information about contract assets and contract liabilities from contracts with customers.

	Nine Months Ended
(in thousands)	Sep 30, 2025		Sep 30, 2024
Total contract assets, beginning of period	$	275,280	$	234,505
Revenue accrued	1,993,137		1,827,715
Amounts billed	(1,999,005)		(1,823,127)
Total contract assets, end of period	$	269,412	$	239,093
Total contract liabilities, beginning of period	$	140,697	$	164,631
Deferrals of milestone payments	103,119		134,415
Recognition of revenue for goods and services	(125,892)		(130,230)
Total contract liabilities, end of period	$	117,924	$	168,816