Allowance for Credit Losses

3 Months Ended

Mar. 31, 2025

Allowance for Credit Losses

Allowance for Credit Losses

Note 15 — Allowance for Credit Losses

We estimate current expected credit losses on our accounts receivable at each reporting date based on our credit loss history, adjusted for current factors including global economic and business conditions, offshore energy industry and market conditions, customer mix, contract payment terms and past due accounts receivable. The following table sets forth the activity in our allowance for credit losses (in thousands):

	2025		2024
Balance at January 1,	$	3,682	$	3,407
Additions (reductions) (1)		(85)		293
Balance at March 31,	$	3,597	$	3,700

(1) Additions reflect reserves for expected credit losses during the respective periods.