Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contracts with Customers

Revenue From Contracts With Customers

Note 11 — Revenue from Contracts with Customers

Disaggregation of Revenue

The following table provides information about disaggregated revenue by contract duration (in thousands):

	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Year ended December 31, 2024
Short-term	$	496,164	$	156,656	$	154,280	$	—	$	(6,782)	$	800,318
Long-term		333,698		141,022		32,699		88,709		(37,886)		558,242
Total	$	829,862	$	297,678	$	186,979	$	88,709	$	(44,668)	$	1,358,560
Year ended December 31, 2023
Short-term	$	443,332	$	133,740	$	241,416	$	—	$	(3,441)	$	815,047
Long-term		264,386		124,135		33,538		87,885		(35,263)		474,681
Total	$	707,718	$	257,875	$	274,954	$	87,885	$	(38,704)	$	1,289,728
Year ended December 31, 2022
Short-term	$	395,867	$	97,533	$	124,810	$	—	$	(635)	$	617,575
Long-term		112,464		94,388		—		82,315		(33,642)		255,525
Total	$	508,331	$	191,921	$	124,810	$	82,315	$	(34,277)	$	873,100

We provide services to our customers in the following markets that are key to our energy transition strategy: Production maximization, Decommissioning and Renewables. The following table provides information about disaggregated revenue by market strategy (in thousands):

	Well				Shallow Water		Production		Intercompany		Total
	Intervention		Robotics		Abandonment		Facilities		Eliminations		Revenue
Year ended December 31, 2024
Production maximization	$	408,791	$	117,207	$	8,469	$	88,709	$	(29,678)	$	593,498
Decommissioning		416,057		17,717		178,462		—		(14,272)		597,964
Renewables		—		152,306		—		—		—		152,306
Other		5,014		10,448		48		—		(718)		14,792
Total	$	829,862	$	297,678	$	186,979	$	88,709	$	(44,668)	$	1,358,560
Year ended December 31, 2023
Production maximization	$	228,649	$	103,692	$	13,825	$	87,885	$	(17,824)	$	416,227
Decommissioning		458,437		47,768		261,129		—		(18,690)		748,644
Renewables		—		99,861		—		—		—		99,861
Other		20,632		6,554		—		—		(2,190)		24,996
Total	$	707,718	$	257,875	$	274,954	$	87,885	$	(38,704)	$	1,289,728
Year ended December 31, 2022
Production maximization	$	302,409	$	66,068	$	9,059	$	82,315	$	(18,115)	$	441,736
Decommissioning		194,985		24,289		115,509		—		(14,977)		319,806
Renewables		635		82,793		—		—		(635)		82,793
Other		10,302		18,771		242		—		(550)		28,765
Total	$	508,331	$	191,921	$	124,810	$	82,315	$	(34,277)	$	873,100

Contract Balances

Net contract assets as of December 31, 2024 and 2023 were $12.2 million and $5.8 million, respectively, and are reflected in “Other current assets” in the accompanying consolidated balance sheets (Note 4). The increase in net contract assets was primarily attributable to more revenue recognized in excess of the amount billed to the customer for lump sum contracts. We had no credit losses on our contract assets for the years ended December 31, 2024, 2023 and 2022.

Net contract liabilities as of December 31, 2024 and 2023 totaled $15.6 million and $32.8 million, respectively, and are reflected as “Deferred revenue,” a component of “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets (Note 4). The decrease was primarily attributable to the reduction in deferred mobilization revenue due to the timing of mobilization payments for contracts. Net contract liabilities as of December 31,2023 also included amounts billed to the customer in excess of revenue recognized for a lump sum contract. Revenue recognized for the years ended December 31, 2024, 2023 and 2022 included $36.3 million, $8.7 million and $7.4 million, respectively, that were included in the contract liability balance at the beginning of each period.

Performance Obligations

As of December 31, 2024, $1.4 billion related to unsatisfied performance obligations was expected to be recognized as revenue in the future, with $680.6 million, $383.8 million and $347.2 million in 2025, 2026, and 2027 and beyond, respectively. These amounts include fixed consideration and estimated variable consideration for both wholly and partially unsatisfied performance obligations, including mobilization and demobilization fees. These amounts are derived from the specific terms of our contracts, and the expected timing for revenue recognition is based on the estimated start date and duration of each contract according to the information known at December 31, 2024.

For the years ended December 31, 2024 and 2023, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were immaterial. For the year ended December 31, 2022, revenues recognized from performance obligations satisfied (or partially satisfied) in previous years were $1.0 million, which resulted from the retrospective application of certain contractual adjustments.

Contract Fulfillment Costs

Deferred contract costs are reflected as “Deferred costs,” a component of “Other current assets” and “Other assets, net” in the accompanying consolidated balance sheets (Note 4). Our deferred contract costs as of December 31, 2024 and 2023 totaled $37.2 million and $36.6 million, respectively. For the years ended December 31, 2024, 2023 and 2022, we recorded $62.9 million, $43.2 million and $29.7 million, respectively, related to amortization of deferred contract costs. There were no material impairment losses on deferred contract costs for any period presented.