Note 4 - Revenue Recognition

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(4) REVENUE RECOGNITION

See “Note (12) Segment and Geographic Distribution of Operations” for revenue by segment and in total for the worldwide fleet.

Contract Balances

At March 31, 2025, we had $0.6 million of deferred mobilization costs included within Prepaid expenses and other current assets and $0.4 million of deferred mobilization costs included in Other assets. At December 31, 2024, we had $1.1 million and $0.6 million of deferred mobilization costs included with Prepaid expenses and other current assets and Other assets.

At March 31, 2025, we had $5.4 million of deferred mobilization revenue included within Accrued expenses and $1.1 million of deferred mobilization revenue included in Other liabilities that will be recognized from 2025 through 2027. At December 31, 2024, we have $9.4 million and $2.1 million of deferred mobilization revenue included within Accrued expenses and Other liabilities.

During the three months ended March 31, 2025, the amount of revenue recognized that was included in deferred mobilization revenue at the beginning of the period was $7.0 million. The amount of revenue recognized in prior year quarter was immaterial.