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| Revenue | 3.Revenue Contract revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table represents a disaggregation of the Company’s contract revenues by service line for the marine and concrete segments:
The Company has determined that it has two reportable segments as described in Note 15, but has disaggregated its contract revenues in the above chart in terms of services provided within such segments. Additionally, both the marine and concrete segments have limited contracts with multiple performance obligations. The Company’s contracts are often estimated and bid as one project and performance is evaluated as one project, not by individual services performed by each. Additionally, the table below represents contract revenue by type of customer for the three and six months ended June 30, 2025 and 2024, respectively:
On March 10, 2023, the United States Navy awarded the Dragados/Hawaiian Dredging/Orion Joint Venture a contract to complete the construction of a dry dock at Pearl Harbor Naval Shipyard. The Company’s joint venture with Dragados/Hawaiian Dredging is a related-party transaction. The Company’s portion of work as a dedicated subcontractor totals $458.7 million. For the three months ended June 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16.4% and 28.9% of total contract revenues, respectively. For the six months ended June 30, 2025 and 2024, the United States Navy, included in the Federal Government category, accounted for 16.9% and 26.5% of total contract revenues, respectively. For the three months ended June 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $33.3 million and $55.5 million, respectively. For the six months ended June 30, 2025 and 2024, the Company’s revenue related to the joint venture subcontract was approximately $66.6 million and $93.5 million, respectively. The Company does not believe that the loss of any one of its customers would have a material adverse effect on the Company or its subsidiaries and affiliates since no single specific customer sustains such a large portion of receivables or contract revenue over time. Contract revenues generated outside the United States totaled 5.6% and 8.6% of total revenues for the three months ended June 30, 2025 and 2024, respectively, and 5.9% and 7.4% for the six months ended June 30, 2025 and 2024, respectively, and were primarily located in the Caribbean Basin. |
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