v3.26.3
Revenue - Performance obligation (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Price allocated to remaining performance obligations $ 415,000
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 EndedNine Months Ended
(in thousands)Sep 30, 2026Sep 30, 2025Sep 30, 2026Sep 30, 2025
Business Segment:
Energy
Subsea Robotics$232,995 $218,767 $679,284 $643,529 
Manufactured Products168,156 156,395 460,834 436,566 
Offshore Projects Group172,523 171,046 490,742 485,268 
Integrity Management & Digital Solutions75,806 70,781 214,534 217,566 
Total Energy649,480 616,989 1,845,394 1,782,929 
Aerospace and Defense Technologies135,074 125,909 399,773 332,653 
Total$784,554 $742,898 $2,245,167 $2,115,582 
Geographic Operating Areas:
Foreign:
Africa$101,368 $104,673 $299,187 $326,556 
United Kingdom112,033 88,747 299,121 224,897 
Norway73,561 68,143 227,271 188,887 
Brazil64,050 59,314 192,483 184,209 
Asia and Australia63,099 60,407 189,575 174,392 
Other41,199 23,792 111,474 69,681 
Total Foreign455,310 405,076 1,319,111 1,168,622 
United States329,244 337,822 926,056 946,960 
Total$784,554 $742,898 $2,245,167 $2,115,582 
Timing of Transfer of Goods or Services:
Revenue recognized over time$735,842 $693,247 $2,094,162 $1,966,069 
Revenue recognized at a point in time48,712 49,651 151,005 149,513 
Total$784,554 $742,898 $2,245,167 $2,115,582 

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, 2026Sep 30, 2025
Total contract assets, beginning of period$216,808 $275,280 
Revenue accrued2,132,596 1,993,137 
Amounts billed(2,134,287)(1,999,005)
Total contract assets, end of period$215,117 $269,412 
Total contract liabilities, beginning of period$115,033 $140,697 
Deferrals of milestone payments128,223 103,119 
Recognition of revenue for goods and services(107,954)(125,892)
Total contract liabilities, end of period$135,302 $117,924 

Performance Obligations

As of September 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) was $415 million. In arriving at this value, we used two expedients available to us and are not disclosing amounts for 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 $344 million over the next 12 months, $71 million thereafter through the next 24 months, and we expect to recognize substantially all of the remaining balance of $0.1 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, 2026. 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, 2026 and 2025 that was associated with performance obligations completed or partially completed in prior periods was not significant.

As of September 30, 2026, 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 $2.8 million and $2.1 million as of September 30, 2026 and December 31, 2025, respectively. For the three- and nine-month periods ended September 30, 2026, we recorded amortization expense of $1.0 million and $2.7 million, respectively. For the three- and nine-month periods ended September 30, 2025, we recorded amortization expense of $0.7 million and $2.2 million, respectively. No impairment costs were recognized.