Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.25.2
REVENUES
 6 Months Ended
Jun. 30, 2025
Revenue Recognition [Abstract]  
REVENUES REVENUES
Revenue Recognition
The Company’s customers are primarily major integrated, national and independent offshore energy companies and government agencies. Revenues are generally recognized when the Company satisfies its performance obligations by providing aviation services to its customers in exchange for consideration. The Company disaggregates its revenues by operating segment.
Revenues by Segment. Revenues earned by each segment for the periods reflected in the table below were as follows (in thousands):
Three Months Ended June 30, Six Months Ended
June 30,
2025 2024 2025 2024
Offshore Energy Services(1)
$ 252,810  $ 249,693  $ 492,595  $ 479,588 
Government Services 92,499  79,578  178,442  161,750 
Other Services 31,120  30,478  55,922  55,505 
Total Revenues $ 376,429  $ 359,749  $ 726,959  $ 696,843 
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(1)Includes revenues of approximately $4.2 million and $5.8 million for the three and six months ended June 30, 2024, respectively, related to fixed wing revenues in Africa that were previously classified in Other Services.
Deferred revenues are primarily generated by advanced payments from offshore energy companies and government agencies and fixed wing services where customers pay for tickets in advance of receiving the Company’s service. The Company’s current deferred revenues are recorded under current liabilities, and the Company’s long-term deferred revenues are recorded in other liabilities and deferred credits on the condensed consolidated balance sheets.
The Company’s deferred revenues were as follows (in thousands):
June 30,
2025		 December 31,
2024
Short-term $ 24,262  $ 15,186 
Long-term 24,589  8,385 
Total deferred revenues $ 48,851  $ 23,571 
During the six months ended June 30, 2025 and 2024, revenues recognized that had previously been deferred were $8.6 million and $10.3 million, respectively. As of June 30, 2025, the Company anticipates recognizing long-term deferred revenues of approximately $4.8 million in 2026, $9.4 million in 2027, $4.4 million in 2028, $1.0 million in 2029 and $5.0 million thereafter.