Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.25.3
REVENUES
 9 Months Ended
Sep. 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 September 30, Nine Months Ended
September 30,
2025 2024 2025 2024
Offshore Energy Services(1)
$ 250,431  $ 246,312  $ 743,026  $ 725,900 
Government Services 100,898  85,346  279,340  247,096 
Other Services 34,960  33,464  90,882  88,969 
Total revenues $ 386,289  $ 365,122  $ 1,113,248  $ 1,061,965 
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(1)Includes revenues of approximately $4.1 million and $9.9 million for the three and nine months ended September 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):
September 30,
2025		 December 31,
2024
Short-term $ 26,001  $ 15,186 
Long-term 27,902  8,385 
Total deferred revenues $ 53,903  $ 23,571 
During the nine months ended September 30, 2025 and 2024, revenues recognized that had previously been deferred were $9.1 million and $12.1 million, respectively. As of September 30, 2025, the Company anticipates recognizing long-term deferred revenues of approximately $2.5 million in 2026, $10.4 million in 2027, $5.1 million in 2028, $1.7 million in 2029 and $8.2 million thereafter.