Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUES

v3.25.4
REVENUES
 12 Months Ended
Dec. 31, 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):
Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023
Offshore Energy Services
 $ 990,480  $ 966,064  $ 852,956 
Government Services 379,437  329,654  337,280 
Other Services 120,595  119,773  107,193 
Total revenues $ 1,490,512  $ 1,415,491  $ 1,297,429 
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 consolidated balance sheets.
The Company’s deferred revenues were as follows (in thousands):
December 31,
2025		 December 31,
2024
Short-term $ 22,440  $ 15,186 
Long-term 31,503  8,385 
Total deferred revenues $ 53,943  $ 23,571 
During the years ended December 31, 2025 and 2024, revenues recognized that had previously been deferred were $10.1 million and $13.9 million, respectively. The Company’s short-term deferred revenues balance as of December 31, 2025, is expected to be recognized as revenues in the next twelve months. As of December 31, 2025, the Company anticipates recognizing long-term deferred revenues of approximately $11.2 million in 2027, $5.9 million in 2028, $2.6 million in 2029, $2.6 million in 2030 and $9.2 million thereafter.