Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.26.1
REVENUES
 3 Months Ended
Mar. 31, 2026
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 March 31,
2026 2025
Offshore Energy Services
 $ 254,333  $ 239,785 
Government Services 107,870  85,943 
Other Services 26,502  24,802 
Total revenues $ 388,705  $ 350,530 
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):
March 31,
2026		 December 31,
2025
Short-term $ 27,689  $ 22,440 
Long-term 34,893  31,503 
Total deferred revenues $ 62,582  $ 53,943 
During the three months ended March 31, 2026 and 2025, revenues recognized that had previously been deferred were $5.4 million and $5.7 million, respectively. As of March 31, 2026, the Company anticipates recognizing long-term deferred revenues of approximately $9.6 million in 2027, $7.1 million in 2028, $3.3 million in 2029, $3.3 million in 2030 and $11.6 million thereafter.