Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.26.1
REVENUES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [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,
2026 2025 2026 2025
Offshore Energy Services
 $ 261,618  $ 252,810  $ 515,951  $ 492,595 
Government Services 112,234  92,499  220,104  178,442 
Other Services 37,903  31,120  64,405  55,922 
Total revenues $ 411,755  $ 376,429  $ 800,460  $ 726,959 
Deferred revenues are primarily generated by advanced payments from offshore energy companies, 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,
2026		 December 31,
2025
Short-term $ 30,175  $ 22,440 
Long-term 40,081  31,503 
Total deferred revenues $ 70,256  $ 53,943 
During the six months ended June 30, 2026 and 2025, revenues recognized that had previously been deferred were $14.3 million and $8.6 million, respectively. As of June 30, 2026, the Company anticipates recognizing long-term deferred revenues of approximately $7.2 million in 2027, $8.2 million in 2028, $4.5 million in 2029, $4.5 million in 2030 and $15.7 million thereafter.