| Disaggregation of Revenue |
The following tables detail our revenue within each division disaggregated by contract type and timing of revenue recognition for the three and six months ended June 30, 2018 and 2017 (in thousands):
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Three Months Ended June 30, 2018 |
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Fabrication |
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Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
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|
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|
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Lump sum and fixed-price construction (1)
|
$ |
8,590 |
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|
$ |
21,260 |
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|
$ |
11,718 |
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|
$ |
— |
|
|
$ |
(1,283 |
) |
|
$ |
40,285 |
|
Service contract revenue (2)
|
— |
|
|
2,360 |
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|
10,487 |
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|
— |
|
|
— |
|
|
12,847 |
|
Other (3)
|
— |
|
|
— |
|
|
— |
|
|
882 |
|
|
— |
|
|
882 |
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Total |
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$ |
8,590 |
|
|
$ |
23,620 |
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|
$ |
22,205 |
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|
$ |
882 |
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|
$ |
(1,283 |
) |
|
$ |
54,014 |
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Three Months Ended June 30, 2017 |
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Fabrication |
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Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
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|
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|
|
|
|
|
|
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Lump sum and fixed-price construction (1)
|
$ |
13,990 |
|
|
$ |
17,021 |
|
|
$ |
9,103 |
|
|
$ |
— |
|
|
$ |
(1,821 |
) |
|
$ |
38,293 |
|
Service contract revenue (2)
|
— |
|
|
1,282 |
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|
6,293 |
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|
— |
|
|
— |
|
|
7,575 |
|
Other (3)
|
— |
|
|
— |
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|
— |
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|
— |
|
|
— |
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|
— |
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Total |
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$ |
13,990 |
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|
$ |
18,303 |
|
|
$ |
15,396 |
|
|
$ |
— |
|
|
$ |
(1,821 |
) |
|
$ |
45,868 |
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Six Months Ended June 30, 2018 |
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|
Fabrication |
|
Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
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|
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|
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Lump sum and fixed-price construction (1)
|
$ |
25,860 |
|
|
$ |
38,481 |
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|
$ |
23,004 |
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|
$ |
— |
|
|
$ |
(1,771 |
) |
|
$ |
85,574 |
|
Service contract revenue (2)
|
— |
|
|
3,704 |
|
|
21,071 |
|
|
— |
|
|
— |
|
|
24,775 |
|
Other (3)
|
— |
|
|
— |
|
|
— |
|
|
955 |
|
|
— |
|
|
955 |
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Total |
|
$ |
25,860 |
|
|
$ |
42,185 |
|
|
$ |
44,075 |
|
|
$ |
955 |
|
|
$ |
(1,771 |
) |
|
$ |
111,304 |
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Six Months Ended June 30, 2017 |
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|
Fabrication |
|
Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
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Lump sum and fixed-price construction (1)
|
$ |
24,199 |
|
|
$ |
33,727 |
|
|
$ |
14,822 |
|
|
$ |
— |
|
|
$ |
(3,170 |
) |
|
$ |
69,578 |
|
Service contract revenue (2)
|
— |
|
|
2,997 |
|
|
11,285 |
|
|
— |
|
|
— |
|
|
14,282 |
|
Other (3)
|
— |
|
|
— |
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|
— |
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|
— |
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|
— |
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|
— |
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Total |
|
$ |
24,199 |
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|
$ |
36,724 |
|
|
$ |
26,107 |
|
|
$ |
— |
|
|
$ |
(3,170 |
) |
|
$ |
83,860 |
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|
____________
(1) Revenue is recognized as the contract is progressed over time.
(2) Amounts are T&M. Revenue is recognized as the work is performed and costs are incurred at the contracted rates.
(3) Other revenue is primarily from our EPC Division and represents early work authorized by SeaOne. Revenue is recognized as the contract is progressed over time.
|
| Revenue, Remaining Performance Obligation |
Topic 606 requires companies to disclose the remaining revenue to be earned under performance obligations for the portion of contracts yet to be completed as of June 30, 2018 (in thousands).
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By Segment |
Performance Obligations as of June 30, 2018 |
Fabrication |
$ |
1,871 |
|
Shipyard (1)
|
295,506 |
|
Services |
7,607 |
|
EPC |
1,618 |
|
Intersegment eliminations |
(193 |
) |
Total |
$ |
306,409 |
|
|
|
_____________
(1) Amount excludes approximately $30.2 million in the aggregate of remaining performance obligations under dispute pursuant to a termination notice from a customer relating to contracts to build MPSVs.
We expect to recognize our remaining performance obligations in revenue in the following periods:
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Year |
|
$'s |
Remainder of 2018 |
|
$ |
86,378 |
|
2019 |
|
140,831 |
|
2020 |
|
69,890 |
|
2021 |
|
8,645 |
|
2022 |
|
665 |
|
Total |
|
$ |
306,409 |
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