| Disaggregation of Revenue |
The following tables summarize revenue for each of our operating segments, disaggregated by contract type and timing of revenue recognition, for the three and nine months ended September 30, 2018 and 2017 (in thousands):
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Three Months Ended September 30, 2018 |
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|
Fabrication |
|
Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
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|
|
|
|
|
|
|
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Fixed-price and unit-rate (1)
|
$ |
2,311 |
|
|
$ |
23,635 |
|
|
$ |
12,193 |
|
|
$ |
— |
|
|
$ |
(779 |
) |
|
$ |
37,360 |
|
T&M (2)
|
— |
|
|
857 |
|
|
10,424 |
|
|
— |
|
|
— |
|
|
11,281 |
|
Other (3)
|
— |
|
|
— |
|
|
— |
|
|
1,071 |
|
|
— |
|
|
1,071 |
|
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Total |
$ |
2,311 |
|
|
$ |
24,492 |
|
|
$ |
22,617 |
|
|
$ |
1,071 |
|
|
$ |
(779 |
) |
|
$ |
49,712 |
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Three Months Ended September 30, 2017 |
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|
Fabrication |
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Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
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|
|
|
|
|
|
|
|
|
|
Fixed-price and unit-rate (1)
|
$ |
18,318 |
|
|
$ |
13,906 |
|
|
$ |
6,147 |
|
|
$ |
— |
|
|
$ |
(1,159 |
) |
|
$ |
37,212 |
|
T&M (2)
|
— |
|
|
1,168 |
|
|
11,504 |
|
|
— |
|
|
— |
|
|
12,672 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total |
$ |
18,318 |
|
|
$ |
15,074 |
|
|
$ |
17,651 |
|
|
$ |
— |
|
|
$ |
(1,159 |
) |
|
$ |
49,884 |
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|
Nine Months Ended September 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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|
|
|
|
|
Fixed-price and unit-rate (1)
|
$ |
28,171 |
|
|
$ |
62,116 |
|
|
$ |
35,197 |
|
|
$ |
— |
|
|
$ |
(2,550 |
) |
|
$ |
122,934 |
|
T&M (2)
|
— |
|
|
4,561 |
|
|
31,495 |
|
|
— |
|
|
— |
|
|
36,056 |
|
Other (3)
|
— |
|
|
— |
|
|
— |
|
|
2,026 |
|
|
— |
|
|
2,026 |
|
|
Total |
$ |
28,171 |
|
|
$ |
66,677 |
|
|
$ |
66,692 |
|
|
$ |
2,026 |
|
|
$ |
(2,550 |
) |
|
$ |
161,016 |
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|
Nine Months Ended September 30, 2017 |
|
|
Fabrication |
|
Shipyard |
|
Services |
|
EPC |
|
Eliminations |
|
Total |
Contract Type |
|
|
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|
|
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|
|
|
|
Fixed-price and unit-rate (1)
|
$ |
42,517 |
|
|
$ |
47,632 |
|
|
$ |
20,969 |
|
|
$ |
— |
|
|
$ |
(4,328 |
) |
|
$ |
106,790 |
|
T&M (2)
|
— |
|
|
4,166 |
|
|
22,789 |
|
|
— |
|
|
— |
|
|
26,955 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
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Total |
$ |
42,517 |
|
|
$ |
51,798 |
|
|
$ |
43,758 |
|
|
$ |
— |
|
|
$ |
(4,328 |
) |
|
$ |
133,745 |
|
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|
____________
(1) Revenue is recognized as the contract is progressed over time.
(2) Revenue is recognized at contracted rates when the work is performed and costs are incurred.
(3) Revenue primarily represents early work authorized by SeaOne and is recognized as the contract is progressed over time.
|
| Revenue, Remaining Performance Obligation |
The following tables summarize the remaining revenue to be earned under performance obligations for the portion of contracts not yet completed as of September 30, 2018 (in thousands).
|
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|
Segment |
Performance Obligations at September 30, 2018 |
Fabrication |
$ |
44,746 |
|
Shipyard (1)
|
282,912 |
|
Services |
11,699 |
|
EPC |
836 |
|
Intersegment eliminations |
— |
|
Total |
$ |
340,193 |
|
|
|
_____________
(1) Amount excludes approximately $30.1 million in the aggregate of remaining performance obligations under dispute pursuant to a termination notice from our customer related to contracts for the construction of two MPSVs. See Note 8 for further discussion of these contracts.
We expect to recognize revenue for our remaining performance obligations in the following periods (in thousands):
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Year |
|
Total |
Remainder of 2018 |
|
$ |
56,243 |
|
2019 |
|
199,922 |
|
2020 |
|
74,976 |
|
2021 |
|
8,405 |
|
2022 |
|
647 |
|
Total |
|
$ |
340,193 |
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