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

REVENUES

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REVENUES
 12 Months Ended
Dec. 31, 2024
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):
Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Offshore Energy Services(1)
$ 966,064  $ 852,956  $ 625,199 
Government Services 329,654  337,280  217,357 
Other Services 119,773  107,193  80,013 
Total revenues $ 1,415,491  $ 1,297,429  $ 922,569 
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(1) Includes revenues of approximately $10.8 million and $10.4 million for the twelve months ended December 31, 2023 and nine months ended December 31, 2022, respectively, related to fixed wing revenues in Africa that were previously classified in Other Services.
As of December 31, 2024, the Company had a deferred revenue balance of $15.2 million compared to the December 31, 2023 balance of $20.3 million. During the twelve months ended December 31, 2024 and 2023, revenues recognized that had previously been deferred were $13.9 million and $11.2 million, respectively. The Company’s deferred revenue balance as of December 31, 2024, is expected to be recognized as revenues in the next twelve months.