The following table analyzes goodwill movement for 2025 and 2024.


(in millions)	Performance Chemicals			Fuel Specialties			Oilfield Services			Total
At December 31, 2023
Gross cost	$	146.9		$	207.6		$	44.8		$	399.3
Accumulated impairment losses		—			—			—			—
Net book amount	$	146.9		$	207.6		$	44.8		$	399.3
Adjustment to the acquired fair values		(3.1	)		—			—			(3.1	)
Exchange effect		(13.7	)		(0.1	)		0.1			(13.7	)
At December 31, 2024
Gross cost	$	130.1		$	207.5		$	44.9		$	382.5
Accumulated impairment losses		—			—			—			—
Net book amount	$	130.1		$	207.5		$	44.9		$	382.5
Additions		—			—			2.0			2.0
Exchange effect		14.4			0.2			(0.1	)		14.5
At December 31, 2025
Gross cost	$	144.5		$	207.7		$	46.8		$	399.0
Accumulated impairment losses		—			—			—			—
Net book amount	$	144.5		$	207.7		$	46.8		$	399.0

The Company’s reporting units, the level at which goodwill is tested for impairment, are consistent with the reportable segments: Performance Chemicals, Fuel Specialties and Oilfield Services.

On December 8, 2023, the Company acquired QGP. This resulted in goodwill of $37.4 million being recognized within our Performance Chemicals segment. In the second quarter of 2024, the fair value of the acquired net assets was revised. As a result of these remeasurement period adjustments, there was an increase of $3.1 million to the fair value of the net assets acquired, with a corresponding decrease to the acquired goodwill.

On July 31, 2025 the Company completed the acquisition of the trade and net assets of Biotechnology Solutions LLC. Biotechnology Solutions LLC is a manufacturer and supplier of biology-based solutions for completion, production and stimulation within Oilfield Services and is based in Oklahoma, USA. The trade and net assets and goodwill has been consolidated into our Oilfield Services business segment. The consideration includes a deferred portion, contingent on future results. The fair value of the consideration is immaterial and has initially resulted in recognition of goodwill of $2.0 million. The goodwill recognized is expected to be deductible for income tax purposes. We have completed our alignment of accounting policies and fair value review on the other net assets acquired.

The components in each segment (including products, markets and competitors) have similar economic characteristics and the segments, therefore, reflect the lowest level at which operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

The Company assesses goodwill for impairment on at least an annual basis, initially based on a qualitative assessment to determine whether it is more likely than not that the fair value of a segment is less than the carrying amount. If a potential impairment is identified, then an impairment test is performed.

The Company performed its annual impairment assessment in respect of goodwill as at December 31, 2025, 2024 and 2023. Our impairment assessment concluded that there had been no impairment of goodwill in respect of those reporting units.