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Pay vs Performance Disclosure
 5 Months Ended 7 Months Ended 12 Months Ended
May 29, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    

Pay-Versus-Performance Disclosure

As required by Item 402(v) of Regulation S-K, the Company is providing the following information regarding the relationship between executive compensation and the Company’s financial performance for each of the five years in the period ended December 31, 2024.

The following table summarizes compensation values reported in the Summary Compensation Table for our CEO and the average for our other NEOs, as compared to “compensation actually paid” or “CAP” (calculated in accordance with the SEC’s valuation rules) and the Company’s financial performance for the years ended December 31, 2024, 2023, 2022, 2021 and 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100 Investment Based On:

 

Stated in Millions

 

Year

 

Summary
Compensation
Table Total
for First CEO (1)

 

Summary
Compensation
Table Total
for Second CEO (1)

 

Compensation
Actually Paid
to First CEO (2)(6)

 

Compensation
Actually Paid
to Second CEO (2)

 

Average
Summary
Compensation
Table Total
for Other NEOs (1)

 

Average
Compensation
Actually Paid
to Other NEOs
(2)(6)

 

Total
Shareholder
Return

 

Peer Group Total
Shareholder Return (3)

 

OSX Total
Shareholder Return (4)

 

Net
Income

ROIC
Percentile Rank (5)

2024

 

7,932,540

 

—

 

6,501,236

 

—

 

2,161,859

 

1,996,148

 

47.12

 

192.62

 

100.52

 

32,153

52nd

2023

 

7,988,083

 

—

 

3,867,277

 

—

 

1,940,393

 

1,182,476

 

47.94

 

196.34

 

112.82

 

37,025

81st

2022

 

6,406,396

 

—

 

4,556,233

 

—

 

1,602,578

 

1,251,954

 

54.77

 

121.67

 

110.75

 

19,658

72nd

2021

 

6,548,130

 

—

 

3,511,963

 

—

 

1,512,288

 

790,566

 

60.07

 

70.97

 

69.56

 

20,219

100th

2020

 

5,445,044

 

12,531,614

 

3,820,946

 

9,059,322

 

2,027,272

 

1,381,972

 

71.12

 

56.09

 

57.80

 

(97,497)

87th
(1)
The CEO and the non-CEO NEOs for each year are as follows:
a.
2024: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham and Mr. Tattoli
b.
2023: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham and Mr. Tattoli
c.
2022: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham and Mr. Tattoli
d.
2021: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham, and Mr. Tattoli
e.
2020: Mr. Bruno (CEO from May 29, 2020 to Present, or “First CEO”), Mr. Demshur (CEO from January 1, 2020 to May 29, 2020, or “Second CEO”) and Mr. Hill
(2)
The values in this column disclose the amount of compensation actually paid calculated in accordance with SEC rules. These amounts do not reflect the actual amounts of compensation paid to our NEOs during the respective year. More detailed tables follow these footnotes to explain the adjustments that were made to the Summary Compensation Table values.
(3)
The values in this column disclose the market capitalization weighted cumulative total shareholder return of the Compensation Peer Group as of December 31 for each respective year. The Compensation Peer Group is used by the Company for purposes of determining relative performance. Total Shareholder Return has been calculated in the same manner as provided in Item 201(e) of Regulation S-K under the Exchange Act. For companies in the Compensation Peer Group with market capitalizations denominated in currencies other than U.S. dollars, all foreign currencies have been converted to U.S. dollars using the average exchange rate for each such currency from January 1 to December 31 for each respective year. For 2024, the peer group was comprised of Bristow Group Inc., Helix Energy Solutions Group, TETRA Technologies Inc., Champion X Corporation, Oceaneering International, TechnipFMC plc, Dril-Quip Inc., Oil States International, Tidewater Inc., Expro Group Holdings N.V., Precision Drilling Corporation, Weatherford International, Forum Energy Technologies, and RPC, Inc. The 2024 peer group removed Baker Hughes Company, Fugro N.V., John Wood Group PLC, and TGS NOPEC Geophysical Company ASA, and added Bristow Group Inc., Precision Drilling Corporation, TETRA Technologies Inc., Tidewater Inc., and Weatherford International when compared to the 2023 peer group. We made these changes between the 2023 and 2024 peer groups to account for merger and acquisition activity, the Company’s redomestication to the U.S., and the financial size of the Company relative to members of the peer group. Had the Company retained the 2023 peer group without modification in 2024, the market capitalization weighted cumulative total shareholder return of an initial $100 fixed investment in the 2023 peer group as of December 31, 2024 would have been $102.49 rather than $192.62 as disclosed in this column in 2024. Dril-Quip Inc. merged out of existence in September 2024 and therefore the company was excluded from the cumulative total shareholder return calculation for 2024.
(4)
The values in this column disclose the cumulative total shareholder return of the Philadelphia Oil Service Index (“OSX”) as of December 31 for each respective year.
(5)
ROIC is the most important performance condition associated with NEO equity incentive compensation that is not otherwise required to be disclosed in this table. ROIC percentile rank reflects proforma adjustments for extraordinary events occurring in 2020 and 2022. ROIC is based on Bloomberg's calculation on the trailing four quarters from the most recently reported quarter and the balance sheet of the most recent reported quarter.
(6)
There are no pension-related adjustments required for our First CEO or other NEOs during any of the fiscal years included in this table.

The following tables contain a breakdown of the “Compensation Actually Paid to CEO” and “Average Compensation Actually Paid to Other NEOs” included in the table above.

 

2024

FIRST CEO SUMMARY COMPENSATION TABLE TOTALS

7,932,540

Add (Subtract):

 

Fair value of equity awards granted during the year from the Summary Compensation Table (1)

(5,671,781)

Fair value at year end of equity awards granted during the year

6,654,389

Change in fair value of equity awards granted in prior years that were unvested as of the end of the year

(665,187)

Change in fair value of equity awards granted in prior years that vested as of the end of the year

(1,748,725)

Equity awards granted in prior years that were forfeited during the year

—

Dividends or other earnings paid on equity awards during the year

—

Salary reduction due to COVID-19 Business Interruptions

—

Total Equity Award Related Adjustments

(1,431,304)

COMPENSATION ACTUALLY PAID TOTALS

6,501,236
(1)
The value is calculated based on grant date fair value of the equity awards granted to our CEO, Mr. Bruno. See the Summary Compensation Table for details.

 

 

 

2024

NON-CEO NEOS SUMMARY COMPENSATION TABLE TOTALS

2,161,859

Add (Subtract):

 

Fair value of equity awards granted during the year from the Summary Compensation Table (1)

(1,255,261)

Fair value at year end of equity awards granted during the year

1,472,729

Change in fair value of equity awards granted in prior years that were unvested as of the end of the year

(104,006)

Change in fair value of equity awards granted in prior years that vested as of the end of the year

(279,173)

Equity awards granted in prior years that were forfeited during the year

—

Dividends or other earnings paid on equity awards during the year

—

Salary reduction due to COVID-19 Business Interruptions

—

Total Equity Award Related Adjustments

(165,711)

COMPENSATION ACTUALLY PAID TOTALS

1,996,148
(1)
The values in this row are calculated based on grant date fair value of the equity awards granted to our other NEOs (other than the CEO) for the respective year. See the Summary Compensation Table for details.
        
Company Selected Measure Name     ROIC        
Named Executive Officers, Footnote    
(1)
The CEO and the non-CEO NEOs for each year are as follows:
a.
2024: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham and Mr. Tattoli
b.
2023: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham and Mr. Tattoli
c.
2022: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham and Mr. Tattoli
d.
2021: Mr. Bruno (CEO), Mr. Hill, Ms. Gresham, and Mr. Tattoli
e.
2020: Mr. Bruno (CEO from May 29, 2020 to Present, or “First CEO”), Mr. Demshur (CEO from January 1, 2020 to May 29, 2020, or “Second CEO”) and Mr. Hill
        
Peer Group Issuers, Footnote    
(3)
The values in this column disclose the market capitalization weighted cumulative total shareholder return of the Compensation Peer Group as of December 31 for each respective year. The Compensation Peer Group is used by the Company for purposes of determining relative performance. Total Shareholder Return has been calculated in the same manner as provided in Item 201(e) of Regulation S-K under the Exchange Act. For companies in the Compensation Peer Group with market capitalizations denominated in currencies other than U.S. dollars, all foreign currencies have been converted to U.S. dollars using the average exchange rate for each such currency from January 1 to December 31 for each respective year. For 2024, the peer group was comprised of Bristow Group Inc., Helix Energy Solutions Group, TETRA Technologies Inc., Champion X Corporation, Oceaneering International, TechnipFMC plc, Dril-Quip Inc., Oil States International, Tidewater Inc., Expro Group Holdings N.V., Precision Drilling Corporation, Weatherford International, Forum Energy Technologies, and RPC, Inc. The 2024 peer group removed Baker Hughes Company, Fugro N.V., John Wood Group PLC, and TGS NOPEC Geophysical Company ASA, and added Bristow Group Inc., Precision Drilling Corporation, TETRA Technologies Inc., Tidewater Inc., and Weatherford International when compared to the 2023 peer group. We made these changes between the 2023 and 2024 peer groups to account for merger and acquisition activity, the Company’s redomestication to the U.S., and the financial size of the Company relative to members of the peer group. Had the Company retained the 2023 peer group without modification in 2024, the market capitalization weighted cumulative total shareholder return of an initial $100 fixed investment in the 2023 peer group as of December 31, 2024 would have been $102.49 rather than $192.62 as disclosed in this column in 2024. Dril-Quip Inc. merged out of existence in September 2024 and therefore the company was excluded from the cumulative total shareholder return calculation for 2024.
(4)
The values in this column disclose the cumulative total shareholder return of the Philadelphia Oil Service Index (“OSX”) as of December 31 for each respective year.
        
Adjustment To PEO Compensation, Footnote    

The following tables contain a breakdown of the “Compensation Actually Paid to CEO” and “Average Compensation Actually Paid to Other NEOs” included in the table above.

 

2024

FIRST CEO SUMMARY COMPENSATION TABLE TOTALS

7,932,540

Add (Subtract):

 

Fair value of equity awards granted during the year from the Summary Compensation Table (1)

(5,671,781)

Fair value at year end of equity awards granted during the year

6,654,389

Change in fair value of equity awards granted in prior years that were unvested as of the end of the year

(665,187)

Change in fair value of equity awards granted in prior years that vested as of the end of the year

(1,748,725)

Equity awards granted in prior years that were forfeited during the year

—

Dividends or other earnings paid on equity awards during the year

—

Salary reduction due to COVID-19 Business Interruptions

—

Total Equity Award Related Adjustments

(1,431,304)

COMPENSATION ACTUALLY PAID TOTALS

6,501,236
(1)
The value is calculated based on grant date fair value of the equity awards granted to our CEO, Mr. Bruno. See the Summary Compensation Table for details.
        
Non-PEO NEO Average Total Compensation Amount     $ 2,161,859 $ 1,940,393 $ 1,602,578 $ 1,512,288 $ 2,027,272
Non-PEO NEO Average Compensation Actually Paid Amount     $ 1,996,148 1,182,476 1,251,954 790,566 1,381,972
Adjustment to Non-PEO NEO Compensation Footnote    

 

2024

NON-CEO NEOS SUMMARY COMPENSATION TABLE TOTALS

2,161,859

Add (Subtract):

 

Fair value of equity awards granted during the year from the Summary Compensation Table (1)

(1,255,261)

Fair value at year end of equity awards granted during the year

1,472,729

Change in fair value of equity awards granted in prior years that were unvested as of the end of the year

(104,006)

Change in fair value of equity awards granted in prior years that vested as of the end of the year

(279,173)

Equity awards granted in prior years that were forfeited during the year

—

Dividends or other earnings paid on equity awards during the year

—

Salary reduction due to COVID-19 Business Interruptions

—

Total Equity Award Related Adjustments

(165,711)

COMPENSATION ACTUALLY PAID TOTALS

1,996,148
(1)
The values in this row are calculated based on grant date fair value of the equity awards granted to our other NEOs (other than the CEO) for the respective year. See the Summary Compensation Table for details.
        
Compensation Actually Paid vs. Total Shareholder Return    

img197972566_12.jpg

        
Compensation Actually Paid vs. Net Income    

img197972566_13.jpg

        
Compensation Actually Paid vs. Company Selected Measure    

img197972566_14.jpg

        
Total Shareholder Return Vs Peer Group    

img197972566_12.jpg

        
Tabular List, Table    

The following table contains the five most important financial performance measures used by our Compensation Committee to link “compensation actually paid” to our First and Second CEO and other NEOs in 2024 with Company performance. Each of these performance measures are discussed further herein above.

Most Important Performance Measures

End of Performance Period ROIC Percentile Rank

Revenue Growth

Expansion of Operating Margins

EPS Growth

Total Shareholder Return
       
Total Shareholder Return Amount     $ 47.12 47.94 54.77 60.07 71.12
Peer Group Total Shareholder Return Amount     192.62 196.34 121.67 70.97 56.09
Net Income (Loss)     $ 32,153,000,000 $ 37,025,000,000 $ 19,658,000,000 $ 20,219,000,000 $ (97,497,000,000)
Company Selected Measure Amount     0.52 0.81 0.72 1 0.87
PEO Name     Mr. Bruno Mr. Bruno Mr. Bruno Mr. Bruno  
Measure:: 1              
Pay vs Performance Disclosure              
Name     End of Performance Period ROIC Percentile Rank        
Non-GAAP Measure Description    
(5)
ROIC is the most important performance condition associated with NEO equity incentive compensation that is not otherwise required to be disclosed in this table. ROIC percentile rank reflects proforma adjustments for extraordinary events occurring in 2020 and 2022. ROIC is based on Bloomberg's calculation on the trailing four quarters from the most recently reported quarter and the balance sheet of the most recent reported quarter.
        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Revenue Growth        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Expansion of Operating Margins        
Measure:: 4              
Pay vs Performance Disclosure              
Name     EPS Growth        
Measure:: 5              
Pay vs Performance Disclosure              
Name     Total Shareholder Return        
First CEO [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount   $ 5,445,044 $ 7,932,540 $ 7,988,083 $ 6,406,396 $ 6,548,130  
PEO Actually Paid Compensation Amount   $ 3,820,946 6,501,236 3,867,277 4,556,233 3,511,963  
PEO Name   Mr. Bruno          
Second CEO [member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount $ 12,531,614   0 0 0 0  
PEO Actually Paid Compensation Amount $ 9,059,322   0 0 0 0  
PEO Name Mr. Demshur            
OSX Total Shareholder Return [Member]              
Pay vs Performance Disclosure              
Peer Group Total Shareholder Return Amount     100.52 $ 112.82 $ 110.75 $ 69.56 $ 57.8
PEO | First CEO [Member]              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,431,304)        
PEO | First CEO [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (5,671,781)        
PEO | First CEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     6,654,389        
PEO | First CEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (665,187)        
PEO | First CEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,748,725)        
PEO | First CEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | First CEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | First CEO [Member] | Salary Reduction Due to COVID-19 Business Interruptions [Member]              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
Non-PEO NEO              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (165,711)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,255,261)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,472,729        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (104,006)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (279,173)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
Non-PEO NEO | Salary Reduction Due to COVID-19 Business Interruptions [Member]              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 0