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Segments and Related Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
The Company operates through three operating segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three and nine months ended September 30, 2023 and 2022 is summarized in the following tables (in thousands).
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Three Months Ended September 30, 2023
Offshore/Manufactured Products(1)
$111,043 $4,921 $17,804 $2,739 $536,263 
Well Site Services59,831 6,313 3,285 2,602 201,384 
Downhole Technologies23,415 4,030 (4,118)541 246,329 
Corporate— 152 (10,781)150 64,044 
Total(1)
$194,289 $15,416 $6,190 $6,032 $1,048,020 
____________________
(1)Operating income included $1.6 million of facility consolidation charges.
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Three Months Ended September 30, 2022
Offshore/Manufactured Products(2)
$96,037 $5,072 $13,373 $1,620 $540,940 
Well Site Services60,509 6,732 2,359 4,894 205,018 
Downhole Technologies32,848 4,442 (342)273 257,676 
Corporate— 167 (10,332)23 46,736 
Total(2)
$189,394 $16,413 $5,058 $6,810 $1,050,370 
____________________
(2)Operating income included a $6.1 million gain on settlement of outstanding litigation against certain service providers.
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Nine Months Ended September 30, 2023
Offshore/Manufactured Products(3)
$303,328 $14,236 $40,147 $7,936 $536,263 
Well Site Services191,425 19,023 14,983 14,046 201,384 
Downhole Technologies79,264 12,480 (8,173)961 246,329 
Corporate— 470 (31,623)427 64,044 
Total(3)
$574,017 $46,209 $15,334 $23,370 $1,048,020 
____________________
(3)Operating income included $1.6 million of facility consolidation charges.
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Nine Months Ended September 30, 2022
Offshore/Manufactured Products(4)
$276,616 $15,651 $33,010 $3,093 $540,940 
Well Site Services163,500 22,059 (435)9,360 205,018 
Downhole Technologies95,156 13,249 (3,332)657 257,676 
Corporate— 510 (29,611)153 46,736 
Total(4)
$535,272 $51,469 $(368)$13,263 $1,050,370 
_______________
(4)Operating income (loss) included a $6.1 million gain on settlement of outstanding litigation against certain service providers.
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and nine months ended September 30, 2023 and 2022 (in thousands):
Offshore/Manufactured ProductsWell Site ServicesDownhole TechnologiesTotal
20232022202320222023202220232022
Three Months Ended September 30
Project-driven:
Products$45,527 $38,911 $— $— $— $— $45,527 $38,911 
Services30,391 23,421 — — — — 30,391 23,421 
Total project-driven75,918 62,332 — — — — 75,918 62,332 
Military and other products7,195 9,995 — — — — 7,195 9,995 
Short-cycle:
Products27,930 23,710 — — 21,984 27,127 49,914 50,837 
Services— — 59,831 60,509 1,431 5,721 61,262 66,230 
Total short-cycle27,930 23,710 59,831 60,509 23,415 32,848 111,176 117,067 
$111,043 $96,037 $59,831 $60,509 $23,415 $32,848 $194,289 $189,394 
Offshore/Manufactured ProductsWell Site ServicesDownhole TechnologiesTotal
20232022202320222023202220232022
Nine Months Ended September 30
Project-driven:
Products$116,869 $113,853 $— $— $— $— $116,869 $113,853 
Services79,867 71,714 — — — — 79,867 71,714 
Total project-driven196,736 185,567 — — — — 196,736 185,567 
Military and other products22,157 23,104 — — — — 22,157 23,104 
Short-cycle:
Products84,435 67,945 — — 71,645 79,635 156,080 147,580 
Services— — 191,425 163,500 7,619 15,521 199,044 179,021 
Total short-cycle84,435 67,945 191,425 163,500 79,264 95,156 355,124 326,601 
$303,328 $276,616 $191,425 $163,500 $79,264 $95,156 $574,017 $535,272 
Revenues from products and services transferred to customers over time accounted for approximately 66% and 63% of consolidated revenues for the nine months ended September 30, 2023 and 2022, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of September 30, 2023, the Company had $225.9 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 19% of this remaining backlog is expected to be recognized as revenue over the remaining three months of 2023, with an additional 51% recognized in 2024 and the balance thereafter.