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Segments and Related Information | 6 Months Ended
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Jun. 30, 2024
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 as of and for the three and six months ended June 30, 2024 and 2023 is summarized in the following tables (in thousands).
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products(1) | $ | 101,556 |  |  | $ | 4,247 |  |  | $ | 14,357 |  |  | $ | 1,552 |  |  | $ | 502,582 |
Well Site Services(2) | 46,421 |  |  | 6,047 |  |  | (535) |  |  | 3,918 |  |  | 177,098 |
Downhole Technologies | 38,406 |  |  | 4,255 |  |  | (1,141) |  |  | 310 |  |  | 279,947 |
Corporate | — |  |  | 149 |  |  | (10,636) |  |  | 9 |  |  | 41,551 |
Total | $ | 186,383 |  |  | $ | 14,698 |  |  | $ | 2,045 |  |  | $ | 5,789 |  |  | $ | 1,001,178 |
____________________ (1)Operating income included $1.5 million of facility consolidation charges. (2)Operating income included $2.9 million in facility consolidation and other charges.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products | $ | 78,647 |  |  | $ | 4,075 |  |  | $ | 8,838 |  |  | $ | 4,587 |  |  | $ | 495,983 |
Well Site Services | 64,536 |  |  | 6,564 |  |  | 4,732 |  |  | 5,672 |  |  | 204,437 |
Downhole Technologies | 40,346 |  |  | 4,747 |  |  | (121) |  |  | 246 |  |  | 292,047 |
Corporate | — |  |  | 151 |  |  | (10,180) |  |  | 265 |  |  | 52,553 |
Total | $ | 183,529 |  |  | $ | 15,537 |  |  | $ | 3,269 |  |  | $ | 10,770 |  |  | $ | 1,045,020 |
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products(3) | $ | 188,413 |  |  | $ | 7,940 |  |  | $ | 24,960 |  |  | $ | 8,773 |  |  | $ | 502,582 |
Well Site Services(4) | 93,713 |  |  | 12,126 |  |  | (954) |  |  | 6,332 |  |  | 177,098 |
Downhole Technologies(5) | 71,519 |  |  | 8,525 |  |  | (13,220) |  |  | 756 |  |  | 279,947 |
Corporate | — |  |  | 302 |  |  | (19,918) |  |  | 20 |  |  | 41,551 |
Total | $ | 353,645 |  |  | $ | 28,893 |  |  | $ | (9,132) |  |  | $ | 15,881 |  |  | $ | 1,001,178 |
____________________ (3)Operating income included $3.0 million of facility consolidation charges. (4)Operating income included $3.9 million in facility consolidation and other charges. (5)Operating loss included a $10.0 million non-cash goodwill impairment charge.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products | $ | 159,152 |  |  | $ | 8,150 |  |  | $ | 16,536 |  |  | $ | 4,946 |  |  | $ | 495,983 |
Well Site Services | 131,594 |  |  | 12,710 |  |  | 11,698 |  |  | 11,444 |  |  | 204,437 |
Downhole Technologies | 88,982 |  |  | 9,615 |  |  | 1,752 |  |  | 671 |  |  | 292,047 |
Corporate | — |  |  | 318 |  |  | (20,842) |  |  | 277 |  |  | 52,553 |
Total | $ | 379,728 |  |  | $ | 30,793 |  |  | $ | 9,144 |  |  | $ | 17,338 |  |  | $ | 1,045,020 |
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and six months ended June 30, 2024 and 2023 (in thousands):
| Offshore Manufactured Products |  | Well Site Services |  | Downhole Technologies |  | Total
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Three Months Ended June 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 59,752 |  |  | $ | 45,455 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 59,752 |  |  | $ | 45,455 |
Services | 31,024 |  |  | 24,846 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,024 |  |  | 24,846 |
Total project-driven | 90,776 |  |  | 70,301 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 90,776 |  |  | 70,301 |
Military and other products | 10,780 |  |  | 8,346 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,780 |  |  | 8,346 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | — |  |  | — |  |  | — |  |  | — |  |  | 38,047 |  |  | 38,829 |  |  | 38,047 |  |  | 38,829 |
Services | — |  |  | — |  |  | 46,421 |  |  | 64,536 |  |  | 359 |  |  | 1,517 |  |  | 46,780 |  |  | 66,053 |
Total short-cycle | — |  |  | — |  |  | 46,421 |  |  | 64,536 |  |  | 38,406 |  |  | 40,346 |  |  | 84,827 |  |  | 104,882 |
| $ | 101,556 |  |  | $ | 78,647 |  |  | $ | 46,421 |  |  | $ | 64,536 |  |  | $ | 38,406 |  |  | $ | 40,346 |  |  | $ | 186,383 |  |  | $ | 183,529 |
| Offshore Manufactured Products |  | Well Site Services |  | Downhole Technologies |  | Total
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Six Months Ended June 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 112,889 |  |  | $ | 94,072 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 112,889 |  |  | $ | 94,072 |
Services | 56,257 |  |  | 49,476 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,257 |  |  | 49,476 |
Total project-driven | 169,146 |  |  | 143,548 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 169,146 |  |  | 143,548 |
Military and other products | 19,267 |  |  | 15,604 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,267 |  |  | 15,604 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | — |  |  | — |  |  | — |  |  | — |  |  | 70,752 |  |  | 82,794 |  |  | 70,752 |  |  | 82,794 |
Services | — |  |  | — |  |  | 93,713 |  |  | 131,594 |  |  | 767 |  |  | 6,188 |  |  | 94,480 |  |  | 137,782 |
Total short-cycle | — |  |  | — |  |  | 93,713 |  |  | 131,594 |  |  | 71,519 |  |  | 88,982 |  |  | 165,232 |  |  | 220,576 |
| $ | 188,413 |  |  | $ | 159,152 |  |  | $ | 93,713 |  |  | $ | 131,594 |  |  | $ | 71,519 |  |  | $ | 88,982 |  |  | $ | 353,645 |  |  | $ | 379,728 |
Revenues from products and services transferred to customers over time accounted for approximately 66% of consolidated revenues for both the six months ended June 30, 2024 and 2023. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of June 30, 2024, the Company had $202 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 36% of this remaining backlog is expected to be recognized as revenue over the remaining six months of 2024, with an additional 34% recognized in 2025 and the balance thereafter.

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