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Segments and Related Information
 6 Months Ended
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).
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal 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 Technologies38,406 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.
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Three Months Ended June 30, 2023
Offshore Manufactured Products$78,647 $4,075 $8,838 $4,587 $495,983 
Well Site Services64,536 6,564 4,732 5,672 204,437 
Downhole Technologies40,346 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 
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal 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 
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(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.
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Six Months Ended June 30, 2023
Offshore Manufactured Products
$159,152 $8,150 $16,536 $4,946 $495,983 
Well Site Services131,594 12,710 11,698 11,444 204,437 
Downhole Technologies88,982 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 ServicesDownhole TechnologiesTotal
20242023202420232024202320242023
Three Months Ended June 30
Project-driven:
Products$59,752 $45,455 $— $— $— $— $59,752 $45,455 
Services31,024 24,846 — — — — 31,024 24,846 
Total project-driven90,776 70,301 — — — — 90,776 70,301 
Military and other products10,780 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 ServicesDownhole TechnologiesTotal
20242023202420232024202320242023
Six Months Ended June 30
Project-driven:
Products$112,889 $94,072 $— $— $— $— $112,889 $94,072 
Services56,257 49,476 — — — — 56,257 49,476 
Total project-driven169,146 143,548 — — — — 169,146 143,548 
Military and other products19,267 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.