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Segments and Related Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Financial information by operating segment as of and for the three and nine months ended September 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 September 30, 2024 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products(1) | $ | 102,234 |  |  | $ | 3,631 |  |  | $ | 19,310 |  |  | $ | 3,074 |  |  | $ | 506,563 |
Completion and Production Services(2) | 40,099 |  |  | 5,749 |  |  | (18,267) |  |  | 4,084 |  |  | 158,338 |
Downhole Technologies(3) | 32,015 |  |  | 4,121 |  |  | (3,653) |  |  | 270 |  |  | 273,093 |
Corporate | — |  |  | 134 |  |  | (8,431) |  |  | — |  |  | 56,147 |
Total | $ | 174,348 |  |  | $ | 13,635 |  |  | $ | (11,041) |  |  | $ | 7,428 |  |  | $ | 994,141 |
____________________ (1)Operating income included $0.4 million of facility consolidation and other charges. (2)Operating loss included $17.2 million of asset impairment, facility consolidation and exit, patent defense and other charges. (3)Operating loss included $0.6 million of asset impairment and other charges.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products(4) | $ | 96,070 |  |  | $ | 4,405 |  |  | $ | 15,586 |  |  | $ | 2,712 |  |  | $ | 495,440 |
Completion and Production Services | 59,831 |  |  | 6,313 |  |  | 3,285 |  |  | 2,602 |  |  | 201,384 |
Downhole Technologies | 38,388 |  |  | 4,546 |  |  | (1,900) |  |  | 568 |  |  | 287,152 |
Corporate | — |  |  | 152 |  |  | (10,781) |  |  | 150 |  |  | 64,044 |
Total | $ | 194,289 |  |  | $ | 15,416 |  |  | $ | 6,190 |  |  | $ | 6,032 |  |  | $ | 1,048,020 |
____________________ (4)Operating income included $1.6 million of facility consolidation and other charges.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products(5) | $ | 290,647 |  |  | $ | 11,571 |  |  | $ | 44,270 |  |  | $ | 11,847 |  |  | $ | 506,563 |
Completion and Production Services(6) | 133,812 |  |  | 17,875 |  |  | (19,221) |  |  | 10,416 |  |  | 158,338 |
Downhole Technologies(7) | 103,534 |  |  | 12,646 |  |  | (16,873) |  |  | 1,026 |  |  | 273,093 |
Corporate | — |  |  | 436 |  |  | (28,349) |  |  | 20 |  |  | 56,147 |
Total | $ | 527,993 |  |  | $ | 42,528 |  |  | $ | (20,173) |  |  | $ | 23,309 |  |  | $ | 994,141 |
____________________ (5)Operating income included $3.4 million of facility consolidation and other charges. (6)Operating loss included $21.1 million of asset impairment, facility consolidation and exit, patent defense and other charges. (7)Operating loss included $10.6 million of asset impairment and other charges.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Offshore Manufactured Products(8) | $ | 255,222 |  |  | $ | 12,555 |  |  | $ | 32,122 |  |  | $ | 7,658 |  |  | $ | 495,440 |
Completion and Production Services | 191,425 |  |  | 19,023 |  |  | 14,983 |  |  | 14,046 |  |  | 201,384 |
Downhole Technologies | 127,370 |  |  | 14,161 |  |  | (148) |  |  | 1,239 |  |  | 287,152 |
Corporate | — |  |  | 470 |  |  | (31,623) |  |  | 427 |  |  | 64,044 |
Total | $ | 574,017 |  |  | $ | 46,209 |  |  | $ | 15,334 |  |  | $ | 23,370 |  |  | $ | 1,048,020 |
____________________ (8)Operating income included $1.6 million of facility consolidation and other charges.
Schedule of Supplemental Revenue Information by Segments | The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| Offshore Manufactured Products |  | Completion and Production Services |  | Downhole Technologies |  | Total
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Three Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 58,164 |  |  | $ | 58,169 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 58,164 |  |  | $ | 58,169 |
Services | 32,754 |  |  | 30,391 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,754 |  |  | 30,391 |
Total project-driven | 90,918 |  |  | 88,560 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 90,918 |  |  | 88,560 |
Military and other products | 11,316 |  |  | 7,510 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,316 |  |  | 7,510 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | — |  |  | — |  |  | — |  |  | — |  |  | 31,318 |  |  | 36,957 |  |  | 31,318 |  |  | 36,957 |
Services | — |  |  | — |  |  | 40,099 |  |  | 59,831 |  |  | 697 |  |  | 1,431 |  |  | 40,796 |  |  | 61,262 |
Total short-cycle | — |  |  | — |  |  | 40,099 |  |  | 59,831 |  |  | 32,015 |  |  | 38,388 |  |  | 72,114 |  |  | 98,219 |
| $ | 102,234 |  |  | $ | 96,070 |  |  | $ | 40,099 |  |  | $ | 59,831 |  |  | $ | 32,015 |  |  | $ | 38,388 |  |  | $ | 174,348 |  |  | $ | 194,289 |
| Offshore Manufactured Products |  | Completion and Production Services |  | Downhole Technologies |  | Total
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Nine Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 171,053 |  |  | $ | 152,241 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 171,053 |  |  | $ | 152,241 |
Services | 89,011 |  |  | 79,867 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 89,011 |  |  | 79,867 |
Total project-driven | 260,064 |  |  | 232,108 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 260,064 |  |  | 232,108 |
Military and other products | 30,583 |  |  | 23,114 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,583 |  |  | 23,114 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | — |  |  | — |  |  | — |  |  | — |  |  | 102,070 |  |  | 119,751 |  |  | 102,070 |  |  | 119,751 |
Services | — |  |  | — |  |  | 133,812 |  |  | 191,425 |  |  | 1,464 |  |  | 7,619 |  |  | 135,276 |  |  | 199,044 |
Total short-cycle | — |  |  | — |  |  | 133,812 |  |  | 191,425 |  |  | 103,534 |  |  | 127,370 |  |  | 237,346 |  |  | 318,795 |
| $ | 290,647 |  |  | $ | 255,222 |  |  | $ | 133,812 |  |  | $ | 191,425 |  |  | $ | 103,534 |  |  | $ | 127,370 |  |  | $ | 527,993 |  |  | $ | 574,017 |

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