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Segments and Related Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
The Company’s three reportable segments represent strategic components that are managed separately as each business requires different technologies and marketing strategies. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. The CODM uses segment operating income (loss) to assess segment performance and enable decisions regarding strategic initiatives, capital investments and personnel across the three segments. Accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The Offshore Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. Driven principally by longer-term customer investments for offshore oil and natural gas projects, project-driven product revenues include flexible bearings, advanced connector systems, high-pressure riser systems, managed pressure drilling systems, deepwater mooring systems, cranes, subsea pipeline products and blow-out preventer stack integration. Other products manufactured and offered by the segment include a variety of products for use in industrial, military, alternative energy and other applications outside the oil and gas industry. The segment also offers a broad line of complementary, value-added services including specialty welding, fabrication, cladding and machining services, offshore installation services, and inspection and repair services.
The Completion and Production Services segment provides a broad range of equipment and services that are used to establish and maintain the flow of oil and natural gas from a well throughout its life cycle. In this segment, operations primarily include completion-focused equipment and services and, to a much lesser extent, land drilling services in the United States (prior to the sale of its remaining drilling rigs in August 2024). The segment provides solutions to its customers using its completion tools and highly-trained personnel throughout its service offerings which include wireline support, frac stacks, isolation tools, downhole and extended reach activity, and well testing and flowback operations (prior to the exit of the services offering in the third quarter of 2024).
The Downhole Technologies segment primarily provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. This segment designs, manufactures and markets its consumable engineered products to oilfield service as well as exploration and production companies, which are completing complex wells with longer lateral lengths, increased frac stages and more perforation clusters to increase unconventional well productivity.
Corporate information includes corporate expenses, such as those related to corporate governance, stock-based compensation and other infrastructure support, as well as impacts from corporate-wide decisions for which individual operating units are not evaluated.
Financial information by operating segment for each of the three years ended December 31, 2024, 2023 and 2022, is summarized in the following tables (in thousands):
Year Ended December 31, 2024
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate(4)
Total
Revenues
$397,900 $163,902 $130,786 $— $692,588 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)279,754 141,393 115,054 — 536,201 
Selling, general and administrative expense37,029 10,813 9,427 37,740 95,009 
Depreciation and amortization expense15,205 22,143 16,808 552 54,708 
Impairment of goodwill— — 10,000 — 10,000 
Impairments of intangible assets— 10,787 — — 10,787 
Impairments of operating lease assets— 3,280 487 — 3,767 
Other operating (income) loss, net
633 (1,289)(86)(15,453)(16,195)
332,621 187,127 151,690 22,839 694,277 
Operating income (loss)$65,279 $(23,225)$(20,904)$(22,839)$(1,689)
Capital expenditures
$18,428 $17,920 $1,140 $20 $37,508 
Total assets (as of December 31)
$510,374 $152,485 $265,240 $77,009 $1,005,108 
________________
(1)Operating income included $3.4 million of facility consolidation and other charges.
(2)Operating loss included $24.3 million of asset impairment, facility consolidation and exit, patent defense and other charges
(3)Operating loss included $10.6 million of asset impairment and other charges
(4)Operating loss included a net gain of $15.3 million associated with the sale of a previously idled facility.
Year Ended December 31, 2023
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate
Total
Revenues
$381,711 $242,633 $157,939 $— $782,283 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)274,591 196,158 136,139 — 606,888 
Selling, general and administrative expense34,430 9,417 9,457 40,881 94,185 
Depreciation and amortization expense16,357 25,318 18,467 636 60,778 
Other operating (income) loss, net
44 (2,141)(250)(385)(2,732)
325,422 228,752 163,813 41,132 759,119 
Operating income (loss)$56,289 $13,881 $(5,874)$(41,132)$23,164 
Capital expenditures
$9,235 $19,125 $1,825 $468 $30,653 
Total assets (as of December 31)
$521,923 $191,630 $278,151 $54,782 $1,046,486 
________________
(1)Operating income included $2.5 million of facility consolidation and other charges.
(2)Operating income included $0.6 million in costs associated with the defense of certain patents.
(3)Operating loss included $3.2 million in provisions for excess and obsolete inventories.
Year Ended December 31, 2022
Offshore Manufactured Products(1)
Completion and Production Services
Downhole Technologies
Corporate
Total
Revenues
$322,370 $231,189 $184,147 $— $737,706 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)239,433 187,052 152,071 — 578,556 
Selling, general and administrative expense36,351 10,525 9,081 40,081 96,038 
Depreciation and amortization expense17,972 28,564 20,107 691 67,334 
Other operating (income) loss, net
(7,083)183 (14)(213)(7,127)
286,673 226,324 181,245 40,559 734,801 
Operating income (loss)$35,697 $4,865 $2,902 $(40,559)$2,905 
Capital expenditures
$5,069 $12,963 $2,059 $175 $20,266 
Total assets
$512,363 $206,632 $299,956 $45,441 $1,064,392 
________________
(1)Operating income included a $6.1 million gain on settlement of outstanding litigation.
See Note 4, “Asset Impairments and Other Charges and Credits,” Note 5, “Details of Selected Balance Sheet Accounts,” and Note 8, “Operating Leases” for further discussion of these and other charges and benefits.
No customer individually accounted for greater than 10% of the Company’s 2024, 2023 or 2022 consolidated revenues or individually accounted for greater than 10% of the Company’s consolidated accounts receivable as of December 31, 2024.
The Company’s Offshore Manufactured Products segment has numerous facilities around the world that generate both product and service revenues, and it is common for the segment to provide both installation and other services for products it manufactures. While substantially all depreciation and amortization expense for the Offshore Manufactured Products segment relates to cost of revenues, it does not segregate or capture depreciation or amortization expense between product and service cost. For the Downhole Technologies segment, substantially all depreciation and amortization expense relates to cost of products while substantially all depreciation and amortization expense for the Completion and Production Services segment
relates to cost of services. Operating income (loss) excludes equity in net income of unconsolidated affiliates, which is immaterial and not reported separately herein.
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Offshore Manufactured Products
Completion and Production Services
Downhole Technologies
202420232022202420232022202420232022
Project-driven:
Products$232,867 $235,080 $189,842 $— $— $— $— $— $— 
Services123,906 112,742 98,968 — — — — — — 
Total project-driven356,773 347,822 288,810 — — — — — — 
Military and other products41,127 33,889 33,560 — — — — — — 
Short-cycle:
Products— — — — — — 128,571 149,581 162,161 
Services— — — 163,902 242,633 231,189 2,215 8,358 21,986 
Total short-cycle— — — 163,902 242,633 231,189 130,786 157,939 184,147 
$397,900 $381,711 $322,370 $163,902 $242,633 $231,189 $130,786 $157,939 $184,147 
Financial information by geographic location for the years ended December 31, 2024, 2023 and 2022, is summarized below (in thousands). Revenues are attributable to countries based on the location of the entity selling the products or performing the services and include export sales. Long-lived assets are attributable to countries based on the physical location of the operations and its operating assets and do not include intercompany receivable balances.
United StatesUnited KingdomSingaporeOtherTotal
2024
Revenues from unaffiliated customers$484,945 $103,814 $38,835 $64,994 $692,588 
Long-lived assets354,487 75,014 16,090 36,388 481,979 
2023
Revenues from unaffiliated customers$594,808 $81,643 $48,131 $57,701 $782,283 
Long-lived assets407,457 79,607 6,485 41,687 535,236 
2022
Revenues from unaffiliated customers$571,008 $82,687 $34,380 $49,631 $737,706 
Long-lived assets443,818 76,377 14,218 41,531 575,944