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Segments and Related Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segments and Related Information | Segments and Related Information The Company operates through three reportable operating segments: Offshore Manufactured Products, Completion and Production Services and Downhole Technologies. Financial information by operating segment for the three months ended March 31, 2025 and 2024 is summarized in the following tables (in thousands).
| Three Months Ended March 31, 2025
| Offshore Manufactured Products |  | Completion and Production Services(1) |  | Downhole Technologies |  | Corporate |  | Total
Revenues | $ | 92,596 |  |  | $ | 34,519 |  |  | $ | 32,823 |  |  | $ | — |  |  | $ | 159,938 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 66,915 |  |  | 26,905 |  |  | 28,857 |  |  | — |  |  | 122,677 |
Selling, general and administrative expense | 8,635 |  |  | 1,996 |  |  | 1,999 |  |  | 9,900 |  |  | 22,530 |
Depreciation and amortization expense | 3,608 |  |  | 4,272 |  |  | 4,029 |  |  | 116 |  |  | 12,025 |
Other operating (income) loss, net | (838) |  |  | (2,157) |  |  | 62 |  |  | — |  |  | (2,933) |
| 78,320 |  |  | 31,016 |  |  | 34,947 |  |  | 10,016 |  |  | 154,299 |
Operating income (loss) | $ | 14,276 |  |  | $ | 3,503 |  |  | $ | (2,124) |  |  | $ | (10,016) |  |  | $ | 5,639 |
Capital expenditures | $ | 4,823 |  |  | $ | 3,525 |  |  | $ | 791 |  |  | $ | 19 |  |  | $ | 9,158 |
Total assets (as of March 31, 2025) | 506,530 |  |  | 147,665 |  |  | 268,139 |  |  | 68,401 |  |  | 990,735 |
________________ (1)Operating income included $0.9 million of facility consolidation charges.
| Three Months Ended March 31, 2024
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate |  | Total
Revenues | $ | 86,857 |  |  | $ | 47,292 |  |  | $ | 33,113 |  |  | $ | — |  |  | $ | 167,262 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 63,501 |  |  | 39,814 |  |  | 28,636 |  |  | — |  |  | 131,951 |
Selling, general and administrative expense | 8,558 |  |  | 2,526 |  |  | 2,283 |  |  | 9,129 |  |  | 22,496 |
Depreciation and amortization expense | 3,693 |  |  | 6,079 |  |  | 4,270 |  |  | 153 |  |  | 14,195 |
Impairment of goodwill | — |  |  | — |  |  | 10,000 |  |  | — |  |  | 10,000 |
Other operating (income) loss, net | 502 |  |  | (708) |  |  | 3 |  |  | — |  |  | (203) |
| 76,254 |  |  | 47,711 |  |  | 45,192 |  |  | 9,282 |  |  | 178,439 |
Operating income (loss) | $ | 10,603 |  |  | $ | (419) |  |  | $ | (12,079) |  |  | $ | (9,282) |  |  | $ | (11,177) |
Capital expenditures | $ | 7,221 |  |  | $ | 2,414 |  |  | $ | 446 |  |  | $ | 11 |  |  | $ | 10,092 |
Total assets (as of March 31, 2024) | 516,039 |  |  | 179,763 |  |  | 278,055 |  |  | 41,958 |  |  | 1,015,815 |
________________ (1)Operating income included $1.5 million of facility consolidation charges. (2)Operating loss included $1.0 million in facility consolidation and other charges. (3)Operating loss included a $10.0 million non-cash goodwill impairment charge (see Note 2, “Asset Impairments and Other Charges”). The following table provides supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2025 and 2024 (in thousands).
| Offshore Manufactured Products |  | Completion and Production Services |  | Downhole Technologies |  | Total
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Three Months Ended March 31 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 59,124 |  |  | $ | 53,137 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 59,124 |  |  | $ | 53,137 |
Services | 24,424 |  |  | 25,233 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,424 |  |  | 25,233 |
Total project-driven | 83,548 |  |  | 78,370 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 83,548 |  |  | 78,370 |
Military and other products | 9,048 |  |  | 8,487 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,048 |  |  | 8,487 |
Short-cycle products and services | — |  |  | — |  |  | 34,519 |  |  | 47,292 |  |  | 32,823 |  |  | 33,113 |  |  | 67,342 |  |  | 80,405 |
| $ | 92,596 |  |  | $ | 86,857 |  |  | $ | 34,519 |  |  | $ | 47,292 |  |  | $ | 32,823 |  |  | $ | 33,113 |  |  | $ | 159,938 |  |  | $ | 167,262 |
Revenues from products and services transferred to customers over time accounted for approximately 62% and 67% of consolidated revenues for the three months ended March 31, 2025 and 2024, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2025, the Company had $248.3 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 44% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2025, with an additional 32% recognized in 2026 and the balance thereafter.

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