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Segments and Related Information
 3 Months Ended
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 expense8,635 1,996 1,999 9,900 22,530 
Depreciation and amortization expense3,608 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 expense8,558 2,526 2,283 9,129 22,496 
Depreciation and amortization expense3,693 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 TechnologiesTotal
20252024202520242025202420252024
Three Months Ended March 31
Project-driven:
Products$59,124 $53,137 $— $— $— $— $59,124 $53,137 
Services24,424 25,233 — — — — 24,424 25,233 
Total project-driven83,548 78,370 — — — — 83,548 78,370 
Military and other products9,048 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.