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Segments and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Financial information by operating segment as of and for the three and six months ended June 30, 2025 and 2024 is summarized in the following tables (in thousands).
| Three Months Ended June 30, 2025
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate |  | Total
Revenues | $ | 106,586 |  |  | $ | 29,424 |  |  | $ | 29,396 |  |  | $ | — |  |  | $ | 165,406 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 75,304 |  |  | 23,593 |  |  | 26,443 |  |  | — |  |  | 125,340 |
Selling, general and administrative expense | 9,475 |  |  | 2,017 |  |  | 1,999 |  |  | 9,490 |  |  | 22,981 |
Depreciation and amortization expense | 3,703 |  |  | 4,083 |  |  | 4,005 |  |  | 107 |  |  | 11,898 |
Impairments of operating lease assets | — |  |  | 403 |  |  | 955 |  |  | — |  |  | 1,358 |
Other operating (income) loss, net | 1,115 |  |  | (2,549) |  |  | (14) |  |  | — |  |  | (1,448) |
| 89,597 |  |  | 27,547 |  |  | 33,388 |  |  | 9,597 |  |  | 160,129 |
Operating income (loss) | $ | 16,989 |  |  | $ | 1,877 |  |  | $ | (3,992) |  |  | $ | (9,597) |  |  | $ | 5,277 |
Capital expenditures | $ | 8,003 |  |  | $ | 1,825 |  |  | $ | 428 |  |  | $ | 66 |  |  | $ | 10,322 |
________________ (1)Operating income included charges of $0.3 million primarily associated with the consolidation and relocation of certain manufacturing and service locations. (2)Operating income included $2.2 million of facility exit and other charges. (3)Operating loss included $1.2 million in costs associated primarily with the exit of a leased facility.
| Six Months Ended June 30, 2025
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate |  | Total
Revenues | $ | 199,182 |  |  | $ | 63,943 |  |  | $ | 62,219 |  |  | $ | — |  |  | $ | 325,344 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 142,219 |  |  | 50,498 |  |  | 55,300 |  |  | — |  |  | 248,017 |
Selling, general and administrative expense | 18,110 |  |  | 4,013 |  |  | 3,998 |  |  | 19,390 |  |  | 45,511 |
Depreciation and amortization expense | 7,311 |  |  | 8,355 |  |  | 8,034 |  |  | 223 |  |  | 23,923 |
Impairments of operating lease assets | — |  |  | 403 |  |  | 955 |  |  | — |  |  | 1,358 |
Other operating (income) loss, net | 277 |  |  | (4,706) |  |  | 48 |  |  | — |  |  | (4,381) |
| 167,917 |  |  | 58,563 |  |  | 68,335 |  |  | 19,613 |  |  | 314,428 |
Operating income (loss) | $ | 31,265 |  |  | $ | 5,380 |  |  | $ | (6,116) |  |  | $ | (19,613) |  |  | $ | 10,916 |
Capital expenditures | $ | 12,826 |  |  | $ | 5,350 |  |  | $ | 1,219 |  |  | $ | 85 |  |  | $ | 19,480 |
Total assets (as of June 30, 2025) | $ | 532,179 |  |  | $ | 134,031 |  |  | $ | 262,758 |  |  | $ | 64,777 |  |  | $ | 993,745 |
________________ (1)Operating income included charges of $0.3 million primarily associated with the consolidation and relocation of certain manufacturing and service locations. (2)Operating income included $3.1 million of facility exit and other charges. (3)Operating loss included $1.2 million in costs associated primarily with the exit of a leased facility.
| Three Months Ended June 30, 2024
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies |  | Corporate |  | Total
Revenues | $ | 101,556 |  |  | $ | 46,421 |  |  | $ | 38,406 |  |  | $ | — |  |  | $ | 186,383 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 71,236 |  |  | 37,895 |  |  | 32,902 |  |  | — |  |  | 142,033 |
Selling, general and administrative expense | 10,400 |  |  | 3,083 |  |  | 2,403 |  |  | 10,487 |  |  | 26,373 |
Depreciation and amortization expense | 4,247 |  |  | 6,047 |  |  | 4,255 |  |  | 149 |  |  | 14,698 |
Impairment of goodwill | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other operating (income) loss, net | 1,316 |  |  | (69) |  |  | (13) |  |  | — |  |  | 1,234 |
| 87,199 |  |  | 46,956 |  |  | 39,547 |  |  | 10,636 |  |  | 184,338 |
Operating income (loss) | $ | 14,357 |  |  | $ | (535) |  |  | $ | (1,141) |  |  | $ | (10,636) |  |  | $ | 2,045 |
Capital expenditures | $ | 1,552 |  |  | $ | 3,918 |  |  | $ | 310 |  |  | $ | 9 |  |  | $ | 5,789 |
________________ (1)Operating income included $1.5 million of facility consolidation charges. (2)Operating loss included $2.9 million of facility consolidation and other charges.
| Six Months Ended June 30, 2024
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate |  | Total
Revenues | $ | 188,413 |  |  | $ | 93,713 |  |  | $ | 71,519 |  |  | $ | — |  |  | $ | 353,645 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 134,737 |  |  | 77,709 |  |  | 61,538 |  |  | — |  |  | 273,984 |
Selling, general and administrative expense | 18,958 |  |  | 5,609 |  |  | 4,686 |  |  | 19,616 |  |  | 48,869 |
Depreciation and amortization expense | 7,940 |  |  | 12,126 |  |  | 8,525 |  |  | 302 |  |  | 28,893 |
Impairment of goodwill | — |  |  | — |  |  | 10,000 |  |  | — |  |  | 10,000 |
Other operating (income) loss, net | 1,818 |  |  | (777) |  |  | (10) |  |  | — |  |  | 1,031 |
| 163,453 |  |  | 94,667 |  |  | 84,739 |  |  | 19,918 |  |  | 362,777 |
Operating income (loss) | $ | 24,960 |  |  | $ | (954) |  |  | $ | (13,220) |  |  | $ | (19,918) |  |  | $ | (9,132) |
Capital expenditures | $ | 8,773 |  |  | $ | 6,332 |  |  | $ | 756 |  |  | $ | 20 |  |  | $ | 15,881 |
Total assets (as of June 30, 2024) | $ | 502,582 |  |  | $ | 177,098 |  |  | $ | 279,947 |  |  | $ | 41,551 |  |  | $ | 1,001,178 |
________________ (1)Operating income included $3.0 million of facility consolidation charges. (2)Operating loss included $3.9 million in facility consolidation and other charges. (3)Operating loss included a $10.0 million non-cash goodwill impairment charge.
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 six months ended June 30, 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 June 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 68,653 |  |  | $ | 59,752 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 68,653 |  |  | $ | 59,752 |
Services | 27,907 |  |  | 31,024 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,907 |  |  | 31,024 |
Total project-driven | 96,560 |  |  | 90,776 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96,560 |  |  | 90,776 |
Military and other products | 10,026 |  |  | 10,780 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,026 |  |  | 10,780 |
Short-cycle products and services | — |  |  | — |  |  | 29,424 |  |  | 46,421 |  |  | 29,396 |  |  | 38,406 |  |  | 58,820 |  |  | 84,827 |
| $ | 106,586 |  |  | $ | 101,556 |  |  | $ | 29,424 |  |  | $ | 46,421 |  |  | $ | 29,396 |  |  | $ | 38,406 |  |  | $ | 165,406 |  |  | $ | 186,383 |
| Offshore Manufactured Products |  | Completion and Production Services |  | Downhole Technologies |  | Total
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Six Months Ended June 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 127,777 |  |  | $ | 112,889 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 127,777 |  |  | $ | 112,889 |
Services | 52,331 |  |  | 56,257 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52,331 |  |  | 56,257 |
Total project-driven | 180,108 |  |  | 169,146 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 180,108 |  |  | 169,146 |
Military and other products | 19,074 |  |  | 19,267 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,074 |  |  | 19,267 |
Short-cycle products and services | — |  |  | — |  |  | 63,943 |  |  | 93,713 |  |  | 62,219 |  |  | 71,519 |  |  | 126,162 |  |  | 165,232 |
| $ | 199,182 |  |  | $ | 188,413 |  |  | $ | 63,943 |  |  | $ | 93,713 |  |  | $ | 62,219 |  |  | $ | 71,519 |  |  | $ | 325,344 |  |  | $ | 353,645 |

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