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Segments and Related Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segments and Related Information | Segments and Related Information The Company operates through three operating segments: Offshore Manufactured Products, Completion and Production Services and Downhole Technologies. Financial information by operating segment as of and for the three and nine months ended September 30, 2025 and 2024 is summarized in the following tables (in thousands).
| Three Months Ended September 30, 2025
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies |  | Corporate(3) |  | Total
Revenues | $ | 108,627 |  |  | $ | 27,525 |  |  | $ | 29,028 |  |  | $ | — |  |  | $ | 165,180 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 78,234 |  |  | 22,411 |  |  | 28,001 |  |  | — |  |  | 128,646 |
Selling, general and administrative expense | 8,485 |  |  | 1,422 |  |  | 1,816 |  |  | 9,033 |  |  | 20,756 |
Depreciation and amortization expense | 3,958 |  |  | 4,089 |  |  | 3,978 |  |  | 103 |  |  | 12,128 |
Impairments of operating lease assets | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other operating (income) loss, net | 347 |  |  | (1,345) |  |  | (100) |  |  | — |  |  | (1,098) |
| 91,024 |  |  | 26,577 |  |  | 33,695 |  |  | 9,136 |  |  | 160,432 |
Operating income (loss) | $ | 17,603 |  |  | $ | 948 |  |  | $ | (4,667) |  |  | $ | (9,136) |  |  | $ | 4,748 |
Capital expenditures | $ | 4,615 |  |  | $ | 3,763 |  |  | $ | 180 |  |  | $ | 148 |  |  | $ | 8,706 |
________________ (1)Operating income included charges of $0.6 million primarily associated with the consolidation and relocation of certain manufacturing and service locations. (2)Operating income included $2.7 million of facility exit and other charges. (3)Operating loss included $0.3 million of severance charges.
| Nine Months Ended September 30, 2025
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate(4) |  | Total
Revenues | $ | 307,809 |  |  | $ | 91,468 |  |  | $ | 91,247 |  |  | $ | — |  |  | $ | 490,524 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 220,453 |  |  | 72,909 |  |  | 83,301 |  |  | — |  |  | 376,663 |
Selling, general and administrative expense | 26,595 |  |  | 5,435 |  |  | 5,814 |  |  | 28,423 |  |  | 66,267 |
Depreciation and amortization expense | 11,269 |  |  | 12,444 |  |  | 12,012 |  |  | 326 |  |  | 36,051 |
Impairments of operating lease assets | — |  |  | 403 |  |  | 955 |  |  | — |  |  | 1,358 |
Other operating (income) loss, net | 624 |  |  | (6,051) |  |  | (52) |  |  | — |  |  | (5,479) |
| 258,941 |  |  | 85,140 |  |  | 102,030 |  |  | 28,749 |  |  | 474,860 |
Operating income (loss) | $ | 48,868 |  |  | $ | 6,328 |  |  | $ | (10,783) |  |  | $ | (28,749) |  |  | $ | 15,664 |
Capital expenditures | $ | 17,441 |  |  | $ | 9,113 |  |  | $ | 1,399 |  |  | $ | 233 |  |  | $ | 28,186 |
Total assets (as of September 30, 2025) | $ | 555,097 |  |  | $ | 133,271 |  |  | $ | 258,384 |  |  | $ | 65,567 |  |  | $ | 1,012,319 |
________________ (1)Operating income included charges of $0.8 million primarily associated with the consolidation and relocation of certain manufacturing and service locations. (2)Operating income included $5.8 million in asset impairment, facility exit and other charges. (3)Operating loss included $1.2 million in asset impairment and other charges. (4)Operating loss included $0.3 million of severance charges.
| Three Months Ended September 30, 2024
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate |  | Total
Revenues | $ | 102,234 |  |  | $ | 40,099 |  |  | $ | 32,015 |  |  | $ | — |  |  | $ | 174,348 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 71,494 |  |  | 36,546 |  |  | 28,549 |  |  | — |  |  | 136,589 |
Selling, general and administrative expense | 8,497 |  |  | 3,401 |  |  | 2,559 |  |  | 8,297 |  |  | 22,754 |
Depreciation and amortization expense | 3,631 |  |  | 5,749 |  |  | 4,121 |  |  | 134 |  |  | 13,635 |
Impairment of goodwill | — |  |  | — |  |  | — |  |  | — |  |  | — |
Impairments of intangible assets | — |  |  | 10,787 |  |  | — |  |  | — |  |  | 10,787 |
Impairments of operating lease assets | — |  |  | 2,092 |  |  | 487 |  |  | — |  |  | 2,579 |
Other operating (income) loss, net | (698) |  |  | (209) |  |  | (48) |  |  | — |  |  | (955) |
| 82,924 |  |  | 58,366 |  |  | 35,668 |  |  | 8,431 |  |  | 185,389 |
Operating income (loss) | $ | 19,310 |  |  | $ | (18,267) |  |  | $ | (3,653) |  |  | $ | (8,431) |  |  | $ | (11,041) |
Capital expenditures | $ | 3,074 |  |  | $ | 4,084 |  |  | $ | 270 |  |  | $ | — |  |  | $ | 7,428 |
________________ (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.
| Nine Months Ended September 30, 2024
| Offshore Manufactured Products(1) |  | Completion and Production Services(2) |  | Downhole Technologies(3) |  | Corporate |  | Total
Revenues | $ | 290,647 |  |  | $ | 133,812 |  |  | $ | 103,534 |  |  | $ | — |  |  | $ | 527,993 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 206,231 |  |  | 114,255 |  |  | 90,087 |  |  | — |  |  | 410,573 |
Selling, general and administrative expense | 27,455 |  |  | 9,010 |  |  | 7,245 |  |  | 27,913 |  |  | 71,623 |
Depreciation and amortization expense | 11,571 |  |  | 17,875 |  |  | 12,646 |  |  | 436 |  |  | 42,528 |
Impairment of goodwill | — |  |  | — |  |  | 10,000 |  |  | — |  |  | 10,000 |
Impairments of intangible assets | — |  |  | 10,787 |  |  | — |  |  | — |  |  | 10,787 |
Impairments of operating lease assets | — |  |  | 2,092 |  |  | 487 |  |  | — |  |  | 2,579 |
Other operating (income) loss, net | 1,120 |  |  | (986) |  |  | (58) |  |  | — |  |  | 76 |
| 246,377 |  |  | 153,033 |  |  | 120,407 |  |  | 28,349 |  |  | 548,166 |
Operating income (loss) | $ | 44,270 |  |  | $ | (19,221) |  |  | $ | (16,873) |  |  | $ | (28,349) |  |  | $ | (20,173) |
Capital expenditures | $ | 11,847 |  |  | $ | 10,416 |  |  | $ | 1,026 |  |  | $ | 20 |  |  | $ | 23,309 |
Total assets (as of September 30, 2024) | $ | 506,563 |  |  | $ | 158,338 |  |  | $ | 273,093 |  |  | $ | 56,147 |  |  | $ | 994,141 |
________________ (1)Operating income included $3.4 million of facility consolidation and other charges. (2)Operating loss included $21.1 million of asset impairment, facility consolidation and exit, patent defense and other charges. (3)Operating loss included $10.6 million in asset impairment and other charges. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and nine months ended September 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 September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 67,729 |  |  | $ | 58,164 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 67,729 |  |  | $ | 58,164 |
Services | 30,172 |  |  | 32,754 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,172 |  |  | 32,754 |
Total project-driven | 97,901 |  |  | 90,918 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97,901 |  |  | 90,918 |
Military and other products | 10,726 |  |  | 11,316 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,726 |  |  | 11,316 |
Short-cycle products and services | — |  |  | — |  |  | 27,525 |  |  | 40,099 |  |  | 29,028 |  |  | 32,015 |  |  | 56,553 |  |  | 72,114 |
| $ | 108,627 |  |  | $ | 102,234 |  |  | $ | 27,525 |  |  | $ | 40,099 |  |  | $ | 29,028 |  |  | $ | 32,015 |  |  | $ | 165,180 |  |  | $ | 174,348 |
| Offshore Manufactured Products |  | Completion and Production Services |  | Downhole Technologies |  | Total
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Nine Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 195,506 |  |  | $ | 171,053 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 195,506 |  |  | $ | 171,053 |
Services | 82,503 |  |  | 89,011 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 82,503 |  |  | 89,011 |
Total project-driven | 278,009 |  |  | 260,064 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 278,009 |  |  | 260,064 |
Military and other products | 29,800 |  |  | 30,583 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,800 |  |  | 30,583 |
Short-cycle products and services | — |  |  | — |  |  | 91,468 |  |  | 133,812 |  |  | 91,247 |  |  | 103,534 |  |  | 182,715 |  |  | 237,346 |
| $ | 307,809 |  |  | $ | 290,647 |  |  | $ | 91,468 |  |  | $ | 133,812 |  |  | $ | 91,247 |  |  | $ | 103,534 |  |  | $ | 490,524 |  |  | $ | 527,993 |
Revenues from products and services transferred to customers over time accounted for approximately 63% and 67% of consolidated revenues for the nine months ended September 30, 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 September 30, 2025, the Company had $300 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 16% of this remaining backlog is expected to be recognized as revenue over the remaining three months of 2025, with an additional 37% recognized in 2026 and the balance thereafter.

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