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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Summary financial data by reportable segment follows (in thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022
Revenue |  |  |  |
Drilling & Downhole |  | $ | 329,576 |  |  | $ | 304,565 |
Completions |  | 265,628 |  |  | 264,951 |
Production |  | 145,864 |  |  | 131,519 |
Eliminations |  | (2,204) |  |  | (1,122) |
Total revenue |  | $ | 738,864 |  |  | $ | 699,913 |
Segment operating income (loss) |  |  |  |
Drilling & Downhole |  | $ | 33,767 |  |  | $ | 32,201 |
Completions |  | 10,788 |  |  | 11,565 |
Production |  | 6,462 |  |  | (443) |
Corporate |  | (27,253) |  |  | (34,268) |
Total segment operating income |  | 23,764 |  |  | 9,055 |
Transaction expenses |  | 2,892 |  |  | — |
Gain on sale-leaseback transactions |  | — |  |  | (7,000) |
Loss (gain) on disposal of assets and other |  | 156 |  |  | (1,271) |
Operating income |  | $ | 20,716 |  |  | $ | 17,326 |
Depreciation and amortization |  |  |  |
Drilling & Downhole |  | $ | 10,564 |  |  | $ | 11,872 |
Completions |  | 21,813 |  |  | 21,866 |
Production |  | 2,105 |  |  | 2,906 |
Corporate |  | 246 |  |  | 334 |
Total depreciation and amortization |  | $ | 34,728 |  |  | $ | 36,978 |
A summary of capital expenditures by reportable segment is as follows (in thousands):
|  | Year ended December 31,
Capital expenditures |  | 2023 |  | 2022
Drilling & Downhole |  | $ | 3,128 |  |  | $ | 1,462 |
Completions |  | 3,526 |  |  | 5,145 |
Production |  | 543 |  |  | 510 |
Corporate |  | 747 |  |  | 375 |
Total capital expenditures |  | $ | 7,944 |  |  | $ | 7,492 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
|  | Year ended December 31,
Assets |  | 2023 |  | 2022
Drilling & Downhole |  | $ | 347,035 |  |  | $ | 340,819 |
Completions |  | 350,216 |  |  | 366,771 |
Production |  | 96,567 |  |  | 95,089 |
Corporate |  | 27,243 |  |  | 32,078 |
Total assets |  | $ | 821,061 |  |  | $ | 834,757 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | A summary of long-lived assets by geography is as follows (in thousands):
|  | December 31,
Long-lived assets |  | 2023 |  | 2022
United States |  | $ | 251,901 |  |  | $ | 279,390 |
Europe |  | 24,846 |  |  | 26,962 |
Canada |  | 11,131 |  |  | 11,659 |
Asia-Pacific |  | 67 |  |  | 20 |
Middle East |  | 3,508 |  |  | 3,806 |
Latin America |  | 4 |  |  | 55 |
Total long-lived assets |  | $ | 291,457 |  |  | $ | 321,892 |
The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022
Revenue |  | $ | % |  | $ | %
United States |  | $ | 455,871 |  | 61.7 | % |  | $ | 470,765 |  | 67.3 | %
Middle East |  | 89,346 |  | 12.1 | % |  | 51,891 |  | 7.4 | %
Europe & Africa |  | 64,245 |  | 8.7 | % |  | 57,533 |  | 8.2 | %
Canada |  | 52,833 |  | 7.2 | % |  | 48,279 |  | 6.9 | %
Asia-Pacific |  | 38,624 |  | 5.2 | % |  | 36,832 |  | 5.3 | %
Latin America |  | 37,945 |  | 5.1 | % |  | 34,613 |  | 4.9 | %
Total Revenue |  | $ | 738,864 |  | 100.0 | % |  | $ | 699,913 |  | 100.0 | %
Revenue from External Customers by Products and Services | The following table presents our revenues disaggregated by product line (in thousands):
|  | Year ended December 31,
|  | 2023 |  | 2022
Revenue |  | $ | % |  | $ | %
Drilling Technologies |  | $ | 170,650 |  | 23.2 | % |  | $ | 143,389 |  | 20.6 | %
Downhole Technologies |  | 90,448 |  | 12.2 | % |  | 84,987 |  | 12.1 | %
Subsea Technologies |  | 68,478 |  | 9.3 | % |  | 76,189 |  | 10.9 | %
Stimulation and Intervention |  | 158,327 |  | 21.4 | % |  | 156,331 |  | 22.3 | %
Coiled Tubing |  | 107,301 |  | 14.5 | % |  | 108,620 |  | 15.5 | %
Production Equipment |  | 81,989 |  | 11.1 | % |  | 69,914 |  | 10.0 | %
Valve Solutions |  | 63,875 |  | 8.6 | % |  | 61,605 |  | 8.8 | %
Eliminations |  | (2,204) |  | (0.3) | % |  | (1,122) |  | (0.2) | %
Total revenue |  | $ | 738,864 |  | 100.0 | % |  | $ | 699,913 |  | 100.0 | %

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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