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Business Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
In the first quarter 2024, following the Variperm Acquisition, we aligned our reportable segments with business activity drivers and the manner in which management reviews and evaluates operating performance. FET now operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Our historical results of operations were recast retrospectively to reflect these changes in accordance with U.S. GAAP.
The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors make decisions on how to allocate resources and assess performance. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.
The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments.
Summary financial data by segment follows (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Revenue
Drilling and Completions$123,587 $118,920 $359,683 $376,026 
Artificial Lift and Downhole84,226 60,357 255,737 177,681 
Eliminations(7)(24)(13)(48)
Total revenue$207,806 $179,253 $615,407 $553,659 
Segment operating income
Drilling and Completions$7,030 $3,868 $14,464 $15,483 
Artificial Lift and Downhole10,784 8,519 36,031 24,121 
Corporate(8,404)(6,861)(22,610)(20,538)
Segment operating income9,410 5,526 27,885 19,066 
Transaction expenses579 — 7,728 — 
Loss (gain) on disposal of assets and other(85)(145)107 137 
Operating income$8,916 $5,671 $20,050 $18,929 
A summary of consolidated assets by reportable segment is as follows (in thousands):
September 30, 2024December 31, 2023
Drilling and Completions$573,395 $615,033 
Artificial Lift and Downhole383,727 178,785 
Corporate16,615 27,243 
Total assets$973,737 $821,061 
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs.
The following table presents our revenues disaggregated by product line (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Drilling$35,741 $41,703 $107,714 $126,918 
Subsea20,903 14,748 59,537 40,894 
Stimulation and Intervention38,037 32,541 113,823 126,241 
Coiled Tubing28,906 29,928 78,609 81,973 
Downhole50,562 23,480 155,883 68,763 
Production Equipment17,968 21,706 54,508 59,268 
Valve Solutions15,696 15,171 45,346 49,650 
Eliminations(7)(24)(13)(48)
Total revenue$207,806 $179,253 $615,407 $553,659 
The following table presents our revenues disaggregated by geography (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
United States$108,363 $103,453 $322,232 $352,183 
Canada35,719 12,333 107,694 40,400 
Middle East24,678 27,359 67,411 64,058 
Europe & Africa15,826 16,832 58,481 39,177 
Asia-Pacific10,472 10,091 30,790 27,623 
Latin America12,748 9,185 28,799 30,218 
Total revenue$207,806 $179,253 $615,407 $553,659