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Business Segments | 12 Months Ended
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Dec. 31, 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, our customer base, 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. Summary financial data by reportable segment follows (in thousands):
Year ended December 31, 2024 |  | Drilling and Completions |  | Artificial Lift and Downhole |  | Total
Revenue from external customers |  | $ | 470,767 |  |  | 345,680 |  |  | $ | 816,447 |
Intersegment revenue |  | (22) |  |  | — |  |  | (22) |
Total revenue |  | 470,745 |  |  | 345,680 |  |  | 816,425 |
Less: |  |  |  |  |  |
Cost of sales |  | 348,878 |  |  | 212,536 |  |  | 561,414 |
Selling, general and administrative expenses |  | 104,123 |  |  | 84,250 |  |  | 188,373 |
Segment operating income |  | 17,744 |  |  | 48,894 |  |  | 66,638 |
Reconciliation to income (loss) before income taxes |  |  |  |  |  |
Elimination of intersegment expenses |  |  |  |  |  | (22) |
Other corporate expenses |  |  |  |  |  | 30,952 |
Transaction expenses |  |  |  |  |  | 7,728 |
Impairment of intangible assets |  |  |  |  |  | 119,123 |
Gain on sale-leaseback transactions |  |  |  |  |  | (4,860) |
Loss on disposal of assets and other |  |  |  |  |  | 484 |
Interest expense |  |  |  |  |  | 31,490 |
Foreign exchange losses and other, net |  |  |  |  |  | 7,315 |
Loss on extinguishment of debt |  |  |  |  |  | 2,854 |
Loss before income taxes |  |  |  |  |  | $ | (128,426) |
Year ended December 31, 2023 |  | Drilling and Completions |  | Artificial Lift and Downhole |  | Total
Revenue from external customers |  | $ | 502,622 |  |  | 236,312 |  |  | $ | 738,934 |
Intersegment revenue |  | (70) |  |  | — |  |  | (70) |
Total revenue |  | 502,552 |  |  | 236,312 |  |  | 738,864 |
Less: |  |  |  |  |  |
Cost of sales |  | 376,882 |  |  | 157,899 |  |  | 534,781 |
Selling, general and administrative expenses |  | 106,306 |  |  | 46,830 |  |  | 153,136 |
Segment operating income |  | 19,364 |  |  | 31,583 |  |  | 50,947 |
Reconciliation to income (loss) before income taxes |  |  |  |  |  |
Elimination of intersegment expenses |  |  |  |  |  | (70) |
Other corporate expenses |  |  |  |  |  | 27,253 |
Transaction expenses |  |  |  |  |  | 2,892 |
Loss on disposal of assets and other |  |  |  |  |  | 156 |
Interest expense |  |  |  |  |  | 18,297 |
Foreign exchange losses and other, net |  |  |  |  |  | 10,233 |
Loss before income taxes |  |  |  |  |  | $ | (7,814) |
|  | Year ended December 31,
|  | 2024 |  | 2023
Depreciation and amortization |  |  |  |
Drilling and Completions |  | $ | 28,181 |  |  | $ | 29,164 |
Artificial Lift and Downhole |  | 25,349 |  |  | 5,318 |
Corporate |  | 187 |  |  | 246 |
Total depreciation and amortization |  | $ | 53,717 |  |  | $ | 34,728 |
A summary of capital expenditures by reportable segment is as follows (in thousands):
|  | Year ended December 31,
Capital expenditures |  | 2024 |  | 2023
Drilling and Completions |  | $ | 5,974 |  |  | $ | 6,444 |
Artificial Lift and Downhole |  | 1,413 |  |  | 753 |
Corporate |  | 758 |  |  | 747 |
Total capital expenditures |  | $ | 8,145 |  |  | $ | 7,944 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
|  | Year ended December 31,
Assets |  | 2024 |  | 2023
Drilling and Completions |  | $ | 418,583 |  |  | $ | 615,033 |
Artificial Lift and Downhole |  | 371,178 |  |  | 178,785 |
Corporate |  | 26,193 |  |  | 27,243 |
Total assets |  | $ | 815,954 |  |  | $ | 821,061 |
Corporate assets primarily include cash, certain prepaid expenses and deferred loan costs. A summary of long-lived assets by geography is as follows (in thousands):
|  | December 31,
Long-lived assets |  | 2024 |  | 2023
United States |  | $ | 125,373 |  |  | $ | 251,901 |
Canada |  | 172,740 |  |  | 11,131 |
Europe & Africa |  | 19,196 |  |  | 24,846 |
Middle East |  | 2,951 |  |  | 3,508 |
Asia-Pacific |  | 53 |  |  | 67 |
Latin America |  | 4 |  |  | 4 |
Total long-lived assets |  | $ | 320,317 |  |  | $ | 291,457 |
The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):
|  | Year ended December 31,
|  | 2024 |  | 2023
Revenue |  | $ | % |  | $ | %
United States |  | $ | 415,132 |  | 50.9 | % |  | $ | 455,871 |  | 61.7 | %
Canada |  | 152,168 |  | 18.6 | % |  | 52,833 |  | 7.2 | %
Middle East |  | 91,500 |  | 11.2 | % |  | 89,346 |  | 12.1 | %
Europe & Africa |  | 76,712 |  | 9.4 | % |  | 64,245 |  | 8.7 | %
Asia-Pacific |  | 43,971 |  | 5.4 | % |  | 38,624 |  | 5.2 | %
Latin America |  | 36,942 |  | 4.5 | % |  | 37,945 |  | 5.1 | %
Total Revenue |  | $ | 816,425 |  | 100.0 | % |  | $ | 738,864 |  | 100.0 | %
The following table presents our revenues disaggregated by product line (in thousands):
|  | Year ended December 31,
|  | 2024 |  | 2023
Revenue |  | $ | % |  | $ | %
Drilling |  | $ | 143,269 |  | 17.6 | % |  | $ | 168,547 |  | 22.9 | %
Subsea |  | 78,118 |  | 9.6 | % |  | 68,478 |  | 9.3 | %
Stimulation and Intervention |  | 144,879 |  | 17.7 | % |  | 158,296 |  | 21.4 | %
Coiled Tubing |  | 104,501 |  | 12.8 | % |  | 107,301 |  | 14.5 | %
Downhole |  | 207,430 |  | 25.4 | % |  | 90,448 |  | 12.2 | %
Production Equipment |  | 76,251 |  | 9.3 | % |  | 81,989 |  | 11.1 | %
Valve Solutions |  | 61,999 |  | 7.6 | % |  | 63,875 |  | 8.6 | %
Eliminations |  | (22) |  | — | % |  | (70) |  | — | %
Total revenue |  | $ | 816,425 |  | 100.0 | % |  | $ | 738,864 |  | 100.0 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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