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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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 |
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 |  | 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 | %
Schedule of Revenue from External Customers by Products and Services | 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 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 -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 Reference 2: 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 + 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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