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Business Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. 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 segment follows (in thousands):
Three Months Ended March 31, 2025Drilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$115,483 $77,796 $193,279 
Intersegment revenue86 — 86 
Segment revenue115,569 77,796 193,365 
Elimination of intersegment revenue(86)
Total consolidated revenue193,279 
Less:
Cost of sales84,354 50,650 135,004 
Selling, general and administrative expenses21,836 19,849 41,685 
Segment operating income$9,379 $7,297 $16,676 
Three Months Ended March 31, 2024Drilling and CompletionsArtificial Lift and DownholeTotal
Revenue from external customers$119,050 $83,342 $202,392 
Intersegment revenue21 — 21 
Segment revenue119,071 83,342 202,413 
Elimination of intersegment revenue(21)
Total consolidated revenue202,392 
Less:
Cost of sales88,036 50,618 138,654 
Selling, general and administrative expenses26,476 20,938 47,414 
Segment operating income$4,559 $11,786 $16,345 
A reconciliation of segment operating income to income (loss) before income taxes is as follows (in thousands):
Three Months Ended
March 31,
20252024
Segment operating income$16,676 $16,345 
Less:
Other corporate expenses
7,698 7,252 
Transaction expenses51 5,921 
Loss (gain) on disposal of assets and other123 (28)
Interest expense4,983 8,760 
Foreign exchange losses (gains) and other, net(1,068)1,227 
Income (loss) before income taxes$4,889 $(6,787)
A summary of consolidated assets by reportable segment is as follows (in thousands):
March 31, 2025December 31, 2024
Drilling and Completions$410,785 $418,583 
Artificial Lift and Downhole352,790 371,178 
Corporate26,535 26,193 
Total assets$790,110 $815,954 
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 Ended
March 31,
20252024
Drilling$32,113 $36,472 
Subsea22,140 21,835 
Stimulation and Intervention37,428 38,560 
Coiled Tubing23,888 22,204 
Downhole47,668 52,243 
Production Equipment19,059 18,482 
Valve Solutions11,069 12,617 
Eliminations(86)(21)
Total revenue$193,279 $202,392 
The following table presents our revenues disaggregated by geography (in thousands):
Three Months Ended
March 31,
20252024
United States$103,903 $111,317 
Canada31,437 35,639 
Europe & Africa19,788 21,602 
Middle East19,645 17,355 
Asia-Pacific10,443 10,168 
Latin America8,063 6,311 
Total revenue$193,279 $202,392