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Business Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Financial Data by Segment and Assets by Reportable Segment

Summary financial data by segment follows (in thousands):

						Three Months Ended September 30, 2025																		Nine Months Ended September 30, 2025
						Drilling and Completions						Artificial Lift and Downhole						Total						Drilling and Completions						Artificial Lift and Downhole						Total
Revenue from external customers						$	117,250					$	78,981					$	196,231					$	349,950					$	239,324					$	589,274
Intersegment revenue						219						—						219						325						—						325
Segment revenue						117,469						78,981						196,450						350,275						239,324						589,599
Elimination of intersegment revenue																		(219)																		(325)
Total consolidated revenue																		196,231																		589,274
Less:
Cost of sales						107,980						48,233						156,213						280,545						151,100						431,645
Selling, general and administrative expenses						23,040						18,970						42,010						66,631						58,758						125,389
Segment operating income (loss)						$	(13,551)					$	11,778					$	(1,773)					$	3,099					$	29,466					$	32,565

						Three Months Ended September 30, 2024																		Nine Months Ended September 30, 2024
						Drilling and Completions						Artificial Lift and Downhole						Total						Drilling and Completions						Artificial Lift and Downhole						Total
Revenue from external customers						$	123,580					$	84,226					$	207,806					$	359,670					$	255,737					$	615,407
Intersegment revenue						7						—						7						13						—						13
Segment revenue						123,587						84,226						207,813						359,683						255,737						615,420
Elimination of intersegment revenue																		(7)																		(13)
Total consolidated revenue																		207,806																		615,407
Less:
Cost of sales						90,396						51,681						142,077						266,189						156,663						422,852
Selling, general and administrative expenses						26,161						21,761						47,922						79,030						63,043						142,073
Segment operating income						$	7,030					$	10,784					$	17,814					$	14,464					$	36,031					$	50,495

A reconciliation of segment operating income to income (loss) before income taxes is as follows (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Segment operating income			$	(1,773)					$	17,814					$	32,565					$	50,495
Less:
Other corporate expenses			8,439						8,404						25,628						22,610
Transaction expenses			254						579						489						7,728
Gain on sale-leaseback transactions			(4,279)						—						(11,182)						—
Loss (gain) on disposal of assets and other			(81)						(85)						249						107
Interest expense			4,365						7,650						14,054						25,069
Foreign exchange losses (gains) and other, net			9						9,631						(5,001)						13,864
Loss on extinguishment of debt			—						1,839						—						2,302
Loss before income taxes			$	(10,480)					$	(10,204)					$	8,328					$	(21,185)

A summary of consolidated assets by reportable segment is as follows (in thousands):

			September 30, 2025						December 31, 2024
Drilling and Completions			$	402,445					$	418,583
Artificial Lift and Downhole			357,912						371,178
Corporate			9,735						26,193
Total assets			$	770,092					$	815,954

Schedule of Revenues Disaggregated by Product Line

The following table presents our revenues disaggregated by product line (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Drilling			$	32,234					$	35,741					$	97,193					$	107,714
Subsea			23,582						20,903						68,111						59,537
Stimulation and Intervention			34,271						38,037						104,555						113,823
Coiled Tubing			27,382						28,906						80,416						78,609
Downhole			48,073						50,562						147,025						155,883
Production Equipment			18,647						17,968						58,368						54,508
Valve Solutions			12,261						15,696						33,931						45,346
Eliminations			(219)						(7)						(325)						(13)
Total revenue			$	196,231					$	207,806					$	589,274					$	615,407

Schedule of Revenue Disaggregated by Geography

The following table presents our revenues disaggregated by geography (in thousands):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
United States			$	96,511					$	108,363					$	307,690					$	322,232
Canada			34,583						35,719						97,041						107,694
Middle East			26,275						24,678						67,851						67,411
Europe & Africa			20,925						15,826						59,318						58,481
Asia-Pacific			10,074						10,472						30,582						30,790
Latin America			7,863						12,748						26,792						28,799
Total revenue			$	196,231					$	207,806					$	589,274					$	615,407

X

- 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.

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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.

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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.

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