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v3.26.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Schedule of segment information | Certain segment information for the three months ended March 31, 2026 and 2025 is as follows (in millions):
|  | High Specification Rigs |  | Wireline Services |  | Processing Solutions and Ancillary Services |  | Total
|  | Three Months Ended March 31, 2026
Revenue |  | $ | 106.2 |  |  | $ | 10.6 |  |  | $ | 42.3 |  |  | $ | 159.1 |
Employee expenses |  | 53.4 |  |  | 5.2 |  |  | 16.1 |  |  | 74.7 |
Repair and maintenance |  | 10.7 |  |  | 0.8 |  |  | 4.9 |  |  | 16.4 |
Other segment items* |  | 21.2 |  |  | 4.7 |  |  | 13.6 |  |  | 39.5 |
Plus: Acquisition related costs |  | 0.5 |  |  | — |  |  | 0.3 |  |  | 0.8 |
Adjusted EBITDA |  | $ | 21.4 |  |  | $ | (0.1) |  |  | $ | 8.0 |  |  | $ | 29.3 |
Depreciation and amortization |  | $ | 10.3 |  |  | $ | 2.3 |  |  | $ | 3.7 |  |  | $ | 16.3 |
Capital expenditures |  | $ | 16.1 |  |  | $ | — |  |  | $ | 3.5 |  |  | $ | 19.6 |
|  | High Specification Rigs |  | Wireline Services |  | Processing Solutions and Ancillary Services |  | Total
|  | Three Months Ended March 31, 2025
Revenue |  | $ | 87.5 |  |  | $ | 17.2 |  |  | $ | 30.5 |  |  | $ | 135.2 |
Employee expenses |  | 45.1 |  |  | 9.5 |  |  | 6.5 |  |  | 61.1 |
Repair and maintenance |  | 8.0 |  |  | 2.3 |  |  | 2.7 |  |  | 13.0 |
Other segment items* |  | 17.0 |  |  | 8.5 |  |  | 15.8 |  |  | 41.3 |
Plus: Severance and reorganization costs |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |
Plus: Acquisition related costs |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Adjusted EBITDA |  | $ | 17.4 |  |  | $ | (2.3) |  |  | $ | 5.5 |  |  | $ | 20.7 |
Depreciation and amortization |  | $ | 5.4 |  |  | $ | 2.7 |  |  | $ | 2.2 |  |  | $ | 10.3 |
Capital expenditures |  | $ | 7.3 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | 9.0 |
_____________________________________ * Other Segment Items include Direct Materials, Subcontractor Expense, Reimbursable Expenses, Equipment Rentals, Fuel, Per Diem, Travel & Entertainment, Vehicles and Miscellaneous. These items, including Employee Expenses and Repair and Maintenance, are included in Cost of Services and General and Administrative expense in the Consolidated Statements of Operations. A reconciliation of Adjusted EBITDA to income before income taxes and net income is as follows (in millions):
|  | Three Months Ended March 31,
|  | 2026 |  | 2025
Total segment Adjusted EBITDA |  | $ | 29.3 |  |  | $ | 20.7 |
Other unallocated expenses |  | (6.0) |  |  | (5.2) |
Impairment of assets |  | — |  |  | (0.4) |
Equity based compensation |  | (1.6) |  |  | (1.5) |
Gain (loss) on sale of assets |  | 0.6 |  |  | (0.7) |
Severance and reorganization costs |  | — |  |  | (0.6) |
Acquisition related costs |  | (1.0) |  |  | (0.4) |
Legal fees and settlements |  | — |  |  | (0.3) |
Adjustment to contingent consideration |  | (0.3) |  |  | — |
Depreciation and amortization |  | (16.2) |  |  | (10.6) |
Interest expense, net |  | (0.8) |  |  | (0.5) |
Income before income taxes |  | 4.0 |  |  | 0.5 |
Income tax expense (benefit) |  | (1.0) |  |  | 0.1 |
Net income |  | $ | 3.0 |  |  | $ | 0.6 |

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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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