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REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE

4. REVENUE

 

Disaggregation of revenue

 

There is significant homogeneity among the Company’s revenue-generating activities. Across all service lines, the Company provides an integrated “suite of services” to fulfill customer purchase or service orders, which generally includes the provision of personnel, use of Company-owned equipment, and necessary materials and supplies to perform the services.

 

Approximately 99% of the Company’s revenue is generated from operations within the MENA region, with the majority derived from governmental customers, primarily in Saudi Arabia and Oman.

 

 

Information regularly reviewed by the Chief Operating Decision Maker (“CODM”) for purposes of evaluating financial performance and allocating resources is based on the timing of when services are performed during the well lifecycle. Accordingly, the Company has identified two reportable segments: Production Services, which include services performed during the completion and production stages of a well’s lifecycle; and Drilling and Evaluation Services, which include services performed during the well construction stage of a well’s lifecycle.

 

Based on these considerations, the following table provides disaggregated revenue data by the phase in a well’s lifecycle during which revenue has been recorded (in US$ thousands):

 

   Year ended 
Description  December 31,
2025		   December 31,
2024		   December 31,
2023		 
             
Revenue by Phase in Well’s Lifecycle:               
Production Services  $815,999   $878,076   $785,642 
Drilling and Evaluation Services   508,048    423,628    360,273 
Total revenue by phase in well’s life cycle  $1,324,047   $1,301,704   $1,145,915