v3.26.1
Segments and Related Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
The Company operates through three operating segments: Offshore Manufactured Products, Completion and Production Services and Downhole Technologies. Financial information by operating segment as of and for the three months ended March 31, 2026 and 2025 is summarized in the following tables (in thousands).
Three Months Ended March 31, 2026
Offshore Manufactured Products
Completion and Production Services
Downhole Technologies
Corporate(1)
Total
Revenues$91,419 $21,498 $32,446 $— $145,363 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)65,887 15,894 29,808 — 111,589 
Selling, general and administrative expense8,248 1,222 1,545 9,009 20,024 
Depreciation and amortization expense3,940 2,517 1,539 193 8,189 
Impairment of assets held for sale
— — — 1,384 1,384 
Other operating (income) expense, net
(1,068)(1,625)(1)2,593 (101)
77,007 18,008 32,891 13,179 141,085 
Operating income (loss)$14,412 $3,490 $(445)$(13,179)$4,278 
Capital expenditures$1,767 $2,126 $320 $14 $4,227 
Total assets (as of March 31, 2026)
521,175 96,707 152,326 91,948 862,156 
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(1)Operating loss included $2.5 million of facility exit charges (within other operating expense) associated with assets held for sale.
Three Months Ended March 31, 2025
Offshore Manufactured Products
Completion and Production Services(1)
Downhole TechnologiesCorporateTotal
Revenues$92,596 $34,519 $32,823 $— $159,938 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)66,915 26,905 28,857 — 122,677 
Selling, general and administrative expense8,635 1,996 1,999 9,900 22,530 
Depreciation and amortization expense3,608 4,272 4,029 116 12,025 
Impairment of assets held for sale
— — — — — 
Other operating (income) expense, net
(838)(2,157)62 — (2,933)
78,320 31,016 34,947 10,016 154,299 
Operating income (loss)$14,276 $3,503 $(2,124)$(10,016)$5,639 
Capital expenditures$4,823 $3,525 $791 $19 $9,158 
Total assets (as of March 31, 2025)
506,530 147,665 268,139 68,401 990,735 
________________
(1)Operating income included $0.9 million of facility exit charges.
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2026 and 2025 (in thousands):
Offshore Manufactured ProductsCompletion and Production ServicesDownhole TechnologiesTotal
20262025202620252026202520262025
Three Months Ended March 31
Project-driven:
Products$51,887 $59,124 $— $— $— $— $51,887 $59,124 
Services30,710 24,424 — — — — 30,710 24,424 
Total project-driven82,597 83,548 — — — — 82,597 83,548 
Military and other products8,822 9,048 — — — — 8,822 9,048 
Short-cycle products and services— — 21,498 34,519 32,446 32,823 53,944 67,342 
$91,419 $92,596 $21,498 $34,519 $32,446 $32,823 $145,363 $159,938 
Revenues from products and services transferred to customers over time accounted for approximately 63% and 62% of consolidated revenues for the three months ended March 31, 2026 and 2025, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2026, the Company had $322 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 30% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2026, with an additional 26% recognized in 2027 and the balance thereafter.