v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [Abstract]  
Schedule of segment information
Certain segment information for the three and six months ended June 30, 2026 and 2025 is as follows (in millions):
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Three Months Ended June 30, 2026
Revenue$113.4 $18.6 $44.5 $176.5 
Employee expenses57.1 6.5 16.5 80.1 
Repair and maintenance10.9 1.4 5.0 17.3 
Other segment items*25.0 7.3 13.0 45.3 
Plus: Severance and reorganization costs0.2 0.2 — 0.4 
Adjusted EBITDA$20.6 $3.6 $10.0 $34.2 
Depreciation and amortization$9.2 $2.4 $3.7 $15.3 
Capital expenditures$6.9 $0.6 $2.8 $10.3 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Six Months Ended June 30, 2026
Revenue$222.5 $29.2 $83.9 $335.6 
Employee expenses110.5 11.7 32.5 154.7 
Repair and maintenance21.6 2.2 9.9 33.7 
Other segment items*49.1 12.0 23.8 84.9 
Plus: Severance and reorganization costs0.2 0.2 — 0.4 
Plus: Acquisition related costs0.5 0.3 — 0.8 
Adjusted EBITDA$42.0 $3.8 $17.7 $63.5 
Depreciation and amortization$19.7 $4.7 $7.2 $31.6 
Capital expenditures$23.0 $0.6 $6.3 $29.9 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Three Months Ended June 30, 2025
Revenue$86.3 $22.1 $32.2 $140.6 
Employee expenses44.8 9.5 17.2 71.5 
Repair and maintenance8.3 2.2 3.8 14.3 
Other segment items*15.6 9.0 4.6 29.2 
Plus: Severance and reorganization costs— 0.2 — 0.2 
Adjusted EBITDA$17.6 $1.6 $6.6 $25.8 
Depreciation and amortization$5.6 $2.6 $2.1 $10.3 
Capital expenditures$7.2 $— $1.6 $8.8 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Six Months Ended June 30, 2025
Revenue$173.8 $39.3 $62.7 $275.8 
Employee expenses89.9 19.0 23.7 132.6 
Repair and maintenance16.3 4.5 6.5 27.3 
Other segment items*32.6 17.5 20.4 70.5 
Plus: Severance and reorganization costs— 0.6 — 0.6 
Plus: Acquisition related costs— 0.4 0.1 0.5 
Adjusted EBITDA$35.0 $(0.7)$12.2 $46.5 
Depreciation and amortization$11.0 $5.3 $4.3 $20.6 
Capital expenditures$14.5 $— $3.3 $17.8 
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* 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 June 30,Six Months Ended June 30,
2026202520262025
Total segment Adjusted EBITDA$34.2 $25.8 $63.5 $46.5 
Other unallocated expenses(5.6)(5.2)(11.6)(10.4)
Impairment of assets— — — (0.4)
Equity based compensation(1.6)(1.7)(3.2)(3.2)
Gain on sale of assets1.2 0.9 1.8 0.2 
Severance and reorganization costs(0.4)(0.1)(0.4)(0.7)
Acquisition related costs(0.4)(0.2)(1.4)(0.6)
Legal fees and settlements— — — (0.3)
Adjustment to contingent consideration(0.4)— (0.7)— 
Employee retention credit— 1.6 — 1.6 
Depreciation and amortization(15.6)(10.9)(31.8)(21.5)
Interest expense, net(1.1)(0.1)(1.9)(0.6)
Income before income taxes10.3 10.1 14.3 10.6 
Income tax expense(3.4)(2.8)(4.4)(2.7)
Net income$6.9 $7.3 $9.9 $7.9