v3.26.1
Segments and Related Information
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2026 and 2025 is summarized in the following tables (in thousands).
Three Months Ended June 30, 2026
Offshore Manufactured ProductsCompletion and Production Services
Downhole Technologies
Corporate(1)
Total
Revenues$92,724 $24,274 $39,661 $— $156,659 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)66,847 17,191 33,913 — 117,951 
Selling, general and administrative expense8,675 1,450 1,550 11,452 23,127 
Depreciation and amortization expense3,932 2,434 1,506 189 8,061 
Impairments of assets held for sale— — — — — 
Other operating (income) expense net(666)(718)(45)(2,763)(4,192)
78,788 20,357 36,924 8,878 144,947 
Operating income (loss)$13,936 $3,917 $2,737 $(8,878)$11,712 
Capital expenditures$743 $1,560 $305 $304 $2,912 
________________
(1)Operating loss included a $4.1 million gain associated with the sale of a previously idled facility held for sale, $1.4 million of facility exit charges associated with assets held for sale (both within other operating (income) expense, net), and $1.7 million in executive transition costs (within selling, general and administrative expenses).
Six Months Ended June 30, 2026
Offshore Manufactured ProductsCompletion and Production ServicesDownhole Technologies
Corporate(1)
Total
Revenues$184,143 $45,772 $72,107 $— $302,022 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)132,734 33,085 63,721 — 229,540 
Selling, general and administrative expense16,923 2,672 3,095 20,461 43,151 
Depreciation and amortization expense7,872 4,951 3,045 382 16,250 
Impairments of assets held for sale— — — 1,384 1,384 
Other operating (income) expense, net(1,734)(2,343)(46)(170)(4,293)
155,795 38,365 69,815 22,057 286,032 
Operating income (loss)$28,348 $7,407 $2,292 $(22,057)$15,990 
Capital expenditures$2,510 $3,686 $625 $318 $7,139 
Total assets (as of June 30, 2026)
$524,281 $92,397 $166,797 $56,016 $839,491 
________________
(1)Operating loss included a $4.1 million gain associated with the sale of a previously idled facility held for sale, $3.9 million of facility exit charges associated with assets held for sale (both within other operating (income) expense, net), $1.7 million in executive transition costs (within selling, general and administrative expenses) and $1.4 million in asset impairment charges associated with assets held for sale.
Three Months Ended June 30, 2025
Offshore Manufactured Products
Completion and Production Services(1)
Downhole Technologies(2)
CorporateTotal
Revenues$106,586 $29,424 $29,396 $— $165,406 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)75,304 23,593 26,443 — 125,340 
Selling, general and administrative expense9,475 2,017 1,999 9,490 22,981 
Depreciation and amortization expense3,703 4,083 4,005 107 11,898 
Impairments of operating lease assets— 403 955 — 1,358 
Other operating (income) expense, net1,115 (2,549)(14)— (1,448)
89,597 27,547 33,388 9,597 160,129 
Operating income (loss)$16,989 $1,877 $(3,992)$(9,597)$5,277 
Capital expenditures$8,003 $1,825 $428 $66 $10,322 
________________
(1)Operating income included $2.2 million of facility exit and other charges.
(2)Operating loss included $1.2 million in costs associated primarily with the exit of a leased facility.
Six Months Ended June 30, 2025
Offshore Manufactured Products
Completion and Production Services(1)
Downhole Technologies(2)
CorporateTotal
Revenues$199,182 $63,943 $62,219 $— $325,344 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)142,219 50,498 55,300 — 248,017 
Selling, general and administrative expense18,110 4,013 3,998 19,390 45,511 
Depreciation and amortization expense7,311 8,355 8,034 223 23,923 
Impairments of operating lease assets— 403 955 — 1,358 
Other operating (income) expense, net277 (4,706)48 — (4,381)
167,917 58,563 68,335 19,613 314,428 
Operating income (loss)$31,265 $5,380 $(6,116)$(19,613)$10,916 
Capital expenditures$12,826 $5,350 $1,219 $85 $19,480 
Total assets (as of June 30, 2025)
$532,179 $134,031 $262,758 $64,777 $993,745 
________________
(1)Operating income included $3.1 million of facility exit and other charges.
(2)Operating loss included $1.2 million in costs associated primarily with the exit of a leased facility.
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and six months ended June 30, 2026 and 2025 (in thousands):
Offshore Manufactured ProductsCompletion and Production ServicesDownhole TechnologiesTotal
20262025202620252026202520262025
Three Months Ended June 30
Project-driven:
Products$51,954 $68,653 $— $— $— $— $51,954 $68,653 
Services32,420 27,907 — — — — 32,420 27,907 
Total project-driven84,374 96,560 — — — — 84,374 96,560 
Military and other products8,350 10,026 — — — — 8,350 10,026 
Short-cycle products and services— — 24,274 29,424 39,661 29,396 63,935 58,820 
$92,724 $106,586 $24,274 $29,424 $39,661 $29,396 $156,659 $165,406 
Offshore Manufactured ProductsCompletion and Production ServicesDownhole TechnologiesTotal
20262025202620252026202520262025
Six Months Ended June 30
Project-driven:
Products$103,841 $127,777 $— $— $— $— $103,841 $127,777 
Services63,130 52,331 — — — — 63,130 52,331 
Total project-driven166,971 180,108 — — — — 166,971 180,108 
Military and other products17,172 19,074 — — — — 17,172 19,074 
Short-cycle products and services— — 45,772 63,943 72,107 62,219 117,879 126,162 
$184,143 $199,182 $45,772 $63,943 $72,107 $62,219 $302,022 $325,344 
Revenues from products and services transferred to customers over time accounted for approximately 61% and 63% of consolidated revenues for the six months ended June 30, 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 June 30, 2026, the Company had $358 million of backlog related to contracts with an original expected duration of greater than one year. Approximately 22% of this backlog is expected to be recognized as revenue over the remainder of 2026, with an additional 32% recognized in 2027 and the balance thereafter.