OIL STATES INTERNATIONAL, INC, 10-K/A filed on 3/26/2026
Amended Annual Report
v3.26.1
Cover 10 K - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K/A    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-16337    
Entity Registrant Name Oil States International, Inc    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 76-0476605    
Entity Address, Address Line One Three Allen Center, 333 Clay Street    
Entity Address, Address Line Two Suite 4620    
Entity Address, City or Town Houston    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 77002    
City Area Code 713    
Local Phone Number 652-0582    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 303,757,961
Entity Common Stock, Shares Outstanding (in shares)   60,206,305  
Documents Incorporated by Reference
None.
    
Entity Central Index Key 0001121484    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
NEW YORK STOCK EXCHANGE, INC.      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol OIS    
Security Exchange Name NYSE    
TEXAS      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol OIS    
v3.26.1
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Houston, Texas
Auditor Firm ID 34
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 668,988 $ 692,588 $ 782,283
Costs and expenses:      
Cost of revenues (exclusive of depreciation and amortization expense presented below) 535,734 536,201 606,888
Selling, general and administrative expense 90,425 95,009 94,185
Depreciation and amortization expense 47,439 54,708 60,778
Long-lived and other asset impairments 100,321 24,554 0
Other operating income, net (6,960) (16,195) (2,732)
Costs and expenses 766,959 694,277 759,119
Operating income (loss) (97,971) (1,689) 23,164
Interest expense (7,713) (8,801) (9,570)
Interest income 1,861 1,070 1,381
Other income, net 1,291 1,568 849
Income (loss) before income taxes (102,532) (7,852) 15,824
Income tax provision (6,845) (3,406) (2,933)
Net income (loss) $ (109,377) $ (11,258) $ 12,891
Net income (loss) per share:      
Basic (in dollars per share) $ (1.86) $ (0.18) $ 0.20
Diluted (in dollars per share) $ (1.86) $ (0.18) $ 0.20
Weighted average number of common shares outstanding:      
Basic (in shares) 58,697 62,004 62,690
Diluted (in shares) 58,697 62,004 63,152
Products      
Revenues:      
Revenues $ 436,397 $ 402,565 $ 418,550
Costs and expenses:      
Cost of revenues (exclusive of depreciation and amortization expense presented below) 367,397 314,628 328,815
Services      
Revenues:      
Revenues 232,591 290,023 363,733
Costs and expenses:      
Cost of revenues (exclusive of depreciation and amortization expense presented below) $ 168,337 $ 221,573 $ 278,073
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (109,377) $ (11,258) $ 12,891
Other comprehensive income (loss):      
Currency translation adjustments 13,268 (9,548) 8,957
Comprehensive income (loss) $ (96,109) $ (20,806) $ 21,848
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 69,914 $ 65,363
Accounts receivable, net 202,445 194,336
Inventories, net 183,409 214,836
Assets held for sale 17,350 6,492
Prepaid expenses and other current assets 22,173 17,199
Total current assets 495,291 498,226
Property, plant, and equipment, net 244,382 266,871
Operating lease assets, net 12,731 19,537
Goodwill, net 70,524 69,709
Other intangible assets, net 31,455 125,862
Other noncurrent assets 29,048 24,903
Total assets 883,431 1,005,108
Current liabilities:    
Current portion of long-term debt 53,370 633
Accounts payable 68,090 57,708
Accrued liabilities 38,480 36,861
Current operating lease liabilities 7,286 7,284
Income taxes payable 1,759 2,818
Deferred revenue 97,195 52,399
Total current liabilities 266,180 157,703
Long-term debt 1,670 124,654
Long-term operating lease liabilities 12,654 17,989
Deferred income taxes 5,765 5,350
Other noncurrent liabilities 23,971 18,758
Total liabilities 310,240 324,454
Stockholders’ equity:    
Common stock, $.01 par value, 200,000,000 shares authorized, 80,538,758 shares and 78,605,848 shares issued, respectively 805 786
Additional paid-in capital 1,145,642 1,137,949
Retained earnings 164,283 273,660
Accumulated other comprehensive loss (66,264) (79,532)
Treasury stock, at cost, 20,882,840 and 17,112,853 shares, respectively (671,275) (652,209)
Total stockholders’ equity 573,191 680,654
Total liabilities and stockholders’ equity $ 883,431 $ 1,005,108
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 80,538,758 78,605,848
Treasury stock, shares (in shares) 20,882,840 17,112,853
v3.26.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance at Dec. 31, 2022 $ 689,558 $ 766   $ 1,122,292 $ 272,027 $ (78,941) $ (626,586)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 12,891       12,891    
Currency translation adjustments (excluding intercompany advances) 6,822         6,822  
Currency translation adjustments on intercompany advances 2,135         2,135  
Stock-based compensation expense 6,954   $ 6 6,948      
Surrender of stock to settle taxes on restricted stock awards (1,948)           (1,948)
Stock repurchases (6,867)           (6,867)
Ending balance at Dec. 31, 2023 709,545 772   1,129,240 284,918 (69,984) (635,401)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (11,258)       (11,258)    
Currency translation adjustments (excluding intercompany advances) (2,768)         (2,768)  
Currency translation adjustments on intercompany advances (6,780)         (6,780)  
Stock-based compensation expense 8,723   14 8,709      
Surrender of stock to settle taxes on restricted stock awards (2,596)           (2,596)
Stock repurchases (14,212)           (14,212)
Ending balance at Dec. 31, 2024 680,654 786   1,137,949 273,660 (79,532) (652,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (109,377)       (109,377)    
Currency translation adjustments (excluding intercompany advances) 8,321         8,321  
Currency translation adjustments on intercompany advances 4,947         4,947  
Stock-based compensation expense 7,712   $ 19 7,693      
Surrender of stock to settle taxes on restricted stock awards (2,458)           (2,458)
Stock repurchases (16,608)           (16,608)
Ending balance at Dec. 31, 2025 $ 573,191 $ 805   $ 1,145,642 $ 164,283 $ (66,264) $ (671,275)
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (109,377) $ (11,258) $ 12,891
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization expense 47,439 54,708 60,778
Impairments of long-lived assets, goodwill and assets held for sale 100,321 24,554 0
Impairment of inventories 20,798 0 0
Stock-based compensation expense 7,712 8,723 6,954
Amortization of deferred financing costs 1,515 1,497 1,798
Deferred income tax provision (benefit) 585 (2,356) 226
Gains on disposals of assets (7,701) (18,333) (4,075)
Net gains on extinguishment of 4.75% convertible senior notes (120) (515) 0
Other, net (2,360) (452) (1,001)
Changes in operating assets and liabilities:      
Accounts receivable (4,140) 5,191 17,132
Inventories 3,184 (14,704) (19,793)
Accounts payable and accrued liabilities 5,877 (19,382) (11,743)
Deferred revenue 44,796 15,642 (8,033)
Other operating assets and liabilities, net (3,406) 2,579 1,441
Net cash flows provided by operating activities 105,123 45,894 56,575
Cash flows from investing activities:      
Capital expenditures (31,191) (37,508) (30,653)
Proceeds from disposition of property and equipment 11,836 5,594 5,253
Proceeds from disposition of assets held for sale 8,409 35,070 0
Other, net (108) (454) (186)
Net cash flows provided by (used in) investing activities (11,054) 2,702 (25,586)
Cash flows from financing activities:      
Revolving credit facility borrowings 564 22,739 35,816
Revolving credit facility repayments (564) (22,739) (35,816)
Purchases of 4.75% convertible senior notes (70,440) (10,846) 0
Repayment of 1.50% convertible senior notes 0 0 (17,315)
Other debt and finance lease repayments, net (461) (652) (457)
Payment of financing costs (188) (1,178) (128)
Purchases of treasury stock (16,608) (14,212) (6,867)
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards (2,458) (2,596) (1,948)
Net cash flows used in financing activities (90,155) (29,484) (26,715)
Effect of exchange rate changes on cash and cash equivalents 637 (860) 819
Net change in cash and cash equivalents 4,551 18,252 5,093
Cash and cash equivalents, beginning of period 65,363 47,111 42,018
Cash and cash equivalents, end of period 69,914 65,363 47,111
Cash paid for:      
Interest 7,153 7,439 7,867
Income taxes, net $ 7,087 $ 3,847 $ 1,263
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
Dec. 31, 2023
1.5% Convertible Senior Notes  
Stated interest rate (as a percent) 1.50%
v3.26.1
Organization and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
The Consolidated Financial Statements include the accounts of Oil States International, Inc. (“Oil States” or the “Company”) and its consolidated subsidiaries. Investments in unconsolidated affiliates, in which the Company is able to exercise significant influence, are accounted for using the equity method. All significant intercompany accounts and transactions between the Company and its consolidated subsidiaries have been eliminated in the accompanying Consolidated Financial Statements. The presentation of certain prior-year amounts in the Company’s Consolidated Financial Statements have been conformed to the current-year presentation.
The Company operates through three business segments – Offshore Manufactured Products, Completion and Production Services and Downhole Technologies – and, through its subsidiaries, is a leading provider of specialty products and services to oil and gas and industrial companies around the world. The Company operates in a substantial number of the world’s active resource intensive regions, including: onshore and offshore United States, West Africa, the North Sea, the Middle East, South America and Southeast and Central Asia.
v3.26.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include, but are not limited to, revenue and income recognized over time, goodwill and long-lived asset impairments, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates.
Cash and Cash Equivalents
All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents.
Fair Value of Financial Instruments
The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the 2026 Notes (as defined below), on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2026 Notes as of December 31, 2025, based on quoted market prices (a Level 2 fair value measurement), was comparable to the principal amount of $52.7 million.
Inventories
Inventories consist of consumable oilfield products, manufactured equipment, spare parts for manufactured equipment, and work-in-process. Inventories also include raw materials, labor, subcontractor charges, manufacturing overhead and supplies and are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method. A reserve for excess and/or obsolete inventory is maintained based on the age, turnover, condition, expected near-term utility and market pricing of the goods.
Property, Plant, and Equipment
Property, plant, and equipment are recorded at cost, or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under a finance lease, using the straight-line method over the estimated useful lives of the assets, after allowing for estimated salvage value where applicable. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset.
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of operations.
Goodwill
Goodwill represents the excess of the purchase price for acquired businesses over the allocated fair value of related net assets, reduced by historical impairments. In accordance with current accounting guidance, the Company does not amortize goodwill, but rather assesses goodwill for impairment annually (as of December 1) and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable.
When a quantitative assessment of goodwill is necessary, each reporting unit with goodwill on its balance sheet is assessed separately using relevant events and circumstances. Management estimates the fair value of each reporting unit and compares that fair value to its recorded carrying value. Management utilizes, depending on circumstances, a combination of valuation methodologies including a market approach and an income approach, as well as guideline public company comparables. Projected cash flows are discounted using a long-term weighted average cost of capital for each reporting unit based on estimates of investment returns that would be required by a market participant. As part of the process of assessing goodwill for potential impairment, the total market capitalization of the Company is compared to the sum of the fair values of all reporting units to assess the reasonableness of aggregated fair values. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded based on the excess of the carrying amount over the reporting unit’s fair value.
In connection with the first quarter 2024 realignment of the composition of two reportable segments discussed in Note 1, “Organization and Basis of Presentation,” goodwill of $10.0 million was reassigned from the Offshore Manufactured Products segment to the Downhole Technologies segment based on estimated relative fair values. The Company performed an interim quantitative assessment of goodwill recorded within the Offshore Manufactured Products segment as of February 29, 2024 (prior to realignment) which indicated that the fair value of the reporting unit exceeded its carrying value.
The Company also performed an interim quantitative assessment of goodwill transferred to the Downhole Technologies segment (subsequent to the realignment). This interim assessment indicated that the fair value of the reporting unit was less than its carrying amount and the Company concluded that goodwill reassigned to the Downhole Technologies business was fully impaired. The Company therefore recognized a non-cash goodwill impairment charge totaling $10.0 million in the first quarter of 2024. This impairment charge did not impact the Company’s liquidity position, debt covenants or cash flows.
Management used a combination of valuation methodologies including the income approach and guideline public company comparables. The fair values of each of the Company’s reporting units were determined using significant unobservable inputs (Level 3 fair value measurements). The income approach estimates fair value by discounting the Company’s forecasts of future cash flows by a discount rate (expected return) that a market participant is expected to require on its investment.
Significant assumptions and estimates used in the income approach include, among others, estimated future net annual cash flows and discount rates for each reporting unit, current and anticipated market conditions, estimated growth rates and historical data. These estimates rely upon significant management judgment.
Following goodwill impairments, only the Offshore Manufactured Products segment has remaining goodwill. The Company’s December 1, 2025 qualitative assessment identified no events or changes in circumstances which indicated that, more likely than not, the $71 million carrying value of goodwill on the balance sheet of the Offshore Manufactured Products segment was not recoverable.
Long-Lived Assets
The Company amortizes the cost of long-lived assets, including finite-lived intangible assets, over their estimated useful life. The recoverability of the carrying values of long-lived assets is assessed at the asset group level whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated undiscounted future cash flows. If this assessment indicates that the carrying values will not be
recoverable, an impairment loss equal to the excess of the carrying value over the fair value of the asset group is recognized. The fair value of the asset group is based on appraised values, prices of similar assets (if available), or discounted cash flows.
During 2025, events and circumstances also indicated that the long-lived tangible and intangible assets (totaling $132.1 million as of December 1, 2025) of an asset group within the Downhole Technologies segment may not be recoverable. Management assessed the carrying value of the long-lived assets of this group by comparing its estimates of undiscounted future cash flows to the carrying value of the assets. This assessment indicated that the asset group’s long-lived assets were not recoverable. Management used the income approach (a Level 3 fair value measurement) to estimate fair value by discounting the forecasts of the asset group’s future cash flows by a discount rate (expected return) that a market participant is expected to require on its investment. Significant assumptions and estimates used in the income approach included, among others, estimated future net annual cash flows and discount rates for the asset group, current and anticipated market conditions, estimated growth rates and historical data. These estimates rely upon significant management judgment. The measured fair value of the asset group’s long-lived assets was below its carrying amount, resulting in the recognition of non-cash long-lived asset impairment charges of $91.0 million in the fourth quarter of 2025.
As further discussed in Note 3, “Asset Impairments and Other Charges and Credits” and Note 7, “Operating Leases,” the Company recognized non-cash operating lease impairments, associated with the closure of certain facilities, totaling $2.3 million and $3.8 million in 2025 and 2024, respectively, to reduce the carrying value of the related operating lease assets to their estimated realizable value. Additionally, the Company recognized impairment charges of $10.8 million in 2024 associated with the exit of a service offering.
Leases
The Company leases a portion of its facilities, office space, equipment and vehicles under contracts which provide it with the right to control identified assets. The Company recognizes the right to use identified assets under operating leases (with an initial term of greater than 12 months) as operating lease assets and the related obligations to make payments under the lease arrangements as operating lease liabilities. Finance lease obligations, which are not material, are classified within long-term debt while related assets are included within property, plant and equipment. Lease assets and liabilities are recorded at the commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company’s leases do not provide an implicit interest rate. Therefore, the Company’s incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments.
Most of the Company’s operating leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable lives of lease-related assets and leasehold improvements are limited by the expected lease term. Certain operating lease agreements include rental payments adjusted periodically for inflation. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. While the Company rents or subleases certain real estate to third parties, such amounts are not material. Cash outflows related to operating leases are presented within cash flows from operations.
Research and Development Costs
Costs incurred internally in researching and developing products are charged to expense until technological feasibility has been established for the product. Research and development expenses totaled $5.1 million, $5.2 million and $4.5 million in 2025, 2024 and 2023, respectively, and are reported within cost of revenues in the accompanying consolidated statements of operations.
Foreign Currency and Other Comprehensive Loss
A portion of revenues, earnings and net investments in operations outside the United States are exposed to changes in currency exchange rates. The Company seeks to manage its currency exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. In order to reduce exposure to fluctuations in currency exchange rates, the Company may enter into currency exchange agreements with financial institutions. As of December 31, 2025 and 2024, the Company had no outstanding foreign currency forward purchase contracts.
Gains and losses resulting from balance sheet translation of international operations where the local currency is the functional currency are included as a component of accumulated other comprehensive loss within stockholders’ equity and represent substantially all of the accumulated other comprehensive loss balance. Remeasurements of intercompany advances denominated in a currency other than the functional currency of the entity that are of a long-term investment nature are recognized as a separate component of other comprehensive loss within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany advances that are of a long-term investment nature, are included in the consolidated statements of operations within “other operating income, net” as incurred and were not material during the periods presented.
Revenue and Cost Recognition
The Company’s revenue contracts may include one or more promises to transfer a distinct good or service to the customer, which is referred to as a “performance obligation,” and to which revenue is allocated. The Company recognizes revenue and the related cost when, or as, the performance obligations are satisfied. The majority of significant contracts for custom engineered products have a single performance obligation as no individual good or service is separately identifiable from other performance obligations in the contracts. For contracts with multiple distinct performance obligations, the Company allocates revenue to the identified performance obligations in the contract. The Company’s product sales terms do not include significant post-performance obligations.
The Company’s performance obligations may be satisfied at a point in time or over time as work progresses. Revenues from products and services transferred to customers at a point in time accounted for approximately 39%, 33% and 34% of consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of the Company’s revenue recognized at a point in time is derived from short-term contracts for standard products. Revenue on these contracts is recognized when control over the product has transferred to the customer. Indicators the Company considers in determining when transfer of control to the customer occurs include: right to payment for the product, transfer of legal title to the customer, transfer of physical possession of the product, transfer of risk and customer acceptance of the product.
Revenues from products and services transferred to customers over time accounted for approximately 61%, 67% and 66% of consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of the Company’s revenue recognized over time is for services provided under short-term contracts, with revenue recognized as the customer receives and consumes the services. In addition, the Company manufactures certain products to individual customer specifications under short-term contracts for which control passes to the customer as the performance obligations are fulfilled and for which revenue is recognized over time.
For significant project-related contracts involving custom engineered products within the Offshore Manufactured Products segment (also referred to as “project-driven products”), revenues are typically recognized over time using an input measure such as the percentage of costs incurred to date relative to total estimated costs at completion for each contract (cost-to-cost method). Contract costs include labor, material and overhead. Management believes this method is the most appropriate measure of progress on large contracts. Billings on such contracts in excess of costs incurred and estimated profits are classified as a contract liability (deferred revenue). Costs incurred and estimated profits in excess of billings on these contracts are recognized as a contract asset (a component of accounts receivable).
Contract estimates for project-related contracts involving custom engineered products are based on various assumptions to project the outcome of future events that may span several years. Changes in assumptions that may affect future project costs and margins include production efficiencies, the complexity of the work to be performed and the availability and costs of labor, materials and subcomponents.
As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, contract-related estimates are reviewed regularly. The Company recognizes adjustments in estimated costs and profits on contracts in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss will be incurred on the contract, the full loss is recognized in the period it is identified.
Product costs and service costs include all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. As disclosed in the consolidated statements of operations, product costs and
service costs exclude depreciation and amortization expense and impairment of fixed assets, which are separately presented. Selling, general and administrative costs are charged to expense as incurred.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of products.
As of December 31, 2025, the Company had $322.5 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 35% of this backlog is expected to be recognized as revenue in 2026 and the balance thereafter.
Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded based upon the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect at the time the underlying assets or liabilities are recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the period that includes the enactment date.
As of December 31, 2025, the Company’s total investment in foreign subsidiaries (except for its Canadian and Cyprus operations) is considered to be permanently reinvested outside of the United States. The Company accounts for the U.S. tax effect of global intangible low-taxed income earned by foreign subsidiaries in the period that such income is earned.
The Company records a valuation allowance in the reporting period when management believes that it is more likely than not that any deferred tax asset will not be realized. This assessment requires analysis of changes in tax laws as well as available positive and negative evidence, including consideration of losses in recent years, reversals of temporary differences, forecasts of future income and assessment of future business and tax planning strategies. During 2025, 2024 and 2023, the Company recorded adjustments to valuation allowances primarily with respect to foreign and U.S. state net operating loss (“NOL”) carryforwards, U.S. tax credit carryforwards and other deferred tax assets.
The calculation of tax liabilities involves assessing uncertainties regarding the application of complex tax regulations. The Company recognizes the effect of income tax positions only if those positions are more-likely-than-not to be sustained upon examination by taxing authorities. Recognized income tax positions are measured as the largest amount that is greater than 50 percent likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Receivables and Concentration of Credit Risk
Based on the nature of its customer base, the Company does not believe that it has any significant concentrations of credit risk other than its concentration in the worldwide oil and gas industry. Note 13, “Segments and Related Information,” provides further information with respect to the Company’s geographic revenues and significant customers. The Company evaluates the credit-worthiness of significant customers’ financial condition and, generally, the Company does not require significant collateral from its customers.
Allowances for Doubtful Accounts
The Company maintains allowances for estimated losses resulting from the inability of the Company’s customers to make required payments. Determination of the collectability of amounts due from customers requires management to make judgments regarding future events and trends. Allowances for doubtful accounts are established through an assessment of the Company’s portfolio on an individual customer and consolidated basis taking into account current and expected future market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of customer accounts, and financial condition of the Company’s customers as well as political and economic factors in countries of operations and other customer-specific factors. Based on a review of these factors, the Company establishes or adjusts allowances for trade and unbilled receivables as well as contract assets. If the financial condition of the Company’s customers were to deteriorate further, adversely affecting their ability to make payments, additional allowances may be required. If a customer receivable is deemed to be uncollectible, the receivable is charged-off against allowance for doubtful accounts.
Earnings per Share
Basic earnings per share (“EPS”) on the face of the accompanying consolidated statements of operations is computed by dividing the net income or loss applicable to the Company’s common stockholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income or loss in the numerator excludes the impact, if any, of dilutive common stock equivalents.
Diluted EPS includes the effect, if dilutive, of the Company’s outstanding stock options, restricted stock and convertible securities under the treasury stock method. Currently issued and outstanding shares of restricted stock remain subject to vesting requirements. The Company is required to compute EPS amounts under the two class method in periods with earnings. Holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as holders of outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, undistributed earnings, if any, for each period are allocated based on the participation rights of both the common stockholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis.
Stock-Based Compensation
The fair value of share-based payments is estimated using the quoted market price of the Company’s common stock and pricing models as of the date of grant as further discussed in Note 11, “Long-Term Incentive Compensation.” The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. In addition to service-based awards, the Company issues performance-based awards, which are conditional based upon Company performance. Performance-based award expense, and ultimate vesting, is recognized in an amount that depends on the Company’s probable achievement of specified performance objectives.
Guarantees
During the ordinary course of business, the Company also provides standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by either the Company or its subsidiaries. As of December 31, 2025, the maximum potential amount of future payments that the Company could be required to make under these guarantee agreements (letters of credit) was $12.3 million. The Company has not recorded any liability in connection with these guarantee arrangements. The Company does not believe, based on historical experience and information currently available, that it is likely that any material amounts will be required to be paid under these guarantee arrangements.
Accounting for Contingencies
The Company has contingent liabilities and future claims for which estimates of the amount of the eventual cost to liquidate such liabilities are accrued. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and an assessment of exposure has been made and recorded in an amount estimated to cover the expected loss. Other claims or liabilities have been estimated based on their fair value or management’s experience in such matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, future reported financial results will be impacted by the difference between the accruals and actual amounts paid in settlement. Examples of areas with important estimates of future liabilities include duties, income taxes, litigation, insurance claims and contractual claims and obligations.
Recent Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Consolidated Financial Statements upon adoption.
In 2025, the Company prospectively expanded its income tax disclosures provided in Note 9, “Income Taxes,” in accordance with the FASB guidance (“Accounting Standards Update 2023-09”) issued in December 2023.
v3.26.1
Asset Impairments and Other Charges and Credits
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Asset Impairments and Other Charges and Credits Asset Impairments and Other Charges and Credits
The Company has implemented restructuring initiatives including the consolidation, relocation and exit of certain manufacturing and service locations, the exit of certain product and service offerings, as well as the realignment in 2024 of operations within two of the Company’s reportable segments. The Company also assessed the carrying value of certain long-lived and other assets during 2025 based on the industry outlook regarding overall demand for and pricing of our products and services, other market considerations and management decisions. As a result of these events, actions and assessments, the Company recorded the following charges and credits during the years ended December 31, 2025 and 2024 (in thousands):
Offshore Manufactured ProductsCompletion and Production ServicesDownhole TechnologiesCorporate
Total
Year Ended December 31, 2025
Impairments of:
Intangible assets$— $— $80,248 $— $80,248 
Operating lease assets— 1,307 3,086 — 4,393 
Property, plant and equipment
— — 8,605 — 8,605 
Assets held for sale
— — — 7,075 7,075 
Inventories
— — 20,798 — 20,798 
Facility consolidation and exit, and other charges1,608 9,480 252 298 11,638 
Net gains on extinguishment of debt
— — — (120)(120)
Pre-tax totals$1,608 $10,787 $112,989 $7,253 132,637 
Income tax benefit
1,701 
After-tax total$130,936 
Year Ended December 31, 2024
Impairments of:
Goodwill$— $— $10,000 $— $10,000 
Intangible assets— 10,787 — — 10,787 
Operating lease assets— 3,280 487 — 3,767 
Facility consolidation and exit, and other charges3,364 7,442 123 34 10,963 
Patent defense costs— 2,753 — — 2,753 
Gains on disposition of property held for sale— — — (15,316)(15,316)
Net gains on extinguishment of debt
— — — (515)(515)
Pre-tax totals$3,364 $24,262 $10,610 $(15,797)22,439 
Income tax benefit
430 
After-tax total$22,009 
During 2023, the Offshore Manufactured Products segment recognized facility consolidation charges totaling $2.5 million in connection with the ongoing consolidation and relocation of certain manufacturing and service facilities and the relocation of related equipment, which is included in “Other operating income, net.” Additionally, during 2023, the Completion and Production Services segment recognized $0.6 million in costs associated with the defense of certain patents, which are included in “Selling, general and administrative expense.”
v3.26.1
Details of Selected Balance Sheet Accounts
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Details of Selected Balance Sheet Accounts Details of Selected Balance Sheet Accounts
Additional information regarding selected balance sheet accounts as of December 31, 2025 and 2024 is presented below (in thousands):
December 31,
2025		December 31,
2024
Accounts receivable, net:
Trade$127,607 $128,167 
Unbilled revenue21,870 22,242 
Contract assets47,349 40,101 
Other8,409 6,440 
Total accounts receivable205,235 196,950 
Allowance for doubtful accounts(2,790)(2,614)
$202,445 $194,336 
Allowance for doubtful accounts as a percentage of total accounts receivable1 %1 %
December 31,
2025		December 31,
2024
Deferred revenue (contract liabilities)$97,195 $52,399 
As of December 31, 2025, accounts receivable, net in the United States, the United Kingdom and Singapore represented 51%, 20% and 11%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2025. A summary of activity in allowance for doubtful accounts for the years ended December 31, 2025, 2024 and 2023 is provided in Note 15, “Valuation Allowances.”
For the majority of contracts with customers, the Company receives payments based upon established contractual terms as products are delivered and services are performed. The Company’s larger project-related contracts within the Offshore Manufactured Products segment often provide for customer payments as milestones are achieved.
Contract assets relate to the Company’s right to consideration for work completed but not billed as of December 31, 2025 and 2024 on certain project-related contracts within the Offshore Manufactured Products segment. Contract assets are transferred to unbilled or trade receivables when the right to consideration becomes unconditional. Contract liabilities primarily relate to advance consideration from customers (i.e. milestone payments) for contracts for project-driven products as well as others which require significant advance investment in materials. Consistent with industry practice, the Company classifies assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year. All contracts are reported on the consolidated balance sheets in a net asset (contract asset) or liability (deferred revenue) position on a contract-by-contract basis at the end of each reporting period. In the normal course of business, the Company also receives advance consideration from customers on many other short-term, smaller product and service contracts which is deferred and recognized as revenue once the related performance obligation is satisfied.
For the year ended December 31, 2025, the $7.2 million net increase in contract assets was primarily attributable to $44.2 million in revenue recognized during the year, which was partially offset by $36.4 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $44.8 million in 2025, primarily reflecting $74.7 million in new customer billings which were not recognized as revenue during the year, partially offset by $31.5 million of revenue that was deferred at the beginning of the year.
For the year ended December 31, 2024, the $6.6 million net decrease in contract assets was primarily attributable to $45.3 million transferred to accounts receivable, which was partially offset by $38.5 million in revenue recognized during the year. Deferred revenue (contract liabilities) increased by $15.6 million in 2024, primarily reflecting $32.5 million in new customer billings which were not recognized as revenue during the year, partially offset by the recognition of $16.5 million of revenue that was deferred at the beginning of the year.
December 31,
2025		December 31,
2024
Inventories, net:
Finished goods and purchased products$84,572 $110,850 
Work in process33,281 34,539 
Raw Materials
95,691 108,421 
Total inventories213,544 253,810 
Allowance for excess or obsolete inventories
(30,135)(38,974)
$183,409 $214,836 
During 2025, the Company recognized inventory impairment charges within the Downhole Technologies segment totaling $20.8 million to reduce the carrying value of inventories to their estimated net realizable value based on management’s decision to exit certain products in favor of new technology as well as changes in expectations regarding the near-term utility, customer demand and market pricing of certain goods.
Estimated
Useful Life (years)		December 31,
2025		December 31,
2024
Property, plant and equipment, net:
Land$34,489 $28,721 
Buildings and leasehold improvements1–40210,134 219,990 
Machinery and equipment2–28234,187 240,955 
Completion-related equipment2–10123,636 134,593 
Office furniture and equipment2–1033,596 36,128 
Vehicles3–1014,177 47,315 
Construction in progress16,668 26,846 
Property, plant and equipment666,887 734,548 
Accumulated depreciation(422,505)(467,677)
$244,382 $266,871 
During 2025, certain facilities, equipment and inventory in the Completion and Production Services segment and the Offshore Manufactured Products segment were reclassified to Corporate assets held for sale. The carrying value of assets held for sale was assessed and reduced to estimated net realizable value, resulting in the recognition of an impairment charge of $7.1 million within Corporate operations.
As further discussed in Note 2, “Summary of Significant Accounting Policies,” during 2025 the Company also assessed the carrying value of the long-lived assets of an asset group within the Downhole Technologies segment. As a result of this assessment, the segment recognized non-cash impairment charges of $8.6 million related primarily to machinery and equipment.
During 2024, certain equipment and inventory in the Completion and Production Services segment were reclassified to Corporate assets held for sale. These assets were sold in 2025.
Additionally, the Company sold certain idle facilities and equipment and retired other fully-depreciated completion-related equipment during 2025 and 2024.
For the years ended December 31, 2025, 2024 and 2023, depreciation expense was $32.9 million, $38.3 million and $43.6 million, respectively.
December 31,
2025		December 31,
2024
Other noncurrent assets:
Deferred compensation plan$22,564 $18,245 
Deferred financing costs997 1,619 
Deferred income taxes2,057 1,964 
Other3,430 3,075 
$29,048 $24,903 
December 31,
2025		December 31,
2024
Accrued liabilities:
Accrued compensation$23,573 $22,350 
Accrued taxes, other than income taxes872 1,234 
Insurance liabilities2,972 3,383 
Accrued interest599 1,555 
Accrued commissions2,715 3,237 
Other7,749 5,102 
$38,480 $36,861 
v3.26.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill, by operating segment, for the years ended December 31, 2025 and 2024 were as follows (in thousands):
Offshore Manufactured
Products
Downhole TechnologiesTotal
Balance as of December 31, 2023(1)
$79,867 $— $79,867 
Goodwill associated with transferred operations(2)
(10,000)10,000 — 
Impairment of goodwill(2)
— (10,000)(10,000)
Foreign currency translation(158)— (158)
Balance as of December 31, 2024(1)
69,709 — 69,709 
Foreign currency translation815 — 815 
Balance as of December 31, 2025(1)
$70,524 $— $70,524 
____________________
(1)Net of accumulated impairment losses of $96.5 million as of December 31, 2025 and 2024, and $86.5 million as of December 31, 2023.
(2)For further discussion, see Note 2 “Summary of Significant Accounting Policies.”
Other Intangible Assets
The following table presents the gross carrying amount and the related accumulated amortization for major intangible asset classes as of December 31, 2025 and 2024 (in thousands):
20252024
Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships$123,073 $107,300 $15,773 $122,859 $55,534 $67,325 
Patents/Technology/Know-how68,999 59,605 9,394 70,206 39,699 30,507 
Tradenames and other47,752 41,464 6,288 47,729 19,699 28,030 
$239,824 $208,369 $31,455 $240,794 $114,932 $125,862 
Amortization expense was $14.5 million, $16.4 million and $17.2 million in the years ended December 31, 2025, 2024 and 2023, respectively. The weighted average remaining amortization period for finite-lived intangible assets was 7.9 years as of December 31, 2025 and 9.5 years as of December 31, 2024. Amortization expense is expected to total approximately $6 million in 2026, $5 million in 2027, $4 million in 2028, $3 million in 2029 and $3 million in 2030.
As further discussed in Note 2, “Summary of Significant Accounting Policies,” during 2025 the Company assessed the carrying value of the long-lived assets of an asset group within the Downhole Technologies segment. As a result of this assessment, the segment recognized non-cash impairment charges of $44.7 million related to customer relationships, $19.3 million related to patents/technology/know-how and $16.2 million related to tradenames.
As further discussed in Note 3, “Asset Impairments and Other Charges and Credits,” during 2024 the Company made a strategic decision to exit an underperforming service offering within the Completion and Production Services segment. As a result of this action, the segment recognized non-cash impairment charges of $9.1 million related to customer relationships and $1.7 million related to tradenames.
v3.26.1
Long-term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
As of December 31, 2025 and 2024, long-term debt consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Revolving credit facility(1)
$— $— 
2026 Notes(2)
52,650 122,505 
Other debt and finance lease obligations2,390 2,782 
Total debt55,040 125,287 
Less: Current portion(53,370)(633)
Total long-term debt$1,670 $124,654 
____________________
(1)Unamortized deferred financing costs of $1.0 million and $1.6 million as of December 31, 2025 and December 31, 2024, respectively, are presented in other noncurrent assets.
(2)The outstanding principal amount of the 2026 Notes was $52.7 million as of December 31, 2025 and $123.5 million as of December 31, 2024.
Scheduled maturities of total debt as of December 31, 2025, are as follows (in thousands):
2026$53,370 
2027699 
2028662 
2029307 
20302 
Thereafter— 
$55,040 
Revolving Credit Facility
As of December 31, 2025, the Company had a senior secured credit facility, which provided for an asset-based revolving credit facility (the “ABL Facility”), under which credit availability is subject to a borrowing base calculation.
The ABL Facility was governed by a credit agreement (amended on July 28, 2025 by that certain Fifth Amendment to Credit Agreement and First Amendment to the Guaranty and Security Agreement), with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (as amended, the “ABL Agreement”). The ABL Facility was scheduled to mature on February 16, 2028, with a springing maturity 91 days prior to the stated maturity of any outstanding indebtedness with an outstanding principal balance equal to or greater than $17.5 million, unless as of such date such indebtedness had been refinanced, defeased or adequately reserved for (either against the borrowing base or the maximum revolver amount) or escrowed or cash collateralized in a deposit account.
The ABL Agreement provided funding based on a borrowing base calculation that included eligible U.S. customer accounts receivable and inventory and, effective July 28, 2025, provided for aggregate lender commitments of $100.0 million, including a $25.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement were secured by a pledge of substantially all of the Company’s domestic assets (other than real property) and the stock of certain foreign subsidiaries.
Borrowings under the ABL Agreement bore interest at a rate equal to the Secured Overnight Financing Rate (“SOFR”) (subject to a floor rate of 0%) plus, effective July 28, 2025, a margin of 2.25% to 2.75%, or at a base rate plus a margin of 1.25% to 1.75%, in each case based on average borrowing availability. Monthly, the Company also paid a commitment fee of either 0.375% or 0.50% per annum, based on average unused commitments under the ABL Agreement.
The ABL Agreement placed restrictions on the Company’s ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2026 Notes discussed below), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contained customary default provisions, which, if triggered, could result in acceleration of repayment of all amounts then outstanding. The ABL Agreement also required the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 (i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the “line cap” (which is the lesser of the maximum revolver amount and the borrowing base) and effective July 28, 2025, (b) approximately $11.3 million; (ii) to complete certain specified transactions; or (iii) if an event of default has occurred and is continuing.
As of December 31, 2025, the Company had no borrowings outstanding under the ABL Agreement and $12.3 million of outstanding letters of credit. As of December 31, 2025, the Company was in compliance with its debt covenants under the ABL Agreement.
As further discussed in Note 16, “Subsequent Event,” on January 28, 2026 the Company entered into an amended and restated cash-flow based credit agreement, providing for aggregate lender commitments of up to: $75.0 million under a revolving credit facility and $50.0 million under a multi-draw term loan facility. This amended and restated credit agreement replaced the ABL Facility and ABL Agreement.
2026 Notes
The Company issued $135.0 million aggregate principal amount of its 4.75% convertible senior notes due 2026 (the “2026 Notes) pursuant to an indenture, dated as of March 19, 2021 (the “2026 Indenture”), between the Company and Computershare Trust Company, National Association, as successor trustee.
The following table provides a summary of the Company's purchases of outstanding 2026 Notes during the years ended December 31, 2025 and 2024, with non-cash gains (losses) reported within other income, net (in thousands):
Principal AmountCarrying Value of LiabilityCash Paid
Non-cash
Pre-tax Gains (Losses) Recognized
Year Ended December 31, 2025
70,766 70,560 70,440 120 
Year Ended December 31, 2024
11,500 11,361 10,846 515 
The outstanding 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The conversion rate is 95.3516 shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes (equivalent to a conversion price of $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company’s intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature (if any) in shares of the Company’s common stock. As of December 31, 2025, none of the conditions allowing holders of the 2026 Notes to convert, or requiring the Company to repurchase the 2026 Notes, had been met.
v3.26.1
Operating Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases Operating Leases
Operating Lease Assets
The following table presents the carry value of operating lease assets in the Company’s consolidated balance sheets as of December 31, 2025 and 2024 (in thousands):
20252024
Operating lease assets, net$12,731 $19,537 
Operating lease asset additions are offset by a corresponding increase to operating lease liabilities and do not impact the consolidated statement of cash flows at commencement. The non-cash effect of operating lease additions in 2025, 2024 and 2023 totaled $3.5 million, $1.1 million and $1.3 million, respectively.
The following table provides details regarding the components of operating lease expense based on the initial term of underlying agreements for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Operating lease expense components:
Leases with initial term of greater than 12 months$7,767 $8,588 $8,481 
Leases with initial term of 12 months or less3,028 4,159 4,852 
Total operating lease expense$10,795 $12,747 $13,333 
The Completion and Production Services and Downhole Technologies segments recognized non-cash operating lease asset impairment charges of $1.3 million and $1.0 million, respectively, in 2025 and $3.3 million and $0.5 million, respectively, in 2024 associated with the closure of certain leased facilities.
As further discussed in Note 2, “Summary of Significant Accounting Policies,” during 2025 the Company also assessed the carrying value of the long-lived assets of an asset group within the Downhole Technologies segment. As a result of this assessment, the segment recognized non-cash impairment charges of $2.1 million related to operating lease assets.
Operating Lease Liabilities
The following table provides the scheduled maturities of operating lease liabilities as of December 31, 2025 (in thousands):
2026$8,201 
20276,084 
20283,719 
20292,483 
20301,349 
Thereafter— 
Total lease payments21,836 
Less: Imputed interest(1,896)
Present value of operating lease liabilities19,940 
Less: Current portion(7,286)
Total long-term operating lease liabilities$12,654 
Weighted-average remaining lease term (years)3.3
Weighted-average discount rate7 %
v3.26.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common and Preferred Stock
The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during 2025 and 2024 (in thousands):
IssuedTreasury StockOutstanding
Shares of common stock outstanding – December 31, 202377,219 13,892 63,327 
Restricted stock awards, net of forfeitures1,387 — 1,387 
Shares withheld for taxes on vesting of stock awards— 411 (411)
Purchases of treasury stock— 2,810 (2,810)
Shares of common stock outstanding – December 31, 202478,606 17,113 61,493 
Restricted stock awards, net of forfeitures1,933 — 1,933 
Shares withheld for taxes on vesting of stock awards— 461 (461)
Purchases of treasury stock— 3,309 (3,309)
Shares of common stock outstanding – December 31, 202580,539 20,883 59,656 
As of December 31, 2025 and December 31, 2024, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding.
In October 2024, the Company’s Board of Directors terminated the Company’s existing common stock repurchase program and replaced it with a new $50.0 million authorization for the repurchase of the Company’s common stock, par value $0.01 per share, through October 2026. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate.
During the year ended December 31, 2025, the Company purchased 3.3 million shares of common stock under the program at a total cost of $16.6 million. The amount remaining under the Company’s share repurchase authorization as of December 31, 2025 was $24.7 million.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, reported as a component of stockholders’ equity, primarily relates to fluctuations in currency exchange rates against the U.S. dollar as used to translate certain of the international operations of the Company’s operating segments. Accumulated other comprehensive loss decreased from $79.5 million at December 31, 2024 to $66.3 million at December 31, 2025. For the years ended December 31, 2025 and 2024, currency translation adjustments recognized as a component of other comprehensive income (loss) were primarily attributable to the United Kingdom and Brazil.
During the year ended December 31, 2025, the exchange rates for the British pound and the Brazilian real strengthened by 7% and 13%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $13.3 million. During the year ended December 31, 2024, the exchange rates for the British pound and the Brazilian real weakened by 1% and 22%, respectively, contributing to other comprehensive loss of $9.5 million.
v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Consolidated income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in thousands):
202520242023
United States$(133,022)$(27,024)$3,793 
Foreign30,490 19,172 12,031 
Total$(102,532)$(7,852)$15,824 
The 2025 and 2024 U.S. losses before income taxes included non-cash asset impairment charges of $121.1 million and $24.6 million, respectively.
Components of income tax provision for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in thousands):
202520242023
Current:
United States$(626)$— $— 
U.S. state348 555 1,135 
Foreign6,538 5,207 1,572 
6,260 5,762 2,707 
Deferred:
United States(735)(1,822)2,061 
U.S. state(68)(281)(721)
Foreign1,388 (253)(1,114)
585 (2,356)226 
Total income tax provision$6,845 $3,406 $2,933 
A reconciliation of the U.S. statutory income tax benefit to the total income tax provision for the year ended December 31, 2025 is as follows:
U.S. federal statutory income tax benefit
$(21,532)21.0 %
Effect of cross-border tax laws
1,220 (1.2)%
Tax credits:
U.S. foreign tax credits
1,641 (1.6)%
U.S. other
300 (0.3)%
Nontaxable or nondeductible items:
Non-deductible compensation1,480 (1.4)%
Other1,124 (1.1)%
Changes in valuation allowances against tax assets
21,702 (21.2)%
Other
(770)0.8 %
State income taxes, net of federal benefits(1)
182 (0.2)%
Foreign tax effects:
United Kingdom1,094 (1.1)%
Other foreign jurisdictions
404 (0.4)%
Total income tax provision$6,845 (6.7)%
____________________
(1)The primary drivers of state income taxes are current state taxes and return-to-accrual adjustments in Louisiana, Pennsylvania, and Texas.
A reconciliation of the U.S. statutory income tax provision (benefit) to the total income tax provision for the years ended 2024 and 2023 is as follows:
20242023
U.S. federal statutory income tax provision (benefit)$(1,649)$3,323 
Impairment of goodwill
1,619 — 
Effect of foreign income taxed at different rates1,400 (425)
Foreign income subject to U.S. taxes1,214 931 
Utilization of U.S. foreign tax credits
(1,373)(1,460)
State income taxes, net of federal benefits502 962 
Changes in valuation allowances against tax assets (see Note 15)
760 (2,010)
Non-deductible compensation1,449 1,390 
Other, net
(516)222 
Total income tax provision$3,406 $2,933 
Income taxes paid (net of refunds) by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):
U.S. federal$40 
U.S. state:
Louisiana462 
Other475 
Total state
937 
Foreign:
Brazil1,406 
Canada
631 
United Kingdom2,881 
Other1,192 
Total foreign
6,110 
Total taxes paid, net$7,087 
The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows (in thousands):
20252024
Deferred tax assets:
Foreign tax credit carryforwards$719 $3,423 
Net operating loss carryforwards11,452 14,147 
R&D credit carryforwards
3,487 3,880 
Inventories5,932 8,456 
Operating lease liabilities3,482 4,337 
Employee benefits5,295 4,292 
Deferred revenue
18,790 8,088 
Other5,628 7,835 
Gross deferred tax asset54,785 54,458 
Valuation allowance (see Note 15)
(42,560)(22,088)
Net deferred tax asset12,225 32,370 
Deferred tax liabilities:
Property, plant and equipment
(2,935)(8,895)
Intangible assets(8,438)(21,009)
Operating lease assets(1,905)(3,108)
Other(2,655)(2,744)
Deferred tax liability(15,933)(35,756)
Net deferred tax liability$(3,708)$(3,386)
20252024
Balance sheet classification:
Other non-current assets$2,057 $1,964 
Deferred tax liability(5,765)(5,350)
Net deferred tax liability$(3,708)$(3,386)
The Company had U.S. state NOL carryforwards as of December 31, 2025 totaling $144.2 million, of which $9.1 million were attributable to the acquired GEODynamics operations and subject to certain limitation provisions. As of December 31, 2025, the Company had NOL carryforwards related to certain of its international operations totaling $17.1 million, of which $6.1 million can be carried forward indefinitely and $11.0 million expire between 2026 and 2045. As of December 31, 2025 and 2024, the Company had recorded valuation allowances of $12.7 million and $13.9 million, respectively, with respect to foreign and U.S. state NOL carryforwards.
As of December 31, 2025 and 2024, the Company’s foreign tax credit carryforwards totaled $0.7 million and $3.4 million, respectively. During 2025 and 2024, $0.4 million and $4.3 million, respectively, of the Company’s foreign tax credits expired, and the offsetting valuation allowances were reduced. The remaining foreign tax credits will expire, if unused, in varying amounts from 2028 to 2029. As of December 31, 2025 and 2024, the Company had recorded valuation allowances of $0.7 million and $3.4 million, respectively, with respect to foreign tax credit carryforwards.
As of December 31, 2025 and 2024, the Company’s U.S. research and development tax credit carryforwards totaled $3.5 million and $3.9 million, respectively, which will expire, if unused, between 2032 and 2045. As of December 31, 2025 and 2024, the Company had recorded valuation allowances of $3.5 million and $2.0 million, respectively, with respect to research and development tax credit carryforwards.
As of December 31, 2025 and 2024, the Company had recorded valuation allowances against other U.S. deferred tax assets of $25.7 million and $2.7 million, respectively.
The Company files tax returns in the jurisdictions in which they are required. These returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. The Company believes that it has recorded sufficient tax liabilities and does not expect that the resolution of any examination or audit of its tax returns will have a material adverse effect on its consolidated operating results, financial condition or liquidity.
Tax years subsequent to 2013 (except for 2016) remain open to U.S. federal tax audit. Foreign subsidiary federal tax returns subsequent to 2018 are subject to audit by various foreign tax authorities.
The total amount of unrecognized tax benefits as of December 31, 2025 and 2024 was nil. The Company accrues interest and penalties related to unrecognized tax benefits as a component of the Company’s provision for income taxes. As of December 31, 2025 and 2024, the Company had no accrued interest expense or penalties.
v3.26.1
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
202520242023
Numerators:
Net income (loss)$(109,377)$(11,258)$12,891 
Less: Income attributable to unvested restricted stock awards— — (251)
Numerator for basic net income (loss) per share(109,377)(11,258)12,640 
Effect of dilutive securities:
Unvested restricted stock awards— — 2 
Numerator for diluted net income (loss) per share$(109,377)$(11,258)$12,642 
Denominators:
Weighted average number of common shares outstanding60,834 63,497 63,934 
Less: Weighted average number of unvested restricted stock awards outstanding(2,137)(1,493)(1,244)
Denominator for basic net income (loss) per share58,697 62,004 62,690 
Effect of dilutive securities:
Performance share units— — 462 
Denominator for diluted net income (loss) per share58,697 62,004 63,152 
Net income (loss) per share:
Basic$(1.86)$(0.18)$0.20 
Diluted(1.86)(0.18)0.20 
Shares issuable upon conversion of the Company’s 2026 Notes were excluded from each period due to, among other factors, the Company’s share price.
v3.26.1
Long-Term Incentive Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Long-Term Incentive Compensation Long-Term Incentive Compensation
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of service-based restricted stock awards is determined by the quoted market price of the Company’s common stock on the date of grant. The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period.
Stock-based compensation expense recognized during the years ended December 31, 2025, 2024 and 2023 totaled $7.7 million, $8.7 million and $7.0 million, respectively.
Restricted Stock Awards
The restricted stock program consists of a combination of service-based restricted stock and performance-based restricted stock. The number of performance-based restricted shares ultimately issued under the program is dependent upon achievement of predefined specific performance objectives based on the Company’s cumulative EBITDA over a three-year period.
In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. Service-based restricted stock awards generally vest on a straight-line basis over a three-year term.
The following table presents changes in restricted stock awards and related information for the year ended December 31, 2025 (shares in thousands):
Service-based Restricted StockPerformance- and Service-based Stock Units
Number of SharesWeighted Average Grant Date Fair ValueNumber of UnitsWeighted Average Grant Date Fair ValueTotal Number of Restricted Shares and Units
Unvested, December 31, 20241,513 $6.72 1,033 $6.73 2,546 
Granted1,573 5.32 297 5.31 1,870 
Performance-based reduction(1)
— — (29)9.11 (29)
Vested(820)6.61 (467)6.53 (1,287)
Forfeited(107)5.76 — — (107)
Unvested, December 31, 20252,159 $5.79 834 $6.25 2,993 
____________________
(1)Reflects a reduction in the number of shares issuable upon vesting of the 2023 performance-based stock awards, based on achievement level earned.
The total fair value of restricted stock awards that vested in 2025, 2024 and 2023 was $5.4 million, $4.9 million and $4.7 million, respectively. As of December 31, 2025, there was $8.8 million of total compensation costs related to unvested restricted stock awards not yet recognized, which is expected to be recognized over a weighted average vesting period of 1.6 years.
As of December 31, 2025, approximately 2.9 million shares were available for future grant under the Company’s Amended and Restated Equity Participation Plan.
Long-Term Cash Incentive Awards
The Company issued conditional long-term cash incentive awards (“Cash Awards”) with targeted values of $1.4 million and $1.5 million in 2025 and 2024, respectively. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The ultimate dollar amount to be awarded for each annual grant ranges from zero to a maximum of $2.9 million for the 2025 awards and from zero to a maximum of $3.1 million for the 2024 awards, limited to the targeted award value if the Company’s total stockholder return is negative over the respective performance period. Obligations related to these Cash Awards are classified as liabilities and recognized over the vesting period.
v3.26.1
Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
Defined Contribution Plans
The Company sponsors defined contribution plans, including a 401(k) retirement savings plan (the “401(k) Plan”). Participation in these plans is available to substantially all employees. The Company recognized expenses of $5.7 million, $6.3 million and $7.0 million primarily related to matching contributions under its various defined contribution plans during the years ended December 31, 2025, 2024 and 2023, respectively.
Deferred Compensation Plan
The Company also maintains a nonqualified deferred compensation plan (the “Deferred Compensation Plan”) that permits eligible directors and employees to elect to defer the receipt of all or a portion of their directors’ fees or salary and annual bonuses. The Deferred Compensation Plan permits the Company to make discretionary contributions to an employee’s account. Since inception of the plan, this discretionary contribution provision has been limited to a matching of the employee’s contributions on a basis equivalent to matching permitted under the Company’s 401(k) Plan, but not subject to the IRS limitations on match-eligible compensation. The vesting of Company contributions to participant accounts is equivalent to the vesting requirements of the Company’s 401(k) Plan. The assets of the Deferred Compensation Plan are held in a Rabbi Trust (the “Trust”) and, therefore, are available to satisfy the claims of the Company’s creditors in the event of bankruptcy or insolvency of the Company. Participants have the ability to direct the plan administrator to invest the assets in their individual accounts, including any discretionary contributions made by the Company, in a selection of funds consistent with those in the Company’s 401(k) Plan. Distributions from the Deferred Compensation Plan are made in cash based upon the participants’ specific deferral payment elections. As of December 31, 2025, Trust assets totaled $22.6 million and amounts payable to plan participants totaled $23.8 million, which are classified as “other noncurrent assets” and “other noncurrent liabilities,” respectively, in the Company’s consolidated balance sheet. The fair value of the investments held by the Trust was based on quoted market prices in active markets (a Level 1 fair value measurement).
v3.26.1
Segments and Related Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
The Company’s three reportable segments represent strategic components that are managed separately as each business requires different technologies and marketing strategies. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. The CODM uses segment operating income (loss) to assess segment performance and enable decisions regarding strategic initiatives, capital investments and personnel across the three segments. Accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The Offshore Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. Driven principally by longer-term customer investments for offshore oil and natural gas projects, project-driven product revenues include flexible bearings, advanced connector systems, high-pressure riser systems, managed pressure drilling systems, deepwater mooring systems, cranes, subsea pipeline products and blow-out preventer stack integration. Other products manufactured and offered by the segment include a variety of products for use in industrial, military, alternative energy and other applications outside the oil and gas industry. The segment also offers a broad line of complementary, value-added services including specialty welding, fabrication, cladding and machining services, offshore installation services, and inspection and repair services.
The Completion and Production Services segment provides a broad range of equipment and services that are used to establish and maintain the flow of oil and natural gas from a well throughout its life cycle. In this segment, operations primarily include completion-focused equipment and services and, to a much lesser extent, land drilling services in the United States (prior to the sale of its remaining drilling rigs in August 2024). The segment provides solutions to its customers using its completion tools and highly-trained personnel throughout its service offerings which include wireline support, frac stacks, isolation tools, downhole and extended reach activity, isolation tools (prior to the exit of the service offering in the fourth quarter of 2025) and well testing and flowback operations (prior to the exit of the services offering in the third quarter of 2024).
The Downhole Technologies segment primarily provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. This segment designs, manufactures and markets its consumable engineered products to oilfield service as well as exploration and production companies, which are completing complex wells with longer lateral lengths, increased frac stages and more perforation clusters to increase unconventional well productivity.
Corporate information includes corporate expenses, such as those related to corporate governance, stock-based compensation and other infrastructure support, as well as impacts from corporate-wide decisions for which individual operating units are not evaluated.
Financial information by operating segment for each of the three years ended December 31, 2025, 2024 and 2023, is summarized in the following tables (in thousands):
Year Ended December 31, 2025
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate(4)
Total
Revenues
$431,093 $114,548 $123,347 $— $668,988 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)308,701 93,760 133,273 — 535,734 
Selling, general and administrative expense36,453 6,870 7,580 39,522 90,425 
Depreciation and amortization expense15,210 16,756 15,047 426 47,439 
Long-lived and other asset impairments(5)
— 1,307 91,939 7,075 100,321 
Other operating (income) loss, net
1,565 (8,160)(165)(200)(6,960)
361,929 110,533 247,674 46,823 766,959 
Operating income (loss)$69,164 $4,015 $(124,327)$(46,823)$(97,971)
Capital expenditures
$17,613 $11,722 $1,621 $235 $31,191 
Total assets (as of December 31)
546,839 100,869 148,595 87,128 883,431 
________________
(1)Operating income included $1.6 million of facility consolidation and other charges.
(2)Operating income included $10.8 million of asset impairment, facility consolidation and exit, and other charges.
(3)Operating loss included $113.0 million of asset impairment and other charges.
(4)Operating loss included $7.4 million of asset impairment and other charges.
(5)See Note 3 “Asset Impairments and Other Charges and Credits” for further discussion of these and other charges.
Year Ended December 31, 2024
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate(4)
Total
Revenues
$397,900 $163,902 $130,786 $— $692,588 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)279,754 141,393 115,054 — 536,201 
Selling, general and administrative expense37,029 10,813 9,427 37,740 95,009 
Depreciation and amortization expense15,205 22,143 16,808 552 54,708 
Long-lived and other asset impairments(5)
— 14,067 10,487 — 24,554 
Other operating (income) loss, net
633 (1,289)(86)(15,453)(16,195)
332,621 187,127 151,690 22,839 694,277 
Operating income (loss)$65,279 $(23,225)$(20,904)$(22,839)$(1,689)
Capital expenditures
$18,428 $17,920 $1,140 $20 $37,508 
Total assets (as of December 31)
510,374 152,485 265,240 77,009 1,005,108 
________________
(1)Operating income included $3.4 million of facility consolidation and other charges.
(2)Operating loss included $24.3 million of asset impairment, facility consolidation and exit, patent defense and other charges.
(3)Operating loss included $10.6 million of asset impairment and other charges.
(4)Operating loss included a net gain of $15.3 million associated with the sale of a previously idled facility.
(5)See Note 3 “Asset Impairments and Other Charges and Credits” for further discussion of these and other charges.
Year Ended December 31, 2023
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate
Total
Revenues
$381,711 $242,633 $157,939 $— $782,283 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)274,591 196,158 136,139 — 606,888 
Selling, general and administrative expense34,430 9,417 9,457 40,881 94,185 
Depreciation and amortization expense16,357 25,318 18,467 636 60,778 
Other operating (income) loss, net
44 (2,141)(250)(385)(2,732)
325,422 228,752 163,813 41,132 759,119 
Operating income (loss)$56,289 $13,881 $(5,874)$(41,132)$23,164 
Capital expenditures
$9,235 $19,125 $1,825 $468 $30,653 
Total assets
521,923 191,630 278,151 54,782 1,046,486 
________________
(1)Operating income included $2.5 million of facility consolidation and other charges.
(2)Operating income included $0.6 million in costs associated with the defense of certain patents.
(3)Operating loss included $3.2 million in provisions for excess and obsolete inventories.
See Note 2, “Summary of Significant Accounting Policies,” Note 3, “Asset Impairments and Other Charges and Credits,” Note 4, “Details of Selected Balance Sheet Accounts,” and Note 7, “Operating Leases” for further discussion of these and other charges and benefits.
No customer individually accounted for greater than 10% of the Company’s 2025, 2024 or 2023 consolidated revenues or individually accounted for greater than 10% of the Company’s consolidated accounts receivable as of December 31, 2025.
The Company’s Offshore Manufactured Products segment has numerous facilities around the world that generate both product and service revenues, and it is common for the segment to provide both installation and other services for products it manufactures. While substantially all depreciation and amortization expense for the Offshore Manufactured Products segment relates to cost of revenues, it does not segregate or capture depreciation or amortization expense between product and service cost. For the Downhole Technologies segment, substantially all depreciation and amortization expense relates to cost of products while substantially all depreciation and amortization expense for the Completion and Production Services segment relates to cost of services. Operating income (loss) excludes equity in net income of unconsolidated affiliates, which is immaterial and not reported separately herein.
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Offshore Manufactured Products
Completion and Production Services
Downhole Technologies
202520242023202520242023202520242023
Project-driven:
Products$275,288 $232,867 $235,080 $— $— $— $— $— $— 
Services115,351 123,906 112,742 — — — — — — 
Total project-driven390,639 356,773 347,822 — — — — — — 
Military and other products40,454 41,127 33,889 — — — — — — 
Short-cycle products and services— — — 114,548 163,902 242,633 123,347 130,786 157,939 
$431,093 $397,900 $381,711 $114,548 $163,902 $242,633 $123,347 $130,786 $157,939 
Financial information by geographic location for the years ended December 31, 2025, 2024 and 2023, is summarized below (in thousands). Revenues are attributable to countries based on the location of the entity selling the products or performing the services and include export sales. Long-lived assets are attributable to countries based on the physical location of the operations and its operating assets and do not include intercompany receivable balances.
United StatesUnited KingdomSingaporeOtherTotal
2025
Revenues from unaffiliated customers$410,564 $120,124 $54,131 $84,169 $668,988 
Long-lived assets216,696 79,519 24,281 38,596 359,092 
2024
Revenues from unaffiliated customers$484,945 $103,814 $38,835 $64,994 $692,588 
Long-lived assets354,487 75,014 16,090 36,388 481,979 
2023
Revenues from unaffiliated customers$594,808 $81,643 $48,131 $57,701 $782,283 
Long-lived assets407,457 79,607 6,485 41,687 535,236 
v3.26.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise covered by insurance, will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.
v3.26.1
Valuation Allowances
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Valuation Allowances Valuation Allowances
Activity in the valuation accounts was as follows (in thousands):
Balance at Beginning of PeriodCharged to Costs and ExpensesDeductions (net of recoveries)Translation and Other, NetBalance at End of Period
Year Ended December 31, 2025:
Allowance for doubtful accounts receivable$2,614 $650 $(820)$346 $2,790 
Allowance for excess or obsolete inventory38,974 1,551 (8,329)(2,061)30,135 
Valuation allowance on deferred tax assets(1)
22,088 21,702 (1,329)99 42,560 
Year Ended December 31, 2024:
Allowance for doubtful accounts receivable$4,497 $933 $(2,792)$(24)$2,614 
Allowance for excess or obsolete inventory41,745 3,108 (5,804)(75)38,974 
Valuation allowance on deferred tax assets(2)
29,638 760 (8,023)(287)22,088 
Year Ended December 31, 2023:
Allowance for doubtful accounts receivable$5,226 $(336)$(428)$35 $4,497 
Allowance for excess or obsolete inventory37,681 5,229 (1,437)272 41,745 
Valuation allowance on deferred tax assets(3)
36,749 (2,010)(5,020)(81)29,638 
________________
(1)As further discussed in Note 9, “Income Taxes,” the $1.3 million reduction in the valuation allowance on deferred tax assets in 2025 was primarily attributable to reductions in other deferred tax assets and the expiration of foreign tax credits.
(2)As further discussed in Note 9, “Income Taxes,” the $8.0 million reduction in the valuation allowance on deferred tax assets in 2024 was primarily attributable to the expiration of foreign tax credit carryforwards as well as reductions in other deferred tax assets.
(3)As further discussed in Note 9, “Income Taxes,” the $5.0 million reduction in the valuation allowance on deferred tax assets in 2023 was primarily attributable to the expiration of foreign tax credit carryforwards.
v3.26.1
Subsequent Event
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On January 28, 2026, the Company entered into an amended and restated credit agreement (the “Cash Flow Credit Agreement”) among the Company, Wells Fargo Bank, National Association as administrative agent and the lenders and other financial institutions from time to time party thereto. The Cash Flow Credit Agreement amends and restates in its entirety the ABL Agreement discussed in Note 6, “Long-term Debt.” The Cash Flow Credit Agreement provides for credit facilities with total commitments of $125.0 million, consisting of a $75.0 million revolving credit facility (including a $40.0 million sub-limit for the issuance of letters of credit) and a $50.0 million multi-draw term loan facility, which is available through July 28, 2026, with each credit facility maturing on January 28, 2030. Commitments under the Revolving Credit Facility may be increased, at the Company’s option and under certain conditions, by up to an additional $50.0 million in the aggregate.
As of February 20, 2026, the Company had no borrowings outstanding under the Cash Flow Credit Agreement and $12.1 million of outstanding letters of credit, leaving $112.9 million available to be drawn.
Borrowings under the Cash Flow Credit Agreement bear interest at a rate equal to Term SOFR plus a margin of 2.50% to 3.50%, or at a base rate plus a margin of 1.50% to 2.50%, in each case based on total net leverage ratio (as defined below). The Company must also pay a commitment fee of 0.375% to 0.500% per annum on unused commitments under the Cash Flow Credit Facilities based on the Consolidated Total Net Leverage Ratio (as defined in the Cash Flow Credit Agreement).
The Cash Flow Credit Agreement contains customary financial covenants and restrictions. Specifically, the Company must maintain an interest coverage ratio, defined as the ratio of Consolidated EBITDA to Consolidated Interest Expense (as defined in the Cash Flow Credit Agreement), of not less than 3.00 to 1.00 and a total net leverage ratio, defined as the ratio of total net debt to Consolidated EBITDA, of no more than 2.50 to 1.00, provided that under certain circumstances that maintenance requirement shall be for a total net leverage ratio of no more than 3.25 to 1.00, subject to the Company being required to satisfy and maintain a senior secured net leverage ratio, defined as the ratio of senior secured net debt to Consolidated EBITDA, of no more than 2.00 to 1.00.
Each of the factors considered in the calculation of these ratios are defined in the Cash Flow Credit Agreement. Consolidated EBITDA and Consolidated Interest Expense, as defined in the Cash Flow Credit Agreement, exclude goodwill, intangible and fixed asset impairments, losses on extinguishment of debt, debt discount amortization, stock-based compensation expense and other non-cash charges.
Borrowings under the Cash Flow Credit Agreement are secured by a pledge of substantially all of the Company’s and the guarantors’ assets located in the United States and the stock of certain foreign subsidiaries. The Cash Flow Credit Agreement also contains negative covenants that limit the Company’s ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions. Under the Cash Flow Credit Agreement, the occurrence of specified change of control events involving the Company would constitute an event of default that would permit the banks to, among other things, accelerate the maturity of the facility and cause it to become immediately due and payable in full.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Consolidation The Consolidated Financial Statements include the accounts of Oil States International, Inc. (“Oil States” or the “Company”) and its consolidated subsidiaries. Investments in unconsolidated affiliates, in which the Company is able to exercise significant influence, are accounted for using the equity method. All significant intercompany accounts and transactions between the Company and its consolidated subsidiaries have been eliminated in the accompanying Consolidated Financial Statements.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include, but are not limited to, revenue and income recognized over time, goodwill and long-lived asset impairments, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the 2026 Notes (as defined below), on the accompanying consolidated balance sheets approximate their fair values.
Inventories
Inventories
Inventories consist of consumable oilfield products, manufactured equipment, spare parts for manufactured equipment, and work-in-process. Inventories also include raw materials, labor, subcontractor charges, manufacturing overhead and supplies and are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method. A reserve for excess and/or obsolete inventory is maintained based on the age, turnover, condition, expected near-term utility and market pricing of the goods.
Property, Plant, and Equipment
Property, Plant, and Equipment
Property, plant, and equipment are recorded at cost, or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under a finance lease, using the straight-line method over the estimated useful lives of the assets, after allowing for estimated salvage value where applicable. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset.
Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of operations.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price for acquired businesses over the allocated fair value of related net assets, reduced by historical impairments. In accordance with current accounting guidance, the Company does not amortize goodwill, but rather assesses goodwill for impairment annually (as of December 1) and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable.
When a quantitative assessment of goodwill is necessary, each reporting unit with goodwill on its balance sheet is assessed separately using relevant events and circumstances. Management estimates the fair value of each reporting unit and compares that fair value to its recorded carrying value. Management utilizes, depending on circumstances, a combination of valuation methodologies including a market approach and an income approach, as well as guideline public company comparables. Projected cash flows are discounted using a long-term weighted average cost of capital for each reporting unit based on estimates of investment returns that would be required by a market participant. As part of the process of assessing goodwill for potential impairment, the total market capitalization of the Company is compared to the sum of the fair values of all reporting units to assess the reasonableness of aggregated fair values. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded based on the excess of the carrying amount over the reporting unit’s fair value.
In connection with the first quarter 2024 realignment of the composition of two reportable segments discussed in Note 1, “Organization and Basis of Presentation,” goodwill of $10.0 million was reassigned from the Offshore Manufactured Products segment to the Downhole Technologies segment based on estimated relative fair values. The Company performed an interim quantitative assessment of goodwill recorded within the Offshore Manufactured Products segment as of February 29, 2024 (prior to realignment) which indicated that the fair value of the reporting unit exceeded its carrying value.
The Company also performed an interim quantitative assessment of goodwill transferred to the Downhole Technologies segment (subsequent to the realignment). This interim assessment indicated that the fair value of the reporting unit was less than its carrying amount and the Company concluded that goodwill reassigned to the Downhole Technologies business was fully impaired. The Company therefore recognized a non-cash goodwill impairment charge totaling $10.0 million in the first quarter of 2024. This impairment charge did not impact the Company’s liquidity position, debt covenants or cash flows.
Management used a combination of valuation methodologies including the income approach and guideline public company comparables. The fair values of each of the Company’s reporting units were determined using significant unobservable inputs (Level 3 fair value measurements). The income approach estimates fair value by discounting the Company’s forecasts of future cash flows by a discount rate (expected return) that a market participant is expected to require on its investment.
Significant assumptions and estimates used in the income approach include, among others, estimated future net annual cash flows and discount rates for each reporting unit, current and anticipated market conditions, estimated growth rates and historical data. These estimates rely upon significant management judgment.
Following goodwill impairments, only the Offshore Manufactured Products segment has remaining goodwill. The Company’s December 1, 2025 qualitative assessment identified no events or changes in circumstances which indicated that, more likely than not, the $71 million carrying value of goodwill on the balance sheet of the Offshore Manufactured Products segment was not recoverable.
Long-Lived Assets
Long-Lived Assets
The Company amortizes the cost of long-lived assets, including finite-lived intangible assets, over their estimated useful life. The recoverability of the carrying values of long-lived assets is assessed at the asset group level whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated undiscounted future cash flows. If this assessment indicates that the carrying values will not be
recoverable, an impairment loss equal to the excess of the carrying value over the fair value of the asset group is recognized. The fair value of the asset group is based on appraised values, prices of similar assets (if available), or discounted cash flows.
During 2025, events and circumstances also indicated that the long-lived tangible and intangible assets (totaling $132.1 million as of December 1, 2025) of an asset group within the Downhole Technologies segment may not be recoverable. Management assessed the carrying value of the long-lived assets of this group by comparing its estimates of undiscounted future cash flows to the carrying value of the assets. This assessment indicated that the asset group’s long-lived assets were not recoverable. Management used the income approach (a Level 3 fair value measurement) to estimate fair value by discounting the forecasts of the asset group’s future cash flows by a discount rate (expected return) that a market participant is expected to require on its investment. Significant assumptions and estimates used in the income approach included, among others, estimated future net annual cash flows and discount rates for the asset group, current and anticipated market conditions, estimated growth rates and historical data. These estimates rely upon significant management judgment. The measured fair value of the asset group’s long-lived assets was below its carrying amount, resulting in the recognition of non-cash long-lived asset impairment charges of $91.0 million in the fourth quarter of 2025.
Leases
Leases
The Company leases a portion of its facilities, office space, equipment and vehicles under contracts which provide it with the right to control identified assets. The Company recognizes the right to use identified assets under operating leases (with an initial term of greater than 12 months) as operating lease assets and the related obligations to make payments under the lease arrangements as operating lease liabilities. Finance lease obligations, which are not material, are classified within long-term debt while related assets are included within property, plant and equipment. Lease assets and liabilities are recorded at the commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company’s leases do not provide an implicit interest rate. Therefore, the Company’s incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments.
Most of the Company’s operating leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable lives of lease-related assets and leasehold improvements are limited by the expected lease term. Certain operating lease agreements include rental payments adjusted periodically for inflation. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. While the Company rents or subleases certain real estate to third parties, such amounts are not material. Cash outflows related to operating leases are presented within cash flows from operations.
Research and Development Costs
Research and Development Costs
Costs incurred internally in researching and developing products are charged to expense until technological feasibility has been established for the product.
Foreign Currency and Other Comprehensive Loss
Foreign Currency and Other Comprehensive Loss
A portion of revenues, earnings and net investments in operations outside the United States are exposed to changes in currency exchange rates. The Company seeks to manage its currency exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. In order to reduce exposure to fluctuations in currency exchange rates, the Company may enter into currency exchange agreements with financial institutions. As of December 31, 2025 and 2024, the Company had no outstanding foreign currency forward purchase contracts.
Gains and losses resulting from balance sheet translation of international operations where the local currency is the functional currency are included as a component of accumulated other comprehensive loss within stockholders’ equity and represent substantially all of the accumulated other comprehensive loss balance. Remeasurements of intercompany advances denominated in a currency other than the functional currency of the entity that are of a long-term investment nature are recognized as a separate component of other comprehensive loss within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany advances that are of a long-term investment nature, are included in the consolidated statements of operations within “other operating income, net” as incurred and were not material during the periods presented.
Revenue and Cost Recognition
Revenue and Cost Recognition
The Company’s revenue contracts may include one or more promises to transfer a distinct good or service to the customer, which is referred to as a “performance obligation,” and to which revenue is allocated. The Company recognizes revenue and the related cost when, or as, the performance obligations are satisfied. The majority of significant contracts for custom engineered products have a single performance obligation as no individual good or service is separately identifiable from other performance obligations in the contracts. For contracts with multiple distinct performance obligations, the Company allocates revenue to the identified performance obligations in the contract. The Company’s product sales terms do not include significant post-performance obligations.
The Company’s performance obligations may be satisfied at a point in time or over time as work progresses. Revenues from products and services transferred to customers at a point in time accounted for approximately 39%, 33% and 34% of consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of the Company’s revenue recognized at a point in time is derived from short-term contracts for standard products. Revenue on these contracts is recognized when control over the product has transferred to the customer. Indicators the Company considers in determining when transfer of control to the customer occurs include: right to payment for the product, transfer of legal title to the customer, transfer of physical possession of the product, transfer of risk and customer acceptance of the product.
Revenues from products and services transferred to customers over time accounted for approximately 61%, 67% and 66% of consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of the Company’s revenue recognized over time is for services provided under short-term contracts, with revenue recognized as the customer receives and consumes the services. In addition, the Company manufactures certain products to individual customer specifications under short-term contracts for which control passes to the customer as the performance obligations are fulfilled and for which revenue is recognized over time.
For significant project-related contracts involving custom engineered products within the Offshore Manufactured Products segment (also referred to as “project-driven products”), revenues are typically recognized over time using an input measure such as the percentage of costs incurred to date relative to total estimated costs at completion for each contract (cost-to-cost method). Contract costs include labor, material and overhead. Management believes this method is the most appropriate measure of progress on large contracts. Billings on such contracts in excess of costs incurred and estimated profits are classified as a contract liability (deferred revenue). Costs incurred and estimated profits in excess of billings on these contracts are recognized as a contract asset (a component of accounts receivable).
Contract estimates for project-related contracts involving custom engineered products are based on various assumptions to project the outcome of future events that may span several years. Changes in assumptions that may affect future project costs and margins include production efficiencies, the complexity of the work to be performed and the availability and costs of labor, materials and subcomponents.
As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, contract-related estimates are reviewed regularly. The Company recognizes adjustments in estimated costs and profits on contracts in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss will be incurred on the contract, the full loss is recognized in the period it is identified.
Product costs and service costs include all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. As disclosed in the consolidated statements of operations, product costs and
service costs exclude depreciation and amortization expense and impairment of fixed assets, which are separately presented. Selling, general and administrative costs are charged to expense as incurred.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of products.
Income Taxes
Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded based upon the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect at the time the underlying assets or liabilities are recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the period that includes the enactment date.
As of December 31, 2025, the Company’s total investment in foreign subsidiaries (except for its Canadian and Cyprus operations) is considered to be permanently reinvested outside of the United States. The Company accounts for the U.S. tax effect of global intangible low-taxed income earned by foreign subsidiaries in the period that such income is earned.
The Company records a valuation allowance in the reporting period when management believes that it is more likely than not that any deferred tax asset will not be realized. This assessment requires analysis of changes in tax laws as well as available positive and negative evidence, including consideration of losses in recent years, reversals of temporary differences, forecasts of future income and assessment of future business and tax planning strategies. During 2025, 2024 and 2023, the Company recorded adjustments to valuation allowances primarily with respect to foreign and U.S. state net operating loss (“NOL”) carryforwards, U.S. tax credit carryforwards and other deferred tax assets.
The calculation of tax liabilities involves assessing uncertainties regarding the application of complex tax regulations. The Company recognizes the effect of income tax positions only if those positions are more-likely-than-not to be sustained upon examination by taxing authorities. Recognized income tax positions are measured as the largest amount that is greater than 50 percent likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Receivables and Concentration of Credit Risk
Receivables and Concentration of Credit Risk
Based on the nature of its customer base, the Company does not believe that it has any significant concentrations of credit risk other than its concentration in the worldwide oil and gas industry. Note 13, “Segments and Related Information,” provides further information with respect to the Company’s geographic revenues and significant customers. The Company evaluates the credit-worthiness of significant customers’ financial condition and, generally, the Company does not require significant collateral from its customers.
Allowances for Doubtful Accounts
Allowances for Doubtful Accounts
The Company maintains allowances for estimated losses resulting from the inability of the Company’s customers to make required payments. Determination of the collectability of amounts due from customers requires management to make judgments regarding future events and trends. Allowances for doubtful accounts are established through an assessment of the Company’s portfolio on an individual customer and consolidated basis taking into account current and expected future market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of customer accounts, and financial condition of the Company’s customers as well as political and economic factors in countries of operations and other customer-specific factors. Based on a review of these factors, the Company establishes or adjusts allowances for trade and unbilled receivables as well as contract assets. If the financial condition of the Company’s customers were to deteriorate further, adversely affecting their ability to make payments, additional allowances may be required. If a customer receivable is deemed to be uncollectible, the receivable is charged-off against allowance for doubtful accounts.
Earnings per Share
Earnings per Share
Basic earnings per share (“EPS”) on the face of the accompanying consolidated statements of operations is computed by dividing the net income or loss applicable to the Company’s common stockholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income or loss in the numerator excludes the impact, if any, of dilutive common stock equivalents.
Diluted EPS includes the effect, if dilutive, of the Company’s outstanding stock options, restricted stock and convertible securities under the treasury stock method. Currently issued and outstanding shares of restricted stock remain subject to vesting requirements. The Company is required to compute EPS amounts under the two class method in periods with earnings. Holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as holders of outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, undistributed earnings, if any, for each period are allocated based on the participation rights of both the common stockholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis.
Stock-Based Compensation
Stock-Based Compensation
The fair value of share-based payments is estimated using the quoted market price of the Company’s common stock and pricing models as of the date of grant as further discussed in Note 11, “Long-Term Incentive Compensation.” The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. In addition to service-based awards, the Company issues performance-based awards, which are conditional based upon Company performance. Performance-based award expense, and ultimate vesting, is recognized in an amount that depends on the Company’s probable achievement of specified performance objectives.
Guarantees
Guarantees
During the ordinary course of business, the Company also provides standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by either the Company or its subsidiaries. As of December 31, 2025, the maximum potential amount of future payments that the Company could be required to make under these guarantee agreements (letters of credit) was $12.3 million. The Company has not recorded any liability in connection with these guarantee arrangements. The Company does not believe, based on historical experience and information currently available, that it is likely that any material amounts will be required to be paid under these guarantee arrangements.
Accounting for Contingencies
Accounting for Contingencies
The Company has contingent liabilities and future claims for which estimates of the amount of the eventual cost to liquidate such liabilities are accrued. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and an assessment of exposure has been made and recorded in an amount estimated to cover the expected loss. Other claims or liabilities have been estimated based on their fair value or management’s experience in such matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, future reported financial results will be impacted by the difference between the accruals and actual amounts paid in settlement. Examples of areas with important estimates of future liabilities include duties, income taxes, litigation, insurance claims and contractual claims and obligations.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Consolidated Financial Statements upon adoption.
In 2025, the Company prospectively expanded its income tax disclosures provided in Note 9, “Income Taxes,” in accordance with the FASB guidance (“Accounting Standards Update 2023-09”) issued in December 2023.
v3.26.1
Asset Impairments and Other Charges and Credits (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Asset Impairment Charges As a result of these events, actions and assessments, the Company recorded the following charges and credits during the years ended December 31, 2025 and 2024 (in thousands):
Offshore Manufactured ProductsCompletion and Production ServicesDownhole TechnologiesCorporate
Total
Year Ended December 31, 2025
Impairments of:
Intangible assets$— $— $80,248 $— $80,248 
Operating lease assets— 1,307 3,086 — 4,393 
Property, plant and equipment
— — 8,605 — 8,605 
Assets held for sale
— — — 7,075 7,075 
Inventories
— — 20,798 — 20,798 
Facility consolidation and exit, and other charges1,608 9,480 252 298 11,638 
Net gains on extinguishment of debt
— — — (120)(120)
Pre-tax totals$1,608 $10,787 $112,989 $7,253 132,637 
Income tax benefit
1,701 
After-tax total$130,936 
Year Ended December 31, 2024
Impairments of:
Goodwill$— $— $10,000 $— $10,000 
Intangible assets— 10,787 — — 10,787 
Operating lease assets— 3,280 487 — 3,767 
Facility consolidation and exit, and other charges3,364 7,442 123 34 10,963 
Patent defense costs— 2,753 — — 2,753 
Gains on disposition of property held for sale— — — (15,316)(15,316)
Net gains on extinguishment of debt
— — — (515)(515)
Pre-tax totals$3,364 $24,262 $10,610 $(15,797)22,439 
Income tax benefit
430 
After-tax total$22,009 
v3.26.1
Details of Selected Balance Sheet Accounts (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable, Net
Additional information regarding selected balance sheet accounts as of December 31, 2025 and 2024 is presented below (in thousands):
December 31,
2025		December 31,
2024
Accounts receivable, net:
Trade$127,607 $128,167 
Unbilled revenue21,870 22,242 
Contract assets47,349 40,101 
Other8,409 6,440 
Total accounts receivable205,235 196,950 
Allowance for doubtful accounts(2,790)(2,614)
$202,445 $194,336 
Allowance for doubtful accounts as a percentage of total accounts receivable1 %1 %
Schedule of Contract with Customer, Asset and Liability
December 31,
2025		December 31,
2024
Deferred revenue (contract liabilities)$97,195 $52,399 
Schedule of Inventory, Net
December 31,
2025		December 31,
2024
Inventories, net:
Finished goods and purchased products$84,572 $110,850 
Work in process33,281 34,539 
Raw Materials
95,691 108,421 
Total inventories213,544 253,810 
Allowance for excess or obsolete inventories
(30,135)(38,974)
$183,409 $214,836 
Schedule of Property, Plant and Equipment, Net
Estimated
Useful Life (years)		December 31,
2025		December 31,
2024
Property, plant and equipment, net:
Land$34,489 $28,721 
Buildings and leasehold improvements1–40210,134 219,990 
Machinery and equipment2–28234,187 240,955 
Completion-related equipment2–10123,636 134,593 
Office furniture and equipment2–1033,596 36,128 
Vehicles3–1014,177 47,315 
Construction in progress16,668 26,846 
Property, plant and equipment666,887 734,548 
Accumulated depreciation(422,505)(467,677)
$244,382 $266,871 
Schedule of Other Noncurrent Assets
December 31,
2025		December 31,
2024
Other noncurrent assets:
Deferred compensation plan$22,564 $18,245 
Deferred financing costs997 1,619 
Deferred income taxes2,057 1,964 
Other3,430 3,075 
$29,048 $24,903 
Schedule of Accrued Liabilities
December 31,
2025		December 31,
2024
Accrued liabilities:
Accrued compensation$23,573 $22,350 
Accrued taxes, other than income taxes872 1,234 
Insurance liabilities2,972 3,383 
Accrued interest599 1,555 
Accrued commissions2,715 3,237 
Other7,749 5,102 
$38,480 $36,861 
v3.26.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill, by operating segment, for the years ended December 31, 2025 and 2024 were as follows (in thousands):
Offshore Manufactured
Products
Downhole TechnologiesTotal
Balance as of December 31, 2023(1)
$79,867 $— $79,867 
Goodwill associated with transferred operations(2)
(10,000)10,000 — 
Impairment of goodwill(2)
— (10,000)(10,000)
Foreign currency translation(158)— (158)
Balance as of December 31, 2024(1)
69,709 — 69,709 
Foreign currency translation815 — 815 
Balance as of December 31, 2025(1)
$70,524 $— $70,524 
____________________
(1)Net of accumulated impairment losses of $96.5 million as of December 31, 2025 and 2024, and $86.5 million as of December 31, 2023.
(2)For further discussion, see Note 2 “Summary of Significant Accounting Policies.”
Schedule of Finite-Lived Intangible Assets
The following table presents the gross carrying amount and the related accumulated amortization for major intangible asset classes as of December 31, 2025 and 2024 (in thousands):
20252024
Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships$123,073 $107,300 $15,773 $122,859 $55,534 $67,325 
Patents/Technology/Know-how68,999 59,605 9,394 70,206 39,699 30,507 
Tradenames and other47,752 41,464 6,288 47,729 19,699 28,030 
$239,824 $208,369 $31,455 $240,794 $114,932 $125,862 
v3.26.1
Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of December 31, 2025 and 2024, long-term debt consisted of the following (in thousands):
December 31,
2025		December 31,
2024
Revolving credit facility(1)
$— $— 
2026 Notes(2)
52,650 122,505 
Other debt and finance lease obligations2,390 2,782 
Total debt55,040 125,287 
Less: Current portion(53,370)(633)
Total long-term debt$1,670 $124,654 
____________________
(1)Unamortized deferred financing costs of $1.0 million and $1.6 million as of December 31, 2025 and December 31, 2024, respectively, are presented in other noncurrent assets.
(2)The outstanding principal amount of the 2026 Notes was $52.7 million as of December 31, 2025 and $123.5 million as of December 31, 2024.
The following table provides a summary of the Company's purchases of outstanding 2026 Notes during the years ended December 31, 2025 and 2024, with non-cash gains (losses) reported within other income, net (in thousands):
Principal AmountCarrying Value of LiabilityCash Paid
Non-cash
Pre-tax Gains (Losses) Recognized
Year Ended December 31, 2025
70,766 70,560 70,440 120 
Year Ended December 31, 2024
11,500 11,361 10,846 515 
Schedule of Maturities of Long-Term Debt
Scheduled maturities of total debt as of December 31, 2025, are as follows (in thousands):
2026$53,370 
2027699 
2028662 
2029307 
20302 
Thereafter— 
$55,040 
v3.26.1
Operating Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Carrying Value of Operating Lease Assets
The following table presents the carry value of operating lease assets in the Company’s consolidated balance sheets as of December 31, 2025 and 2024 (in thousands):
20252024
Operating lease assets, net$12,731 $19,537 
Schedule of Lease, Cost
The following table provides details regarding the components of operating lease expense based on the initial term of underlying agreements for the years ended December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Operating lease expense components:
Leases with initial term of greater than 12 months$7,767 $8,588 $8,481 
Leases with initial term of 12 months or less3,028 4,159 4,852 
Total operating lease expense$10,795 $12,747 $13,333 
Schedule of Maturities of Operating Lease Liabilities
The following table provides the scheduled maturities of operating lease liabilities as of December 31, 2025 (in thousands):
2026$8,201 
20276,084 
20283,719 
20292,483 
20301,349 
Thereafter— 
Total lease payments21,836 
Less: Imputed interest(1,896)
Present value of operating lease liabilities19,940 
Less: Current portion(7,286)
Total long-term operating lease liabilities$12,654 
Weighted-average remaining lease term (years)3.3
Weighted-average discount rate7 %
v3.26.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during 2025 and 2024 (in thousands):
IssuedTreasury StockOutstanding
Shares of common stock outstanding – December 31, 202377,219 13,892 63,327 
Restricted stock awards, net of forfeitures1,387 — 1,387 
Shares withheld for taxes on vesting of stock awards— 411 (411)
Purchases of treasury stock— 2,810 (2,810)
Shares of common stock outstanding – December 31, 202478,606 17,113 61,493 
Restricted stock awards, net of forfeitures1,933 — 1,933 
Shares withheld for taxes on vesting of stock awards— 461 (461)
Purchases of treasury stock— 3,309 (3,309)
Shares of common stock outstanding – December 31, 202580,539 20,883 59,656 
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Consolidated income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in thousands):
202520242023
United States$(133,022)$(27,024)$3,793 
Foreign30,490 19,172 12,031 
Total$(102,532)$(7,852)$15,824 
Schedule of Components of Income Tax Expense (Benefit)
Components of income tax provision for the years ended December 31, 2025, 2024 and 2023 consisted of the following (in thousands):
202520242023
Current:
United States$(626)$— $— 
U.S. state348 555 1,135 
Foreign6,538 5,207 1,572 
6,260 5,762 2,707 
Deferred:
United States(735)(1,822)2,061 
U.S. state(68)(281)(721)
Foreign1,388 (253)(1,114)
585 (2,356)226 
Total income tax provision$6,845 $3,406 $2,933 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. statutory income tax benefit to the total income tax provision for the year ended December 31, 2025 is as follows:
U.S. federal statutory income tax benefit
$(21,532)21.0 %
Effect of cross-border tax laws
1,220 (1.2)%
Tax credits:
U.S. foreign tax credits
1,641 (1.6)%
U.S. other
300 (0.3)%
Nontaxable or nondeductible items:
Non-deductible compensation1,480 (1.4)%
Other1,124 (1.1)%
Changes in valuation allowances against tax assets
21,702 (21.2)%
Other
(770)0.8 %
State income taxes, net of federal benefits(1)
182 (0.2)%
Foreign tax effects:
United Kingdom1,094 (1.1)%
Other foreign jurisdictions
404 (0.4)%
Total income tax provision$6,845 (6.7)%
____________________
(1)The primary drivers of state income taxes are current state taxes and return-to-accrual adjustments in Louisiana, Pennsylvania, and Texas.
A reconciliation of the U.S. statutory income tax provision (benefit) to the total income tax provision for the years ended 2024 and 2023 is as follows:
20242023
U.S. federal statutory income tax provision (benefit)$(1,649)$3,323 
Impairment of goodwill
1,619 — 
Effect of foreign income taxed at different rates1,400 (425)
Foreign income subject to U.S. taxes1,214 931 
Utilization of U.S. foreign tax credits
(1,373)(1,460)
State income taxes, net of federal benefits502 962 
Changes in valuation allowances against tax assets (see Note 15)
760 (2,010)
Non-deductible compensation1,449 1,390 
Other, net
(516)222 
Total income tax provision$3,406 $2,933 
Schedule of Cash Paid for Income Taxes
Income taxes paid (net of refunds) by jurisdiction for the year ended December 31, 2025 are as follows (in thousands):
U.S. federal$40 
U.S. state:
Louisiana462 
Other475 
Total state
937 
Foreign:
Brazil1,406 
Canada
631 
United Kingdom2,881 
Other1,192 
Total foreign
6,110 
Total taxes paid, net$7,087 
Schedule of Deferred Tax Assets and Liabilities
The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows (in thousands):
20252024
Deferred tax assets:
Foreign tax credit carryforwards$719 $3,423 
Net operating loss carryforwards11,452 14,147 
R&D credit carryforwards
3,487 3,880 
Inventories5,932 8,456 
Operating lease liabilities3,482 4,337 
Employee benefits5,295 4,292 
Deferred revenue
18,790 8,088 
Other5,628 7,835 
Gross deferred tax asset54,785 54,458 
Valuation allowance (see Note 15)
(42,560)(22,088)
Net deferred tax asset12,225 32,370 
Deferred tax liabilities:
Property, plant and equipment
(2,935)(8,895)
Intangible assets(8,438)(21,009)
Operating lease assets(1,905)(3,108)
Other(2,655)(2,744)
Deferred tax liability(15,933)(35,756)
Net deferred tax liability$(3,708)$(3,386)
Schedule Of Deferred Tax Reclassifications
20252024
Balance sheet classification:
Other non-current assets$2,057 $1,964 
Deferred tax liability(5,765)(5,350)
Net deferred tax liability$(3,708)$(3,386)
v3.26.1
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):
202520242023
Numerators:
Net income (loss)$(109,377)$(11,258)$12,891 
Less: Income attributable to unvested restricted stock awards— — (251)
Numerator for basic net income (loss) per share(109,377)(11,258)12,640 
Effect of dilutive securities:
Unvested restricted stock awards— — 2 
Numerator for diluted net income (loss) per share$(109,377)$(11,258)$12,642 
Denominators:
Weighted average number of common shares outstanding60,834 63,497 63,934 
Less: Weighted average number of unvested restricted stock awards outstanding(2,137)(1,493)(1,244)
Denominator for basic net income (loss) per share58,697 62,004 62,690 
Effect of dilutive securities:
Performance share units— — 462 
Denominator for diluted net income (loss) per share58,697 62,004 63,152 
Net income (loss) per share:
Basic$(1.86)$(0.18)$0.20 
Diluted(1.86)(0.18)0.20 
v3.26.1
Long-Term Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table presents changes in restricted stock awards and related information for the year ended December 31, 2025 (shares in thousands):
Service-based Restricted StockPerformance- and Service-based Stock Units
Number of SharesWeighted Average Grant Date Fair ValueNumber of UnitsWeighted Average Grant Date Fair ValueTotal Number of Restricted Shares and Units
Unvested, December 31, 20241,513 $6.72 1,033 $6.73 2,546 
Granted1,573 5.32 297 5.31 1,870 
Performance-based reduction(1)
— — (29)9.11 (29)
Vested(820)6.61 (467)6.53 (1,287)
Forfeited(107)5.76 — — (107)
Unvested, December 31, 20252,159 $5.79 834 $6.25 2,993 
____________________
(1)Reflects a reduction in the number of shares issuable upon vesting of the 2023 performance-based stock awards, based on achievement level earned.
v3.26.1
Segments and Related Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information by operating segment for each of the three years ended December 31, 2025, 2024 and 2023, is summarized in the following tables (in thousands):
Year Ended December 31, 2025
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate(4)
Total
Revenues
$431,093 $114,548 $123,347 $— $668,988 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)308,701 93,760 133,273 — 535,734 
Selling, general and administrative expense36,453 6,870 7,580 39,522 90,425 
Depreciation and amortization expense15,210 16,756 15,047 426 47,439 
Long-lived and other asset impairments(5)
— 1,307 91,939 7,075 100,321 
Other operating (income) loss, net
1,565 (8,160)(165)(200)(6,960)
361,929 110,533 247,674 46,823 766,959 
Operating income (loss)$69,164 $4,015 $(124,327)$(46,823)$(97,971)
Capital expenditures
$17,613 $11,722 $1,621 $235 $31,191 
Total assets (as of December 31)
546,839 100,869 148,595 87,128 883,431 
________________
(1)Operating income included $1.6 million of facility consolidation and other charges.
(2)Operating income included $10.8 million of asset impairment, facility consolidation and exit, and other charges.
(3)Operating loss included $113.0 million of asset impairment and other charges.
(4)Operating loss included $7.4 million of asset impairment and other charges.
(5)See Note 3 “Asset Impairments and Other Charges and Credits” for further discussion of these and other charges.
Year Ended December 31, 2024
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate(4)
Total
Revenues
$397,900 $163,902 $130,786 $— $692,588 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)279,754 141,393 115,054 — 536,201 
Selling, general and administrative expense37,029 10,813 9,427 37,740 95,009 
Depreciation and amortization expense15,205 22,143 16,808 552 54,708 
Long-lived and other asset impairments(5)
— 14,067 10,487 — 24,554 
Other operating (income) loss, net
633 (1,289)(86)(15,453)(16,195)
332,621 187,127 151,690 22,839 694,277 
Operating income (loss)$65,279 $(23,225)$(20,904)$(22,839)$(1,689)
Capital expenditures
$18,428 $17,920 $1,140 $20 $37,508 
Total assets (as of December 31)
510,374 152,485 265,240 77,009 1,005,108 
________________
(1)Operating income included $3.4 million of facility consolidation and other charges.
(2)Operating loss included $24.3 million of asset impairment, facility consolidation and exit, patent defense and other charges.
(3)Operating loss included $10.6 million of asset impairment and other charges.
(4)Operating loss included a net gain of $15.3 million associated with the sale of a previously idled facility.
(5)See Note 3 “Asset Impairments and Other Charges and Credits” for further discussion of these and other charges.
Year Ended December 31, 2023
Offshore Manufactured Products(1)
Completion and Production Services(2)
Downhole Technologies(3)
Corporate
Total
Revenues
$381,711 $242,633 $157,939 $— $782,283 
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)274,591 196,158 136,139 — 606,888 
Selling, general and administrative expense34,430 9,417 9,457 40,881 94,185 
Depreciation and amortization expense16,357 25,318 18,467 636 60,778 
Other operating (income) loss, net
44 (2,141)(250)(385)(2,732)
325,422 228,752 163,813 41,132 759,119 
Operating income (loss)$56,289 $13,881 $(5,874)$(41,132)$23,164 
Capital expenditures
$9,235 $19,125 $1,825 $468 $30,653 
Total assets
521,923 191,630 278,151 54,782 1,046,486 
________________
(1)Operating income included $2.5 million of facility consolidation and other charges.
(2)Operating income included $0.6 million in costs associated with the defense of certain patents.
(3)Operating loss included $3.2 million in provisions for excess and obsolete inventories.
Schedule of Supplemental Revenue Information by Segments
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):
Offshore Manufactured Products
Completion and Production Services
Downhole Technologies
202520242023202520242023202520242023
Project-driven:
Products$275,288 $232,867 $235,080 $— $— $— $— $— $— 
Services115,351 123,906 112,742 — — — — — — 
Total project-driven390,639 356,773 347,822 — — — — — — 
Military and other products40,454 41,127 33,889 — — — — — — 
Short-cycle products and services— — — 114,548 163,902 242,633 123,347 130,786 157,939 
$431,093 $397,900 $381,711 $114,548 $163,902 $242,633 $123,347 $130,786 $157,939 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Financial information by geographic location for the years ended December 31, 2025, 2024 and 2023, is summarized below (in thousands). Revenues are attributable to countries based on the location of the entity selling the products or performing the services and include export sales. Long-lived assets are attributable to countries based on the physical location of the operations and its operating assets and do not include intercompany receivable balances.
United StatesUnited KingdomSingaporeOtherTotal
2025
Revenues from unaffiliated customers$410,564 $120,124 $54,131 $84,169 $668,988 
Long-lived assets216,696 79,519 24,281 38,596 359,092 
2024
Revenues from unaffiliated customers$484,945 $103,814 $38,835 $64,994 $692,588 
Long-lived assets354,487 75,014 16,090 36,388 481,979 
2023
Revenues from unaffiliated customers$594,808 $81,643 $48,131 $57,701 $782,283 
Long-lived assets407,457 79,607 6,485 41,687 535,236 
v3.26.1
Valuation Allowances (Tables)
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation Allowance
Activity in the valuation accounts was as follows (in thousands):
Balance at Beginning of PeriodCharged to Costs and ExpensesDeductions (net of recoveries)Translation and Other, NetBalance at End of Period
Year Ended December 31, 2025:
Allowance for doubtful accounts receivable$2,614 $650 $(820)$346 $2,790 
Allowance for excess or obsolete inventory38,974 1,551 (8,329)(2,061)30,135 
Valuation allowance on deferred tax assets(1)
22,088 21,702 (1,329)99 42,560 
Year Ended December 31, 2024:
Allowance for doubtful accounts receivable$4,497 $933 $(2,792)$(24)$2,614 
Allowance for excess or obsolete inventory41,745 3,108 (5,804)(75)38,974 
Valuation allowance on deferred tax assets(2)
29,638 760 (8,023)(287)22,088 
Year Ended December 31, 2023:
Allowance for doubtful accounts receivable$5,226 $(336)$(428)$35 $4,497 
Allowance for excess or obsolete inventory37,681 5,229 (1,437)272 41,745 
Valuation allowance on deferred tax assets(3)
36,749 (2,010)(5,020)(81)29,638 
________________
(1)As further discussed in Note 9, “Income Taxes,” the $1.3 million reduction in the valuation allowance on deferred tax assets in 2025 was primarily attributable to reductions in other deferred tax assets and the expiration of foreign tax credits.
(2)As further discussed in Note 9, “Income Taxes,” the $8.0 million reduction in the valuation allowance on deferred tax assets in 2024 was primarily attributable to the expiration of foreign tax credit carryforwards as well as reductions in other deferred tax assets.
(3)As further discussed in Note 9, “Income Taxes,” the $5.0 million reduction in the valuation allowance on deferred tax assets in 2023 was primarily attributable to the expiration of foreign tax credit carryforwards.
v3.26.1
Organization and Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 3
v3.26.1
Summary of Significant Accounting Policies (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
segment
Dec. 31, 2025
USD ($)
renewal_option
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]          
Number of reportable segments realigned | segment   2 2    
Goodwill, transfers       $ 0  
Impairments of goodwill   $ (10,000,000.0)      
Goodwill, net $ 70,524,000   $ 70,524,000 69,709,000 $ 79,867,000
Impairments of intangible assets     $ 80,248,000 $ 10,787,000  
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]     Long-lived and other asset impairments Long-lived and other asset impairments  
Operating lease impairment loss from closure of leased facilities     $ 2,300,000 $ 3,800,000  
Number of renewal options | renewal_option     1    
Research and development expense     $ 5,100,000 5,200,000 $ 4,500,000
Derivative, notional amount 0   $ 0 $ 0  
Revenue, remaining performance obligation, expected timing of satisfaction, explanation     322.5 million of remaining backlog related to contracts with an original expected duration of greater than one year    
Maximum amount of potential payment under guarantor obligation 12,300,000   $ 12,300,000    
Provisions for excess and obsolete inventories     8,605,000    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01          
Debt Instrument [Line Items]          
Revenue, remaining performance obligation $ 322,500,000   $ 322,500,000    
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) 1 year   1 year    
Revenue, remaining performance obligation, percentage 35.00%   35.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01          
Debt Instrument [Line Items]          
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)      
Revenue, remaining performance obligation, percentage 65.00%   65.00%    
Transferred at Point in Time          
Debt Instrument [Line Items]          
Revenue from contract with customer, percentage of revenue (as a percent)     39.00% 33.00% 34.00%
Transferred over Time          
Debt Instrument [Line Items]          
Revenue from contract with customer, percentage of revenue (as a percent)     61.00% 67.00% 66.00%
Minimum          
Debt Instrument [Line Items]          
Operating lease, extension term 1 year   1 year    
Maximum          
Debt Instrument [Line Items]          
Operating lease, extension term 20 years   20 years    
Downhole Technologies          
Debt Instrument [Line Items]          
Goodwill, transfers   (10,000,000.0)   $ (10,000,000)  
Goodwill, net $ 0   $ 0 0 $ 0
Asset impairment charges, potential impairment     132,100,000    
Asset impairment charges 91,000,000.0        
Operating lease impairment loss from closure of leased facilities     1,000,000.0 500,000  
Offshore Manufactured Products          
Debt Instrument [Line Items]          
Goodwill, transfers   $ 10,000,000.0   10,000,000  
Goodwill, net 70,524,000   70,524,000 $ 69,709,000 $ 79,867,000
4.75% Convertible Senior Notes          
Debt Instrument [Line Items]          
Principal amount $ 52,700,000   $ 52,700,000    
v3.26.1
Asset Impairments and Other Charges and Credits - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
segment
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]        
Number of reportable segments realigned | segment 2 2    
Facility consolidation and exit, and other charges   $ 11,638 $ 10,963  
Patent defense costs     2,753  
Offshore Manufactured Products        
Impaired Long-Lived Assets Held and Used [Line Items]        
Facility consolidation and exit, and other charges   $ 1,600 $ 3,400 $ 2,500
Completion and Production Services        
Impaired Long-Lived Assets Held and Used [Line Items]        
Patent defense costs       $ 600
v3.26.1
Asset Impairments and Other Charges and Credits - Schedule of Asset Impairment Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   $ 10,000  
Goodwill Impairment Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag   Goodwill  
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] Long-lived and other asset impairments Long-lived and other asset impairments  
Impairments of intangible assets $ 80,248 $ 10,787  
Operating lease assets 4,393 3,767  
Property, plant and equipment $ 8,605    
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] Long-lived and other asset impairments    
Assets held for sale $ 7,075    
Inventories 20,798 0 $ 0
Facility consolidation and exit, and other charges 11,638 10,963  
Patent defense costs   2,753  
Gains on disposition of property held for sale   (15,316)  
Net gains on extinguishment of debt (120) (515) 0
Pre-tax totals 132,637 22,439  
Income tax benefit 1,701 430  
After-tax total 130,936 22,009  
Corporate      
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   0  
Impairments of intangible assets 0 0  
Operating lease assets 0 0  
Property, plant and equipment 0    
Assets held for sale 7,075    
Inventories 0    
Facility consolidation and exit, and other charges 298 34  
Patent defense costs   0  
Gains on disposition of property held for sale   (15,316)  
Net gains on extinguishment of debt (120) (515)  
Pre-tax totals 7,253 (15,797)  
Offshore Manufactured Products      
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   0  
Facility consolidation and exit, and other charges 1,600 3,400 2,500
Offshore Manufactured Products | Operating Segments      
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   0  
Impairments of intangible assets 0 0  
Operating lease assets 0 0  
Property, plant and equipment 0    
Assets held for sale 0    
Inventories 0    
Facility consolidation and exit, and other charges 1,608 3,364  
Patent defense costs   0  
Gains on disposition of property held for sale   0  
Net gains on extinguishment of debt 0 0  
Pre-tax totals 1,608 3,364  
Completion and Production Services      
Impaired Long-Lived Assets Held and Used [Line Items]      
Operating lease assets 1,307    
Patent defense costs     600
Net gains on extinguishment of debt   0  
Completion and Production Services | Operating Segments      
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   0  
Impairments of intangible assets 0 10,787  
Operating lease assets   3,280  
Property, plant and equipment 0    
Assets held for sale 0    
Inventories 0    
Facility consolidation and exit, and other charges 9,480 7,442  
Patent defense costs   2,753  
Gains on disposition of property held for sale   0  
Net gains on extinguishment of debt 0    
Pre-tax totals 10,787 24,262  
Downhole Technologies      
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   10,000  
Operating lease assets 3,086    
Inventories 20,800   $ 3,200
Net gains on extinguishment of debt   0  
Downhole Technologies | Operating Segments      
Impaired Long-Lived Assets Held and Used [Line Items]      
Goodwill   10,000  
Impairments of intangible assets 80,248 0  
Operating lease assets   487  
Property, plant and equipment 8,605    
Assets held for sale 0    
Inventories 20,798    
Facility consolidation and exit, and other charges 252 123  
Patent defense costs   0  
Gains on disposition of property held for sale   0  
Net gains on extinguishment of debt 0    
Pre-tax totals $ 112,989 $ 10,610  
v3.26.1
Details of Selected Balance Sheet Accounts - Schedule of Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable $ 205,235 $ 196,950
Allowance for doubtful accounts (2,790) (2,614)
Accounts receivable, net $ 202,445 $ 194,336
Allowance for doubtful accounts as a percentage of total accounts receivable 1.00% 1.00%
Trade    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable $ 127,607 $ 128,167
Unbilled revenue    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable 21,870 22,242
Contract assets    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable 47,349 40,101
Other    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total accounts receivable $ 8,409 $ 6,440
v3.26.1
Details of Selected Balance Sheet Accounts - Schedule of Contract Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred revenue (contract liabilities) $ 97,195 $ 52,399
v3.26.1
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]      
Increase (decrease) in contract with customer, asset $ 7,200 $ (6,600)  
Contract with customer, asset, reclassified to receivable 44,200 38,500  
Contract with customer, asset, decrease due to revenue recognized (36,400) (45,300)  
Deferred revenue 44,796 15,642 $ (8,033)
Contract with customer, liability, increase due to billings 74,700 32,500  
Contract with customer, liability, revenue recognized (31,500) (16,500)  
Impairment of inventories 20,798 0 0
Long-lived and other asset impairments 100,321 24,554 0
Provisions for excess and obsolete inventories 8,605    
Depreciation 32,900 38,300 43,600
Downhole Technologies      
Concentration Risk [Line Items]      
Impairment of inventories 20,800   $ 3,200
Corporate      
Concentration Risk [Line Items]      
Impairment of inventories 0    
Long-lived and other asset impairments 7,075 0  
Provisions for excess and obsolete inventories 0    
Operating Segments | Downhole Technologies      
Concentration Risk [Line Items]      
Impairment of inventories 20,798    
Long-lived and other asset impairments 91,939 $ 10,487  
Provisions for excess and obsolete inventories $ 8,605    
United States | Accounts Receivable | Geographic Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as a percent) 51.00%    
United Kingdom | Accounts Receivable | Geographic Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as a percent) 20.00%    
Singapore | Accounts Receivable | Geographic Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as a percent) 11.00%    
v3.26.1
Details of Selected Balance Sheet Accounts - Schedule of Inventory, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finished goods and purchased products $ 84,572 $ 110,850
Work in process 33,281 34,539
Raw Materials 95,691 108,421
Total inventories 213,544 253,810
Allowance for excess or obsolete inventories (30,135) (38,974)
Inventories, net $ 183,409 $ 214,836
v3.26.1
Details of Selected Balance Sheet Accounts - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 666,887 $ 734,548
Accumulated depreciation (422,505) (467,677)
Property, plant, and equipment, net 244,382 266,871
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 34,489 28,721
Buildings and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 210,134 219,990
Buildings and leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 1 year  
Buildings and leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 40 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 234,187 240,955
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 2 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 28 years  
Completion-related equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 123,636 134,593
Completion-related equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 2 years  
Completion-related equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 10 years  
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 33,596 36,128
Office furniture and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 2 years  
Office furniture and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 10 years  
Vehicles    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 14,177 47,315
Vehicles | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 3 years  
Vehicles | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life (years) 10 years  
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 16,668 $ 26,846
v3.26.1
Details of Selected Balance Sheet Accounts - Schedule of Other Noncurrent Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred compensation plan $ 22,564 $ 18,245
Deferred financing costs 997 1,619
Deferred income taxes 2,057 1,964
Other 3,430 3,075
Other noncurrent assets $ 29,048 $ 24,903
v3.26.1
Details of Selected Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued compensation $ 23,573 $ 22,350
Accrued taxes, other than income taxes 872 1,234
Insurance liabilities 2,972 3,383
Accrued interest 599 1,555
Accrued commissions 2,715 3,237
Other 7,749 5,102
Accrued liabilities $ 38,480 $ 36,861
v3.26.1
Goodwill and Other Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in carrying value of goodwill        
Goodwill, net, beginning of period $ 79,867 $ 69,709 $ 79,867  
Goodwill associated with transferred operations     0  
Impairment of goodwill     (10,000)  
Foreign currency translation   815 (158)  
Goodwill, net, end of period   70,524 69,709  
Offshore Manufactured Products        
Changes in carrying value of goodwill        
Goodwill, net, beginning of period 79,867 69,709 79,867  
Goodwill associated with transferred operations (10,000)   (10,000)  
Impairment of goodwill     0  
Foreign currency translation   815 (158)  
Goodwill, net, end of period   70,524 69,709  
Accumulated impairment losses   96,500 96,500 $ 86,500
Downhole Technologies        
Changes in carrying value of goodwill        
Goodwill, net, beginning of period 0 0 0  
Goodwill associated with transferred operations $ 10,000   10,000  
Impairment of goodwill     (10,000)  
Foreign currency translation   0 0  
Goodwill, net, end of period   $ 0 $ 0  
v3.26.1
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 239,824 $ 240,794
Accumulated Amortization 208,369 114,932
Net Carrying Amount 31,455 125,862
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 123,073 122,859
Accumulated Amortization 107,300 55,534
Net Carrying Amount 15,773 67,325
Patents/Technology/Know-how    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 68,999 70,206
Accumulated Amortization 59,605 39,699
Net Carrying Amount 9,394 30,507
Tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 47,752 47,729
Accumulated Amortization 41,464 19,699
Net Carrying Amount $ 6,288 $ 28,030
v3.26.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets $ 14,500 $ 16,400 $ 17,200
Useful life 7 years 10 months 24 days 9 years 6 months  
2026 $ 6,000    
2027 5,000    
2028 4,000    
2029 3,000    
2030 3,000    
Impairments of intangible assets 80,248 $ 10,787  
Customer relationships | Downhole Technologies      
Finite-Lived Intangible Assets [Line Items]      
Impairments of intangible assets 44,700    
Customer relationships | Completion and Production Services      
Finite-Lived Intangible Assets [Line Items]      
Impairments of intangible assets   9,100  
Patents or Technology or Know-How | Downhole Technologies      
Finite-Lived Intangible Assets [Line Items]      
Impairments of intangible assets 19,300    
Tradenames and other | Downhole Technologies      
Finite-Lived Intangible Assets [Line Items]      
Impairments of intangible assets $ 16,200    
Tradenames and other | Completion and Production Services      
Finite-Lived Intangible Assets [Line Items]      
Impairments of intangible assets   $ 1,700  
v3.26.1
Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt $ 55,040 $ 125,287
Less: Current portion (53,370) (633)
Total long-term debt 1,670 124,654
Unamortized debt issuance costs 1,000 1,600
4.75% Convertible Senior Notes    
Debt Instrument [Line Items]    
Long-term debt, gross 52,700  
4.75% Convertible Senior Notes    
Debt Instrument [Line Items]    
Total debt 52,650 122,505
Long-term debt, gross 52,700 123,500
Other debt and finance lease obligations    
Debt Instrument [Line Items]    
Total debt 2,390 2,782
Revolving credit facility    
Debt Instrument [Line Items]    
Total debt $ 0 $ 0
v3.26.1
Long-term Debt - Schedule of Long-term Debt Maturities Schedule (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 53,370  
2027 699  
2028 662  
2029 307  
2030 2  
Thereafter 0  
Total debt $ 55,040 $ 125,287
v3.26.1
Long-term Debt - Narrative (Details)
 12 Months Ended
Jul. 28, 2025
USD ($)
Dec. 31, 2025
USD ($)
$ / shares
Feb. 20, 2026
USD ($)
Jan. 28, 2026
USD ($)
Dec. 31, 2024
Debt Instrument [Line Items]          
Conversion price (in dollars per share) | $ / shares   $ 10.49      
ABL Agreement          
Debt Instrument [Line Items]          
Letters of credit outstanding   $ 12,300,000      
Cash Flow Credit Agreement | Subsequent Event          
Debt Instrument [Line Items]          
Maximum borrowing capacity       $ 125,000,000.0  
Long-term line of credit     $ 0    
Cash Flow Credit Agreement | Subsequent Event | Term Loan          
Debt Instrument [Line Items]          
Maximum borrowing capacity       50,000,000.0  
4.75% Convertible Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, face amount   $ 135,000,000.0      
Stated interest rate (as a percent)   4.75%     4.75%
Conversion ratio   0.0953516      
Revolving Credit Facility Due February 2028 | ABL Agreement          
Debt Instrument [Line Items]          
Debt instrument, springing maturity, term (in days) 91 days        
Debt instrument, amount of indebtedness subject to springing maturity $ 17,500,000        
Basis spread on variable rate (as a percent) 0.00%        
Debt instrument, variable interest rate, type flag Base Rate        
Debt instrument, covenant, minimum fixed charge coverage ratio 1.0        
Long-term line of credit   $ 0      
Revolving Credit Facility Due February 2028 | ABL Agreement | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage (as a percent) 0.375%        
Revolving Credit Facility Due February 2028 | ABL Agreement | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage (as a percent) 0.50%        
Revolving Credit Facility Due February 2028 | ABL Agreement, Effective July 28, 2025          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 100,000,000.0        
Debt instrument, percentage of borrowing base outstanding subject to covenant (as a percent) 15.00%        
Debt instrument, amount of borrowing base outstanding subject to covenant $ 11,300,000        
Revolving Credit Facility Due February 2028 | ABL Agreement, Effective July 28, 2025 | Minimum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 2.25%        
Revolving Credit Facility Due February 2028 | ABL Agreement, Effective July 28, 2025 | Minimum | Base Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.25%        
Revolving Credit Facility Due February 2028 | ABL Agreement, Effective July 28, 2025 | Maximum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 2.75%        
Revolving Credit Facility Due February 2028 | ABL Agreement, Effective July 28, 2025 | Maximum | Base Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate (as a percent) 1.75%        
Revolving Credit Facility Due February 2028 | Cash Flow Credit Agreement | Subsequent Event          
Debt Instrument [Line Items]          
Maximum borrowing capacity       75,000,000.0  
Letter of Credit | ABL Agreement, Effective July 28, 2025          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 25,000,000.0        
Letter of Credit | Cash Flow Credit Agreement | Subsequent Event          
Debt Instrument [Line Items]          
Maximum borrowing capacity       $ 40,000,000.0  
Letters of credit outstanding     $ 12,100,000    
v3.26.1
Long-term Debt - Schedule of Repurchase of Outstanding Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Cash Paid $ 70,440 $ 10,846 $ 0
Non-cash Pre-tax Gains (Losses) Recognized 120 515 $ 0
4.75% Convertible Senior Notes      
Debt Instrument [Line Items]      
Principal Amount 70,766 11,500  
Carrying Value of Liability 70,560 11,361  
Cash Paid 70,440 10,846  
Non-cash Pre-tax Gains (Losses) Recognized $ 120 $ 515  
v3.26.1
Operating Leases - Operating Lease Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease assets, net $ 12,731 $ 19,537
v3.26.1
Operating Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Non-cash operating lease additions $ 3.5 $ 1.1 $ 1.3
Operating lease impairment loss from closure of leased facilities 2.3 3.8  
Completion and Production Services      
Lessee, Lease, Description [Line Items]      
Operating lease impairment loss from closure of leased facilities 1.3 3.3  
Downhole Technologies      
Lessee, Lease, Description [Line Items]      
Operating lease impairment loss from closure of leased facilities 1.0 $ 0.5  
Non-cash impairment charges $ 2.1    
v3.26.1
Operating Leases - Operating Lease Expense Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating lease expense components:      
Leases with initial term of greater than 12 months $ 7,767 $ 8,588 $ 8,481
Leases with initial term of 12 months or less 3,028 4,159 4,852
Total operating lease expense $ 10,795 $ 12,747 $ 13,333
v3.26.1
Operating Leases - Maturity Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 8,201  
2027 6,084  
2028 3,719  
2029 2,483  
2030 1,349  
Thereafter 0  
Total lease payments 21,836  
Less: Imputed interest (1,896)  
Present value of operating lease liabilities 19,940  
Less: Current portion (7,286) $ (7,284)
Total long-term operating lease liabilities $ 12,654 $ 17,989
Weighted-average remaining lease term (years) 3 years 3 months 18 days  
Weighted-average discount rate 7.00%  
v3.26.1
Stockholders' Equity - Common and Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Oct. 31, 2024
Equity [Abstract]      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 25,000,000 25,000,000  
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01  
Preferred stock, shares issued (in shares) 0 0  
Preferred stock, shares outstanding (in shares) 0 0  
Common stock shares, authorized repurchase     $ 50.0
Purchase of treasury stock (in shares) 3,309,000 2,810,000  
Total cost of acquired treasury stock $ 16.6    
Remaining authorized repurchase amount $ 24.7    
v3.26.1
Stockholders' Equity - Schedule of Common Stock Outstanding Activity (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Issued outstanding beginning period (in shares) 78,605,848 77,219,000
Treasury stock outstanding beginning period (in shares) 17,112,853 13,892,000
Shares of common stock outstanding beginning period (in shares) 61,493,000 63,327,000
Restricted stock awards, net of forfeitures (in shares) 1,933,000 1,387,000
Shares withheld for taxes on vesting of stock awards (in shares) (461,000) (411,000)
Purchase of treasury stock (in shares) (3,309,000) (2,810,000)
Issued outstanding ending period (in shares) 80,538,758 78,605,848
Treasury stock outstanding ending period (in shares) 20,882,840 17,112,853
Shares of common stock outstanding ending period (in shares) 59,656,000 61,493,000
v3.26.1
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity $ 573,191 $ 680,654 $ 709,545 $ 689,558
Total other comprehensive income (loss) $ 13,300 $ (9,500)    
United Kingdom, Pounds        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Exchange rate strengthened (weakened) 7.00% (1.00%)    
Brazil, Brazil Real        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Exchange rate strengthened (weakened) 13.00% (22.00%)    
Accumulated Other Comprehensive Loss        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stockholders' equity $ (66,264) $ (79,532) $ (69,984) $ (78,941)
v3.26.1
Income Taxes - Schedule of Consolidated Pre-tax Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (133,022) $ (27,024) $ 3,793
Foreign 30,490 19,172 12,031
Income (loss) before income taxes $ (102,532) $ (7,852) $ 15,824
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax Credit Carryforward [Line Items]      
Non-cash asset impairment charges $ 121,100,000 $ 24,600,000  
Valuation allowance 42,560,000 22,088,000  
Foreign tax credit carryforwards 719,000 3,423,000  
Tax credit carryforward, valuation allowance 700,000 3,400,000  
Unrecognized tax benefits 0 0  
Income tax penalties and interest accrued 0 0  
Research Tax Credit Carryforward      
Tax Credit Carryforward [Line Items]      
Tax credit carryforward, valuation allowance 3,500,000 2,000,000.0  
Tax credit carryforwards 3,500,000 3,900,000  
Net Operating Loss Carryforward      
Tax Credit Carryforward [Line Items]      
Valuation allowance 12,700,000 13,900,000  
Foreign Tax Credits      
Tax Credit Carryforward [Line Items]      
Valuation allowance, foreign tax credits expirations 400,000 4,300,000 $ 5,000,000.0
State and Local Jurisdiction      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 144,200,000    
State and Local Jurisdiction | GEODynamics, Inc.      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 9,100,000    
Foreign Tax Authority      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 17,100,000    
Operating loss carryforwards, not subject to expiration 6,100,000    
Operating loss carryforwards, subject to expiration 11,000,000.0    
Domestic Tax Jurisdiction      
Tax Credit Carryforward [Line Items]      
Valuation allowance $ 25,700,000 $ 2,700,000  
v3.26.1
Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
United States $ (626) $ 0 $ 0
U.S. state 348 555 1,135
Foreign 6,538 5,207 1,572
Current, Total 6,260 5,762 2,707
Deferred:      
United States (735) (1,822) 2,061
U.S. state (68) (281) (721)
Foreign 1,388 (253) (1,114)
Deferred, Total 585 (2,356) 226
Total income tax provision $ 6,845 $ 3,406 $ 2,933
v3.26.1
Income Taxes - Schedule of Effective Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax provision (benefit) $ (21,532) $ (1,649) $ 3,323
Effect of cross-border tax laws 1,220    
Utilization of U.S. foreign tax credits (1,641) (1,373) (1,460)
U.S. other 300    
Non-deductible compensation 1,480 1,449 1,390
Other 1,124    
Changes in valuation allowances against tax assets (see Note 15) 21,702 760 (2,010)
Other, net (770) (516) 222
State income taxes, net of federal benefits 182 502 962
Effect of foreign income taxed at different rates   1,400 (425)
Impairment of goodwill   1,619 0
Foreign income subject to U.S. taxes   1,214 931
Total income tax provision $ 6,845 $ 3,406 $ 2,933
Percent      
U.S. federal statutory income tax benefit 21.00%    
Effect of cross-border tax laws (1.20%)    
U.S. foreign tax credits (1.60%)    
U.S. other (0.30%)    
Non-deductible compensation (1.40%)    
Other (1.10%)    
Changes in valuation allowances against tax assets (21.20%)    
Other 0.80%    
State income taxes, net of federal benefits (0.20%)    
Total income tax provision (6.70%)    
United Kingdom      
Amount      
Effect of foreign income taxed at different rates $ 1,094    
Percent      
Foreign rate differential (1.10%)    
Other foreign jurisdictions      
Amount      
Effect of foreign income taxed at different rates $ 404    
Percent      
Foreign rate differential (0.40%)    
v3.26.1
Income Taxes - Schedule of Cash paid for income taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. federal $ 40    
Total state 937    
Total foreign 6,110    
Total taxes paid, net 7,087 $ 3,847 $ 1,263
Louisiana      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total state 462    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total state 475    
Brazil      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 1,406    
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 631    
United Kingdom      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign 2,881    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Total foreign $ 1,192    
v3.26.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Foreign tax credit carryforwards $ 719 $ 3,423
Net operating loss carryforwards 11,452 14,147
R&D credit carryforwards 3,487 3,880
Inventories 5,932 8,456
Operating lease liabilities 3,482 4,337
Employee benefits 5,295 4,292
Deferred revenue 18,790 8,088
Other 5,628 7,835
Gross deferred tax asset 54,785 54,458
Valuation allowance (see Note 15) (42,560) (22,088)
Net deferred tax asset 12,225 32,370
Deferred tax liabilities:    
Property, plant and equipment (2,935) (8,895)
Intangible assets (8,438) (21,009)
Operating lease assets (1,905) (3,108)
Other (2,655) (2,744)
Deferred tax liability (15,933) (35,756)
Net deferred tax liability $ (3,708) $ (3,386)
v3.26.1
Income Taxes - Schedule of Deferred Tax Reclassifications (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Other non-current assets $ 2,057 $ 1,964
Deferred tax liability (5,765) (5,350)
Net deferred tax liability $ (3,708) $ (3,386)
v3.26.1
Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerators:      
Net income (loss) $ (109,377) $ (11,258) $ 12,891
Less: Income attributable to unvested restricted stock awards 0 0 (251)
Numerator for basic net income (loss) per share (109,377) (11,258) 12,640
Effect of dilutive securities:      
Unvested restricted stock awards 0 0 2
Numerator for diluted net income (loss) per share $ (109,377) $ (11,258) $ 12,642
Denominators:      
Weighted average number of common shares outstanding (in shares) 60,834 63,497 63,934
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) (2,137) (1,493) (1,244)
Denominator for basic net income (loss) per share (in shares) 58,697 62,004 62,690
Performance share units (in shares) 0 0 462
Denominator for diluted net income (loss) per share (in shares) 58,697 62,004 63,152
Net income (loss) per share:      
Basic (in dollars per share) $ (1.86) $ (0.18) $ 0.20
Diluted (in dollars per share) $ (1.86) $ (0.18) $ 0.20
v3.26.1
Long-Term Incentive Compensation - Narrative (Details) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 7,700,000 $ 8,700,000 $ 7,000,000.0
Share-based compensation costs not yet recognized 8,800,000    
Deferred compensation arrangement, recorded liability $ 1,400,000 1,500,000  
Deferred compensation arrangement, requisite performance period 3 years    
Performance- and Service-based Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance period (in years) 3 years    
Performance-based Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of additional performance-based awards issued (as a percent) 200.00%    
Service-based Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period (in years) 3 years    
Number of shares available for future grant (in shares) 2.9    
Unvested restricted stock awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Other than options, vested, fair value $ 5,400,000 $ 4,900,000 $ 4,700,000
Compensation costs not yet recognized, period for recognition 1 year 7 months 6 days    
2025 Awards | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Deferred compensation arrangement, recorded liability $ 0    
2025 Awards | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Deferred compensation arrangement, recorded liability 2,900,000    
2024 Awards | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Deferred compensation arrangement, recorded liability 0    
2024 Awards | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Deferred compensation arrangement, recorded liability $ 3,100,000    
v3.26.1
Long-Term Incentive Compensation - Schedule of Restricted Stock Awards and Related Information (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Service-based Restricted Stock  
Number of Shares  
Unvested, beginning balance (in shares) 1,513
Granted (in shares) 1,573
Performance-based reduction (in shares) 0
Vested (in shares) (820)
Forfeited (in shares) (107)
Unvested, ending balance (in shares) 2,159
Weighted Average Grant Date Fair Value  
Unvested beginning balance (in dollars per share) | $ / shares $ 6.72
Granted (in dollars per share) | $ / shares 5.32
Performance-based reduction (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 6.61
Forfeited (in dollars per share) | $ / shares 5.76
Unvested ending balance (in dollars per share) | $ / shares $ 5.79
Performance- and Service-based Stock Units  
Number of Shares  
Unvested, beginning balance (in shares) 1,033
Granted (in shares) 297
Performance-based reduction (in shares) (29)
Vested (in shares) (467)
Forfeited (in shares) 0
Unvested, ending balance (in shares) 834
Weighted Average Grant Date Fair Value  
Unvested beginning balance (in dollars per share) | $ / shares $ 6.73
Granted (in dollars per share) | $ / shares 5.31
Performance-based reduction (in dollars per share) | $ / shares 9.11
Vested (in dollars per share) | $ / shares 6.53
Forfeited (in dollars per share) | $ / shares 0
Unvested ending balance (in dollars per share) | $ / shares $ 6.25
Unvested restricted stock awards  
Number of Shares  
Unvested, beginning balance (in shares) 2,546
Granted (in shares) 1,870
Performance-based reduction (in shares) (29)
Vested (in shares) (1,287)
Forfeited (in shares) (107)
Unvested, ending balance (in shares) 2,993
v3.26.1
Retirement Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Defined contribution plan expense $ 5,700 $ 6,300 $ 7,000
Deferred compensation plan 22,564 $ 18,245  
Amounts payable to plan participants $ 23,800    
v3.26.1
Segments and Related Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.26.1
Segments and Related Information - Schedule of Operating Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 668,988 $ 692,588 $ 782,283
Cost of revenues (exclusive of depreciation and amortization expense presented below) 535,734 536,201 606,888
Selling, general and administrative expense 90,425 95,009 94,185
Depreciation and amortization expense 47,439 54,708 60,778
Long-lived and other asset impairments 100,321 24,554 0
Other operating (income) loss, net (6,960) (16,195) (2,732)
Costs and expenses 766,959 694,277 759,119
Operating income (loss) (97,971) (1,689) 23,164
Capital expenditures 31,191 37,508 30,653
Total assets 883,431 1,005,108 1,046,486
Facility consolidation and exit, and other charges 11,638 10,963  
Gains on disposition of property held for sale   (15,316)  
Patent defense costs   2,753  
Impairment of inventories 20,798 0 0
Offshore Manufactured Products      
Segment Reporting Information [Line Items]      
Revenues 431,093 397,900 381,711
Facility consolidation and exit, and other charges 1,600 3,400 2,500
Completion and Production Services      
Segment Reporting Information [Line Items]      
Revenues 114,548 163,902 242,633
Asset impairment, facility consolidation and exit, patent defense and other charges   24,300  
Patent defense costs     600
Downhole Technologies      
Segment Reporting Information [Line Items]      
Revenues 123,347 130,786 157,939
Asset impairment, facility consolidation and exit, patent defense and other charges   10,600  
Impairment of inventories 20,800   3,200
Operating Segments | Offshore Manufactured Products      
Segment Reporting Information [Line Items]      
Revenues 431,093 397,900 381,711
Cost of revenues (exclusive of depreciation and amortization expense presented below) 308,701 279,754 274,591
Selling, general and administrative expense 36,453 37,029 34,430
Depreciation and amortization expense 15,210 15,205 16,357
Long-lived and other asset impairments 0 0  
Other operating (income) loss, net 1,565 633 44
Costs and expenses 361,929 332,621 325,422
Operating income (loss) 69,164 65,279 56,289
Capital expenditures 17,613 18,428 9,235
Total assets 546,839 510,374 521,923
Facility consolidation and exit, and other charges 1,608 3,364  
Gains on disposition of property held for sale   0  
Patent defense costs   0  
Impairment of inventories 0    
Operating Segments | Completion and Production Services      
Segment Reporting Information [Line Items]      
Revenues 114,548 163,902 242,633
Cost of revenues (exclusive of depreciation and amortization expense presented below) 93,760 141,393 196,158
Selling, general and administrative expense 6,870 10,813 9,417
Depreciation and amortization expense 16,756 22,143 25,318
Long-lived and other asset impairments 1,307 14,067  
Other operating (income) loss, net (8,160) (1,289) (2,141)
Costs and expenses 110,533 187,127 228,752
Operating income (loss) 4,015 (23,225) 13,881
Capital expenditures 11,722 17,920 19,125
Total assets 100,869 152,485 191,630
Facility consolidation and exit, and other charges 9,480 7,442  
Asset impairment, facility consolidation and exit, patent defense and other charges 10,800    
Gains on disposition of property held for sale   0  
Patent defense costs   2,753  
Impairment of inventories 0    
Operating Segments | Downhole Technologies      
Segment Reporting Information [Line Items]      
Revenues 123,347 130,786 157,939
Cost of revenues (exclusive of depreciation and amortization expense presented below) 133,273 115,054 136,139
Selling, general and administrative expense 7,580 9,427 9,457
Depreciation and amortization expense 15,047 16,808 18,467
Long-lived and other asset impairments 91,939 10,487  
Other operating (income) loss, net (165) (86) (250)
Costs and expenses 247,674 151,690 163,813
Operating income (loss) (124,327) (20,904) (5,874)
Capital expenditures 1,621 1,140 1,825
Total assets 148,595 265,240 278,151
Facility consolidation and exit, and other charges 252 123  
Asset impairment, facility consolidation and exit, patent defense and other charges 113,000    
Gains on disposition of property held for sale   0  
Patent defense costs   0  
Impairment of inventories 20,798    
Corporate      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Cost of revenues (exclusive of depreciation and amortization expense presented below) 0 0 0
Selling, general and administrative expense 39,522 37,740 40,881
Depreciation and amortization expense 426 552 636
Long-lived and other asset impairments 7,075 0  
Other operating (income) loss, net (200) (15,453) (385)
Costs and expenses 46,823 22,839 41,132
Operating income (loss) (46,823) (22,839) (41,132)
Capital expenditures 235 20 468
Total assets 87,128 77,009 $ 54,782
Facility consolidation and exit, and other charges 298 34  
Asset impairment, facility consolidation and exit, patent defense and other charges 7,400    
Gains on disposition of property held for sale   (15,316)  
Patent defense costs   $ 0  
Impairment of inventories $ 0    
v3.26.1
Segments and Related Information - Schedule of Supplemental Disaggregated Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 668,988 $ 692,588 $ 782,283
Products      
Segment Reporting Information [Line Items]      
Revenues 436,397 402,565 418,550
Services      
Segment Reporting Information [Line Items]      
Revenues 232,591 290,023 363,733
Offshore Manufactured Products      
Segment Reporting Information [Line Items]      
Revenues 431,093 397,900 381,711
Offshore Manufactured Products | Project-driven:      
Segment Reporting Information [Line Items]      
Revenues 390,639 356,773 347,822
Offshore Manufactured Products | Project-driven: | Products      
Segment Reporting Information [Line Items]      
Revenues 275,288 232,867 235,080
Offshore Manufactured Products | Project-driven: | Services      
Segment Reporting Information [Line Items]      
Revenues 115,351 123,906 112,742
Offshore Manufactured Products | Military and other products      
Segment Reporting Information [Line Items]      
Revenues 40,454 41,127 33,889
Offshore Manufactured Products | Short-cycle products and services      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Completion and Production Services      
Segment Reporting Information [Line Items]      
Revenues 114,548 163,902 242,633
Completion and Production Services | Project-driven:      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Completion and Production Services | Project-driven: | Products      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Completion and Production Services | Project-driven: | Services      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Completion and Production Services | Military and other products      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Completion and Production Services | Short-cycle products and services      
Segment Reporting Information [Line Items]      
Revenues 114,548 163,902 242,633
Downhole Technologies      
Segment Reporting Information [Line Items]      
Revenues 123,347 130,786 157,939
Downhole Technologies | Project-driven:      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Downhole Technologies | Project-driven: | Products      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Downhole Technologies | Project-driven: | Services      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Downhole Technologies | Military and other products      
Segment Reporting Information [Line Items]      
Revenues 0 0 0
Downhole Technologies | Short-cycle products and services      
Segment Reporting Information [Line Items]      
Revenues $ 123,347 $ 130,786 $ 157,939
v3.26.1
Segments and Related Information - Schedule of Financial Information by Geographic Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues from unaffiliated customers $ 668,988 $ 692,588 $ 782,283
Long-lived assets 359,092 481,979 535,236
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues from unaffiliated customers 410,564 484,945 594,808
Long-lived assets 216,696 354,487 407,457
United Kingdom      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues from unaffiliated customers 120,124 103,814 81,643
Long-lived assets 79,519 75,014 79,607
Singapore      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues from unaffiliated customers 54,131 38,835 48,131
Long-lived assets 24,281 16,090 6,485
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues from unaffiliated customers 84,169 64,994 57,701
Long-lived assets $ 38,596 $ 36,388 $ 41,687
v3.26.1
Valuation Allowances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Foreign Tax Credits      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Reduction in valuation allowance $ 1,300 $ 8,000  
Valuation allowance, foreign tax credits expirations 400 4,300 $ 5,000
Allowance for doubtful accounts receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 2,614 4,497 5,226
Charged to Costs and Expenses 650 933 (336)
Deductions (net of recoveries) (820) (2,792) (428)
Translation and Other, Net 346 (24) 35
Balance at End of Period 2,790 2,614 4,497
Allowance for excess or obsolete inventory      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 38,974 41,745 37,681
Charged to Costs and Expenses 1,551 3,108 5,229
Deductions (net of recoveries) (8,329) (5,804) (1,437)
Translation and Other, Net (2,061) (75) 272
Balance at End of Period 30,135 38,974 41,745
Valuation allowance on deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 22,088 29,638 36,749
Charged to Costs and Expenses 21,702 760 (2,010)
Deductions (net of recoveries) (1,329) (8,023) (5,020)
Translation and Other, Net 99 (287) (81)
Balance at End of Period $ 42,560 $ 22,088 $ 29,638
v3.26.1
Subsequent Event (Details) - Subsequent Event - Cash Flow Credit Agreement - USD ($)
Feb. 20, 2026
Jan. 28, 2026
Subsequent Event [Line Items]    
Maximum borrowing capacity   $ 125,000,000.0
Long-term line of credit $ 0  
Remaining borrowing capacity $ 112,900,000  
Term Loan    
Subsequent Event [Line Items]    
Maximum borrowing capacity   50,000,000.0
Increase limit capacity   50,000,000.0
Line of Credit    
Subsequent Event [Line Items]    
Debt instrument, debt covenant, minimum interest coverage ratio 3.00  
Debt instrument, debt covenant, total net funded debt leverage ratio 2.50  
Debt instrument, debt covenant, maximum total net leverage ratio 3.25  
Debt instrument, debt covenant, maximum senior secured leverage ratio 2.00  
Minimum | Line of Credit    
Subsequent Event [Line Items]    
Commitment fee percentage (as a percent) 0.375%  
Minimum | Secured Overnight Financing Rate (SOFR) | Line of Credit    
Subsequent Event [Line Items]    
Basis spread on variable rate (as a percent) 2.50%  
Minimum | Base Rate | Line of Credit    
Subsequent Event [Line Items]    
Basis spread on variable rate (as a percent) 1.50%  
Maximum | Line of Credit    
Subsequent Event [Line Items]    
Commitment fee percentage (as a percent) 0.50%  
Maximum | Secured Overnight Financing Rate (SOFR) | Line of Credit    
Subsequent Event [Line Items]    
Basis spread on variable rate (as a percent) 3.50%  
Maximum | Base Rate | Line of Credit    
Subsequent Event [Line Items]    
Basis spread on variable rate (as a percent) 2.50%  
Revolving credit facility    
Subsequent Event [Line Items]    
Maximum borrowing capacity   75,000,000.0
Letter of Credit    
Subsequent Event [Line Items]    
Maximum borrowing capacity   $ 40,000,000.0
Letters of credit outstanding $ 12,100,000