Risk Concentrations

9 Months Ended

Sep. 30, 2025

Risk Concentrations

Risk Concentrations

Note 12 — Risk Concentrations

Customer Concentrations 

During the three months ended September 30, 2025, three customers accounted for approximately 27%, 24%, and 12%, respectively, of the Company’s consolidated revenues. These customers contributed 45% of the revenue for high specification rigs, 3% for wireline services, and 15% for processing solutions and ancillary services. During the nine months ended September 30, 2025, three customers accounted for approximately 28%, 21%, and 11%, respectively, of the Company’s consolidated revenues. These customers contributed 45% of the revenue for high specification rigs, 3% for wireline services, and 15% for processing solutions and ancillary services. As of September 30, 2025, approximately 60% of the net accounts receivable balance, in aggregate, was due from these customers.

During the three and nine months ended September 30, 2024, three customers accounted for approximately 18%, 11% and 10%, respectively, of the Company’s consolidated revenues. For the three months ended September 30, 2024, these customers contributed 54% of the revenue for high specification rigs, 18% for wireline services, and 22% for processing solutions and ancillary services. During the nine months ended September 30, 2024, these customers contributed 51% of the revenue for high specification rigs, 13% for wireline services, and 24% for processing solutions and ancillary services. As of September 30, 2024, approximately 41% of the net accounts receivable balance, in aggregate, was due from these customers.