Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Certain segment information for the three and nine months ended September 30, 2025 and 2024 is as follows (in millions):


	High Specification Rigs		Wireline Services		Processing Solutions and Ancillary Services		Other		Total
	Three Months Ended September 30, 2025
Revenue	$	80.9	$	17.2	$	30.8	$	—	$	128.9
Employee expenses	41.4		8.1		11.6		4.2		65.3
Repair and maintenance	8.2		1.6		3.5		—		13.3
Other segment items*	15.6		8.9		10.2		2.4		37.1
Depreciation and amortization	5.7		2.8		2.1		0.4		11.0


Gain on sale of assets	—		—		—		(0.4)		(0.4)
Operating income (loss)	10.0		(4.2)		3.4		(6.6)		2.6
Interest expense, net	—		—		—		0.4		0.4
Income tax expense	—		—		—		1.3		1.3
Other income	—		—		—		(0.3)		(0.3)
Net income (loss)	$	10.0	$	(4.2)	$	3.4	$	(8.0)	$	1.2

Reconciliation of net income (loss) to Adjusted EBITDA:
Net income (loss)	10.0		(4.2)		3.4		(8.0)		1.2
Interest expense, net	—		—		—		0.4		0.4
Income tax expense	—		—		—		1.3		1.3
Depreciation and amortization	5.7		2.8		2.1		0.4		11.0
EBITDA	15.7		(1.4)		5.5		(5.9)		13.9

Equity based compensation	—		—		—		1.6		1.6

Gain on sale of assets	—		—		—		(0.4)		(0.4)

Severance and reorganization costs	—		0.1		—		—		0.1
Acquisition related costs	—		0.1		—		—		0.1
Legal fees and settlements	—		—		—		0.2		0.2
Employee retention credit	—		—		—		(0.3)		(0.3)
Inventory adjustment	—		1.6		—		—		1.6
Adjusted EBITDA	$	15.7	$	0.4	$	5.5	$	(4.8)	$	16.8

Capital expenditures	$	4.3	$	0.8	$	1.9	$	—	$	7.0

	High Specification Rigs		Wireline Services		Processing Solutions and Ancillary Services		Other		Total
	Nine Months Ended September 30, 2025
Revenue	$	254.7	$	56.5	$	93.5	$	—	$	404.7
Employee expenses	131.3		27.1		35.3		13.2		206.9
Repair and maintenance	24.5		6.1		10.0		—		40.6
Other segment items*	48.2		26.4		30.6		7.5		112.7
Depreciation and amortization	16.7		8.1		6.4		1.3		32.5
Impairment of fixed assets	—		—		—		0.4		0.4
Gain on sale of assets	—		—		—		(0.6)		(0.6)
Operating income (loss)	34.0		(11.2)		11.2		(21.8)		12.2
Interest expense, net	—		—		—		1.0		1.0
Income tax expense	—		—		—		4.0		4.0
Other income	—		—		—		(1.9)		(1.9)
Net income (loss)	$	34.0	$	(11.2)	$	11.2	$	(24.9)	$	9.1

Reconciliation of net income (loss) to Adjusted EBITDA:
Net income (loss)	34.0		(11.2)		11.2		(24.9)		9.1
Interest expense, net	—		—		—		1.0		1.0
Income tax expense	—		—		—		4.0		4.0
Depreciation and amortization	16.7		8.1		6.4		1.3		32.5
EBITDA	50.7		(3.1)		17.6		(18.6)		46.6
Impairment of assets	—		—		—		0.4		0.4
Equity based compensation	—		—		—		4.8		4.8

Gain on sale of assets	—		—		—		(0.6)		(0.6)

Severance and reorganization costs	—		0.7		—		0.1		0.8
Acquisition related costs	—		0.5		0.1		0.1		0.7
Legal fees and settlements	—		—		—		0.5		0.5
Employee retention credit	—		—		—		(1.9)		(1.9)


Inventory adjustment	—		1.6		—		—		1.6
Adjusted EBITDA	$	50.7	$	(0.3)	$	17.7	$	(15.2)	$	52.9

Capital expenditures	$	18.8	$	0.8	$	5.2	$	—	$	24.8

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* Other Segment Items include Direct Materials, Subcontractor Expense, Reimbursable Expenses, Equipment Rentals, Fuel, Per Diem, Travel & Entertainment, Vehicles and Miscellaneous. These items, including Employee Expenses and Repair and Maintenance, are included in Cost of Services and General and Administrative expense in the Consolidated Statements of Operations.


	High Specification Rigs		Wireline Services		Processing Solutions and Ancillary Services		Other		Total
	Three Months Ended September 30, 2024
Revenue	$	86.7	$	30.3	$	36.0	$	—	$	153.0
Employee expenses	43.3		12.4		12.1		4.7		72.5
Repair and maintenance	8.1		3.1		2.8		—		14.0
Other segment items*	15.8		12.1		12.3		2.4		42.6
Depreciation and amortization	5.7		2.7		2.2		0.5		11.1
Gain on sale of assets	—		—		—		(0.1)		(0.1)
Operating income (loss)	13.8		—		6.6		(7.5)		12.9
Interest expense, net	—		—		—		0.7		0.7
Income tax expense	—		—		—		3.5		3.5

Net income (loss)	$	13.8	$	—	$	6.6	$	(11.7)	$	8.7

Reconciliation of net income (loss) to Adjusted EBITDA:
Net income (loss)	13.8		—		6.6		(11.7)		8.7
Interest expense, net	—		—		—		0.7		0.7
Income tax expense	—		—		—		3.5		3.5
Depreciation and amortization	5.7		2.7		2.2		0.5		11.1
EBITDA	19.5		2.7		8.8		(7.0)		24.0

Equity based compensation	—		—		—		1.4		1.4

Gain on sale of assets	—		—		—		(0.1)		(0.1)



Legal fees and settlements	(0.3)		—		—		0.1		(0.2)
Adjusted EBITDA	$	19.2	$	2.7	$	8.8	$	(5.6)	$	25.1

Capital expenditures	$	4.0	$	1.6	$	2.2	$	—	$	7.8

	High Specification Rigs		Wireline Services		Processing Solutions and Ancillary Services		Other		Total
	Nine Months Ended September 30, 2024
Revenue	$	249.1	$	87.6	$	91.3	$	—	$	428.0
Employee expenses	129.3		38.4		34.5		12.8		215.0
Repair and maintenance	22.6		8.8		7.8		—		39.2
Other segment items*	46.9		37.2		30.5		7.9		122.5
Depreciation and amortization	16.9		8.7		6.2		1.5		33.3
Gain on sale of assets	—		—		—		(1.7)		(1.7)
Operating income (loss)	33.4		(5.5)		12.3		(20.5)		19.7
Interest expense, net	—		—		—		2.1		2.1
Income tax expense	—		—		—		5.0		5.0

Net income (loss)	$	33.4	$	(5.5)	$	12.3	$	(27.6)	$	12.6

Reconciliation of net income (loss) to Adjusted EBITDA:


Net income (loss)	33.4		(5.5)		12.3		(27.6)		12.6
Interest expense, net	—		—		—		2.1		2.1
Income tax expense	—		—		—		5.0		5.0
Depreciation and amortization	16.9		8.7		6.2		1.5		33.3
EBITDA	50.3		3.2		18.5		(19.0)		53.0

Equity based compensation	—		—		—		4.0		4.0

Gain on sale of assets	—		—		—		(1.7)		(1.7)

Severance and reorganization costs	0.7		0.1		0.1		0.1		1.0
Acquisition related costs	0.3		—		—		0.1		0.4
Legal fees and settlements	0.2		—		—		0.1		0.3
Adjusted EBITDA	$	51.5	$	3.3	$	18.6	$	(16.4)	$	57.0


Capital expenditures	$	20.0	$	3.9	$	13.6	$	—	$	37.5

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