Risk Concentrations

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Risk Concentrations

Note 12 — Risk Concentrations

Customer Concentrations

During the year ended December 31, 2025, three customers accounted for approximately 30%, 18%, and 11%, respectively, of the Company’s consolidated revenue. These customers contributed 43% of the revenue for high specification rigs, 2% for wireline services, and 14% for processing solutions and ancillary services. As of December 31, 2025, approximately 56% of the consolidated accounts receivable balance was due from these customers.

The majority of our trade receivables have payment terms of 30 days or less. As of December 31, 2025, the top three trade net receivable balances represented 33%, 17% and 6%, respectively, of consolidated accounts receivable. Within our High Specification Rig segment, the top three net trade receivable balances represented 31%, 22% and 8%, respectively, of total High Specification Rig net accounts receivable. Within our Wireline Services segment, the top three net trade receivable balances represented 25%, 15% and 14%, respectively, of total Wireline Services net accounts receivable. Within our Processing Solutions and Ancillary Services segment, the top three trade receivable balances represented 42%, 13% and 9%, respectively, of total Processing Solutions and Ancillary Services net accounts receivable. We mitigate the associated credit risk by performing credit evaluations and monitoring the payment patterns of our customers.

For the year ended December 31, 2024, four customers accounted for approximately 22%, 13%, 13% and 11%, respectively, of the Company’s consolidated revenue. These customers contributed 43% of the revenue for high specification rigs, 8% for wireline services, and 8% for processing solutions and ancillary services. As of December 31, 2024, approximately 61% of the consolidated accounts receivable balance was due from these customers.