0000950170-23-057180 | 10-Q | XBRL Viewer

Great North Wellhead and Frac

$ 16,237

$ 0

Prepaid expenses and other current assets

Cash

$ 1,810

Accounts receivable

16,499

609

Inventory

16,068

Property, plant and equipment

29,338

Right of use assets

11,115

Intangible assets (1)

^[2]

22,263

Total assets acquired

97,702

Accounts payable

7,034

Accrued expenses

3,522

Deferred revenue

Lease liability, current

11,115

Deferred taxes

5,075

Total liabilities assumed

26,793

Net identifiable assets acquired

70,909

Revenue from Contract with Customer [Abstract]

16,759

Net assets acquired

$ 87,668

[1]

As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

[2]

Includes $4.0 million of trademarks with a weighted average useful life of 10 years, $3.6 million of patents with a weighted average useful life of 15 years, and $14.7 million of customer relationships with a weighted average useful life of 10 years. See “Goodwill and Intangible Assets,” Note 11 of Notes to the Condensed Consolidated Financial Statements for further information regarding intangible assets.

Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Severance	$ 504	$ 0	$ 504	$ 32
Long-lived asset write-down	0	0	0	5,055
Other	1,763	4,101	2,871	4,811
Total impairment, restructuring and other charges	$ 2,267	$ 4,101	$ 3,375	$ 9,898

Business Acquisitions - Summary of Consideration Transferred to Acquire Great North (Details) $ in Thousands, $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2023 CAD ($)	Jul. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Purchase price			$ 82,287	$ 0
Great North Wellhead and Frac
Business Acquisition [Line Items]
Purchase price	$ 105	$ 79,800
Cash		84,097
Contingent consideration		3,571
Total		$ 87,668

Business Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Business Acquisitions

3. Business Acquisitions

On July 31, 2023, the Company acquired 100% of the issued and outstanding shares of 1185641 B.C. LTD (d/b/a Great North Wellhead and Frac, “Great North”) for a purchase price of $105 million CAD, approximately $79.8 million, which is subject to customary adjustments for cash and working capital. The acquisition of Great North allows Dril-Quip to service its clients with Great North’s products.

The acquired business contributed revenues of $15.5 million and earnings of $1.6 million to Dril-Quip for the period from August 1, 2023 to September 30, 2023. The following unaudited pro forma summary presents consolidated information of Dril-Quip as if the business combination had occurred on January 1, 2022.


	Pro forma three months ended September 30,					Pro forma nine months ended September 30,
	2023			2022		2023		2022
	(In thousands)
	(unaudited)
Revenues	$	125,367		$	112,471	$	352,343	$	329,692
Net income	$	(1,611	)	$	15,810	$	10,387	$	(1,450	)

These pro forma amounts have been calculated after applying Dril-Quip’s accounting policies and adjusting the results of Great North to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant, and equipment, and intangible assets had been applied from January 1, 2022, with the consequential tax effects.

Dril-Quip incurred $5.4 million and $6.5 million of acquisition-related costs for the three and nine months ended September 30, 2023, respectively. These expenses are included in “Acquisition costs” in the condensed consolidated statements of income (loss) for the respective periods and are reflected in the pro forma earnings for the nine months ended September 30, 2022, in the table above.

The following table summarizes the consideration transferred to acquire Great North:


Fair value of consideration transferred:	(In thousands)

Cash	$	84,097
Contingent consideration		3,571
Total	$	87,668

The acquisition of Great North includes a contingent consideration arrangement that requires additional consideration to be paid by Dril-Quip to the sellers of Great North based on the future revenues of Great North for FY 2024 and 2025. The range of the undiscounted amounts Dril-Quip could pay under the contingent consideration agreement is between zero and $30 million CAD, approximately $22.8 million. The fair value of the contingent consideration recognized on the acquisition date was $3.6 million. The current and noncurrent portion of contingent consideration is included in other accrued liabilities and other long-term liabilities, respectively. The fair value of the contingent consideration recognized on the acquisition date of $3.6 million was estimated by applying a Monte-Carlo valuation model based on Level 3 inputs. The Company will be required to remeasure this liability to fair value quarterly with any changes in the fair value recorded in income until the final payment is made.

The following table sets forth the preliminary purchase price allocation, which was based on fair value of assets acquired and liabilities assumed at the acquisition date, July 31, 2023:

Preliminary amounts of identified assets acquired and liabilities assumed:


	(In thousands)
Cash	$	1,810
Accounts receivable		16,499
Prepaid expenses and other current assets		609
Inventory		16,068
Property, plant and equipment		29,338
Right of use assets		11,115
Intangible assets (1)		22,263
Total assets acquired	$	97,702

Accounts payable		7,034
Accrued expenses		3,522
Deferred revenue		47
Lease liability, long-term		11,115
Deferred taxes		5,075
Total liabilities assumed	$	26,793

Net identifiable assets acquired	$	70,909
Goodwill		16,759
Net assets acquired	$	87,668

(1) Includes $4.0 million of trademarks with a weighted average useful life of 10 years, $3.6 million of patents with a weighted average useful life of 15 years, and $14.7 million of customer relationships with a weighted average useful life of 10 years. See “Goodwill and Intangible Assets,” Note 11 of Notes to the Condensed Consolidated Financial Statements for further information regarding intangible assets.

Acquired assets and liabilities were recorded at estimated fair value as of the acquisition date. The excess of the purchase price over the estimated fair value of tangible and intangible identifiable net assets resulted in the recognition of goodwill of $16.8 million, all of which is included in long-lived assets in the Well Construction business segment and is attributable to expected synergies from combining operations as well as intangible assets which do not qualify for separate recognition. This goodwill is not tax deductible.

The goodwill was determined on the basis of the fair values of the tangible and intangible assets and liabilities as of the acquisition date. It may be adjusted if the provisional fair values change as a result of circumstances existing at the acquisition date. Such fair value adjustments may arise in respect to intangible assets, inventories and property, plant and equipment, upon completion of the necessary valuations and physical verifications of such assets. The amount of deferred taxes may also be adjusted during the measurement period.

Revenue Recognition

9 Months Ended

Sep. 30, 2023

Revenue Recognition

6. Revenue Recognition

Revenues from contracts with customers (excludes leasing) consisted of the following:


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Revenues:
Products:
Subsea products	$	55,427	$	48,480	$	146,123	$	144,229
Well construction		22,176		10,028		46,554		31,900
Total products	$	77,603	$	58,508	$	192,677	$	176,129
Services:
Subsea services	$	17,412	$	15,806	$	50,230	$	43,748
Well construction services		9,802		4,637		21,998		13,790
Total services	$	27,214	$	20,443	$	72,228	$	57,538

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)


Contract assets at December 31, 2022	$	138,592
Additions		147,250
Transfers to Trade receivables, net		(137,423	)
Contract assets at September 30, 2023	$	148,419

Contract Liabilities (amounts shown in thousands)


Contract liabilities at December 31, 2022	$	6,824
Additions		12,614
Revenue recognized		(11,961	)
Contract liabilities at September 30, 2023	$	7,477

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $92.3 million and $92.6 million at September 30, 2023 and December 31, 2022, respectively. Unbilled contract assets are transferred to trade receivables, net, when the rights become unconditional. Contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of September 30, 2023.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $41.8 million as of September 30, 2023. The Company expects to recognize revenue on approximately 98.6% of the remaining performance obligations over the next 12 months and the remaining 1.4% thereafter.

The Company applies the practical expedient available under the revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Insider Trading Arrangements

9 Months Ended

Sep. 30, 2023

Material Terms of Trading Arrangement

In the third quarter of 2023, the following trading plans were adopted or terminated:


Name and Title	Action	Date Plan Adopted / Terminated	Duration of Plan	Rule 10b5-1 Trading Plan		Common Shares to be Purchased or Sold
				Yes	No
Jeffrey J. Bird,	Adopt	8/25/2023	1/1/2024 through 4/5/2024	X		Sell up to 15,000, subject to certain conditions
President, Chief Executive Officer and Director
Kyle F. McClure,	Adopt	8/25/2023	1/1/2024 through 4/5/2024	X		Sell up to 8,000, subject to certain conditions
Vice President and Chief Financial Officer
James C. Webster,	Adopt	8/25/2023	1/1/2024 through 4/5/2024	X		Sell up to 8,000, subject to certain conditions
Vice President, General Counsel and Secretary
Terence B. Jupp,	Adopt	9/11/2023	12/18/2023 through 4/5/2024	X		Sell up to 3,218, subject to certain conditions
Director

Jeffrey J Bird [Member]

Jeffrey J. Bird

President, Chief Executive Officer and Director

true

8/25/2023

96 days

15,000

Kyle F McClure [Member]

Kyle F. McClure

Vice President and Chief Financial Officer

true

8/25/2023

96 days

8,000

James C Webster [Member]

James C. Webster

Vice President, General Counsel and Secretary

true

8/25/2023

96 days

8,000

Terence B Jupp [Member]

Terence B. Jupp

Director

true

9/11/2023

110 days

3,218

Income Tax

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax

13. Income Tax

The effective tax rate for the three and nine months ended September 30, 2023 was (87.1)% and 116.0% compared to (4.8%) and 131.7% for the same period in 2022. The change in the effective tax rate between the periods resulted primarily due to the change in projected earnings mix by geography and tax jurisdiction as compared to the prior period, changes in valuation allowances in the United States, foreign withholding tax, changes in nondeductible compensation, and the mix of earnings in jurisdictions with differing tax rates.

The Company had approximately $16.8 million in outstanding NOL carryback claims as of December 31, 2022 including the estimated carryback claim relating to the 2020 tax year, which was reflected in “Other current assets” on the consolidated balance sheets. During the three and nine months ended September 30, 2023, the Company received refunds of $16.8 million and $17.2 million, respectively. The third quarter 2023 refund is comprised of the refund amount of $15.5 million and related interest of $1.3 million.

As the Company no longer asserts the indefinite reinvestment assertion, we maintain a deferred foreign tax liability, which had a balance of $1.8 million as of September 30, 2023 and is primarily related to estimated foreign withholding tax associated with repatriating all non-U.S. earnings back to the United States.

The Company operates in multiple jurisdictions with complex tax and regulatory environments and our tax returns are periodically audited or subjected to review by tax authorities. We monitor tax law changes and the potential impact to our results of operations.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies, net	$ 34,057	$ 21,956
Work in progress, net	34,056	38,263
Finished goods, net	115,137	85,785
Total inventory, net	$ 183,250	$ 146,004

Business Acquisitions - Additional Information (Details)
$ in Thousands, $ in Millions

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

Jul. 31, 2023

CAD ($)

Jul. 31, 2023

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2023

CAD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Sep. 30, 2023

CAD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2022

USD ($)

Dec. 31, 2022

USD ($)

Acquisitions, net of cash acquired

$ 82,287

$ 0

82,287

^[1]

$ 3,460

3,460

$ 0

Acquisition related costs

16,237

^[2]

16,237

^[2]

16,237

^[2]

$ 5.4

$ 6.5

Revenues of acquired business since acquisition date

15,500

Pre-tax operating loss

(6,071)

$ 12,431

723

$ 2,971

Net income of acquired business since acquisition date

1,600

Level 3

Great North Wellhead and Frac

^[1]

$ 3,460

$ 0

$ 87,668

84,097

Business acquisition, percentage of voting interests acquired

$ 105.0

$ 79,800

100.00%

Acquisitions, net of cash acquired

105.0

$ 79,800

Fair value of the contingent consideration

3,600

22,800

Great North Wellhead and Frac | Level 3

16,759

Great North Wellhead and Frac | Maximum

$ 3,600

Fair value of the contingent consideration

30.0

Great North Wellhead and Frac | Minimum

Fair value of the contingent consideration

$ 0.0

[1]	As of September 30, 2023, contingent consideration includes certain amounts in accrued general liabilities and other long-term liabilities on the Company’s Consolidated Balance Sheets.
[2]	As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Business Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 117,244	$ 88,141	$ 297,716	$ 265,256
Depreciation and amortization	7,899	7,123	21,837	22,352
Operating income (loss)	(6,071)	12,431	723	2,971
Subsea Products
Segment Reporting Information [Line Items]
Revenues	55,427	48,496	146,123	144,245
Depreciation and amortization	1,670	1,623	5,014	5,196
Operating income (loss)	954	18,007	555	11,109
Subsea Services
Segment Reporting Information [Line Items]
Revenues	24,176	22,276	71,658	69,292
Depreciation and amortization	2,595	2,826	8,122	8,954
Operating income (loss)	885	676	11,498	5,859
Well construction
Segment Reporting Information [Line Items]
Revenues	37,641	17,369	79,935	51,719
Depreciation and amortization	2,977	1,558	6,536	4,837
Operating income (loss)	6,353	2,066	13,407	9,613
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	657	1,116	2,165	3,365
Operating income (loss)	$ (14,263)	$ (8,318)	$ (24,737)	$ (23,610)

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (7,034)	$ 13,289	$ (1,240)	$ (1,219)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(4,489)	(10,487)	(8,369)	(19,829)
Total comprehensive income (loss)	$ (11,523)	$ 2,802	$ (9,609)	$ (21,048)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Restructuring and Related Activities [Abstract]

Restructuring and Other Charges (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Impairment, Restructuring and Other Charges

The following table summarizes the components of charges included in “Restructuring and other charges” in our condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Severance	$	504	$	-	$	504	$	32
Long-lived asset write-down		-		-		-		5,055
Other		1,763		4,101		2,871		4,811
	$	2,267	$	4,101	$	3,375	$	9,898

Schedule of Accrued Liabilities Related to Restructuring and Others Charges

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of September 30, 2023 (in thousands):


	Total
Beginning balance at January 1, 2023	$	3,802
Additions for costs expensed		-
Reductions for payments		(645	)
Other		(2,255	)
Ending balance at September 30, 2023	$	902

Business Acquisitions - Pro Forma Consolidated Results of Operations (Details) - Great North Wellhead and Frac - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 125,367	$ 112,471	$ 352,343	$ 329,692
Net income	$ (1,611)	$ 15,810	$ 10,387	$ (1,450)

Revision to Previously Reported Financial Information - Statement of Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 117,244	$ 88,141	$ 297,716	$ 265,256
Restructuring and other charges	2,267	4,101	3,375	9,898
Operating income (loss)	(6,071)	12,431	723	2,971
Income (loss) before income taxes	(3,759)	12,679	7,761	3,842
Net Income (Loss)	$ (7,034)	$ 13,289	$ (1,240)	$ (1,219)
Net income (loss) per common share:
Basic	$ (0.21)	$ 0.39	$ (0.04)	$ (0.04)
Diluted	$ (0.21)	$ 0.38	$ (0.04)	$ (0.04)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Restructuring and other charges		$ 2,180		$ 7,977
Operating income (loss)		14,352		4,892
Income (loss) before income taxes		14,600		5,763
Net Income (Loss)		$ 15,210		$ 702
Net income (loss) per common share:
Basic		$ 0.45		$ 0.02
Diluted		$ 0.44		$ 0.02
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Restructuring and other charges		$ 1,921		$ 1,921
Operating income (loss)		(1,921)		(1,921)
Income (loss) before income taxes		(1,921)		(1,921)
Net Income (Loss)		$ (1,921)		$ (1,921)
Net income (loss) per common share:
Basic		$ (0.06)		$ (0.06)
Diluted		$ (0.06)		$ (0.06)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Treasury stock shares (in shares)	0	457,467	0	888,197

Stock-Based Compensation and Stock Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 2.6	$ 2.6	$ 7.7	$ 7.7

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Inventories, net

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories, net

8. Inventories, net

Inventories consist of the following:


	September 30,		December 31,
	2023		2022
	(In thousands)
Raw materials and supplies, net	$	34,057	$	21,956
Work in progress, net		34,056		38,263
Finished goods, net		115,137		85,785
Total inventory, net	$	183,250	$	146,004

As of September 30, 2023, inventory values of raw materials, work in progress and finished goods have been reduced by approximately $7.6 million, $2.8 million and $62.1 million, respectively, by a reserve for slow moving and excess inventory, and as of December 31, 2022 inventory values of raw materials, work in progress and finished goods have been reduced by approximately $8.1 million, $3.4 million and $64.4 million, respectively by a reserve for slow moving and excess inventory.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 117,244	$ 88,141	$ 297,716	$ 265,256
Cost of sales:
Total cost of sales	85,603	65,710	216,816	199,368
Selling, general and administrative	26,993	22,431	71,692	67,322
Engineering and product development	3,061	2,645	9,662	9,041
Restructuring and other charges	2,267	4,101	3,375	9,898
Gain on sale of property, plant and equipment	(1,027)	(17,276)	(8,412)	(17,770)
Acquisition costs	5,358	0	6,492	0
Foreign currency transaction gain	1,060	(1,901)	(2,632)	(5,574)
Total costs and expenses	123,315	75,710	296,993	262,285
Operating income (loss)	(6,071)	12,431	723	2,971
Interest income, net	(2,312)	(248)	(7,038)	(871)
Income (loss) before income taxes	(3,759)	12,679	7,761	3,842
Income tax provision (benefit)	3,275	(610)	9,001	5,061
Net income (loss)	$ (7,034)	$ 13,289	$ (1,240)	$ (1,219)
Net income (loss) per common share:
Basic	$ (0.21)	$ 0.39	$ (0.04)	$ (0.04)
Diluted	$ (0.21)	$ 0.38	$ (0.04)	$ (0.04)
Weighted average common shares outstanding:
Basic	34,132	33,948	34,130	33,948
Diluted	34,132	34,232	34,130	33,948
Products
Revenues:
Revenues from products and services	$ 77,603	$ 58,508	$ 192,677	$ 176,129
Cost of sales:
Total cost of sales	60,640	49,714	152,849	151,932
Services
Revenues:
Revenues from products and services	27,214	20,443	72,228	57,538
Cost of sales:
Total cost of sales	19,083	8,105	46,199	24,773
Leasing
Revenues:
Leasing	12,427	9,190	32,811	31,589
Cost of sales:
Total cost of sales	$ 5,880	$ 7,891	$ 17,768	$ 22,663

Organization and Basis of Presentation (Details) - Segment	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Segment Reporting Information [Line Items]
Number of geographic segments	3	3
Number of reportable business segments	3

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

As of September 30, 2023, the Company’s Level 3 instruments consist of contingent purchase consideration liabilities related to the acquisition of Great North (Note 3). The fair value of such earn-out liabilities is generally determined using a Monte Carlo Simulation that includes significant inputs that are not observable. Significant inputs include management's estimate of revenue and other market inputs, including expected revenue volatility (7.5%) and a revenue discount rate (8.7%). The fair value of certain earn-out liabilities is derived using the estimated probability of success of achieving the earn-out periods discounted to present value. The fair value of contingent consideration liabilities is remeasured at each reporting period at the estimated fair value based on the inputs on the date of remeasurement, with the change in fair value recognized in the Selling, general and administrative expense of the Condensed Consolidated Statements of Income.

The Company’s contingent consideration measured at fair value for the periods presented are as follows (in thousands):


	September 30, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Liability:
Contingent consideration (1)	$	3,460		-		-	$	3,460		-		-		-		-
Total liabilities	$	3,460		-		-	$	3,460		-		-		-		-

(1) As of September 30, 2023, contingent consideration includes certain amounts in accrued general liabilities and other long-term liabilities on the Company’s Consolidated Balance Sheets.


	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023			2022
Beginning period balance	$	-			-	$	-			-
Additions to contingent consideration		3,571			-		3,571			-
Payments of contingent consideration		-			-		-			-
Fair value adjustment of earn-out liabilities		-			-		-			-
Currency translation adjustment		(111	)		-		(111	)		-
Ending period balance	$	3,460			-	$	3,460			-

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Stock Awards

9 Months Ended

Sep. 30, 2023

Stock-Based Compensation and Stock Awards

7. Stock-Based Compensation and Stock Awards

During the three and nine months ended September 30, 2023, the Company recognized approximately $2.6 million and $7.7 million of stock-based compensation expense. Stock-based compensation is included in “Selling, general and administrative” in our accompanying condensed consolidated statements of income (loss) and “Additional paid-in capital” in our accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2022, the Company recognized approximately $2.6 million and $7.7 million of stock-based compensation expense.

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from Contract with Customer Excludes Leasing

Revenues from contracts with customers (excludes leasing) consisted of the following:


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Revenues:
Products:
Subsea products	$	55,427	$	48,480	$	146,123	$	144,229
Well construction		22,176		10,028		46,554		31,900
Total products	$	77,603	$	58,508	$	192,677	$	176,129
Services:
Subsea services	$	17,412	$	15,806	$	50,230	$	43,748
Well construction services		9,802		4,637		21,998		13,790
Total services	$	27,214	$	20,443	$	72,228	$	57,538

Schedule of Contract Asset and Liability

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)


Contract assets at December 31, 2022	$	138,592
Additions		147,250
Transfers to Trade receivables, net		(137,423	)
Contract assets at September 30, 2023	$	148,419

Contract Liabilities (amounts shown in thousands)


Contract liabilities at December 31, 2022	$	6,824
Additions		12,614
Revenue recognized		(11,961	)
Contract liabilities at September 30, 2023	$	7,477

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Reclassifications

We reclassified approximately $5.5 million of accrued bonus related to our short-term incentive plan for the year ended December 31, 2022, from other accrued liabilities to accrued compensation to conform to our current year presentation. These reclassifications did not have an impact on our consolidated statements of income (loss), consolidated balance sheets, consolidated statements of comprehensive income (loss), consolidated statements of stockholders’ equity and consolidated statements of cash flows.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition and asset recoverability tests and inventories

Revenue Recognition

The Company generates revenues through the sale of products, the sale of services and the leasing of running tools. The Company normally negotiates contracts for products, including those accounted for under the over-time method, rental tools and services separately. Modifications to the scope and price of sales contracts may occur in the form of variations and change orders. For all product sales, it is the customer’s decision as to the timing of the product installation, as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may instead choose to use a third party or its own personnel.

Leasing Revenues

The Company earns leasing revenues from the rental of running tools. Revenues from rental of running tools are recognized on a day rate basis over the lease term, which is generally between one to three months.

Cash and Cash Equivalents

Short-term investments that have a maturity of three months or less from the date of purchase are classified as cash equivalents. The Company invests excess cash in interest bearing accounts, money market mutual funds and funds which invest in U.S. Treasury obligations and repurchase agreements backed by U.S. Treasury obligations. The Company’s investment objectives continue to be the preservation of capital and the maintenance of liquidity.

The Company’s ABL Credit Facility, dated February 23, 2018, as amended, was terminated effective February 22, 2022. We opened a new cash collateral account with JPMorgan Chase Bank, N.A., in which cash was transferred to facilitate our existing letters of credit. As of September 30, 2023, the cash balance in that account was approximately $4.2 million. The Company is required to maintain a balance equal to the outstanding letters of credit plus 5% at all times which is considered as restricted cash and is included in “Cash and cash equivalents” in our condensed consolidated balance sheets as at September 30, 2023 and December 31, 2022. Withdrawals from this cash collateral account are only allowed at such point a given letter of credit has expired or has been cancelled.

Short-term Investments

Short-term investments that have a maturity greater than three months and less than a year from the date of purchase are comprised primarily of time deposits, certificates of deposit, commercial paper, bonds and notes, substantially all of which are denominated in U.S. dollars and are stated at cost plus accrued interest, which approximates fair value. The Company expects to hold all of its Short-term investments to maturity.

For purposes of the condensed consolidated financial statements, the Company does not consider Short-term investments to be cash equivalents.

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.

Fair Value Measurements

The Company applies the applicable accounting guidance for fair value measurements. This guidance provides the definition of fair value, describes the method used to appropriately measure fair value in accordance with generally accepted accounting principles, and outlines fair value disclosure requirements.

The fair value hierarchy established under this guidance prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

•

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

•

Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted prices, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

•

Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant.

Impairment of Long-Lived Assets

Long-lived assets, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate our property and equipment and definite-lived intangible assets for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. We assess recoverability based on undiscounted future net cash flows. Estimating future net cash flows requires us to make judgments regarding long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts are uncertain in that they require assumptions about our revenue growth, operating margins, capital expenditures, future market conditions and technological developments. If changes in these assumptions occur, our expectations regarding future net cash flows may change such that a material impairment could result.

Goodwill and Intangible Assets

For goodwill and indefinite-lived intangible assets, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. Goodwill is not amortized but rather tested for impairment annually on October 1 or when events occur or circumstances change that would trigger such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value.

Restructuring and Other Charges

Restructuring and other charges consist of costs associated with our 2021 global strategic plan initiated in the fourth quarter of 2021, in an effort to realign our subsea product business with the market conditions. During the three and nine months ended September 30, 2023, the Company incurred $2.3 million and $3.4 million of additional costs under the 2021 global strategic plan, respectively. The restructuring charges incurred during the current year primarily consist of office moves, site cleanup, preparation costs, severance, consulting and legal fees. During the second quarter of 2023, the Company reassessed the reasonability of a restructuring liability related to its Well Construction business. During our assessment certain market exit costs became known and the liability was adjusted accordingly, resulting in a release of approximately $2.3 million, which partially offsets the current year restructuring costs. During the three and nine months ended September 30, 2022, the Company incurred $4.1 million and $9.9 million of additional costs under the 2021 global strategic plan, respectively. Approximately $5.1 million of these charges were primarily related to write-down of our long-lived assets and the remaining $4.8 million were related to consulting and legal fees, office moves and site cleanup, and preparation costs.

Repurchase of Equity Securities

On February 22, 2022, the Board of Directors authorized an incremental $100.0 million share repurchase plan. The repurchase plans have no set expiration date and any repurchased shares are expected to be cancelled. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price, liquidity and other factors. The program does not obligate the Company to acquire any amount of common stock and may be modified or superseded at any time at the Company’s discretion.

For the three and nine months ended September 30, 2023, the Company did not purchase any shares under the share repurchase plans.

For the three months ended September 30, 2022, the Company purchased 457,467 shares under the share repurchase plans at an average price of approximately $24.35 per share totaling approximately $11.1 million and has retired such shares. For the nine months ended September 30, 2022, the Company purchased 888,197 shares under the share repurchase plans at an average price of approximately $23.41 per share totaling approximately $20.8 million and has retired such shares.

Earnings Per Share

Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock awards using the treasury stock method.

In each relevant period, the net income (loss) used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Weighted average common shares outstanding – basic		34,132		33,948		34,130		33,948
Dilutive effect of common stock awards		-		284		-		-
Weighted average common shares outstanding – diluted		34,132		34,232		34,130		33,948

For the three and nine months ended September 30, 2023 and 2022, the Company has excluded the following common stock awards because their impact on the income (loss) per share is anti-dilutive (in thousands on a weighted average basis):


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Director stock awards		73		1		67		-
Performance share units		332		-		332		-
Restricted stock awards		543		2		558		1

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 154,305	$ 144,428
Performance obligation	41,800
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 92,300	$ 92,600

Business Acquisitions - Purchase Price Allocation (Parenthetical) (Details) - Great North Wellhead and Frac $ in Millions	1 Months Ended
	Jul. 31, 2023 USD ($)
Trademarks
Business Acquisition [Line Items]
Acquired amount	$ 4.0
Weighted-average useful lives in years	10 years
Patents
Business Acquisition [Line Items]
Acquired amount	$ 3.6
Weighted-average useful lives in years	15 years
Customer relationships
Business Acquisition [Line Items]
Acquired amount	$ 14.7
Weighted-average useful lives in years	10 years

Significant Accounting Policies - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	34,132	33,948	34,130	33,948
Dilutive effect of common stock awards (in shares)	0	284	0	0
Weighted average common shares outstanding diluted (in shares)	34,132	34,232	34,130	33,948

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract Assets
Contract assets at December 31, 2022	$ 138,592
Additions	147,250
Transfers to Trade receivables, net	(137,423)
Contract assets at September 30, 2023	148,419
Contract Liabilities
Contract liabilities at December 31, 2022	8,020
Contract liabilities at September 30, 2023	8,098
Other Current Liabilities
Contract Liabilities
Contract liabilities at December 31, 2022	6,824
Additions	12,614
Revenue recognized	(11,961)
Contract liabilities at September 30, 2023	$ 7,477

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Earnings Per Share

The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Weighted average common shares outstanding – basic		34,132		33,948		34,130		33,948
Dilutive effect of common stock awards		-		284		-		-
Weighted average common shares outstanding – diluted		34,132		34,232		34,130		33,948

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Director stock awards		73		1		67		-
Performance share units		332		-		332		-
Restricted stock awards		543		2		558		1

Revision to Previously Reported Financial Information - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to opening retained earnings	$ (948,928)	$ (950,168)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to opening retained earnings			$ 500

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount of accumulated undistributed earnings (deficit).

Accounting Changes and Error Corrections [Abstract]

Revision to Previously Reported Financial Information (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of December 31, 2022:


	December 31, 2022
	As Reported		Adjustments			As Revised
	(In thousands)
Trade receivables, net	$	91,504	$	(643	)	$	90,861
Other current assets		34,359		(1,921	)		32,438
Total current assets		752,588		(2,564	)		750,024
Total assets		972,515		(2,564	)		969,951
Total stockholders’ equity		874,916		(2,564	)		872,352

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the three months ended September 30, 2022:


	Three months ended September 30, 2022
	As Reported		Adjustments			As Revised
	(In thousands, except per share data)
Restructuring and other charges	$	2,180	$	1,921		$	4,101
Operating income (loss)		14,352		(1,921	)		12,431
Income (loss) before income taxes		14,600		(1,921	)		12,679
Net income (loss)		15,210		(1,921	)		13,289
Net income (loss) per common share:
Basic		0.45		(0.06	)		0.39
Diluted		0.44		(0.06	)		0.38

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the nine months ended September 30, 2022:


	Nine months ended September 30, 2022
	As Reported		Adjustments			As Revised
	(In thousands, except per share data)
Restructuring and other charges	$	7,977	$	1,921		$	9,898
Operating income (loss)		4,892		(1,921	)		2,971
Income (loss) before income taxes		5,763		(1,921	)		3,842
Net income (loss)		702		(1,921	)		(1,219	)
Net income (loss) per common share:
Basic		0.02		(0.06	)		(0.04	)
Diluted		0.02		(0.06	)		(0.04	)

Business Segments - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023 Segment	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Number of geographic segments \| Segment		3		3
Restructuring and Related Cost, Incurred Cost				$ 0
Restructuring liability	$ 902			902		$ 3,802
2021 Global Strategic Plan
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	2,300		$ 4,100	3,400	$ 9,900
Inventory write down			$ 5,100		5,100
Restructuring costs					4,800
Restructuring liability	2,300			2,300
2021 Global Strategic Plan \| Subsea Services
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	100			400
2021 Global Strategic Plan \| Subsea Products
Concentration Risk [Line Items]
Inventory write down					2,500
2021 Global Strategic Plan \| Corporate
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 2,200			4,900
Long-lived asset write-downs					2,600
Restructuring costs					$ 4,800
2021 Global Strategic Plan \| Well construction
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost				$ (1,900)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Goodwill

The following table summarizes the change in goodwill, which was acquired in the acquisition of Great North in 2023 (in millions):


	Total
Net balance as of December 31, 2022	$	-
Addition due to business combination		16.8
Impairments		-
Foreign currency translation		(0.6	)
Net balance as of September 30, 2023 (1)	$	16.2

(1) As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Schedule of Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016, OilPatch Technologies in 2017, and Great North in July 2023, consist of the following:


		September 30, 2023
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 - 15 years	$	11,967	$	(2,578	)	$	2		$	9,391
Patents	15 - 30 years		9,573		(4,033	)		(1	)		5,539
Customer relationships	5 - 15 years		39,833		(12,272	)		13			27,574
Organizational costs	3 years		163		(163	)		-			-
		$	61,536	$	(19,046	)	$	14		$	42,504


		December 31, 2022
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 - 15 years	$	8,233	$	(2,118	)	$	(79	)	$	6,036
Patents	15 - 30 years		6,055		(3,699	)		-			2,356
Customer relationships	5 - 15 years		26,028		(10,878	)		(234	)		14,916
Organizational costs	3 years		183		(131	)		(12	)		40
		$	40,499	$	(16,826	)	$	(325	)	$	23,348

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Schedule of Pro forma Consolidated Results of Operations

Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

The following unaudited pro forma summary presents consolidated information of Dril-Quip as if the business combination had occurred on January 1, 2022.


	Pro forma three months ended September 30,					Pro forma nine months ended September 30,
	2023			2022		2023		2022
	(In thousands)
	(unaudited)
Revenues	$	125,367		$	112,471	$	352,343	$	329,692
Net income	$	(1,611	)	$	15,810	$	10,387	$	(1,450	)

Summary of Consideration Transferred to Acquire Great North

The following table summarizes the consideration transferred to acquire Great North:


Fair value of consideration transferred:	(In thousands)

Cash	$	84,097
Contingent consideration		3,571
Total	$	87,668

Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

The following table sets forth the preliminary purchase price allocation, which was based on fair value of assets acquired and liabilities assumed at the acquisition date, July 31, 2023:

Preliminary amounts of identified assets acquired and liabilities assumed:


	(In thousands)
Cash	$	1,810
Accounts receivable		16,499
Prepaid expenses and other current assets		609
Inventory		16,068
Property, plant and equipment		29,338
Right of use assets		11,115
Intangible assets (1)		22,263
Total assets acquired	$	97,702

Accounts payable		7,034
Accrued expenses		3,522
Deferred revenue		47
Lease liability, long-term		11,115
Deferred taxes		5,075
Total liabilities assumed	$	26,793

Net identifiable assets acquired	$	70,909
Goodwill		16,759
Net assets acquired	$	87,668

Business Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Business Segments

12. Business Segments

Operating segments are defined in FASB ASC Topic 280, Segment Reporting, as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

The Company evaluates segment performance based on operating income. The accounting policies of the segments are the same as described in the summary of significant accounting policies.

Subsea Products. The Company’s Subsea Products segment designs, manufactures and sells a variety of products including subsea wellheads, connectors and surface equipment, and subsea production systems.

Subsea Services. The Company’s Subsea Services segment delivers a variety of technical services including subsea rental services, subsea rework services and subsea services shared support.

Well Construction. The Company’s Well Construction business provides products and services utilized in the construction of the wellbore such as completions, casing hardware and liner hanger systems. The Well Construction business also includes all of Great North’s operations as of the acquisition date.

Corporate. Corporate includes the expenses and assets of the Company’s corporate office functions, legal and other administrative expenses that are managed at a consolidated level.

During the three months ended September 30, 2023, the Company incurred $2.3 million of restructuring and other charges under the 2021 global strategic plan out of which approximately $2.2 million is in Corporate and $0.1 million in Subsea Services. The charges in Corporate primarily consisted of severance, office moves, site cleanup, preparation costs, consulting and legal fees. During the three months ended September 30, 2022, the Company incurred $4.1 million of additional costs under the 2021 global strategic plan. These charges were primarily related to office moves, site cleanup, preparation costs, consulting and legal fees. During the nine months ended September 30, 2023, the Company incurred $3.4 million of additional restructuring and other charges under the 2021 global strategic plan out of which approximately $4.9 million is in Corporate, ($1.9) million in Well Construction and $0.4 million in Subsea Services. The restructuring charges incurred during the current year primarily consist of office moves, site cleanup, preparation costs, severance, consulting and legal fees. During the second quarter of 2023, the Company reassessed the reasonability of a restructuring liability related to its Well Construction business. During our assessment certain market exit costs became known and the liability was adjusted accordingly, resulting in a release of approximately $2.3 million, which partially offsets the current year restructuring costs. During the nine months ended September 30, 2022, the Company incurred $9.9 million of additional costs under the 2021 global strategic plan. These charges were primarily related to a $2.6 million write down of our Houston corporate administrative building in Corporate and other long-lived asset write downs of $2.5 million in Subsea Products. In addition, there were other charges of $4.8 million primarily related to consulting and legal fees, office moves, cleanup and preparation costs, and brokerage fees in Corporate.

The following tables presents selected financial data by business segment:


	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022
	(In thousands)
Revenue
Subsea products	$	55,427		$	48,496		$	146,123		$	144,245
Subsea services		24,176			22,276			71,658			69,292
Well construction		37,641			17,369			79,935			51,719
Total revenue	$	117,244		$	88,141		$	297,716		$	265,256
Depreciation and amortization
Subsea products	$	1,670		$	1,623		$	5,014		$	5,196
Subsea services		2,595			2,826			8,122			8,954
Well construction		2,977			1,558			6,536			4,837
Corporate		657			1,116			2,165			3,365
Total depreciation and amortization	$	7,899		$	7,123		$	21,837		$	22,352
Operating income (loss)
Subsea products	$	954		$	18,007		$	555		$	11,109
Subsea services		885			676			11,498			5,859
Well construction		6,353			2,066			13,407			9,613
Corporate		(14,263	)		(8,318	)		(24,737	)		(23,610	)
Total operating income (loss)	$	(6,071	)	$	12,431		$	723		$	2,971

The Company does not allocate assets to its reportable segments as they are not included in the review performed by the Chief Operating Decision Maker (CODM) for purposes of assessing segment performance and allocating resources. The balance sheet is reviewed on a consolidated basis and is not used in the context of segment reporting.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Contingencies

9 Months Ended

Sep. 30, 2023

Contingencies

14. Contingencies

FMC Technologies Lawsuit

On October 5, 2020, FMC Technologies, Inc. (“FMC”) sued the Company alleging misappropriation of trade secrets and sought money damages and injunctive relief in the 127th District Court of Harris County in an action styled FMC Technologies, Inc. v. Richard Murphy and Dril-Quip, Inc., Cause No. 2020-63081. FMC alleged that its former employee communicated FMC trade secrets to the Company and the Company used those trade secrets in its VXTe subsea tree systems. On April 29, 2021, the jury returned a verdict in favor of the Company. FMC filed a notice of appeal on August 20, 2021. On August 10, 2023, the First District of Texas Court of Appeals rendered a judgment that affirmed the judgment of the 127th District Court of Harris County in favor of the Company. The current deadline for FMC to file a petition for review with the Texas Supreme Court is November 24, 2023.

General

The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and is dependent on the condition of the oil and gas industry. Additionally, certain of the Company’s products are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, property damage and environmental claims. Although exposure to such risks has not resulted in any significant problems for the Company in the past, ongoing exposure to these risks and future developments could adversely impact the Company in the future.

The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net Income (Loss)	$ (1,240)	$ (1,219)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	21,837	22,352
Stock-based compensation expense	7,719	7,669
Restructuring and other charges	(1,148)	6,119
Gain on sale of property, plant and equipment	(8,412)	(17,770)
Acquisition costs	4,585	0
Deferred income taxes	1,612	1,538
Changes in operating assets and liabilities:
Trade receivables, net	(22,461)	16,980
Unbilled receivables	(12,440)	(38,097)
Inventories, net	(18,783)	2,255
Prepaids and other assets	16,750	(8,854)
Accounts payable and accrued expenses	(6,423)	(10,124)
Other, net	0	(16)
Net cash used in operating activities	(18,404)	(19,167)
Cash flows from investing activities:
Purchase of property, plant and equipment	(21,041)	(13,712)
Proceeds from sale of property, plant and equipment	17,291	18,535
Acquisition of Great North, net of cash acquired	(82,287)	0
Purchase of short-term investments	(22,978)	(25,287)
Maturities of short-term investments	46,299	0
Net cash used in investing activities	(62,716)	(20,464)
Cash flows from financing activities:
Repurchase of common shares	0	(20,807)
Other	(41)	(74)
Net cash used in financing activities	(41)	(20,881)
Effect of exchange rate changes on cash activities	(2,571)	(4,660)
Decrease in cash and cash equivalents	(83,732)	(65,172)
Cash and cash equivalents at beginning of period	264,804	355,451
Cash and cash equivalents at end of period	$ 181,072	$ 290,279

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	34,177,472	34,157,057
Common stock, shares outstanding (in shares)	34,177,472	34,157,057

Assets Held For Sale

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

9. Assets Held for Sale

In the second quarter of 2022, the Company actively marketed for sale its corporate administrative building, forge facility and aftermarket facility in connection with the consolidation of its operations into a smaller footprint at its campus in Houston, Texas. In September 2022, we sold our forge facility for a net amount of approximately $18.9 million and a gain on sale of approximately $18.0 million of which $0.8 million was realized in the three months ended March 31, 2023. In March 2023, we sold our aftermarket facility for a net amount of approximately $14.5 million and a gain on sale of approximately $5.9 million. The Company expects to sell the corporate administrative building within a year.

In accordance with the applicable accounting guidance, FASB ASC 360-10-45-9, the Company reclassified the buildings’ net carrying amount from Property, plant and equipment, net, to Assets held for sale on the condensed consolidated balance sheets. As of September 30, 2023, the Assets held for sale balance was $10.8 million comprising of the corporate administrative building held in Corporate.

Revision to Previously Reported Financial Information

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Revision to Previously Reported Financial Information

5. Revision to Previously Reported Financial Information

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of December 31, 2022:


	December 31, 2022
	As Reported		Adjustments			As Revised
	(In thousands)
Trade receivables, net	$	91,504	$	(643	)	$	90,861
Other current assets		34,359		(1,921	)		32,438
Total current assets		752,588		(2,564	)		750,024
Total assets		972,515		(2,564	)		969,951
Total stockholders’ equity		874,916		(2,564	)		872,352

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the three months ended September 30, 2022:


	Three months ended September 30, 2022
	As Reported		Adjustments			As Revised
	(In thousands, except per share data)
Restructuring and other charges	$	2,180	$	1,921		$	4,101
Operating income (loss)		14,352		(1,921	)		12,431
Income (loss) before income taxes		14,600		(1,921	)		12,679
Net income (loss)		15,210		(1,921	)		13,289
Net income (loss) per common share:
Basic		0.45		(0.06	)		0.39
Diluted		0.44		(0.06	)		0.38

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the nine months ended September 30, 2022:


	Nine months ended September 30, 2022
	As Reported		Adjustments			As Revised
	(In thousands, except per share data)
Restructuring and other charges	$	7,977	$	1,921		$	9,898
Operating income (loss)		4,892		(1,921	)		2,971
Income (loss) before income taxes		5,763		(1,921	)		3,842
Net income (loss)		702		(1,921	)		(1,219	)
Net income (loss) per common share:
Basic		0.02		(0.06	)		(0.04	)
Diluted		0.02		(0.06	)		(0.04	)

The condensed consolidated statement of stockholders’ equity for the period from January 1, 2022 to September 30, 2022 and the period from July 1, 2022 to September 30, 2022 has also been revised to reflect the impacts to net earnings. The impact of the error arising in 2021, as reflected above, has been reflected as a reduction to opening retained earnings in the amount of $0.5 million in the condensed consolidated statement of stockholders’ equity.

The Company also assessed the impact of all these errors on the statement of cash flows and noted that there was no impact to the net cash provided by (used in) operating activities as the changes in assets and net income offset completely.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Cash and cash equivalents

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Current assets:

$ 181,072

$ 264,804

Short-term investments

8,911

32,232

Trade receivables, net

133,337

90,861

Unbilled receivables

154,305

144,428

Inventories, net

183,250

146,004

Prepaid expenses

19,237

19,874

Other current assets

18,100

32,438

Assets held for sale

10,828

19,383

Total current assets

709,040

750,024

Operating lease right of use assets

16,235

4,872

Property, plant and equipment, net

211,806

181,270

Deferred income taxes

5,839

4,488

Operating lease liabilities

16,237

^[1]

Intangible assets

42,504

23,348

Other assets

5,907

5,949

Total assets

1,007,568

969,951

Current liabilities:

Accounts payable

50,455

43,019

Accrued income taxes

6,604

4,868

Contract liabilities

8,098

8,020

Accrued compensation

14,141

11,296

2,057

1,054

Other accrued liabilities

25,380

19,298

Total current liabilities

106,735

87,555

Deferred income taxes

12,114

3,756

Income tax payable

451

823

Operating lease liabilities, long-term

14,381

3,807

Other long-term liabilities

3,425

1,658

Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)

137,106

97,599

Contingencies (Note 14)

Stockholders' equity:

Common stock:

100,000,000 shares authorized at $0.01 par value, 34,177,472 and 34,157,057 shares issued and outstanding at September 30, 2023 and December 31, 2022

343

Additional paid-in capital

98,169

90,450

Retained earnings

948,928

950,168

Accumulated other comprehensive losses

(176,978)

(168,609)

Total stockholders' equity

870,462

872,352

Total liabilities and stockholders' equity

$ 1,007,568

$ 969,951

[1]	As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsea Products \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 55,427	$ 48,480	$ 146,123	$ 144,229
Well construction \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	22,176	10,028	46,554	31,900
Products
Disaggregation Of Revenue [Line Items]
Revenues	77,603	58,508	192,677	176,129
Products \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	77,603	58,508	192,677	176,129
Subsea Services \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	17,412	15,806	50,230	43,748
Well construction services. \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	9,802	4,637	21,998	13,790
Services \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 27,214	$ 20,443	$ 72,228	$ 57,538

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Significant Accounting Policies

Inventories, net - Additional information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Reduction in raw materials by reserve	$ (7.6)	$ (8.1)
Reduction in work in progress by reserve	(2.8)	(3.4)
Reduction in finished goods by reserve	$ (62.1)	$ (64.4)

Fair Value Measurements - Summary of Reconciliation of Changes in the Fair Value of the Company's Earn-out Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Beginning period balance	$ 0	$ 0	$ 0	$ 0
Additions to contingent consideration	3,571	0	3,571	0
Payments of contingent consideration	0	0	0	0
Fair value adjustment of earn-out liabilities	0	0	0	0
Currency translation adjustment	(111)	0	(111)	0
Ending period balance	$ 3,460	$ 0	$ 3,460	$ 0

Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

2. Significant Accounting Policies

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Reclassifications

Use of Estimates

Revenue Recognition

Leasing Revenues

Cash and Cash Equivalents

Short-term Investments

For purposes of the condensed consolidated financial statements, the Company does not consider Short-term investments to be cash equivalents.

Fair Value of Financial Instruments

Fair Value Measurements

•

Impairment of Long-Lived Assets

Goodwill and Intangible Assets

Restructuring and Other Charges

Repurchase of Equity Securities

For the three and nine months ended September 30, 2023, the Company did not purchase any shares under the share repurchase plans.

Earnings Per Share


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Weighted average common shares outstanding – basic		34,132		33,948		34,130		33,948
Dilutive effect of common stock awards		-		284		-		-
Weighted average common shares outstanding – diluted		34,132		34,232		34,130		33,948


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Director stock awards		73		1		67		-
Performance share units		332		-		332		-
Restricted stock awards		543		2		558		1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,034)	$ 13,289	$ (1,240)	$ (1,219)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets

11. Goodwill and Intangible Assets

Goodwill

The following table summarizes the change in goodwill, which was acquired in the acquisition of Great North in 2023 (in millions):


	Total
Net balance as of December 31, 2022	$	-
Addition due to business combination		16.8
Impairments		-
Foreign currency translation		(0.6	)
Net balance as of September 30, 2023 (1)	$	16.2

(1) As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016, OilPatch Technologies in 2017, and Great North in July 2023, consist of the following:


		September 30, 2023
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 - 15 years	$	11,967	$	(2,578	)	$	2		$	9,391
Patents	15 - 30 years		9,573		(4,033	)		(1	)		5,539
Customer relationships	5 - 15 years		39,833		(12,272	)		13			27,574
Organizational costs	3 years		163		(163	)		-			-
		$	61,536	$	(19,046	)	$	14		$	42,504


		December 31, 2022
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 - 15 years	$	8,233	$	(2,118	)	$	(79	)	$	6,036
Patents	15 - 30 years		6,055		(3,699	)		-			2,356
Customer relationships	5 - 15 years		26,028		(10,878	)		(234	)		14,916
Organizational costs	3 years		183		(131	)		(12	)		40
		$	40,499	$	(16,826	)	$	(325	)	$	23,348

Fair Value Measurements - Additional Information (Details) - Level 3	9 Months Ended
	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected revenue volatility	7.50%
Revenue discount rate	8.70%

Revision to Previously Reported Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net	$ 133,337		$ 90,861
Other current assets	18,100		32,438
Total current assets	709,040		750,024
Total assets	1,007,568		969,951
Total stockholders equity	$ 870,462	$ 879,409	872,352	$ 862,916	$ 868,689	$ 897,108
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net			91,504
Other current assets			34,359
Total current assets			752,588
Total assets			972,515
Total stockholders equity			874,916
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net			(643)
Other current assets			(1,921)
Total current assets			(2,564)
Total assets			(2,564)
Total stockholders equity			$ (2,564)

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Losses
Beginning Balance at Dec. 31, 2021	$ 897,108	$ 352	$ 80,254	$ 973,087	$ (156,585)
Foreign currency translation adjustment	(19,829)				(19,829)
Net income (loss)	(1,219)			(1,219)
Comprehensive income (loss)	(21,048)
Repurchase of common shares	(20,807)	(9)		(20,798)
Stock-based compensation expense	7,669		7,669
Other	(6)		(6)
Ending Balance at Sep. 30, 2022	862,916	343	87,917	951,070	(176,414)
Beginning Balance at Jun. 30, 2022	868,689	348	85,351	948,917	(165,927)
Foreign currency translation adjustment	(10,487)				(10,487)
Net income (loss)	13,289			13,289
Comprehensive income (loss)	2,802
Repurchase of common shares	(11,150)	(5)		(11,145)
Stock-based compensation expense	2,569		2,569
Other	6		(3)	9
Ending Balance at Sep. 30, 2022	862,916	343	87,917	951,070	(176,414)
Beginning Balance at Dec. 31, 2022	872,352	343	90,450	950,168	(168,609)
Foreign currency translation adjustment	(8,369)				(8,369)
Net income (loss)	(1,240)			(1,240)
Comprehensive income (loss)	(9,609)
Stock-based compensation expense	7,719		7,719
Ending Balance at Sep. 30, 2023	870,462	343	98,169	948,928	(176,978)
Beginning Balance at Jun. 30, 2023	879,409	343	95,593	955,962	(172,489)
Foreign currency translation adjustment	(4,489)				(4,489)
Net income (loss)	(7,034)			(7,034)
Comprehensive income (loss)	(11,523)
Stock-based compensation expense	2,576		2,576
Ending Balance at Sep. 30, 2023	$ 870,462	$ 343	$ 98,169	$ 948,928	$ (176,978)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Goodwill and Intangible Assets Disclosure [Abstract]

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


	September 30,		December 31,
	2023		2022
	(In thousands)
Raw materials and supplies, net	$	34,057	$	21,956
Work in progress, net		34,056		38,263
Finished goods, net		115,137		85,785
Total inventory, net	$	183,250	$	146,004

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill (Details)
$ in Thousands

9 Months Ended

Sep. 30, 2023

USD ($)

Goodwill, Beginning Balance

$ 0

Addition due to business combination

16,800

Goodwill, Impairment Loss

Goodwill, Foreign Currency Translation Gain (Loss)

(600)

Goodwill, Ending Balance

$ 16,237

^[1]

[1]	As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Restructuring and Other Charges - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed			$ 0
Restructuring liability	$ 902		902		$ 3,802
2021 Global Strategic Plan
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed	2,300	$ 4,100	3,400	$ 9,900
Inventory Write-down		$ 5,100		5,100
Restructuring costs				$ 4,800
Restructuring liability	$ 2,300		$ 2,300

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

9 Months Ended

Sep. 30, 2023

Restructuring and Other Charges

10. Restructuring and Other Charges

During the three and nine months ended September 30, 2023, the Company incurred costs of approximately $2.3 million and $3.4 million, under the 2021 global strategic plan. The restructuring charges incurred during the current year primarily consist of office moves, site cleanup, preparation costs, severance, consulting and legal fees. During the second quarter of 2023, the Company reassessed the reasonability of a restructuring liability related to its Well Construction business. During our assessment certain market exit costs became known and the liability was adjusted accordingly, resulting in a release of approximately $2.3 million, which partially offsets the current year restructuring costs.

During the three and nine months ended September 30, 2022, the Company incurred additional costs of approximately $4.1 million and $9.9 million under the 2021 global strategic plan. Approximately $5.1 million of these charges were primarily related to write-down of our long-lived assets and the remaining $4.8 million were related to consulting and legal fees, office moves and site cleanup, and preparation costs.


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Severance	$	504	$	-	$	504	$	32
Long-lived asset write-down		-		-		-		5,055
Other		1,763		4,101		2,871		4,811
	$	2,267	$	4,101	$	3,375	$	9,898

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of September 30, 2023 (in thousands):


	Total
Beginning balance at January 1, 2023	$	3,802
Additions for costs expensed		-
Reductions for payments		(645	)
Other		(2,255	)
Ending balance at September 30, 2023	$	902

Assets Held For Sale (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
Assets Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale			$ 10,828			$ 10,828		$ 19,383
Gain on sale of facility			1,027		$ 17,276	8,412	$ 17,770
DQ Corporate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale			$ 10,800			$ 10,800
Forge Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of productive assets		$ 18,900
Gain on sale of facility		$ 18,000
Realized gain on assets held for sale				$ 800
Aftermarket facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of productive assets	$ 14,500
Gain on sale of facility	$ 5,900

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	73	1	67	0
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	332	0	332	0
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	543	2	558	1

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 61,536	$ 40,499
Accumulated Amortization	(19,046)	(16,826)
Finite-Lived, Foreign Currency Translation	14	(325)
Finite-Lived, Net Book Value	42,504	23,348
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	11,967	8,233
Accumulated Amortization	(2,578)	(2,118)
Finite-Lived, Foreign Currency Translation	2	(79)
Finite-Lived, Net Book Value	$ 9,391	$ 6,036
Trademarks \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years	10 years
Trademarks \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 9,573	$ 6,055
Accumulated Amortization	(4,033)	(3,699)
Finite-Lived, Foreign Currency Translation	(1)	0
Finite-Lived, Net Book Value	$ 5,539	$ 2,356
Patents \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Patents \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	30 years	30 years
Customer relationships
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 39,833	$ 26,028
Accumulated Amortization	(12,272)	(10,878)
Finite-Lived, Foreign Currency Translation	13	(234)
Finite-Lived, Net Book Value	$ 27,574	$ 14,916
Customer relationships \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	5 years	5 years
Customer relationships \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Organizational costs
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Finite-Lived, Gross Book Value	$ 163	$ 183
Accumulated Amortization	(163)	(131)
Finite-Lived, Foreign Currency Translation	0	(12)
Finite-Lived, Net Book Value	$ 0	$ 40

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Feb. 22, 2022
Accounting Policies [Line Items]
Accrued bonuses					$ 5,500
Additions for costs expensed			$ 0
Restructuring liability	$ 902		902		$ 3,802
Outstanding cash balance	$ 4,200		$ 4,200
Amount to maintain by company, description			the outstanding letters of credit plus 5% at all times
Shares authorized to be repurchased (up to)						$ 100,000
Treasury stock shares (in shares)	0	457,467	0	888,197
Average price of shares (in dollars per share)		$ 24.35		$ 23.41
Treasury stock, value of acquired shares		$ 11,100		$ 20,800
2021 Global Strategic Plan
Accounting Policies [Line Items]
Additions for costs expensed	$ 2,300	4,100	$ 3,400	9,900
Restructuring liability	$ 2,300		2,300
Inventory write down		$ 5,100		5,100
Restructuring costs				$ 4,800
2021 Global Strategic Plan \| Well construction
Accounting Policies [Line Items]
Additions for costs expensed			$ (1,900)

Revenue Recognition - Additional Information (Details1)	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	98.60%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	1.40%
Expected timing of satisfaction period	0 years

Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following tables presents selected financial data by business segment:


	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022
	(In thousands)
Revenue
Subsea products	$	55,427		$	48,496		$	146,123		$	144,245
Subsea services		24,176			22,276			71,658			69,292
Well construction		37,641			17,369			79,935			51,719
Total revenue	$	117,244		$	88,141		$	297,716		$	265,256
Depreciation and amortization
Subsea products	$	1,670		$	1,623		$	5,014		$	5,196
Subsea services		2,595			2,826			8,122			8,954
Well construction		2,977			1,558			6,536			4,837
Corporate		657			1,116			2,165			3,365
Total depreciation and amortization	$	7,899		$	7,123		$	21,837		$	22,352
Operating income (loss)
Subsea products	$	954		$	18,007		$	555		$	11,109
Subsea services		885			676			11,498			5,859
Well construction		6,353			2,066			13,407			9,613
Corporate		(14,263	)		(8,318	)		(24,737	)		(23,610	)
Total operating income (loss)	$	(6,071	)	$	12,431		$	723		$	2,971

Fair Value Measurements - Schedule of Company's Contingent Consideration Measured at Fair Value (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

^[1]

$ 3,460

$ 0

3,460

Level 1

^[1]

Level 2

^[1]

Level 3

^[1]

3,460