Innovex Downhole Solutions (INVX) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Entity Registrant Name	DRIL-QUIP, INC.
Entity Central Index Key	0001042893
Trading Symbol	DRQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock Shares Outstanding		34,175,449
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-13439
Entity Tax Identification Number	74-2162088
Entity Address, Address Line One	2050 West Sam Houston Parkway S.
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	77042
City Area Code	713
Local Phone Number	939-7711
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 236,490	$ 264,804
Short-term investments	18,795	32,232
Trade receivables, net	135,504	90,861
Unbilled receivables	139,120	144,428
Inventories, net	164,523	146,004
Prepaid expenses	19,027	19,874
Other current assets	30,869	32,438
Assets held for sale	10,828	19,383
Total current assets	755,156	750,024
Operating lease right of use assets	5,944	4,872
Property, plant and equipment, net	185,894	181,270
Deferred income taxes	4,374	4,488
Intangible assets	22,061	23,348
Other assets	6,237	5,949
Total assets	979,666	969,951
Current liabilities:
Accounts payable	54,416	43,019
Accrued income taxes	4,654	4,868
Contract liabilities	6,013	8,020
Accrued compensation	8,788	11,296
Operating lease liabilities	1,117	1,054
Other accrued liabilities	13,136	19,298
Total current liabilities	88,124	87,555
Deferred income taxes	4,512	3,756
Income tax payable	977	823
Operating lease liabilities, long-term	4,919	3,807
Other long-term liabilities	1,725	1,658
Total liabilities	100,257	97,599
Contingencies (Note 12)
Stockholders' equity:
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)	0	0
Common stock:
100,000,000 shares authorized at $0.01 par value, 34,175,449 and 34,157,057 shares issued and outstanding at June 30, 2023 and December 31, 2022	343	343
Additional paid-in capital	95,593	90,450
Retained earnings	955,962	950,168
Accumulated other comprehensive losses	(172,489)	(168,609)
Total stockholders' equity	879,409	872,352
Total liabilities and stockholders' equity	$ 979,666	$ 969,951

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 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)	34,175,449	34,157,057
Common stock, shares outstanding (in shares)	34,175,449	34,157,057

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 89,607	$ 93,978	$ 180,472	$ 177,115
Cost of sales:
Total cost of sales	65,711	69,663	131,213	133,658
Selling, general and administrative	23,248	22,498	45,833	44,891
Engineering and product development	3,202	2,720	6,601	6,396
Restructuring and other charges	(610)	5,765	1,108	5,797
Gain on sale of property, plant and equipment	(738)	(380)	(7,385)	(494)
Foreign currency transaction gain	(4,812)	(2,419)	(3,692)	(3,673)
Total costs and expenses	86,001	97,847	173,678	186,575
Operating income (loss)	3,606	(3,869)	6,794	(9,460)
Interest income	1,998	573	4,825	776
Interest expense	(19)	(99)	(99)	(153)
Income (loss) before income taxes	5,585	(3,395)	11,520	(8,837)
Income tax provision	2,102	2,175	5,726	5,671
Net income (loss)	$ 3,483	$ (5,570)	$ 5,794	$ (14,508)
Income (loss) per common share:
Basic	$ 0.1	$ (0.16)	$ 0.17	$ (0.42)
Diluted	$ 0.1	$ (0.16)	$ 0.17	$ (0.42)
Weighted average common shares outstanding:
Basic	34,130	34,476	34,129	34,485
Diluted	34,490	34,476	34,488	34,485
Products
Revenues:
Revenues from products and services	$ 55,828	$ 61,979	$ 115,074	$ 117,621
Cost of sales:
Total cost of sales	45,165	54,180	92,209	102,218
Services
Revenues:
Revenues from products and services	23,733	19,596	45,014	37,095
Cost of sales:
Total cost of sales	15,113	7,884	27,116	16,668
Leasing
Revenues:
Leasing	10,046	12,403	20,384	22,399
Cost of sales:
Total cost of sales	$ 5,433	$ 7,599	$ 11,888	$ 14,772

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 3,483	$ (5,570)	$ 5,794	$ (14,508)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(4,454)	(12,228)	(3,880)	(9,342)
Total comprehensive income (loss)	$ (971)	$ (17,798)	$ 1,914	$ (23,850)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net Income (Loss)	$ 3,483	$ 13,289	$ (5,570)	$ 5,794	$ (14,508)	$ (1,219)	$ (1,624)	$ (128,493)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	7,049		7,670	13,938	15,229
Stock-based compensation expense				5,143	5,100
Restructuring and other charges				(841)	5,744
Gain on sale of property, plant and equipment	(738)		(380)	(7,385)	(494)
Deferred income taxes				734	1,098
Changes in operating assets and liabilities:
Trade receivables, net				(42,446)	13,396
Unbilled receivables				6,356	(28,434)
Inventories, net				(15,331)	4,663
Prepaids and other assets				1,652	(11,432)
Accounts payable and accrued expenses				(9,252)	(10,560)
Other, net				0	(11)
Net cash used in operating activities				(41,638)	(20,209)
Investing activities
Purchase of property, plant and equipment				(15,611)	(3,429)
Proceeds from sale of property, plant and equipment				16,240	582
Purchase of short-term investments				(20,462)	0
Maturities of short-term investments				33,899	0
Net cash provided by (used in) investing activities				14,066	(2,847)
Financing activities
Repurchase of common shares				0	(9,657)
Other				(22)	(83)
Net cash used in financing activities				(22)	(9,740)
Effect of exchange rate changes on cash activities				(720)	(1,871)
Decrease in cash and cash equivalents				(28,314)	(34,667)
Cash and cash equivalents at beginning of period		$ 320,784		264,804	355,451	$ 355,451	355,451
Cash and cash equivalents at end of period	$ 236,490		$ 320,784	$ 236,490	$ 320,784		$ 264,804	$ 355,451

CONDENSED CONSOLIDATED STATEM_4

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	$ 896,611	$ 352	$ 80,254	$ 972,590	$ (156,585)
Foreign currency translation adjustment	(9,342)				(9,342)
Net Income (Loss)	(14,508)			(14,508)
Comprehensive income (loss)	(23,850)
Repurchase of common shares	(9,657)	(4)		(9,653)
Stock-based compensation expense	5,100		5,100
Other	(12)		(3)	(9)
Ending Balance at Jun. 30, 2022	868,192	348	85,351	948,420	(165,927)
Beginning Balance at Dec. 31, 2021	896,611	352	80,254	972,590	(156,585)
Net Income (Loss)	(1,219)
Ending Balance at Sep. 30, 2022	862,916
Beginning Balance at Dec. 31, 2021	896,611	352	80,254	972,590	(156,585)
Net Income (Loss)	(1,624)
Ending Balance at Dec. 31, 2022	872,352	343	90,450	950,168	(168,609)
Beginning Balance at Mar. 31, 2022	887,278	349	82,781	957,847	(153,699)
Foreign currency translation adjustment	(12,228)				(12,228)
Net Income (Loss)	(5,570)			(5,570)
Comprehensive income (loss)	(17,798)
Repurchase of common shares	(3,850)	(1)		(3,849)
Stock-based compensation expense	2,573		2,573
Other	(11)		(3)	(8)
Ending Balance at Jun. 30, 2022	868,192	348	85,351	948,420	(165,927)
Net Income (Loss)	13,289
Ending Balance at Sep. 30, 2022	862,916
Beginning Balance at Dec. 31, 2022	872,352	343	90,450	950,168	(168,609)
Foreign currency translation adjustment	(3,880)				(3,880)
Net Income (Loss)	5,794			5,794
Comprehensive income (loss)	1,914
Stock-based compensation expense	5,143		5,143
Ending Balance at Jun. 30, 2023	879,409	343	95,593	955,962	(172,489)
Beginning Balance at Mar. 31, 2023	877,814	343	93,027	952,479	(168,035)
Foreign currency translation adjustment	(4,454)				(4,454)
Net Income (Loss)	3,483			3,483
Comprehensive income (loss)	(971)
Stock-based compensation expense	2,566		2,566
Ending Balance at Jun. 30, 2023	$ 879,409	$ 343	$ 95,593	$ 955,962	$ (172,489)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Treasury stock shares (in shares)	0	157,101	0	430,730

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,483	$ 13,289	$ (5,570)	$ 5,794	$ (14,508)	$ (1,219)	$ (1,624)	$ (128,493)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered drilling and production equipment for both offshore and onshore applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors, diverters and safety valves. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies and drilling contractors throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip’s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products. During the quarter ended March 31, 2023, the Company reorganized its structure in order to streamline operations and leadership around more focused and integrated product and service lines to align with its business strategy. To reflect the Company’s new organizational structure, the Company changed presentation of its segments in 2023 into the following three reportable business segments: Subsea Products, Subsea Services, and Well Construction. Segment operating results for the prior year comparative period have been restated to reflect this change. Previously, the Company’s operations were organized into three geographic segments. Our Subsea Products business manufactures highly engineered, field-proven products with a wide array of deepwater drilling equipment and technology that meets the requirements for harsh subsea environments. Our Subsea Services business provides high-level aftermarket support and technical services with field technicians that support the full installation and lifecycle management of regulatory and industry standards, as well as offering industry training programs. Our Well Construction business provides products and services utilized in the construction of the wellbore such as completions, casing hardware and liner hanger systems. These products and services are used on both land and offshore markets. Additionally, 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. For information with respect to our segments, see “Business Segments,” Note 10 of Notes to the Consolidated Financial Statements. The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements as of that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair statement of the financial position as of June 30, 2023 and the results of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The results of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and cash flows for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Revision to Previously Reported Financial Information In conjunction with our close process for the second quarter of 2023, we identified accounting errors related to an indemnification receivable and duplicate billing errors impacting prior periods. In the third quarter of 2022, due to the expiration of the statute of limitations of an Uncertain Tax Position ("UTP"), we released the liability for this UTP, but failed to write-off the related indemnification receivable previously obtained from the seller of an acquired business, resulting in an overstatement of operating income during the period. In addition, the Company identified billing errors in 2022 and 2021 that resulted in an overstatement of revenue and trade receivables. We have assessed these errors, individually and in the aggregate, and concluded that they were not material to any prior annual or interim period. However, the aggregate amount of the prior period errors would have been material to our current interim condensed consolidated statements of income and to our anticipated full year results and therefore, we have revised our previously issued financial information. For more details, see “Revision to Previously Reported Financial Information,” Note 3 of Notes to the Consolidated Financial Statements.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	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 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 June 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 June 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. 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 judgements 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. 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 first half of 2023, the Company incurred $ 1.1 million of additional costs under the 2021 global strategic plan. During the second quarter of 2023, as we completed our re-segmentation project and as the 2021 global strategic program comes to a conclusion, 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. This release of restructuring liability was partially offset by charges incurred during the current year, primarily consisting of office moves, site cleanup, preparation costs, consulting and legal fees. During the first half of 20 22, the Company incurred $ 5.8 million of additional costs 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 $ 0.7 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 six months ended June 30, 2023 , the Company did no t purchase any shares under the share repurchase plans. For the three months ended June 30, 2022 , the Company purchased 157,101 shares under the share repurchase plans at an average price of approximately $ 24.49 per share totaling approximately $ 3.8 million and has retired such shares. For the six months ended June 30, 2022 , the Company purchased 430,730 shares under the share repurchase plans at an average price of approximately $ 22.40 per share totaling approximately $ 9.6 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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Weighted average common shares outstanding – basic 34,130 34,476 34,129 34,485 Dilutive effect of common stock awards 360 - 359 - Weighted average common shares outstanding – diluted 34,490 34,476 34,488 34,485 For the three and six months ended June 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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Director stock awards - 58 - 58 Performance share units - 260 - 260 Restricted stock awards - 507 - 512

Revision to Previously Reported

Revision to Previously Reported Financial Information	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Revision to Previously Reported Financial Information	3. Revision to Previously Reported Financial Information In conjunction with our close process for the second quarter of 2023, we identified accounting errors related to an indemnification receivable and duplicate billing errors impacting prior periods. In the third quarter of 2022, due to the expiration of the statute of limitations of an Uncertain Tax Position ("UTP"), we released the liability for this UTP, but failed to write-off the related indemnification receivable previously obtained from the seller of an acquired business, resulting in an overstatement of operating income during the period. In addition, the Company identified billing errors in 2022 and 2021 that resulted in an overstatement of revenue and trade receivables. 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 twelve months ended December 31, 2022: Twelve months ended December 31, 2022 As Reported Adjustments As Revised (In thousands, except per share data) Total revenues $ 362,070 $ ( 146 ) $ 361,924 Restructuring and other charges 11,443 1,921 13,364 Operating income 2,521 ( 2,067 ) 454 Income before income taxes 6,770 ( 2,067 ) 4,703 Net income (loss) 443 ( 2,067 ) ( 1,624 ) Income (loss) per common share: Basic 0.01 ( 0.06 ) ( 0.05 ) Diluted 0.01 ( 0.06 ) ( 0.05 ) The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of September 30, 2022: September 30, 2022 As Reported Adjustments As Revised (In thousands) Other current assets $ 49,457 $ ( 1,921 ) $ 47,536 Total current assets 745,758 ( 1,921 ) 743,837 Total assets 970,524 ( 1,921 ) 968,603 Total stockholders' equity 864,837 ( 1,921 ) 862,916 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 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 ) Income (loss) per common share: Basic 0.02 ( 0.06 ) ( 0.04 ) Diluted 0.02 ( 0.06 ) ( 0.04 ) 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, 2021: December 31, 2021 As Reported Adjustments As Revised (In thousands) Trade receivables, net $ 100,987 $ ( 497 ) $ 100,490 Total current assets 745,549 ( 497 ) 745,052 Total assets 1,010,426 ( 497 ) 1,009,929 Total stockholders' equity 897,108 ( 497 ) 896,611 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 twelve months ended December 31, 2021: Twelve months ended December 31, 2021 As Reported Adjustments As Revised (In thousands, except per share data) Total revenues $ 322,945 $ ( 497 ) $ 322,448 Operating income (loss) ( 124,838 ) ( 497 ) ( 125,335 ) Income (loss) before income taxes ( 125,050 ) ( 497 ) ( 125,547 ) Net income (loss) ( 127,996 ) ( 497 ) ( 128,493 ) Income (loss) per common share: - Basic ( 3.62 ) ( 0.01 ) ( 3.63 ) Diluted ( 3.62 ) ( 0.01 ) ( 3.63 ) The condensed consolidated statement of stockholders’ equity for the period from January 1, 2022 to June 30, 2022 and the period from April 1, 2022 to June 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.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	4. Revenue Recognition Revenues from contracts with customers (excludes leasing) consisted of the following: Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Revenues: Products: Subsea products $ 44,579 $ 49,466 $ 90,696 $ 95,749 Well construction 11,249 12,513 24,378 21,872 Total products 55,828 61,979 115,074 117,621 Services: Subsea services 16,333 14,785 32,818 27,942 Well construction services 7,400 4,811 12,196 9,153 Total services 23,733 19,596 45,014 37,095 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 77,817 Transfers to Trade Receivables, Net ( 82,744 ) Contract Assets at June 30, 2023 $ 133,665 Contract Liabilities (amounts shown in thousands) Contract Liabilities at December 31, 2022 $ 6,824 Additions 9,457 Revenue Recognized ( 11,801 ) Contract Liabilities at June 30, 2023 $ 4,480 Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $ 90.5 million and $ 92.6 million at June 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 June 30, 2023. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $ 55.4 million as of June 30, 2023. The Company expects to recognize revenue on approximately 85.3 % of the remaining performance obligations over the next 12 months and the remaining 14.7 % thereafter . The Company applies the practical expedient available under the revenue standard and does not disclose in formation about remaining performance obligations that have original expected durations of one year or less.

Stock-Based Compensation and St

Stock-Based Compensation and Stock Awards	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Stock Awards	5. Stock-Based Compensation and Stock Awards During the three and six months ended June 30, 2023, the Company recognized approximately $ 2.6 million and $ 5.1 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 six months ended June 30, 2022, the Company recognized approximately $ 2.6 million and $ 5.1 million of stock-based compensation expense.

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories, net	6. Inventories, net Inventories consist of the following: June 30, December 31, 2023 2022 (In thousands) Raw materials and supplies $ 30,954 $ 29,995 Work in progress 35,328 41,700 Finished goods 170,140 150,170 236,422 221,865 Less: reserve for slow moving and excess inventory ( 71,899 ) ( 75,861 ) Total inventory $ 164,523 $ 146,004 As of June 30, 2023, inventory values of raw materials, work in progress and finished goods have been reduced by approximately $ 8.2 million, $ 2.9 million and $ 60.8 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.

Assets Held For Sale

Assets Held For Sale	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	7. 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 millio n. 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 June 30, 2023, the Assets held for sale balance was $ 10.8 million comprising of the corporate administrative building held in Corporate.

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	8. Restructuring and Other Charges During the three and six months ended June 30, 2023 , the Company incurred costs of approximately ($ 0.6 ) million and $ 1.1 million, under the 2021 global strategic plan. During the second quarter of 2023, as we completed our re-segmentation project and as the 2021 global strategic program comes to a conclusion, 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. This release of restructuring liability was partially offset by charges incurred during the current year, primarily consisting of office moves, site cleanup, preparation costs, consulting and legal fees. During the three and six months ended June 30, 2022, the Company incurred additional costs of approximately $ 5.8 million under the 2021 global strategic plan. These charges were primarily related to the write-downs of long-lived assets and other charges of approximately $ 5.1 million and $ 0.7 million, respectively. Other charges consisted of consulting and legal fees, office moves, cleanup and preparation costs, and brokerage fees. 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 six months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Severance $ - $ - $ - $ 32 Long-lived asset write-down - 5,055 - 5,055 Other ( 610 ) 710 1,108 710 $ ( 610 ) $ 5,765 $ 1,108 $ 5,797 The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2023 (in thousands): Total Beginning balance at January 1, 2023 $ 3,802 Additions for costs expensed - Reductions for payments ( 645 ) Other ( 2,254 ) Ending balance at June 30, 2023 $ 903

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	9. Intangible Assets Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016 and OilPatch Technologies in 2017, consist of the following: June 30, 2023 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 15 years $ 8,140 $ ( 2,379 ) $ 28 $ 5,789 Patents 15 - 30 years 6,039 ( 3,890 ) ( 1 ) 2,148 Customer relationships 5 - 15 years 25,626 ( 11,599 ) 82 14,109 Organizational costs 3 years 163 ( 150 ) 2 15 $ 39,968 $ ( 18,018 ) $ 111 $ 22,061 December 31, 2022 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 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

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	10. 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. During the quarter ended March 31, 2023, the Company reorganized its structure in order to streamline operations and leadership around more focused and integrated product and service lines to align with its business strategy. To reflect the Company’s new organizational structure, the Company changed presentation of its segments in 2023 into the following three reportable business segments: Subsea Products, Subsea Services, and Well Construction. Segment operating results for the prior year comparative period have been restated to reflect this change. Previously, the Company’s operations were organized into three geographic segments. 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. 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 June 30, 2023 , the Company incurred ($ 0.6 ) million of restructuring and other charges under the 2021 global strategic plan out of which approximately ($ 1.9 ) million in Well Construction, $ 1.2 million is in Corporate and $ 0.1 million in Subsea Services. 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. The charges in Corporate primarily consisted of office moves, site cleanup, preparation costs, consulting and legal fees. During the three months ended June 30, 2022 , the Company incurred $ 5.8 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 $ 0.7 million primarily related to consulting and legal fees, office moves, cleanup and preparation costs, and brokerage fees in Corporate. During the six months ended June 30, 2023 , the Company incurred $ 1.1 million of additional restructuring and other charges under the 2021 global strategic plan out of which approximately $ 2.8 million is in Corporate, ($ 1.9 ) million in Well Construction and $ 0.2 million in Subsea Services. 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. The charges in Corporate primarily consisted of office moves, site cleanup, preparation costs, consulting and legal fees. During the six months ended June 30, 2022 , the Company incurred $ 5.8 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 $ 0.7 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 June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Subsea Products Subsea Services Well Construction Corporate Total (In thousands) Revenue $ 44,579 $ 49,466 $ 23,586 $ 25,265 $ 21,442 $ 19,247 $ - $ - $ 89,607 $ 93,978 Depreciation and amortization 1,745 1,787 2,773 3,088 1,816 1,672 715 1,123 7,049 7,670 Operating income (loss) ( 1,894 ) ( 4,322 ) 1,230 4,799 6,491 4,992 ( 2,221 ) ( 9,338 ) 3,606 ( 3,869 ) Six months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Subsea Products Subsea Services Well Construction Corporate Total (In thousands) Revenue $ 90,696 $ 95,749 $ 47,482 $ 47,016 $ 42,294 $ 34,350 $ - $ - $ 180,472 $ 177,115 Depreciation and amortization 3,344 3,573 5,527 6,128 3,559 3,279 1,508 2,249 13,938 15,229 Operating income (loss) ( 399 ) ( 6,898 ) 10,613 5,183 7,054 7,547 ( 10,474 ) ( 15,292 ) 6,794 ( 9,460 ) 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.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax	11. Income Tax The effective tax rate for the three and six months ended June 30, 2023 was 37.6 % and 49.7 % compared to ( 64.1 %) and ( 64.2 %) 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 has $ 15.8 million in outstanding NOL carryback claims as of December 31, 2022 including the estimated carryback claim relating to the 2020 tax year, which is reflected in “Other current assets” on the Consolidated Balance Sheets. The Company expects to receive the refunds by the end of 2023. As t he Company no longer asserts the indefinite reinvestment assertion, we maintain a deferred foreign tax liability, which had a balance of $ 2.8 m illion as of June 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.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	12. 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. The Company intends to continue its vigorous defense of this matter on appeal. 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Great North Wellhead Acquisition On July 31, 2023, TIW Canada ULC (“Purchaser”), an unlimited liability company governed by the Laws of Alberta and wholly-owned subsidiary of Dril-Quip, acquired all of the issued and outstanding shares in the capital of 1185641 B.C. Ltd. (d/b/a Great North Wellhead and Frac), a corporation governed by the laws of the province of British Columbia (“Great North Wellhead”), pursuant to a definitive agreement (the “Share Purchase Agreement”), dated as of July 31, 2023, among each of the shareholders of Great North Wellhead (collectively, “Sellers”), Industrial Growth Partners V AIV L.P., in its capacity as agent to Sellers thereunder, Purchaser and, solely in its capacity as guarantor for the obligations of Purchaser thereunder, Dril-Quip for a cash purchase price of $ 105 million CAD. The purchase price is subject to customary purchase price adjustments and includes potential earnout payments of up to $ 30 million CAD to be paid over the course of 2024 and 2025 if Great North Wellhead and its subsidiaries meet specific revenue growth targets. The parties have made customary representations and warranties to each other. The Share Purchase Agreement also contains customary covenants. IRS Refund In July 2023, the Company received an income tax refund payment related to prior year tax returns in the amount of approximately $ 16.8 million, including interest. In addition to this, there is a balance of approximately $ 5.4 million refund related to prior year returns that has been approved by the Internal Revenue Service and is being processed by the agency.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	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	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	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	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	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 June 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 June 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 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	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.
Impairment of Long-Lived Assets	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 judgements 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.
Restructuring and Other Charges	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 first half of 2023, the Company incurred $ 1.1 million of additional costs under the 2021 global strategic plan. During the second quarter of 2023, as we completed our re-segmentation project and as the 2021 global strategic program comes to a conclusion, 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. This release of restructuring liability was partially offset by charges incurred during the current year, primarily consisting of office moves, site cleanup, preparation costs, consulting and legal fees. During the first half of 20 22, the Company incurred $ 5.8 million of additional costs 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 $ 0.7 million were related to consulting and legal fees, office moves and site cleanup, and preparation costs.
Repurchase of Equity Securities	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 six months ended June 30, 2023 , the Company did no t purchase any shares under the share repurchase plans. For the three months ended June 30, 2022 , the Company purchased 157,101 shares under the share repurchase plans at an average price of approximately $ 24.49 per share totaling approximately $ 3.8 million and has retired such shares. For the six months ended June 30, 2022 , the Company purchased 430,730 shares under the share repurchase plans at an average price of approximately $ 22.40 per share totaling approximately $ 9.6 million and has retired such shares.
Earnings Per Share	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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Weighted average common shares outstanding – basic 34,130 34,476 34,129 34,485 Dilutive effect of common stock awards 360 - 359 - Weighted average common shares outstanding – diluted 34,490 34,476 34,488 34,485 For the three and six months ended June 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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Director stock awards - 58 - 58 Performance share units - 260 - 260 Restricted stock awards - 507 - 512

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Weighted average common shares outstanding – basic 34,130 34,476 34,129 34,485 Dilutive effect of common stock awards 360 - 359 - Weighted average common shares outstanding – diluted 34,490 34,476 34,488 34,485
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three and six months ended June 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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Director stock awards - 58 - 58 Performance share units - 260 - 260 Restricted stock awards - 507 - 512

Revision to Previously Report_2

Revision to Previously Reported Financial Information (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
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 twelve months ended December 31, 2022: Twelve months ended December 31, 2022 As Reported Adjustments As Revised (In thousands, except per share data) Total revenues $ 362,070 $ ( 146 ) $ 361,924 Restructuring and other charges 11,443 1,921 13,364 Operating income 2,521 ( 2,067 ) 454 Income before income taxes 6,770 ( 2,067 ) 4,703 Net income (loss) 443 ( 2,067 ) ( 1,624 ) Income (loss) per common share: Basic 0.01 ( 0.06 ) ( 0.05 ) Diluted 0.01 ( 0.06 ) ( 0.05 ) The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of September 30, 2022: September 30, 2022 As Reported Adjustments As Revised (In thousands) Other current assets $ 49,457 $ ( 1,921 ) $ 47,536 Total current assets 745,758 ( 1,921 ) 743,837 Total assets 970,524 ( 1,921 ) 968,603 Total stockholders' equity 864,837 ( 1,921 ) 862,916 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 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 ) Income (loss) per common share: Basic 0.02 ( 0.06 ) ( 0.04 ) Diluted 0.02 ( 0.06 ) ( 0.04 ) 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, 2021: December 31, 2021 As Reported Adjustments As Revised (In thousands) Trade receivables, net $ 100,987 $ ( 497 ) $ 100,490 Total current assets 745,549 ( 497 ) 745,052 Total assets 1,010,426 ( 497 ) 1,009,929 Total stockholders' equity 897,108 ( 497 ) 896,611 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 twelve months ended December 31, 2021: Twelve months ended December 31, 2021 As Reported Adjustments As Revised (In thousands, except per share data) Total revenues $ 322,945 $ ( 497 ) $ 322,448 Operating income (loss) ( 124,838 ) ( 497 ) ( 125,335 ) Income (loss) before income taxes ( 125,050 ) ( 497 ) ( 125,547 ) Net income (loss) ( 127,996 ) ( 497 ) ( 128,493 ) Income (loss) per common share: - Basic ( 3.62 ) ( 0.01 ) ( 3.63 ) Diluted ( 3.62 ) ( 0.01 ) ( 3.63 ) The condensed consolidated statement of stockholders’ equity for the period from January 1, 2022 to June 30, 2022 and the period from April 1, 2022 to June 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 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 Six months ended June 30, June 30, 2023 2022 2023 2022 (In thousands) Revenues: Products: Subsea products $ 44,579 $ 49,466 $ 90,696 $ 95,749 Well construction 11,249 12,513 24,378 21,872 Total products 55,828 61,979 115,074 117,621 Services: Subsea services 16,333 14,785 32,818 27,942 Well construction services 7,400 4,811 12,196 9,153 Total services 23,733 19,596 45,014 37,095
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 77,817 Transfers to Trade Receivables, Net ( 82,744 ) Contract Assets at June 30, 2023 $ 133,665 Contract Liabilities (amounts shown in thousands) Contract Liabilities at December 31, 2022 $ 6,824 Additions 9,457 Revenue Recognized ( 11,801 ) Contract Liabilities at June 30, 2023 $ 4,480

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: June 30, December 31, 2023 2022 (In thousands) Raw materials and supplies $ 30,954 $ 29,995 Work in progress 35,328 41,700 Finished goods 170,140 150,170 236,422 221,865 Less: reserve for slow moving and excess inventory ( 71,899 ) ( 75,861 ) Total inventory $ 164,523 $ 146,004

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
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 six months ended June 30, 2023 and 2022 (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Severance $ - $ - $ - $ 32 Long-lived asset write-down - 5,055 - 5,055 Other ( 610 ) 710 1,108 710 $ ( 610 ) $ 5,765 $ 1,108 $ 5,797
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 June 30, 2023 (in thousands): Total Beginning balance at January 1, 2023 $ 3,802 Additions for costs expensed - Reductions for payments ( 645 ) Other ( 2,254 ) Ending balance at June 30, 2023 $ 903

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016 and OilPatch Technologies in 2017, consist of the following: June 30, 2023 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 15 years $ 8,140 $ ( 2,379 ) $ 28 $ 5,789 Patents 15 - 30 years 6,039 ( 3,890 ) ( 1 ) 2,148 Customer relationships 5 - 15 years 25,626 ( 11,599 ) 82 14,109 Organizational costs 3 years 163 ( 150 ) 2 15 $ 39,968 $ ( 18,018 ) $ 111 $ 22,061 December 31, 2022 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 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

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables presents selected financial data by business segment: Three months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Subsea Products Subsea Services Well Construction Corporate Total (In thousands) Revenue $ 44,579 $ 49,466 $ 23,586 $ 25,265 $ 21,442 $ 19,247 $ - $ - $ 89,607 $ 93,978 Depreciation and amortization 1,745 1,787 2,773 3,088 1,816 1,672 715 1,123 7,049 7,670 Operating income (loss) ( 1,894 ) ( 4,322 ) 1,230 4,799 6,491 4,992 ( 2,221 ) ( 9,338 ) 3,606 ( 3,869 ) Six months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Subsea Products Subsea Services Well Construction Corporate Total (In thousands) Revenue $ 90,696 $ 95,749 $ 47,482 $ 47,016 $ 42,294 $ 34,350 $ - $ - $ 180,472 $ 177,115 Depreciation and amortization 3,344 3,573 5,527 6,128 3,559 3,279 1,508 2,249 13,938 15,229 Operating income (loss) ( 399 ) ( 6,898 ) 10,613 5,183 7,054 7,547 ( 10,474 ) ( 15,292 ) 6,794 ( 9,460 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) - Segment	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Segment Reporting Information [Line Items]
Number of geographic segments	3	3
Number of reportable business segments	3

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Feb. 22, 2022
Accounting Policies [Line Items]
Accrued bonuses					$ 5,500
Additions for costs expensed			$ 0
Restructuring liability	$ 903		903		$ 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	157,101	0	430,730
Average price of shares (in dollars per share)		$ 24.49		$ 22.4
Treasury stock, value of acquired shares		$ 3,800		$ 9,600
Well construction
Accounting Policies [Line Items]
Restructuring liability	$ 2,300		$ 2,300
2021 Global Strategic Plan
Accounting Policies [Line Items]
Additions for costs expensed	600	5,800	1,100	5,800
Restructuring liability	2,300		2,300
Inventory write down		$ 5,100		5,100
Restructuring costs				$ 700
2021 Global Strategic Plan | Well construction
Accounting Policies [Line Items]
Additions for costs expensed	$ 1,900		$ 1,900

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	34,130	34,476	34,129	34,485
Dilutive effect of common stock awards (in shares)	360	0	359	0
Weighted average common shares outstanding diluted (in shares)	34,490	34,476	34,488	34,485

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	58	0	58
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	260	0	260
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	507	0	512

Revision to Previously Report_3

Revision to Previously Reported Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net	$ 135,504		$ 90,861				$ 100,490
Other current assets	30,869		32,438	$ 47,536
Total current assets	755,156		750,024	743,837			745,052
Total assets	979,666		969,951	968,603			1,009,929
Total stockholders' equity	$ 879,409	$ 877,814	872,352	862,916	$ 868,192	$ 887,278	896,611
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net			91,504				100,987
Other current assets			34,359	49,457
Total current assets			752,588	745,758			745,549
Total assets			972,515	970,524			1,010,426
Total stockholders' equity			874,916	864,837			897,108
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net			(643)				(497)
Other current assets			(1,921)	(1,921)
Total current assets			(2,564)	(1,921)			(497)
Total assets			(2,564)	(1,921)			(497)
Total stockholders' equity			$ (2,564)	$ (1,921)			$ (497)

Revision to Previously Report_4

Revision to Previously Reported Financial Information - Statement of Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 89,607		$ 93,978	$ 180,472	$ 177,115		$ 361,924	$ 322,448
Restructuring and other charges	(610)	$ 4,101	5,765	1,108	5,797	$ 9,898	13,364
Operating income (loss)	3,606	12,431	(3,869)	6,794	(9,460)	2,971	454	(125,335)
Income (loss) before income taxes	5,585	12,679	(3,395)	11,520	(8,837)	3,842	4,703	(125,547)
Net Income (Loss)	$ 3,483	$ 13,289	$ (5,570)	$ 5,794	$ (14,508)	$ (1,219)	$ (1,624)	$ (128,493)
Income (loss) per common share:
Basic	$ 0.1	$ 0.39	$ (0.16)	$ 0.17	$ (0.42)	$ (0.04)	$ (0.05)	$ (3.63)
Diluted	$ 0.1	$ 0.38	$ (0.16)	$ 0.17	$ (0.42)	$ (0.04)	$ (0.05)	$ (3.63)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues							$ 362,070	$ 322,945
Restructuring and other charges		$ 2,180				$ 7,977	11,443
Operating income (loss)		14,352				4,892	2,521	(124,838)
Income (loss) before income taxes		14,600				5,763	6,770	(125,050)
Net Income (Loss)		$ 15,210				$ 702	$ 443	$ (127,996)
Income (loss) per common share:
Basic		$ 0.45				$ 0.02	$ 0.01	$ (3.62)
Diluted		$ 0.44				$ 0.02	$ 0.01	$ (3.62)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues							$ (146)	$ (497)
Restructuring and other charges		$ 1,921				$ 1,921	1,921
Operating income (loss)		(1,921)				(1,921)	(2,067)	(497)
Income (loss) before income taxes		(1,921)				(1,921)	(2,067)	(497)
Net Income (Loss)		$ (1,921)				$ (1,921)	$ (2,067)	$ (497)
Income (loss) per common share:
Basic		$ (0.06)				$ (0.06)	$ (0.06)	$ (0.01)
Diluted		$ (0.06)				$ (0.06)	$ (0.06)	$ (0.01)

Revenue Recognition - Revenues

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsea Products | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 44,579	$ 49,466	$ 90,696	$ 95,749
Well construction | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	11,249	12,513	24,378	21,872
Products
Disaggregation Of Revenue [Line Items]
Revenues	55,828	61,979	115,074	117,621
Products | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	55,828	61,979	115,074	117,621
Subsea Services | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	16,333	14,785	32,818	27,942
Well construction services. | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	7,400	4,811	12,196	9,153
Services | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 23,733	$ 19,596	$ 45,014	$ 37,095

Revenue Recognition - Contract

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Contract Assets
Contract Assets at December 31, 2022	$ 138,592
Additions	77,817
Transfers to Trade Receivables, Net	(82,744)
Contract Assets at June 30, 2023	133,665
Contract Liabilities
Contract Liabilities at December 31, 2022	8,020
Contract Liabilities at June 30, 2023	6,013
Other Current Liabilities
Contract Liabilities
Contract Liabilities at December 31, 2022	6,824
Additions	9,457
Revenue Recognized	(11,801)
Contract Liabilities at June 30, 2023	$ 4,480

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 139,120	$ 144,428
Performance obligation	55,400
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 90,500	$ 92,600

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Details1)	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	85.30%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	14.70%
Expected timing of satisfaction period	0 years

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 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	$ 5.1	$ 5.1

Inventories, net - Schedule of

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 30,954	$ 29,995
Work in progress	35,328	41,700
Finished goods	170,140	150,170
Inventory, gross, Total	236,422	221,865
Less: allowance for reserve	(71,899)	(75,861)
Total inventory	$ 164,523	$ 146,004

Inventories, net - Additional i

Inventories, net - Additional information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Reduction in raw materials by reserve	$ (8.2)	$ (8.1)
Reduction in work in progress by reserve	(2.9)	(3.4)
Reduction in finished goods by reserve	$ (60.8)	$ (64.4)

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 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			738		$ 380	7,385	$ 494
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

Restructuring and Other Charg_3

Restructuring and Other Charges - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed			$ 0
Restructuring liability	$ 903		903		$ 3,802
2021 Global Strategic Plan
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed	600	$ 5,800	1,100	$ 5,800
Inventory Write-down		$ 5,100		5,100
Restructuring costs				$ 700
Restructuring liability	$ 2,300		$ 2,300

Restructuring and Other Charg_4

Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Severance	$ 0	$ 0	$ 0	$ 32
Long-lived asset write-down	0	5,055	0	5,055
Other	(610)	710	1,108	710
Total impairment, restructuring and other charges	$ (610)	$ 5,765	$ 1,108	$ 5,797

Restructuring and Other Charg_5

Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Beginning balance	$ 3,802
Additions for costs expensed	$ 0
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Charges
Reductions for payments	$ (645)
Other	(2,254)
Ending balance	$ 903

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 39,968	$ 40,499
Accumulated Amortization	(18,018)	(16,826)
Finite-Lived, Foreign Currency Translation	111	(325)
Finite-Lived, Net Book Value	$ 22,061	$ 23,348
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Finite-Lived, Gross Book Value	$ 8,140	$ 8,233
Accumulated Amortization	(2,379)	(2,118)
Finite-Lived, Foreign Currency Translation	28	(79)
Finite-Lived, Net Book Value	5,789	6,036
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	6,039	6,055
Accumulated Amortization	(3,890)	(3,699)
Finite-Lived, Foreign Currency Translation	(1)	0
Finite-Lived, Net Book Value	$ 2,148	$ 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	$ 25,626	$ 26,028
Accumulated Amortization	(11,599)	(10,878)
Finite-Lived, Foreign Currency Translation	82	(234)
Finite-Lived, Net Book Value	$ 14,109	$ 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	(150)	(131)
Finite-Lived, Foreign Currency Translation	2	(12)
Finite-Lived, Net Book Value	$ 15	$ 40

Business Segments - Additional

Business Segments - Additional Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 Segment	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Number of geographic segments | Segment		3		3
Restructuring and Related Cost, Incurred Cost				$ 0
Restructuring liability	$ 903			903		$ 3,802
Well construction
Concentration Risk [Line Items]
Restructuring liability	2,300			2,300
2021 Global Strategic Plan
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	600		$ 5,800	1,100	$ 5,800
Inventory write down			5,100		5,100
Restructuring costs					700
Restructuring liability	2,300			2,300
2021 Global Strategic Plan | Subsea Services
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	100			200
2021 Global Strategic Plan | Subsea Products
Concentration Risk [Line Items]
Inventory write down			2,500		2,500
2021 Global Strategic Plan | Corporate
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	1,200			2,800
Long-lived asset write-downs			2,600		2,600
Restructuring costs			$ 700		$ 700
2021 Global Strategic Plan | Well construction
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 1,900			$ 1,900

Business Segments - Schedule of

Business Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 89,607		$ 93,978	$ 180,472	$ 177,115		$ 361,924	$ 322,448
Depreciation and amortization	7,049		7,670	13,938	15,229
Operating income (loss)	3,606	$ 12,431	(3,869)	6,794	(9,460)	$ 2,971	$ 454	$ (125,335)
Subsea Products
Segment Reporting Information [Line Items]
Revenues	44,579		49,466	90,696	95,749
Depreciation and amortization	1,745		1,787	3,344	3,573
Operating income (loss)	(1,894)		(4,322)	(399)	(6,898)
Subsea Services
Segment Reporting Information [Line Items]
Revenues	23,586		25,265	47,482	47,016
Depreciation and amortization	2,773		3,088	5,527	6,128
Operating income (loss)	1,230		4,799	10,613	5,183
Well construction
Segment Reporting Information [Line Items]
Revenues	21,442		19,247	42,294	34,350
Depreciation and amortization	1,816		1,672	3,559	3,279
Operating income (loss)	6,491		4,992	7,054	7,547
Corporate
Segment Reporting Information [Line Items]
Revenues	0		0	0	0
Depreciation and amortization	715		1,123	1,508	2,249
Operating income (loss)	$ (2,221)		$ (9,338)	$ (10,474)	$ (15,292)

Income Tax - Additional Informa

Income Tax - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Effective tax rate, percent	37.60%	(64.10%)	49.70%	(64.20%)
Deferred foreign tax liability	$ 2.8		$ 2.8
Other Current Assets
Operating Loss Carryforwards [Line Items]
Net operating loss carryback claims					$ 15.8

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - 1 months ended Jul. 31, 2023 - Subsequent Event $ in Millions, $ in Millions	CAD ($)	USD ($)
Earliest Tax Year
Subsequent Event [Line Items]
Proceeds from income tax refunds		$ 16.8
Income tax refund approved amount		$ 5.4
Project Ellis
Subsequent Event [Line Items]
Purchase price	$ 105
Potential earnout payments	$ 30