Innovex Downhole Solutions (INVX) 10-Q/A 8 Jul 24 2024 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
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/A
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	Dril-Quip, Inc. (the “Company” or “Dril-Quip”) is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment” or “Form 10-Q/A”) to amend and restate certain items in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, originally filed with the Securities and Exchange Commission (the “SEC”) on May 2, 2024 (the “Original Form 10-Q”).In filing this Amendment, we are restating our previously issued Part I, Item 4. Controls and Procedures for the quarter ended March 31, 2024 to update that our disclosure controls and procedures were not effective due to the material weakness described below. In addition, we have filed an amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023 with the SEC on July 8, 2024 (such report, the “Amended 2023 Form 10-K/A” and, together with this Amendment, the “Amended Reports”). The Amended 2023 Form 10-K/A was filed to correct for a misclassification of inventory write-downs as “Restructuring and other charges" rather than being recorded as “Cost of sales" in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021 (the “Affected Period”) and other immaterial disclosure errors. All material restatement information will be included in the Amended Reports, and we do not intend to separately amend other filings that we have previously filed with the SEC.Accordingly, investors and other readers should rely only on the financial information and other disclosures regarding the periods described above in this Amendment and in any other future filings with the SEC (as applicable) and should not rely on any previously issued or filed reports, press releases, corporate presentations or similar communications relating to the periods described above.Background of the RestatementAs described in our Current Report on Form 8-K filed with the SEC on July 8, 2024, the Company received comment letters from the Division of Corporation Finance of the Securities and Exchange Commission ("SEC") on June 3, 2024 related to their review of both the Company’s Registration Statement on Form S-4 filed with the SEC on May 1, 2024 and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”), and we became aware of an error in the classification of certain inventory write-downs. We misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan. The Company classified these charges as "Restructuring and other charges"; however, these charges should have been classified in "Cost of sales" in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021, in accordance with ASC 420-10-S99-3. We have also updated other immaterial disclosure errors in this Amendment. See Note 1, Organization and Principals of Consolidation, in the Consolidated Financial Statements for additional information related to the specific items updated in this Amended Report, including descriptions of the adjustments.Internal Control ConsiderationsIn connection with the restatement of the audited Consolidated Financial Statements for the Affected Period, management re-evaluated the effectiveness of our internal control over financial reporting and identified a material weakness in our internal control over financial reporting as of December 31, 2023, described in Part II, Item 9A of the Amended 2023 Form 10-K/A. The material weakness remained in place as of March 31, 2024. As further described in Part I, Item 4 of this Amendment, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2024 due to such material weakness. Items Amended in this FilingFor the convenience of the reader, this Amended Report presents the Original Report in its entirety, subject to the changes described below. The Company is filing this Amended Report in order to amend the following items (the “Amended Items”) of the Original Report:•Part I, Item 1. Notes to Financial Statements•Part I, Item 2. Management's Discussion and Analysis•Part I, Item 4. Controls and ProceduresThis Amended Report also includes revisions and updates to certain other information including, but not limited to, cross-references, an updated signature page and other conforming changes. Pursuant to the rules of the SEC, the exhibit list included in Part II, Item 6. Exhibits, Financial Statement Schedules of the Original Report has been amended and restated to include updates to applicable exhibits, consisting of currently-dated certifications. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment includes new certifications specified in Rule 13a-14 under the Exchange Act, from the Company’s Chief Executive Officer and Chief Financial Officer dated as of the date of this Amendment. This Amendment continues to describe the conditions as of the date of the Original Form 10-Q and, except as set forth herein, we have not updated or modified the disclosures contained in the Original Form 10-Q to reflect any events that have occurred after the Original Form 10-Q. Accordingly, forward-looking statements included in this Amendment may represent management’s views as of the Original Form 10-Q and should not be assumed to be accurate as of any date thereafter.
Entity Common Stock Shares Outstanding		34,420,419
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	Mar. 31, 2024		Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 198,197		$ 187,323
Restricted cash	4,103		4,077
Short-term investments	4,016		25,908
Trade receivables, net	137,135		135,569
Unbilled receivables	139,610		148,429
Inventories	209,160		194,593
Prepaid expenses	13,126		14,119
Other current assets	8,285		9,699
Assets held for sale	1,513		0
Total current assets	715,145		719,717
Operating lease right of use assets	16,356		16,343
Property, plant and equipment, net	215,264		217,631
Deferred income taxes	9,663		8,989
Goodwill	16,288	[1]	16,654
Intangible assets	40,247		41,941
Other assets	8,064		6,906
Total assets	1,021,027		1,028,181
Current liabilities:
Accounts payable	62,907		60,160
Accrued income taxes	7,064		5,942
Contract liabilities	6,839		7,583
Accrued compensation	14,026		14,035
Operating lease liabilities	2,300		2,118
Other accrued liabilities	40,420		27,865
Total current liabilities	133,556		117,703
Deferred income taxes	10,330		10,564
Income tax payable	385		346
Operating lease liabilities, long-term	14,541		14,554
Other long-term liabilities	4,852		3,754
Total liabilities	163,664		146,921
Contingencies (Note 14)
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, 34,419,768 and 34,386,577 shares issued and outstanding at March 31, 2024 and December 31, 2023	343		343
Additional paid-in capital	103,025		100,289
Retained earnings	930,789		950,719
Accumulated other comprehensive losses	(176,794)		(170,091)
Total stockholders' equity	857,363		881,260
Total liabilities and stockholders' equity	$ 1,021,027		$ 1,028,181
[1] As of March 31, 2024 , the Goodwill balance is included in long-lived assets in the Well Construction business segment.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	34,419,768	34,386,577
Common stock, shares outstanding (in shares)	34,419,768	34,386,577

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 110,297	$ 90,865
Cost of sales:
Total cost of sales	78,419	65,502
Selling, general and administrative	29,991	22,585
Engineering and product development	3,738	3,399
Restructuring and other charges	0	1,718
Gain on sale of property, plant and equipment	(200)	(6,647)
Acquisition costs	19,046	0
Foreign currency transaction loss (gain)	(1,895)	1,120
Total costs and expenses	129,099	87,677
Operating income (loss)	(18,802)	3,188
Interest income, net	(2,196)	(2,747)
Income (loss) before income taxes	(16,606)	5,935
Income tax provision (benefit)	3,378	3,624
Net income (loss)	$ (19,984)	$ 2,311
Net income (loss) per common share:
Basic	$ (0.58)	$ 0.07
Diluted	$ (0.58)	$ 0.07
Weighted average common shares outstanding:
Basic	34,417	34,128
Diluted	34,417	34,489
Products
Revenues:
Revenues from products and services	$ 64,562	$ 59,246
Cost of sales:
Total cost of sales	48,300	47,044
Services
Revenues:
Revenues from products and services	30,187	21,281
Cost of sales:
Total cost of sales	23,290	12,003
Leasing
Revenues:
Leasing	15,548	10,338
Cost of sales:
Total cost of sales	$ 6,829	$ 6,455

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (19,984)	$ 2,311
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(6,649)	574
Total comprehensive income (loss)	$ (26,633)	$ 2,885

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (19,984)	$ 2,311
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	8,432	6,889
Stock-based compensation expense	2,788	2,577
Restructuring and other charges	0	683
Gain on sale of property, plant and equipment	(200)	(6,647)
Acquisition costs	18,087	0
Deferred income taxes	(1,997)	(211)
Changes in operating assets and liabilities:
Trade receivables, net	(937)	(39,531)
Unbilled receivables	3,973	(6,376)
Inventories	(13,152)	(4,758)
Prepaids and other assets	(1,186)	1,335
Accounts payable and accrued expenses	124	(9,192)
Other, net	(52)	0
Net cash used in operating activities	(4,104)	(52,920)
Cash flows from investing activities:
Purchase of property, plant and equipment	(4,757)	(5,424)
Proceeds from sale of property, plant and equipment	375	15,460
Purchase of short-term investments	0	(9,081)
Maturities of short-term investments	21,892	22,392
Net cash provided by investing activities	17,510	23,347
Cash flows from financing activities:
Other	(297)	(11)
Net cash used in financing activities	(297)	(11)
Effect of exchange rate changes on cash activities	(2,209)	123
Increase (decrease) in cash and cash equivalents	10,900	(29,461)
Cash and cash equivalents at beginning of period	191,400	264,804
Cash and cash equivalents at end of period	$ 202,300	$ 235,343

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, 2022	$ 872,352	$ 343	$ 90,450	$ 950,168	$ (168,609)
Foreign currency translation adjustment	574				574
Net income (loss)	2,311			2,311
Comprehensive income (loss)	2,885
Stock-based compensation expense	2,577		2,577
Ending Balance at Mar. 31, 2023	877,814	343	93,027	952,479	(168,035)
Beginning Balance at Dec. 31, 2023	881,260	343	100,289	950,719	(170,091)
Foreign currency translation adjustment	(6,649)			54	(6,703)
Net income (loss)	(19,984)			(19,984)
Comprehensive income (loss)	(26,633)
Payroll taxes for shares withheld	(52)		(52)
Stock-based compensation expense	2,788		2,788
Ending Balance at Mar. 31, 2024	$ 857,363	$ 343	$ 103,025	$ 930,789	$ (176,794)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,984)	$ 2,311

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
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”), is a leading developer of innovative technologies for the energy industry, designing and manufacturing best-in-class products for traditional oil and gas, and certain energy transition applications. The Company 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, specialty connectors and associated pipes, subsea production systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellhead, thermal wellhead, completion packers and safety and kelly 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. The Company’ s operations are organized into three reportable business segments: Subsea Products, Subsea Services, and Well Construction. The Company’s 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. The Company’s 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. 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. In 2023, the Company acquired Great North and includes its product, service and leasing solutions within the Well Construction segment. Great North offers pressure control and completion solutions, including customized and highly engineered wellhead products for use in heavy oil and thermal production locations, proprietary completion solutions such as the Multi-Well Frac Connector TM , as well as related installation and maintenance services. The Company’s products and services are used on both land and offshore markets. For information with respect to our segments, see “Business Segments,” Note 11 of Notes to the Consolidated Financial Statements. The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2023 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 March 31, 2024 and the results of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023 and cash flows for the three months ended March 31, 2024 and 2023. 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 months ended March 31, 2024 and cash flows for the three months ended March 31, 2024 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/A for the year ended December 31, 2023 .

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 professional fees for the year ended December 31, 2023, from accounts payable to other accrued liabilities to conform to our current year presentation. These reclassifications to the prior period were made to conform to the current period presentation and 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 March 31, 2024, the cash balance in that account was approximately $ 4.1 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 March 31, 2024 and December 31, 2023 . 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 balance sheet date 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 rea lign our subsea product business with the market conditions. The 2021 global strategic plan concluded in the third quarter of 2023. As a result, the Company incurred no additional restructuring charges during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company incurred $ 1.7 million of additional costs under the 2021 global strategic plan. These charges were primarily related to consulting and legal fees, office moves and site cleanup, and preparation costs. These charges are reflected as “Restructuring and other charges” in our condensed consolidated statements of income (loss). Repurchase of Equity Securities On February 22, 2022, the Board of Directors authorized an incremental $ 100.0 million share repurchase plan. The repurchase plan has 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 months ended March 31, 2024 and 2023 the Company did no t purchase any shares under the share repurchase plan. 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 March 31, 2024 2023 (In thousands) Weighted average common shares outstanding – basic 34,417 34,128 Dilutive effect of common stock awards - 361 Weighted average common shares outstanding – diluted 34,417 34,489 For the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 (In thousands) Director stock awards 67 - Performance share units 397 - Restricted stock awards 592 -

Business Acquisitions

Business Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Business Acquisitions	3. Business Acquisitions On July 31, 2023, the C ompany 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 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 the fiscal years 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 Company is 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. As of March 31, 2024 the fair value of the contingent consideration was $ 1.2 million . For information with respect to our fair value measurements, see “Fair Value Measurements,” Note 4 of Notes to the Consolidated Financial Statements. The contingent consideration is included in other long-term liabilities as of March 31, 2024. 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 Intan gible Assets,” Note 10 of Notes to the Condensed Consolidated Financial Statements for further information regarding intangible assets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements As of March 31, 2024, 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 volatil ity ( 6.7 %) and a revenue discount rate ( 8.4 %). Th e 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 “Change in fair value of earn-out liability” of the condensed consolidated statements of income. The Company’s conti ngent consideration measured at fair value for the periods presented are as follows ( in thousands ): March 31, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liability: Contingent consideration (1) $ 1,182 - - $ 1,182 $ 1,208 - - $ 1,208 Total liabilities $ 1,182 - - $ 1,182 $ 1,208 - - $ 1,208 (1) As of March 31, 2024 and December 31, 2023 , contingent consideration includes certain amounts in other long-term liabilities on the Company’s condensed consolidated balance sheets. The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisition measured at fair value for the three months ended March 31, 2024 and 2023 ( in thousands ): Three Months Ended March 31, 2024 2023 Beginning period balance $ 1,208 - Additions to contingent consideration - - Payments of contingent consideration - - Fair value adjustment of earn-out liabilities - - Currency translation adjustment ( 26 ) - Ending period balance $ 1,182 $ -

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	5. Revenue Recognition This footnote was corrected in this Amended Report to remove leasing revenue from the “Revenues from contracts with customers” table, in accordance with ASC 606-10-50- 4(a) and remove leasing balances from the “Contract Balances” table, in accordance with ASC 606-10-50-8. Revenues from contracts with customers consisted of the following: Three months ended March 31, 2024 2023 (In thousands) Revenues: Products: Subsea products $ 35,332 $ 46,117 Well construction 29,230 13,129 Total products $ 64,562 $ 59,246 Services: Subsea services $ 16,723 $ 16,487 Well construction services 13,464 4,794 Total services $ 30,187 $ 21,281 Total $ 94,749 $ 80,527 Contract Balances Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands) Contract assets at December 31, 2023 $ 144,191 Additions 92,085 Transfers to Trade receivables, net ( 99,763 ) Contract assets at March 31, 2024 $ 136,513 Contract Liabilities (amounts shown in thousands) Contract liabilities at December 31, 2023 $ 7,583 Additions 1,920 Revenue recognized ( 2,664 ) Contract liabilities at March 31, 2024 $ 6,839 Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $ 92.2 million and $ 90.2 million at March 31, 2024 and December 31, 2023, respectively. Unbilled contract assets are transferred to trade receivables, net, when the right to bill becomes unconditional. Contract liabilities primarily relate to advance payments from customers. Obligations for returns and refunds were considered immaterial as of March 31, 2024. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $ 56.0 million as of March 31, 2024. The Company expects to recognize revenue on approximately 92.2 % of the remaining performance obligations over the next 12 months and the remaining 7.8 % 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	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Stock Awards	. Stock-Based Compensation and Stock Awards During the three months ended March 31, 2024, the Company recognized approximately $ 2.8 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 months ended March 31, 2023, the Company recognized approximately $ 2.6 million of stock-based compensation expense.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	7. Inventories Inventories consist of the following: March 31, December 31, 2024 2023 (In thousands) Raw materials and supplies $ 36,428 $ 34,950 Work in progress 33,302 33,911 Finished goods 139,430 125,732 Total inventory $ 209,160 $ 194,593 As of March 31, 2024, the inventory values of raw materials, work in progress and finished goods have been reduced by a reserve for slow moving, excess and obsolete inventories of $ 6.4 million , $ 3.5 million and $ 58.3 million , respectively. As of December 31, 2023 the inventory values of raw materials, work in progress and finished goods have been reduced by a reserve for slow moving, excess and obsolete inventories of $ 8.3 million , $ 2.7 million and $ 55.2 million , respectively.

Assets Held For Sale

Assets Held For Sale	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	8. Assets Held for Sale In accordance with the applicable accounting guidance, FASB ASC 360-10-45-9, the Company identified $ 1.0 million of buildings and $ 0.5 million of land as held for sale in the first quarter of 2024. The assets’ net carrying amount were reclassified from Property, plant and equipment, net, to Assets held for sale on the condensed consolidated balance sheets at March 31, 2024. No long-lived asset write downs were recorded in the three months ended March 31, 2024.

Restructuring and Other Charges

Restructuring and Other Charges	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	9. Restructuring and Other Charges The 2021 global strategic plan concluded in the third quarter of 2023. As a result, the Company did not incur any restructuring charges during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company incurred costs of approximately $ 1.7 million under the 2021 global strategic plan. These charges primarily consist of office moves, site cleanup, preparation costs, and consulting and legal fees. The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of March 31, 2024 (in thousands): Total Beginning balance at January 1, 2024 $ 630 Additions for costs expensed - Reductions for payments ( 600 ) Other ( 30 ) Ending balance at March 31, 2024 $ 0

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	10. 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, 2023 $ 16.7 Addition due to business combination - Impairments - Foreign currency translation ( 0.4 ) Net balance as of March 31, 2024 (1) $ 16.3 (1) As of March 31, 2024 , 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 2023, consist of the following: March 31, 2024 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 10 – 15 years $ 12,101 $ ( 3,048 ) $ ( 97 ) $ 8,956 Patents 15 – 30 years 9,670 ( 4,369 ) ( 78 ) 5,223 Customer relationships 5 – 15 years 40,370 ( 13,978 ) ( 324 ) 26,068 Organizational costs 3 years 172 ( 169 ) ( 3 ) - $ 62,313 $ ( 21,564 ) $ ( 502 ) $ 40,247 December 31, 2023 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 10 – 15 years $ 12,091 $ ( 2,811 ) $ 4 $ 9,284 Patents 15 – 30 years 9,686 ( 4,200 ) ( 22 ) 5,464 Customer relationships 5 – 15 years 40,291 ( 13,095 ) ( 3 ) 27,193 Organizational costs 3 years 163 ( 163 ) - - $ 62,231 $ ( 20,269 ) $ ( 21 ) $ 41,941

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segments	11. Business Segments This footnote was corrected in this Amended Report to remove "Segment depreciation and amortization" and "Segment operating income (loss)" subtotals from the "selected financial data by business segment" table. 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’ s operations are organized into three reportable business segments: Subsea Products, Subsea Services, and Well Construction. 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. In 2023, the Company acquired Great North and includes its product, service and leasing solutions within the Well Construction segment. Great North offers pressure control and completion solutions, including customized and highly engineered wellhead products for use in heavy oil and thermal production locations, proprietary completion solutions such as the Multi-Well Frac Connector TM , as well as related installation and maintenance services. During the three months ended March 31, 2024, the Company did no t incur any costs under the 2021 global strategic plan. During the three months ended March 31, 2023, the Company incurred $ 1.7 million of additional costs under the 2021 global strategic plan, all of which is in Corporate. The following tables presents selected financial data by business segment: Three months ended March 31, 2024 2023 (In thousands) Revenue Subsea products $ 35,332 $ 46,117 Subsea services 24,579 23,896 Well construction 50,386 20,852 Total revenue $ 110,297 $ 90,865 Depreciation and amortization Subsea products $ 1,569 $ 1,599 Subsea services 2,247 2,754 Well construction 3,867 1,743 Corporate (1) 749 793 Total depreciation and amortization $ 8,432 $ 6,889 Operating income (loss) Subsea products $ 639 $ 1,495 Subsea services 1,833 9,384 Well construction 5,632 562 Corporate (1) ( 26,906 ) ( 8,253 ) Total operating income (loss) $ ( 18,802 ) $ 3,188 (1) 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. 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	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax	12. Income Tax The effective tax rate for the three months ended March 31, 2024 was ( 20.3 %) compared to 61.1 % for the same period in 2023. The change in the effective tax rate between the periods resulted primarily due to the change in earnings mix by geography and tax jurisdiction as compared to the prior period, changes in valuation allowances in the United States, foreign withholding tax, and changes in nondeductible expenses. In the United States, significant transaction costs in connection with the proposed merger with Innovex Downhole Solutions Inc. were incurred which were partially deductible. As such, these costs had a larger impact to the earnings mix as compared to previous periods. The Company had no outstanding NOL carryback claims as of December 31, 2023 including the estimated carryback claim relating to the 2020 tax year, which was reflected in “Other current assets” on the condensed consolidated balance sheets. During the three months ended March 31, 2024, the Company received no refunds. Except with respect to our operations in Canada, 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 March 31, 2024 . It is primarily related to estimated foreign withholding tax associated with repatriating non-U.S. earnings back to the United States. The indefinite reinvestment assertion with respect to Canada pertains to earnings of $ 3.0 million as of March 31, 2024. 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.

Merger of Dril-Quip and Innovex

Merger of Dril-Quip and Innovex	3 Months Ended
	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Merger of Dril-Quip and Innovex	13. Merger of Dril-Quip and Innovex On March 18, 2024, the Company, Ironman Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub Inc.”), and DQ Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Merger Sub LLC”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Innovex Downhole Solutions Inc. (“Innovex”) , pursuant to which, upon the terms and subject to the conditions set forth therein, (i) Merger Sub Inc. will merge with and into Innovex, with Innovex continuing as the surviving entity (the “Surviving Corporation”) (the “First Merger”) and (ii) immediately following the First Merger, the Surviving Corporation will merge with and into Merger Sub LLC (the “Second Merger” and, together with the First Merger, the “Mergers”), with Merger Sub LLC continuing as the surviving entity. Upon consummation of the transactions contemplated by the Merger Agreement (the “Transactions”), the Company expects that its current stockholders will own approximately 52 % of the Combined Company (as defined below) and current stockholders of Innovex will own approximately 48 % of the Combined Company. Following the Transactions, the name of the Company will be changed to Innovex International, Inc. (the “Combined Company”), and its common stock will remain listed on the New York Stock Exchange. The Mergers are currently expected to close in the third quarter of 2024; however, no assurance can be given as to when, or if, the Mergers will occur. The Merger Agreement contains termination rights, subject to certain conditions, for each of the Company and Innovex, including, among others: (i) if the consummation of the First Merger does not occur on or before December 18, 2024 (the “End Date”) or the extended End Date (March 18, 2025) and (ii) if the Company wishes to terminate the Merger Agreement to enter into a definitive agreement with respect to a superior proposal. Upon termination of the Merger Agreement under certain specified circumstances, including, among others, by Innovex for a material breach by the Company of its non-solicitation obligations or by the Company in order to enter into a definitive agreement with respect to a superior proposal, the Company would be required to pay Innovex a termination fee of $ 31.9 million. The above description of the Merger Agreement and the Transactions, including certain referenced terms, is a summary of certain principal terms and conditions contained in the Merger Agreement.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	14. Contingencies Steamfitters Complaint On March 21, 2024, a purported Company stockholder filed a putative class action complaint captioned Steamfitters Local 449 Pension Fund v. Dril-Quip, Inc., et al., C.A. No. 2024-0284-LWW (Del. Ch.) (the “Steamfitters Complaint”). The Steamfitters Complaint alleges that members of the Company’s Board of Directors breached their fiduciary duties by agreeing, in connection with the proposed merger with Innovex, to enter into a stockholders agreement with Amberjack Capital Partners (“Amberjack”) requiring Amberjack to vote in favor of the Board of Director’s nominees at the Company’s 2025 annual meeting of stockholders and prohibiting certain transfers from Amberjack directly to activist stockholders not through public market sales. The Steamfitters Complaint further alleges that Innovex and Amberjack aided and abetted the directors’ alleged breaches of fiduciary duties. The complaint seeks an order certifying a class of the Company’s stockholders, finding that the directors breached their fiduciary duties and that Innovex and Amberjack aided and abetted the directors’ breaches of fiduciary duties, enjoining enforcement of the challenged provisions of the stockholders agreement, and awarding the plaintiff its reasonable attorneys’ and experts’ witness fees and other costs. The defendants, including the Company and the members of the Company’s Board of Directors, believe that they have substantial defenses against the claims asserted in the Steamfitters Complaint. Nevertheless, the outcome of this lawsuit is uncertain and cannot be predicted with any certainty. 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. FMC filed a petition for review with the Texas Supreme Court on November 27, 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 We reclassified approximately $ 5.5 million of accrued professional fees for the year ended December 31, 2023, from accounts payable to other accrued liabilities to conform to our current year presentation. These reclassifications to the prior period were made to conform to the current period presentation and 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.
Reclassifications	Reclassifications We reclassified approximately $ 5.5 million of accrued professional fees for the year ended December 31, 2023, from accounts payable to other accrued liabilities to conform to our current year presentation. These reclassifications to the prior period were made to conform to the current period presentation and 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 March 31, 2024, the cash balance in that account was approximately $ 4.1 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 March 31, 2024 and December 31, 2023 . 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 balance sheet date 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.
Fair Value Measurements	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	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	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 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 rea lign our subsea product business with the market conditions. The 2021 global strategic plan concluded in the third quarter of 2023. As a result, the Company incurred no additional restructuring charges during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company incurred $ 1.7 million of additional costs under the 2021 global strategic plan. These charges were primarily related to consulting and legal fees, office moves and site cleanup, and preparation costs. These charges are reflected as “Restructuring and other charges” in our condensed consolidated statements of income (loss).
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 plan has 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 months ended March 31, 2024 and 2023 the Company did no t purchase any shares under the share repurchase plan.
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 March 31, 2024 2023 (In thousands) Weighted average common shares outstanding – basic 34,417 34,128 Dilutive effect of common stock awards - 361 Weighted average common shares outstanding – diluted 34,417 34,489 For the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 (In thousands) Director stock awards 67 - Performance share units 397 - Restricted stock awards 592 -

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (In thousands) Weighted average common shares outstanding – basic 34,417 34,128 Dilutive effect of common stock awards - 361 Weighted average common shares outstanding – diluted 34,417 34,489
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 (In thousands) Director stock awards 67 - Performance share units 397 - Restricted stock awards 592 -

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
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 (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 Intan gible Assets,” Note 10 of Notes to the Condensed Consolidated Financial Statements for further information regarding intangible assets.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of company's contingent consideration measured at fair value	The Company’s conti ngent consideration measured at fair value for the periods presented are as follows ( in thousands ): March 31, 2024 December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liability: Contingent consideration (1) $ 1,182 - - $ 1,182 $ 1,208 - - $ 1,208 Total liabilities $ 1,182 - - $ 1,182 $ 1,208 - - $ 1,208 (1) As of March 31, 2024 and December 31, 2023 , contingent consideration includes certain amounts in other long-term liabilities on the Company’s condensed consolidated balance sheets.
Summary of reconciliation of changes in the fair value of the Company's earn-out liabilities	The following table provides a reconciliation of changes in the fair value of the Company’s earn-out liabilities associated with the Company’s acquisition measured at fair value for the three months ended March 31, 2024 and 2023 ( in thousands ): Three Months Ended March 31, 2024 2023 Beginning period balance $ 1,208 - Additions to contingent consideration - - Payments of contingent consideration - - Fair value adjustment of earn-out liabilities - - Currency translation adjustment ( 26 ) - Ending period balance $ 1,182 $ -

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from Contract with Customers	Revenues from contracts with customers consisted of the following: Three months ended March 31, 2024 2023 (In thousands) Revenues: Products: Subsea products $ 35,332 $ 46,117 Well construction 29,230 13,129 Total products $ 64,562 $ 59,246 Services: Subsea services $ 16,723 $ 16,487 Well construction services 13,464 4,794 Total services $ 30,187 $ 21,281 Total $ 94,749 $ 80,527
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, 2023 $ 144,191 Additions 92,085 Transfers to Trade receivables, net ( 99,763 ) Contract assets at March 31, 2024 $ 136,513 Contract Liabilities (amounts shown in thousands) Contract liabilities at December 31, 2023 $ 7,583 Additions 1,920 Revenue recognized ( 2,664 ) Contract liabilities at March 31, 2024 $ 6,839

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, December 31, 2024 2023 (In thousands) Raw materials and supplies $ 36,428 $ 34,950 Work in progress 33,302 33,911 Finished goods 139,430 125,732 Total inventory $ 209,160 $ 194,593

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
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 March 31, 2024 (in thousands): Total Beginning balance at January 1, 2024 $ 630 Additions for costs expensed - Reductions for payments ( 600 ) Other ( 30 ) Ending balance at March 31, 2024 $ 0

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 16.7 Addition due to business combination - Impairments - Foreign currency translation ( 0.4 ) Net balance as of March 31, 2024 (1) $ 16.3 (1) As of March 31, 2024 , 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 2023, consist of the following: March 31, 2024 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 10 – 15 years $ 12,101 $ ( 3,048 ) $ ( 97 ) $ 8,956 Patents 15 – 30 years 9,670 ( 4,369 ) ( 78 ) 5,223 Customer relationships 5 – 15 years 40,370 ( 13,978 ) ( 324 ) 26,068 Organizational costs 3 years 172 ( 169 ) ( 3 ) - $ 62,313 $ ( 21,564 ) $ ( 502 ) $ 40,247 December 31, 2023 Estimated Gross Accumulated Foreign Net Book (In thousands) Trademarks 10 – 15 years $ 12,091 $ ( 2,811 ) $ 4 $ 9,284 Patents 15 – 30 years 9,686 ( 4,200 ) ( 22 ) 5,464 Customer relationships 5 – 15 years 40,291 ( 13,095 ) ( 3 ) 27,193 Organizational costs 3 years 163 ( 163 ) - - $ 62,231 $ ( 20,269 ) $ ( 21 ) $ 41,941

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables presents selected financial data by business segment: Three months ended March 31, 2024 2023 (In thousands) Revenue Subsea products $ 35,332 $ 46,117 Subsea services 24,579 23,896 Well construction 50,386 20,852 Total revenue $ 110,297 $ 90,865 Depreciation and amortization Subsea products $ 1,569 $ 1,599 Subsea services 2,247 2,754 Well construction 3,867 1,743 Corporate (1) 749 793 Total depreciation and amortization $ 8,432 $ 6,889 Operating income (loss) Subsea products $ 639 $ 1,495 Subsea services 1,833 9,384 Well construction 5,632 562 Corporate (1) ( 26,906 ) ( 8,253 ) Total operating income (loss) $ ( 18,802 ) $ 3,188 (1) 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.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting Information [Line Items]
Number of reportable business segments	3

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 22, 2022
Accounting Policies [Line Items]
Accrued bonuses			$ 5,500,000
Additions for costs expensed	$ 0
Restructuring liability	0		$ 630,000
Outstanding cash balance	$ 4,100,000
Amount to maintain by company, description	the outstanding letters of credit plus 5% at all times
Shares authorized to be repurchased (up to)				$ 100,000,000
Treasury stock shares (in shares)	0	0
2021 Global Strategic Plan
Accounting Policies [Line Items]
Additions for costs expensed	$ 0	$ 1,700,000
Additional restructuring charges	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	34,417	34,128
Dilutive effect of common stock awards (in shares)	0	361
Weighted average common shares outstanding diluted (in shares)	34,417	34,489

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	67	0
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	397	0
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	592	0

Business Acquisitions - Additio

Business Acquisitions - Additional Information (Details) $ in Thousands, $ in Millions		1 Months Ended		3 Months Ended
		Jul. 31, 2023 USD ($)	Jul. 31, 2023 CAD ($)	Mar. 31, 2024 USD ($)		Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Contingent consideration	[1]			$ 1,182			$ 1,208
Goodwill				16,288	[2]		16,654
Pre-tax operating loss				(18,802)		$ 3,188
Level 3
Business Acquisition [Line Items]
Contingent consideration	[1]			1,182			$ 1,208
Great North Wellhead and Frac [Member]
Business Acquisition [Line Items]
Purchase price		$ 87,668
Purchase price		84,097
Purchase price		$ 79,800	$ 105
Business acquisition, percentage of voting interests acquired		100%
Acquisitions, net of cash acquired		$ 79,800	105
Contingent consideration				$ 1,200
Fair value of the contingent consideration		22,800
Goodwill		16,759
Great North Wellhead and Frac [Member] | Level 3
Business Acquisition [Line Items]
Contingent consideration		$ 3,600
Great North Wellhead and Frac [Member] | Maximum
Business Acquisition [Line Items]
Fair value of the contingent consideration			30
Great North Wellhead and Frac [Member] | Minimum
Business Acquisition [Line Items]
Fair value of the contingent consideration			$ 0
[1] As of March 31, 2024 and December 31, 2023 , contingent consideration includes certain amounts in other long-term liabilities on the Company’s condensed consolidated balance sheets. As of March 31, 2024 , the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Business Acquisitions - Summary

Business Acquisitions - Summary of Consideration Transferred to Acquire Great North (Details) - Great North Wellhead and Frac [Member] $ in Thousands	1 Months Ended
	Jul. 31, 2023 USD ($)
Business Acquisition [Line Items]
Cash	$ 84,097
Contingent consideration	3,571
Total	$ 87,668

Business Acquisitions - Purchas

Business Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands		Mar. 31, 2024	[1]	Dec. 31, 2023	Jul. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 16,288		$ 16,654
Great North Wellhead and Frac [Member]
Business Acquisition [Line Items]
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)	[2]				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] As of March 31, 2024 , the Goodwill balance is included in long-lived assets in the Well Construction business segment. 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 Intan gible Assets,” Note 10 of Notes to the Condensed Consolidated Financial Statements for further information regarding intangible assets.

Business Acquisitions - Purch_2

Business Acquisitions - Purchase Price Allocation (Parenthetical) (Details) - Great North Wellhead and Frac [Member] $ in Millions	1 Months Ended
	Jul. 31, 2023 USD ($)
Trademarks
Business Acquisition [Line Items]
Acquired amount	$ 4
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

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Level 3	3 Months Ended
	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected revenue volatility	6.70%
Revenue discount rate	8.40%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Company's Contingent Consideration Measured at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Liability:
Contingent consideration	[1]	$ 1,182	$ 1,208
Total liabilities		1,182	1,208
Level 1
Liability:
Contingent consideration	[1]	0	0
Total liabilities		0	0
Level 2
Liability:
Contingent consideration	[1]	0	0
Total liabilities		0	0
Level 3
Liability:
Contingent consideration	[1]	1,182	1,208
Total liabilities		$ 1,182	$ 1,208
[1] As of March 31, 2024 and December 31, 2023 , contingent consideration includes certain amounts in other long-term liabilities on the Company’s condensed consolidated balance sheets.

Fair Value Measurements - Summa

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
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Beginning period balance	$ 1,208	$ 0
Additions to contingent consideration	0	0
Payments of contingent consideration	0	0
Fair value adjustment of earn-out liabilities	0	0
Currency translation adjustment	(26)	0
Ending period balance	$ 1,182	$ 0

Revision to Previously Reported

Revision to Previously Reported Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables, net	$ 137,135	$ 135,569
Other current assets	8,285	9,699
Total current assets	715,145	719,717
Total assets	1,021,027	1,028,181
Total stockholders equity	$ 857,363	$ 881,260	$ 877,814	$ 872,352

Revision to Previously Report_2

Revision to Previously Reported Financial Information - Statement of Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 110,297	$ 90,865
Restructuring and other charges	0	1,718
Operating income (loss)	(18,802)	3,188
Income (loss) before income taxes	(16,606)	5,935
Net Income (Loss)	$ (19,984)	$ 2,311
Net income (loss) per common share:
Basic	$ (0.58)	$ 0.07
Diluted	$ (0.58)	$ 0.07

Revision to Previously Report_3

Revision to Previously Reported Financial Information - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reduction to opening retained earnings	$ (930,789)	$ (950,719)

Revenue Recognition - Revenues

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsea Products | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 35,332	$ 46,117
Well construction | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	29,230	13,129
Products
Disaggregation Of Revenue [Line Items]
Revenues	64,562	59,246
Products | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	64,562	59,246
Subsea Services | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	16,723	16,487
Well Construction Services | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	13,464	4,794
Total Services | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	30,187	21,281
Leasing | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 94,749	$ 80,527

Revenue Recognition - Contract

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Contract Assets
Contract assets at December 31, 2023	$ 144,191
Additions	92,085
Transfers to Trade receivables, net	(99,763)
Contract assets at March 31, 2024	136,513
Contract Liabilities
Contract liabilities at December 31, 2023	7,583
Contract liabilities at March 31, 2024	6,839
Other Current Liabilities
Contract Liabilities
Contract liabilities at December 31, 2023	7,583
Additions	1,920
Revenue recognized	(2,664)
Contract liabilities at March 31, 2024	$ 6,839

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 139,610	$ 148,429
Performance obligation	56,000
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 92,200	$ 90,200

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Details1)	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	92.20%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	7.80%
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
	Mar. 31, 2024	Mar. 31, 2023
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 2.8	$ 2.6

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies, net	$ 36,428	$ 34,950
Work in progress, net	33,302	33,911
Finished goods, net	139,430	125,732
Total inventory, net	$ 209,160	$ 194,593

Inventories - Additional inform

Inventories - Additional information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Reduction in raw materials by reserve	$ (6.4)	$ (8.3)
Reduction in work in progress by reserve	(3.5)	(2.7)
Reduction in finished goods by reserve	$ (58.3)	$ (55.2)

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,513,000	$ 0
Long-lived asset write-down	0
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	500,000
Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 1,000,000

Restructuring and Other Charg_3

Restructuring and Other Charges - Additional information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed	$ 0
2021 Global Strategic Plan
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed	$ 0	$ 1,700,000

Restructuring and Other Charg_4

Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Beginning balance	$ 630
Additions for costs expensed	$ 0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Charges
Reductions for payments	$ (600)
Other	(30)
Ending balance	$ 0

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets - Summary of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 16,654
Addition due to business combination	0
Goodwill, Impairment Loss	0
Goodwill, Foreign Currency Translation Gain (Loss)	(400)
Goodwill, Ending Balance	$ 16,288	[1]
[1] As of March 31, 2024 , the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 62,313	$ 62,231
Accumulated Amortization	(21,564)	(20,269)
Finite-Lived, Foreign Currency Translation	(502)	(21)
Finite-Lived, Net Book Value	40,247	41,941
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	12,101	12,091
Accumulated Amortization	(3,048)	(2,811)
Finite-Lived, Foreign Currency Translation	(97)	4
Finite-Lived, Net Book Value	$ 8,956	$ 9,284
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	$ 9,670	$ 9,686
Accumulated Amortization	(4,369)	(4,200)
Finite-Lived, Foreign Currency Translation	(78)	(22)
Finite-Lived, Net Book Value	$ 5,223	$ 5,464
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	$ 40,370	$ 40,291
Accumulated Amortization	(13,978)	(13,095)
Finite-Lived, Foreign Currency Translation	(324)	(3)
Finite-Lived, Net Book Value	$ 26,068	$ 27,193
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	$ 172	$ 163
Accumulated Amortization	(169)	(163)
Finite-Lived, Foreign Currency Translation	(3)	0
Finite-Lived, Net Book Value	$ 0	$ 0

Business Segments - Additional

Business Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Segment	Mar. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of reportable business segments | Segment	3
Restructuring and Related Cost, Incurred Cost	$ 0
2021 Global Strategic Plan
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 0	$ 1,700,000

Business Segments - Schedule of

Business Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues		$ 110,297	$ 90,865
Depreciation and amortization		8,432	6,889
Operating income (loss)		(18,802)	3,188
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	[1]	749	793
Operating income (loss)	[1]	(26,906)	(8,253)
Subsea Products
Segment Reporting Information [Line Items]
Revenues		35,332	46,117
Depreciation and amortization		1,569	1,599
Operating income (loss)		639	1,495
Subsea Services
Segment Reporting Information [Line Items]
Revenues		24,579	23,896
Depreciation and amortization		2,247	2,754
Operating income (loss)		1,833	9,384
Well construction
Segment Reporting Information [Line Items]
Revenues		50,386	20,852
Depreciation and amortization		3,867	1,743
Operating income (loss)		$ 5,632	$ 562
[1] (1) 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.

Income Tax - Additional Informa

Income Tax - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective tax rate, percent	20.30%	61.10%
Deferred foreign tax liability	$ 1.8
CANADA
Operating Loss Carryforwards [Line Items]
Deferred foreign tax liability	$ 3

Merger of Dril-Quip and Innov_2

Merger of Dril-Quip and Innovex - Additional Information (Details) - Innovex Downhole Solutions Inc $ in Millions	Mar. 18, 2024 USD ($)
Business Acquisition [Line Items]
Percentage of Stockholders Expect	0.52
Percentage of Stockholders Current	0.48
Termination Fee	$ 31.9