Forum Energy (FET) 10-Q1 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	(281)
Local Phone Number	949-2500
Title of 12(b) Security	Common stock
Trading Symbol	FET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,283,670
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 207,806	$ 179,253	$ 615,407	$ 553,659
Cost of sales	142,070	128,231	422,839	399,229
Gross profit	65,736	51,022	192,568	154,430
Operating expenses
Selling, general and administrative expenses	56,326	45,496	164,683	135,364
Transaction expenses	579	0	7,728	0
Loss (gain) on disposal of assets and other	(85)	(145)	107	137
Total operating expenses	56,820	45,351	172,518	135,501
Operating income	8,916	5,671	20,050	18,929
Other expense (income)
Interest expense	7,650	4,504	25,069	13,742
Foreign exchange losses (gains) and other, net	9,631	(8,279)	13,864	1,129
Loss on extinguishment of debt	1,839	0	2,302	0
Total other expense (income), net	19,120	(3,775)	41,235	14,871
Income (loss) before income taxes	(10,204)	9,446	(21,185)	4,058
Income tax expense	4,611	1,477	10,641	6,154
Net income (loss)	$ (14,815)	$ 7,969	$ (31,826)	$ (2,096)
Weighted average shares outstanding
Basic (in shares)	12,330	10,235	12,287	10,208
Diluted (in shares)	12,330	10,393	12,287	10,208
Earnings (loss) per share
Basic (in USD per share)	$ (1.20)	$ 0.78	$ (2.59)	$ (0.21)
Diluted (in USD per share)	$ (1.20)	$ 0.77	$ (2.59)	$ (0.21)
Other comprehensive income (loss), net of tax of $0:
Net income (loss)	$ (14,815)	$ 7,969	$ (31,826)	$ (2,096)
Change in foreign currency translation	14,254	(10,710)	14,071	1,197
Gain (loss) on pension liability	25	(36)	5	(15)
Comprehensive loss	$ (536)	$ (2,777)	$ (17,750)	$ (914)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Other comprehensive income (loss), net of tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 33,313	$ 46,165
Accounts receivable—trade, net of allowances of $9,507 and $10,850	163,084	146,747
Inventories, net	286,939	299,639
Prepaid expenses and other current assets	22,701	21,887
Costs and estimated profits in excess of billings	16,438	13,365
Accrued revenue	1,250	1,801
Total current assets	523,725	529,604
Property and equipment, net of accumulated depreciation	83,408	61,401
Operating lease assets	54,058	55,399
Deferred financing costs, net	2,298	1,159
Intangible assets, net	242,330	167,970
Goodwill	65,619	0
Deferred income taxes, net	149	368
Other long-term assets	2,150	5,160
Total assets	973,737	821,061
Current liabilities
Current portion of long-term debt	69,385	1,186
Accounts payable—trade	117,164	125,918
Accrued liabilities	70,579	62,463
Deferred revenue	9,147	10,551
Billings in excess of costs and profits recognized	4,748	4,221
Total current liabilities	271,023	204,339
Long-term debt, net of current portion	162,154	129,567
Deferred income taxes, net	28,493	940
Operating lease liabilities	57,908	61,450
Other long-term liabilities	10,629	12,132
Total liabilities	530,207	408,428
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 12,992,570 and 10,901,878 shares issued	130	109
Additional paid-in capital	1,417,914	1,369,288
Treasury stock at cost, 708,900 and 708,900 shares	(142,057)	(142,057)
Retained deficit	(731,297)	(699,471)
Accumulated other comprehensive loss	(101,160)	(115,236)
Total equity	443,530	412,633
Total liabilities and equity	$ 973,737	$ 821,061

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable allowance	$ 9,507	$ 10,850
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	14,800,000	14,800,000
Common stock, shares issued (in shares)	12,992,570	10,901,878
Treasury stock, common shares (in shares)	708,900	708,900

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (31,826)	$ (2,096)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	12,660	7,920
Amortization of intangible assets	28,896	18,074
Inventory write down	3,313	1,918
Stock-based compensation expense	5,180	3,345
Loss on extinguishment of debt	2,302	0
Deferred income taxes	(3,180)	(93)
Other	5,572	4,702
Changes in operating assets and liabilities
Accounts receivable—trade	7,619	(4,779)
Inventories	23,441	(35,613)
Prepaid expenses and other current assets	4,572	413
Cost and estimated profit in excess of billings	(2,766)	6,819
Accounts payable, deferred revenue and other accrued liabilities	(2,499)	(8,257)
Billings in excess of costs and profits recognized	391	4,570
Net cash provided by (used in) operating activities	53,675	(3,077)
Cash flows from investing activities
Capital expenditures for property and equipment	(5,735)	(5,497)
Proceeds from sale of property and equipment	236	1,341
Payments related to business acquisition, net of cash acquired	(150,408)	0
Net cash used in investing activities	(155,907)	(4,156)
Cash flows from financing activities
Borrowings on Credit Facility	568,293	351,635
Repayments on Credit Facility	(459,250)	(351,635)
Cash paid to repurchase 2025 Notes	(72,996)	0
Proceeds from issuance of Seller Term Loan	59,677	0
Payment of Seller Term Loan	(1,250)	0
Payment of capital lease obligations	(887)	(910)
Deferred financing costs	(3,070)	0
Repurchases of stock	0	(3,497)
Payment of withheld taxes on stock-based compensation plans	(1,090)	(2,499)
Net cash provided by (used in) financing activities	89,427	(6,906)
Effect of exchange rate changes on cash	(47)	261
Net decrease in cash, cash equivalents and restricted cash	(12,852)	(13,878)
Cash, cash equivalents and restricted cash at beginning of period	46,165	51,029
Cash, cash equivalents and restricted cash at end of period	33,313	37,151
Noncash activities
Operating lease assets obtained in exchange for lease obligations	6,574	5,194
Finance lease assets obtained in exchange for lease obligations	2,032	1,521
Stock issuance related to business acquisition	44,220	0
Liability awards converted to shares settled	337	0
Accrued purchases of property and equipment	1,225	0
Conversion of debt to common stock	$ 0	$ 113,650

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained deficit	Accumulated other comprehensive income / (loss)
Balance at beginning of period at Dec. 31, 2022	$ 307,035	$ 62	$ 1,253,613	$ (138,560)	$ (680,595)	$ (127,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	841		841
Restricted stock issuance, net of forfeitures	(1,873)	1	(1,874)
Conversion of debt to common stock	113,650	46	113,604
Treasury stock	(3,497)			(3,497)
Currency translation adjustment	4,158					4,158
Change in pension liability	15					15
Net income (loss)	(3,486)				(3,486)
Balance at end of period at Mar. 31, 2023	416,843	109	1,366,184	(142,057)	(684,081)	(123,312)
Balance at beginning of period at Dec. 31, 2022	307,035	62	1,253,613	(138,560)	(680,595)	(127,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance related to business acquisition	0
Currency translation adjustment	1,197
Change in pension liability	(15)
Net income (loss)	(2,096)
Balance at end of period at Sep. 30, 2023	417,120	109	1,368,062	(142,057)	(682,691)	(126,303)
Balance at beginning of period at Mar. 31, 2023	416,843	109	1,366,184	(142,057)	(684,081)	(123,312)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,257		1,257
Currency translation adjustment	7,749					7,749
Change in pension liability	6					6
Net income (loss)	(6,579)				(6,579)
Balance at end of period at Jun. 30, 2023	419,276	109	1,367,441	(142,057)	(690,660)	(115,557)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,247		1,247
Restricted stock issuance, net of forfeitures	(626)		(626)
Currency translation adjustment	(10,710)					(10,710)
Change in pension liability	(36)					(36)
Net income (loss)	7,969				7,969
Balance at end of period at Sep. 30, 2023	417,120	109	1,368,062	(142,057)	(682,691)	(126,303)
Balance at beginning of period at Dec. 31, 2023	412,633	109	1,369,288	(142,057)	(699,471)	(115,236)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,573		1,573
Restricted stock issuance, net of forfeitures	(1,090)	1	(1,091)
Stock issuance related to business acquisition	44,220	20	44,200
Currency translation adjustment	(804)					(804)
Change in pension liability	(15)					(15)
Net income (loss)	(10,315)				(10,315)
Balance at end of period at Mar. 31, 2024	446,202	130	1,413,970	(142,057)	(709,786)	(116,055)
Balance at beginning of period at Dec. 31, 2023	412,633	109	1,369,288	(142,057)	(699,471)	(115,236)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance related to business acquisition	44,220
Currency translation adjustment	14,071
Change in pension liability	5
Net income (loss)	(31,826)
Balance at end of period at Sep. 30, 2024	443,530	130	1,417,914	(142,057)	(731,297)	(101,160)
Balance at beginning of period at Mar. 31, 2024	446,202	130	1,413,970	(142,057)	(709,786)	(116,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,531		1,531
Liability awards converted to share settled	337		337
Currency translation adjustment	621					621
Change in pension liability	(5)					(5)
Net income (loss)	(6,696)				(6,696)
Balance at end of period at Jun. 30, 2024	441,990	130	1,415,838	(142,057)	(716,482)	(115,439)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,076		2,076
Currency translation adjustment	14,254					14,254
Change in pension liability	25					25
Net income (loss)	(14,815)				(14,815)
Balance at end of period at Sep. 30, 2024	$ 443,530	$ 130	$ 1,417,914	$ (142,057)	$ (731,297)	$ (101,160)

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Forum Energy Technologies, Inc. (the “Company,” “FET,” “we,” “our,” or “us”), a Delaware corporation, is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions that increase the safety and efficiency of energy exploration and production. Basis of Presentation The Company's accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. In management's opinion, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other interim period. These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, which are included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on March 5, 2024. Change of Segment In the first quarter 2024, following the acquisition (the “Variperm Acquisition”) of Variperm Holdings Ltd. ("Variperm"), we aligned our reportable segments with business activity drivers and the manner in which management reviews and evaluates operating performance. FET now operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Refer to Note 10 Business Segments for the product lines making up each segment. Our historical results of operations were recast retrospectively to reflect these changes in accordance with U.S. GAAP.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which the Company adopts as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. Accounting Standards Issued But Not Yet Adopted Segment Reporting (Topic 280) . In November 2023, FASB issued ASU 2023-07, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. This update is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements. Income Taxes (Topic 740). In December 2023, FASB issued ASU 2023-09, which improves income tax disclosures. This update is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. This update should be applied prospectively but retrospective application is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. For a detailed discussion of our revenue recognition policies, refer to the Company’s 2023 Annual Report on Form 10-K. Disaggregated Revenue Refer to Note 10 Business Segments for disaggregated revenue by product line and geography. Contract Balances Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, the Company records a contract liability when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract. Such contract liabilities typically result from billings in excess of costs incurred on construction contracts and advance payments received on product sales. The following table reflects the changes in our contract assets and contract liabilities balances for the nine months ended September 30, 2024 (in thousands): September 30, 2024 December 31, 2023 Increase / (Decrease) $ % Accrued revenue $ 1,250 $ 1,801 Costs and estimated profits in excess of billings 16,438 13,365 Contract assets - current 17,688 15,166 Contract assets - noncurrent — 1,828 Contract assets $ 17,688 $ 16,994 $ 694 4 % Deferred revenue $ 9,147 $ 10,551 Billings in excess of costs and profits recognized 4,748 4,221 Contract liabilities $ 13,895 $ 14,772 $ (877) (6) % During the nine months ended September 30, 2024, our contract assets increased by $0.7 million and our contract liabilities decreased $0.9 million primarily due to the timing of milestone billings for projects in our Subsea product line. The noncurrent portion of contract assets is recorded on the consolidated balance sheets as other long-term assets. During the nine months ended September 30, 2024, we recognized $8.7 million of revenue that was included in the contract liabilities balance at the beginning of the period.

Acquisition

Acquisition	9 Months Ended
Acquisition	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition On January 4, 2024, the Company and its wholly owned subsidiary acquired all of the issued and outstanding common shares of Variperm in the Variperm Acquisition. Variperm, headquartered in Canada, is a manufacturer of downhole technology solutions, providing sand and flow control products for heavy oil applications. Total consideration for the Variperm Acquisition included approximately $150.0 million of cash and 2.0 million shares of the Company’s common stock, which was subject to customary purchase price adjustments. In connection with the closing, to fund the cash portion of the purchase price, the Company borrowed $90.0 million under its senior secured asset-based lending facility (“Credit Facility”) on January 2, 2024 and entered into a $60.0 million second lien seller term loan credit agreement (“Seller Term Loan”) on January 4, 2024. In March 2024, in connection with the finalization of working capital adjustments, the principal amount of the Seller Term Loan was reduced by $0.3 million. During the quarter, the Company finalized the purchase price allocation resulting in an adjustment to goodwill of $2.8 million. Adjustments primarily related to deferred income taxes. During the three and nine months ended September 30, 2024, the Company recognized acquisition-related costs of $0.6 million and $7.7 million, respectively, for consulting fees and other costs expensed as transaction expenses. The acquisition of business on the statement of cash flow is presented net of the cash and cash equivalents acquired. The following table summarizes the fair value of identified assets acquired and liabilities assumed at the date of acquisition. The allocation of consideration transferred is based on management's estimates, judgments and assumptions. Management estimated that consideration paid exceeded the fair value of the net assets acquired. Therefore, goodwill of $66.8 million was recorded, most of which is not expected to be deductible for income tax purposes. The Company has estimated the useful lives of customer relationships, backlog and trade names as approximately eight years, two years and eight years, respectively. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): Cash and cash equivalents $ 4,388 Accounts receivable—trade 24,036 Inventories 13,422 Property and equipment 26,213 Intangible assets 104,600 Prepaid expenses and other assets 3,718 Total assets acquired 176,377 Current liabilities 11,760 Long-term liabilities 32,379 Total liabilities assumed 44,139 Total identifiable net assets acquired 132,238 Goodwill 66,778 Total purchase consideration $ 199,016 The excess of the total equity value of Variperm based on the purchase consideration over net assets acquired was recorded as goodwill. The goodwill is primarily attributable to revenue synergies and assembled workforce expected to be realized from the acquisition. Intangible assets acquired as a result of the Variperm Acquisition are amortized on a straight-line basis to reflect the pattern in which the economic benefits of the intangible assets are realized. Acquired goodwill and intangibles relate to our Downhole reporting unit and Downhole asset group. The fair value for trade names were estimated using the income approach, specifically the relief-from-royalty method which estimates the cost savings that accrue to the owner of the intangible assets that would otherwise be payable as royalties or licenses fees on revenues earned through the use of the asset. The fair value of customer relationships and backlog were estimated using the multi-period excess earnings method. The excess earning method model estimates revenues and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets. The resulting cash flow, which is attributable solely to the asset acquired, is then discounted at a rate of return commensurate with the risk of the asset to calculate the present value. Unaudited Pro Forma Financial Information The contributed revenues and net income to the Company of the acquired Variperm business, for the period from January 4, 2024 to September 30, 2024 were as follows (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Revenue $ 27,378 $ 81,649 Net income (loss) 6,071 15,572 The following unaudited pro forma summary presents the results of operations of the Company as if the acquisition of Variperm occurred on January 1, 2023 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue $ 207,806 $ 208,939 $ 615,407 $ 651,558 Net income (loss) (14,427) 22,464 (27,516) 11,495 The amounts have been calculated after applying the Company's accounting policies and adjusting the results of Variperm to reflect additional depreciation, amortization, and other purchase accounting adjustments assuming the fair value adjustments to the property, plant and equipment and intangibles assets and other purchase accounting adjustments have been applied on January 1, 2023. The pro forma amounts do not include any potential cost savings or other expected benefits of the acquisition, and are presented for illustrative purposes only and are not necessarily indicative of results that would have been achieved if the acquisition had occurred as of January 1, 2023 or of future operating performance.

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The Company's significant components of inventory at September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Raw materials and parts $ 109,038 $ 92,563 Work in process 33,068 28,693 Finished goods 181,087 216,570 Total inventories 323,193 337,826 Less: inventory reserve (36,254) (38,187) Inventories, net $ 286,939 $ 299,639

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill from December 31, 2023 to September 30, 2024, were as follows (in thousands): Artificial Lift and Downhole Goodwill, December 31, 2023 $ — Acquisitions 66,778 Impact on non-U.S. local currency translation (1,159) Goodwill, September 30, 2024 $ 65,619 Goodwill is not amortized and is tested for impairment at least annually or when events and circumstances indicate that fair value may be below its carrying value. Intangible Assets Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 367,596 $ (187,983) $ 179,613 10 - 35 Patents and technology 89,356 (45,576) 43,780 5 - 19 Trade names 46,841 (30,618) 16,223 7 - 19 Trademarks 5,089 (2,375) 2,714 15 Non-compete agreements 191 (191) — 5 Total intangible assets $ 509,073 $ (266,743) $ 242,330 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 267,838 $ (164,672) $ 103,166 10 - 35 Patents and technology 89,151 (41,189) 47,962 5 - 19 Trade names 42,847 (28,974) 13,873 7 - 19 Trademarks 5,089 (2,120) 2,969 15 Non-compete agreements 190 (190) — 5 Total intangible assets $ 405,115 $ (237,145) $ 167,970

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, 2024 December 31, 2023 2025 Notes $ 61,212 $ 134,208 Seller Term Loan 58,427 — Credit Facility 109,043 — Other debt 3,784 2,864 Long-term debt, principal amount 232,466 137,072 Unamortized debt discount (1,266) (5,074) Debt issuance cost 339 (1,245) Long-term debt, carrying value 231,539 130,753 Less: current portion (69,385) (1,186) Long-term debt, net of current portion $ 162,154 $ 129,567 2025 Notes Our 9.00% convertible secured notes due August 2025 (“2025 Notes”), of which $61.2 million principal amount was outstanding at September 30, 2024, pay interest at the rate of 9.00%, of which 6.25% is payable in cash and 2.75% is payable in cash or additional notes, at the Company’s option. The 2025 Notes are secured by a first lien on substantially all of the Company’s assets, except for Credit Facility priority collateral, which secures the 2025 Notes on a second lien basis. In January 2023, $122.8 million or 48% of the then-outstanding principal amount of the 2025 Notes mandatorily converted into approximately 4.5 million shares of common stock. In June 2024, we repurchased $13.0 million in aggregate principal amount of our 2025 Notes for $13.0 million. The net carrying value of the extinguished debt, including unamortized debt discount and debt issuance costs, was $12.5 million, resulting in a $0.5 million loss on extinguishment of debt. In August 2024, we redeemed $60.0 million in aggregate principal amount of our 2025 Notes for $60.0 million. The net carrying value of the extinguished debt, including amortized debt discount and debt issuance costs, was $58.2 million, resulting in a $1.8 million loss on extinguishment of debt. Seller Term Loan On January 4, 2024, the Company entered into the Seller Term Loan in connection with the closing of the Variperm Acquisition, which had an initial principal amount of $60.0 million and matures in December 2026. In March 2024, in connection with the finalization of purchase price adjustments, the principal amount of the Seller Term Loan was reduced by $0.3 million. The Seller Term Loan bears interest at the rate of (i) 11.00% per year for the period commencing on the Closing Date to (but excluding) the first anniversary of the Closing Date, (ii) 17.00% per annum for the period commencing on the first anniversary of the Closing Date to (but excluding) the second anniversary of the Closing Date and (iii) 17.50% per annum for the period commencing on the second anniversary of the Closing Date to (but excluding) the maturity date. The Company has an option to prepay the Seller Term Loan anytime without premium or penalty. The Seller Term Loan requires the Company to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 as of the last day of each fiscal quarter commencing at the time excess availability is less than the greater of (x) 12.5% of the Line Cap and (y) $31.25 million and continuing until excess availability exceeds the greater of (x) 12.5% of the Line Cap and (y) $31.25 million for 60 consecutive days. “Line Cap” has the meaning set forth in the Credit Facility. Subject to customary exceptions, all obligations under the Seller Term Loan are guaranteed, jointly and severally, by our wholly owned U.S. and Canadian subsidiaries and are secured by substantially all assets of each such entity and the Company, subject to customary exclusions pursuant to certain intercreditor arrangements. The Seller Term Loan also contains customary representations and warranties and affirmative and negative covenants, as well as customary events of default, with corresponding grace periods, including, without limitation, payment defaults, cross-defaults to other agreements evidencing indebtedness and bankruptcy-related defaults. Credit Facility Our Credit Facility matures on the earliest of (a) September 8, 2028, (b) the date that is 91 days prior to the maturity of 2025 Notes (which will not apply if the 2025 Notes are repaid prior to such 91st day) and (c) the date that is 91 days prior to the maturity of the Seller Term Loan if the outstanding aggregate principal amount thereunder is equal to or greater than $30.0 million. Th e Credit Facility provides revolving credit commitments of $250.0 million (with a sublimit of up to $70.0 million available for the issuance of letters of credit for the account of the Company and certain of its domestic subsidiaries) (the “U.S. Line”), of which up to $50.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $10.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Lender commitments under the Credit Facility, subject to certain limitations, may be increased by an additional $100.0 million . Availability under the Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our receivables and inventory. As of September 30, 2024, our total borrowing base was $184.8 million, of which $109.0 million amount was drawn and $17.0 million was used as security for outstanding letters of credit, resulting in remaining availability of $58.8 million. Borrowings under the U.S. Line bear interest at a rate equal to, at our option, either (a) the Secured Overnight Financing Rate (“SOFR”), subject to a floor of 0.00%, plus a margin of 2.25% to 2.75%, or (b) a base rate plus a margin of 1.25% to 1.75%, in each case based upon the Company's quarterly total net leverage ratio. The U.S. Line base rate is determined by reference to the greatest of (i) the federal funds rate plus 0.50% per annum, (ii) the one-month adjusted term SOFR plus 1.00% per annum, and (iii) the “prime rate” of interest announced by Wells Fargo Bank, National Association, subject to a floor of 0.00%. Borrowings under the Canadian Line bear interest at a rate equal to, at our Canadian borrowers’ option, either (a) Canadian Overnight Repo Rate Average (“CORRA”), subject to a floor of 0.00%, plus a margin of 2.25% to 2.75%, or (b) a base rate plus a margin of 1.25% to 1.75%, in each case based upon the Company's quarterly net leverage ratio. The Canadian Line base rate is determined by reference to the greater of (i) the one-month CORRA plus 1.00% per annum and (ii) the prime rate for Canadian dollar commercial loans made in Canada as reported by Thomson Reuters, subject to a floor of 0.00%. The weighted average interest rate under the Credit Facility was approximately 8.37% and 8.28% for the nine months ended September 30, 2024 and 2023, respectively. The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% on the unused portion of revolving commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% on the unused portion of revolving commitments if average usage of the Credit Facility is less than or equal to 50%. If excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base and $31.25 million, we will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter until excess availability under the Credit Facility exceeds such threshold for 60 consecutive days. Subject to customary exceptions, all obligations under the Credit Facility are guaranteed, jointly and severally, by our wholly-owned U.S. subsidiaries and, in the case of the Canadian Line, our wholly-owned Canadian subsidiaries, and are secured by substantially all assets of each such entity and the Company, subject to customary exclusions. The Credit Facility contains various covenants that, among other things, limit our ability (none of which are absolute) to incur additional indebtedness or issue certain preferred shares, grant certain liens, make certain loans and investments, pay dividends, make distributions or make other restricted payments, enter into mergers or acquisitions unless certain conditions are satisfied, change our lines of business, prepay certain indebtedness, enter into certain affiliate transactions or engage in certain asset dispositions. If an event of default exists under the Credit Facility, the lenders will have the right to accelerate the maturity of the obligations outstanding under the Credit Facility and exercise other rights and remedies. Obligations outstanding under the Credit Facility, however, will be automatically accelerated upon an event of default arising from a bankruptcy or insolvency event. An event of default includes, among other things, nonpayment of principal, interest, fees or other amounts within certain grace periods; representations and warranties proving to be untrue in any material respect; failure to perform or otherwise comply with covenants in the Credit Facility or other loan documents, subject, in certain instances, to grace periods; cross-defaults to certain other indebtedness if such default occurs at the final maturity of such indebtedness or if the effect of such default is to cause, or permit the holders of such indebtedness to cause, the acceleration of such indebtedness; bankruptcy or insolvency events; material monetary judgment defaults; invalidity or unenforceability of the Credit Facility or any other loan document; and the occurrence of a Change of Control (as defined in the Credit Facility). In October 2024, we entered into an amendment (the “Credit Agreement Amendment”) to our Credit Facility. Pursuant to the Credit Agreement Amendment, the Credit Agreement will, upon satisfaction of conditions precedent specified therein, be modified to (i) permit the issuance of the 2029 Bonds (as defined below), (ii) permit, subject to specified conditions and up to specified amounts, redemption of the 2029 Bonds in certain circumstances and (iii) specify the extent to which collateral will be granted to secure Credit Agreement obligations by subsidiaries of Forum organized or domiciled under the laws of the United Kingdom, Germany or any territory or county thereof. 10.5% Senior Secured Bonds due 2029 On October 24, 2024, we priced an issuance (the “Offering”) of $100.0 million aggregate principal amount of 10.5% senior secured bonds due 2029 (the “2029 Bonds”). We expect to use the net proceeds from the Offering, together with cash on hand, to redeem in full all outstanding 2025 Notes and to repay all borrowings outstanding under the Seller Term Loan. The Offering is expected to close on November 7, 2024, subject to customary closing conditions. Other Debt Other debt consists of various finance leases of equipment. Letters of Credit and Guarantees We execute letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee our fulfillment of performance obligations relating to certain large contracts. The Company had $17.0 million and $20.3 million in total outstanding letters of credit as of September 30, 2024 and December 31, 2023, respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, our income tax expense or benefit is computed based on our estimated annual effective tax rate and any discrete items that impact the interim periods. For the three and nine months ended September 30, 2024, the Company recorded a tax expense of $4.6 million and $10.6 million, respectively. For the three and nine months ended September 30, 2023, the Company recorded a tax expense of $1.5 million and $6.2 million, respectively. The estimated annual effective tax rates for all periods were impacted by losses in jurisdictions where the recording of a tax benefit is not available. Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction. Finally, the Company believes that it is reasonably possible that a decrease of approximately $1.5 million of noncurrent unrecognized tax benefits may occur by the end of 2024 as a result of a lapse of the statute of limitations. The Organization for Economic Co-operation and Development introduced Base Erosion and Profit Shifting Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted, or are expected to enact, legislation to be effective January 1, 2024 with general implementation of a global minimum tax by January 1, 2025. Based on current enacted legislation, we do not expect a material impact on our future effective tax rate. We have deferred tax assets related to net operating loss and other tax carryforwards in the U.S. and in certain states and foreign jurisdictions. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including, but not limited to, our recent history of pretax losses over the prior three year period, the goodwill and intangible asset impairments for various reporting units, the future reversals of existing taxable temporary differences, the projected future taxable income or loss and tax-planning. We believe that there is a reasonable possibility that within the next 12 months, a portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve. As of September 30, 2024, we do not anticipate being able to fully utilize all of the losses prior to their expiration in the following jurisdictions: the U.S., the U.K., Germany, Singapore, China and Saudi Arabia. As a result, we have certain valuation allowances against our deferred tax assets as of September 30, 2024.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had $109.0 million and $58.4 million borrowings outstanding under the Credit Facility and Seller Term Loan as of September 30, 2024. The Credit Facility incurs interest at a variable interest rate, and therefore, the carrying amount approximates fair value. The Company has an option to prepay the Seller Term Loan anytime without premium or penalty, therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of our 2025 Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At September 30, 2024, the fair value and the carrying value of our 2025 Notes approximated $60.4 million and $59.8 million, respectively. At December 31, 2023, the fair value and the carrying value of our 2025 Notes approximated $130.9 million and $127.9 million, respectively. There were no other significant outstanding financial instruments as of September 30, 2024 and December 31, 2023 that required measuring the amounts at fair value on a recurring basis. We did not change our valuation techniques associated with recurring fair value measurements from prior periods, and there were no transfers between levels of the fair value hierarchy during the nine months ended September 30, 2024.

Business Segments

Business Segments	9 Months Ended
Business Segments	Sep. 30, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments In the first quarter 2024, following the Variperm Acquisition, we aligned our reportable segments with business activity drivers and the manner in which management reviews and evaluates operating performance. FET now operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Our historical results of operations were recast retrospectively to reflect these changes in accordance with U.S. GAAP. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets. The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors make decisions on how to allocate resources and assess performance. We consider the Chief Operating Decision Maker to be the Chief Executive Officer. The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue Drilling and Completions $ 123,587 $ 118,920 $ 359,683 $ 376,026 Artificial Lift and Downhole 84,226 60,357 255,737 177,681 Eliminations (7) (24) (13) (48) Total revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659 Segment operating income Drilling and Completions $ 7,030 $ 3,868 $ 14,464 $ 15,483 Artificial Lift and Downhole 10,784 8,519 36,031 24,121 Corporate (8,404) (6,861) (22,610) (20,538) Segment operating income 9,410 5,526 27,885 19,066 Transaction expenses 579 — 7,728 — Loss (gain) on disposal of assets and other (85) (145) 107 137 Operating income $ 8,916 $ 5,671 $ 20,050 $ 18,929 A summary of consolidated assets by reportable segment is as follows (in thousands): September 30, 2024 December 31, 2023 Drilling and Completions $ 573,395 $ 615,033 Artificial Lift and Downhole 383,727 178,785 Corporate 16,615 27,243 Total assets $ 973,737 $ 821,061 Corporate assets primarily include cash, certain prepaid assets and deferred loan costs. The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Drilling $ 35,741 $ 41,703 $ 107,714 $ 126,918 Subsea 20,903 14,748 59,537 40,894 Stimulation and Intervention 38,037 32,541 113,823 126,241 Coiled Tubing 28,906 29,928 78,609 81,973 Downhole 50,562 23,480 155,883 68,763 Production Equipment 17,968 21,706 54,508 59,268 Valve Solutions 15,696 15,171 45,346 49,650 Eliminations (7) (24) (13) (48) Total revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659 The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 United States $ 108,363 $ 103,453 $ 322,232 $ 352,183 Canada 35,719 12,333 107,694 40,400 Middle East 24,678 27,359 67,411 64,058 Europe & Africa 15,826 16,832 58,481 39,177 Asia-Pacific 10,472 10,091 30,790 27,623 Latin America 12,748 9,185 28,799 30,218 Total revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at September 30, 2024 and December 31, 2023, respectively, are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. For further disclosure regarding certain litigation matters, refer to Note 12 of the notes to the consolidated financial statements included in Item 8 of the Company’s 2023 Annual Report on Form 10-K filed with the SEC on March 5, 2024.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
Earnings (Loss) Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income (loss) $ (14,815) $ 7,969 $ (31,826) $ (2,096) Weighted average shares outstanding - basic 12,330 10,235 12,287 10,208 Dilutive effect of stock options and restricted stock — 158 — — Weighted average shares outstanding - diluted 12,330 10,393 12,287 10,208 Earnings (loss) per share Basic $ (1.20) $ 0.78 $ (2.59) $ (0.21) Diluted $ (1.20) $ 0.77 $ (2.59) $ (0.21) For the three and nine months ended September 30, 2024 and the nine months ended September 30, 2023, we excluded all potentially dilutive restricted shares and stock options in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods. For the three months ended September 30, 2023, the calculation of diluted earnings per share excluded approximately 46 thousand shares that were anti-dilutive. Diluted earnings per share was calculated using treasury stock method for the restricted shares and stock options.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock-based compensation During the nine months ended September 30, 2024, the Company granted 86,391 performance restricted stock units (assuming target performance) to employees that vest based upon the Company's total shareholder return compared to the total shareholder return of a group of peer companies over three different performance periods. The performance periods run from January 1, 2024 through December 31, 2024, January 1, 2024 through December 31, 2025 and January 1, 2024 through December 31, 2026, and 1/3 of each award is allocated to each performance period. The performance restricted stock units may settle for between 0% and 200% of the target units granted. Also, during the nine months ended September 30, 2024, the Company granted 20,000 time-based restricted stock units to employees that vest after 1 year, and granted 49,180 shares to non-employee members of the Board of Directors that vest after 1 year. Reclassification of liability-classified awards During the nine months ended September 30, 2024, the Company granted 82,406 performance restricted stock units (assuming target performance) to employees with same terms as the performance restricted stock units above. Also, during the nine months ended September 30, 2024, the Company granted 168,797 time-based restricted stock units to employees that vest ratably over three years. These performance and time-based restricted stock units were originally classified as cash-settled liability awards. On May 10, 2024, shareholders approved an additional 800,000 shares to be added to the Company's Second Amended and Restated 2016 Stock and Incentive Plan and the fair value of the awards was remeasured as of the same date. In connection with their remeasurement, the Company determined that the awards would be settled in shares instead of cash and they were classified as equity.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has sold and purchased inventory, services and fixed assets to and from affiliates of certain directors. The dollar amounts of these related party activities are not significant to the Company’s unaudited condensed consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 24, 2024, we priced an issuance of $100.0 million aggregate principal amount of 10.5% senior secured bonds due 2029. Refer to Note 7 Debt for additional information on the Offering.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (14,815)	$ (6,696)	$ (10,315)	$ 7,969	$ (6,579)	$ (3,486)	$ (31,826)	$ (2,096)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB"), which the Company adopts as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. Accounting Standards Issued But Not Yet Adopted Segment Reporting (Topic 280) . In November 2023, FASB issued ASU 2023-07, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. This update is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements. Income Taxes (Topic 740). In December 2023, FASB issued ASU 2023-09, which improves income tax disclosures. This update is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. This update should be applied prospectively but retrospective application is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Changes in Contract Assets and Contract Liabilities	The following table reflects the changes in our contract assets and contract liabilities balances for the nine months ended September 30, 2024 (in thousands): September 30, 2024 December 31, 2023 Increase / (Decrease) $ % Accrued revenue $ 1,250 $ 1,801 Costs and estimated profits in excess of billings 16,438 13,365 Contract assets - current 17,688 15,166 Contract assets - noncurrent — 1,828 Contract assets $ 17,688 $ 16,994 $ 694 4 % Deferred revenue $ 9,147 $ 10,551 Billings in excess of costs and profits recognized 4,748 4,221 Contract liabilities $ 13,895 $ 14,772 $ (877) (6) %

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
Acquisition (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands): Cash and cash equivalents $ 4,388 Accounts receivable—trade 24,036 Inventories 13,422 Property and equipment 26,213 Intangible assets 104,600 Prepaid expenses and other assets 3,718 Total assets acquired 176,377 Current liabilities 11,760 Long-term liabilities 32,379 Total liabilities assumed 44,139 Total identifiable net assets acquired 132,238 Goodwill 66,778 Total purchase consideration $ 199,016
Schedule of Business Acquisition, Pro Forma Information	The contributed revenues and net income to the Company of the acquired Variperm business, for the period from January 4, 2024 to September 30, 2024 were as follows (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Revenue $ 27,378 $ 81,649 Net income (loss) 6,071 15,572 The following unaudited pro forma summary presents the results of operations of the Company as if the acquisition of Variperm occurred on January 1, 2023 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue $ 207,806 $ 208,939 $ 615,407 $ 651,558 Net income (loss) (14,427) 22,464 (27,516) 11,495

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The Company's significant components of inventory at September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Raw materials and parts $ 109,038 $ 92,563 Work in process 33,068 28,693 Finished goods 181,087 216,570 Total inventories 323,193 337,826 Less: inventory reserve (36,254) (38,187) Inventories, net $ 286,939 $ 299,639

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill from December 31, 2023 to September 30, 2024, were as follows (in thousands): Artificial Lift and Downhole Goodwill, December 31, 2023 $ — Acquisitions 66,778 Impact on non-U.S. local currency translation (1,159) Goodwill, September 30, 2024 $ 65,619
Schedule of Intangible Assets	Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 367,596 $ (187,983) $ 179,613 10 - 35 Patents and technology 89,356 (45,576) 43,780 5 - 19 Trade names 46,841 (30,618) 16,223 7 - 19 Trademarks 5,089 (2,375) 2,714 15 Non-compete agreements 191 (191) — 5 Total intangible assets $ 509,073 $ (266,743) $ 242,330 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 267,838 $ (164,672) $ 103,166 10 - 35 Patents and technology 89,151 (41,189) 47,962 5 - 19 Trade names 42,847 (28,974) 13,873 7 - 19 Trademarks 5,089 (2,120) 2,969 15 Non-compete agreements 190 (190) — 5 Total intangible assets $ 405,115 $ (237,145) $ 167,970

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, 2024 December 31, 2023 2025 Notes $ 61,212 $ 134,208 Seller Term Loan 58,427 — Credit Facility 109,043 — Other debt 3,784 2,864 Long-term debt, principal amount 232,466 137,072 Unamortized debt discount (1,266) (5,074) Debt issuance cost 339 (1,245) Long-term debt, carrying value 231,539 130,753 Less: current portion (69,385) (1,186) Long-term debt, net of current portion $ 162,154 $ 129,567

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Data by Segment and Assets by Reportable Segment	Summary financial data by segment follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue Drilling and Completions $ 123,587 $ 118,920 $ 359,683 $ 376,026 Artificial Lift and Downhole 84,226 60,357 255,737 177,681 Eliminations (7) (24) (13) (48) Total revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659 Segment operating income Drilling and Completions $ 7,030 $ 3,868 $ 14,464 $ 15,483 Artificial Lift and Downhole 10,784 8,519 36,031 24,121 Corporate (8,404) (6,861) (22,610) (20,538) Segment operating income 9,410 5,526 27,885 19,066 Transaction expenses 579 — 7,728 — Loss (gain) on disposal of assets and other (85) (145) 107 137 Operating income $ 8,916 $ 5,671 $ 20,050 $ 18,929 A summary of consolidated assets by reportable segment is as follows (in thousands): September 30, 2024 December 31, 2023 Drilling and Completions $ 573,395 $ 615,033 Artificial Lift and Downhole 383,727 178,785 Corporate 16,615 27,243 Total assets $ 973,737 $ 821,061
Schedule of Revenue from External Customers by Products and Services	The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Drilling $ 35,741 $ 41,703 $ 107,714 $ 126,918 Subsea 20,903 14,748 59,537 40,894 Stimulation and Intervention 38,037 32,541 113,823 126,241 Coiled Tubing 28,906 29,928 78,609 81,973 Downhole 50,562 23,480 155,883 68,763 Production Equipment 17,968 21,706 54,508 59,268 Valve Solutions 15,696 15,171 45,346 49,650 Eliminations (7) (24) (13) (48) Total revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659
Schedule of Revenue Disaggregated by Geography	The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 United States $ 108,363 $ 103,453 $ 322,232 $ 352,183 Canada 35,719 12,333 107,694 40,400 Middle East 24,678 27,359 67,411 64,058 Europe & Africa 15,826 16,832 58,481 39,177 Asia-Pacific 10,472 10,091 30,790 27,623 Latin America 12,748 9,185 28,799 30,218 Total revenue $ 207,806 $ 179,253 $ 615,407 $ 553,659

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
Earnings (Loss) Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income (loss) $ (14,815) $ 7,969 $ (31,826) $ (2,096) Weighted average shares outstanding - basic 12,330 10,235 12,287 10,208 Dilutive effect of stock options and restricted stock — 158 — — Weighted average shares outstanding - diluted 12,330 10,393 12,287 10,208 Earnings (loss) per share Basic $ (1.20) $ 0.78 $ (2.59) $ (0.21) Diluted $ (1.20) $ 0.77 $ (2.59) $ (0.21)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	9 Months Ended
Organization and Basis of Presentation (Details)	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 1,250	$ 1,801
Costs and estimated profits in excess of billings	16,438	13,365
Contract assets - current	17,688	15,166
Contract assets - noncurrent	0	1,828
Contract assets	17,688	16,994
Increase (decrease) in contract with customer assets	$ 694
Increase (decrease) in contract with customer assets (as percent)	4%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 9,147	10,551
Billings in excess of costs and profits recognized	4,748	4,221
Contract liabilities	13,895	$ 14,772
Increase (decrease) in contract with customer liabilities	$ (877)
Increase (decrease) in contract with customer liability (as percent)	(6.00%)

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Thousands	9 Months Ended
Revenue - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Increase (decrease) in contract with customer assets	$ 694
Increase (decrease) in contract with customer liabilities	(877)
Revenue recognized	$ 8,700
Contract with customer, contract duration (less than)	1 year

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) shares in Millions			1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 04, 2024	Jan. 02, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Business combination, acquisition related costs				$ 600,000	$ 7,700,000
Goodwill				65,619,000	$ 65,619,000	$ 0
Seller Term Loan
Business Acquisition [Line Items]
Face amount	$ 60,000,000
Reduction of debt principal amount			$ 300,000
Credit Facility
Business Acquisition [Line Items]
Proceeds from issuance of senior long-term debt		$ 90,000,000
Variperm Holdings Ltd
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 150,000,000
Number in shares in acquisition (in shares)	2
Goodwill adjustments				$ 2,800,000
Goodwill	$ 66,778,000
Business acquisition, goodwill, expected tax deductible amount	$ 0
Variperm Holdings Ltd \| Customer relationships
Business Acquisition [Line Items]
Amortization period	8 years
Variperm Holdings Ltd \| Backlog
Business Acquisition [Line Items]
Amortization period	2 years
Variperm Holdings Ltd \| Trade names
Business Acquisition [Line Items]
Amortization period	8 years

Acquisition - Schedule of Fair

Acquisition - Schedule of Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jan. 04, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 65,619		$ 0
Variperm Holdings Ltd
Business Acquisition [Line Items]
Cash and cash equivalents		$ 4,388
Accounts receivable—trade		24,036
Inventories		13,422
Property and equipment		26,213
Intangible assets		104,600
Prepaid expenses and other assets		3,718
Total assets acquired		176,377
Current liabilities		11,760
Long-term liabilities		32,379
Total liabilities assumed		44,139
Total identifiable net assets acquired		132,238
Goodwill		66,778
Total purchase consideration		$ 199,016

Acquisition - Schedule of Busin

Acquisition - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variperm Holdings Ltd
Business Acquisition [Line Items]
Revenue	$ 27,378		$ 81,649
Net income (loss)	6,071		15,572
Legacy FET And Variperm
Business Acquisition [Line Items]
Revenue	207,806	$ 208,939	615,407	$ 651,558
Net income (loss)	$ (14,427)	$ 22,464	$ (27,516)	$ 11,495

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and parts	$ 109,038	$ 92,563
Work in process	33,068	28,693
Finished goods	181,087	216,570
Total inventories	323,193	337,826
Less: inventory reserve	(36,254)	(38,187)
Inventories, net	$ 286,939	$ 299,639

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 0
Acquisitions	66,778
Impact on non-U.S. local currency translation	(1,159)
Goodwill ending balance	$ 65,619

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (266,743)	$ (237,145)
Gross Carrying Amount	509,073	405,115
Net Intangibles	242,330	167,970
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	367,596	267,838
Accumulated Amortization	(187,983)	(164,672)
Net Intangibles	179,613	103,166
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	89,356	89,151
Accumulated Amortization	(45,576)	(41,189)
Net Intangibles	43,780	47,962
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	46,841	42,847
Accumulated Amortization	(30,618)	(28,974)
Net Intangibles	16,223	13,873
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,089	5,089
Accumulated Amortization	(2,375)	(2,120)
Net Intangibles	$ 2,714	$ 2,969
Amortization period	15 years	15 years
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 191	$ 190
Accumulated Amortization	(191)	(190)
Net Intangibles	$ 0	$ 0
Amortization period	5 years	5 years
Minimum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	10 years	10 years
Minimum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	5 years	5 years
Minimum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	7 years	7 years
Maximum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	35 years	35 years
Maximum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years
Maximum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 232,466	$ 137,072
Unamortized debt discount	(1,266)	(5,074)
Debt issuance cost	339	(1,245)
Long-term debt, carrying value	231,539	130,753
Less: current portion	(69,385)	(1,186)
Long-term debt, net of current portion	162,154	129,567
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	61,212	134,208
Seller Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	58,427	0
Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	109,043	0
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,784	$ 2,864

Debt - Narrative (Details)

Debt - Narrative (Details) shares in Millions		1 Months Ended				3 Months Ended		9 Months Ended
Debt - Narrative (Details) shares in Millions	Jan. 04, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jan. 31, 2023 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross						$ 232,466,000		$ 232,466,000			$ 137,072,000
Loss on extinguishment of debt						1,839,000	$ 0	2,302,000	$ 0
Outstanding letters of credit						$ 17,000,000		$ 17,000,000			20,300,000
Credit Facility
Debt Instrument [Line Items]
Percentage of borrowing base						50%		50%
Line of credit facility, remaining borrowing capacity						$ 58,800,000		$ 58,800,000
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						250,000,000		250,000,000
Line of credit facility, incremental commitments						$ 100,000,000		$ 100,000,000
Weighted average interest rate						8.37%	8.28%	8.37%	8.28%
Credit Facility \| Revolving Credit Facility \| SOFR Floor
Debt Instrument [Line Items]
Variable interest rate								0%
Credit Facility \| Revolving Credit Facility \| CORRA Rate
Debt Instrument [Line Items]
Variable interest rate								1%
Credit Facility \| Revolving Credit Facility \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 50,000,000		$ 50,000,000
Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						70,000,000		70,000,000
Credit Facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						10,000,000		$ 10,000,000
Credit Facility \| Minimum \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate								2.25%
Credit Facility \| Minimum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable interest rate								1.25%
Credit Facility \| Minimum \| Revolving Credit Facility \| CORRA Rate
Debt Instrument [Line Items]
Variable interest rate								2.25%
Credit Facility \| Maximum \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate								2.75%
Credit Facility \| Maximum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable interest rate								1.75%
Credit Facility \| Maximum \| Revolving Credit Facility \| CORRA Rate
Debt Instrument [Line Items]
Variable interest rate								2.75%
2025 Notes
Debt Instrument [Line Items]
Debt conversion, interest rate of debt								9%
Long-term debt, gross						61,200,000		$ 61,200,000
Debt conversion, percent payable in cash								6.25%
Debt conversion, percent payable in cash or additional notes (as percent)								2.75%
Debt instrument, mandatorily convertible, face amount					$ 122,800,000
Debt conversion, converted instrument, rate					48%
Debt conversion shares amount (in shares) \| shares					4.5
Debt repurchased face amount		$ 60,000,000	$ 13,000,000
Debt instrument, unamortized discount		58,200,000	12,500,000
Loss on extinguishment of debt		$ 1,800,000	$ 500,000
2025 Notes \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maturity extension threshold period								91 days
Seller Term Loan
Debt Instrument [Line Items]
Face amount	$ 60,000,000
Reduction of debt principal amount				$ 300,000
Fixed charge coverage ratio	1
Seller Term Loan \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maturity extension threshold period								91 days
Maturity extension threshold						30,000,000		$ 30,000,000
Seller Term Loan \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio consecutive days threshold	60 days
Seller Term Loan \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt stated interest rate	11%
Seller Term Loan \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt stated interest rate	17%
Seller Term Loan \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt stated interest rate	17.50%
Seller Term Loan, 12.5% of Borrowing Base \| Credit Facility
Debt Instrument [Line Items]
Percentage of borrowing base	12.50%
Line of credit facility, maximum borrowing capacity	$ 31,250,000
2017 Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate								1%
2017 Credit Facility \| Revolving Credit Facility \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Variable interest rate								0.50%
2017 Credit Facility \| Minimum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Commitment fee percentage								1.25%
2017 Credit Facility \| Maximum \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Commitment fee percentage								1.75%
2017 Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross						109,043,000		$ 109,043,000			$ 0
Line of credit facility, current borrowing capacity						184,800,000		184,800,000
Debt instrument, carrying value						109,000,000		109,000,000
2017 Credit Facility \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit outstanding						$ 17,000,000		$ 17,000,000
Credit Facility Unused Portion Greater Than 50% \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage								0.375%
Credit Facility Unused Portion Less Than or Equal to 50% \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage								0.50%
2017 Credit Facility, 12.5% of Borrowing Base \| Credit Facility
Debt Instrument [Line Items]
Percentage of borrowing base						12.50%		12.50%
Line of credit facility, maximum borrowing capacity						$ 31,250,000		$ 31,250,000
2017 Credit Facility, 12.5% of Borrowing Base \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio								1
Fixed charge coverage ratio consecutive days threshold								60 days
Senior Secured Bonds Due 2029 \| Subsequent Event
Debt Instrument [Line Items]
Face amount										$ 100,000,000
Debt stated interest rate										10.50%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,611	$ 1,477	$ 10,641	$ 6,154
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations			$ 1,500

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	$ 232,466	$ 137,072
Credit Facility \| 2017 Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	109,043	0
Debt instrument, carrying value	109,000
Seller Term Loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	58,427	0
2025 Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, gross	61,212	134,208
2025 Notes \| Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	60,400	130,900
Debt instrument, carrying value	$ 59,800	$ 127,900

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Business Segments - Schedule of

Business Segments - Schedule of Income Statement by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 207,806	$ 179,253	$ 615,407	$ 553,659
Segment operating income	8,916	5,671	20,050	18,929
Transaction expenses	579	0	7,728	0
Loss (gain) on disposal of assets and other	(85)	(145)	107	137
Operating Segments
Segment Reporting Information [Line Items]
Segment operating income	9,410	5,526	27,885	19,066
Operating Segments \| Drilling and Completions
Segment Reporting Information [Line Items]
Total revenue	123,587	118,920	359,683	376,026
Segment operating income	7,030	3,868	14,464	15,483
Operating Segments \| Artificial Lift and Downhole
Segment Reporting Information [Line Items]
Total revenue	84,226	60,357	255,737	177,681
Segment operating income	10,784	8,519	36,031	24,121
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(7)	(24)	(13)	(48)
Corporate
Segment Reporting Information [Line Items]
Segment operating income	$ (8,404)	$ (6,861)	$ (22,610)	$ (20,538)

Business Segments - Schedule _2

Business Segments - Schedule of Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 973,737	$ 821,061
Operating Segments \| Drilling and Completions
Segment Reporting Information [Line Items]
Total assets	573,395	615,033
Operating Segments \| Artificial Lift and Downhole
Segment Reporting Information [Line Items]
Total assets	383,727	178,785
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 16,615	$ 27,243

Business Segments - Schedule _3

Business Segments - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 207,806	$ 179,253	$ 615,407	$ 553,659
Operating Segments \| Sales \| Product Concentration Risk \| Drilling
Disaggregation of Revenue [Line Items]
Total revenue	35,741	41,703	107,714	126,918
Operating Segments \| Sales \| Product Concentration Risk \| Subsea
Disaggregation of Revenue [Line Items]
Total revenue	20,903	14,748	59,537	40,894
Operating Segments \| Sales \| Product Concentration Risk \| Stimulation and Intervention
Disaggregation of Revenue [Line Items]
Total revenue	38,037	32,541	113,823	126,241
Operating Segments \| Sales \| Product Concentration Risk \| Coiled Tubing
Disaggregation of Revenue [Line Items]
Total revenue	28,906	29,928	78,609	81,973
Operating Segments \| Sales \| Product Concentration Risk \| Downhole
Disaggregation of Revenue [Line Items]
Total revenue	50,562	23,480	155,883	68,763
Operating Segments \| Sales \| Product Concentration Risk \| Production Equipment
Disaggregation of Revenue [Line Items]
Total revenue	17,968	21,706	54,508	59,268
Operating Segments \| Sales \| Product Concentration Risk \| Valve Solutions
Disaggregation of Revenue [Line Items]
Total revenue	15,696	15,171	45,346	49,650
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	$ (7)	$ (24)	$ (13)	$ (48)

Business Segments - Schedule _4

Business Segments - Schedule of Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 207,806	$ 179,253	$ 615,407	$ 553,659
Sales \| Geographic Concentration Risk \| United States
Segment Reporting Information [Line Items]
Total revenue	108,363	103,453	322,232	352,183
Sales \| Geographic Concentration Risk \| Canada
Segment Reporting Information [Line Items]
Total revenue	35,719	12,333	107,694	40,400
Sales \| Geographic Concentration Risk \| Middle East
Segment Reporting Information [Line Items]
Total revenue	24,678	27,359	67,411	64,058
Sales \| Geographic Concentration Risk \| Europe & Africa
Segment Reporting Information [Line Items]
Total revenue	15,826	16,832	58,481	39,177
Sales \| Geographic Concentration Risk \| Asia-Pacific
Segment Reporting Information [Line Items]
Total revenue	10,472	10,091	30,790	27,623
Sales \| Geographic Concentration Risk \| Latin America
Segment Reporting Information [Line Items]
Total revenue	$ 12,748	$ 9,185	$ 28,799	$ 30,218

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ (14,815)	$ 7,969	$ (31,826)	$ (2,096)
Weighted average shares outstanding - basic (in shares)	12,330	10,235	12,287	10,208
Dilutive effect of stock options and restricted stock (in shares)	0	158	0	0
Weighted average shares outstanding - diluted (in shares)	12,330	10,393	12,287	10,208
Earnings (loss) per share
Basic (in USD per share)	$ (1.20)	$ 0.78	$ (2.59)	$ (0.21)
Diluted (in USD per share)	$ (1.20)	$ 0.77	$ (2.59)	$ (0.21)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2023 shares
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	46

Stockholders' Equity (Details)

Stockholders' Equity (Details)		9 Months Ended
Stockholders' Equity (Details)	May 10, 2024 shares	Sep. 30, 2024 performance_period shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance periods \| performance_period		3
Performance Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		86,391
Performance Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units		0%
Performance Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units		200%
Performance Restricted Stock \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Performance Restricted Stock \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Performance Restricted Stock \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Time Based Restricted Stock Units \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		20,000
Award vesting period (in years)		1 year
Time Based Restricted Stock Units \| Non-Employee Members of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		49,180
Award vesting period (in years)		1 year
Performance Restricted Stock Units, Equity-Classified \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		82,406
Time-Based Restricted Stock Units, Equity-Classified \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		168,797
Award vesting period (in years)		3 years
Restricted Stock Units, Liability-Classified
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares)	800,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Senior Secured Bonds Due 2029 $ in Millions	Oct. 24, 2024 USD ($)
Subsequent Event [Line Items]
Face amount	$ 100
Debt stated interest rate	10.50%