Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001575828 | ||
Entity Registrant Name | Expro Group Holdings N.V. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-36053 | ||
Entity Incorporation, State or Country Code | P7 | ||
Entity Tax Identification Number | 98-1107145 | ||
Entity Address, Address Line One | 1311 Broadfield Boulevard, Suite 400 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77084 | ||
City Area Code | 713 | ||
Local Phone Number | 463-9776 | ||
Title of 12(b) Security | Common Stock, €0.06 nominal value | ||
Trading Symbol | XPRO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 613,000,000 | ||
Entity Common Stock, Shares Outstanding | 109,377,501 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Houston, Texas | ||
Auditor Firm ID | 34 | ||
ICFR Auditor Attestation Flag | true | ||
Ernst & Young LLP [Member] | |||
Document Information [Line Items] | |||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Reading, United Kingdom | ||
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 825,762 | $ 675,026 | $ 810,064 |
Operating costs and expenses: | |||
Cost of revenue, excluding depreciation and amortization | (701,165) | (566,876) | (677,184) |
General and administrative expense, excluding depreciation and amortization | (73,880) | (23,814) | (29,360) |
Depreciation and amortization expense | (123,866) | (113,693) | (122,503) |
Impairment expense | 0 | (287,454) | (49,036) |
Gain on disposal of assets | 1,000 | 10,085 | 0 |
Merger and integration expense | (47,593) | (1,630) | 0 |
Severance and other expense | (7,826) | (13,930) | (4,444) |
Total operating cost and expenses | (953,330) | (997,312) | (882,527) |
Operating loss | (127,568) | (322,286) | (72,463) |
Other income, net | 3,992 | 3,908 | 226 |
Interest and finance expense, net | (8,795) | (5,656) | (3,300) |
Loss before taxes and equity in income of joint ventures | (132,371) | (324,034) | (75,537) |
Equity in income of joint ventures | 16,747 | 13,589 | 9,639 |
Loss before income taxes | (115,624) | (310,445) | (65,898) |
Income tax (expense) benefit | (16,267) | 3,400 | 1,137 |
Net loss | $ (131,891) | $ (307,045) | $ (64,761) |
Loss per common share: | |||
Basic and diluted (in dollars per share) | $ (1.64) | $ (4.33) | $ (0.91) |
Weighted average common shares outstanding: | |||
Basic and diluted (in shares) | 80,525,694 | 70,889,753 | 70,889,753 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (131,891) | $ (307,045) | $ (64,761) |
Other comprehensive income (loss): | |||
Actuarial gain (loss) on defined benefit plans | 22,345 | (9,356) | (3,521) |
Plan curtailment / amendment credit recognized | 0 | 5,510 | 0 |
Reclassified net remeasurement (loss) gains | (244) | 104 | 0 |
Amortization of prior service credit | (249) | 0 | 0 |
Income taxes on pension | 0 | (926) | 0 |
Other comprehensive income (loss) | 21,852 | (4,668) | (3,521) |
Comprehensive loss | $ (110,039) | $ (311,713) | $ (68,282) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 235,390 | $ 116,924 |
Restricted cash | 4,457 | 3,785 |
Accounts receivable, net | 319,286 | 193,600 |
Inventories | 125,116 | 53,359 |
Assets held for sale | 6,386 | 0 |
Income tax receivables | 20,561 | 20,327 |
Other current assets | 52,938 | 39,957 |
Total current assets | 764,134 | 427,952 |
Property, plant and equipment, net | 478,580 | 294,723 |
Investments in joint ventures | 57,604 | 45,088 |
Intangible assets, net | 253,053 | 173,168 |
Goodwill | 179,903 | 25,504 |
Operating lease right-of-use assets | 83,372 | 57,247 |
Non-current accounts receivable, net | 11,531 | 11,321 |
Other non-current assets | 26,461 | 4,748 |
Total assets | 1,854,638 | 1,039,751 |
Current liabilities | ||
Accounts payable and accrued liabilities | 213,152 | 136,242 |
Income tax liabilities | 22,999 | 13,657 |
Finance lease liabilities | 1,147 | 1,220 |
Operating lease liabilities | 19,695 | 14,057 |
Other current liabilities | 74,213 | 59,043 |
Total current liabilities | 331,206 | 224,219 |
Deferred tax liabilities, net | 31,744 | 26,817 |
Post-retirement benefits | 29,120 | 57,946 |
Non-current finance lease liabilities | 15,772 | 16,974 |
Non-current operating lease liabilities | 73,688 | 58,585 |
Other non-current liabilities | 75,537 | 43,226 |
Total liabilities | 557,067 | 427,767 |
Commitments and contingencies (Note 18) | ||
Stockholders’ equity: | ||
Common stock, €0.06 nominal value, 200,000,000 and 70,889,753 shares authorized, 109,697,040 and 70,889,753 shares issued and 109,142,925 and 70,889,753 shares outstanding | 7,844 | 585 |
Warrants | 0 | 10,530 |
Treasury stock (at cost), 554,115 shares | (22,785) | 0 |
Additional paid-in capital | 1,827,782 | 1,006,100 |
Accumulated other comprehensive income (loss) | 20,358 | (1,494) |
Accumulated deficit | (535,628) | (403,737) |
Total stockholders’ equity | 1,297,571 | 611,984 |
Total liabilities and stockholders’ equity | $ 1,854,638 | $ 1,039,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - € / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in EUR per share) | € 0.06 | € 0.06 |
Common stock, shares authorized (in shares) | 200,000,000 | 70,889,753 |
Common stock, shares issued (in shares) | 109,697,040 | 70,889,753 |
Common stock, shares outstanding (in shares) | 109,142,925 | 70,889,753 |
Treasury stock, shares (in shares) | 554,115 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (131,891) | $ (307,045) | $ (64,761) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Impairment expense | 0 | 287,454 | 49,036 |
Depreciation and amortization expense | 123,866 | 113,693 | 122,503 |
Equity in income of joint ventures | (16,747) | (13,589) | (9,639) |
Stock-based compensation expense | 54,162 | 0 | 0 |
Changes in fair value of investments | (511) | 0 | 0 |
Elimination of unrealized profit on sales to joint ventures | 174 | 2,085 | 3,558 |
Debt issuance expense | 5,166 | 0 | 0 |
Gain on disposal of assets | (1,000) | (10,085) | 0 |
Deferred taxes | (737) | (20,596) | (18,296) |
Unrealized foreign exchange | 1,407 | 2,106 | 337 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (20,256) | 38,486 | (24,172) |
Inventories | 906 | 2,780 | (6,797) |
Other assets | 12,683 | 532 | (1,966) |
Accounts payable and accrued liabilities | 5,371 | (25,161) | 18,892 |
Other liabilities | (5,981) | 7,150 | 1,119 |
Income taxes, net | (2,056) | (4,241) | 3,548 |
Dividends received from joint ventures | 4,058 | 3,646 | 3,128 |
Other | (12,470) | (6,824) | 4,719 |
Net cash provided by operating activities | 16,144 | 70,391 | 81,209 |
Cash flows from investing activities: | |||
Capital expenditures | (81,511) | (112,387) | (104,062) |
Cash and cash equivalents and restricted cash acquired in the Merger | 189,739 | ||
Proceeds from disposal of assets | 3,818 | 15,614 | 10 |
Payment for acquisition of business, net of cash acquired | (47,882) | ||
Net cash provided by (used in) investing activities | 112,046 | (96,773) | (151,934) |
Cash flows from financing activities: | |||
Proceeds from release of collateral deposits | 162 | 2,271 | 28,280 |
Repayment of financed insurance premium | (227) | 0 | 0 |
Payments of loan issuance and other transaction costs | (5,123) | (1,095) | (3,036) |
Payment of withholding taxes on stock-based compensation plans | (818) | 0 | 0 |
Repayments of finance leases | (1,170) | (1,801) | (3,322) |
Net cash provided by (used in) financing activities | (7,176) | (625) | 21,922 |
Effect of exchange rate changes on cash and cash equivalents | (1,876) | 631 | 566 |
Net increase (decrease) to cash and cash equivalents and restricted cash | 119,138 | (26,376) | (48,237) |
Cash and cash equivalents and restricted cash at beginning of year | 120,709 | 147,085 | 195,322 |
Cash and cash equivalents and restricted cash at end of year | $ 239,847 | $ 120,709 | $ 147,085 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Warrants [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Treasury Stock [Member] | Warrants [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 70,890 | |||||||||||||
Balance at Dec. 31, 2018 | $ 585 | $ 0 | $ 10,530 | $ 1,006,100 | $ 6,695 | $ (31,078) | $ 992,832 | |||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (64,761) | (64,761) | |||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 0 | (3,521) | 0 | (3,521) | |||||||
Balance (in shares) at Dec. 31, 2019 | 70,890 | |||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (853) | $ (853) | $ 585 | 0 | 10,530 | 1,006,100 | 3,174 | (95,839) | 924,550 |
Net loss | 0 | 0 | 0 | 0 | 0 | (307,045) | (307,045) | |||||||
Other comprehensive income (loss) | $ 0 | 0 | 0 | 0 | (4,668) | 0 | (4,668) | |||||||
Balance (in shares) at Dec. 31, 2020 | 70,890 | |||||||||||||
Balance at Dec. 31, 2020 | $ 585 | 0 | 10,530 | 1,006,100 | (1,494) | (403,737) | 611,984 | |||||||
Net loss | 0 | 0 | 0 | 0 | 0 | (131,891) | (131,891) | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 21,852 | 0 | 21,852 | |||||||
Stock-based compensation expense | $ 0 | 0 | 0 | 54,162 | 0 | 0 | 54,162 | |||||||
Common shares issued upon vesting of share-based awards (in shares) | 741 | |||||||||||||
Common shares issued upon vesting of share-based awards | $ 16 | 0 | 0 | (16) | 0 | 0 | 0 | |||||||
Treasury shares withheld (in shares) | (554) | |||||||||||||
Treasury shares withheld | $ 0 | (818) | 0 | 0 | 0 | 0 | (818) | |||||||
Cancellation of Legacy Expro common stock | (585) | 0 | 0 | 585 | 0 | 0 | 0 | |||||||
Cancellation of warrants | $ 0 | 0 | (10,530) | 10,530 | 0 | 0 | 0 | |||||||
Merger (in shares) | 38,066 | |||||||||||||
Merger | $ 7,828 | 21,967 | 0 | 756,421 | 0 | 0 | 742,282 | |||||||
Merger | $ (7,828) | (21,967) | 0 | (756,421) | 0 | 0 | (742,282) | |||||||
Balance (in shares) at Dec. 31, 2021 | 109,143 | |||||||||||||
Balance at Dec. 31, 2021 | $ 7,844 | $ (22,785) | $ 0 | $ 1,827,782 | $ 20,358 | $ (535,628) | $ 1,297,571 |
Note 1 - Business Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business description On March 10, 2021, October 1, 2021 ( Further, the supervisory board of directors of Frank’s unanimously approved a 1 October 1, 2021. 1 6 Pursuant to the Merger Agreement, as of the effective time of the Merger (the “Effective Time”), each outstanding ordinary share of common stock, par value $0.01 per share, of Legacy Expro was converted into the right to receive 1.2120 shares of common stock, nominal value €0.06 1 October 4, 2021, first With roots dating to 1938, |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of presentation and significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements have been prepared using the U.S. dollar (“$” or “USD”) as the reporting currency. Basis of consolidation The consolidated financial statements reflect the accounts of the Company and its subsidiaries. All intercompany balances and transactions, including unrealized profits arising from them, have been eliminated for purposes of preparing these consolidated financial statements. Investments in which we do not Use of estimates Preparation of the consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Estimates and assumptions are used for, but are not Revenue recognition We recognize revenue from rendering of services over a period of time as the customer simultaneously consumes the benefit of the service while it is being rendered reflecting the amount of consideration to which the Company has a right to invoice. As part of rendering of services, the Company also provides rental equipment and personnel. Using practical expedients under Accounting Standards Update (“ASU”) 2014 09, not 2014 09 Revenue from the sale of goods is generally recognized at the point in time when the control has passed onto the customer which generally coincides with delivery and installation, where applicable. We also recognize revenue for “bill and hold” sales, associated with certain product sales, once the following criteria have been met: ( 1 2 3 4 Where contractual arrangements contain multiple performance obligations, we analyze each performance obligation within the sales arrangement to determine whether they are distinct. The revenue for contracts involving multiple performance obligations is allocated to each distinct performance obligation based on relative selling prices and is recognized on satisfaction of each distinct performance obligation. Further, a small number of our contracts contain penalty provisions for late delivery and installation of equipment, downtime or other equipment functionality. These penalties are typically percentage reductions in the total arrangement consideration, capped at a certain amount, or a reduction in the on-going service fee and are assessed as variable consideration in the contract. Revenue is recognized to depict the transfer of promised services or goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or goods. We do not Foreign currency transactions The functional currency of all our subsidiaries is the USD. Gains and losses resulting from remeasurement of foreign currency denominated monetary assets and liabilities are included in the consolidated statements of operations as incurred. Gains and losses resulting from transactions denominated in a foreign currency are also included in the consolidated statements of operations as incurred. Interest and finance expense, net Our interest and finance expense primarily consists of interest and other costs that we incur in connection with our revolving credit facility and finance lease liabilities. Costs incurred that are directly related to the raising of debt financing, together with any original issue discount or premium, are capitalized and recognized over the term of the loan or facility, using the effective interest method other than for those debt instruments that we elect to account for under the fair value option, in which case such costs are expensed in the period incurred. All other finance costs are expensed in the period they are incurred. Income taxes We use the asset and liability method to account for income taxes whereby we calculate the deferred tax asset or liability account balances using tax laws and rates in effect at that time. Under this method, the balances of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Valuation allowances are recorded to reduce gross deferred tax assets when it is more likely than not not We operate in more than 60 countries and are subject to domestic and numerous foreign taxing jurisdictions. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of income, deductions, and tax credits. Changes in tax laws, regulations or agreements in each taxing jurisdiction could have an impact on the amount of income taxes that we provide during any given year. Our tax filings for various periods are subject to audit by the tax authorities in most jurisdictions in which we operate, and these assessments can result in additional taxes. Estimating the outcome of audits and assessments by the tax authorities involves uncertainty. We review the facts of each case and apply judgments and assumptions to determine the most likely outcome and we provide for taxes, interest and penalties on this basis. In line with U.S. GAAP, we recognize the effects of a tax position in the consolidated financial statements when it is more likely than not Cash, cash equivalents and restricted cash We consider all highly liquid instruments with original maturities of three Accounts receivable, net Accounts receivable represents customer transactions that have been invoiced as of the balance sheet date and unbilled receivables relating to customer transactions that have not Inventories Inventories are stated at the lower of cost or net realizable value. Cost comprises direct materials and where applicable, direct labor costs and overheads that have been incurred in bringing the inventories to their current location and condition which are calculated using the average cost method. We regularly evaluate the quantities and values of our inventories in light of current market conditions, market trends and other factors, and record inventory write-downs as appropriate. This evaluation considers historical usage, expected demand, product obsolescence and other factors. Market conditions are subject to change, and actual consumption of our inventory could differ from expected demand. Impairment of long-lived assets We assess long-lived assets, including our property, plant and equipment, for impairment whenever events or changes in business circumstances arise that may may not not third may We consider a long-lived asset to be abandoned after we have ceased use of such asset and we have no Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the price paid to acquire or construct the asset, required installation costs, interest capitalized during the construction period and any expenditure that substantially adds to the value of the asset, substantially upgrades the assets for an enhanced use or substantially extends the useful life of an existing asset. We expense costs related to the routine repair and maintenance of property, plant and equipment at the time we incur them. We capitalize interest as part of the cost of acquiring or constructing certain assets, to the extent incurred, during the period of time required to place the property, plant and equipment into service. When properties or equipment are sold, retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the books and the resulting gain or loss is recognized on the consolidated statements of operations. We begin depreciation for such assets, including any related capitalized interest, once an asset is placed into operational service. We consider an asset to be placed into operational service when the asset is both in the location and condition for its intended use. We compute depreciation expense, with the exception of land, using the straight-line method on a net cost basis over the estimated useful lives of the assets, as presented in the table below. Land improvement - 12 years Buildings - Up to 40 years Leased property, including leasehold buildings - over the lesser of the remaining useful life or period of the lease Plant and equipment - 2 to 12 years Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. For property, plant and equipment that has been placed into service, but is subsequently idled, we continue to record depreciation expense during the idle period. We adjust the estimated useful lives of the idled assets if the estimated useful lives have changed. Goodwill Goodwill is not not not October 31 Intangible assets, net Identifiable intangible assets are amortized using the straight-line method over the estimated useful lives of the assets, ranging from one fifteen may not Investments in joint ventures We use the equity method of accounting for our equity investments where we hold more than 20% not not The Company evaluates its investments in joint ventures for potential impairment whenever events or changes in circumstances indicate that there may The results of the joint ventures are prepared for the same reporting period as the Company. Where necessary, adjustments are made to bring the accounting policies used in line with those of the Company, to take into account fair values assigned at the date of acquisition; and to reflect impairment losses where appropriate. Adjustments are also made in our consolidated financial statements to eliminate our share of unrealized gains and losses on transactions between us and our joint ventures. Fair value measurements We measure certain financial assets and liabilities at fair value at each balance sheet date and, for the purposes of impairment testing, use fair value to determine the recoverable amount of our non-financial assets. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by us. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three one three Level 1 Level 2 not 2 Level 3 one When available, we use quoted market prices to determine the fair value of an asset or liability. We determine the policies and procedures for both recurring fair value measurements and non-recurring fair value measurements, such as impairment tests. At each reporting date, we analyze the movements in the values of assets and liabilities which are required to be remeasured or reassessed as per our accounting policies. For the purpose of fair value disclosures, we have determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Leases We have operating and finance leases primarily related to real estate, transportation and equipment. We determine if an arrangement is a lease at inception. Upon commencement of a lease, we recognize an operating lease right-of-use asset (“ROU Asset”) and corresponding operating lease liability based on the then present value of all lease payments over the lease term. ROU Assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make lease payments arising from the lease. The accounting for some of our leases may not Leases which meet the criteria of a finance lease in accordance with Accounting Standards Codification (“ASC”) 842 Leases not not We do not one not Post-retirement benefits Defined Benefit Plans The cost of providing benefits under defined benefit plans are determined separately for each plan using the projected unit credit method, which attributes entitlement to benefits to the current and prior periods. Both current and past service costs are recognized in net income (loss) as they arise. The interest element of the defined benefit cost represents the change in present value of plan obligations resulting from the passage of time and is determined by applying a discount rate to the opening present value of the benefit obligation, taking into account material changes in the obligation during the year. The expected return on plan assets is based on an assessment made at the beginning of the year of long-term market returns on plan assets, adjusted for the effect on the fair value of plan assets of contributions received and benefits paid during the year. We initially recognize actuarial gains and losses as other comprehensive income in the year they arise. Where the net cumulative actuarial gains or losses for a plan exceeds 10 10 no The defined benefit pension asset or liability on the consolidated balance sheets comprise the total for each plan of the present value of the defined benefit obligation using a discount rate based on high quality corporate bonds less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and in the case of quoted securities is the published bid price. Defined Contribution Plans The costs of providing benefits under a defined contribution plan are expensed at the time contributions become payable to the respective plan. Stock-based compensation Effective as of October 1, 2021, Stock-based compensation expense is measured at the grant date of the share-based awards based on their fair value. Stock-based compensation expense is recognized on a straight-line basis over the vesting period and is included in cost of revenue and general and administrative expenses in the consolidated statements of operations. We do not The grant date fair value of the RSUs, which are not In October 2018, 2018 Research and development Research and development costs are expensed as incurred and relate to spending for new product development and innovation and includes internal engineering, materials and third December 31, 2021, 2020 2019 Income (loss) per share Basic income (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock. Recent accounting pronouncements Accounting guidance adopted Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. ASUs not not In August 2018, ASU 2018 14, Retirement Benefits Defined Benefit Plans General (Subtopic 715 20 Changes to the Disclosure Requirements for Defined Benefit Plans ● The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; ● An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period; ● The projected benefit obligation and fair value of plan assets for plans with projected benefit obligations in excess of plan assets; and ● The accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets. We adopted the guidance on January 1, 2021. not |
Note 3 - Business Combinations
Note 3 - Business Combinations and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Business combinations and dispositions Frank s International N.V. As discussed in Note 1, October 1, 2021. 805, Business Combinations The merger consideration was based on Frank’s closing share price on the Closing Date. In a reverse merger involving only the exchange of equity, the fair value of the equity of the accounting acquiree may Per share Amount Shares issued Price (in thousands) Issuance of common stock attributable to Frank’s stockholders 38,066,216 $ 18.90 $ 719,452 Replacement of Frank’s equity awards 7,830 Cash payment to Mosing Holdings LLC pursuant to the amended and restated tax receivable agreement 15,000 Total Merger Consideration Exchanged $ 742,282 The following table sets forth the preliminary allocation of the merger consideration exchanged to the fair value of identifiable tangible and intangible assets acquired and liabilities assumed as of the Closing Date, with the recording of goodwill for the excess of the consideration transferred over the net aggregate fair value of the identifiable assets acquired and liabilities assumed ($ in thousands): Amount Cash and cash equivalents $ 187,178 Restricted cash 2,561 Accounts receivables, net 112,234 Inventories 69,567 Assets held for sale 10,061 Income tax receivables 2,030 Other current assets 23,908 Property, plant and equipment 212,639 Goodwill 154,399 Intangible assets 104,791 Operating lease right-of-use assets 27,406 Other assets 20,494 Total assets 927,268 Accounts payable and accrued liabilities 81,959 Operating lease liabilities 8,344 Current income tax liabilities 8,932 Other current liabilities 19,918 Deferred tax liabilities 5,673 Non-current operating lease liabilities 19,607 Other non-current liabilities 40,553 Total Liabilities 184,986 Total Merger Consideration Exchanged $ 742,282 Due to the recency and complexity of the Merger, these amounts are preliminary and subject to change as our fair value assessments are finalized. The final fair value determination could result in material adjustments to the values presented in the preliminary purchase price allocation table above. The fair values of identifiable intangible assets were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method, which are discounted to approximate their current value. The estimated useful lives are based on management’s historical experience and expectations as to the duration of time that benefits from these assets are expected to be realized. The intangible assets will be amortized on a straight-line basis over an estimated 10- to 15-year life. We expect annual amortization to be approximately $7.7 million associated with these intangible assets. Goodwill will not not Results of Frank s for the period October 1, 2021 December 31, 2021 The Company’s operating results for the period October 1, 2021 December 31, 2021 Unaudited Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the year ended December 31, 2021 2020 January 1, 2020 ( Year Ended December 31, 2021 2020 Unaudited pro forma revenues $ 1,143,356 $ 1,065,384 Unaudited pro forma net loss $ (121,546 ) $ (491,091 ) Estimated unaudited pro forma information is not Merger and integration expense During the year ended December 31, 2021 2020 Below is a reconciliation of our liability balance associated with our severance plan initiated during 2021 NLA ESSA MENA APAC Central Total Costs expensed during the year $ 2,864 $ 4,117 $ 612 $ 1,171 $ 7,238 $ 16,002 Payments made during the year (807 ) (1,615 ) (188 ) (554 ) (623 ) (3,787 ) Balance at December 31, 2021 $ 2,057 $ 2,502 $ 424 $ 617 $ 6,615 $ 12,215 Sale of assets On November 13, 2020, December 31, 2020. December 31, 2020 December 31, 2021, December 31, 2021. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair value measurements Recurring Basis A summary of financial assets and liabilities that are measured at fair value on a recurring basis, as of December 31, 2021 2020 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investments: Cash surrender value of life insurance policies- Deferred compensation plan $ - $ 18,857 $ - $ 18,857 Non-current accounts receivable, net - 11,531 - 11,531 Liabilities: Deferred compensation plan - 9,339 - 9,339 Finance lease liabilities - 16,919 - 16,919 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Non-current accounts receivable, net $ - $ 11,321 $ - $ 11,321 Liabilities: Finance lease liabilities - 18,194 - 18,194 Our investments associated with our deferred compensation plan at December 31, 2021 December 31, 2021 third Non-recurring Basis We apply the provisions of the fair value measurement standard to our non-recurring, non-financial measurements including business combinations and assets identified as held for sale, as well as impairment related to goodwill and other long-lived assets. For business combinations, the purchase price is allocated to the assets acquired and liabilities assumed based on a discounted cash flow model for most intangibles as well as market assumptions for the valuation of equipment and other fixed assets. Goodwill is not not not When conducting an impairment test on long-lived assets, other than goodwill, we first third The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment expense in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If crude oil prices decline significantly and remain at low levels for a sustained period of time, we could be required to record an impairment of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. Given the unobservable nature of the inputs, the discounted cash flow models are deemed to use Level 3 No impairment expense was recognized during the year ended December 31, 2021. December 31, 2020 2019 2020 2019 Goodwill $ 191,893 $ 26,422 Intangible assets, net 60,394 17,901 Property, plant and equipment, net 19,993 4,713 Operating lease right-of-use assets 15,174 - Total $ 287,454 $ 49,036 Goodwill As of October 31, 2021, no not December 31, 2021 In March 2020, 19 March 31, 2020 ( We used the income approach to estimate the fair value of our reporting units, but also considered the market approach to validate the results. The income approach estimates the fair value by discounting the reporting unit’s estimated future cash flows using an estimated discount rate, or expected return, that a marketplace participant would have required as of the valuation date. The market approach includes the use of comparative multiples to corroborate the discounted cash flow results and involves significant judgment in the selection of the appropriate peer group companies and valuation multiples. Under the income approach, we utilized third 3 Our interim quantitative impairment test in 2020 2020 no 2019 Long-lived Assets The Company did not December 31, 2021 2020 2019, no 2020 2019, Financial Instruments The estimated fair values of the Company’s financial instruments have been determined at discrete points in time based on relevant market information. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, other current assets, accounts payable and accrued liabilities and interest-bearing loans. The carrying amounts of the Company’s financial instruments other than interest bearing loans approximate fair value due to the short-term nature of the items. The Company does not |
Note 5 - Business Segment Repor
Note 5 - Business Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 5. Business segment reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our operations are comprised of four operating segments which also represent our reporting segments and are aligned with our geographic regions as below: ● North and Latin America (“NLA”), ● Europe and Sub-Saharan Africa (“ESSA”), ● Middle East and North Africa (“MENA”), and ● Asia-Pacific (“APAC”). The following table presents our revenue disaggregated by our operating segments (in thousands): Year Ended December 31, 2021 2020 2019 NLA $ 193,156 $ 115,738 $ 174,058 ESSA 300,557 219,534 256,790 MENA 171,136 194,033 237,065 APAC 160,913 145,721 142,151 Total $ 825,762 $ 675,026 $ 810,064 Segment EBITDA Our CODM regularly evaluates the performance of our operating segments using Segment EBITDA, which we define as loss before income taxes adjusted for corporate costs, equity in income of joint ventures, depreciation and amortization expense, impairment expense, severance and other expense, gain on disposal of assets, foreign exchange losses, merger and integration expense, other income, interest and finance expense, net and stock-based compensation expense. The following table presents our Segment EBITDA disaggregated by our operating segments and reconciliation to loss before income taxes (in thousands): Year Ended December 31, 2021 2020 2019 NLA $ 32,254 $ 54 $ 15,031 ESSA 53,336 35,393 45,358 MENA 56,312 77,296 86,043 APAC 33,444 34,976 28,762 Total Segment EBITDA 175,346 147,719 175,194 Corporate costs (66,153 ) (61,122 ) (67,498 ) Equity in income of joint ventures 16,747 13,589 9,639 Depreciation and amortization expense (123,866 ) (113,693 ) (122,503 ) Impairment expense - (287,454 ) (49,036 ) Severance and other expense (7,826 ) (13,930 ) (4,444 ) Stock-based compensation expense (54,162 ) - - Gain on disposal of assets 1,000 10,085 - Foreign exchange losses (4,314 ) (2,261 ) (4,176 ) Merger and integration expense (47,593 ) (1,630 ) - Other income, net 3,992 3,908 226 Interest and finance expense, net (8,795 ) (5,656 ) (3,300 ) Loss before income taxes $ (115,624 ) $ (310,445 ) $ (65,898 ) Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments, including research, engineering and development, logistics, sales and marketing and health and safety and are not We are a Netherlands based company and we derive our revenue from services and product sales to customers primarily in the oil and gas industry. No single customer accounted for more than 10% December 31, 2021. One December 31, 2020 2019, December 31, 2021, 2020 2019 no 10% December 31, 2021 no 10% December 31, 2020. no 10% December 31, 2019. The following table presents total assets by geographic region and assets held centrally. Assets held centrally includes certain property plant and equipment, investments in joint ventures, collateral deposits, income tax related balances, corporate cash and cash equivalents, accounts receivable and other current and non-current assets, which are not December 31, 2021 2020 NLA $ 561,482 $ 97,738 ESSA 370,638 221,683 MENA 358,465 284,635 APAC 231,087 173,688 Assets held centrally 332,966 262,007 Total $ 1,854,638 $ 1,039,751 The following table presents our capital expenditures disaggregated by our operating segments (in thousands): Year Ended December 31, 2021 2020 NLA $ 6,426 $ 10,800 ESSA 11,151 35,421 MENA 14,553 37,000 APAC 19,958 16,413 Assets held centrally 29,423 12,753 Total $ 81,511 $ 112,387 |
Note 6 - Revenue
Note 6 - Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Revenue Disaggregation of revenue We disaggregate our revenue from contracts with customers by geography, as disclosed in Note 5 The following table sets forth the total amount of revenue by areas of capability as follows (in thousands): Year Ended December 31, 2021 2020 2019 Well construction $ 112,126 $ - $ - Well management 713,636 675,026 810,064 Total $ 825,762 $ 675,026 $ 810,064 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customers’ payments, which results in the recognition of receivables and deferred revenue. Unbilled receivables are initially recognized for revenue earned on completion of the performance obligation which are not Contract balances consisted of the following as of December 31, 2021 December 31, 2020 December 31, 2021 2020 Accounts receivable, net $ 236,158 $ 159,421 Unbilled receivable $ 94,659 $ 45,500 Deferred revenue $ 17,038 $ 29,063 The Company recognized revenue of $15.4 million, $6.3 million and $8.9 million for the years ended December 31, 2021, 2020 2019 December 31, 2021, Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not one |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income taxes The components of income tax expense (benefit) for the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Current tax: Netherlands (2020 and 2019: U.K.) $ 216 $ (707 ) $ - Foreign 16,777 17,883 17,160 Total current tax 16,993 17,176 17,160 Deferred tax: Netherlands (2020 and 2019: U.K.) - - - Foreign (726 ) (20,576 ) (18,297 ) Total deferred tax (726 ) (20,576 ) (18,297 ) Income tax expense (benefit) $ 16,267 $ (3,400 ) $ (1,137 ) Following the closing of the Merger on October 1, 2021, December 31, 2021 December 31, 2020 2019. The Netherland, U.K. and foreign components of loss from continuing operations before income taxes and equity in income of joint ventures for the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Netherlands (2020 and 2019: U.K.) $ (19,190 ) $ 22,819 $ 33,071 Foreign (113,181 ) (346,853 ) (108,608 ) Total $ (132,371 ) $ (324,034 ) $ (75,537 ) A reconciliation of the differences between the income tax provision computed at the Netherlands statutory rate of 25% for the year ended December 31, 2021 December 31, 2020 2019 Year Ended December 31, 2021 2020 2019 Statutory tax rate 25 % 19 % 19 % Income tax expense at statutory rate $ (33,093 ) $ (61,566 ) $ (14,352 ) Permanent differences 14,123 122,815 10,322 Effect of overseas tax rates 10,583 (1,754 ) (4,961 ) Net tax charge related to attributes with full valuation allowance 28,607 (71,259 ) 12,769 Exempt dividends from joint ventures (1,014 ) 14 - Return to provision adjustments (5,001 ) 6,150 (6,446 ) Withholding taxes 1,995 984 876 Foreign exchange movements on tax balances 67 1,216 655 Income tax expense (benefit) $ 16,267 $ (3,400 ) $ (1,137 ) Effective tax rate -12.3 % 1.0 % 1.5 % Deferred tax assets and liabilities are recorded for the anticipated future tax effects of temporary differences between the financial statement basis and tax basis of our assets and liabilities and are measured using the tax rates and laws expected to be in effect when the differences are projected to reverse. The primary components of our deferred tax assets and liabilities as of December 31, 2021 2020 December 31, 2021 2020 Deferred tax assets: Net operating loss carry forwards $ 731,315 $ 484,695 Employee compensation and benefits 12,958 7,767 Depreciation 44,253 24,759 Other 34,734 19,987 Investment in partnership 51,890 - Intangibles 22,980 - Valuation allowance (829,087 ) (512,711 ) Total deferred tax assets 69,043 24,497 Deferred tax liabilities: Depreciation (1,935 ) (6,565 ) Goodwill and other intangibles (42,784 ) (40,054 ) Investment in partnership (48,856 ) - Other (7,212 ) (4,695 ) Total deferred tax liabilities (100,787 ) (51,314 ) Net deferred tax liabilities $ (31,744 ) $ (26,817 ) We recognize a valuation allowance where it is more likely than not not December 31, 2021, The changes in valuation allowances were as follows (in thousands): Year Ended December 31 2021 2020 2019 Balance at the beginning of the period $ 512,711 $ 443,398 $ 507,159 Additions attributable to the Merger 187,319 - - Additions not attributable to the Merger 160,299 72,025 312 Reductions (31,242 ) (2,712 ) (64,073 ) Balance at end of period $ 829,087 $ 512,711 $ 443,398 As of December 31, 2021, 2036, not not It is our intention that all cash and earnings of our subsidiaries as of December 31, 2021, not may We have performed an analysis of uncertain tax positions in the various jurisdictions in which we operate and concluded that we are adequately provided. Our tax filings are subject to regular audits by tax authorities in the various jurisdictions in which we operate. Tax liabilities are based on estimates, however due to the uncertain and complex application of tax legislation, the ultimate resolution of audits may The Company is subject to income taxation in many jurisdictions around the world. The following table presents the changes in our uncertain tax positions as of December 31, 2021 2020 Year ended December 31 2021 2020 Balance at the beginning of the period $ 35,377 $ 32,515 Additions attributable to the Merger 40,144 - Additions based on tax positions related to current period not attributable to the Merger 5,774 2,182 Additions for tax positions of prior year period not attributable to the Merger 5,094 1,787 Settlements with tax authorities (2,370 ) (665 ) Reductions for tax positions of prior years (5,138 ) (763 ) Reductions due to the lapse of statute of limitations (2,094 ) (188 ) Effect of changes in foreign exchange rates (673 ) 509 Balance at the end of the period $ 76,114 $ 35,377 The amounts above include penalties and interest of $4.2 million and $1.7 million for the years ended December 31, 2021 2020, Approximately $30.1 million of our unrecognized tax benefit relates to certain deductions and would only impact our rate if we were subsequently able to utilize operating loss carry-forwards. We do not 12 December 31, 2021 2020, We file income tax returns in the Netherlands and in various other foreign jurisdictions in respect of the Company's subsidiaries. In all cases we are no 2009. no |
Note 8 - Investment in Joint Ve
Note 8 - Investment in Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 8. Investment in joint ventures We have investments in two The carrying value of our investment in joint ventures as of December 31, 2021 2020 December 31, 2021 2020 CETS $ 54,014 $ 41,504 PVD-Expro 3,590 3,584 Total $ 57,604 $ 45,088 |
Note 9 - Accounts Receivable, N
Note 9 - Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 9. Accounts receivable, net Accounts receivable, net consisted of the following as of December 31, 2021 2020 December 31, 2021 2020 Accounts receivable $ 340,209 $ 211,838 Less: Expected credit losses (9,392 ) (6,917 ) Total $ 330,817 $ 204,921 Current 319,286 193,600 Non – current 11,531 11,321 Total $ 330,817 $ 204,921 The movement of expected credit losses for the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 6,917 $ 6,313 $ 6,315 Additions - Acquired in the Merger 992 - - Additions - Charged to expense 1,527 965 571 Deductions (44 ) (361 ) (573 ) Balance at end of year $ 9,392 $ 6,917 $ 6,313 |
Note 10 - Inventories
Note 10 - Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 10. Inventories Inventories consisted of the following as of December 31, 2021 2020 December 31, 2021 2020 Finished goods $ 34,899 $ - Raw materials, equipment spares and consumables 76,025 42,995 Work-in progress 14,192 10,364 Total $ 125,116 $ 53,359 |
Note 11 - Other Assets and Liab
Note 11 - Other Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities [Text Block] | 11. Other assets and liabilities Other assets consisted of the following as of December 31, 2021 2020 December 31, 2021 2020 Cash surrender value of life insurance policies $ 18,857 $ - Prepayments 19,891 17,824 Value-added tax receivables 22,524 19,213 Collateral deposits 1,599 1,761 Deposits 7,331 3,286 Other 9,197 2,621 Total $ 79,399 $ 44,705 Current 52,938 39,957 Non – current 26,461 4,748 Total $ 79,399 $ 44,705 Other liabilities consisted of the following as of December 31, 2021 2020 December 31, 2021 2020 Deferred revenue $ 17,038 $ 29,063 Other tax and social security 27,893 16,830 Income tax liabilities - non-current portion 45,741 35,377 Deferred compensation plan 9,339 - Other 49,739 20,999 Total $ 149,750 $ 102,269 Current 74,213 59,043 Non – current 75,537 43,226 Total $ 149,750 $ 102,269 Cash Surrender Value of Life Insurance Policies At December 31, 2021, December 31, 2021 |
Note 12 - Accounts Payable and
Note 12 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 12. Accounts payable and accrued liabilities Accounts payable and accrued liabilities consisted of the following as of December 31, 2021 2020 December 31, 2021 2020 Accounts payable – trade $ 84,952 $ 63,855 Payroll, vacation and other employee benefits 42,671 22,345 Accruals for goods received not invoiced 18,666 6,655 Other accrued liabilities 66,863 43,387 Total $ 213,152 $ 136,242 |
Note 13 - Property, Plant and E
Note 13 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 13. Property, plant and equipment, net Property, plant and equipment, net consisted of the following as of December 31, 2021 2020 December 31, 2021 2020 Cost: Land $ 21,580 $ 3,379 Land improvement 3,054 - Buildings and lease hold improvements 104,660 30,513 Plant and equipment 701,400 519,866 830,694 553,758 Less: accumulated depreciation (352,114 ) (259,035 ) Total $ 478,580 $ 294,723 The carrying amount of our property, plant and equipment recognized in respect of assets held under finance leases as of December 31, 2021 2020 December 31, 2021 2020 Cost: Buildings $ 18,623 $ 18,932 Plant and equipment 1,275 1,520 19,898 20,452 Less: accumulated amortization (7,733 ) (6,674 ) Total $ 12,165 $ 13,778 Depreciation expense related to property, plant and equipment, including assets under finance leases, was $95.8 million, $85.4 million and $88.0 million for the years ended December 31, 2021, 2020 2019 No impairment expense related to property, plant and equipment was recognized for the year ended December 31, 2021. December 31, 2020 2019 4 Fair value measurements During the three December 31, 2021, |
Note 14 - Intangible Assets, Ne
Note 14 - Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 14. Intangible assets, net The following table summarizes our intangible assets comprising of Customer Relationships & Contracts (“CR&C”), Trademarks, Technology and Software as of December 31, 2021 2020 December 31, 2021 December 31, 2020 December 31, 2021 Accumulated Accumulated Weighted Gross impairment Gross impairment average carrying and Net book carrying and Net book remaining amount amortization value amount amortization value life (years) CR&C $ 222,200 $ (98,271 ) $ 123,929 $ 215,200 $ (78,846 ) $ 136,354 6.3 Trademarks 57,100 (29,392 ) 27,708 40,100 (27,137 ) 12,963 8.4 Technology 159,458 (60,979 ) 98,479 79,538 (56,635 ) 22,903 13.3 Software 8,754 (5,817 ) 2,937 7,387 (6,439 ) 948 0.7 Total $ 447,512 $ (194,459 ) $ 253,053 $ 342,225 $ (169,057 ) $ 173,168 9.3 Amortization expense for intangible assets was $28.1 million, $28.2 million and $34.5 million for the years ended December 31, 2021, 2020 2019 The following table summarizes the intangible assets which were acquired pursuant to the Merger (in thousands): Acquired Fair Value Weighted average life CR&C $ 7,000 10.0 Trademarks 17,000 10.0 Technology 79,920 15.0 Software 871 1.0 Total $ 104,791 13.7 No impairment expense associated with our intangible assets was recognized during the year ended December 31, 2021. December 31, 2020 2019, 4 Fair value measurements The following table summarizes our intangible asset impairment expense by operating segment for the years ended December 31, 2020 2019 2020: CR&C Technology Trademarks Total NLA $ 10,262 $ 20,616 $ 11,437 $ 42,315 ESSA - 6,909 4,070 10,979 APAC - 7,100 - 7,100 Total $ 10,262 $ 34,625 $ 15,507 $ 60,394 2019: CR&C Technology Trademarks Total NLA $ - $ 3,809 $ - $ 3,809 ESSA 7,760 4,712 1,620 14,092 Total $ 7,760 $ 8,521 $ 1,620 $ 17,901 Expected future intangible asset amortization as of December 31, 2021 Years ending December 31, 2022 $ 34,691 2023 31,755 2024 31,755 2025 31,755 2026 31,755 Thereafter 91,342 Total $ 253,053 |
Note 15 - Goodwill
Note 15 - Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 15. Goodwill Our reporting units are either our operating segments or components of our operating segments depending on the level at which segment management oversees the business. Prior to the Merger, Legacy Expro's reporting units included Europe and the Commonwealth of Independent States, Sub-Saharan Africa, MENA, Asia, North America and Latin America. During 2021, December 31, 2021 2020 NLA $ 93,608 $ - ESSA 66,283 14,504 MENA 3,331 - APAC 16,681 11,000 Total $ 179,903 $ 25,504 The following table provides the gross carrying amount and cumulative impairment expense of goodwill for each operating segment as of December 31, 2021 2020 2021 2020 Cost Acquired in Merger Accumulated impairment Net Book Value Cost Additions Accumulated impairment Net Book Value NLA $ 37,341 $ 93,608 $ (37,341 ) $ 93,608 $ 37,341 $ - $ (37,341 ) $ - ESSA 28,982 51,779 (14,478 ) 66,283 28,982 - (14,478 ) 14,504 MENA 126,383 3,331 (126,383 ) 3,331 126,383 - (126,383 ) - APAC 51,113 5,681 (40,113 ) 16,681 51,113 - (40,113 ) 11,000 Total $ 243,819 $ 154,399 $ (218,315 ) $ 179,903 $ 243,819 $ - $ (218,315 ) $ 25,504 No goodwill impairment expense was recognized during the year ended December 31, 2021. December 31, 2020 2019, 4 Fair value measurements The following table summarizes our goodwill impairment expense by operating segment for the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 NLA $ - $ 25,397 $ 11,944 ESSA - - 14,478 MENA - 126,383 - APAC - 40,113 - Total $ - $ 191,893 $ 26,422 |
Note 16 - Interest Bearing Loan
Note 16 - Interest Bearing Loans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 16. Interest bearing loans On November 5, 2018, On December 20, 2018, “2018 2018 October 1, 2021, 2018 Concurrently with the cancelation of the ABL Credit Facility and the 2018 may All obligations under the New Facility are guaranteed jointly and severally by the Company and certain of the Company’s subsidiaries incorporated in the U.S., the U.K., the Netherlands, Norway, Hungary, Australia, Cyprus, the Cayman Islands and Guernsey. Going forward, the guarantors must comprise at least 80% of the EBITDA and 70% of the consolidated assets of the Company and its subsidiaries, as well as subsidiaries individually representing 5% or more of the EBITDA or assets of the group, subject to customary exceptions and exclusions. In addition, the obligations under the New Facility are secured by first Borrowings under the New Facility bear interest at a rate per annum of LIBOR, subject to a 0.00% floor, plus an applicable margin of 3.75% for cash borrowings or 3.00% for letters of credit. A 0.75% per annum fronting fee applies to letters of credit, and an additional 0.25% or 0.50% per annum utilization fee is payable on cash borrowings to the extent one third two no December 31, 2021, The New Facility contains various undertakings and affirmative and negative covenants which limit, subject to certain customary exceptions and thresholds, the Company and its subsidiaries’ ability to, among other things, ( 1 2 3 4 5 1.0 1.0 1.0 twelve may No drawdowns as loans have been made, however, as of December 31, 2021, |
Note 17 - Leases
Note 17 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 17. Leases We are a lessee for numerous operating leases, primarily related to real estate, transportation and equipment. The terms and conditions for these leases vary by the type of underlying asset. The vast majority of our operating leases have terms ranging between one fifteen not The accounting for some of our leases may not The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Components of lease expenses: Finance lease expense: Amortization of right of use assets $ 967 $ 1,649 $ 2,243 Interest incurred on lease liabilities 2,246 2,386 2,478 Operating lease expense 21,479 19,870 24,915 Short term lease expense 54,756 56,156 66,450 Total lease expense $ 79,448 $ 80,061 $ 96,086 December 31, 2021 2020 2019 Other supplementary information (in thousands, except years and discount rates): Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 25,348 $ 23,134 $ 24,095 Right-of-use assets obtained in an exchange for lease obligations Operating leases $ 8,529 $ 8,917 $ 18,447 Weighted average remaining lease term: Operating leases 7.3 8.5 8.7 Finance leases 11.0 11.7 11.9 Weighted average discount rate for operating leases 8.8 % 10.0 % 10.3 % Weighted average discount rate for finance leases 13.1 % 13.5 % 13.5 % The operating cash flows for finance leases approximates the interest expense for the year. As of December 31, 2021 Operating Finance Leases Leases Years ending December 31, 2022 $ 26,177 $ 3,291 2023 21,895 3,024 2024 16,008 2,899 2025 12,742 2,841 2026 9,585 2,841 Due after 5 years 45,205 17,372 $ 131,612 $ 32,268 Less: amounts representing interest (38,229 ) (15,349 ) Total $ 93,383 $ 16,919 Short-term portion $ 19,695 $ 1,147 Long-term portion 73,688 15,772 Total $ 93,383 $ 16,919 |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments and contingencies Commercial Commitments During the normal course of business, we enter into commercial commitments in the form of letters of credit and bank guarantees to provide financial and performance assurance to third We entered into contractual commitments for the acquisition of property, plant and equipment totaling $26.3 million and $42.3 million as of December 31, 2021 2020 December 31, 2021, We are committed under various lease agreements primarily related to real estate, vehicles and certain equipment that expire at various dates throughout the next several years. Refer to Note 17 Leases Contingencies Certain conditions may may one may If the assessment of a contingency indicates it is probable a material loss has been incurred and the amount of liability can be estimated, then the estimated liability would be accrued in our consolidated financial statements. If the assessment indicates a potentially material loss contingency is not Loss contingencies considered remote are generally not We are the subject of lawsuits and claims arising in the ordinary course of business from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. We had no material accruals for loss contingencies, individually or in the aggregate, as of December 31, 2021 December 31, 2020 We are conducting an internal investigation of the operations of certain of our foreign subsidiaries in West Africa including possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”), our policies and other applicable laws. In June 2016, may not As disclosed above, our investigation into possible violations of the FCPA remains ongoing, and we will continue to cooperate with the SEC, DOJ and other relevant governmental entities in connection therewith. At this time, we are unable to predict the ultimate resolution of these matters with these agencies, including any financial impact to us. Our board and management are committed to continuously enhancing our internal controls that support improved compliance and transparency throughout our global operations. |
Note 19 - Post-retirement Benef
Note 19 - Post-retirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 19. Post-retirement benefits We operate a number of post-retirement benefit plans, primarily consisting of defined contribution plans for U.S. and non-U.S. employees. We also sponsor defined benefit pension plans for certain employees located in the U.K., Norway and Indonesia. The majority of our post-retirement expense relates to defined contribution plans. The assets of the various defined benefit plans are held separately from those of the Company. Our principal retirement savings plans and pension plans are discussed below. Defined contribution plans We offer certain retirement savings plans to U.S. and non-U.S. employees. These plans are managed in accordance with applicable local statutes and practices and are defined contribution plans. For U.S. employees, we offer 401k 2020, For U.K. employees, we offer the Group Personal Pension plan (“GPP”), which is a portable, personal pension plan to which the employer contributes on a matching basis between a base of 4.5% and a ceiling of 6% of base salary. In addition, we offer other defined contribution plans for our employees in the rest of the world as per local statues. Effective in 2020, 401k December 31, 2021 Expense recognized in respect of these plans were $7.3 million, $6.4 million and $8.7 million for the years ended December 31, 2021, 2020 2019 Defined benefit plans We offer a pension plan to certain of our U.K. employees, which qualifies as a defined benefit plan. Effective October 1, 1999, In December 2015, no On December 28, 2020, 65 Key assumptions The major assumptions, included on a weighted average basis across the defined benefit plans, used to calculate the defined benefit plan liabilities were: December 31, 2021 2020 2019 Discount rate 1.8 % 1.3 % 2.0 % Expected return on plan assets 3.2 % 2.7 % 3.4 % Expected rate of salary increases 0.1 % 0.1 % 0.1 % The discount rate has been calculated with reference to AA rated corporate bonds of a suitable maturity. Expected rates of salary increases have been estimated by management following a review of the participant data. Within the U.K. plans pensionable salary was frozen in 2012 The expected long-term return on cash is based on cash deposit rates available at the reporting date. The expected return on bonds is determined by reference to U.K. long term government bonds and bond yields at the reporting date. The expected rates of return on equities and property have been determined by setting an appropriate risk premium above government bond yields having regard to market conditions at the reporting date. Net periodic benefit cost Amounts recognized in the consolidated statements of operations and in the consolidated statements of comprehensive loss in respect of the defined benefit plans were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Current service cost $ (439 ) $ (539 ) $ (1,218 ) Interest cost (3,407 ) (4,551 ) (6,083 ) Expected return on plan assets 5,499 6,064 6,425 Plan curtailment / amendment events recognized in consolidated statements of operations - 2,269 47 Amortization of prior service credit 249 - - Reclassified net remeasurement (loss) gains 244 (104 ) - Amounts included in consolidated statements of operations $ 2,146 $ 3,139 $ (829 ) Actuarial gain (loss) on defined benefit plans $ 22,345 $ (9,356 ) $ (3,521 ) Plan curtailment / amendment credit recognized in consolidated statements of other comprehensive loss - 5,510 - Amortization of prior service credit (249 ) - - Reclassified net remeasurement (loss) gains (244 ) 104 - Other comprehensive income (loss) 21,852 (3,742 ) (3,521 ) Total comprehensive income (loss) $ 23,998 $ (603 ) $ (4,350 ) The service costs have primarily been included in “Cost of revenue, excluding depreciation and amortization” in the consolidated statements of operations. Interest cost, expected return on plan assets and plan curtailment / amendment events have been recognized in “Other income, net” in the consolidated statements of operations. The actuarial gain (loss) is derived from the components shown in the table below (in thousands): Year Ended December 31, 2021 2020 2019 Actuarial gain on assets $ 11,378 $ 16,678 $ 18,801 Actuarial gain (loss) on liabilities 10,967 (26,034 ) (22,322 ) Actuarial gain (loss) on defined benefit plans $ 22,345 $ (9,356 ) $ (3,521 ) The actuarial gain on the benefit obligation for the year ended December 31, 2021 2021 2022. The amount of employer contributions expected to be paid to our defined benefit plans during the years to December 31, 2031 Years ending December 31: 2022 $ 5,646 2023 $ 5,888 2024 $ 6,123 2025 $ 6,329 2026 $ 6,575 Thereafter to December 31, 2031 $ 31,507 The amounts included in the consolidated balance sheets arising from our obligations in respect of defined retirement benefit plans and post-employment benefits was as follows (in thousands): December 31, 2021 2020 Present value of defined benefit obligations $ (241,808 ) $ (261,576 ) Fair value of plan assets 212,688 203,630 Deficit recognized under non-current liabilities $ (29,120 ) $ (57,946 ) Changes in the present value of defined benefit obligations were as follows (in thousands): December 31, 2021 2020 Opening balance $ (261,576 ) $ (254,271 ) Current service cost (439 ) (539 ) Interest cost (3,407 ) (4,551 ) Actuarial gain (loss) 10,967 (26,034 ) Plan amendment - 4,873 Settlements - 17,432 Exchange differences 2,378 (8,026 ) Benefits paid 10,269 9,505 Payroll tax of employer contributions - 35 Ending balance $ (241,808 ) $ (261,576 ) Movements in fair value of plan assets were as follows (in thousands): December 31, 2021 2020 Opening balance $ 203,630 $ 194,554 Actual return on plan assets 16,877 22,742 Exchange differences (2,245 ) 6,393 Contributions from the sponsoring companies 4,695 4,005 Settlements - (14,524 ) Benefits paid (10,269 ) (9,505 ) Payroll tax of employer contributions - (35 ) Ending balance $ 212,688 $ 203,630 The actual return on plan assets consists of the following (in thousands): December 31, 2021 2020 2019 Expected return on plan assets $ 5,499 $ 6,064 $ 6,425 Actuarial gain on plan assets 11,378 16,678 18,801 Actual return on plan assets $ 16,877 $ 22,742 $ 25,226 Information for pension plans with an accumulated benefit obligation in excess of plan assets were as follows (in thousands): December 31, 2021 2020 Accumulated benefit obligation $ 240,644 $ 260,496 Fair value of plan assets 212,688 203,630 The investment strategy of the main U.K. plan (“U.K. Plan”) is set by the trustees and is based on advice received from an investment consultant. The primary investment objective for the U.K. Plan is to achieve an overall rate of return that is sufficient to ensure that assets are available to meet all liabilities as and when they become due. In doing so, the aim is to maximize returns at an acceptable level of risk taking into consideration the circumstances of the U.K. Plan. The investment strategy has been determined after considering the U.K. Plan’s liability profile and requirements of the U.K. statutory funding objective, and an appropriate level of investment risk. Taking all these factors into consideration, approximately 58% of the assets are invested in a growth portfolio, comprising diversified growth funds (“DGFs”) and property, and approximately 42% of the assets in a stabilizing portfolio, comprising corporate bonds and liability driven investments. DGFs are actively managed multi-asset funds. The managers of the DGFs aim to deliver equity like returns in the long term, with lower volatility. They seek to do this by investing in a wide range of assets and investment contracts in order to implement their market views. The present value of the U.K. Plan’s future benefits payments to members is sensitive to changes in long term interest rates and long-term inflation expectations. Liability driven investment (“LDI”) funds are more sensitive to changes in these factors and therefore provide more efficient hedging than traditional bonds. A small proportion of the assets have therefore been invested in LDI funds to help to reduce the volatility of the U.K. Plan’s funding position. The hedging level is expected to be increased over time as the U.K. Plan’s funding position improves. Assets of the other plans are invested in a combination of equity, bonds, real estate and insurance contracts. The analysis of the plan assets and the expected rate of return at the reporting date were as follows (in thousands): December 31, 2021 December 31, 2020 Expected rate Fair value of Expected rate Fair value of of return % asset of return % asset Mutual funds DGFs 4.6 $ 123,460 4.2 $ 116,590 LDI funds 1.1 61,163 0.7 67,395 Bond funds 1.8 26,571 1.4 17,382 Equities 1.5 360 2.3 233 Other assets 1.5 1,134 1.8 2,030 Total $ 212,688 $ 203,630 The aggregated asset categorization for the plans were as follows (in thousands): December 31, 2021 Level 1 Level 2 Level 3 Total Mutual funds DGFs $ 123,460 $ - $ - $ 123,460 LDI funds 61,163 - - 61,163 Bond funds 26,571 - - 26,571 Equities 360 - - 360 Other assets 445 329 360 1,134 Total $ 211,999 $ 329 $ 360 $ 212,688 December 31, 2020 Level 1 Level 2 Level 3 Total Mutual funds DGFs $ 116,590 $ - $ - $ 116,590 LDI funds 67,395 - - 67,395 Bond funds 17,382 - - 17,382 Equities 233 - - 233 Other assets 1,301 437 292 2,030 Total $ 202,901 $ 437 $ 292 $ 203,630 Other assets primarily represent insurance contracts. The fair value is estimated, based on the underlying defined benefit obligation assumed by the insurers. Movements in fair value of Level 3 December 31, 2021 2020 Opening balance $ 292 $ 14,786 Actual return on plan assets 5 4 Exchange differences 33 (2 ) Contributions from the sponsoring companies 30 28 Settlement - (14,524 ) Ending balance $ 360 $ 292 Executive Deferred Compensation Plan The Company maintains the Executive Deferred Compensation Plan (the “EDC Plan”) for certain current and former Frank’s employees. Effective during 2015, five no no As of December 31, 2021, December 31, 2021, |
Note 20 - Stock-based Compensat
Note 20 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 20. Stock-based compensation Management Incentive Plan During October 2018, MIP Stock options Stock options issued under the MIP vest over a three four There were 5.8 million and 6.4 million MIP stock options issued and outstanding as of December 31, 2020 2019, 2020 2019. Due to the nature of the performance conditions, recognition of compensation expense for the stock options was deferred until the occurrence of a Liquidity Event as defined in the MIP as the performance condition was deemed to be improbable. On October 1, 2021, The aforementioned event was accounted for as an improbable-to-probable modification and as a result, the fair value of all of the issued and outstanding MIP stock options was determined as of the Closing Date. Compensation expense was immediately recognized upon the Merger closing for all MIP stock options in which the service period was fulfilled. For the stock options in which the service period was not December 31, 2021. December 31, 2021, As of December 31, 2021, December 31, 2021, December 31, 2021, The fair value of the time-based MIP stock options granted to non-executive directors and management was estimated at the Closing Date using a Black-Scholes model and the fair value of the performance-based MIP stock options granted to management was estimated at the Closing Date using a Monte-Carlo Option valuation model. The Closing Date fair value of the Company’s shares is a key input in the determination of the fair value of the awards. The key assumptions used to estimate the fair value of the MIP stock options were as follows: Risk free interest rate 0.04 % Expected volatility 55 % Dividend yield 0.0 % Stock price on valuation date $ 18.90 MIP Restricted stock units (“MIP RSUs”) RSUs granted under the MIP were subject to vesting over a three December 31, 2020 2019. February 2021, 1 The Company recognized $2.6 million of stock-based compensation expense attributable to the MIP RSUs during the year ended December 31, 2021. December 31, 2020 2019 December 31, 2021. Expro Group Holdings N.V. Long-Term Incentive Plan Effective October 1, 2021, 2013 may December 31, 2021, LTIP Restricted Stock Units (“LTIP RSUs”) All RSUs granted under the LTIP vest ratably over a period of one three Employees granted LTIP RSUs are not Stock-based compensation expense relating to LTIP RSUs for the year ended December 31, 2021 December 31, 2020 2019. December 31, 2021 December 31, 2021, Non-vested LTIP RSUs outstanding as of December 31, 2021 Number Weighted Average of Grant Date Shares Fair Value Non-vested on the Closing Date 883,079 $ 21.97 Granted 458,258 17.64 Vested (93,688 ) 21.80 Forfeited (12,549 ) 22.59 Non-vested at December 31, 2021 1,235,100 $ 20.49 Performance Restricted Stock Units (“PRSUs”) The purpose of the PRSUs is to closely align the incentive compensation of the executive leadership team for the duration of the performance cycle with returns to the Company’s shareholders and thereby further motivate the executive leadership team to create sustained value to the Company shareholders. The design of the PRSU grants effectuates this purpose by placing a material amount of incentive compensation for each executive at risk by offering an extraordinary reward for the attainment of extraordinary results. Design features of the PRSU grant that in furtherance of this purpose include the following: ( 1 2 one three three 3 no 25th 25th 50th 75th 90th 4 Though the value of the PRSU grant may In 2021, three January 1, 2022 December 31, 2024 ( one January 1, 2022 December 31, 2022, January 1, 2023 December 31, 2023, January 1, 2024 December 31, 2024, The weighted average assumptions for the PRSUs granted in 2021 2021 Total expected term (in years) 3.25 Expected volatility 84.2 Risk-free interest rate 0.54 % Correlation range 20.8% to 79.5% In the event of death or disability, the restrictions related to forfeiture as defined in the performance awards agreement will lapse with respect to 100% of the PRSUs at the target level effective on the date of such event. In the event of involuntary termination except for cause, the Company may not Stock-based compensation expense related to PRSUs for the year ended December 31, 2021 December 31, 2020 2019. December 31, 2021, December 31, 2021, Non-vested PRSUs outstanding as of December 31, 2021, Number Weighted Average of Grant Date Shares Fair Value Non-vested on the Closing Date 340,071 $ 32.38 Granted 354,275 23.34 Vested (2,715 ) 29.72 Non-vested at December 31, 2021 691,631 $ 27.75 Employee Stock Purchase Plan Under the Expro Group Holdings N.V. Employee Stock Purchase Program (“ESPP”), eligible employees have the right to purchase shares of common stock at the lesser of (i) 85% of the last reported sale price of our common stock on the last trading date immediately preceding the first 423 December 31, 2021. December 31, 2021, |
Note 21 - Warrants
Note 21 - Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Warrants [Text Block] | 21. Warrants As of December 31, 2020, ● 1,284,978 “A” Warrants which entitled its holders to purchase common stock comprising up to 2% of Legacy Expro. The “A” Warrants were exercisable at a strike price of approximately $30.40 per share on the occurrence of certain specified events and, if not February 5, 2018 ( ● 4,497,414 “B” Warrants, which entitled its holders to purchase common stock comprising up to 7% of Legacy Expro. The “B” Warrants were exercisable at a strike price of approximately $30.40 per share on the occurrence of certain specified events and, if not Pursuant to the Merger Agreement, the Company agreed to issue replacement warrants but only so that the holders of the Legacy Expro warrants would receive, upon exercise of the warrants after Closing, the merger consideration that would have been received of the Legacy Expro shares issuable upon exercise of the Legacy Expro warrants immediately before Closing, assuming a cashless exercise. Because the fair market value of the Legacy Expro shares at the time of merger determined in accordance with the warrant agreement was below the exercise price of the Legacy Expro warrant (i.e. the Legacy Expro warrants were out of the money), no not December 31, 2021. |
Note 22 - Loss Per Share
Note 22 - Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 22. Loss per share Basic income (loss) per share attributable to Company stockholders is calculated by dividing net income (loss) attributable to the Company by the weighted-average number of common shares outstanding for the period. Diluted income (loss) per share attributable to Company stockholders is computed giving effect to all potential dilutive common stock, unless there is a net loss for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by unvested restricted stock units and ESPP shares. The calculation of basic and diluted loss per share attributable to the Company stockholder for years ended December 31, 2021, 2020 2019 Year Ended December 31, 2021 2020 2019 Net loss $ (131,891 ) $ (307,045 ) $ (64,761 ) Basic and diluted weighted average number of shares outstanding 80,525,694 70,889,753 70,889,753 Total basic and diluted loss per share $ (1.64 ) $ (4.33 ) $ (0.91 ) Approximately 651,736 shares of unvested restricted stock units and stock to be issued pursuant to the ESPP have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive for the year ended December 31, 2021 Additionally, since the conditions upon which shares were issuable for outstanding warrants and stock options were not December 31, 2020 2019 not |
Note 23 - Related Party Transac
Note 23 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 23. Related party transactions Our related parties consist primarily of CETS and PVD-Expro, the two December 31, 2021, 2020 2019 December 31, 2021 Further, during the years ended December 31, 2021, 2020 2019 As of December 31, 2021 2020 December 31, 2021 As of December 31, 2021 December 31, 2020. Tax Receivable Agreement Mosing Holdings, LLC, a Delaware limited liability company (“Mosing Holdings”), converted all of its shares of Frank’s Series A convertible preferred stock into shares of Frank’s common stock on August 26, 2016, The tax receivable agreement (the “Original TRA”) that Frank’s entered into with FICV and Mosing Holdings in connection with Frank’s initial public offering (“IPO”) generally provided for the payment by Frank’s to Mosing Holdings of 85% 15% In connection with the Merger Agreement, Frank’s, FICV and Mosing Holdings entered into the Amended and Restated Tax Receivable Agreement, dated as of March 10, 2021 ( October 1, 2021, 3 ten October 1, 2021 |
Note 24 - Supplemental Cash Flo
Note 24 - Supplemental Cash Flow | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 24. Supplemental Cash Flow Year Ended December 31, 2021 2020 2019 Supplemental disclosure of cash flow information: Cash paid for income taxes net of refunds $ (20,130 ) $ (21,437 ) $ (13,603 ) Cash paid for interest, net (4,192 ) (2,630 ) (1,490 ) Change in accounts payable and accrued expenses related to capital expenditures (8,191 ) (9,375 ) (839 ) Fair value of net assets acquired in the Merger, net of cash and cash equivalents and restricted cash 552,543 - - |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements have been prepared using the U.S. dollar (“$” or “USD”) as the reporting currency. |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements reflect the accounts of the Company and its subsidiaries. All intercompany balances and transactions, including unrealized profits arising from them, have been eliminated for purposes of preparing these consolidated financial statements. Investments in which we do not |
Use of Estimates, Policy [Policy Text Block] | Use of estimates Preparation of the consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Estimates and assumptions are used for, but are not |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition We recognize revenue from rendering of services over a period of time as the customer simultaneously consumes the benefit of the service while it is being rendered reflecting the amount of consideration to which the Company has a right to invoice. As part of rendering of services, the Company also provides rental equipment and personnel. Using practical expedients under Accounting Standards Update (“ASU”) 2014 09, not 2014 09 Revenue from the sale of goods is generally recognized at the point in time when the control has passed onto the customer which generally coincides with delivery and installation, where applicable. We also recognize revenue for “bill and hold” sales, associated with certain product sales, once the following criteria have been met: ( 1 2 3 4 Where contractual arrangements contain multiple performance obligations, we analyze each performance obligation within the sales arrangement to determine whether they are distinct. The revenue for contracts involving multiple performance obligations is allocated to each distinct performance obligation based on relative selling prices and is recognized on satisfaction of each distinct performance obligation. Further, a small number of our contracts contain penalty provisions for late delivery and installation of equipment, downtime or other equipment functionality. These penalties are typically percentage reductions in the total arrangement consideration, capped at a certain amount, or a reduction in the on-going service fee and are assessed as variable consideration in the contract. Revenue is recognized to depict the transfer of promised services or goods to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or goods. We do not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency transactions The functional currency of all our subsidiaries is the USD. Gains and losses resulting from remeasurement of foreign currency denominated monetary assets and liabilities are included in the consolidated statements of operations as incurred. Gains and losses resulting from transactions denominated in a foreign currency are also included in the consolidated statements of operations as incurred. |
Interest Expense, Policy [Policy Text Block] | Interest and finance expense, net Our interest and finance expense primarily consists of interest and other costs that we incur in connection with our revolving credit facility and finance lease liabilities. Costs incurred that are directly related to the raising of debt financing, together with any original issue discount or premium, are capitalized and recognized over the term of the loan or facility, using the effective interest method other than for those debt instruments that we elect to account for under the fair value option, in which case such costs are expensed in the period incurred. All other finance costs are expensed in the period they are incurred. |
Income Tax, Policy [Policy Text Block] | Income taxes We use the asset and liability method to account for income taxes whereby we calculate the deferred tax asset or liability account balances using tax laws and rates in effect at that time. Under this method, the balances of deferred tax liabilities and assets at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. Valuation allowances are recorded to reduce gross deferred tax assets when it is more likely than not not We operate in more than 60 countries and are subject to domestic and numerous foreign taxing jurisdictions. Determination of taxable income in any jurisdiction requires the interpretation of the related tax laws and regulations and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of income, deductions, and tax credits. Changes in tax laws, regulations or agreements in each taxing jurisdiction could have an impact on the amount of income taxes that we provide during any given year. Our tax filings for various periods are subject to audit by the tax authorities in most jurisdictions in which we operate, and these assessments can result in additional taxes. Estimating the outcome of audits and assessments by the tax authorities involves uncertainty. We review the facts of each case and apply judgments and assumptions to determine the most likely outcome and we provide for taxes, interest and penalties on this basis. In line with U.S. GAAP, we recognize the effects of a tax position in the consolidated financial statements when it is more likely than not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, cash equivalents and restricted cash We consider all highly liquid instruments with original maturities of three |
Accounts Receivable [Policy Text Block] | Accounts receivable, net Accounts receivable represents customer transactions that have been invoiced as of the balance sheet date and unbilled receivables relating to customer transactions that have not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost comprises direct materials and where applicable, direct labor costs and overheads that have been incurred in bringing the inventories to their current location and condition which are calculated using the average cost method. We regularly evaluate the quantities and values of our inventories in light of current market conditions, market trends and other factors, and record inventory write-downs as appropriate. This evaluation considers historical usage, expected demand, product obsolescence and other factors. Market conditions are subject to change, and actual consumption of our inventory could differ from expected demand. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets We assess long-lived assets, including our property, plant and equipment, for impairment whenever events or changes in business circumstances arise that may may not not third may We consider a long-lived asset to be abandoned after we have ceased use of such asset and we have no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the price paid to acquire or construct the asset, required installation costs, interest capitalized during the construction period and any expenditure that substantially adds to the value of the asset, substantially upgrades the assets for an enhanced use or substantially extends the useful life of an existing asset. We expense costs related to the routine repair and maintenance of property, plant and equipment at the time we incur them. We capitalize interest as part of the cost of acquiring or constructing certain assets, to the extent incurred, during the period of time required to place the property, plant and equipment into service. When properties or equipment are sold, retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the books and the resulting gain or loss is recognized on the consolidated statements of operations. We begin depreciation for such assets, including any related capitalized interest, once an asset is placed into operational service. We consider an asset to be placed into operational service when the asset is both in the location and condition for its intended use. We compute depreciation expense, with the exception of land, using the straight-line method on a net cost basis over the estimated useful lives of the assets, as presented in the table below. Land improvement - 12 years Buildings - Up to 40 years Leased property, including leasehold buildings - over the lesser of the remaining useful life or period of the lease Plant and equipment - 2 to 12 years Useful lives and residual values are reviewed annually and where adjustments are required these are made prospectively. For property, plant and equipment that has been placed into service, but is subsequently idled, we continue to record depreciation expense during the idle period. We adjust the estimated useful lives of the idled assets if the estimated useful lives have changed. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is not not not October 31 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets, net Identifiable intangible assets are amortized using the straight-line method over the estimated useful lives of the assets, ranging from one fifteen may not |
Equity Method Investments [Policy Text Block] | Investments in joint ventures We use the equity method of accounting for our equity investments where we hold more than 20% not not The Company evaluates its investments in joint ventures for potential impairment whenever events or changes in circumstances indicate that there may The results of the joint ventures are prepared for the same reporting period as the Company. Where necessary, adjustments are made to bring the accounting policies used in line with those of the Company, to take into account fair values assigned at the date of acquisition; and to reflect impairment losses where appropriate. Adjustments are also made in our consolidated financial statements to eliminate our share of unrealized gains and losses on transactions between us and our joint ventures. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value measurements We measure certain financial assets and liabilities at fair value at each balance sheet date and, for the purposes of impairment testing, use fair value to determine the recoverable amount of our non-financial assets. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by us. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three one three Level 1 Level 2 not 2 Level 3 one When available, we use quoted market prices to determine the fair value of an asset or liability. We determine the policies and procedures for both recurring fair value measurements and non-recurring fair value measurements, such as impairment tests. At each reporting date, we analyze the movements in the values of assets and liabilities which are required to be remeasured or reassessed as per our accounting policies. For the purpose of fair value disclosures, we have determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. |
Lessee, Leases [Policy Text Block] | Leases We have operating and finance leases primarily related to real estate, transportation and equipment. We determine if an arrangement is a lease at inception. Upon commencement of a lease, we recognize an operating lease right-of-use asset (“ROU Asset”) and corresponding operating lease liability based on the then present value of all lease payments over the lease term. ROU Assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make lease payments arising from the lease. The accounting for some of our leases may not Leases which meet the criteria of a finance lease in accordance with Accounting Standards Codification (“ASC”) 842 Leases not not We do not one not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Post-retirement benefits Defined Benefit Plans The cost of providing benefits under defined benefit plans are determined separately for each plan using the projected unit credit method, which attributes entitlement to benefits to the current and prior periods. Both current and past service costs are recognized in net income (loss) as they arise. The interest element of the defined benefit cost represents the change in present value of plan obligations resulting from the passage of time and is determined by applying a discount rate to the opening present value of the benefit obligation, taking into account material changes in the obligation during the year. The expected return on plan assets is based on an assessment made at the beginning of the year of long-term market returns on plan assets, adjusted for the effect on the fair value of plan assets of contributions received and benefits paid during the year. We initially recognize actuarial gains and losses as other comprehensive income in the year they arise. Where the net cumulative actuarial gains or losses for a plan exceeds 10 10 no The defined benefit pension asset or liability on the consolidated balance sheets comprise the total for each plan of the present value of the defined benefit obligation using a discount rate based on high quality corporate bonds less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and in the case of quoted securities is the published bid price. Defined Contribution Plans The costs of providing benefits under a defined contribution plan are expensed at the time contributions become payable to the respective plan. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation Effective as of October 1, 2021, Stock-based compensation expense is measured at the grant date of the share-based awards based on their fair value. Stock-based compensation expense is recognized on a straight-line basis over the vesting period and is included in cost of revenue and general and administrative expenses in the consolidated statements of operations. We do not The grant date fair value of the RSUs, which are not In October 2018, 2018 |
Research and Development Expense, Policy [Policy Text Block] | Research and development Research and development costs are expensed as incurred and relate to spending for new product development and innovation and includes internal engineering, materials and third December 31, 2021, 2020 2019 |
Earnings Per Share, Policy [Policy Text Block] | Income (loss) per share Basic income (loss) per share excludes dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution that could occur if securities to issue common stock were exercised or converted to common stock. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements Accounting guidance adopted Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. ASUs not not In August 2018, ASU 2018 14, Retirement Benefits Defined Benefit Plans General (Subtopic 715 20 Changes to the Disclosure Requirements for Defined Benefit Plans ● The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates; ● An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period; ● The projected benefit obligation and fair value of plan assets for plans with projected benefit obligations in excess of plan assets; and ● The accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets. We adopted the guidance on January 1, 2021. not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Land improvement - 12 years Buildings - Up to 40 years Leased property, including leasehold buildings - over the lesser of the remaining useful life or period of the lease Plant and equipment - 2 to 12 years |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Per share Amount Shares issued Price (in thousands) Issuance of common stock attributable to Frank’s stockholders 38,066,216 $ 18.90 $ 719,452 Replacement of Frank’s equity awards 7,830 Cash payment to Mosing Holdings LLC pursuant to the amended and restated tax receivable agreement 15,000 Total Merger Consideration Exchanged $ 742,282 Amount Cash and cash equivalents $ 187,178 Restricted cash 2,561 Accounts receivables, net 112,234 Inventories 69,567 Assets held for sale 10,061 Income tax receivables 2,030 Other current assets 23,908 Property, plant and equipment 212,639 Goodwill 154,399 Intangible assets 104,791 Operating lease right-of-use assets 27,406 Other assets 20,494 Total assets 927,268 Accounts payable and accrued liabilities 81,959 Operating lease liabilities 8,344 Current income tax liabilities 8,932 Other current liabilities 19,918 Deferred tax liabilities 5,673 Non-current operating lease liabilities 19,607 Other non-current liabilities 40,553 Total Liabilities 184,986 Total Merger Consideration Exchanged $ 742,282 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2021 2020 Unaudited pro forma revenues $ 1,143,356 $ 1,065,384 Unaudited pro forma net loss $ (121,546 ) $ (491,091 ) |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | NLA ESSA MENA APAC Central Total Costs expensed during the year $ 2,864 $ 4,117 $ 612 $ 1,171 $ 7,238 $ 16,002 Payments made during the year (807 ) (1,615 ) (188 ) (554 ) (623 ) (3,787 ) Balance at December 31, 2021 $ 2,057 $ 2,502 $ 424 $ 617 $ 6,615 $ 12,215 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Investments: Cash surrender value of life insurance policies- Deferred compensation plan $ - $ 18,857 $ - $ 18,857 Non-current accounts receivable, net - 11,531 - 11,531 Liabilities: Deferred compensation plan - 9,339 - 9,339 Finance lease liabilities - 16,919 - 16,919 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Non-current accounts receivable, net $ - $ 11,321 $ - $ 11,321 Liabilities: Finance lease liabilities - 18,194 - 18,194 |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | 2020 2019 Goodwill $ 191,893 $ 26,422 Intangible assets, net 60,394 17,901 Property, plant and equipment, net 19,993 4,713 Operating lease right-of-use assets 15,174 - Total $ 287,454 $ 49,036 |
Note 5 - Business Segment Rep_2
Note 5 - Business Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2021 2020 2019 NLA $ 193,156 $ 115,738 $ 174,058 ESSA 300,557 219,534 256,790 MENA 171,136 194,033 237,065 APAC 160,913 145,721 142,151 Total $ 825,762 $ 675,026 $ 810,064 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2021 2020 2019 NLA $ 32,254 $ 54 $ 15,031 ESSA 53,336 35,393 45,358 MENA 56,312 77,296 86,043 APAC 33,444 34,976 28,762 Total Segment EBITDA 175,346 147,719 175,194 Corporate costs (66,153 ) (61,122 ) (67,498 ) Equity in income of joint ventures 16,747 13,589 9,639 Depreciation and amortization expense (123,866 ) (113,693 ) (122,503 ) Impairment expense - (287,454 ) (49,036 ) Severance and other expense (7,826 ) (13,930 ) (4,444 ) Stock-based compensation expense (54,162 ) - - Gain on disposal of assets 1,000 10,085 - Foreign exchange losses (4,314 ) (2,261 ) (4,176 ) Merger and integration expense (47,593 ) (1,630 ) - Other income, net 3,992 3,908 226 Interest and finance expense, net (8,795 ) (5,656 ) (3,300 ) Loss before income taxes $ (115,624 ) $ (310,445 ) $ (65,898 ) |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2021 2020 NLA $ 561,482 $ 97,738 ESSA 370,638 221,683 MENA 358,465 284,635 APAC 231,087 173,688 Assets held centrally 332,966 262,007 Total $ 1,854,638 $ 1,039,751 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2021 2020 NLA $ 6,426 $ 10,800 ESSA 11,151 35,421 MENA 14,553 37,000 APAC 19,958 16,413 Assets held centrally 29,423 12,753 Total $ 81,511 $ 112,387 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2021 2020 2019 Well construction $ 112,126 $ - $ - Well management 713,636 675,026 810,064 Total $ 825,762 $ 675,026 $ 810,064 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2021 2020 Accounts receivable, net $ 236,158 $ 159,421 Unbilled receivable $ 94,659 $ 45,500 Deferred revenue $ 17,038 $ 29,063 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2021 2020 2019 Current tax: Netherlands (2020 and 2019: U.K.) $ 216 $ (707 ) $ - Foreign 16,777 17,883 17,160 Total current tax 16,993 17,176 17,160 Deferred tax: Netherlands (2020 and 2019: U.K.) - - - Foreign (726 ) (20,576 ) (18,297 ) Total deferred tax (726 ) (20,576 ) (18,297 ) Income tax expense (benefit) $ 16,267 $ (3,400 ) $ (1,137 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2021 2020 2019 Netherlands (2020 and 2019: U.K.) $ (19,190 ) $ 22,819 $ 33,071 Foreign (113,181 ) (346,853 ) (108,608 ) Total $ (132,371 ) $ (324,034 ) $ (75,537 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2021 2020 2019 Statutory tax rate 25 % 19 % 19 % Income tax expense at statutory rate $ (33,093 ) $ (61,566 ) $ (14,352 ) Permanent differences 14,123 122,815 10,322 Effect of overseas tax rates 10,583 (1,754 ) (4,961 ) Net tax charge related to attributes with full valuation allowance 28,607 (71,259 ) 12,769 Exempt dividends from joint ventures (1,014 ) 14 - Return to provision adjustments (5,001 ) 6,150 (6,446 ) Withholding taxes 1,995 984 876 Foreign exchange movements on tax balances 67 1,216 655 Income tax expense (benefit) $ 16,267 $ (3,400 ) $ (1,137 ) Effective tax rate -12.3 % 1.0 % 1.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Net operating loss carry forwards $ 731,315 $ 484,695 Employee compensation and benefits 12,958 7,767 Depreciation 44,253 24,759 Other 34,734 19,987 Investment in partnership 51,890 - Intangibles 22,980 - Valuation allowance (829,087 ) (512,711 ) Total deferred tax assets 69,043 24,497 Deferred tax liabilities: Depreciation (1,935 ) (6,565 ) Goodwill and other intangibles (42,784 ) (40,054 ) Investment in partnership (48,856 ) - Other (7,212 ) (4,695 ) Total deferred tax liabilities (100,787 ) (51,314 ) Net deferred tax liabilities $ (31,744 ) $ (26,817 ) |
Summary of Valuation Allowance [Table Text Block] | Year Ended December 31 2021 2020 2019 Balance at the beginning of the period $ 512,711 $ 443,398 $ 507,159 Additions attributable to the Merger 187,319 - - Additions not attributable to the Merger 160,299 72,025 312 Reductions (31,242 ) (2,712 ) (64,073 ) Balance at end of period $ 829,087 $ 512,711 $ 443,398 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year ended December 31 2021 2020 Balance at the beginning of the period $ 35,377 $ 32,515 Additions attributable to the Merger 40,144 - Additions based on tax positions related to current period not attributable to the Merger 5,774 2,182 Additions for tax positions of prior year period not attributable to the Merger 5,094 1,787 Settlements with tax authorities (2,370 ) (665 ) Reductions for tax positions of prior years (5,138 ) (763 ) Reductions due to the lapse of statute of limitations (2,094 ) (188 ) Effect of changes in foreign exchange rates (673 ) 509 Balance at the end of the period $ 76,114 $ 35,377 |
Note 8 - Investment in Joint _2
Note 8 - Investment in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | December 31, 2021 2020 CETS $ 54,014 $ 41,504 PVD-Expro 3,590 3,584 Total $ 57,604 $ 45,088 |
Note 9 - Accounts Receivable,_2
Note 9 - Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 2020 Accounts receivable $ 340,209 $ 211,838 Less: Expected credit losses (9,392 ) (6,917 ) Total $ 330,817 $ 204,921 Current 319,286 193,600 Non – current 11,531 11,321 Total $ 330,817 $ 204,921 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 6,917 $ 6,313 $ 6,315 Additions - Acquired in the Merger 992 - - Additions - Charged to expense 1,527 965 571 Deductions (44 ) (361 ) (573 ) Balance at end of year $ 9,392 $ 6,917 $ 6,313 |
Note 10 - Inventories (Tables)
Note 10 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 Finished goods $ 34,899 $ - Raw materials, equipment spares and consumables 76,025 42,995 Work-in progress 14,192 10,364 Total $ 125,116 $ 53,359 |
Note 11 - Other Assets and Li_2
Note 11 - Other Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, 2021 2020 Cash surrender value of life insurance policies $ 18,857 $ - Prepayments 19,891 17,824 Value-added tax receivables 22,524 19,213 Collateral deposits 1,599 1,761 Deposits 7,331 3,286 Other 9,197 2,621 Total $ 79,399 $ 44,705 Current 52,938 39,957 Non – current 26,461 4,748 Total $ 79,399 $ 44,705 |
Other Liabilities [Table Text Block] | December 31, 2021 2020 Deferred revenue $ 17,038 $ 29,063 Other tax and social security 27,893 16,830 Income tax liabilities - non-current portion 45,741 35,377 Deferred compensation plan 9,339 - Other 49,739 20,999 Total $ 149,750 $ 102,269 Current 74,213 59,043 Non – current 75,537 43,226 Total $ 149,750 $ 102,269 |
Note 12 - Accounts Payable an_2
Note 12 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Accounts payable – trade $ 84,952 $ 63,855 Payroll, vacation and other employee benefits 42,671 22,345 Accruals for goods received not invoiced 18,666 6,655 Other accrued liabilities 66,863 43,387 Total $ 213,152 $ 136,242 |
Note 13 - Property, Plant and_2
Note 13 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Cost: Land $ 21,580 $ 3,379 Land improvement 3,054 - Buildings and lease hold improvements 104,660 30,513 Plant and equipment 701,400 519,866 830,694 553,758 Less: accumulated depreciation (352,114 ) (259,035 ) Total $ 478,580 $ 294,723 December 31, 2021 2020 Cost: Buildings $ 18,623 $ 18,932 Plant and equipment 1,275 1,520 19,898 20,452 Less: accumulated amortization (7,733 ) (6,674 ) Total $ 12,165 $ 13,778 |
Note 14 - Intangible Assets, _2
Note 14 - Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 December 31, 2020 December 31, 2021 Accumulated Accumulated Weighted Gross impairment Gross impairment average carrying and Net book carrying and Net book remaining amount amortization value amount amortization value life (years) CR&C $ 222,200 $ (98,271 ) $ 123,929 $ 215,200 $ (78,846 ) $ 136,354 6.3 Trademarks 57,100 (29,392 ) 27,708 40,100 (27,137 ) 12,963 8.4 Technology 159,458 (60,979 ) 98,479 79,538 (56,635 ) 22,903 13.3 Software 8,754 (5,817 ) 2,937 7,387 (6,439 ) 948 0.7 Total $ 447,512 $ (194,459 ) $ 253,053 $ 342,225 $ (169,057 ) $ 173,168 9.3 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Acquired Fair Value Weighted average life CR&C $ 7,000 10.0 Trademarks 17,000 10.0 Technology 79,920 15.0 Software 871 1.0 Total $ 104,791 13.7 |
Schedule of Impaired Intangible Assets [Table Text Block] | 2020: CR&C Technology Trademarks Total NLA $ 10,262 $ 20,616 $ 11,437 $ 42,315 ESSA - 6,909 4,070 10,979 APAC - 7,100 - 7,100 Total $ 10,262 $ 34,625 $ 15,507 $ 60,394 2019: CR&C Technology Trademarks Total NLA $ - $ 3,809 $ - $ 3,809 ESSA 7,760 4,712 1,620 14,092 Total $ 7,760 $ 8,521 $ 1,620 $ 17,901 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31, 2022 $ 34,691 2023 31,755 2024 31,755 2025 31,755 2026 31,755 Thereafter 91,342 Total $ 253,053 |
Note 15 - Goodwill (Tables)
Note 15 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, 2021 2020 NLA $ 93,608 $ - ESSA 66,283 14,504 MENA 3,331 - APAC 16,681 11,000 Total $ 179,903 $ 25,504 2021 2020 Cost Acquired in Merger Accumulated impairment Net Book Value Cost Additions Accumulated impairment Net Book Value NLA $ 37,341 $ 93,608 $ (37,341 ) $ 93,608 $ 37,341 $ - $ (37,341 ) $ - ESSA 28,982 51,779 (14,478 ) 66,283 28,982 - (14,478 ) 14,504 MENA 126,383 3,331 (126,383 ) 3,331 126,383 - (126,383 ) - APAC 51,113 5,681 (40,113 ) 16,681 51,113 - (40,113 ) 11,000 Total $ 243,819 $ 154,399 $ (218,315 ) $ 179,903 $ 243,819 $ - $ (218,315 ) $ 25,504 |
Schedule of Goodwill Impairment Expense [Table Text Block] | Year Ended December 31, 2021 2020 2019 NLA $ - $ 25,397 $ 11,944 ESSA - - 14,478 MENA - 126,383 - APAC - 40,113 - Total $ - $ 191,893 $ 26,422 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2021 2020 2019 Components of lease expenses: Finance lease expense: Amortization of right of use assets $ 967 $ 1,649 $ 2,243 Interest incurred on lease liabilities 2,246 2,386 2,478 Operating lease expense 21,479 19,870 24,915 Short term lease expense 54,756 56,156 66,450 Total lease expense $ 79,448 $ 80,061 $ 96,086 December 31, 2021 2020 2019 Other supplementary information (in thousands, except years and discount rates): Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 25,348 $ 23,134 $ 24,095 Right-of-use assets obtained in an exchange for lease obligations Operating leases $ 8,529 $ 8,917 $ 18,447 Weighted average remaining lease term: Operating leases 7.3 8.5 8.7 Finance leases 11.0 11.7 11.9 Weighted average discount rate for operating leases 8.8 % 10.0 % 10.3 % Weighted average discount rate for finance leases 13.1 % 13.5 % 13.5 % |
Lessee, Lease, Liability, Maturity [Table Text Block] | Operating Finance Leases Leases Years ending December 31, 2022 $ 26,177 $ 3,291 2023 21,895 3,024 2024 16,008 2,899 2025 12,742 2,841 2026 9,585 2,841 Due after 5 years 45,205 17,372 $ 131,612 $ 32,268 Less: amounts representing interest (38,229 ) (15,349 ) Total $ 93,383 $ 16,919 Short-term portion $ 19,695 $ 1,147 Long-term portion 73,688 15,772 Total $ 93,383 $ 16,919 |
Note 19 - Post-retirement Ben_2
Note 19 - Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Defined Benefit Plan, Assumptions [Table Text Block] | December 31, 2021 2020 2019 Discount rate 1.8 % 1.3 % 2.0 % Expected return on plan assets 3.2 % 2.7 % 3.4 % Expected rate of salary increases 0.1 % 0.1 % 0.1 % |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2021 2020 2019 Current service cost $ (439 ) $ (539 ) $ (1,218 ) Interest cost (3,407 ) (4,551 ) (6,083 ) Expected return on plan assets 5,499 6,064 6,425 Plan curtailment / amendment events recognized in consolidated statements of operations - 2,269 47 Amortization of prior service credit 249 - - Reclassified net remeasurement (loss) gains 244 (104 ) - Amounts included in consolidated statements of operations $ 2,146 $ 3,139 $ (829 ) Actuarial gain (loss) on defined benefit plans $ 22,345 $ (9,356 ) $ (3,521 ) Plan curtailment / amendment credit recognized in consolidated statements of other comprehensive loss - 5,510 - Amortization of prior service credit (249 ) - - Reclassified net remeasurement (loss) gains (244 ) 104 - Other comprehensive income (loss) 21,852 (3,742 ) (3,521 ) Total comprehensive income (loss) $ 23,998 $ (603 ) $ (4,350 ) |
Schedule of Actuarial Gain (Loss) [Table Text Block] | Year Ended December 31, 2021 2020 2019 Actuarial gain on assets $ 11,378 $ 16,678 $ 18,801 Actuarial gain (loss) on liabilities 10,967 (26,034 ) (22,322 ) Actuarial gain (loss) on defined benefit plans $ 22,345 $ (9,356 ) $ (3,521 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Years ending December 31: 2022 $ 5,646 2023 $ 5,888 2024 $ 6,123 2025 $ 6,329 2026 $ 6,575 Thereafter to December 31, 2031 $ 31,507 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | December 31, 2021 2020 Present value of defined benefit obligations $ (241,808 ) $ (261,576 ) Fair value of plan assets 212,688 203,630 Deficit recognized under non-current liabilities $ (29,120 ) $ (57,946 ) |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | December 31, 2021 2020 Opening balance $ (261,576 ) $ (254,271 ) Current service cost (439 ) (539 ) Interest cost (3,407 ) (4,551 ) Actuarial gain (loss) 10,967 (26,034 ) Plan amendment - 4,873 Settlements - 17,432 Exchange differences 2,378 (8,026 ) Benefits paid 10,269 9,505 Payroll tax of employer contributions - 35 Ending balance $ (241,808 ) $ (261,576 ) |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | December 31, 2021 2020 Opening balance $ 203,630 $ 194,554 Actual return on plan assets 16,877 22,742 Exchange differences (2,245 ) 6,393 Contributions from the sponsoring companies 4,695 4,005 Settlements - (14,524 ) Benefits paid (10,269 ) (9,505 ) Payroll tax of employer contributions - (35 ) Ending balance $ 212,688 $ 203,630 |
Schedule of Defined Benefit Plan Actual Return on Plan Assets [Table Text Block] | December 31, 2021 2020 2019 Expected return on plan assets $ 5,499 $ 6,064 $ 6,425 Actuarial gain on plan assets 11,378 16,678 18,801 Actual return on plan assets $ 16,877 $ 22,742 $ 25,226 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | December 31, 2021 2020 Accumulated benefit obligation $ 240,644 $ 260,496 Fair value of plan assets 212,688 203,630 |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | December 31, 2021 December 31, 2020 Expected rate Fair value of Expected rate Fair value of of return % asset of return % asset Mutual funds DGFs 4.6 $ 123,460 4.2 $ 116,590 LDI funds 1.1 61,163 0.7 67,395 Bond funds 1.8 26,571 1.4 17,382 Equities 1.5 360 2.3 233 Other assets 1.5 1,134 1.8 2,030 Total $ 212,688 $ 203,630 |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, 2021 Level 1 Level 2 Level 3 Total Mutual funds DGFs $ 123,460 $ - $ - $ 123,460 LDI funds 61,163 - - 61,163 Bond funds 26,571 - - 26,571 Equities 360 - - 360 Other assets 445 329 360 1,134 Total $ 211,999 $ 329 $ 360 $ 212,688 December 31, 2020 Level 1 Level 2 Level 3 Total Mutual funds DGFs $ 116,590 $ - $ - $ 116,590 LDI funds 67,395 - - 67,395 Bond funds 17,382 - - 17,382 Equities 233 - - 233 Other assets 1,301 437 292 2,030 Total $ 202,901 $ 437 $ 292 $ 203,630 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | December 31, 2021 2020 Opening balance $ 292 $ 14,786 Actual return on plan assets 5 4 Exchange differences 33 (2 ) Contributions from the sponsoring companies 30 28 Settlement - (14,524 ) Ending balance $ 360 $ 292 |
Note 20 - Stock-based Compens_2
Note 20 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk free interest rate 0.04 % Expected volatility 55 % Dividend yield 0.0 % Stock price on valuation date $ 18.90 2021 Total expected term (in years) 3.25 Expected volatility 84.2 Risk-free interest rate 0.54 % Correlation range 20.8% to 79.5% |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number Weighted Average of Grant Date Shares Fair Value Non-vested on the Closing Date 883,079 $ 21.97 Granted 458,258 17.64 Vested (93,688 ) 21.80 Forfeited (12,549 ) 22.59 Non-vested at December 31, 2021 1,235,100 $ 20.49 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Number Weighted Average of Grant Date Shares Fair Value Non-vested on the Closing Date 340,071 $ 32.38 Granted 354,275 23.34 Vested (2,715 ) 29.72 Non-vested at December 31, 2021 691,631 $ 27.75 |
Note 22 - Loss Per Share (Table
Note 22 - Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2021 2020 2019 Net loss $ (131,891 ) $ (307,045 ) $ (64,761 ) Basic and diluted weighted average number of shares outstanding 80,525,694 70,889,753 70,889,753 Total basic and diluted loss per share $ (1.64 ) $ (4.33 ) $ (0.91 ) |
Note 24 - Supplemental Cash F_2
Note 24 - Supplemental Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, 2021 2020 2019 Supplemental disclosure of cash flow information: Cash paid for income taxes net of refunds $ (20,130 ) $ (21,437 ) $ (13,603 ) Cash paid for interest, net (4,192 ) (2,630 ) (1,490 ) Change in accounts payable and accrued expenses related to capital expenditures (8,191 ) (9,375 ) (839 ) Fair value of net assets acquired in the Merger, net of cash and cash equivalents and restricted cash 552,543 - - |
Note 1 - Business Description (
Note 1 - Business Description (Details Textual) | Oct. 01, 2021$ / sharesshares | Dec. 31, 2021€ / sharesshares | Oct. 01, 2021€ / sharesshares | Sep. 30, 2021shares | Dec. 31, 2020€ / sharesshares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | € / shares | € 0.06 | € 0.06 | € 0.06 | ||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | 798,096,000 | 70,889,753 |
Common Stock, Shares Authorized, Pre-Reverse Stock Split (in shares) | 1,200,000,000 | 1,200,000,000 | |||
Number of Countries in which Entity Operates | 60 | ||||
Merger with Expro [Member] | |||||
Business Combination, Number of Common Shares Converted by Each Right (in shares) | 1.2120 | ||||
Merger Exchange Ratio | 7.2720 | ||||
Expro [Member] | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | ||||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 6 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Countries in which Entity Operates | 60 | ||
Research and Development Expense, Total | $ 6.7 | $ 10.4 | $ 14.4 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Land Improvements [Member] | |
Estimated useful lives (Year) | 12 years |
Building [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 40 years |
Plant and Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 12 years |
Plant and Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 2 years |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Dispositions (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2021 | Dec. 31, 2021 | Nov. 13, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 34,691 | $ 34,691 | ||||
Business Combination, Acquisition Related Costs | 47,593 | $ 1,630 | $ 0 | |||
Proceeds from Sale of Productive Assets, Total | 3,818 | 15,614 | $ 10 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Assets and Liabilities Related to Pressure-control Chokes Product Line [Member] | ||||||
Proceeds from Sale of Productive Assets, Total | $ 15,500 | |||||
Disposal Group, Maximum Additional Contingent Consideration | $ 1,000 | |||||
Disposal Group, Contingent Consideration Asset | 0 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 1,000 | 10,100 | ||||
Disposal Group, Including Discontinued Operation, Assets, Total | 4,400 | |||||
Disposal Group, Transaction Costs | 1,000 | |||||
Merger with Expro [Member] | ||||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 7,700 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 112,100 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 32,900 | |||||
Business Combination, Acquisition Related Costs | $ 47,600 | $ 1,600 | ||||
Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||||
Minimum [Member] | Merger with Expro [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||
Maximum [Member] | Merger with Expro [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 3 - Business Combination_4
Note 3 - Business Combinations and Dispositions - Consideration Exchanged and Preliminary Allocation (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | $ 179,903 | $ 25,504 | |
Merger with Expro [Member] | |||
Issuance of common stock attributable to Frank’s stockholders, shares issued (in shares) | 38,066,216 | ||
Issuance of common stock attributable to Frank’s stockholders, price per share (in dollars per share) | $ 18.90 | ||
Issuance of common stock attributable to Frank’s stockholders, amount | $ 719,452 | ||
Replacement of Frank’s equity awards, amount | 7,830 | ||
Cash payment to Mosing Holdings LLC pursuant to the amended and restated tax receivable agreement, amount | 15,000 | ||
Total Merger Consideration Exchanged, amount | 742,282 | ||
Cash and cash equivalents | 187,178 | ||
Restricted cash | 2,561 | ||
Accounts receivables, net | 112,234 | ||
Inventories | 69,567 | ||
Assets held for sale | 10,061 | ||
Income tax receivables | 2,030 | ||
Other current assets | 23,908 | ||
Property, plant and equipment | 212,639 | ||
Goodwill | 154,399 | ||
Intangible assets | 104,791 | ||
Operating lease right-of-use assets | 27,406 | ||
Other assets | 20,494 | ||
Total assets | 927,268 | ||
Accounts payable and accrued liabilities | 81,959 | ||
Operating lease liabilities | 8,344 | ||
Current income tax liabilities | 8,932 | ||
Other current liabilities | 19,918 | ||
Deferred tax liabilities | 5,673 | ||
Non-current operating lease liabilities | 19,607 | ||
Other non-current liabilities | 40,553 | ||
Total Liabilities | 184,986 | ||
Total Merger Consideration Exchanged | $ 742,282 |
Note 3 - Business Combination_5
Note 3 - Business Combinations and Dispositions - Unaudited Pro Forma Financial Information (Details) - Merger with Expro [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unaudited pro forma revenues | $ 1,143,356 | $ 1,065,384 |
Unaudited pro forma net loss | $ (121,546) | $ (491,091) |
Note 3 - Business Combination_6
Note 3 - Business Combinations and Dispositions - Merger and Integration Expense (Details) - Severance Plan in Connection with Merger [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Costs expensed during the year | $ 16,002 |
Payments made during the year | (3,787) |
Balance at December 31, 2021 | 12,215 |
NLA [Member] | |
Costs expensed during the year | 2,864 |
Payments made during the year | (807) |
Balance at December 31, 2021 | 2,057 |
ESSA [Member] | |
Costs expensed during the year | 4,117 |
Payments made during the year | (1,615) |
Balance at December 31, 2021 | 2,502 |
MENA [Member] | |
Costs expensed during the year | 612 |
Payments made during the year | (188) |
Balance at December 31, 2021 | 424 |
APAC [Member] | |
Costs expensed during the year | 1,171 |
Payments made during the year | (554) |
Balance at December 31, 2021 | 617 |
Central [Member] | |
Costs expensed during the year | 7,238 |
Payments made during the year | (623) |
Balance at December 31, 2021 | $ 6,615 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Impairment Charges, Total | $ 0 | $ 287,454 | $ 49,036 |
Goodwill, Impairment Loss | 0 | 191,893 | 26,422 |
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 19,993 | 4,713 |
Impairment of Intangible Assets, Finite-lived | 0 | 60,394 | 17,901 |
Operating Lease, Impairment Loss | $ 15,174 | $ 0 | |
Drawdowns as Loans [Member] | New Credit Facility [Member] | |||
Long-term Debt, Fair Value | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Summary of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred compensation plan | $ 18,857 | |
Non-current accounts receivable, net | 11,531 | $ 11,321 |
Liabilities: | ||
Deferred compensation plan | 9,339 | |
Finance lease liabilities | 16,919 | 18,194 |
Non-current accounts receivable, net | 11,531 | 11,321 |
Fair Value, Inputs, Level 1 [Member] | ||
Deferred compensation plan | 0 | |
Non-current accounts receivable, net | 0 | 0 |
Liabilities: | ||
Deferred compensation plan | 0 | |
Finance lease liabilities | 0 | 0 |
Non-current accounts receivable, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Deferred compensation plan | 18,857 | |
Non-current accounts receivable, net | 11,531 | 11,321 |
Liabilities: | ||
Deferred compensation plan | 9,339 | |
Finance lease liabilities | 16,919 | 18,194 |
Non-current accounts receivable, net | 11,531 | 11,321 |
Fair Value, Inputs, Level 3 [Member] | ||
Deferred compensation plan | 0 | |
Non-current accounts receivable, net | 0 | 0 |
Liabilities: | ||
Deferred compensation plan | 0 | |
Finance lease liabilities | 0 | 0 |
Non-current accounts receivable, net | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Impairment Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Impairment Loss | $ 0 | $ 191,893 | $ 26,422 |
Impairment of Intangible Assets, Finite-lived | 0 | 60,394 | 17,901 |
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 19,993 | 4,713 |
Operating Lease, Impairment Loss | 15,174 | 0 | |
Total | $ 0 | $ 287,454 | $ 49,036 |
Note 5 - Business Segment Rep_3
Note 5 - Business Segment Reporting (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Reportable Segments | 4 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 0 | 1 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 16.00% | 14.00% |
Note 5 - Business Segment Rep_4
Note 5 - Business Segment Reporting - Revenue by Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 825,762 | $ 675,026 | $ 810,064 |
NLA [Member] | |||
Total revenue | 193,156 | 115,738 | 174,058 |
ESSA [Member] | |||
Total revenue | 300,557 | 219,534 | 256,790 |
MENA [Member] | |||
Total revenue | 171,136 | 194,033 | 237,065 |
APAC [Member] | |||
Total revenue | $ 160,913 | $ 145,721 | $ 142,151 |
Note 5 - Business Segment Rep_5
Note 5 - Business Segment Reporting - Reconciliation of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization From Segments to Net Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total Segment EBITDA | $ 175,346 | $ 147,719 | $ 175,194 |
Corporate costs | (66,153) | (61,122) | (67,498) |
Equity in income of joint ventures | 16,747 | 13,589 | 9,639 |
Depreciation and amortization expense | (123,866) | (113,693) | (122,503) |
Impairment expense | 0 | (287,454) | (49,036) |
Severance and other expense | (7,826) | (13,930) | (4,444) |
Stock-based compensation expense | (54,162) | 0 | 0 |
Gain on disposal of assets | 1,000 | 10,085 | 0 |
Foreign exchange losses | (4,314) | (2,261) | (4,176) |
Merger and integration expense | (47,593) | (1,630) | 0 |
Other income, net | 3,992 | 3,908 | 226 |
Interest and finance expense, net | (8,795) | (5,656) | (3,300) |
Loss before income taxes | (115,624) | (310,445) | (65,898) |
NLA [Member] | |||
Total Segment EBITDA | 32,254 | 54 | 15,031 |
ESSA [Member] | |||
Total Segment EBITDA | 53,336 | 35,393 | 45,358 |
MENA [Member] | |||
Total Segment EBITDA | 56,312 | 77,296 | 86,043 |
APAC [Member] | |||
Total Segment EBITDA | $ 33,444 | $ 34,976 | $ 28,762 |
Note 5 - Business Segment Rep_6
Note 5 - Business Segment Reporting - Assets by Geographic Region (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total assets | $ 1,854,638 | $ 1,039,751 |
NLA [Member] | ||
Total assets | 561,482 | 97,738 |
ESSA [Member] | ||
Total assets | 370,638 | 221,683 |
MENA [Member] | ||
Total assets | 358,465 | 284,635 |
APAC [Member] | ||
Total assets | 231,087 | 173,688 |
Central [Member] | ||
Total assets | $ 332,966 | $ 262,007 |
Note 5 - Business Segment Rep_7
Note 5 - Business Segment Reporting - Capital Expenditures by Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capital expenditures | $ 81,511 | $ 112,387 | $ 104,062 |
NLA [Member] | |||
Capital expenditures | 6,426 | 10,800 | |
ESSA [Member] | |||
Capital expenditures | 11,151 | 35,421 | |
MENA [Member] | |||
Capital expenditures | 14,553 | 37,000 | |
APAC [Member] | |||
Capital expenditures | 19,958 | 16,413 | |
Central [Member] | |||
Capital expenditures | $ 29,423 | $ 12,753 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 15.4 | $ 6.3 | $ 8.9 |
Other Current Liabilities [Member] | |||
Contract with Customer, Liability, Current | $ 15.7 |
Note 6 - Revenue - Revenue by A
Note 6 - Revenue - Revenue by Areas of Capability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 825,762 | $ 675,026 | $ 810,064 |
Well Construction [Member] | |||
Total revenue | 112,126 | 0 | 0 |
Well Management [Member] | |||
Total revenue | $ 713,636 | $ 675,026 | $ 810,064 |
Note 6 - Revenue - Contract Bal
Note 6 - Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, net | $ 330,817 | $ 204,921 |
Unbilled receivable | 330,817 | 204,921 |
Deferred revenue | 17,038 | 29,063 |
Billed Revenues [Member] | ||
Accounts receivable, net | 236,158 | 159,421 |
Unbilled receivable | 236,158 | 159,421 |
Unbilled Revenues [Member] | ||
Accounts receivable, net | 94,659 | 45,500 |
Unbilled receivable | $ 94,659 | $ 45,500 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | 19.00% | 19.00% |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 4.2 | $ 1.7 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 30.1 | ||
Open Tax Year | 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ||
Other Noncurrent Liabilities [Member] | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 46 | $ 35.4 | |
Domestic Tax Authority [Member] | Dutch Tax and Customs Administration [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | ||
Domestic Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 19.00% | ||
Operating Loss Carryforwards, Total | $ 1,840.3 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | 664 | ||
Operating Loss Carryforwards Subject to Expiration | 567 | ||
Domestic Tax Authority [Member] | Norwegian Tax Administration [Member] | |||
Operating Loss Carryforwards, Total | $ 127.7 |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Netherlands (2020 and 2019: U.K.) | $ 216 | $ (707) | $ 0 |
Foreign | 16,777 | 17,883 | 17,160 |
Total current tax | 16,993 | 17,176 | 17,160 |
Netherlands (2020 and 2019: U.K.) | 0 | 0 | 0 |
Foreign | (726) | (20,576) | (18,297) |
Total deferred tax | (726) | (20,576) | (18,297) |
Income tax expense (benefit) | $ 16,267 | $ (3,400) | $ (1,137) |
Note 7 - Income Taxes - Compo_2
Note 7 - Income Taxes - Components of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Netherlands (2020 and 2019: U.K.) | $ (19,190) | $ 22,819 | $ 33,071 |
Foreign | (113,181) | (346,853) | (108,608) |
Loss before taxes and equity in income of joint ventures | $ (132,371) | $ (324,034) | $ (75,537) |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Differences Between Income Tax Provision Computed and Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory tax rate | 25.00% | 19.00% | 19.00% |
Income tax expense at statutory rate | $ (33,093) | $ (61,566) | $ (14,352) |
Permanent differences | 14,123 | 122,815 | 10,322 |
Effect of overseas tax rates | 10,583 | (1,754) | (4,961) |
Net tax charge related to attributes with full valuation allowance | 28,607 | (71,259) | 12,769 |
Exempt dividends from joint ventures | (1,014) | 14 | 0 |
Return to provision adjustments | (5,001) | 6,150 | (6,446) |
Withholding taxes | 1,995 | 984 | 876 |
Foreign exchange movements on tax balances | 67 | 1,216 | 655 |
Income tax expense (benefit) | $ 16,267 | $ (3,400) | $ (1,137) |
Effective tax rate | (12.30%) | 1.00% | 1.50% |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carry forwards | $ 731,315 | $ 484,695 | ||
Employee compensation and benefits | 12,958 | 7,767 | ||
Depreciation | 44,253 | 24,759 | ||
Other | 34,734 | 19,987 | ||
Investment in partnership | 51,890 | 0 | ||
Intangibles | 22,980 | 0 | ||
Valuation allowance | (829,087) | (512,711) | $ (443,398) | $ (507,159) |
Total deferred tax assets | 69,043 | 24,497 | ||
Depreciation | (1,935) | (6,565) | ||
Goodwill and other intangibles | (42,784) | (40,054) | ||
Investment in partnership | (48,856) | 0 | ||
Other | (7,212) | (4,695) | ||
Total deferred tax liabilities | (100,787) | (51,314) | ||
Net deferred tax liabilities | $ (31,744) | $ (26,817) |
Note 7 - Income Taxes - Changes
Note 7 - Income Taxes - Changes in Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at the beginning of the period | $ 512,711 | $ 443,398 | $ 507,159 |
Additions attributable to the Merger | 187,319 | 0 | 0 |
Additions not attributable to the Merger | 160,299 | 72,025 | 312 |
Reductions | (31,242) | (2,712) | (64,073) |
Balance at end of period | $ 829,087 | $ 512,711 | $ 443,398 |
Note 7 - Income Taxes - Chang_2
Note 7 - Income Taxes - Changes in Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at the beginning of the period | $ 35,377 | $ 32,515 |
Additions attributable to the Merger | 40,144 | 0 |
Additions based on tax positions related to current period not attributable to the Merger | 5,774 | 2,182 |
Additions for tax positions of prior year period not attributable to the Merger | 5,094 | 1,787 |
Settlements with tax authorities | (2,370) | (665) |
Reductions for tax positions of prior years | (5,138) | (763) |
Reductions due to the lapse of statute of limitations | (2,094) | (188) |
Effect of changes in foreign exchange rates, decrease | (673) | |
Effect of changes in foreign exchange rates, increase | 509 | |
Balance at the end of the period | $ 76,114 | $ 35,377 |
Note 8 - Investment in Joint _3
Note 8 - Investment in Joint Ventures (Details Textual) | Dec. 31, 2021 |
CETS [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
PVD-Expro [Member] | |
Equity Method Investment, Ownership Percentage | 49.00% |
Note 8 - Investment in Joint _4
Note 8 - Investment in Joint Ventures - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying value | $ 57,604 | $ 45,088 |
CETS [Member] | ||
Carrying value | 54,014 | 41,504 |
PVD-Expro [Member] | ||
Carrying value | $ 3,590 | $ 3,584 |
Note 9 - Accounts Receivable,_3
Note 9 - Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable | $ 340,209 | $ 211,838 | ||
Less: Expected credit losses | 9,392 | 6,917 | $ 6,313 | $ 6,315 |
Accounts receivable, net | 330,817 | 204,921 | ||
Current | 319,286 | 193,600 | ||
Non – current | $ 11,531 | $ 11,321 |
Note 9 - Accounts Receivable,_4
Note 9 - Accounts Receivable, Net - Movement of Expected Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 6,917 | $ 6,313 | $ 6,315 |
Additions - Acquired in the Merger | 992 | 0 | 0 |
Additions - Charged to expense | 1,527 | 965 | 571 |
Deductions | (44) | (361) | (573) |
Balance at end of year | $ 9,392 | $ 6,917 | $ 6,313 |
Note 10 - Inventories - Summary
Note 10 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finished goods | $ 34,899 | $ 0 |
Raw materials, equipment spares and consumables | 76,025 | 42,995 |
Work-in progress | 14,192 | 10,364 |
Total | $ 125,116 | $ 53,359 |
Note 11 - Other Assets and Li_3
Note 11 - Other Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Surrender Value of Life Insurance | $ 18,857 | $ 0 |
Gain (Loss) on Change in Cash Surrender Value of Life Insurance | $ 500 |
Note 11 - Other Assets and Othe
Note 11 - Other Assets and Other Liabilities - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash surrender value of life insurance policies | $ 18,857 | $ 0 |
Prepayments | 19,891 | 17,824 |
Value-added tax receivables | 22,524 | 19,213 |
Collateral deposits | 1,599 | 1,761 |
Deposits | 7,331 | 3,286 |
Other | 9,197 | 2,621 |
Total | 79,399 | 44,705 |
Current | 52,938 | 39,957 |
Non – current | $ 26,461 | $ 4,748 |
Note 11 - Other Assets and Ot_2
Note 11 - Other Assets and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred revenue | $ 17,038 | $ 29,063 |
Other tax and social security | 27,893 | 16,830 |
Income tax liabilities - non-current portion | 45,741 | 35,377 |
Deferred Compensation Liability, Current and Noncurrent, Total | 9,339 | 0 |
Other | 49,739 | 20,999 |
Total | 149,750 | 102,269 |
Current | 74,213 | 59,043 |
Non – current | $ 75,537 | $ 43,226 |
Note 12 - Accounts Payable an_3
Note 12 - Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts payable – trade | $ 84,952 | $ 63,855 |
Payroll, vacation and other employee benefits | 42,671 | 22,345 |
Accruals for goods received not invoiced | 18,666 | 6,655 |
Other accrued liabilities | 66,863 | 43,387 |
Total | $ 213,152 | $ 136,242 |
Note 13 - Property, Plant and_3
Note 13 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Depletion and Amortization, Total | $ 123,866 | $ 113,693 | $ 122,503 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | 19,993 | 4,713 | |
Property, Plant and Equipment, Including Assets Under Finance Leases [Member] | ||||
Depreciation, Depletion and Amortization, Total | $ 95,800 | $ 85,400 | $ 88,000 | |
Building [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 3,800 |
Note 13 - Property, Plant and_4
Note 13 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 830,694 | $ 553,758 |
Less: accumulated depreciation | (352,114) | (259,035) |
Property, plant and equipment, net | 478,580 | 294,723 |
Property, Plant and Equipment, Net [Member] | ||
Assets under finance lease, gross | 19,898 | 20,452 |
Less: accumulated amortization, assets under finance lease | 7,733 | 6,674 |
Assets under finance lease, net | 12,165 | 13,778 |
Land [Member] | ||
Property, plant and equipment, gross | 21,580 | 3,379 |
Building [Member] | ||
Assets under finance lease, gross | 18,623 | 18,932 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 3,054 | 0 |
Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 701,400 | 519,866 |
Assets under finance lease, gross | 1,275 | 1,520 |
Buildings and Leasehold Improvement [Member] | ||
Property, plant and equipment, gross | $ 104,660 | $ 30,513 |
Note 14 - Intangible Assets, _3
Note 14 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 28,100 | $ 28,200 | $ 34,500 |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 60,394 | $ 17,901 |
Note 14 - Intangible Assets, _4
Note 14 - Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross Carrying Amount | $ 447,512 | $ 342,225 |
Accumulated Impairment and Amortization | (194,459) | (169,057) |
Total intangible assets | $ 253,053 | 173,168 |
Weighted average remaining life (Year) | 9 years 3 months 18 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount | $ 222,200 | 215,200 |
Accumulated Impairment and Amortization | (98,271) | (78,846) |
Total intangible assets | $ 123,929 | 136,354 |
Weighted average remaining life (Year) | 6 years 3 months 18 days | |
Trademarks [Member] | ||
Gross Carrying Amount | $ 57,100 | 40,100 |
Accumulated Impairment and Amortization | (29,392) | (27,137) |
Total intangible assets | $ 27,708 | 12,963 |
Weighted average remaining life (Year) | 8 years 4 months 24 days | |
Technology-Based Intangible Assets [Member] | ||
Gross Carrying Amount | $ 159,458 | 79,538 |
Accumulated Impairment and Amortization | (60,979) | (56,635) |
Total intangible assets | $ 98,479 | 22,903 |
Weighted average remaining life (Year) | 13 years 3 months 18 days | |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | $ 8,754 | 7,387 |
Accumulated Impairment and Amortization | (5,817) | (6,439) |
Total intangible assets | $ 2,937 | $ 948 |
Weighted average remaining life (Year) | 8 months 12 days |
Note 14 - Intangible Assets, _5
Note 14 - Intangible Assets, Net - Summary of Acquired Intangible Assets (Details) $ in Thousands | Oct. 01, 2021USD ($) |
Acquired Fair Value | $ 104,791 |
Weighted average life (Year) | 13 years 8 months 12 days |
Customer Relationships [Member] | |
Acquired Fair Value | $ 7,000 |
Weighted average life (Year) | 10 years |
Trademarks [Member] | |
Acquired Fair Value | $ 17,000 |
Weighted average life (Year) | 10 years |
Technology-Based Intangible Assets [Member] | |
Acquired Fair Value | $ 79,920 |
Weighted average life (Year) | 15 years |
Computer Software, Intangible Asset [Member] | |
Acquired Fair Value | $ 871 |
Weighted average life (Year) | 1 year |
Note 14 - Intangible Assets, _6
Note 14 - Intangible Assets, Net - Summary of Intangible Asset Impairment Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 60,394 | $ 17,901 |
Customer Relationships [Member] | |||
Impairment of Intangible Assets, Finite-lived | 10,262 | 7,760 | |
Technology-Based Intangible Assets [Member] | |||
Impairment of Intangible Assets, Finite-lived | 34,625 | 8,521 | |
Trademarks [Member] | |||
Impairment of Intangible Assets, Finite-lived | 15,507 | 1,620 | |
NLA [Member] | |||
Impairment of Intangible Assets, Finite-lived | 42,315 | 3,809 | |
NLA [Member] | Customer Relationships [Member] | |||
Impairment of Intangible Assets, Finite-lived | 10,262 | 0 | |
NLA [Member] | Technology-Based Intangible Assets [Member] | |||
Impairment of Intangible Assets, Finite-lived | 20,616 | 3,809 | |
NLA [Member] | Trademarks [Member] | |||
Impairment of Intangible Assets, Finite-lived | 11,437 | 0 | |
ESSA [Member] | |||
Impairment of Intangible Assets, Finite-lived | 10,979 | 14,092 | |
ESSA [Member] | Customer Relationships [Member] | |||
Impairment of Intangible Assets, Finite-lived | 0 | 7,760 | |
ESSA [Member] | Technology-Based Intangible Assets [Member] | |||
Impairment of Intangible Assets, Finite-lived | 6,909 | 4,712 | |
ESSA [Member] | Trademarks [Member] | |||
Impairment of Intangible Assets, Finite-lived | 4,070 | $ 1,620 | |
APAC [Member] | |||
Impairment of Intangible Assets, Finite-lived | 7,100 | ||
APAC [Member] | Customer Relationships [Member] | |||
Impairment of Intangible Assets, Finite-lived | 0 | ||
APAC [Member] | Technology-Based Intangible Assets [Member] | |||
Impairment of Intangible Assets, Finite-lived | 7,100 | ||
APAC [Member] | Trademarks [Member] | |||
Impairment of Intangible Assets, Finite-lived | $ 0 |
Note 14 - Intangible Assets, _7
Note 14 - Intangible Assets, Net - Expected Future Intangible Asset Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 34,691 | |
2023 | 31,755 | |
2024 | 31,755 | |
2025 | 31,755 | |
2026 | 31,755 | |
Thereafter | 91,342 | |
Total | $ 253,053 | $ 173,168 |
Note 15 - Goodwill (Details Tex
Note 15 - Goodwill (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Impairment Loss | $ 0 | $ 191,893 | $ 26,422 |
Note 15 - Goodwill - Summary of
Note 15 - Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | $ 179,903 | $ 25,504 |
Goodwill, cost | 243,819 | 243,819 |
Goodwill, acquired in Merger | 154,399 | 0 |
Goodwill, accumulated impairment | (218,315) | (218,315) |
NLA [Member] | ||
Goodwill | 93,608 | 0 |
Goodwill, cost | 37,341 | 37,341 |
Goodwill, acquired in Merger | 93,608 | 0 |
Goodwill, accumulated impairment | (37,341) | (37,341) |
ESSA [Member] | ||
Goodwill | 66,283 | 14,504 |
Goodwill, cost | 28,982 | 28,982 |
Goodwill, acquired in Merger | 51,779 | 0 |
Goodwill, accumulated impairment | (14,478) | (14,478) |
MENA [Member] | ||
Goodwill | 3,331 | 0 |
Goodwill, cost | 126,383 | 126,383 |
Goodwill, acquired in Merger | 3,331 | 0 |
Goodwill, accumulated impairment | (126,383) | (126,383) |
APAC [Member] | ||
Goodwill | 16,681 | 11,000 |
Goodwill, cost | 51,113 | 51,113 |
Goodwill, acquired in Merger | 5,681 | 0 |
Goodwill, accumulated impairment | $ (40,113) | $ (40,113) |
Note 15 - Goodwill - Summary _2
Note 15 - Goodwill - Summary of Goodwill Impairment Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Impairment Loss | $ 0 | $ 191,893 | $ 26,422 |
NLA [Member] | |||
Goodwill, Impairment Loss | 0 | 25,397 | 11,944 |
ESSA [Member] | |||
Goodwill, Impairment Loss | 0 | 0 | 14,478 |
MENA [Member] | |||
Goodwill, Impairment Loss | 0 | 126,383 | 0 |
APAC [Member] | |||
Goodwill, Impairment Loss | $ 0 | $ 40,113 | $ 0 |
Note 16 - Interest Bearing Lo_2
Note 16 - Interest Bearing Loans (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2021 | Dec. 20, 2018 | Dec. 31, 2021 | Nov. 05, 2018 |
ABL Credit Facility [Member] | Revolving Credit Facility [Member] | Secured Debt [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||
The 2018 RCF [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | |||
The 2018 RCF [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||
The 2018 RCF [Member] | Drawdowns as Loans [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||
The 2018 RCF [Member] | Bonds and Guarantees [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||
New Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||
Line of Credit Facility, Option to Increase Maximum Borrowing Capacity | $ 250,000 | |||
Debt Instrument, Covenant, Minimum EBITDA of Guarantors | 80.00% | |||
Debt Instrument, Covenant, Minimum Consolidated Assets of Guarantors | 70.00% | |||
Debt Instrument, Covenant, Minimum EBITDA and Assets of Subsidiaries | 5.00% | |||
Debt Instrument, LIBOR Floor | 0.00% | |||
Line of Credit Facility, Commitment Fee Percentage | 30.00% | |||
Payments of Debt Issuance Costs | $ 5,100 | |||
Debt Instrument, Covenant, Minimum Cash Flow Cover Ratio | 1.5 | |||
Debt Instrument, Covenant, Minimum Interest Cover Ratio | 4 | |||
Debt Instrument, Covenant, Maximum Senior Leverage Ratio | 2.25 | |||
Debt Instrument, Maximum Percentage of Aggregate Capital Expenditures | 110.00% | |||
New Credit Facility [Member] | Drawdowns as Loans [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 130,000 | |||
Long-term Debt, Total | $ 0 | |||
New Credit Facility [Member] | Drawdowns as Loans [Member] | One-third Drawn [Member] | ||||
Line of Credit Facility, Upfront Fee Percentage | 0.25% | |||
New Credit Facility [Member] | Drawdowns as Loans [Member] | Two-thirds Drawn [Member] | ||||
Line of Credit Facility, Upfront Fee Percentage | 0.50% | |||
New Credit Facility [Member] | Drawdowns as Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||
New Credit Facility [Member] | Bonds and Guarantees [Member] | ||||
Long-term Debt, Total | $ 33,400 | |||
New Credit Facility [Member] | Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | |||
Line of Credit Facility, Upfront Fee Percentage | 0.75% | |||
New Credit Facility [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Note 17 - Leases (Details Textu
Note 17 - Leases (Details Textual) | Dec. 31, 2021 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 15 years |
Note 17 - Leases - Supplemental
Note 17 - Leases - Supplemental Information About Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of right of use assets | $ 967 | $ 1,649 | $ 2,243 |
Interest incurred on lease liabilities | 2,246 | 2,386 | 2,478 |
Operating lease expense | 21,479 | 19,870 | 24,915 |
Short term lease expense | 54,756 | 56,156 | 66,450 |
Total lease expense | 79,448 | 80,061 | 96,086 |
Operating cash flows from operating leases | 25,348 | 23,134 | 24,095 |
Operating leases | $ 8,529 | $ 8,917 | $ 18,447 |
Operating leases (Year) | 7 years 3 months 18 days | 8 years 6 months | 8 years 8 months 12 days |
Finance leases (Year) | 11 years | 11 years 8 months 12 days | 11 years 10 months 24 days |
Weighted average discount rate for operating leases | 8.80% | 10.00% | 10.30% |
Weighted average discount rate for finance leases | 13.10% | 13.50% | 13.50% |
Note 17 - Leases - Maturity of
Note 17 - Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, operating leases | $ 26,177 | |
2022, finance leases | 3,291 | |
2023, operating leases | 21,895 | |
2023, finance leases | 3,024 | |
2024, operating leases | 16,008 | |
2024, finance leases | 2,899 | |
2025, operating leases | 12,742 | |
2025, finance leases | 2,841 | |
2026, operating leases | 9,585 | |
2026, finance leases | 2,841 | |
Due after 5 years, operating leases | 45,205 | |
Due after 5 years, finance leases | 17,372 | |
Total due, operating leases | 131,612 | |
Total due, finance leases | 32,268 | |
Less: amounts representing interest, operating leases | (38,229) | |
Less: amounts representing interest, finance leases | (15,349) | |
Total, operating leases | 93,383 | |
Total, finance leases | 16,919 | |
Short-term portion, operating leases | 19,695 | $ 14,057 |
Short-term portion, finance leases | 1,147 | 1,220 |
Long-term portion, operating leases | 73,688 | 58,585 |
Long-term portion, finance leases | $ 15,772 | $ 16,974 |
Note 18 - Commitments and Con_2
Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Capital Addition Purchase Commitments [Member] | ||
Long-term Purchase Commitment, Amount | 26,300 | $ 42,300 |
Inventories [Member] | ||
Long-term Purchase Commitment, Amount | $ 14,200 |
Note 19 - Post-retirement Ben_3
Note 19 - Post-retirement Benefits (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2015 | |
Deferred Compensation Liability, Current and Noncurrent, Total | $ 9,339 | $ 0 | ||
Cash Surrender Value of Life Insurance | $ 18,857 | $ 0 | ||
Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 5 years | |||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 9,300 | |||
Cash Surrender Value of Life Insurance | $ 18,900 | |||
UNITED KINGDOM | Pension Plan [Member] | ||||
Defined Benefit Plan, Number of Employees | 80 | |||
UNITED KINGDOM | Pension Plan [Member] | Growth Portfolio [Member] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 58.00% | |||
UNITED KINGDOM | Pension Plan [Member] | Stabilizing Portfolio [Member] | ||||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 42.00% | |||
Group Personal Pension Plan [Member] | UNITED KINGDOM | Minimum [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.50% | 4.00% | ||
Group Personal Pension Plan [Member] | UNITED KINGDOM | Maximum [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | 6.00% | ||
The 401K and GPP [Member] | ||||
Defined Contribution Plan, Cost | $ 7,300 | $ 6,400 | $ 8,700 |
Note 19 - Port-retirement Benef
Note 19 - Port-retirement Benefits - Key Assumptions (Details) - UNITED KINGDOM - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discount rate | 1.80% | 1.30% | 2.00% |
Expected return on plan assets | 3.20% | 2.70% | 3.40% |
Expected rate of salary increases | 0.10% | 0.10% | 0.10% |
Note 19 - Post-retirement Ben_4
Note 19 - Post-retirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Actuarial gain (loss) on defined benefit plans | $ 22,345 | $ (9,356) | $ (3,521) |
Plan curtailment / amendment credit recognized | 0 | 5,510 | 0 |
Amortization of prior service credit | (249) | 0 | 0 |
Pension Plan [Member] | UNITED KINGDOM | |||
Current service cost | (439) | (539) | (1,218) |
Interest cost | (3,407) | (4,551) | (6,083) |
Expected return on plan assets | 5,499 | 6,064 | 6,425 |
Plan curtailment / amendment events recognized in consolidated statements of operations | 0 | 2,269 | 47 |
Amortization of prior service credit | 249 | 0 | 0 |
Reclassified net remeasurement (loss) gains | 244 | (104) | 0 |
Amounts included in consolidated statements of operations | 2,146 | 3,139 | (829) |
Actuarial gain (loss) on defined benefit plans | 22,345 | (9,356) | (3,521) |
Plan curtailment / amendment credit recognized | 0 | 5,510 | 0 |
Amortization of prior service credit | (249) | 0 | 0 |
Reclassified net remeasurement (loss) gains | (244) | 104 | 0 |
Other comprehensive income (loss) | 21,852 | (3,742) | (3,521) |
Total comprehensive income (loss) | $ 23,998 | $ (603) | $ (4,350) |
Note 19 - Post-retirement Ben_5
Note 19 - Post-retirement Benefits - Actuarial Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Actuarial gain (loss) on defined benefit plans | $ 22,345 | $ (9,356) | $ (3,521) |
Pension Plan [Member] | UNITED KINGDOM | |||
Actuarial gain on assets | 11,378 | 16,678 | 18,801 |
Actuarial gain (loss) on liabilities | 10,967 | (26,034) | (22,322) |
Actuarial gain (loss) on defined benefit plans | $ 22,345 | $ (9,356) | $ (3,521) |
Note 19 - Post-retirement Ben_6
Note 19 - Post-retirement Benefits - Expected Employer Contributions (Details) - Pension Plan [Member] - UNITED KINGDOM $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 5,646 |
2023 | 5,888 |
2024 | 6,123 |
2025 | 6,329 |
2026 | 6,575 |
Thereafter to December 31, 2031 | $ 31,507 |
Note 19 - Post-retirement Ben_7
Note 19 - Post-retirement Benefits - Amounts in Consolidated Balance Sheets (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Present value of defined benefit obligations | $ (241,808) | $ (261,576) |
Fair value of plan assets | 212,688 | 203,630 |
Deficit recognized under non-current liabilities | $ (29,120) | $ (57,946) |
Note 19 - Post-retirement Ben_8
Note 19 - Post-retirement Benefits - Changes in Present Value of Defined Benefit Obligations (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Opening balance | $ (261,576) | $ (254,271) | |
Current service cost | (439) | (539) | $ (1,218) |
Interest cost | (3,407) | (4,551) | (6,083) |
Actuarial gain (loss) on liabilities | 10,967 | (26,034) | (22,322) |
Plan amendment | 0 | 4,873 | |
Settlements | 0 | 17,432 | |
Exchange differences | 2,378 | (8,026) | |
Benefits paid | 10,269 | 9,505 | |
Payroll tax of employer contributions | 0 | 35 | |
Ending balance | $ (241,808) | $ (261,576) | $ (254,271) |
Note 19 - Post-retirement Ben_9
Note 19 - Post-retirement Benefits - Movements in Fair Value of Plan Assets (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Opening balance | $ 203,630 | $ 194,554 | |
Actual return on plan assets | 16,877 | 22,742 | $ 25,226 |
Exchange differences | (2,245) | 6,393 | |
Contributions from the sponsoring companies | 4,695 | 4,005 | |
Settlements | 0 | (14,524) | |
Benefits paid | (10,269) | (9,505) | |
Payroll tax of employer contributions | 0 | (35) | |
Ending balance | $ 212,688 | $ 203,630 | $ 194,554 |
Note 19 - Post-retirement Be_10
Note 19 - Post-retirement Benefits - Actual Return on Plan Assets (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expected return on plan assets | $ 5,499 | $ 6,064 | $ 6,425 |
Actuarial gain on assets | 11,378 | 16,678 | 18,801 |
Actual return on plan assets | $ 16,877 | $ 22,742 | $ 25,226 |
Note 19 - Post-retirement Be_11
Note 19 - Post-retirement Benefits - Information for Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - UNITED KINGDOM - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated benefit obligation | $ 240,644 | $ 260,496 |
Fair value of plan assets | $ 212,688 | $ 203,630 |
Note 19 - Post-retirement Be_12
Note 19 - Post-retirement Benefits - Analysis of Plan Assets and Expected Rate of Return (Details) - UNITED KINGDOM - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of asset | $ 212,688 | $ 203,630 | $ 194,554 |
DGF [Member] | |||
Expected rate of return | 4.60% | 4.20% | |
Fair value of asset | $ 123,460 | $ 116,590 | |
LDI [MEmber] | |||
Expected rate of return | 1.10% | 0.70% | |
Fair value of asset | $ 61,163 | $ 67,395 | |
Bond Funds [Member] | |||
Expected rate of return | 1.80% | 1.40% | |
Fair value of asset | $ 26,571 | $ 17,382 | |
Defined Benefit Plan, Equity Securities [Member] | |||
Expected rate of return | 1.50% | 2.30% | |
Fair value of asset | $ 360 | $ 233 | |
Defined Benefit Plan, Other Assets [Member] | |||
Expected rate of return | 1.50% | 1.80% | |
Fair value of asset | $ 1,134 | $ 2,030 |
Note 19 - Post-retirement Be_13
Note 19 - Post-retirement Benefits - Asset Categorization (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of asset | $ 212,688 | $ 203,630 | $ 194,554 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of asset | 211,999 | 202,901 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of asset | 329 | 437 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of asset | 360 | 292 | $ 14,786 |
DGF [Member] | |||
Fair value of asset | 123,460 | 116,590 | |
DGF [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of asset | 123,460 | 116,590 | |
DGF [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of asset | 0 | 0 | |
DGF [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of asset | 0 | 0 | |
LDI [MEmber] | |||
Fair value of asset | 61,163 | 67,395 | |
LDI [MEmber] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of asset | 61,163 | 67,395 | |
LDI [MEmber] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of asset | 0 | 0 | |
LDI [MEmber] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of asset | 0 | 0 | |
Bond Funds [Member] | |||
Fair value of asset | 26,571 | 17,382 | |
Bond Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of asset | 26,571 | 17,382 | |
Bond Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of asset | 0 | 0 | |
Bond Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of asset | 0 | 0 | |
Defined Benefit Plan, Equity Securities [Member] | |||
Fair value of asset | 360 | 233 | |
Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of asset | 360 | 233 | |
Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of asset | 0 | 0 | |
Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of asset | 0 | 0 | |
Defined Benefit Plan, Other Assets [Member] | |||
Fair value of asset | 1,134 | 2,030 | |
Defined Benefit Plan, Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of asset | 445 | 1,301 | |
Defined Benefit Plan, Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of asset | 329 | 437 | |
Defined Benefit Plan, Other Assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of asset | $ 360 | $ 292 |
Note 19 - Post-retirement Be_14
Note 19 - Post-retirement Benefits - Movements in Fair Value of Level 3 Assets (Details) - Pension Plan [Member] - UNITED KINGDOM - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Opening balance | $ 203,630 | $ 194,554 |
Ending balance | 212,688 | 203,630 |
Fair Value, Inputs, Level 3 [Member] | ||
Opening balance | 292 | 14,786 |
Actual return on plan assets | 5 | 4 |
Exchange differences | 33 | (2) |
Contributions from the sponsoring companies | 30 | 28 |
Settlement | 0 | (14,524) |
Ending balance | $ 360 | $ 292 |
Note 20 - Stock-based Compens_3
Note 20 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | Oct. 01, 2021$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares |
Share-based Payment Arrangement, Expense | $ | $ 54,162 | $ 0 | $ 0 | ||
Management Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 6,900,000 | 6,900,000 | 6,900,000 | 5,800,000 | 6,400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) | 1,212,000 | 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Converted in Period (in shares) | 6,900,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 6.52 | $ 6.52 | $ 6.52 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 2,200,000 | 2,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 7.54 | $ 7.54 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 1 month 6 days | ||||
Business Combination, Number of Common Shares Converted by Each Right (in shares) | 1.2120 | ||||
LTIP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 4,200,000 | 4,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,300,000 | 1,300,000 | |||
Employee Stock Purchase Plan [Member] | |||||
Share-based Payment Arrangement, Expense | $ | $ 100 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 500,000 | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 222,995 | 222,995 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Market Value at Grant, Purchase Price Percentage | 85.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Market Value at Exercise, Purchase Price Percentage | 85.00% | ||||
Share-based Payment Arrangement, Option [Member] | Management Incentive Plan [Member] | |||||
Share-based Payment Arrangement, Expense | $ | $ 39,500 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 5,100 | $ 5,100 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 days | ||||
Share-based Payment Arrangement, Option [Member] | Management Incentive Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Payment Arrangement, Option [Member] | Management Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Restricted Stock Units (RSUs) [Member] | Management Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Payment Arrangement, Expense | $ | $ 2,600 | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 100,000 | 100,000 | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | 0 | 0 | |||
Restricted Stock Units (RSUs) [Member] | LTIP [Member] | |||||
Share-based Payment Arrangement, Expense | $ | $ 6,800 | $ 0 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 2,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 14,300 | $ 14,300 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 458,258 | ||||
Restricted Stock Units (RSUs) [Member] | LTIP [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||
Restricted Stock Units (RSUs) [Member] | LTIP [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Performance Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Payment Arrangement, Expense | $ | $ 5,200 | $ 0 | $ 0 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 100 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 8,800 | $ 8,800 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Award Achievement Periods | 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 354,275 | 354,275 | |||
Performance Restricted Stock Units [Member] | Achieves a Rank in 25th Percentile [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Issued | 50.00% | ||||
Performance Restricted Stock Units [Member] | Achieves a Rank in 50th Percentile [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Issued | 100.00% | ||||
Performance Restricted Stock Units [Member] | Achieves a Rank in 75th Percentile [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Issued | 150.00% | ||||
Performance Restricted Stock Units [Member] | Achieves a Rank in 90th Percentile [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Issued | 200.00% | ||||
Performance Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||
Performance Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||
Performance Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||
Performance Restricted Stock Units [Member] | In the Event of Death or Disability [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Note 20 - Stock-based Compens_4
Note 20 - Stock-based Compensation - Key Assumptions (Details) | 12 Months Ended |
Dec. 31, 2021$ / shares | |
Performance Restricted Stock Units [Member] | |
Risk free interest rate | 0.54% |
Expected volatility | 84.20% |
Total expected term (in years) (Year) | 3 years 3 months |
Performance Restricted Stock Units [Member] | Minimum [Member] | |
Correlation range | 20.80% |
Performance Restricted Stock Units [Member] | Maximum [Member] | |
Correlation range | 79.50% |
Management Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |
Risk free interest rate | 0.04% |
Expected volatility | 55.00% |
Dividend yield | 0.00% |
Stock price on valuation date (in dollars per share) | $ 18.90 |
Note 20 - Stock-based Compens_5
Note 20 - Stock-based Compensation - Nonvested RSUs (Details) - Restricted Stock Units (RSUs) [Member] - LTIP [Member] | 3 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Non-vested on the Closing Date (in shares) | shares | 883,079 |
Non-vested on the Closing Date (in dollars per share) | $ / shares | $ 21.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 458,258 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.64 |
Vested (in shares) | shares | (93,688) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.80 |
Forfeited (in shares) | shares | (12,549) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.59 |
Non-vested (in shares) | shares | 1,235,100 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.49 |
Note 20 - Stock-based Compens_6
Note 20 - Stock-based Compensation - Nonvested PRSUs (Details) - Performance Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Non-vested on the Closing Date (in shares) | 340,071 | |
Non-vested on the Closing Date (in dollars per share) | $ 32.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 354,275 | 354,275 |
Granted, weighted average grant date fair value (in dollars per share) | $ 23.34 | |
Vested (in shares) | (2,715) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 29.72 | |
Non-vested (in shares) | 691,631 | 691,631 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 27.75 | $ 27.75 |
Note 21 - Warrants (Details Tex
Note 21 - Warrants (Details Textual) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
A Warrants [Member] | ||
Class of Warrant or Right, Outstanding (in shares) | 1,284,978 | |
Class of Warrants or Rights, Exercise, Percentage of Outstanding Stock | 2.00% | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 30.40 | |
Warrants and Rights Outstanding, Term (Year) | 5 years | |
B Warrants [Member] | ||
Class of Warrant or Right, Outstanding (in shares) | 4,497,414 | |
Class of Warrants or Rights, Exercise, Percentage of Outstanding Stock | 7.00% | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 30.40 | |
Warrants and Rights Outstanding, Term (Year) | 5 years | |
Legacy Expro Warrants [Member] | ||
Class of Warrant or Right, Outstanding (in shares) | 0 |
Note 22 - Loss Per Share (Detai
Note 22 - Loss Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 651,736 |
Note 22 - Loss Per Share - Calc
Note 22 - Loss Per Share - Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (131,891) | $ (307,045) | $ (64,761) |
Basic and diluted weighted average number of shares outstanding (in shares) | 80,525,694 | 70,889,753 | 70,889,753 |
Total basic and diluted loss per share (in dollars per share) | $ (1.64) | $ (4.33) | $ (0.91) |
Note 23 - Related Party Trans_2
Note 23 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2021 | Aug. 26, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Proceeds from Equity Method Investment, Distribution | $ 4,058 | $ 3,646 | $ 3,128 | ||
Accounts Receivable, Related Parties | 1,600 | 7,200 | |||
Accounts Payable, Related Parties | 2,100 | ||||
Operating Lease, Right-of-Use Asset | 83,372 | 57,247 | |||
Operating Lease, Liability, Total | 93,383 | ||||
Corporate Joint Venture [Member] | |||||
Revenue from Related Parties | 6,800 | 13,900 | 11,700 | ||
Proceeds from Equity Method Investment, Distribution | 4,100 | 3,600 | $ 3,100 | ||
Affiliated Entity [Member] | |||||
Operating Lease, Expense | 500 | ||||
Operating Lease, Right-of-Use Asset | 1,300 | 0 | |||
Operating Lease, Liability, Total | $ 1,300 | $ 0 | |||
Affiliated Entity [Member] | Mosing Holdings [Member] | |||||
Percentage of Tax Benefits Realized Payable Under Tax Receivable Agreement | 85.00% | ||||
Percentage of Tax Benefits Retained Under Tax Receivable Agreement | 15.00% | ||||
Tax Receivable Agreement, Cash Payment for Settlement of Early Termination Payment Obligation | $ 15,000 | ||||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Period Over Which Future Contingent Payments May Be Made (Year) | 10 years | ||||
Tax Receivable Agreement, Condition of Early Termination Payment Obligation Settlement, Future Contingent Payments, Cash Tax Savings Threshold | $ 18,100 |
Note 24 - Supplemental Cash F_3
Note 24 - Supplemental Cash Flow - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes net of refunds | $ (20,130) | $ (21,437) | $ (13,603) |
Cash paid for interest, net | (4,192) | (2,630) | (1,490) |
Change in accounts payable and accrued expenses related to capital expenditures | (8,191) | (9,375) | (839) |
Fair value of net assets acquired in the Merger, net of cash and cash equivalents and restricted cash | $ 552,543 | $ 0 | $ 0 |