Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 108,592,169 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 339,279 | $ 280,477 |
Operating costs and expenses: | ||
Cost of revenue, excluding depreciation and amortization expense | (289,647) | (239,530) |
General and administrative expense, excluding depreciation and amortization expense | (13,285) | (11,510) |
Depreciation and amortization expense | (34,737) | (35,012) |
Merger and integration expense | (2,138) | (4,725) |
Severance and other expense | (927) | (1,494) |
Total operating cost and expenses | (340,734) | (292,271) |
Operating loss | (1,455) | (11,794) |
Other (expense) income, net | (949) | 996 |
Interest and finance (expense) income, net | (1,298) | 13 |
Loss before taxes and equity in income of joint ventures | (3,702) | (10,785) |
Equity in income of joint ventures | 2,436 | 4,202 |
Loss before income taxes | (1,266) | (6,583) |
Income tax expense | (5,085) | (4,549) |
Net loss | $ (6,351) | $ (11,132) |
Loss per common share: | ||
Total basic and diluted loss per share (in dollars per share) | $ (0.06) | $ (0.10) |
Weighted average common shares outstanding: | ||
Basic and diluted (in shares) | 108,854,709 | 109,266,988 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss | $ (6,351) | $ (11,132) |
Other comprehensive loss: | ||
Amortization of prior service credit | (61) | (61) |
Other comprehensive loss | (61) | (61) |
Comprehensive loss | $ (6,412) | $ (11,193) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 184,870 | $ 214,788 |
Restricted cash | 1,428 | 3,672 |
Accounts receivable, net | 425,410 | 419,237 |
Inventories | 156,280 | 153,718 |
Assets held for sale | 2,179 | 2,179 |
Income tax receivables | 26,848 | 26,938 |
Other current assets | 56,552 | 44,975 |
Total current assets | 853,567 | 865,507 |
Property, plant and equipment, net | 462,410 | 462,316 |
Investments in joint ventures | 68,435 | 66,038 |
Intangible assets, net | 231,529 | 229,504 |
Goodwill | 228,137 | 220,980 |
Operating lease right-of-use assets | 75,197 | 74,856 |
Non-current accounts receivable, net | 9,177 | 9,688 |
Other non-current assets | 8,045 | 8,263 |
Total assets | 1,936,497 | 1,937,152 |
Current liabilities | ||
Accounts payable and accrued liabilities | 272,159 | 272,704 |
Income tax liabilities | 40,911 | 37,151 |
Finance lease liabilities | 1,051 | 1,047 |
Operating lease liabilities | 18,369 | 19,057 |
Other current liabilities | 120,021 | 107,750 |
Total current liabilities | 452,511 | 437,709 |
Deferred tax liabilities, net | 27,893 | 30,419 |
Post-retirement benefits | 10,695 | 11,344 |
Non-current finance lease liabilities | 13,465 | 13,773 |
Non-current operating lease liabilities | 58,554 | 60,847 |
Other non-current liabilities | 102,694 | 97,165 |
Total liabilities | 665,812 | 651,257 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity: | ||
Common stock, €0.06 nominal value, 200,000,000 shares authorized, 111,292,202 and 110,710,188 shares issued and 108,583,946 and 108,743,761 shares outstanding | 7,943 | 7,911 |
Treasury stock (at cost) 2,708,256 and 1,966,427 shares | (54,437) | (40,870) |
Additional paid-in capital | 1,851,815 | 1,847,078 |
Accumulated other comprehensive income | 27,488 | 27,549 |
Accumulated deficit | (562,124) | (555,773) |
Total stockholders’ equity | 1,270,685 | 1,285,895 |
Total liabilities and stockholders’ equity | $ 1,936,497 | $ 1,937,152 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - € / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock, par value (in EUR per share) | € 0.06 | € 0.06 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 111,292,202 | 110,710,188 |
Common stock, shares outstanding (in shares) | 108,583,946 | 108,743,761 |
Treasury Stock, Common, Shares | 2,708,256 | 1,966,427 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (6,351) | $ (11,132) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization expense | 34,737 | 35,012 |
Equity in income of joint ventures | (2,436) | (4,202) |
Stock-based compensation expense | 4,171 | 6,018 |
Change in fair value of investments | 0 | 1,502 |
Elimination of unrealized profit on sales to joint ventures | 39 | 0 |
Deferred taxes | (5,225) | (2,448) |
Unrealized foreign exchange | (1,753) | (2,503) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (5,761) | 2,163 |
Inventories | (2,380) | (6,232) |
Other assets | (11,320) | (3,492) |
Accounts payable and accrued liabilities | 5,362 | (13,194) |
Other liabilities | 11,306 | (11,501) |
Income taxes, net | 3,929 | (719) |
Other | (2,995) | (3,434) |
Net cash provided by (used in) operating activities | 21,323 | (14,162) |
Cash flows from investing activities: | ||
Capital expenditures | (28,776) | (10,577) |
Payment for acquisition of business, net of cash acquired | (7,536) | 0 |
Acquisition of technology | 0 | (7,973) |
Proceeds from disposal of assets | 0 | 6,422 |
Proceeds from sale / maturity of investments | 0 | 7,120 |
Net cash used in investing activities | (36,312) | (5,008) |
Cash flows from financing activities: | ||
Cash pledged for collateral deposits | (10) | (61) |
Payments of loan issuance and other transaction costs | 0 | (95) |
Acquisition of common stock | (10,011) | 0 |
Payment of withholding taxes on stock-based compensation plans | (2,954) | (1,104) |
Repayment of financed insurance premium | (2,899) | (980) |
Repayments of finance leases | (499) | (154) |
Net cash used in financing activities | (16,373) | (2,394) |
Effect of exchange rate changes on cash and cash equivalents | (800) | 133 |
Net decrease to cash and cash equivalents and restricted cash | (32,162) | (21,431) |
Cash and cash equivalents and restricted cash at beginning of period | 218,460 | 239,847 |
Cash and cash equivalents and restricted cash at end of period | $ 186,298 | $ 218,416 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 109,143 | |||||
Balance at Dec. 31, 2021 | $ 7,844 | $ (22,785) | $ 1,827,782 | $ 20,358 | $ (535,628) | $ 1,297,571 |
Net loss | 0 | 0 | 0 | 0 | (11,132) | (11,132) |
Other comprehensive loss | 0 | 0 | 0 | (61) | 0 | (61) |
Stock-based compensation expense | $ 0 | 0 | 6,018 | 0 | 0 | 6,018 |
Common shares issued upon vesting of share-based awards (in shares) | 336 | |||||
Common shares issued upon vesting of share-based awards | $ 24 | 0 | 378 | 0 | 0 | 402 |
Treasury shares withheld (in shares) | (100) | |||||
Treasury shares withheld | $ 0 | (1,506) | 0 | 0 | 0 | (1,506) |
Balance (in shares) at Mar. 31, 2022 | 109,379 | |||||
Balance at Mar. 31, 2022 | $ 7,868 | (24,291) | 1,834,178 | 20,297 | (546,760) | 1,291,292 |
Balance (in shares) at Dec. 31, 2022 | 108,744 | |||||
Balance at Dec. 31, 2022 | $ 7,911 | (40,870) | 1,847,078 | 27,549 | (555,773) | 1,285,895 |
Net loss | 0 | 0 | 0 | 0 | (6,351) | (6,351) |
Other comprehensive loss | 0 | 0 | 0 | (61) | 0 | (61) |
Stock-based compensation expense | $ 0 | 0 | 4,171 | 0 | 0 | 4,171 |
Common shares issued upon vesting of share-based awards (in shares) | 582 | |||||
Common shares issued upon vesting of share-based awards | $ 32 | 0 | 566 | 0 | 0 | 598 |
Treasury shares withheld (in shares) | (185) | |||||
Treasury shares withheld | $ 0 | (3,556) | 0 | 0 | 0 | (3,556) |
Acquisition of common stock (in shares) | (557) | |||||
Acquisition of common stock | $ 0 | (10,011) | 0 | 0 | 0 | (10,011) |
Balance (in shares) at Mar. 31, 2023 | 108,584 | |||||
Balance at Mar. 31, 2023 | $ 7,943 | $ (54,437) | $ 1,851,815 | $ 27,488 | $ (562,124) | $ 1,270,685 |
Note 1 - Business Description
Note 1 - Business Description | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business description With roots dating to 1938, On March 10, 2021, October 1, 2021, On June 16, 2022, November 24, 2023. may not three March 31, 2023. March 31, 2023. |
Note 2 - Basis of Preparation a
Note 2 - Basis of Preparation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 unaudited condensed 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 unaudited condensed consolidated financial statements. Investments in which we do not The accompanying condensed consolidated financial statements have not not December 31, 2022 10 February 23, 2023. In the opinion of management, these unaudited condensed consolidated financial statements, which are prepared in accordance with the rules of the SEC and U.S. GAAP for interim financial reporting, included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2023 s for the three March 31, 2023 2022 three March 31, 2023 2022 Such adjustments are of a normal recurring nature. Operating results three March 31, 2023 not may December 31, 2023 The unaudited condensed consolidated financial statements have been prepared on an historical cost basis using the United States dollar (“$” or “U.S. dollar”) as the reporting currency. Significant accounting policies Refer to Note 2 Basis of presentation and significant accounting policies December 31, 2022, 10 February 23, 2023, no December 31, 2022 Recent accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. Recently issued ASUs were assessed and were either determined to be not |
Note 3 - Business Combinations
Note 3 - Business Combinations and Dispositions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Business combinations and dispositions DeltaTek Oil Tools Limited On February 8, 2023 ( The contingent consideration arrangement requires the Company to pay the former owners of DeltaTek a percentage of future revenues generated specifically from the acquired technology over a period of seven not 3 820. The Acquisition is accounted for as a business combination and Expro has been identified as the acquirer for accounting purposes. As a result, the Company has in accordance with ASC 805, Business Combinations The following table sets forth the preliminary allocation of the Acquisition 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 $ 1,464 Accounts receivables, net 723 Inventories 183 Property, plant and equipment 642 Goodwill 7,157 Intangible assets 11,063 Other assets 27 Total assets 21,259 Accounts payable and accrued liabilities 245 Deferred tax liabilities 2,700 Other liabilities 831 Total Liabilities 3,776 Fair value of net assets acquired $ 17,483 Due to the recency of the Acquisition, these amounts, including the estimated fair values, are based on preliminary calculations and subject to change as our fair value estimates and assumptions are finalized during the measurement period. 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 using 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 5 to 15 years life. We expect annual amortization to be approximately $1.0 million associated with these intangible assets. An associated deferred tax liability has been recorded in regards to these intangible assets. Refer to Note 14 Intangible assets, net The goodwill consists largely of the synergies and economies of scale expected from the technology providing more efficient services and expected future developments resulting from the assembled workforce. The goodwill is not not The Company has determined the estimated unaudited pro forma information to be insignificant for the three March 31, 2023, 2022, January 1, 2023 2022, not |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Non-current accounts receivable, net $ - $ 9,177 $ - $ 9,177 Liabilities: Finance lease liabilities - 14,516 - 14,516 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Non-current accounts receivable, net $ - $ 9,688 $ - $ 9,688 Liabilities: Finance lease liabilities - 14,820 - 14,820 |
Note 5 - Business Segment Repor
Note 5 - Business Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
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 CODM manages our operational segments that are aligned with our geographical 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): Three Months Ended March 31, 2023 2022 NLA $ 126,228 $ 103,861 ESSA 113,648 82,071 MENA 50,945 50,715 APAC 48,458 43,830 Total $ 339,279 $ 280,477 Segment EBITDA Our CODM regularly evaluates the performance of our operating segments using Segment EBITDA, which we define as income (loss) before income taxes adjusted for corporate costs, equity in income of joint ventures, depreciation and amortization expense, impairment expense, gain on disposal of assets, merger and integration expense, severance and other expense, stock-based compensation expense, foreign exchange gains (losses), other income (expense), net, and interest and finance income (expense), net. The following table presents our Segment EBITDA disaggregated by our operating segments and a reconciliation to loss before income taxes (in thousands): Three Months Ended March 31, 2023 2022 NLA $ 31,874 $ 21,827 ESSA 20,785 11,874 MENA 14,568 15,465 APAC (2,698 ) 5,438 Total Segment EBITDA 64,529 54,604 Corporate costs (25,081 ) (21,965 ) Equity in income of joint ventures 2,436 4,202 Depreciation and amortization expense (34,737 ) (35,012 ) Merger and integration expense (2,138 ) (4,725 ) Severance and other expense (927 ) (1,494 ) Stock-based compensation expense (4,171 ) (6,018 ) Foreign exchange gain 1,070 2,816 Other (expense) income, net (949 ) 996 Interest and finance (expense) income, net (1,298 ) 13 Loss before income taxes $ (1,266 ) $ (6,583 ) 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 |
Note 6 - Revenue
Note 6 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
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 Business segment reporting The following table sets forth the total amount of revenue by main area of capabilities as follows (in thousands): Three Months Ended March 31, 2023 2022 Well construction $ 128,265 $ 111,435 Well management 211,014 169,042 Total $ 339,279 $ 280,477 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 customer’s payment, which results in the recognition of unbilled 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 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Trade receivable, net $ 297,811 $ 289,235 Unbilled receivables (included within accounts receivable, net) $ 136,776 $ 139,690 Deferred revenue (included within other liabilities) $ 63,598 $ 51,192 The Company recognized revenue of $25.2 million and $7.9 million for the three March 31, 2023 2022, As of March 31, 2023, 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 | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income taxes For interim financial reporting, the annual tax rate is based on pre-tax income (loss) before equity in income of joint ventures. We have historically calculated the income tax expense/(benefit) during interim reporting periods by applying a full year estimated Annual Effective Tax Rate ("AETR") to income (loss) before income taxes, excluding infrequent or unusual discrete items, for the reporting period. For the three March 31, 2023, not three March 31, 2023. Our effective tax rates were (137.4)% and (42.2)% for the three March 31, 2023, 2022, Our effective tax rate was impacted primarily due to changes in the mix of taxable profits between jurisdictions with different tax regimes, in particular in Europe and Sub-Saharan Africa |
Note 8 - Investment in Joint Ve
Note 8 - Investment in Joint Ventures | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 CETS $ 64,914 $ 62,471 PVD-Expro 3,521 3,567 Total $ 68,435 $ 66,038 |
Note 9 - Accounts Receivable, N
Note 9 - Accounts Receivable, Net | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Accounts receivable $ 448,081 $ 441,605 Less: Expected credit losses (13,494 ) (12,680 ) Total $ 434,587 $ 428,925 Current 425,410 419,237 Non – current 9,177 9,688 Total $ 434,587 $ 428,925 |
Note 10 - Inventories
Note 10 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 10. Inventories Inventories consisted of the following as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Finished goods $ 30,784 $ 26,810 Raw materials, equipment spares and consumables 100,092 102,395 Work-in-progress 25,404 24,513 Total $ 156,280 $ 153,718 |
Note 11 - Other Assets and Liab
Note 11 - Other Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Other Assets and Other Liabilities [Text Block] | 11. Other assets and liabilities Other assets consisted of the following as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Prepayments $ 24,438 18,084 Value-added tax receivables 23,167 20,727 Collateral deposits 1,679 1,669 Deposits 7,720 7,245 Other 7,593 5,513 Total $ 64,597 $ 53,238 Current 56,552 44,975 Non – current 8,045 8,263 Total $ 64,597 $ 53,238 Other liabilities consisted of the following as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Deferred revenue $ 63,598 $ 51,192 Other tax and social security 29,267 28,557 Income tax liabilities – non-current portion 58,115 58,036 Provisions 44,266 45,248 Contingent consideration liabilities 11,655 3,227 Other 15,814 18,655 Total $ 222,715 $ 204,915 Current 120,021 107,750 Non – current 102,694 97,165 Total $ 222,715 $ 204,915 |
Note 12 - Accounts Payable and
Note 12 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Accounts payable – trade $ 121,414 $ 100,951 Payroll, vacation and other employee benefits 41,098 46,935 Accruals for goods received not invoiced 21,701 32,102 Other accrued liabilities 87,946 92,716 Total $ 272,159 $ 272,704 |
Note 13 - Property, Plant and E
Note 13 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Cost: Land $ 22,261 $ 22,261 Land improvements 3,054 3,054 Buildings and lease hold improvements 98,456 98,490 Plant and equipment 815,291 789,910 939,062 913,715 Less: accumulated depreciation (476,652 ) (451,399 ) Total $ 462,410 $ 462,316 The carrying amount of our property, plant and equipment recognized in respect of assets held under finance leases as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Cost: Buildings $ 18,623 $ 18,623 Plant and equipment 589 1,275 Total 19,212 19,898 Less: accumulated amortization (8,737 ) (9,085 ) Total $ 10,475 $ 10,813 Depreciation expense relating to property, plant and equipment, including assets under finance leases, was $25.5 $26.0 |
Note 14 - Intangible Assets, Ne
Note 14 - Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 Gross carrying amount Accumulated impairment and amortization Net book value Gross carrying amount Accumulated impairment and amortization Net book value Weighted average remaining life (years) CR&C $ 224,776 $ (123,271 ) $ 101,505 $ 222,200 $ (118,221 ) $ 103,979 5.1 Trademarks 57,350 (33,811 ) 23,539 57,100 (32,921 ) 24,179 7.2 Technology 178,889 (73,886 ) 105,003 170,652 (71,191 ) 99,461 11.8 Software 11,754 (10,272 ) 1,482 11,556 (9,671 ) 1,885 0.8 Total $ 472,769 $ (241,240 ) $ 231,529 $ 461,508 $ (232,004 ) $ 229,504 8.3 Amortization expense for intangible assets was $9.2 million and $9.0 million for the three March 31, 2023 2022, The following table summarizes the intangible assets which were acquired pursuant to the Acquisition (in thousands): Acquired Fair Value Weighted average life (years) CR&C 2,576 6.0 Trademarks 250 5.0 Technology 8,237 15.0 Total $ 11,063 12.7 |
Note 15 - Goodwill
Note 15 - Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 15. Goodwill Our reporting units are our operating segments which are NLA, ESSA, MENA and APAC. The allocation of goodwill by operating segment as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 NLA $ 120,658 $ 118,511 ESSA 82,921 80,058 MENA 5,292 4,218 APAC 19,266 18,193 Total $ 228,137 $ 220,980 The following table summarizes the goodwill by operating segment which were acquired pursuant to the Acquisition (in thousands): March 31, 2023 NLA $ 2,147 ESSA 2,863 MENA 1,074 APAC 1,073 Total $ 7,157 As of March 31, 2023 not three March 31, 2023 |
Note 16 - Interest Bearing Loan
Note 16 - Interest Bearing Loans | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 16. Interest bearing loans On October 1, 2021, July 21, 2022, 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 (as defined in the New Facility) 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 drawdowns as loans to the extent one third two no 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 On March 31, 2022, March 10, 2022, 1.0 The New Facility remained undrawn on a cash basis (i.e., no loans were outstanding), as of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. 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 $49.5 million and $45.5 million as of March 31, 2023 December 31, 2022, 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 reasonably estimated, then the estimated liability would be accrued in our unaudited condensed consolidated financial statements. If the assessment indicates a potentially material loss contingency is not Loss contingencies considered remote are generally not no March 31, 2023 December 31, 2022. We have conducted an internal investigation of the operations of certain of the Company’s foreign subsidiaries in West Africa including possible violations of the U.S. Foreign Corrupt Practices Act, our policies and other applicable laws. In June 2016, first 2023, March 31, 2023, On April 26, 2023, 21C 1934 Other than discussed above, we had no March 31, 2023 December 31, 2022 |
Note 18 - Post-retirement Benef
Note 18 - Post-retirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18. Post-retirement benefits Amounts recognized in the unaudited condensed consolidated statements of operations in respect of the defined benefit schemes were as follows (in thousands): Three Months Ended March 31, 2023 2022 Amortization of prior service credit $ 61 $ 61 Interest cost (1,533 ) (1,054 ) Expected return on plan assets 986 1,428 Total $ (486 ) $ 435 The Company contributed $1.2 million and $1.3 million for the three March 31, 2023 2022, Amortization of prior service credit, interest cost and expected return on plan assets have been recognized in “Other income, net” in the unaudited condensed consolidated statements of operations. |
Note 19 - Loss Per Share
Note 19 - Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. Loss per share Basic loss per share attributable to Company stockholders is calculated by dividing net loss attributable to the Company by the weighted-average number of common shares outstanding for the period. When there is net income for the period. diluted earnings per share attributable to Company stockholders is computed giving effect to all potential dilutive common stock. We apply the treasury stock method to determine the dilutive weighted average common shares represented by unvested restricted stock units, stock options and Employee Stock Purchase Program (“ESPP”) shares. The calculation of basic and diluted loss per share attributable to Company stockholders for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Net loss $ (6,351 ) $ (11,132 ) Basic and diluted weighted average number of shares outstanding 108,854,709 109,266,988 Total basic and diluted loss per share $ (0.06 ) $ (0.10 ) Approximately 0.7 million 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 both the three March 31, 2023 2022. |
Note 20 - Related Party Disclos
Note 20 - Related Party Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. Related party disclosures Our related parties consist primarily of CETS and PVD-Expro, the two three March 31, 2023 2022, three March 31, 2023, Additionally, we entered into various operating lease agreements to lease facilities with affiliated companies. Rent expense associated with our related party leases was $0.1 million and $0.2 million, respectively, for the three March 31, 2023 2022. As of March 31, 2023 December 31, 2022 As of March 31, 2023, December 31, 2022, 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, ten October 1, 2021 |
Note 21 - Stock-based Compensat
Note 21 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 21. Stock-based compensation The Company recognized $0.5 million and $2.7 million of stock-based compensation expense attributable to the Management Incentive Plan (“MIP”) stock options during th e three March 31, 2023 2022 ”) for the t hree months ended March 31, 2023 2022 During th e three March 31, 2023 $33.76 During the three March 31, 2023 2022, |
Note 22 - Supplemental Cash Flo
Note 22 - Supplemental Cash Flow | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 22. Supplemental cash flow Three Months Ended March 31, 2023 2022 Supplemental disclosure of cash flow information: Cash paid for income taxes, net of refunds $ 6,381 $ 7,716 Cash paid for interest, net $ 966 $ 903 Change in accounts payable and accrued expenses related to capital expenditures $ 3,551 $ 5,583 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The unaudited condensed 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 unaudited condensed consolidated financial statements. Investments in which we do not The accompanying condensed consolidated financial statements have not not December 31, 2022 10 February 23, 2023. In the opinion of management, these unaudited condensed consolidated financial statements, which are prepared in accordance with the rules of the SEC and U.S. GAAP for interim financial reporting, included herein contain all adjustments necessary to present fairly our financial position as of March 31, 2023 s for the three March 31, 2023 2022 three March 31, 2023 2022 Such adjustments are of a normal recurring nature. Operating results three March 31, 2023 not may December 31, 2023 The unaudited condensed consolidated financial statements have been prepared on an historical cost basis using the United States dollar (“$” or “U.S. dollar”) as the reporting currency. |
Significant Accounting Policies [Policy Text Block] | Significant accounting policies Refer to Note 2 Basis of presentation and significant accounting policies December 31, 2022, 10 February 23, 2023, no December 31, 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. Recently issued ASUs were assessed and were either determined to be not |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Amount Cash and cash equivalents $ 1,464 Accounts receivables, net 723 Inventories 183 Property, plant and equipment 642 Goodwill 7,157 Intangible assets 11,063 Other assets 27 Total assets 21,259 Accounts payable and accrued liabilities 245 Deferred tax liabilities 2,700 Other liabilities 831 Total Liabilities 3,776 Fair value of net assets acquired $ 17,483 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Non-current accounts receivable, net $ - $ 9,177 $ - $ 9,177 Liabilities: Finance lease liabilities - 14,516 - 14,516 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Non-current accounts receivable, net $ - $ 9,688 $ - $ 9,688 Liabilities: Finance lease liabilities - 14,820 - 14,820 |
Note 5 - Business Segment Rep_2
Note 5 - Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2023 2022 NLA $ 126,228 $ 103,861 ESSA 113,648 82,071 MENA 50,945 50,715 APAC 48,458 43,830 Total $ 339,279 $ 280,477 |
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2023 2022 NLA $ 31,874 $ 21,827 ESSA 20,785 11,874 MENA 14,568 15,465 APAC (2,698 ) 5,438 Total Segment EBITDA 64,529 54,604 Corporate costs (25,081 ) (21,965 ) Equity in income of joint ventures 2,436 4,202 Depreciation and amortization expense (34,737 ) (35,012 ) Merger and integration expense (2,138 ) (4,725 ) Severance and other expense (927 ) (1,494 ) Stock-based compensation expense (4,171 ) (6,018 ) Foreign exchange gain 1,070 2,816 Other (expense) income, net (949 ) 996 Interest and finance (expense) income, net (1,298 ) 13 Loss before income taxes $ (1,266 ) $ (6,583 ) |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 Well construction $ 128,265 $ 111,435 Well management 211,014 169,042 Total $ 339,279 $ 280,477 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2023 2022 Trade receivable, net $ 297,811 $ 289,235 Unbilled receivables (included within accounts receivable, net) $ 136,776 $ 139,690 Deferred revenue (included within other liabilities) $ 63,598 $ 51,192 |
Note 8 - Investment in Joint _2
Note 8 - Investment in Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | March 31, December 31, 2023 2022 CETS $ 64,914 $ 62,471 PVD-Expro 3,521 3,567 Total $ 68,435 $ 66,038 |
Note 9 - Accounts Receivable,_2
Note 9 - Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2023 2022 Accounts receivable $ 448,081 $ 441,605 Less: Expected credit losses (13,494 ) (12,680 ) Total $ 434,587 $ 428,925 Current 425,410 419,237 Non – current 9,177 9,688 Total $ 434,587 $ 428,925 |
Note 10 - Inventories (Tables)
Note 10 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2023 2022 Finished goods $ 30,784 $ 26,810 Raw materials, equipment spares and consumables 100,092 102,395 Work-in-progress 25,404 24,513 Total $ 156,280 $ 153,718 |
Note 11 - Other Assets and Li_2
Note 11 - Other Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | March 31, December 31, 2023 2022 Prepayments $ 24,438 18,084 Value-added tax receivables 23,167 20,727 Collateral deposits 1,679 1,669 Deposits 7,720 7,245 Other 7,593 5,513 Total $ 64,597 $ 53,238 Current 56,552 44,975 Non – current 8,045 8,263 Total $ 64,597 $ 53,238 |
Other Liabilities [Table Text Block] | March 31, December 31, 2023 2022 Deferred revenue $ 63,598 $ 51,192 Other tax and social security 29,267 28,557 Income tax liabilities – non-current portion 58,115 58,036 Provisions 44,266 45,248 Contingent consideration liabilities 11,655 3,227 Other 15,814 18,655 Total $ 222,715 $ 204,915 Current 120,021 107,750 Non – current 102,694 97,165 Total $ 222,715 $ 204,915 |
Note 12 - Accounts Payable an_2
Note 12 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2023 2022 Accounts payable – trade $ 121,414 $ 100,951 Payroll, vacation and other employee benefits 41,098 46,935 Accruals for goods received not invoiced 21,701 32,102 Other accrued liabilities 87,946 92,716 Total $ 272,159 $ 272,704 |
Note 13 - Property, Plant and_2
Note 13 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 2022 Cost: Land $ 22,261 $ 22,261 Land improvements 3,054 3,054 Buildings and lease hold improvements 98,456 98,490 Plant and equipment 815,291 789,910 939,062 913,715 Less: accumulated depreciation (476,652 ) (451,399 ) Total $ 462,410 $ 462,316 March 31, December 31, 2023 2022 Cost: Buildings $ 18,623 $ 18,623 Plant and equipment 589 1,275 Total 19,212 19,898 Less: accumulated amortization (8,737 ) (9,085 ) Total $ 10,475 $ 10,813 Depreciation expense relating to property, plant and equipment, including assets under finance leases, was $25.5 $26.0 |
Note 14 - Intangible Assets, _2
Note 14 - Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2023 December 31, 2022 March 31, 2023 Gross carrying amount Accumulated impairment and amortization Net book value Gross carrying amount Accumulated impairment and amortization Net book value Weighted average remaining life (years) CR&C $ 224,776 $ (123,271 ) $ 101,505 $ 222,200 $ (118,221 ) $ 103,979 5.1 Trademarks 57,350 (33,811 ) 23,539 57,100 (32,921 ) 24,179 7.2 Technology 178,889 (73,886 ) 105,003 170,652 (71,191 ) 99,461 11.8 Software 11,754 (10,272 ) 1,482 11,556 (9,671 ) 1,885 0.8 Total $ 472,769 $ (241,240 ) $ 231,529 $ 461,508 $ (232,004 ) $ 229,504 8.3 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Acquired Fair Value Weighted average life (years) CR&C 2,576 6.0 Trademarks 250 5.0 Technology 8,237 15.0 Total $ 11,063 12.7 |
Note 15 - Goodwill (Tables)
Note 15 - Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | March 31, December 31, 2023 2022 NLA $ 120,658 $ 118,511 ESSA 82,921 80,058 MENA 5,292 4,218 APAC 19,266 18,193 Total $ 228,137 $ 220,980 |
Business Combination, Segment Allocation [Table Text Block] | March 31, 2023 NLA $ 2,147 ESSA 2,863 MENA 1,074 APAC 1,073 Total $ 7,157 |
Note 18 - Post-retirement Ben_2
Note 18 - Post-retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2023 2022 Amortization of prior service credit $ 61 $ 61 Interest cost (1,533 ) (1,054 ) Expected return on plan assets 986 1,428 Total $ (486 ) $ 435 |
Note 19 - Loss Per Share (Table
Note 19 - Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net loss $ (6,351 ) $ (11,132 ) Basic and diluted weighted average number of shares outstanding 108,854,709 109,266,988 Total basic and diluted loss per share $ (0.06 ) $ (0.10 ) |
Note 22 - Supplemental Cash F_2
Note 22 - Supplemental Cash Flow (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2023 2022 Supplemental disclosure of cash flow information: Cash paid for income taxes, net of refunds $ 6,381 $ 7,716 Cash paid for interest, net $ 966 $ 903 Change in accounts payable and accrued expenses related to capital expenditures $ 3,551 $ 5,583 |
Note 1 - Business Description (
Note 1 - Business Description (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 10 Months Ended | ||
Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2022 | Jun. 16, 2022 USD ($) | |
Number of Countries in which Entity Operates | 60 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 10,011 | |||
Stock Repurchase Program [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||
Treasury Stock, Shares, Acquired (in shares) | shares | 0.6 | 1.7 | ||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 17.99 | $ 13.89 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 10,000 | $ 23,000 |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Dispositions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 08, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Business Combination, Contingent Consideration, Liability | $ 11,655 | $ 3,227 | ||
Amortization of Intangible Assets | $ 9,200 | $ 9,000 | ||
DeltaTek Oil Tools Limited [Member] | ||||
Amortization of Intangible Assets | $ 1,000 | |||
DeltaTek Oil Tools Limited [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
DeltaTek Oil Tools Limited [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
DeltaTek Oil Tools Limited [Member] | Exploration and Production Services (Holdings) Limited [Member] | ||||
Business Combination, Consideration Transferred | 17,500 | |||
Payments to Acquire Businesses, Gross | 9,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 8,500 | |||
DeltaTek Oil Tools Limited [Member] | Exploration and Production Services (Holdings) Limited [Member] | Other Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability | $ 8,500 |
Note 3 - Business Combination_4
Note 3 - Business Combinations and Dispositions - Consideration Exchanged and Preliminary Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Feb. 08, 2023 | Dec. 31, 2022 |
Goodwill | $ 228,137 | $ 220,980 | |
DeltaTek Oil Tools Limited [Member] | |||
Cash and cash equivalents | $ 1,464 | ||
Accounts receivables, net | 723 | ||
Inventories | 183 | ||
Property, plant and equipment | 642 | ||
Goodwill | $ 7,157 | 7,157 | |
Intangible assets | 11,063 | ||
Other assets | 27 | ||
Total assets | 21,259 | ||
Accounts payable and accrued liabilities | 245 | ||
Deferred tax liabilities | 2,700 | ||
Other liabilities | 831 | ||
Total Liabilities | 3,776 | ||
Fair value of net assets acquired | $ 17,483 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Summary of Financial Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Non-current accounts receivable, net | $ 9,177 | $ 9,688 |
Finance lease liabilities | 14,516 | 14,820 |
Fair Value, Inputs, Level 1 [Member] | ||
Non-current accounts receivable, net | 0 | 0 |
Finance lease liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Non-current accounts receivable, net | 9,177 | 9,688 |
Finance lease liabilities | 14,516 | 14,820 |
Fair Value, Inputs, Level 3 [Member] | ||
Non-current accounts receivable, net | 0 | 0 |
Finance lease liabilities | $ 0 | $ 0 |
Note 5 - Business Segment Rep_3
Note 5 - Business Segment Reporting - Revenue by Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 339,279 | $ 280,477 |
NLA [Member] | ||
Total revenue | 126,228 | 103,861 |
ESSA [Member] | ||
Total revenue | 113,648 | 82,071 |
MENA [Member] | ||
Total revenue | 50,945 | 50,715 |
APAC [Member] | ||
Total revenue | $ 48,458 | $ 43,830 |
Note 5 - Business Segment Rep_4
Note 5 - Business Segment Reporting - Reconciliation of Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization From Segments to Net Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total Segment EBITDA | $ 64,529 | $ 54,604 |
Corporate costs | (25,081) | (21,965) |
Equity in income of joint ventures | 2,436 | 4,202 |
Depreciation and amortization expense | (34,737) | (35,012) |
Merger and integration expense | (2,138) | (4,725) |
Severance and other expense | (927) | (1,494) |
Stock-based compensation expense | (4,171) | (6,018) |
Foreign exchange gain | 1,070 | 2,816 |
Other (expense) income, net | (949) | 996 |
Interest and finance (expense) income, net | (1,298) | 13 |
Loss before income taxes | (1,266) | (6,583) |
NLA [Member] | ||
Total Segment EBITDA | 31,874 | 21,827 |
ESSA [Member] | ||
Total Segment EBITDA | 20,785 | 11,874 |
MENA [Member] | ||
Total Segment EBITDA | 14,568 | 15,465 |
APAC [Member] | ||
Total Segment EBITDA | $ (2,698) | $ 5,438 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 25.2 | $ 7.9 |
Construction [Member] | ||
Revenue, Remaining Performance Obligation, Amount | 116.1 | |
Other Current Liabilities [Member] | ||
Contract with Customer, Liability, Current | $ 62.6 |
Note 6 - Revenue - Revenue by A
Note 6 - Revenue - Revenue by Areas of Capability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 339,279 | $ 280,477 |
Well Construction [Member] | ||
Total revenue | 128,265 | 111,435 |
Well Management [Member] | ||
Total revenue | $ 211,014 | $ 169,042 |
Note 6 - Revenue - Contract Bal
Note 6 - Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Trade receivable, net | $ 434,587 | $ 428,925 |
Deferred revenue (included within other liabilities) | 63,598 | 51,192 |
Billed Revenues [Member] | ||
Trade receivable, net | 297,811 | 289,235 |
Unbilled Revenues [Member] | ||
Trade receivable, net | $ 136,776 | $ 139,690 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | (137.40%) | (42.20%) |
Note 8 - Investment in Joint _3
Note 8 - Investment in Joint Ventures (Details Textual) | Mar. 31, 2023 |
CETS [Member] | |
Equity Method Investment, Ownership Percentage | 50% |
PVD-Expro [Member] | |
Equity Method Investment, Ownership Percentage | 49% |
Note 8 - Investment in Joint _4
Note 8 - Investment in Joint Ventures - Carrying Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying value | $ 68,435 | $ 66,038 |
CETS [Member] | ||
Carrying value | 64,914 | 62,471 |
PVD-Expro [Member] | ||
Carrying value | $ 3,521 | $ 3,567 |
Note 9 - Accounts Receivable,_3
Note 9 - Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable | $ 448,081 | $ 441,605 |
Less: Expected credit losses | (13,494) | (12,680) |
Trade receivable, net | 434,587 | 428,925 |
Current | 425,410 | 419,237 |
Non – current | $ 9,177 | $ 9,688 |
Note 10 - Inventories - Summary
Note 10 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 30,784 | $ 26,810 |
Raw materials, equipment spares and consumables | 100,092 | 102,395 |
Work-in-progress | 25,404 | 24,513 |
Total | $ 156,280 | $ 153,718 |
Note 11 - Other Assets and Othe
Note 11 - Other Assets and Other Liabilities - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepayments | $ 24,438 | $ 18,084 |
Value-added tax receivables | 23,167 | 20,727 |
Collateral deposits | 1,679 | 1,669 |
Deposits | 7,720 | 7,245 |
Other | 7,593 | 5,513 |
Total | 64,597 | 53,238 |
Current | 56,552 | 44,975 |
Non – current | $ 8,045 | $ 8,263 |
Note 11 - Other Assets and Ot_2
Note 11 - Other Assets and Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred revenue | $ 63,598 | $ 51,192 |
Other tax and social security | 29,267 | 28,557 |
Income tax liabilities – non-current portion | 58,115 | 58,036 |
Provisions | 44,266 | 45,248 |
Contingent consideration liabilities | 11,655 | 3,227 |
Other | 15,814 | 18,655 |
Total | 222,715 | 204,915 |
Current | 120,021 | 107,750 |
Non – current | $ 102,694 | $ 97,165 |
Note 12 - Accounts Payable an_3
Note 12 - Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts payable – trade | $ 121,414 | $ 100,951 |
Payroll, vacation and other employee benefits | 41,098 | 46,935 |
Accruals for goods received not invoiced | 21,701 | 32,102 |
Other accrued liabilities | 87,946 | 92,716 |
Total | $ 272,159 | $ 272,704 |
Note 13 - Property, Plant and_3
Note 13 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment, Including Assets Under Finance Leases [Member] | ||
Depreciation | $ 25.5 | $ 26 |
Note 13 - Property, Plant and_4
Note 13 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 939,062 | $ 913,715 |
Less: accumulated depreciation | (476,652) | (451,399) |
Property, plant and equipment, net | 462,410 | 462,316 |
Property, Plant and Equipment, Net [Member] | ||
Assets under finance lease, gross | 19,212 | 19,898 |
Less: accumulated amortization, assets under finance lease | (8,737) | (9,085) |
Total | 10,475 | 10,813 |
Land [Member] | ||
Property, plant and equipment, gross | 22,261 | 22,261 |
Building [Member] | ||
Assets under finance lease, gross | 18,623 | 18,623 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 3,054 | 3,054 |
Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 815,291 | 789,910 |
Assets under finance lease, gross | 589 | 1,275 |
Buildings and Leasehold Improvement [Member] | ||
Property, plant and equipment, gross | $ 98,456 | $ 98,490 |
Note 14 - Intangible Assets, _3
Note 14 - Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of Intangible Assets | $ 9.2 | $ 9 |
Note 14 - Intangible Assets, _4
Note 14 - Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross Carrying Amount | $ 472,769 | $ 461,508 |
Accumulated Impairment and Amortization | (241,240) | (232,004) |
Total intangible assets | $ 231,529 | 229,504 |
Weighted average remaining life (Year) | 8 years 3 months 18 days | |
Customer Relationships [Member] | ||
Gross Carrying Amount | $ 224,776 | 222,200 |
Accumulated Impairment and Amortization | (123,271) | (118,221) |
Total intangible assets | $ 101,505 | 103,979 |
Weighted average remaining life (Year) | 5 years 1 month 6 days | |
Trademarks [Member] | ||
Gross Carrying Amount | $ 57,350 | 57,100 |
Accumulated Impairment and Amortization | (33,811) | (32,921) |
Total intangible assets | $ 23,539 | 24,179 |
Weighted average remaining life (Year) | 7 years 2 months 12 days | |
Technology-Based Intangible Assets [Member] | ||
Gross Carrying Amount | $ 178,889 | 170,652 |
Accumulated Impairment and Amortization | (73,886) | (71,191) |
Total intangible assets | $ 105,003 | 99,461 |
Weighted average remaining life (Year) | 11 years 9 months 18 days | |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | $ 11,754 | 11,556 |
Accumulated Impairment and Amortization | (10,272) | (9,671) |
Total intangible assets | $ 1,482 | $ 1,885 |
Weighted average remaining life (Year) | 9 months 18 days |
Note 14 - Intangible Assets, _5
Note 14 - Intangible Assets, Net - Summary of Acquired Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Acquired fair value | $ 11,063 |
Weighted average life (Year) | 12 years 8 months 12 days |
Customer Relationships [Member] | |
Acquired fair value | $ 2,576 |
Weighted average life (Year) | 6 years |
Trademarks [Member] | |
Acquired fair value | $ 250 |
Weighted average life (Year) | 5 years |
Technology-Based Intangible Assets [Member] | |
Acquired fair value | $ 8,237 |
Weighted average life (Year) | 15 years |
Note 15 - Goodwill (Details Tex
Note 15 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Note 15 - Goodwill - Summary of
Note 15 - Goodwill - Summary of Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill | $ 228,137 | $ 220,980 |
NLA [Member] | ||
Goodwill | 120,658 | 118,511 |
ESSA [Member] | ||
Goodwill | 82,921 | 80,058 |
MENA [Member] | ||
Goodwill | 5,292 | 4,218 |
APAC [Member] | ||
Goodwill | $ 19,266 | $ 18,193 |
Note 15 - Goodwill - Summary _2
Note 15 - Goodwill - Summary of Acquired Goodwill by Operating Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Feb. 08, 2023 | Dec. 31, 2022 |
Goodwill | $ 228,137 | $ 220,980 | |
NLA [Member] | |||
Goodwill | 120,658 | 118,511 | |
ESSA [Member] | |||
Goodwill | 82,921 | 80,058 | |
MENA [Member] | |||
Goodwill | 5,292 | 4,218 | |
APAC [Member] | |||
Goodwill | 19,266 | $ 18,193 | |
DeltaTek Oil Tools Limited [Member] | |||
Goodwill | 7,157 | $ 7,157 | |
DeltaTek Oil Tools Limited [Member] | NLA [Member] | |||
Goodwill | 2,147 | ||
DeltaTek Oil Tools Limited [Member] | ESSA [Member] | |||
Goodwill | 2,863 | ||
DeltaTek Oil Tools Limited [Member] | MENA [Member] | |||
Goodwill | 1,074 | ||
DeltaTek Oil Tools Limited [Member] | APAC [Member] | |||
Goodwill | $ 1,073 |
Note 16 - Interest Bearing Lo_2
Note 16 - Interest Bearing Loans (Details Textual) - New Credit Facility [Member] $ in Thousands | Oct. 01, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 21, 2022 USD ($) | Mar. 31, 2022 USD ($) |
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | $ 222,500 | |||
Debt Instrument, Covenant, Minimum EBITDA of Guarantors | 80% | ||||
Debt Instrument, Covenant, Minimum Consolidated Assets of Guarantors | 70% | ||||
Debt Instrument, Covenant, Minimum EBITDA and Assets of Subsidiaries | 5% | ||||
Debt Instrument, LIBOR Floor | 0% | ||||
Line of Credit Facility, Commitment Fee Percentage | 30% | ||||
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 | 2.25 | |||
Debt Instrument, Maximum Percentage of Aggregate Capital Expenditures | 110% | ||||
Repurchase or Redemption of Shares, Maximum Aggregate Amount | $ 50,000 | ||||
Drawdowns as Loans [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 130,000 | ||||
Long-Term Debt | $ 0 | $ 0 | |||
Drawdowns as Loans [Member] | One-third Drawn [Member] | |||||
Line of Credit Facility, Upfront Fee Percentage | 0.25% | ||||
Drawdowns as Loans [Member] | Two-thirds Drawn [Member] | |||||
Line of Credit Facility, Upfront Fee Percentage | 0.50% | ||||
Drawdowns as Loans [Member] | London Interbank Offered Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000 | $ 92,500 | |||
Line of Credit Facility, Upfront Fee Percentage | 0.75% | ||||
Letter of Credit [Member] | London Interbank Offered Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||||
Bonds and Guarantees [Member] | |||||
Long-Term Debt | $ 51,000 | $ 53,800 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 26, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Loss Contingency Accrual | $ 8 | ||
Subsequent Event [Member] | |||
Litigation Settlement, Expense | $ 8 | ||
Capital Addition Purchase Commitments [Member] | |||
Long-Term Purchase Commitment, Amount | $ 49.5 | $ 45.5 |
Note 18 - Post-retirement Ben_3
Note 18 - Post-retirement Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1.2 | $ 1.3 |
Note 18 - Post-retirement Ben_4
Note 18 - Post-retirement Benefits - Net Periodic Benefit Cost (Details) - UNITED KINGDOM - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of prior service credit | $ 61 | $ 61 |
Interest cost | (1,533) | (1,054) |
Expected return on plan assets | 986 | 1,428 |
Total | $ (486) | $ 435 |
Note 19 - Loss Per Share (Detai
Note 19 - Loss Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.7 | 0.7 |
Note 19 - Loss Per Share - Calc
Note 19 - Loss Per Share - Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss | $ (6,351) | $ (11,132) |
Basic and diluted weighted average number of shares outstanding (in shares) | 108,854,709 | 109,266,988 |
Total basic and diluted loss per share (in dollars per share) | $ (0.06) | $ (0.10) |
Note 20 - Related Party Discl_2
Note 20 - Related Party Disclosures (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Oct. 01, 2021 | Aug. 26, 2016 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss | $ 434,587 | $ 428,925 | |||
Operating Lease, Right-of-Use Asset | 75,197 | 74,856 | |||
Related Party [Member] | |||||
Operating Lease, Expense | 100 | $ 200 | |||
Accounts Receivable, after Allowance for Credit Loss | 2,100 | 2,400 | |||
Accounts Payable | 1,100 | 800 | |||
Operating Lease, Right-of-Use Asset | 500 | 700 | |||
Operating Lease, Liability | 500 | $ 700 | |||
Corporate Joint Venture [Member] | Service [Member] | |||||
Related Party Transaction, Amounts of Transaction | 400 | ||||
Corporate Joint Venture [Member] | Related Party [Member] | |||||
Revenues | $ 2,100 | $ 900 | |||
Affiliated Entity [Member] | Mosing Holdings [Member] | |||||
Percentage of Tax Benefits Realized Payable Under Tax Receivable Agreement | 85% | ||||
Percentage of Tax Benefits Retained Under Tax Receivable Agreement | 15% | ||||
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 21 - Stock-based Compens_2
Note 21 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 4,171 | $ 6,018 |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 722,674 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.59 | |
Performance Restricted Stock Units [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 260,762 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 33.76 | |
Management Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Payment Arrangement, Expense | $ 500 | 2,700 |
Long-term Incentive Plan [Member] | RSU and PRSU [Member] | ||
Share-Based Payment Arrangement, Expense | 3,600 | 3,100 |
Employee Stock Purchase Plan [Member] | ||
Share-Based Payment Arrangement, Expense | $ 100 | $ 200 |
Note 22 - Supplemental Cash F_3
Note 22 - Supplemental Cash Flow - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds | $ 6,381 | $ 7,716 |
Cash paid for interest, net | 966 | 903 |
Change in accounts payable and accrued expenses related to capital expenditures | $ 3,551 | $ 5,583 |