Risk Concentrations |
3 Months Ended |
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Mar. 31, 2026 | |
| Risk Concentrations | |
| Risk Concentrations | Note 12 — Risk Concentrations Customer Concentrations During the three months ended March 31, 2026, three customers accounted for approximately 40%, 16%, and 10%, respectively, of the Company’s consolidated revenues. These customers contributed 61% of the revenue for high specification rigs, 30% for wireline services, and 72% for processing solutions and ancillary services. As of March 31, 2026, approximately 71% of the net accounts receivable balance, in aggregate, was due from these customers. The majority of our trade receivables have payment terms of 30 days or less. As of March 31, 2026, the top three trade receivable balances represented approximately 52%, 15%, and 4%, respectively, of consolidated net accounts receivable. Within our High Specification Rig segment, the top three trade receivable balances represented 46%, 16%, and 6%, respectively, of total High Specification Rig net accounts receivable. Within our Wireline Services segment, the top three trade receivable balances represented 21%, 16%, and 14%, respectively, of total Wireline Services net accounts receivable. Within our Processing Solutions and Ancillary Services segment, the top three trade receivable balances represented 67%, 13%, and 7%, respectively, of total Processing Solutions and Ancillary Services net accounts receivable. We mitigate the associated credit risk by performing credit evaluations and monitoring the payment patterns of our customers. During the three months ended March 31, 2025, four customers accounted for approximately 29%, 13%, 11%, and 11%, respectively, of the Company’s consolidated revenues. For the three months ended March 31, 2025, these customers contributed 70% of the revenue for high specification rigs, 28% for wireline services, and 66% for processing solutions and ancillary services. As of March 31, 2025, approximately 64% of the net accounts receivable balance, in aggregate, was due from these customers.
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