Full-Year Revenue and Margin Expansion
2025 revenue of just over $1.6 billion with adjusted EBITDA of $353 million, representing a 22% margin (annual margin up ~170 basis points year-over-year). Financial performance was within guidance ranges.
Quarterly Results and Margin Progress
Q4 2025 revenue of $382 million and adjusted EBITDA of $88 million (23.1% margin). Q4 margin improved ~30 basis points sequentially and ~10 basis points year-over-year.
Free Cash Flow More Than Doubled
Adjusted free cash flow for full-year 2025 was $127 million, more than double 2024; Q4 adjusted free cash flow was $28 million (≈7% of Q4 revenue). Management expects sequential free cash flow improvement in 2026.
Backlog Growth Providing Revenue Visibility
Backlog of $2.5 billion at year-end, increasing $196 million during Q4 (≈8.5% increase sequentially), supporting near-term revenue visibility into 2026.
Large Contract Award — North Africa
Secured one of the company's largest single-customer awards: a 4-year, $380 million contract for production optimization and well management across multiple fields in North Africa.
Technology Deployments and Innovation
Successful deployment of proprietary XRD Spider (first/only 1,250-ton spider) and CaTS ATX system enabling real-time wireless downhole data and remote valve control — demonstrating product differentiation and operational efficiency gains.
Strong Safety and Operational Execution
Supported a major Australian offshore campaign completing multiple subsea wells with 0 QHSC incidents and job performance review scores of 100% across ~2,200 man days.
Balance Sheet and Liquidity Strengthened
Total liquidity of $551 million at year-end, including $198 million in cash. Voluntary prepayment of $20 million reduced revolving credit drawn balance to $79 million, improving net cash position.
Clear Capital Allocation Framework
Disciplined capital allocation priorities: organic investment, selective M&A, shareholder returns (targeting ≥1/3 of FCF returned annually primarily via buybacks), and balance sheet strength — providing transparency on use of cash and shareholder focus.