Revenue and EBITDA Exceed Expectations
First quarter 2025 revenues of $160 million to $170 million were met or exceeded, with EBITDA ranging from $17.5 to $18.5 million due to strength in international offerings and recovery in Gulf of America operations.
Record Bookings and Backlog
Bookings totaled $136 million, leading to the highest level of backlog since September 2015 with a book-to-bill ratio of 1.5 times.
Positive Cash Flow from Operations
Generated $9 million of cash flow from operations, reversing the typical negative cash flow trend in the first quarter.
Strong Performance in Offshore Manufactured Products
Offshore manufactured product segment generated revenues of $93 million and adjusted segment EBITDA of $18 million with a 19% margin.
Completion and Production Services Margin Improvement
Completion and production services segment saw revenues of $35 million and adjusted segment EBITDA of $9 million, with margins improving to 25%.
Strategic Investments and Share Repurchases
Proceeds from asset sales used for $9 million CapEx, including a new Batam, Indonesia facility, and $5 million in share repurchases.