We design, manufacture and distribute products and engage in aftermarket services,
parts supply and related services that complement our product offering. Our
product offering includes a mix of highly engineered capital products and frequently
replaced items that are used in the exploration, development, production and
transportation of oil and natural gas. Our capital products are targeted at:
drilling rig equipment for new rigs, upgrades and refurbishment projects; subsea
construction and development projects; the placement of production equipment
on new producing wells; pressure pumping equipment; and downstream capital projects.
Our engineered systems are critical components used on drilling rigs, for well
completions or in the course of subsea operations, while our consumable products
are used to maintain efficient and safe operations at well sites in the well
construction process, within the supporting infrastructure and at processing
centers and refineries. Historically, over 60% of our revenue is derived from
activity-based consumable products, while the balance is derived from capital
products and a small amount from rental and other services.
We seek to design, manufacture and supply reliable products that create value
for our diverse customer base, which includes, among others, oil and natural
gas operators, land and offshore drilling contractors, oilfield service companies,
subsea construction and service companies in both oil and natural gas and non-oil
and natural gas industries, and pipeline and refinery operators.
We operate three business segments, Drilling & Subsea, Completions, and
Production & Infrastructure.
In our Drilling & Subsea segment, we design, manufacture and supply products
and provide related services to the drilling and subsea construction markets.
Through this segment, we offer drilling technologies, including capital equipment
and a broad line of products consumed in the drilling process; and subsea technologies,
including robotic vehicles and other capital equipment, specialty components
and tooling, a broad suite of complementary subsea technical services and rental
items, and products used in pipeline infrastructure.
In our Completions segment, we design, manufacture and supply products and
provide related services to the well construction, completion, stimulation and
intervention markets. Through this segment, we offer downhole technologies,
including cementing and casing tools, completion products, and a range of downhole
cable protection solutions; and stimulation and intervention technologies, including
pumps and well stimulation consumable products and related recertification and
refurbishment services.
The level of spending to bring new wells on production, including the related
infrastructure is the primary driver for our Production & Infrastructure
segment. Our Production Equipment product line also has exposure to the amount
of spending on midstream and downstream projects as it offers products that
go from the well site to inside the refinery fence. Our Valve Solutions product
line is impacted by the level of infrastructure additions, upgrades and maintenance
activities across the oil and natural gas industry, including the upstream,
midstream and downstream sectors. This includes heavy oil development in Canada
and investments in new petrochemical facilities. In addition, our valves are
used in the power, process and mining industries.
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