This company is the rebranding of Shawcor.
It looks like the company is going through a bit of a transformational phase right now, selling off non-core assets to focus on its higher margin segments of the business. It seems like it's laying out quite a bit of capital expenditures as well which as impacted free cash flow over the last few years.
The company's balance sheet is pretty solid, and it is trading at relatively attractive valuations at this point. But this is likely a company that will be hit pretty hard by a possible recession and a bear market in oil and gas. It has reduced its exposure to the industry heavily. In fact back in 2019 almost 3/4 of the business was exposed to oil and gas. I believe it now sits at 35%. This was mostly from it selling off these businesses.
But, it will still be relatively cyclical to the economy overall. Its margin profile (low gross margin, pretty thin operating margins) are enough to make me pass on the business overall.