Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.7.0.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Results of Operations by Reportable Segment
The following table represents the results of operations by reportable segment:
 
Three Months Ended 
 March 31,
Dollars in thousands
2017
 
2016
Revenues: (1)
 
 
 
Drilling Services:
 
 
 
U.S. (Lower 48) Drilling
$
1,215

 
$
2,085

International & Alaska Drilling
63,213

 
88,619

Total Drilling Services
64,428

 
90,704

Rental Tools Services:
 
 
 
U.S. Rental Tools
20,231

 
22,555

International Rental Tools
13,612

 
17,244

Total Rental Tools Services
33,843

 
39,799

Total revenues
98,271

 
130,503

Operating gross margin: (2)
 
 
 
Drilling Services:
 
 
 
U.S. (Lower 48) Drilling
(7,226
)
 
(8,558
)
International & Alaska Drilling
(1,785
)
 
5,077

Total Drilling Services
(9,011
)
 
(3,481
)
Rental Tools Services:
 
 
 
U.S. Rental Tools
(3,773
)
 
(3,949
)
International Rental Tools
(6,961
)
 
(5,998
)
Total Rental Tools Services
(10,734
)

(9,947
)
Total operating gross margin
(19,745
)
 
(13,428
)
General and administrative expense
(7,040
)
 
(9,781
)
Gain (loss) on disposition of assets, net
(352
)
 
(60
)
Total operating income (loss)
(27,137
)
 
(23,269
)
Interest expense
(10,870
)
 
(11,562
)
Interest income
10

 
7

Other income (loss)
530

 
2,485

Income (loss) from continuing operations before income taxes
$
(37,467
)
 
$
(32,339
)
 
(1)For the three months ended March 31, 2017, our largest customer, ENL, constituted approximately 34.9 percent of our total consolidated revenues and approximately 54.3 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $13.0 million, ENL constituted approximately 25.7 percent of our total consolidated revenues and approximately 44.4 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 11.3 percent of our total consolidated revenues and approximately 17.6 percent of our International & Alaska Drilling segment revenues.
For the three months ended March 31, 2016, our largest customer, ENL, constituted approximately 39.2 percent of our total consolidated revenues and approximately 57.8 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $18.3 million, ENL constituted approximately 29.5 percent of our total consolidated revenues and approximately 47.2 percent of our International & Alaska Drilling segment revenues.
(2)Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.