Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.8.0.1
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Results of Operations by Reportable Segment
The following table represents the results of operations by reportable segment:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
Dollars in thousands
2017
 
2016
 
2017
 
2016
Revenues: (1)
 
 
 
 
 
 
 
Drilling Services:
 
 
 
 
 
 
 
U.S. (Lower 48) Drilling
$
4,585

 
$
1,431

 
$
10,843

 
$
4,581

International & Alaska Drilling
62,726

 
65,307

 
186,606

 
225,854

Total Drilling Services
67,311

 
66,738

 
197,449

 
230,435

Rental Tools Services:
 
 
 
 
 
 
 
U.S. Rental Tools
35,677

 
14,967

 
85,613

 
55,483

International Rental Tools
15,320

 
15,484

 
43,124

 
47,061

Total Rental Tools Services
50,997

 
30,451

 
128,737

 
102,544

Total revenues
118,308

 
97,189

 
326,186

 
332,979

Operating gross margin: (2)
 
 
 
 
 
 
 
Drilling Services:
 
 
 
 
 
 
 
U.S. (Lower 48) Drilling
(3,516
)
 
(8,686
)
 
(15,278
)
 
(26,257
)
International & Alaska Drilling
1,082

 
71

 
(3,461
)
 
8,347

Total Drilling Services
(2,434
)
 
(8,615
)
 
(18,739
)
 
(17,910
)
Rental Tools Services:
 
 
 
 
 
 
 
U.S. Rental Tools
8,556

 
(6,645
)
 
7,746

 
(16,069
)
International Rental Tools
(6,001
)
 
(6,705
)
 
(19,647
)
 
(21,639
)
Total Rental Tools Services
2,555


(13,350
)
 
(11,901
)
 
(37,708
)
Total operating gross margin
121

 
(21,965
)
 
(30,640
)
 
(55,618
)
General and administrative expense
(7,033
)
 
(7,424
)
 
(20,576
)
 
(25,200
)
Gain (loss) on disposition of assets, net
97

 
(187
)
 
(368
)
 
(249
)
Total operating income (loss)
(6,815
)
 
(29,576
)
 
(51,584
)
 
(81,067
)
Interest expense
(11,067
)
 
(11,015
)
 
(33,032
)
 
(34,764
)
Interest income
128

 
9

 
160

 
48

Other income (loss)
(638
)
 
(351
)
 
452

 
1,776

Income (loss) from continuing operations before income taxes
$
(18,392
)
 
$
(40,933
)
 
$
(84,004
)
 
$
(114,007
)
 
(1)For the nine months ended September 30, 2017, our largest customer, ENL, constituted approximately 32.6 percent of our total consolidated revenues and approximately 56.9 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $39.9 million, ENL constituted approximately 23.6 percent of our total consolidated revenues and approximately 46.9 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 10.0 percent of our total consolidated revenues and approximately 17.5 percent of our International & Alaska Drilling segment revenues.
For the nine months ended September 30, 2016, our largest customer, ENL, constituted approximately 39.6 percent of our total consolidated revenues and approximately 58.4 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $54.3 million, ENL constituted approximately 28.0 percent of our total consolidated revenues and approximately 45.6 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.