Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.8.0.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2018
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
2018
 
2017
Revenues: (1)
 
 
 
Drilling Services:
 
 
 
U.S. (Lower 48) Drilling
$
1,354

 
$
1,215

International & Alaska Drilling
56,096

 
63,213

Total Drilling Services
57,450

 
64,428

Rental Tools Services:
 
 
 
U.S. Rental Tools
34,748

 
20,231

International Rental Tools
17,477

 
13,612

Total Rental Tools Services
52,225

 
33,843

Total revenues
109,675

 
98,271

Operating gross margin: (2)
 
 
 
Drilling Services:
 
 
 
U.S. (Lower 48) Drilling
(5,288
)
 
(7,226
)
International & Alaska Drilling
(5,336
)
 
(1,785
)
Total Drilling Services
(10,624
)
 
(9,011
)
Rental Tools Services:
 
 
 
U.S. Rental Tools
4,231

 
(3,773
)
International Rental Tools
(4,015
)
 
(6,961
)
Total Rental Tools Services
216


(10,734
)
Total operating gross margin
(10,408
)
 
(19,745
)
General and administrative expense
(6,201
)
 
(7,040
)
Gain (loss) on disposition of assets, net
343

 
(352
)
Total operating income (loss)
(16,266
)
 
(27,137
)
Interest expense
(11,240
)
 
(10,870
)
Interest income
23

 
10

Other income (loss)
291

 
530

Income (loss) before income taxes
$
(27,192
)
 
$
(37,467
)
 
(1)For the three months ended March 31, 2018, our largest customer, ENL, constituted approximately 28.6 percent of our total consolidated revenues and approximately 55.9 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $12.1 million, ENL constituted approximately 20.1 percent of our total consolidated revenues and approximately 45.9 percent of our International & Alaska Drilling segment revenues.
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.
(2)Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.
Schedule of Revenue by Geographic Region
The following table shows the Company’s revenues by geographic region:
 
 Three months ended March 31, 2018
Dollars in thousands
United States
 
Russia
 
EMEA & Asia
 
Latin America
 
Other CIS
 
Other
 
Total
Revenues
$43,995
 
$31,292
 
$20,044
 
$3,513
 
$3,550
 
$7,281
 
$109,675
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Three months ended March 31, 2017
Dollars in thousands
United States
 
Russia
 
EMEA & Asia
 
Latin America
 
Other CIS
 
Other
 
Total
Revenues
$32,573
 
$34,448
 
$15,101
 
$2,866
 
$6,308
 
$6,975
 
$98,271