Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.4.0.3
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2016
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
2016
 
2015
Revenues: (1)
 
 
 
Drilling Services:
 
 
 
U.S. (Lower 48) Drilling
$
2,085

 
$
14,097

International & Alaska Drilling
88,619

 
113,921

Total Drilling Services
90,704

 
128,018

Rental Tools
39,799

 
76,058

Total revenues
130,503

 
204,076

Operating gross margin: (2)
 
 
 
Drilling Services:
 
 
 
U.S. (Lower 48) Drilling
(8,558
)
 
(5,717
)
International & Alaska Drilling
5,077

 
17,354

Total Drilling Services
(3,481
)
 
11,637

Rental Tools
(9,947
)
 
12,630

Total operating gross margin
(13,428
)
 
24,267

General and administrative expense
(9,781
)
 
(10,837
)
Gain (loss) on disposition of assets, net
(60
)
 
2,441

Total operating income (loss)
(23,269
)
 
15,871

Interest expense
(11,562
)
 
(11,078
)
Interest income
7

 
183

Other income (loss)
2,485

 
(1,380
)
Income (loss) from continuing operations before income taxes
$
(32,339
)
 
$
3,596

 
(1)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, our largest customer, ENL, constituted approximately 29.5 percent of our total consolidated revenues, net of reimbursables, and approximately 47.2 percent of our International & Alaska Drilling segment revenues.
Our second largest customer, BP, constituted 11.5 percent of our total consolidated revenues and approximately 16.5 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $92 thousand, our second largest customer constituted approximately 13.3 percent of our total consolidated revenues, net of reimbursables, and approximately 20.9 percent of our International & Alaska Drilling segment revenues.
For the three months ended March 31, 2015, our largest customer, ENL, constituted approximately 22.9 percent of our total consolidated revenues and approximately 41.0 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $16.0 million, our largest customer, ENL, constituted approximately 16.7 percent of our total consolidated revenues, net of reimbursables, and approximately 32.3 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.