Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v2.4.1.9
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2015
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
2015
 
2014
Revenues: (1)
 
U.S. (Lower 48) Drilling
$
14,097

 
$
35,787

International & Alaska Drilling
113,921

 
112,932

Rental Tools
76,058

 
80,506

Total revenues
204,076

 
229,225

Operating gross margin: (2)
 
 
 
U.S. (Lower 48) Drilling
(5,717
)
 
8,742

International & Alaska Drilling
17,354

 
6,776

Rental Tools
12,630

 
13,345

Total operating gross margin
24,267

 
28,863

General and administrative expense
(10,837
)
 
(8,964
)
Gain (loss) on disposition of assets, net
2,441

 
(129
)
Total operating income
15,871

 
19,770

Interest expense
(11,078
)
 
(12,039
)
Interest income
183

 
32

Loss on extinguishment of debt
—

 
(29,673
)
Other income (loss)
(1,380
)
 
895

Income (loss) from continuing operations before income taxes
$
3,596

 
$
(21,015
)
 
(1)For the three months ended March 31, 2015, our largest customer, Exxon Neftegas Limited (ENL), constituted approximately 22.9% of our total consolidated revenues and approximately 41.0% of our International & Alaska Drilling segment revenues. For the three months ended March 31, 2014, our largest customer, ENL, constituted approximately 17.1% of our total consolidated revenues and approximately 39.6% of our International & Alaska Drilling segment revenues.
(2)Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.