Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.5.0.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Results of Operations by Reportable Segment
The following table represents the results of operations by reportable segment:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Dollars in thousands
2016
 
2015
 
2016
 
2015
Revenues: (1)
 
 
 
 
 
 
 
Drilling Services:
 
 
 
 
 
 
 
U.S. (Lower 48) Drilling
$
1,065

 
$
6,848

 
$
3,150

 
$
20,945

International & Alaska Drilling
71,926

 
114,969

 
160,545

 
228,890

Total Drilling Services
72,991

 
121,817

 
163,695

 
249,835

Rental Tools
32,296

 
64,124

 
72,095

 
140,182

Total revenues
105,287

 
185,941

 
235,790

 
390,017

Operating gross margin: (2)
 
 
 
 
 
 
 
Drilling Services:
 
 
 
 
 
 
 
U.S. (Lower 48) Drilling
(9,011
)
 
(7,552
)
 
(17,571
)
 
(13,274
)
International & Alaska Drilling
3,196

 
6,844

 
8,274

 
24,208

Total Drilling Services
(5,815
)
 
(708
)
 
(9,297
)
 
10,934

Rental Tools
(14,410
)
 
4,729

 
(24,356
)
 
17,354

Total operating gross margin
(20,225
)
 
4,021

 
(33,653
)
 
28,288

General and administrative expense
(7,995
)
 
(9,511
)
 
(17,776
)
 
(20,348
)
Provision for reduction in carrying value of certain assets
—

 
(2,316
)
 
—

 
(2,316
)
Gain (loss) on disposition of assets, net
(2
)
 
(138
)
 
(62
)
 
2,303

Total operating income (loss)
(28,222
)
 
(7,944
)
 
(51,491
)
 
7,927

Interest expense
(12,187
)
 
(11,396
)
 
(23,749
)
 
(22,474
)
Interest income
32

 
19

 
39

 
202

Other income (loss)
(358
)
 
(1,529
)
 
2,127

 
(2,909
)
Loss from continuing operations before income taxes
$
(40,735
)
 
$
(20,850
)
 
$
(73,074
)
 
$
(17,254
)
 
(1)For the six months ended June 30, 2016, our largest customer, ENL, constituted approximately 39.8 percent of our total consolidated revenues and approximately 58.4 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $36.9 million, ENL constituted approximately 28.7 percent of our total consolidated revenues and approximately 46.4 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 11.9 percent of our total consolidated revenues and approximately 17.2 percent of our International & Alaska Drilling segment revenues.
For the six months ended June 30, 2015, our largest customer, ENL, constituted approximately 26.0 percent of our total consolidated revenues and approximately 44.3 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $39.7 million, ENL constituted approximately 18.1 percent of our total consolidated revenues and approximately 34.0 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.