Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.19.1
Reportable Segments (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Results of Operations by Reportable Segment
The following table represents the results of operations by reportable segment:
 
Predecessor
 
Three Months Ended March 31,
Dollars in thousands
2019
 
2018
Revenues: (1)
 
 
 
U.S. rental tools
$
52,595

 
$
34,748

International rental tools
21,109

 
17,477

Total rental tools services
73,704

 
52,225

U.S. (Lower 48) drilling
6,627

 
1,354

International & Alaska drilling
77,066

 
56,096

Total drilling services
83,693

 
57,450

Total revenues
157,397

 
109,675

Operating gross margin: (2)
 
 
 
U.S. rental tools
$
17,289

 
$
4,231

International rental tools
(3,581
)
 
(4,015
)
Total rental tools services
13,708


216

U.S. (Lower 48) drilling
(1,508
)
 
(5,288
)
International & Alaska drilling
(776
)
 
(5,336
)
Total drilling services
(2,284
)
 
(10,624
)
Total operating gross margin (loss)
11,424

 
(10,408
)
General and administrative expense
(8,147
)
 
(6,201
)
Gain (loss) on disposition of assets, net
384

 
343

Reorganization items
(92,977
)
 

Total operating income (loss)
(89,316
)
 
(16,266
)
Interest expense
(274
)
 
(11,240
)
Interest income
8

 
23

Other
(10
)
 
291

Income (loss) before income taxes
$
(89,592
)
 
$
(27,192
)
 
(1)
For the three months ended March 31, 2019, our largest customer, ENL, constituted approximately 31.2 percent of our total consolidated revenues and approximately 63.8 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $26.3 million, ENL constituted approximately 17.7 percent of our total consolidated revenues and approximately 46.6 percent of our International & Alaska Drilling segment revenues.
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.
(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:
 
Predecessor
 
Three Months Ended March 31,
Dollars in Thousands
2019
 
2018
United States
$
66,253

 
$
43,995

Russia
49,387

 
31,292

EMEA & Asia
25,133

 
20,044

Latin America
5,482

 
3,513

Other CIS
3,621

 
3,550

Other
7,521

 
7,281

Total revenues
$
157,397

 
$
109,675