Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v3.7.0.1
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2017
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
2017
 
2016
 
2017
 
2016
Revenues: (1)
 
 
 
 
 
 
 
Drilling Services:
 
 
 
 
 
 
 
U.S. (Lower 48) Drilling
$
5,042

 
$
1,065

 
$
6,257

 
$
3,150

International & Alaska Drilling
60,669

 
71,926

 
123,881

 
160,545

Total Drilling Services
65,711

 
72,991

 
130,138

 
163,695

Rental Tools Services:
 
 
 
 
 
 
 
U.S. Rental Tools
29,704

 
17,961

 
49,936

 
40,516

International Rental Tools
14,192

 
14,335

 
27,804

 
31,579

Total Rental Tools Services
43,896

 
32,296

 
77,740

 
72,095

Total revenues
109,607

 
105,287

 
207,878

 
235,790

Operating gross margin: (2)
 
 
 
 
 
 
 
Drilling Services:
 
 
 
 
 
 
 
U.S. (Lower 48) Drilling
(4,528
)
 
(9,011
)
 
(11,761
)
 
(17,571
)
International & Alaska Drilling
(2,788
)
 
3,196

 
(4,555
)
 
8,274

Total Drilling Services
(7,316
)
 
(5,815
)
 
(16,316
)
 
(9,297
)
Rental Tools Services:
 
 
 
 
 
 
 
U.S. Rental Tools
2,988

 
(5,472
)
 
(798
)
 
(9,422
)
International Rental Tools
(6,688
)
 
(8,938
)
 
(13,647
)
 
(14,934
)
Total Rental Tools Services
(3,700
)

(14,410
)
 
(14,445
)
 
(24,356
)
Total operating gross margin
(11,016
)
 
(20,225
)
 
(30,761
)
 
(33,653
)
General and administrative expense
(6,503
)
 
(7,995
)
 
(13,543
)
 
(17,776
)
Gain (loss) on disposition of assets, net
(113
)
 
(2
)
 
(465
)
 
(62
)
Total operating income (loss)
(17,632
)
 
(28,222
)
 
(44,769
)
 
(51,491
)
Interest expense
(11,095
)
 
(12,187
)
 
(21,965
)
 
(23,749
)
Interest income
22

 
32

 
32

 
39

Other income (loss)
560

 
(358
)
 
1,090

 
2,127

Income (loss) from continuing operations before income taxes
$
(28,145
)
 
$
(40,735
)
 
$
(65,612
)
 
$
(73,074
)
 
(1)For the six months ended June 30, 2017, our largest customer, ENL, constituted approximately 34.0 percent of our total consolidated revenues and approximately 57.0 percent of our International & Alaska Drilling segment revenues. Excluding reimbursable revenues of $27.0 million, ENL constituted approximately 24.6 percent of our total consolidated revenues and approximately 46.7 percent of our International & Alaska Drilling segment revenues. Our second largest customer, BP, constituted 10.5 percent of our total consolidated revenues and approximately 17.6 percent of our International & Alaska Drilling segment revenues.
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.
(2)Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.