Revenue

9 Months Ended

Sep. 30, 2020

Revenue [Abstract]

Revenue

(2)Revenue

Revenue Recognition

Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services rendered, rentals provided, and products sold. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis in the Company’s financial statements.

Performance Obligations

A performance obligation arises under contracts with customers to render services, provide rentals or sell products, and is the unit of account under Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The Company accounts for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices that the Company charges for its services rendered, rentals provided, and products sold. The majority of the Company’s performance obligations are satisfied over time, which is generally represented by a period of 30 days or less. The Company’s payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days.

Services Revenue: primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and can be based on a per job, per hour or per day basis.

Rentals Revenue: primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for the use of the Company’s rental equipment over the term of the rental period, which is generally less than twelve months.

Product Sales Revenue: products are generally sold based upon purchase orders or contracts with the Company’s customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The Company recognizes revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer.

The Company expenses sales commissions when incurred because the amortization period would be one year or less.

Disaggregation of revenue

The following table presents the Company’s revenues by segment disaggregated by geography (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019
U.S. land
Drilling Products and Services	$	10,458	$	46,590	$	66,652	$	142,073
Onshore Completion and Workover Services		21,559		75,973		103,957		273,727
Production Services		9,777		32,620		51,541		112,095
Technical Solutions		4,694		7,283		13,997		32,589
Total U.S. land	$	46,488	$	162,466	$	236,147	$	560,484
U.S. offshore
Drilling Products and Services	$	26,242	$	33,895	$	92,053	$	91,048
Onshore Completion and Workover Services		-		-		-		-
Production Services		6,630		18,295		24,292		58,977
Technical Solutions		15,740		40,771		70,884		95,195
Total U.S. offshore	$	48,612	$	92,961	$	187,229	$	245,220
International
Drilling Products and Services	$	19,301	$	30,700	$	68,639	$	79,825
Onshore Completion and Workover Services		-		-		-		-
Production Services		39,948		47,872		136,519		134,167
Technical Solutions		12,579		22,586		43,744		69,601
Total International	$	71,828	$	101,158	$	248,902	$	283,593
Total Revenues	$	166,928	$	356,585	$	672,278	$	1,089,297

‎

The following table presents the Company’s revenues by segment disaggregated by type (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019
Services
Drilling Products and Services	$	11,130	$	18,835	$	38,719	$	52,997
Onshore Completion and Workover Services		20,461		67,022		94,277		245,055
Production Services		44,550		85,188		167,081		262,658
Technical Solutions		20,860		40,495		67,769		128,538
Total Services	$	97,001	$	211,540	$	367,846	$	689,248
Rentals
Drilling Products and Services	$	38,786	$	78,714	$	161,188	$	221,306
Onshore Completion and Workover Services		1,098		8,951		9,680		28,672
Production Services		2,246		9,216		16,106		25,068
Technical Solutions		432		2,890		9,032		7,773
Total Rentals	$	42,562	$	99,771	$	196,006	$	282,819
Product Sales
Drilling Products and Services	$	6,085	$	13,636	$	27,437	$	38,643
Onshore Completion and Workover Services		-		-		-		-
Production Services		9,559		4,383		29,165		17,513
Technical Solutions		11,721		27,255		51,824		61,074
Total Product Sales	$	27,365	$	45,274	$	108,426	$	117,230
Total Revenues	$	166,928	$	356,585	$	672,278	$	1,089,297