Revenue

3 Months Ended

Mar. 31, 2021

Revenue [Abstract]

Revenue

(4)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 FASB Accounting Standards Update 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 selling prices are determined based on prices 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):

	Successor		Predecessor
	For the Period February 3, 2021 through March 31, 2021		For the Period January 1, 2021 through February 2, 2021		Three Months Ended March 31, 2020
U.S. land
Global	$	11,660	$	7,472	$	41,376
North America		24,819		11,543		93,302
Total U.S. land	$	36,479	$	19,015	$	134,678
U.S. offshore
Global	$	28,010	$	11,894	$	59,114
North America		11,815		3,673		20,942
Total U.S. offshore	$	39,825	$	15,567	$	80,056
International
Global	$	51,152	$	21,512	$	104,296
North America		1,639		553		2,467
Total International	$	52,791	$	22,065	$	106,763
Total Revenues	$	129,095	$	56,647	$	321,497

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

	Successor		Predecessor
	For the Period February 3, 2021 through March 31, 2021		For the Period January 1, 2021 through February 2, 2021		Three Months Ended March 31, 2020
Services
Global	$	44,586	$	19,203	$	91,313
North America		25,215		10,986		88,923
Total Services	$	69,801	$	30,189	$	180,236
Rentals
Global	$	27,063	$	12,920	$	79,824
North America		5,852		2,203		20,281
Total Rentals	$	32,915	$	15,123	$	100,105
Product Sales
Global	$	19,173	$	8,755	$	33,646
North America		7,206		2,580		7,510
Total Product Sales	$	26,379	$	11,335	$	41,156
Total Revenues	$	129,095	$	56,647	$	321,497