Revenue

6 Months Ended

Jun. 30, 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 we expect 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 our 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). We account 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 we charge for services rendered, rentals provided, and products sold. The majority of our performance obligations are satisfied over time, which is generally represented by a period of 30 days or less. Our 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 our 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 our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. We recognize 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.

We expense sales commissions when incurred because the amortization period would be one year or less.

Disaggregation of Revenue

The following table presents our revenues by segment disaggregated by geography (in thousands):

	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
U.S. land
Rentals	$	20,789	$	N/A
Well Services		6,781		N/A
Drilling Products and Services		N/A		19,538
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		6
Technical Solutions		N/A		3,166
Total U.S. land	$	27,570	$	22,710
U.S. offshore
Rentals	$	26,890	$	N/A
Well Services		26,574		N/A
Drilling Products and Services		N/A		28,587
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		6,363
Technical Solutions		N/A		23,611
Total U.S. offshore	$	53,464	$	58,561
International
Rentals	$	19,558	$	N/A
Well Services		65,300		N/A
Drilling Products and Services		N/A		19,225
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		37,033
Technical Solutions		N/A		14,053
Total International	$	84,858	$	70,311
Total Revenues	$	165,892	$	151,582

	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
U.S. land
Rentals	$	31,898	$	4,917	$	N/A
Well Services		8,907		3,379		N/A
Drilling Products and Services		N/A		N/A		56,193
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		4,633
Technical Solutions		N/A		N/A		9,303
Total U.S. land	$	40,805	$	8,296	$	70,129
U.S. offshore
Rentals	$	47,293	$	8,196	$	N/A
Well Services		45,995		7,371		N/A
Drilling Products and Services		N/A		N/A		65,811
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		17,663
Technical Solutions		N/A		N/A		55,144
Total U.S. offshore	$	93,288	$	15,567	$	138,618
International
Rentals	$	30,494	$	5,226	$	N/A
Well Services		107,148		16,839		N/A
Drilling Products and Services		N/A		N/A		49,338
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		96,571
Technical Solutions		N/A		N/A		31,165
Total International	$	137,642	$	22,065	$	177,074
Total Revenues	$	271,735	$	45,928	$	385,821

The following table presents our revenues by segment disaggregated by type (in thousands):

	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Services
Rentals	$	9,592	$	N/A
Well Services		70,195		N/A
Drilling Products and Services		N/A		13,012
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		28,759
Technical Solutions		N/A		18,148
Total Services	$	79,787	$	59,919
Rentals
Rentals	$	47,895	$	N/A
Well Services		5,343		N/A
Drilling Products and Services		N/A		44,573
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		4,959
Technical Solutions		N/A		2,226
Total Rentals	$	53,238	$	51,758
Product Sales
Rentals	$	9,750	$	N/A
Well Services		23,117		N/A
Drilling Products and Services		N/A		9,764
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		9,684
Technical Solutions		N/A		20,457
Total Product Sales	$	32,867	$	39,905
Total Revenues	$	165,892	$	151,582

	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Services
Rentals	$	15,856	$	2,005	$	N/A
Well Services		107,610		17,229		N/A
Drilling Products and Services		N/A		N/A		27,589
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		89,224
Technical Solutions		N/A		N/A		46,909
Total Services	$	123,466	$	19,234	$	163,722
Rentals
Rentals	$	76,488	$	14,082	$	N/A
Well Services		8,064		352		N/A
Drilling Products and Services		N/A		N/A		122,402
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		10,083
Technical Solutions		N/A		N/A		8,600
Total Rentals	$	84,552	$	14,434	$	141,085
Product Sales
Rentals	$	17,341	$	2,252	$	N/A
Well Services		46,376		10,008		N/A
Drilling Products and Services		N/A		N/A		21,352
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		19,559
Technical Solutions		N/A		N/A		40,103
Total Product Sales	$	63,717	$	12,260	$	81,014
Total Revenues	$	271,735	$	45,928	$	385,821