8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2017

 

 

SUPERIOR ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34037   75-2379388
(State or other jurisdiction)  

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1001 Louisiana Street, Suite 2900

Houston, Texas

  77002
(Address of principal executive offices)   (Zip Code)

(713) 654-2200

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On October 23, 2017, Superior Energy Services, Inc. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2. of Form 8-K, the information presented in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits.

 

Exhibit
Number

  

Description

99.1    Press release issued by Superior Energy Services, Inc., October 23, 2017.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

SUPERIOR ENERGY SERVICES, INC.
By:  

/s/ Robert S. Taylor

  Robert S. Taylor
  Executive Vice President, Treasurer and Chief Financial Officer

Dated: October 24, 2017

EX-99.1

Exhibit 99.1

1001 Louisiana St., Suite 2900

Houston, TX 77002

NYSE: SPN

 

LOGO

FOR FURTHER INFORMATION CONTACT:

Paul Vincent, VP of Investor Relations, (713) 654-2200

SUPERIOR ENERGY SERVICES ANNOUNCES

THIRD QUARTER 2017 RESULTS

Houston, October 23, 2017 – Superior Energy Services, Inc. (the “Company”) today announced a net loss from continuing operations for the third quarter of 2017 of $57.2 million, or $0.37 per share, on revenue of $506.0 million. This compares to a net loss from continuing operations of $62.0 million, or $0.41 per share for the second quarter of 2017, on revenue of $470.1 million and a net loss from continuing operations of $113.9 million, or $0.75 per share for the third quarter of 2016, on revenue of $326.2 million.

The Company recorded a pre-tax charge of $9.9 million for reduction in value of assets during the third quarter. The resulting adjusted net loss from continuing operations for the third quarter of 2017 was $50.5 million, or $0.33 per share. This compares to an adjusted net loss from continuing operations of $110.9 million, or $0.73 per share for the third quarter of 2016. Additionally, the Company estimates that Hurricane Harvey related interruptions impacted its pre-tax losses by approximately $5.0 million.

David Dunlap, President and CEO, commented, “With the exception of Hurricane Harvey, the third quarter progressed as we expected. While the Company was spared any meaningful long-term damage from the storm, we did have a number of employees directly impacted in and around the Houston area. Our organization’s response in assisting those employees was immediate and reflects the core values that everyone at Superior Energy upholds.

“In U.S. land markets there was a continued increase in customer demand and service intensity, primarily across completion oriented product lines. Our customers continue to push the technical limits of their well and completion designs, and are also increasing activity levels as oil prices recover. It is not surprising that as a result, we began to observe supply chain stress and increased non-productive time as the quarter progressed, particularly in the Permian Basin. I expect these inefficiencies to diminish over time.

“In the Gulf of Mexico, where an active hurricane season has disrupted operations, revenue grew during the quarter, driven primarily by our completion services business. Despite persistent low levels of drilling activity in the Gulf of Mexico, and a subdued outlook for improvement, our results reflect the benefit of our diverse product and service line portfolio.

“International markets strengthened, giving us further confidence that those markets did in fact reach a bottom in activity during the first half of 2017. While we don’t expect much growth internationally in coming quarters, we are seeing signs of select markets beginning to recover and believe we are well positioned to benefit as spending levels in Latin America, India and the Middle East pick up over time.”


Third Quarter 2017 Geographic Breakdown

U.S. land revenue was $331.4 million in the third quarter of 2017, a 4% increase as compared with revenue of $317.9 million in the second quarter of 2017 and a 95% increase compared to revenue of $170.2 million in the third quarter of 2016. Gulf of Mexico revenue was $91.7 million, a sequential increase of 9% from second quarter 2017 revenue of $84.2 million, and a 25% increase from revenue of $73.4 million in the third quarter of 2016. International revenue of $82.9 million increased 22% as compared with $68.0 million in the second quarter of 2017 and increased slightly as compared to revenue of $82.6 million in the third quarter of 2016.

Drilling Products and Services Segment

The Drilling Products and Services segment revenue in the third quarter of 2017 was $77.2 million, a 12% increase from second quarter 2017 revenue of $68.8 million and a 30% increase from third quarter 2016 revenue of $59.6 million.

U.S. land revenue increased 22% sequentially to $33.8 million as utilization and pricing growth outpaced rig count increases. Gulf of Mexico revenue increased 5% sequentially to $23.2 million and international revenue increased 7% sequentially to $20.2 million.

Onshore Completion and Workover Services Segment

The Onshore Completion and Workover Services segment revenue in the third quarter of 2017 was $248.4 million, a slight decrease from second quarter 2017 revenue of $249.1 million and a 99% increase from third quarter 2016 revenue of $125.0 million.

The Onshore Completion and Workover Services segment was most severely impacted by Hurricane Harvey related interruptions and the Company estimates that approximately 70% of the consolidated pre-tax losses resulting from the storm was experienced in this segment, almost all of this in pressure pumping. Pressure pumping results were also impacted by supply chain tightness and increasingly complex logistics.

Production Services Segment

The Production Services segment revenue in the third quarter of 2017 was $97.3 million, a 10% increase from second quarter 2017 revenue of $88.6 million and a 25% increase from third quarter 2016 revenue of $77.6 million.

U.S. land revenue increased 22% sequentially to $40.1 million due to higher demand for most service lines, particularly coiled tubing and well testing. Gulf of Mexico revenue decreased 18% sequentially to $16.5 million due to general declines in shallow water activity and business interruptions related to customer inactivity caused by an active hurricane season. International revenue increased 14% sequentially to $40.7 million primarily due to higher levels of hydraulic workover and snubbing activity in Australia and improved well intervention performance in Latin America.

 

2


Technical Solutions Segment

The Technical Solutions segment revenue in the third quarter of 2017 was $83.1 million, a 31% increase from second quarter 2017 revenue of $63.6 million and a 30% increase from third quarter 2016 revenue of $64.0 million.

U.S. land revenue increased 14% sequentially to $9.1 million. Gulf of Mexico revenue increased 24% sequentially to $52.0 million as a result of increased completion tools and products revenue. International revenue increased 62% to $22.0 million, largely due to increased well control activity in Africa.

Debt Refinancing and Revolving Credit Facility Extension

During the third quarter, the Company issued $500 million of 7 3/4% Senior Notes due 2024 and redeemed $500 million of 6 3/8% Senior Notes due 2019. In connection with the refinancing, the Company incurred additional interest expense of $5.8 million for the write-off of unamortized debt issuance costs and timing of the redemption of the 2019 notes.

Subsequent to the end of the quarter, on October 20, 2017, the Company extended its revolving credit facility maturity to 2022 with a $300 million asset based, revolving credit facility.

Conference Call Information

The Company will host a conference call at 9:00 a.m. Eastern Daylight Time on Tuesday, October 24, 2017. The call can be accessed from the Company’s website at www.superiorenergy.com or by telephone at 888-899-5068. For those who cannot listen to the live call, a telephonic replay will be available through November 7, 2017 and may be accessed by calling 844-512-2921 and using the pin number 2091003.

About Superior Energy Services

Superior Energy Services, Inc. (NYSE:SPN) serves major, national and independent oil and natural gas companies around the world and offers products and services with respect to the various phases of a well’s economic life cycle. For more information, visit: www.superiorenergy.com.

The press release contains, and future oral or written statements or press releases by us and our management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position, financial performance, liquidity, strategic alternatives, market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by our management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties that could cause our actual results to differ materially from such statements. Such uncertainties include, but are not limited to: the cyclicality and volatility of the oil and gas industry, including changes in prevailing levels of capital expenditures, exploration, production and development activity; changes in prevailing oil and gas prices or expectations about future prices; operating hazards, including the significant possibility of accidents resulting in personal injury or death, property damage or environmental damage for which we may have limited or no insurance coverage or indemnification rights; the effect of regulatory programs (including worker health and safety laws) and environmental matters on our operations or prospects, including the risk that future changes in the regulation of

 

3


hydraulic fracturing could reduce or eliminate demand for our pressure pumping services, or that future changes in climate change legislation could result in increased operating costs or reduced commodity demand globally; counter-party risks associated with reliance on key suppliers; risks associated with the uncertainty of macroeconomic and business conditions worldwide; changes in competitive and technological factors affecting our operations; credit risk associated with our customer base; the potential inability to retain key employees and skilled workers; challenges with estimating our oil and natural gas reserves and potential liabilities related to our oil and natural gas property; risk associated with potential changes of Bureau of Ocean Energy Management security and bonding requirements for offshore platforms; risks inherent in acquiring businesses; risks associated with cyber-attacks; risks associated with business growth during an industry recovery outpacing the capabilities of our infrastructure and workforce; political, legal, economic and other risks and uncertainties associated with our international operations; potential changes in tax laws, adverse positions taken by tax authorities or tax audits impacting our operating results; risks associated with our outstanding debt obligations and the potential effect of limiting our future growth and operations; our continued access to credit markets on favorable terms; and the impact that unfavorable or unusual weather conditions could have on our operations. These risks and other uncertainties related to our business are described in our periodic reports filed with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Investors are cautioned that many of the assumptions on which our forward-looking statements are based are likely to change after such statements are made, including for example the market prices of oil and gas and regulations affecting oil and gas operations, which we cannot control or anticipate. Further, we may make changes to our business strategies and plans (including our capital spending and capital allocation plans) at any time and without notice, based on any changes in the above-listed factors, our assumptions or otherwise, any of which could or will affect our results. For all these reasons, actual events and results may differ materially from those anticipated, estimated, projected or implied by us in our forward-looking statements. We undertake no obligation to update any of our forward-looking statements for any reason and, notwithstanding any changes in our assumptions, changes in our business plans, our actual experience, or other changes. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

###

 

4


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except earnings per share amounts)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     September 30,     June 30,     September 30,  
     2017     2016     2017     2017     2016  

Revenues

   $ 506,029     $ 326,225     $ 470,068     $ 1,377,033     $ 1,095,629  

Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion)

     368,279       258,168       351,802       1,042,067       802,142  

Depreciation, depletion, amortization and accretion

     108,751       123,308       108,119       331,151       392,017  

General and administrative expenses

     74,372       86,743       76,708       226,573       270,467  

Reduction in value of assets

     9,953       —         —         9,953       462,461  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (55,326     (141,994     (66,561     (232,711     (831,458

Other income (expense):

          

Interest expense, net

     (29,096     (21,771     (23,333     (76,679     (68,325

Other income (expense)

     (970     3,667       (2,156     (2,477     22,103  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations before income taxes

     (85,392     (160,098     (92,050     (311,867     (877,680

Income taxes

     (28,203     (46,185     (30,011     (102,978     (210,599
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss from continuing operations

     (57,189     (113,913     (62,039     (208,889     (667,081

Loss from discontinued operations, net of income tax

     (1,860     (4,085     (1,767     (5,625     (8,577
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (59,049   $ (117,998   $ (63,806   $ (214,514   $ (675,658
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss per share information:

          

Basic and Diluted

          

Net loss from continuing operations

   $ (0.37   $ (0.75   $ (0.41   $ (1.37   $ (4.40

Loss from discontinued operations

     (0.02     (0.03     (0.01     (0.04     (0.06
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (0.39   $ (0.78   $ (0.42   $ (1.41   $ (4.46
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares used in computing earnings per share:

          

Basic and diluted

     153,082       151,707       152,857       152,624       151,337  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

5


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

September 30, 2017 and December 31, 2016

(in thousands)

(unaudited)

 

     9/30/2017      12/31/2016  

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 167,025      $ 187,591  

Accounts receivable, net

     424,776        297,164  

Income taxes receivable

     —          101,578  

Prepaid expenses

     38,709        37,288  

Inventory and other current assets

     139,828        130,772  

Assets held for sale

     27,330        27,158  
  

 

 

    

 

 

 

Total current assets

     797,668        781,551  
  

 

 

    

 

 

 

Property, plant and equipment, net

     1,379,560        1,605,365  

Goodwill

     807,488        803,917  

Notes receivable

     59,226        56,650  

Intangible and other long-term assets, net

     167,189        222,772  
  

 

 

    

 

 

 

Total assets

   $ 3,211,131      $ 3,470,255  
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

   $ 126,368      $ 94,831  

Accrued expenses

     237,823        218,192  

Income taxes payable

     801        694  

Current portion of decommissioning liabilities

     27,237        22,164  

Liabilities held for sale

     8,755        8,653  
  

 

 

    

 

 

 

Total current liabilities

     400,984        344,534  
  

 

 

    

 

 

 

Deferred income taxes

     150,612        243,611  

Decommissioning liabilities

     101,544        101,513  

Long-term debt, net

     1,281,714        1,284,600  

Other long-term liabilities

     161,522        192,077  

Total stockholders’ equity

     1,114,755        1,303,920  
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 3,211,131      $ 3,470,255  
  

 

 

    

 

 

 

 

6


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

(in thousands)

(unaudited)

 

     2017     2016  

Cash flows from operating activities:

    

Net loss

   $ (214,514   $ (675,658

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation, depletion, amortization and accretion

     331,151       392,017  

Reduction in value of assets

     9,953       462,461  

Other noncash items

     (65,627     (162,457

Changes in working capital and other

     (5,555     130,312  
  

 

 

   

 

 

 

Net cash provided by operating activities

     55,408       146,675  

Cash flows from investing activities:

    

Payments for capital expenditures

     (109,635     (74,071

Other

     46,247       6,238  
  

 

 

   

 

 

 

Net cash used in investing activities

     (63,388     (67,833

Cash flows from financing activities:

    

Net repayments of long-term debt

     —         (337,576

Other

     (15,880     (20,196
  

 

 

   

 

 

 

Net cash used in financing activities

     (15,880     (357,772

Effect of exchange rate changes in cash

     3,294       (6,932
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (20,566     (285,862

Cash and cash equivalents at beginning of period

     187,591       564,017  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 167,025     $ 278,155  
  

 

 

   

 

 

 

 

7


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

REVENUE BY GEOGRAPHIC REGION BY SEGMENT

THREE MONTHS ENDED SEPTEMBER 30, 2017, JUNE 30, 2017 AND SEPTEMBER 30, 2016

(in thousands)

(unaudited)

 

     Three months ended,  
     September 30, 2017      June 30, 2017      September 30, 2016  

U.S. land

        

Drilling Products and Services

   $ 33,779      $ 27,770      $ 15,192  

Onshore Completion and Workover Services

     248,405        249,079        125,022  

Production Services

     40,123        33,062        19,254  

Technical Solutions

     9,118        7,921        10,691  
  

 

 

    

 

 

    

 

 

 

Total U.S. land

   $ 331,425      $ 317,832      $ 170,159  
  

 

 

    

 

 

    

 

 

 

Gulf of Mexico

        

Drilling Products and Services

     23,234        22,266        22,514  

Onshore Completion and Workover Services

     —          —          —    

Production Services

     16,487        19,937        18,174  

Technical Solutions

     51,991        42,030        32,738  
  

 

 

    

 

 

    

 

 

 

Total Gulf of Mexico

   $ 91,712      $ 84,233      $ 73,426  
  

 

 

    

 

 

    

 

 

 

International

        

Drilling Products and Services

   $ 20,193      $ 18,791      $ 21,881  

Onshore Completion and Workover Services

     —          —          —    

Production Services

     40,723        35,607        40,095  

Technical Solutions

     21,976        13,605        20,664  
  

 

 

    

 

 

    

 

 

 

Total International

   $ 82,892      $ 68,003      $ 82,640  
  

 

 

    

 

 

    

 

 

 

Total Revenues

   $ 506,029      $ 470,068      $ 326,225  
  

 

 

    

 

 

    

 

 

 

 

8


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

SEGMENT HIGHLIGHTS

THREE MONTHS ENDED SEPTEMBER 30, 2017, JUNE 30, 2017 AND SEPTEMBER 30, 2016

(in thousands)

(unaudited)

 

     Three months ended,  
     September 30, 2017     June 30, 2017     September 30, 2016  

Revenues

      

Drilling Products and Services

   $ 77,206     $ 68,827     $ 59,587  

Onshore Completion and Workover Services

     248,405       249,079       125,022  

Production Services

     97,333       88,606       77,523  

Technical Solutions

     83,085       63,556       64,093  
  

 

 

   

 

 

   

 

 

 

Total Revenues

   $ 506,029     $ 470,068     $ 326,225  
  

 

 

   

 

 

   

 

 

 

Income (Loss) from Operations

      

Drilling Products and Services

   $ (3,055   $ (14,940   $ (25,749

Onshore Completion and Workover Services

     (35,295     (28,605     (74,195

Production Services

     (17,788     (20,252     (31,320

Technical Solutions

     812       (2,764     (10,730
  

 

 

   

 

 

   

 

 

 

Total Income (Loss) from Operations

   $ (55,326   $ (66,561   $ (141,994
  

 

 

   

 

 

   

 

 

 

Adjusted Income (Loss) from Operations (1)

      

Drilling Products and Services

   $ (3,055   $ (14,940   $ (25,502

Onshore Completion and Workover Services

     (33,457     (28,605     (73,401

Production Services

     (17,788     (20,252     (28,634

Technical Solutions

     8,927       (2,764     (10,210
  

 

 

   

 

 

   

 

 

 

Total Adjusted Income (Loss) from Operations

   $ (45,373   $ (66,561   $ (137,747
  

 

 

   

 

 

   

 

 

 

 

(1) Adjusted income (loss) from operations excludes the impact of reduction in value of assets and restructuring costs for the three months ended September 30, 2017 and 2016, respectively. There were no adjustments for the three months ended June 30, 2017.

 

9


Non-GAAP Financial Measures

The following tables reconcile consolidated net loss from continuing operations and income (loss) from operations by segment, which are the directly comparable financial results determined in accordance with Generally Accepted Accounting Principles (GAAP), to consolidated adjusted loss from continuing operations and adjusted income (loss) from operations by segment (non-GAAP financial measures). Consolidated adjusted loss from continuing operations and income (loss) from operations by segment exclude the impact of reduction in value of assets and restructuring costs. These financial measures are provided to enhance investors’ overall understanding of the Company’s current financial performance.

Reconciliation of As Reported Net Loss from Continuing Operations to Adjusted Net Loss From Continuing Operations

For the three months ended September 30, 2017 and 2016

(in thousands)

(unaudited)

 

     Three months ended,  
     September 30, 2017     September 30, 2016  
     Consolidated     Per Share     Consolidated     Per Share  

Reported net loss from continuing operations

   $ (57,189   $ (0.37   $ (113,913   $ (0.75

Reduction in value of assets and other items

     9,953       0.06       4,247       0.03  

Income taxes

     (3,287     (0.02     (1,225     (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net loss from continuing operations

   $ (50,523   $ (0.33   $ (110,891   $ (0.73
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of As Reported Income (Loss) from Operations to Adjusted Income (Loss) From Operations

Three months ended September 30, 2017 and 2016

(in thousands)

(unaudited)

 

     Three months ended, September 30, 2017  
     Drilling
Products
and
Services
    Onshore
Completion
and Workover
Services
    Production
Services
    Technical
Solutions
    Consolidated  

Reported income (loss) from operations

   $ (3,055   $ (35,295   $ (17,788   $ 812     $ (55,326

Reduction in value of assets

     —         1,838       —         8,115       9,953  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income (loss) from operations

   $ (3,055   $ (33,457   $ (17,788   $ 8,927     $ (45,373
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Three months ended, September 30, 2016  
     Drilling
Products
and
Services
    Onshore
Completion
and Workover
Services
    Production
Services
    Technical
Solutions
    Consolidated  

Reported loss from operations

   $ (25,749   $ (74,195   $ (31,320   $ (10,730   $ (141,994

Restructuring costs

     247       794       2,686       520       4,247  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted loss from operations

   $ (25,502   $ (73,401   $ (28,634   $ (10,210   $ (137,747
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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