Geographic Segments



	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Western Hemisphere
Revenues
Products
Standard Products	$	135,687		$	215,907		$	250,466
Percentage of Completion	34,595			1,178			3,893
Total Products	170,282			217,085			254,359
Services
Technical Advisory	29,973			28,053			22,554
Reconditioning	10,985			8,846			13,049
Total Services (excluding rental tools)	40,958			36,899			35,603
Leasing	25,302			28,151			27,747
Total Services (including rental tools)	66,260			65,050			63,350
Intercompany	13,343			27,554			43,856
Eliminations	—			—			—
Total	$	249,885		$	309,689		$	361,565

Depreciation and amortization	$	23,314		$	30,441		$	21,396
Income (loss) before taxes	$	(29,823	)	$	(18,099	)	$	91,221


Eastern Hemisphere
Revenues
Products
Standard Products	$	49,216		$	43,260		$	76,647
Percentage of Completion	22,503			26,404			30,215
Total Products	71,719			69,664			106,862
Services
Technical Advisory	16,499			15,313			19,568
Reconditioning	3,188			1,958			4,116
Total Services (excluding rental tools)	19,687			17,271			23,684
Leasing	13,639			10,776			11,134
Total Services (including rental tools)	33,326			28,047			34,818
Intercompany	2,010			772			337
Eliminations	—			—			—
Total	$	107,055		$	98,483		$	142,017

Depreciation and amortization	$	4,578		$	4,096		$	4,965
Income before taxes	$	20,495		$	1,379		$	60,835



	Year Ended December 31,
Asia Pacific Hemisphere	2018			2017			2016
	(In thousands)
Revenues
Products
Standard Products	$	19,569		$	34,951		$	30,928
Percentage of Completion	3,482			29,432			40,863
Total Products	23,051			64,383			71,791
Services
Technical Advisory	10,143			7,559			4,209
Reconditioning	1,626			216			598
Total Services (excluding rental tools)	11,769			7,775			4,807
Leasing	8,219			3,465			2,744
Total Services (including rental tools)	19,988			11,240			7,551
Intercompany	2,058			781			1,882
Eliminations	—			—			—
Total	$	45,097		$	76,404		$	81,224

Depreciation and amortization	$	4,785		$	4,063		$	4,436
Income (loss) before taxes	$	(3,123	)	$	4,928		$	12,779

Corporate
Depreciation and amortization	$	2,635		$	2,374		$	1,060
Loss before taxes	$	(102,538	)	$	(53,852	)	$	(48,967	)


Consolidated
Revenues
Products
Standard Products	$	204,472		$	294,118		$	358,041
Percentage of Completion	60,580			57,014			74,971
Total Products	265,052			351,132			433,012
Services
Technical Advisory	56,615			50,925			46,331
Reconditioning	15,799			11,020			17,763
Total Services (excluding rental tools)	72,414			61,945			64,094
Leasing	47,160			42,392			41,625
Total Services (including rental tools)	119,574			104,337			105,719
Intercompany	17,411			29,107			46,075
Eliminations	(17,411		)	(29,107		)	(46,075		)
Total	$	384,626		$	455,469		$	538,731

Depreciation and amortization	$	35,312		$	40,974		$	31,857
Income (loss) before taxes	$	(114,989	)	$	(65,644	)	$	115,868



	December 31,
	2018			2017
	(In thousands)
Total long-lived assets:
Western Hemisphere	$	412,624		$	482,636
Eastern Hemisphere	256,899			264,828
Asia Pacific	65,944			58,606
Eliminations	(395,938		)	(414,814		)
Total	$	339,529		$	391,256


Total assets:
Western Hemisphere	$	708,723		$	877,779
Eastern Hemisphere	788,171			752,967
Asia Pacific	154,298			185,229
Eliminations	(458,682		)	(416,170		)
Total	$	1,192,510		$	1,399,805

In 2018, BP and its affiliated companies accounted for approximately 13% of the Company’s total revenues. In 2017 and 2016, Chevron and its affiliated companies accounted for approximately 14% and 16%, respectively, of the Company’s total revenues. No other customer accounted for more than 10% of the Company’s total revenues in 2018, 2017 or 2016.

During the fourth quarter of 2017, the Company pursued a restructuring of its entities to prepare it for potential increased activity in international markets. The main focus of the restructuring was to consolidate excess foreign cash held offshore and create an internal financing capability. The excess foreign cash is now held in a treasury concentration center in the Eastern Hemisphere where it is invested when not required to fund international operations. When required, these funds can be easily deployed to meet the working capital requirements of foreign operations. This structure was put in place as the Company expects that when the market rebounds, future work will come from international markets, especially Europe and Asia Pacific.

The Company’s operations are organized into three geographic segments—Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has major manufacturing facilities in all three of its regional headquarter locations as well as in Macae, Brazil.

Eliminations of operating profits are related to intercompany inventory transfers that are deferred until shipment is made to third party customers.