Concentrations of Credit and Market Risk

12 Months Ended

Dec. 31, 2019

Concentrations of Credit and Market Risk

Concentrations of Credit and Market Risk

Note 17—Concentrations of Credit and Market Risk

Financial instruments that potentially subject the Company to credit risk are primarily cash equivalents, restricted cash and accounts receivable. At times, cash equivalents and restricted cash may be in excess of FDIC insurance limits.

With regard to accounts receivable, we have an exposure from our concentration of clients within the oil and natural gas industry. This industry concentration has the potential to impact our exposure to credit and market risks as our clients could be affected by similar changes in economic, industry or other conditions. However, we believe that the credit risk posed by this industry concentration has been largely offset by the creditworthiness of our client base and receipt of advanced payments before providing services to certain clients.

During the years ended December 31, 2019, 2018 and 2017, the percentage of revenues earned from our clients was as follows:

	Successor						Predecessor
				Period From			Period From
				November 20, 2018			January 1, 2018
	Year Ended			through			through			Year Ended
	December 31, 2019			December 31, 2018			November 19, 2018			December 31, 2017
Chevron		70.8	%		82.1	%		84.0	%		81.6	%
Eni		16.1	%		17.9	%		—	%		—	%
Petronas		3.3	%		—	%		14.2	%		1.0	%
Total		8.0	%		—	%		—	%		0.1	%
Other		1.8	%		—	%		1.8	%		17.3	%