Concentrations, Risks and Uncertainties

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

Concentrations, Risks and Uncertainties

Concentrations, Risks and Uncertainties

Significant Customers

Our customers are primarily oil and natural gas E&P companies representing private operators, publicly-traded independents, majors and other companies with operations in the key U.S. oil and gas producing basins as well as Australia and the Kingdom of Saudi Arabia. For the three months ended March 31, 2022 and 2021, one customer represented approximately 10% and 12%, respectively, of our consolidated revenues.

Significant Vendors

The principal raw materials used in the manufacture of our products and rental equipment include forgings and plate, castings, tube and bar stock. In addition, we require accessory items (such as elastomers, ring gaskets, studs and nuts) and machined components and assemblies. We purchase these items from vendors primarily located in the United States, China, India and Australia. For the three months ended March 31, 2022 and 2021, one vendor represented approximately 10% and 12%, respectively, of our total third-party vendor purchases of raw materials, finished products, components, equipment, machining and other services.