{"id":381688,"date":"2020-11-16T08:16:18","date_gmt":"2020-11-16T13:16:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381688"},"modified":"2020-11-16T08:16:18","modified_gmt":"2020-11-16T13:16:18","slug":"key-energy-services-reports-third-quarter-2020-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/key-energy-services-reports-third-quarter-2020-earnings\/","title":{"rendered":"Key Energy Services Reports Third Quarter 2020 Earnings"},"content":{"rendered":"
\n

HOUSTON, Nov. 16, 2020 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (\u201cKey\u201d or the \u201cCompany\u201d)(OTC: KEGX) today reported third quarter 2020 consolidated revenues of $42.9 million and a net loss of $3.9 million, or $(0.28) per basic share, as compared to consolidated revenues of $34.8 million and a net loss of $19.1 million, or $(1.39) per basic share, for the second quarter of 2020. The results for the third quarter of 2020 include: (1) severance and restructuring related expense of $0.3 million, or $(0.02) per basic share, related to the Company\u2019s ongoing cost reduction efforts and the first quarter debt restructuring; (2) a gain of $8.0 million, or $0.58 per basic share, related to a favorable settlement of a legal matter; (3) gains on the sale of assets of $0.5 million, or $0.04 per basic share; (4) non-recurring professional fees of $1.5 million, or $(0.11) per basic share; and (5) share-based compensation expense of $0.4 million, or $(0.03) per basic share. Excluding these items, the Company reported a net loss of $10.2 million, or $(0.74) per basic share, for the third quarter of 2020.<\/p>\n

Earnings per share amounts for the second quarter of 2020 included: (1) gains on sale of assets of $0.6 million, or $0.04 per basic share; (2) restructuring expense related to the Company\u2019s debt restructuring completed in the first quarter of 2020 of $0.7 million, or $(0.05) per basic share; (3) severance expense of $2.2 million, or $(0.16) per basic share; and (4) share-based compensation expense of $0.3 million, or $(0.02) per basic share. Excluding these items, the Company reported a net loss of $16.5 million, or $(1.20) per basic share, for the second quarter of 2020.<\/p>\n

\n Financial Overview<\/strong>\n <\/p>\n

The following table sets forth summary data for the second of quarter 2020 and prior comparable quarterly periods (in millions, except per share amounts, unaudited):<\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n \u00a0September\u00a030,<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n \u00a0September\u00a030,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a02020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0June\u00a030,\u00a02020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a02019<\/strong>\n <\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n42.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n106.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3.9<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19.1<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25.5<\/td>\n)<\/td>\n<\/tr>\n
Basic and diluted loss per share<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.28<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.39<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(62.32<\/td>\n)<\/td>\n<\/tr>\n
Adjusted EBITDA (1)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.9<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6.2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3.7<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

____________
(1) Adjusted EBITDA is a non-GAAP measure. Please see “Non-GAAP Financial Measure” below for a definition of Adjusted EBITDA and a reconciliation to the GAAP measure net loss.<\/p>\n

\n \n <\/p>\n

Third quarter 2020 Rig Services revenues were $29.6 million, up approximately 42% as compared to second quarter 2020 revenues of $20.8 million. Third quarter 2020 rig hours were approximately 65,000 hours, an increase of approximately 50% from the second quarter of 2020. Completion hours increased 28% and comprised 10% of our third quarter rig activity, as compared to 12% in the second quarter. The Rig Services segment generated income before income taxes of $1.8 million (6.2% of revenues) and Adjusted EBITDA of $5.8 million (19.6% of revenue) in the third quarter of 2020 as compared to a loss before income taxes of $2.4 million ((11.4)% of revenue) and Adjusted EBITDA of $2.6 million (12.4% of revenue) in the second quarter of 2020. Higher customer activity, partially offset by slightly lower pricing attributable to geographic mix, positively impacted revenue, margins and Adjusted EBITDA during the third quarter.<\/p>\n

Third quarter 2020 Fluid Management Services revenues were $7.5 million as compared to second quarter 2020 revenues of $8.1 million. Truck hours were marginally lower at approximately 69,000 hours as compared to 71,000 hours in the second quarter of 2020. The segment was essentially breakeven on an income before income tax basis and generated Adjusted EBITDA of $0.5 million (6.2% of revenue) in the third quarter of 2020 as compared to income before income taxes of $0.1 million (1.3% of revenue) and Adjusted EBITDA of $0.5 million (6.3% of revenue) in the second quarter of 2020. Fluid Management Services activity remained depressed due to lower completion and production activity attributable to low oil and gas prices.<\/p>\n

Third quarter 2020 Fishing & Rental Services revenues were $4.1 million, essentially flat as compared to second quarter 2020 revenues of $4.0 million. The segment generated a loss before income taxes of $0.4 million ((10.7)% of revenue) and Adjusted EBITDA of $0.4 million in the third quarter of 2020 as compared to a loss before income taxes of $1.7 million ((43.3)% of revenue) and Adjusted EBITDA of nil in the second quarter of 2020. Third quarter 2020 loss before income taxes and Adjusted EBITDA improved over the second quarter due to lower depreciation expense and lower operating expenses resulting from the Company\u2019s cost reduction program.<\/p>\n

Third quarter 2020 Coiled Tubing Services revenues were $1.7 million as compared to second quarter 2020 revenues of $1.9 million. Utilization of large diameter coiled tubing units averaged 0.4 units during the third quarter of 2020 as compared to 0.4 during the second quarter of 2020. Pricing for Coiled Tubing Services in the third quarter was essentially flat versus the second quarter of 2020. Both pricing and utilization during the third quarter of 2020 continued to be negatively impacted by reduced customer demand attributable to lower completion activity resulting from low oil prices. The segment\u00a0loss before income taxes was $1.3 million ((77.3)% of revenue) and Adjusted EBITDA was $(0.5) million ((27.2)% of revenue) in the third quarter of 2020 as compared to a loss before\u00a0 income taxes of $1.8 million ((98.1)% of revenue) and Adjusted EBITDA of $(0.6) million ((30.5)% of revenue) in the second quarter of 2020. The improvement in the loss before income taxes and Adjusted EBITDA in the third quarter of 2020 was attributable to lower operating expenses resulting from the Company\u2019s cost reduction initiatives.<\/p>\n

\n General and Administrative Expenses<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

General and Administrative (G&A) expenses were $12.3 million in the third quarter of 2020 compared to $13.6 million in the second quarter. Third quarter 2020 G&A expenses include $0.3 million of severance and restructuring expense and $1.5 million of nonrecurring professional fees. Second quarter 2020 G&A expenses included $1.6 million of severance and restructuring costs. Excluding these items, G&A expense was $10.5 million in the third quarter of 2020, a decrease of approximately 12% as compared to $12.0 million in the second quarter of 2020. G&A expenses continued to benefit from steps taken in the first half of 2020 to lower personnel costs, including wage cuts and the suspension of the Company\u2019s match of 401(k) contributions.<\/p>\n

\n Liquidity<\/strong>\n <\/p>\n

As of September 30, 2020, Key had total liquidity of $13.2 million, consisting of $4.5 million in unrestricted cash and $8.7 million of borrowing capacity under the ABL Credit Facility. As of September 30, 2020, Key\u2019s total borrowing base under the ABL Credit Facility was $44.9 million, with collateral consisting of $17.5 million of eligible accounts receivable and $27.4 million of cash posted as additional collateral to support outstanding letters of credit. At November 6, 2020, Key\u2019s liquidity was $13.0 million, consisting of $4.6 million of unrestricted cash and $8.4 million of borrowing capacity under the ABL Credit Facility. Capital expenditures and asset sales proceeds for the third quarter of 2020 were $0.2 million and $1.6 million, respectively, and for the nine months ended September 30, 2020, totaled $1.2 million and $5.0 million, respectively.<\/p>\n

\n Conference Call Information<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

The Company will not host a conference call in conjunction with today\u2019s earnings release.<\/p>\n

\n \n <\/p>\n

\n Contact:<\/strong>
\n
Nelson Haight
713-651-4403<\/p>\n

\n \n <\/p>\n

\n \n <\/p>\n

\n \n <\/p>\n

\n Consolidated Statements of Operations (in thousands, except per share amounts, unaudited):<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June\u00a030,\u00a02020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n<\/tr>\n
\n
\n REVENUES<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n42,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n106,523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n152,969<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n328,739<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n COSTS AND EXPENSES:<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Direct operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,556<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,904<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n87,956<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n125,121<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n266,714<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,107<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,054<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,387<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,142<\/td>\n\u00a0<\/td>\n<\/tr>\n
General and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,269<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,637<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,375<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,159<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n66,014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,242<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating loss<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,021<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(16,845<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,392<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(79,940<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(47,131<\/td>\n)<\/td>\n<\/tr>\n
Gain on debt restructuring<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(170,648<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net of amounts capitalized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,238<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,066<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,411<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,525<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,164<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other (income) loss, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,362<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(351<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,762<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,732<\/td>\n)<\/td>\n<\/tr>\n
Income (loss) before tax income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,897<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(18,896<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,452<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86,945<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(71,563<\/td>\n)<\/td>\n<\/tr>\n
Income tax (expense) benefit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(229<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(37<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(972<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,330<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n NET INCOME (LOSS)<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n(3,896<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(19,125<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25,489<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n85,973<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(67,233<\/td>\n)<\/td>\n<\/tr>\n
\n
\n Income (loss) per share:<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.28<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.39<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(62.32<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n8.14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(164.79<\/td>\n)<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.28<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.39<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(62.32<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n8.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(164.79<\/td>\n)<\/td>\n<\/tr>\n
\n
\n Weighted average shares outstanding:<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,781<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,781<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,562<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n408<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,781<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,781<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,638<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n408<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Segment Revenue and Operating Income (in thousands, except for percentages, unaudited):<\/strong>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Nine\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September\u00a030,
<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Revenues<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Rig Services<\/td>\n\u00a0<\/td>\n$<\/td>\n29,598<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n20,825<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n64,465<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n98,332<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n197,375<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fishing & Rental Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,085<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,971<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,135<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,648<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,534<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Coiled Tubing Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,867<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,418<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,134<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fluid Management Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,514<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,087<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,571<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,696<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Consolidated Total<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n42,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n106,523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n152,969<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n328,739<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Income (Loss) Before Income Taxes<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Rig Services<\/td>\n\u00a0<\/td>\n$<\/td>\n1,845<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,364<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,734<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,786<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,070<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fishing & Rental Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(438<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,718<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,724<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21,906<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,671<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Coiled Tubing Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,325<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,831<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,558<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,125<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,171<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fluid Management Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(424<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23,781<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(133<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Functional Support<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,967<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,087<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24,480<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n133,971<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(74,658<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Consolidated Total<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(3,897<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(18,896<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25,452<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n86,945<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(71,563<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Income (Loss) Before Income <\/u>
\n <\/strong>
\n
\n Taxes<\/u>
\n <\/strong>
\n
\n %<\/u>
\n <\/strong>
\n
\n of Revenues<\/u>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Rig Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(11.4<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n4.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n2.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n6.6<\/td>\n\u00a0<\/td>\n%<\/td>\n<\/tr>\n
Fishing & Rental Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10.7<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(43.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(12.2<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(124.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(10.7<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Coiled Tubing Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(77.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(98.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(16.0<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(49.0<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(16.1<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Fluid Management Services<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(2.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(83.2<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
\n Consolidated Total<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(54.4<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(23.9<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n56.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(21.8<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n

\n \n <\/p>\n

\n \n <\/p>\n

Following is a reconciliation of net loss as presented in accordance with United States generally accepted accounting principles (GAAP) to EBITDA and Adjusted EBITDA as required under Regulation G of the Securities Exchange Act of 1934.<\/p>\n

\n Reconciliations of EBITDA and Adjusted EBITDA to net loss (in thousands, except for percentages, unaudited):<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three\u00a0Months\u00a0Ended<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n September\u00a030,<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June\u00a030,\u00a02020<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2019<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Loss before income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,897<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(18,896<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(25,452<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(54.4<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(23.9<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Interest expense, net of amounts capitalized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,238<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,066<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,411<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(122<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,107<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,054<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n5,446<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,801<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,579<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.7<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(25.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(2.4<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n445<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n325<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,225<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Debt restructuring expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sales of assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(513<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(602<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,326<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n154<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on other non-income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,005<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non recurring professional fees<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,459<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n(890<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,201<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,680<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(17.8<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(3.5<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n42,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n106,523<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three\u00a0Months\u00a0Ended\u00a0September\u00a030,\u00a02020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Fishing\u00a0and<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Coiled<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Fluid<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Rental<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Tubing<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Management<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Functional<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n Rig\u00a0Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Support<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Total<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n1,845<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(438<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,325<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(12<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,967<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,897<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(10.7<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(77.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(0.2<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(9.1<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Interest expense, net of amounts capitalized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,141<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,238<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,108<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n843<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,008<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n470<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n678<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,107<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n6,023<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(305<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n468<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,150<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n5,446<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20.3<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n10.0<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(17.8<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n6.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n12.7<\/td>\n\u00a0<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n445<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Debt restructuring expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sales of assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(309<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(40<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(162<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(513<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n154<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on other non-income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,005<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,005<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non recurring professional fees<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,459<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,459<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n5,805<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n370<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(466<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n469<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,068<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(890<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19.6<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n9.1<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(27.2<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n6.2<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(2.1<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n29,598<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,085<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,514<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n42,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three\u00a0Months\u00a0Ended\u00a0June\u00a030,\u00a02020<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Fishing\u00a0and<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Coiled<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Fluid<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Rental<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Tubing<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Management<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Functional<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0\u00a0\u00a0\u00a0<\/strong>\n <\/td>\n\n Rig\u00a0Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Services<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Support<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Total<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Income (loss) before income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,364<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,718<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,831<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(13,087<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(18,896<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11.4<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(43.3<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(98.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n1.3<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(54.4<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
Interest expense, net of amounts capitalized<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n68<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,066<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,138<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,349<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,164<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n717<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n686<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,054<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n1,842<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(363<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(653<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(10,459<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,801<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.8<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(9.1<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(35.0<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n10.3<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(25.3<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stock-based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n296<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n325<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Debt restructuring expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Gain) loss on sales of assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(371<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(405<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(602<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Severance costs<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,077<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n142<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n72<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n803<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,177<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n\u00a0<\/td>\n$<\/td>\n2,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(37<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(569<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n513<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,681<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,201<\/td>\n)<\/td>\n\u00a0<\/td>\n<\/tr>\n
% of revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.4<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(0.9<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n(30.5<\/td>\n)<\/td>\n%<\/td>\n\u00a0<\/td>\n6.3<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n(17.8<\/td>\n)<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n20,825<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,971<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,867<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,087<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n34,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/em>\n <\/p>\n

\n \u201cEBITDA\u201d is defined as income or loss attributable to Key before interest, taxes, depreciation, and amortization.<\/em>\n <\/p>\n

\n
\n
\n <\/em>\n <\/p>\n

\n \u201cAdjusted EBITDA\u201d is EBITDA as further adjusted for certain non-recurring or extraordinary items such as impairment expense, severance expense, loss on debt extinguishment, gains or losses on asset sales, asset retirements and impairments, stock-based compensation and certain non-recurring transaction or other costs (such as the <\/em>
\n gain on debt restructuring<\/em>
\n ).<\/em>\n <\/p>\n

\n EBITDA and Adjusted EBITDA are non-GAAP measures that are used as supplemental financial measures by the Company\u2019s management and directors and by external users of the Company\u2019s financial statements, such as investors, to assess:<\/em>\n <\/p>\n