Expro (XPRO) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-36053
Entity Registrant Name	FRANK'S INTERNATIONAL N.V.
Entity Incorporation, State or Country Code	P7
Entity Tax Identification Number	98-1107145
Entity Address, Address Line One	Mastenmakersweg 1
Entity Address, Postal Zip Code	1786 PB
Entity Address, City or Town	Den Helder
Entity Address, Country	NL
City Area Code	22
Local Phone Number	367 0000
Title of 12(b) Security	Common Stock, €0.01 par value
Trading Symbol	FI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		225,709,820
Entity Central Index Key	0001575828
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 170,897	$ 195,383
Restricted cash	1,358	1,357
Accounts receivables, net	176,049	166,694
Inventories, net	78,088	78,829
Assets held for sale	13,525	13,795
Other current assets	11,855	10,360
Total current assets	451,772	466,418
Property, plant and equipment, net	302,904	328,432
Goodwill	42,785	99,932
Intangible assets, net	10,523	16,971
Deferred tax assets, net	15,775	16,590
Operating lease right-of-use assets	30,839	32,585
Other assets	31,042	33,237
Total assets	885,640	994,165
Current liabilities:
Accounts payable and accrued liabilities	103,970	120,321
Current portion of operating lease liabilities	7,925	7,925
Deferred revenue	694	657
Total current liabilities	112,589	128,903
Deferred tax liabilities	1,495	2,923
Non-current operating lease liabilities	23,312	24,969
Other non-current liabilities	23,200	27,076
Total liabilities	160,596	183,871
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, €0.01 par value, 798,096,000 shares authorized, 228,063,169 and 227,000,507 shares issued and 225,907,182 and 225,510,650 shares outstanding	2,857	2,846
Additional paid-in capital	1,078,496	1,075,809
Accumulated deficit	(307,104)	(220,805)
Accumulated other comprehensive loss	(29,874)	(30,298)
Treasury stock (at cost), 2,155,987 and 1,489,857 shares	(19,331)	(17,258)
Total stockholders’ equity	725,044	810,294
Total liabilities and equity	$ 885,640	$ 994,165

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - € / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value per share (in EUR per share)	€ 0.01	€ 0.01
Common stock, shares authorized (in shares)	798,096,000	798,096,000
Common stock, shares, issued (in shares)	228,063,169	227,000,507
Common stock, shares, outstanding (in shares)	225,907,182	225,510,650
Treasury stock, shares at cost (in shares)	2,155,987	1,489,857

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Revenue	$ 123,492,000	$ 144,408,000
Cost of revenue, exclusive of depreciation and amortization
General and administrative expenses	26,683,000	35,411,000
Depreciation and amortization	19,718,000	25,242,000
Goodwill impairment	57,146,000	0
Severance and other charges, net	20,725,000	455,000
Loss on disposal of assets	60,000	227,000
Operating loss	(94,208,000)	(20,294,000)
Other income (expense):
Other income, net	2,026,000	529,000
Interest income, net	533,000	768,000
Foreign currency gain (loss)	(9,892,000)	483,000
Total other income (expense)	(7,333,000)	1,780,000
Loss before income taxes	(101,541,000)	(18,514,000)
Income tax expense (benefit)	(15,563,000)	9,773,000
Net loss	$ (85,978,000)	$ (28,287,000)
Loss per common share:
Basic and diluted (in dollars per share)	$ (0.38)	$ (0.13)
Weighted average common shares outstanding:
Basic and diluted (in shares)	225,505	224,653
Services
Revenue:
Revenue	$ 105,083,000	$ 115,406,000
Cost of revenue, exclusive of depreciation and amortization
Cost of revenue	79,380,000	83,239,000
Products
Revenue:
Revenue	18,409,000	29,002,000
Cost of revenue, exclusive of depreciation and amortization
Cost of revenue	$ 13,988,000	$ 20,128,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (85,978)	$ (28,287)
Other comprehensive income (loss):
Foreign currency translation adjustments	424	250
Unrealized gain on marketable securities	0	16
Total other comprehensive income	424	266
Comprehensive loss	$ (85,554)	$ (28,021)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2018		224,290
Balance at beginning of period at Dec. 31, 2018	$ 1,034,772	$ 2,829	$ 1,062,794	$ 16,860	$ (32,338)	$ (15,373)
Increase (Decrease) in Stockholders' Equity
Net loss	(28,287)			(28,287)
Foreign currency translation adjustments	250				250
Change in marketable securities	16				16
Equity-based compensation expense	2,574		2,574
Common shares issued upon vesting of share-based awards (in shares)		720
Common shares issued upon vesting of share-based awards	0	$ 8	(8)
Common shares issued for employee stock purchase plan (in shares)		154
Common shares issued for employee stock purchase plan	692	$ 2	690
Treasury shares withheld (in shares)		(220)
Treasury shares withheld	(1,452)					(1,452)
Balance at end of period (in shares) at Mar. 31, 2019		224,944
Balance at end of period at Mar. 31, 2019	1,007,865	$ 2,839	1,066,050	(12,127)	(32,072)	(16,825)
Balance at beginning of period (in shares) at Dec. 31, 2019		225,511
Balance at beginning of period at Dec. 31, 2019	810,294	$ 2,846	1,075,809	(220,805)	(30,298)	(17,258)
Increase (Decrease) in Stockholders' Equity
Net loss	(85,978)			(85,978)
Foreign currency translation adjustments	424				424
Change in marketable securities	0
Equity-based compensation expense	2,146		2,146
Common shares issued upon vesting of share-based awards (in shares)		937
Common shares issued upon vesting of share-based awards	0	$ 10	(10)
Common shares issued for employee stock purchase plan (in shares)		126
Common shares issued for employee stock purchase plan	552	$ 1	551
Treasury shares withheld (in shares)		(293)
Treasury shares withheld	(1,056)					(1,056)
Share repurchase program (in shares)		(373)
Share repurchase program	(1,017)					(1,017)
Balance at end of period (in shares) at Mar. 31, 2020		225,908
Balance at end of period at Mar. 31, 2020	$ 725,044	$ 2,857	$ 1,078,496	$ (307,104)	$ (29,874)	$ (19,331)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (85,978,000)	$ (28,287,000)
Adjustments to reconcile net loss to cash from operating activities
Depreciation and amortization	19,718,000	25,242,000
Equity-based compensation expense	2,146,000	2,574,000
Goodwill impairment	57,146,000	0
Loss on asset impairments and retirements	20,187,000	66,000
Amortization of deferred financing costs	97,000	87,000
Deferred tax provision (benefit)	(1,690,000)	3,618,000
Provision for bad debts	1,280,000	19,000
Loss on disposal of assets	60,000	227,000
Changes in fair value of investments	2,411,000	(1,412,000)
Unrealized gain on derivative instruments	0	(496,000)
Other	(381,000)	(566,000)
Changes in operating assets and liabilities
Accounts receivable	(16,129,000)	(14,734,000)
Inventories	(1,855,000)	(4,083,000)
Other current assets	(814,000)	771,000
Other assets	139,000	(245,000)
Accounts payable and accrued liabilities	(14,860,000)	(13,184,000)
Deferred revenue	67,000	22,000
Other non-current liabilities	(3,796,000)	611,000
Net cash used in operating activities	(22,252,000)	(29,770,000)
Cash flows from investing activities
Purchases of property, plant and equipment and intangibles	(9,968,000)	(8,145,000)
Proceeds from sale of assets	70,000	14,000
Proceeds from sale of investments	0	12,539,000
Purchase of investments	0	(5,092,000)
Other	(141,000)	(103,000)
Net cash used in investing activities	(10,039,000)	(787,000)
Cash flows from financing activities
Repayments of borrowings	0	(1,737,000)
Treasury shares withheld for taxes	(1,056,000)	(1,452,000)
Treasury share repurchase	(1,017,000)	0
Proceeds from the issuance of ESPP shares	552,000	692,000
Net cash used in financing activities	(1,521,000)	(2,497,000)
Effect of exchange rate changes on cash	9,327,000	(376,000)
Net decrease in cash, cash equivalents and restricted cash	(24,485,000)	(33,430,000)
Cash, cash equivalents and restricted cash at beginning of period	196,740,000	186,212,000
Cash, cash equivalents and restricted cash at end of period	$ 172,255,000	$ 152,782,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Nature of Business Frank’s International N.V. (“FINV”), a limited liability company organized under the laws of the Netherlands, is a global provider of highly engineered tubular services, tubular fabrication and specialty well construction and well intervention solutions to the oil and gas industry. FINV provides services and products to leading exploration and production companies in both offshore and onshore environments with a focus on complex and technically demanding wells. The impact of the Coronavirus Disease 2019 (“COVID-19”) pandemic and related economic, business and market disruptions is evolving rapidly and its future effects are uncertain. The actual impact of these recent developments on our business will depend on many factors, many of which are beyond management's control and knowledge. It is therefore difficult for management to assess or predict with precision the broad future effect of this health crisis on the global economy, the energy industry or us. As additional information becomes available, events or circumstances change and strategic operational decisions are made by management, further adjustments may be required which could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows. Basis of Presentation The condensed consolidated financial statements of FINV for the three months ended March 31, 2020 and 2019 include the activities of FINV, Frank’s International C.V. (“FICV”), Blackhawk Group Holdings, LLC (“Blackhawk”) and their wholly owned subsidiaries (either individually or together, as context requires, the “Company,” “we,” “us” or “our”). All intercompany accounts and transactions have been eliminated for purposes of preparing these condensed consolidated financial statements. Our accompanying condensed consolidated financial statements have not been audited by our independent registered public accounting firm. The consolidated balance sheet at December 31, 2019 is derived from audited financial statements. However, certain information and footnote disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2019 , which are included in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 25, 2020 (“Annual Report”). In the opinion of management, these condensed consolidated financial statements, which have been prepared pursuant to the rules of the SEC and GAAP for interim financial reporting, reflect all adjustments, which consisted only of normal recurring adjustments that were necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. The condensed consolidated financial statements have been prepared on a historical cost basis using the United States dollar as the reporting currency. Our functional currency is primarily the United States dollar. Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on our operating income (loss), net income (loss), working capital, cash flows or total equity previously reported. Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. ASUs not listed below were assessed and were either determined to be not applicable or are expected to have immaterial impact on our consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued new accounting guidance for credit losses on financial instruments. The guidance includes the replacement of the “incurred loss” approach for recognizing credit losses on financial assets, including trade receivables, with a methodology that reflects expected credit losses, which considers historical and current information as well as reasonable and supportable forecasts. We adopted the guidance on January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. The new credit loss standard is expected to accelerate recognition of credit losses on our accounts receivable. See Note 3—Accounts Receivable, net for additional information regarding allowance for credit losses on our accounts receivable.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Amounts reported in the condensed consolidated balance sheets and condensed consolidated statements of cash flows as cash, cash equivalents and restricted cash at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Cash and cash equivalents $ 170,897 $ 195,383 Restricted cash 1,358 1,357 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 172,255 $ 196,740 Restricted cash primarily consists of cash deposits that collateralize our credit card program.

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Accounts Receivable, net	Accounts Receivable, net Accounts receivable at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Trade accounts receivable, net of allowance for credit losses of $7,103 and $5,129, respectively $ 106,659 $ 101,718 Unbilled receivables 36,302 43,422 Taxes receivable 29,615 18,516 Affiliated (1) 549 549 Other receivables 2,924 2,489 Total accounts receivable, net $ 176,049 $ 166,694 (1) Amounts represent expenditures on behalf of non-consolidated affiliates. We estimate current expected credit losses on our accounts receivable at each reporting date. We estimate current expected credit losses based on our credit loss history, adjusted for current factors including global economic and business conditions, oil and natural gas industry and market conditions and customer mix.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net Inventories at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Pipe and connectors, net of allowance of $17,957 and $18,287, respectively $ 21,251 $ 21,779 Finished goods, net of allowance of $485 and $485, respectively 24,959 25,628 Work in progress 4,083 3,663 Raw materials, components and supplies 27,795 27,759 Total inventories, net $ 78,088 $ 78,829

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The following is a summary of property, plant and equipment at March 31, 2020 and December 31, 2019 (in thousands): Estimated Useful Lives in Years March 31, December 31, Land — $ 29,292 $ 30,724 Land improvements 8-15 7,179 7,193 Buildings and improvements 13-39 113,637 116,182 Rental machinery and equipment 5-7 881,637 882,979 Machinery and equipment - other 7 58,993 60,182 Furniture, fixtures and computers 5 16,982 17,251 Automobiles and other vehicles 5 28,201 28,734 Leasehold improvements 7-15, or lease term if shorter 14,098 14,258 Construction in progress - machinery and equipment — 41,632 46,564 1,191,651 1,204,067 Less: Accumulated depreciation (888,747 ) (875,635 ) Total property, plant and equipment, net $ 302,904 $ 328,432 During the three months ended March 31, 2020, we recorded fixed asset impairment charges of $15.5 million primarily associated with construction in progress in our Cementing Equipment segment, which is included in severance and other charges, net on our condensed consolidated statements of operations. During the first quarter of 2020, the results of the Company's test for impairment of goodwill in the Cementing Equipment segment as a result of negative market indicators was a triggering event that indicated that our long-lived tangible assets in this segment were impaired. Impairment testing performed in the first quarter resulted in the determination that certain long-lived assets were not recoverable and that the estimated fair value was below the carrying value. No impairments were recognized during the three months ended March 31, 2019 for assets held for use. Please see Note 16—Severance and Other Charges, net for additional details. The following table presents the depreciation and amortization expense associated with each line item for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Services $ 17,263 $ 21,505 Products 239 434 General and administrative expenses 2,216 3,303 Total $ 19,718 $ 25,242

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill is not subject to amortization and is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. A qualitative assessment is allowed to determine if goodwill is potentially impaired. We have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. The qualitative assessment determines whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If it is more likely than not that the fair value of the reporting unit is less than the carrying amount, then a quantitative impairment test is performed. The quantitative goodwill impairment test is used to identify both the existence of impairment and the amount of impairment loss. The test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded based on that difference. We complete our assessment of goodwill impairment as of October 31 each year. As a result of the decline in oil prices due to the ongoing COVID-19 pandemic and the Organization of Petroleum Exporting Countries (“OPEC”) and Russia price war, we identified that it was more likely than not that the fair value of goodwill within our Cementing Equipment reporting unit was less than its carrying value. Based on the result of our goodwill impairment test as of March 31, 2020 , we recorded a $57.1 million impairment charge to goodwill, which is included in goodwill impairment on the condensed consolidated statements of operations. We used the income approach to estimate the fair value of the Cementing Equipment reporting unit, but also considered the market approach to validate the results. The income approach estimates the fair value by discounting the reporting unit’s estimated future cash flows using an estimated discount rate, or expected return, that a marketplace participant would have required as of the valuation date. The market approach includes the use of comparative multiples to corroborate the discounted cash flow results and involves significant judgment in the selection of the appropriate peer group companies and valuation multiples. The inputs used in the determination of fair value are generally level 3 inputs. Some of the more significant assumptions inherent in the income approach include the estimated future net annual cash flows for the reporting unit and the discount rate. We selected the assumptions used in the discounted cash flow projections using historical data supplemented by current and anticipated market conditions and estimated growth rates. Our estimates are based upon assumptions believed to be reasonable. However, given the inherent uncertainty in determining the assumptions underlying a discounted cash flow analysis, actual results may differ from those used in our valuation which could result in additional impairment charges in the future. Assuming all other assumptions and inputs used in the discounted cash flow analysis were held constant, a 50 basis point increase in the discount rate assumption would have increased the goodwill impairment charge by approximately $4.3 million . No goodwill impairment was recorded for the three months ended March 31, 2019 . At March 31, 2020 , goodwill is allocated to our reportable segments as follows: Cementing Equipment - approximately $24.1 million ; Tubular Running Services - approximately $18.7 million . Intangible Assets Identifiable intangible assets are amortized using the straight-line method over the estimated useful lives of the assets. We evaluate impairment of our intangible assets on an asset group basis whenever circumstances indicate that the carrying value may not be recoverable. Intangible assets deemed to be impaired are written down to their fair value using a discounted cash flow model and, if available, comparable market values. The following table provides information related to our intangible assets as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Customer Relationships $ 28,301 $ (25,166 ) $ 3,135 $ 32,890 $ (23,946 ) $ 8,944 Intellectual Property 13,910 (6,522 ) 7,388 14,029 (6,002 ) 8,027 Total intangible assets $ 42,211 $ (31,688 ) $ 10,523 $ 46,919 $ (29,948 ) $ 16,971 Our intangible assets are primarily associated with our Cementing Equipment segment. Amortization expense for intangible assets was $1.7 million and $2.9 million for the three months ended March 31, 2020 and 2019 , respectively. During the first quarter of 2020, the results of the Company's test for impairment of goodwill in the Cementing Equipment segment as a result of the negative market indicators described above was a triggering event that indicated that our intangible assets in this segment were impaired. Impairment testing performed in the first quarter resulted in the determination that certain intangible assets were not recoverable and that the estimated fair value was below the carrying value. As a result, during the three months ended March 31, 2020 , impairment charges of $4.7 million were recorded associated with certain customer relationships and intellectual property intangible assets in our Cementing Equipment segment, which are included in severance and other charges, net on the condensed consolidated statements of operations. No intangible asset impairment was recorded during the three months ended March 31, 2019 . Please see Note 16—Severance and Other Charges, net for additional details.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, December 31, 2020 2019 Cash surrender value of life insurance policies (1) $ 25,386 $ 27,313 Deposits 2,131 2,119 Other 3,525 3,805 Total other assets $ 31,042 $ 33,237 (1) See Note 10—Fair Value Measurements for additional information.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, December 31, 2020 2019 Accounts payable $ 11,029 $ 16,793 Accrued compensation 20,175 23,988 Accrued property and other taxes 11,334 20,099 Accrued severance and other charges 3,757 5,837 Income taxes 21,787 19,166 Affiliated (1) 2,159 1,694 Accrued purchase orders and other 33,729 32,744 Total accounts payable and accrued liabilities $ 103,970 $ 120,321 (1) Represents amounts owed to non-consolidated affiliates.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Credit Facility Asset Based Revolving Credit Facility On November 5, 2018, FICV, Frank’s International, LLC and Blackhawk, as borrowers, and FINV, certain of FINV’s subsidiaries, including FICV, Frank’s International, LLC, Blackhawk, Frank’s International GP, LLC, Frank’s International, LP, Frank’s International LP B.V., Frank’s International Partners B.V., Frank’s International Management B.V., Blackhawk Intermediate Holdings, LLC, Blackhawk Specialty Tools, LLC, and Trinity Tool Rentals, L.L.C., as guarantors, entered into a 5 -year senior secured revolving credit facility (the “ABL Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent (the “ABL Agent”), and other financial institutions as lenders with total commitments of $100.0 million including up to $15.0 million available for letters of credit. Subject to the terms of the ABL Credit Facility, we have the ability to increase the commitments to $200.0 million . The maximum amount that the Company may borrow under the ABL Credit Facility is subject to a borrowing base, which is based on a percentage of certain eligible accounts receivable and eligible inventory, subject to customary reserves and other adjustments. All obligations under the ABL Credit Facility are fully and unconditionally guaranteed jointly and severally by FINV’s subsidiaries, including FICV, Frank’s International, LLC, Blackhawk, Frank’s International GP, LLC, Frank’s International, LP, Frank’s International LP B.V., Frank’s International Partners B.V., Frank’s International Management B.V., Blackhawk Intermediate Holdings, LLC, Blackhawk Specialty Tools, LLC, and Trinity Tool Rentals, L.L.C., subject to customary exceptions and exclusions. In addition, the obligations under the ABL Credit Facility are secured by first priority liens on substantially all of the assets and property of the borrowers and guarantors, including pledges of equity interests in certain of FINV’s subsidiaries, subject to certain exceptions. Borrowings under the ABL Credit Facility bear interest at FINV’s option at either (a) the Alternate Base Rate ( “ ABR ” ) (as defined therein), calculated as the greatest of (i) the rate of interest publicly quoted by the Wall Street Journal, as the “prime rate,” subject to each increase or decrease in such prime rate effective as of the date such change occurs, (ii) the federal funds effective rate that is subject to a 0.00% interest rate floor plus 0.50% , and (iii) the one-month Adjusted LIBO Rate (as defined therein) plus 1.00% , or (b) the Adjusted LIBO Rate, plus, in each case, an applicable margin. The applicable interest rate margin ranges from 1.00% to 1.50% per annum for ABR loans and 2.00% to 2.50% per annum for Eurodollar loans and, in each case, is based on FINV’s leverage ratio. The unused portion of the ABL Credit Facility is subject to a commitment fee that varies from 0.250% to 0.375% per annum, according to average daily unused commitments under the ABL Credit Facility. Interest on Eurodollar loans is payable at the end of the selected interest period, but no less frequently than quarterly. Interest on ABR loans is payable monthly in arrears. The ABL Credit Facility contains various covenants and restrictive provisions which limit, subject to certain customary exceptions and thresholds, FINV’s ability to, among other things, (1) enter into asset sales; (2) incur additional indebtedness; (3) make investments, acquisitions, or loans and create or incur liens; (4) pay certain dividends or make other distributions and (5) engage in transactions with affiliates. The ABL Credit Facility also requires FINV to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0 based on the ratio of (a) consolidated EBITDA (as defined therein) minus unfinanced capital expenditures to (b) Fixed Charges (as defined therein), when either (i) an event of default occurs under the ABL Credit Facility or (ii) availability under the ABL Credit Facility falls for at least two consecutive calendar days below the greater of (A) $12.5 million and (B) 15% of the lesser of the borrowing base and aggregate commitments (a “FCCR Trigger Event”). Accounts receivable received by FINV’s U.S. subsidiaries that are parties to the ABL Credit Facility will be deposited into deposit accounts subject to deposit control agreements in favor of the ABL Agent. After a FCCR Trigger Event, these deposit accounts would be subject to “springing” cash dominion. After a FCCR Trigger Event, the Company will be subject to compliance with the fixed charge coverage ratio and “springing” cash dominion until no default exists under the ABL Credit Facility and availability under the facility for the preceding thirty consecutive days has been equal to at least the greater of (x) $12.5 million and (y) 15% of the lesser of the borrowing base and the aggregate commitments. If FINV fails to perform its obligations under the agreement that results in an event of default, the commitments under the ABL Credit Facility could be terminated and any outstanding borrowings under the ABL Credit Facility may be declared immediately due and payable. The ABL Credit Facility also contains cross default provisions that apply to FINV’s other indebtedness. As of March 31, 2020 , FINV had no borrowings outstanding under the ABL Credit Facility, letters of credit outstanding of $9.1 million and availability of $46.8 million .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We follow fair value measurement authoritative accounting guidance for measuring fair values of assets and liabilities in financial statements. We have consistently used the same valuation techniques for all periods presented. Please see Note 10 — Fair Value Measurements in our Annual Report for further discussion. A summary of financial assets and liabilities that are measured at fair value on a recurring basis, as of March 31, 2020 and December 31, 2019 , were as follows (in thousands): Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total March 31, 2020 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 25,386 $ — $ 25,386 Marketable securities - other 1 — — 1 Liabilities: Deferred compensation plan — 19,749 — 19,749 December 31, 2019 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 27,313 $ — $ 27,313 Marketable securities - other 8 — — 8 Liabilities: Derivative financial instruments — 324 — 324 Deferred compensation plan — 23,251 — 23,251 Our derivative financial instruments consist of short-duration foreign currency forward contracts. The fair value of our derivative financial instruments is based on quoted market values including foreign exchange forward rates and interest rates. The fair value is computed by discounting the projected future cash flow amounts to present value. Derivative financial instruments are included in accounts payable and accrued liabilities at December 31, 2019 . Our investments associated with our deferred compensation plan consist primarily of the cash surrender value of life insurance policies and are included in other assets on the condensed consolidated balance sheets. Our investments change as a result of contributions, payments, and fluctuations in the market. Our liabilities associated with our deferred compensation plan are included in o ther non-current liabilities on the condensed consolidated balance sheets. Assets and liabilities, measured using significant observable inputs, are reported at fair value based on third-party broker statements, which are derived from the fair value of the funds’ underlying investments. We also have marketable securities in publicly traded equity securities as an indirect result of strategic investments. They are reported at fair value based on the price of the stock and are included in other assets on the condensed consolidated balance sheets. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis We apply the provisions of the fair value measurement standard to our non-recurring, non-financial measurements including business combinations and assets identified as held for sale, as well as impairment related to goodwill and other long-lived assets. We perform our goodwill impairment assessment for each reporting unit by comparing the estimated fair value of each reporting unit to the reporting unit’s carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management’s short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recorded. When conducting an impairment test on long-lived assets, other than goodwill, we first compare estimated future undiscounted cash flows associated with the asset to the asset’s carrying amount. If the undiscounted cash flows are less than the asset’s carrying amount, we then determine the asset’s fair value by using a discounted cash flow analysis. These analyses are based on estimates such as management’s short-term and long-term forecast of operating performance, including revenue growth rates and expected profitability margins, estimates of the remaining useful life and service potential of the asset, and a discount rate based on our weighted average cost of capital. As a result of factors, including COVID-19, we have sustained a continued decline in the market price of our common stock. This is one of the qualitative factors to be considered when evaluating whether events or changes in circumstances may indicate that it is likely that a potential goodwill impairment exists. We will consider this decline and other factors, both specific to us and to the energy industry as a whole, as a result of COVID-19 as we perform our annual goodwill impairment test as of October 31 this year. The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If crude oil prices decline significantly and remain at low levels for a sustained period of time, we could be required to record an impairment of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. Given the unobservable nature of the inputs, the discounted cash flow models are deemed to use Level 3 inputs. Other Fair Value Considerations The carrying values on our condensed consolidated balance sheets of our cash and cash equivalents, restricted cash, short-term investments, trade accounts receivable, other current assets, accounts payable and accrued liabilities and lines of credit approximate fair values due to their short maturities.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives From time to time we enter into short-duration foreign currency forward derivative contracts to reduce the risk of foreign currency fluctuations. We use these instruments to mitigate our exposure to non-local currency operating working capital. We record these contracts at fair value on our condensed consolidated balance sheets. Although the derivative contracts will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not formally designated as hedge contracts for hedge accounting treatment. Accordingly, any changes in the fair value of the derivative instruments during a period will be included in our condensed consolidated statements of operations. As of March 31, 2020 , we had no foreign currency derivative contracts outstanding. As of December 31, 2019 , we had the following foreign currency derivative contracts outstanding in U.S. dollars (in thousands): December 31, 2019 Derivative Contracts Notional Amount Contractual Exchange Rate Settlement Date Canadian dollar $ 948 1.3182 3/16/2020 Euro 9,279 1.1180 3/17/2020 Norwegian krone 11,027 9.0688 3/17/2020 Pound sterling 16,057 1.3381 3/17/2020 The following table summarizes the location and fair value amounts of all derivative contracts in the condensed consolidated balance sheets as of December 31, 2019 (in thousands): Derivatives not Designated as Hedging Instruments Consolidated Balance Sheet Location December 31, 2019 Foreign currency contracts Accounts payable and accrued liabilities $ (324 ) The following table summarizes the location and amounts of the realized and unrealized gains and losses on derivative contracts in the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Contracts 2020 2019 Unrealized gain (loss) on foreign currency contracts Other income, net $ — $ 496 Realized gain (loss) on foreign currency contracts Other income, net 1,475 (660 ) Total net gain (loss) on foreign currency contracts $ 1,475 $ (164 ) Our derivative transactions are governed through International Swaps and Derivatives Association master agreements. These agreements include stipulations regarding the right of offset in the event that we or our counterparty default on our performance obligations. If a default were to occur, both parties have the right to net amounts payable and receivable into a single net settlement between parties. Our accounting policy is to offset derivative assets and liabilities executed with the same counterparty when a master netting arrangement exists. The following table presents the gross and net fair values of our derivatives at December 31, 2019 (in thousands): Derivative Asset Positions Derivative Liability Positions December 31, 2019 December 31, 2019 Gross position - asset / (liability) $ 127 $ (451 ) Netting adjustment (127 ) 127 Net position - asset / (liability) $ — $ (324 )

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have engaged in certain transactions with other companies related to us by common ownership. We have entered into various operating leases to lease facilities from these affiliated companies. Rent expense associated with our related party leases was $0.7 million and $0.7 million for the three months ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , $5.7 million of our operating lease right-of-use assets and $6.4 million of our lease liabilities were associated with related party leases. Tax Receivable Agreement Mosing Holdings, LLC ("Mosing Holdings") and its permitted transferees converted all of their Preferred Stock into shares of our common stock on a one -for-one basis on August 26, 2016, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications and other similar transactions, by delivery of all of their interests in FICV to us (the “Conversion”). As a result of an election under Section 754 of the Internal Revenue Code, made by FICV, the Conversion resulted in an adjustment to the tax basis of the tangible and intangible assets of FICV with respect to the portion of FICV transferred to FINV by Mosing Holdings and its permitted transferees. These adjustments are allocated to FINV. The adjustments to the tax basis of the tangible and intangible assets of FICV described above would not have been available absent this Conversion. The basis adjustments may reduce the amount of tax that FINV would otherwise be required to pay in the future. These basis adjustments may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The tax receivable agreement ("TRA") that we entered into with FICV and Mosing Holdings in connection with our IPO generally provides for the payment by FINV of 85% of the amount of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that we actually realize (or are deemed to realize in certain circumstances) in periods after our IPO as a result of (i) tax basis increases resulting from the Conversion and (ii) imputed interest deemed to be paid by us as a result of, and additional tax basis arising from, payments under the TRA. We will retain the benefit of the remaining 15% of these cash savings, if any. Payments we make under the TRA will be increased by any interest accrued from the due date (without extensions) of the corresponding tax return to the date of payment specified by the TRA. The payments under the TRA will not be conditioned upon a holder of rights under the TRA having a continued ownership interest in FINV. The estimation of the amount and timing of payments under the TRA is by its nature imprecise. For purposes of the TRA, cash savings in tax generally are calculated by comparing our actual tax liability to the amount we would have been required to pay had we not been able to utilize any of the tax benefits subject to the TRA. The amounts payable, as well as the timing of any payments, under the TRA are dependent upon significant future events and assumptions, including the amount and timing of the taxable income we generate in the future. As of March 31, 2020 , FINV has had a cumulative loss over the prior 36 -month period. Based on this history of losses, as well as uncertainty regarding the timing and amount of future taxable income, we are no longer able to conclude that there will be future cash savings that will lead to additional payouts under the TRA. Additional TRA liability may be recognized in the future based on changes in expectations regarding the timing and likelihood of future cash savings. The payment obligations under the TRA are our obligations and are not obligations of FICV. The term of the TRA commenced upon the completion of the IPO and will continue until all tax benefits that are subject to the TRA have been utilized or expired, unless FINV elects to exercise its right to terminate the TRA (or the TRA is terminated due to other circumstances, including our breach of a material obligation thereunder or certain mergers or other changes of control), and we make the termination payment specified in the TRA. If FINV elects to terminate the TRA early, which it may do in its sole discretion, (or if it terminates as a result of our breach) it would be required to make a substantial, immediate lump-sum payment equal to the present value of the hypothetical future payments that could be required to be paid under the TRA (based upon certain assumptions and deemed events set forth in the TRA, including the assumption that it has sufficient taxable income to fully utilize such benefits), determined by applying a discount rate equal to the long-term Treasury rate in effect on the applicable date plus 300 basis points. Any early termination payment may be made significantly in advance of the actual realization, if any, of such future benefits. In addition, payments due under the TRA will be similarly accelerated following certain mergers or other changes of control. In these situations, FINV’s obligations under the TRA could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control. For example, if the TRA were terminated on March 31, 2020 , the estimated termination payment would be approximately $57.0 million (calculated using a discount rate of 4.15% ). The foregoing number is merely an estimate and the actual payment could differ materially. Because FINV is a holding company with no operations of its own, its ability to make payments under the TRA is dependent on the ability of FINV's operating subsidiaries to make distributions to it in an amount sufficient to cover FINV’s obligations under such agreement. The ability of certain of FINV’s operating subsidiaries to make such distributions will be subject to, among other things, the applicable provisions of Dutch law that may limit the amount of funds available for distribution and restrictions in our debt instruments. To the extent that FINV is unable to make payments under the TRA for any reason (except in the case of an acceleration of payments thereunder occurring in connection with an early termination of the TRA or certain mergers or change of control) such payments will be deferred and will accrue interest until paid, and FINV will be prohibited from paying dividends on its common stock.

Loss Per Common Share

Loss Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss Per Common Share	Loss Per Common Share Basic loss per common share is determined by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by dividing net loss by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued. We apply the treasury stock method to determine the dilutive weighted average common shares represented by unvested restricted stock units and employee stock purchase plan (“ESPP”) shares. The following table summarizes the basic and diluted loss per share calculations (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Numerator Net loss $ (85,978 ) $ (28,287 ) Denominator Basic and diluted weighted average common shares (1) 225,505 224,653 Loss per common share: Basic and diluted $ (0.38 ) $ (0.13 ) (1) Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. 2,015 967

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim financial reporting, we estimate the annual tax rate based on projected pre-tax income (loss) for the full year and record a quarterly income tax provision (benefit) in accordance with accounting guidance for income taxes. As the year progresses, we refine the estimate of the year’s pre-tax income (loss) as new information becomes available. The continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, we adjust the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the most current expected annual tax rate. Our effective tax rate was 15.3% and (52.8)% for the three months ended March 31, 2020 and 2019 , respectively. The variance in effective tax rates compared to the same period last year is due to the beneficial impact in the current period of a provision in the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which allows corporations with net operating losses (“NOLs”) incurred in 2018, 2019 and 2020 to carry back such NOLs to each of the five years preceding the year of the NOL, beginning with the earliest year in which there is taxable income, and claim an income tax refund in the applicable carryback year. As a result of the NOL carryback provision in the CARES Act, we were able to recognize an income tax refund receivable as of March 31, 2020 of $17.5 million . We are subject to tax in many U.S. and foreign jurisdictions. In many foreign jurisdictions we are taxed on bases such as deemed profits or withholding taxes based on revenue. Consequently, the relationship between our pre-tax income and our income tax provision varies from period to period. We are under audit by certain foreign jurisdictions for the years 2008 - 2019. We do not expect the results of these audits to have any material effect on our financial statements. As of March 31, 2020 , there were no significant changes to our uncertain tax positions as reported in our audited financial statements for the year ended December 31, 2019

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are the subject of lawsuits and claims arising in the ordinary course of business from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. We had no material accruals for loss contingencies, individually or in the aggregate, as of March 31, 2020 and December 31, 2019 . We believe the probability is remote that the ultimate outcome of these matters would have a material adverse effect on our financial position, results of operations or cash flows. We are conducting an internal investigation of the operations of certain of our foreign subsidiaries in West Africa including possible violations of the U.S. Foreign Corrupt Practices Act (“FCPA”), our policies and other applicable laws. In June 2016, we voluntarily disclosed the existence of our extensive internal review to the SEC, the U.S. Department of Justice (“DOJ”) and other governmental entities. It is our intent to continue to fully cooperate with these agencies and any other applicable authorities in connection with any further investigation that may be conducted in connection with this matter. While our review has not indicated that there has been any material impact on our previously filed financial statements, we have continued to collect information and cooperate with the authorities, but at this time are unable to predict the ultimate resolution of these matters with these agencies. As disclosed above, our investigation into possible violations of the FCPA remains ongoing, and we will continue to cooperate with the SEC, DOJ and other relevant governmental entities in connection therewith. At this time, we are unable to predict the ultimate resolution of these matters with these agencies, including any financial impact to us. Our board and management are committed to continuously enhancing our internal controls that support improved compliance and transparency throughout our global operations.

Severance and Other Charges, ne

Severance and Other Charges, net	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Severance and Other Charges, net	Severance and Other Charges, net We recognize severance and other charges for costs associated with workforce reductions, facility closures, exiting or reducing our footprint in certain countries, asset impairments and the retirement of excess machinery and equipment based on economic utility. As a result of the downturn in the industry and its impact on our business outlook, we continue to take actions to adjust our operations and cost structure to reflect current and expected activity levels. Depending on future market conditions, further actions may be necessary to adjust our operations, which may result in additional charges. Our severance and other charges, net are summarized below (in thousands): Three Months Ended March 31, 2020 2019 Severance and other costs $ 538 $ 389 Fixed asset impairments and retirements 15,479 66 Intangible asset impairments 4,708 — $ 20,725 $ 455 Severance and other costs : We incurred costs due to a continued effort to adjust our cost base, including reducing our workforce to meet the depressed demand in the industry. At March 31, 2020 , our outstanding liability associated with our current program was approximately $3.8 million and included severance payments and other employee-related separation costs. Below is a reconciliation of our employee separation liability balance (in thousands): Tubular Running Services Tubulars Cementing Equipment Corporate Total Balance at December 31, 2019 $ 2,000 $ 19 $ 1,632 $ 2,186 $ 5,837 Additions for costs expensed 117 (19 ) 82 358 538 Severance and other payments (1,005 ) — (897 ) (715 ) (2,617 ) Other adjustments — — — (1 ) (1 ) Balance at March 31, 2020 $ 1,112 $ — $ 817 $ 1,828 $ 3,757 Fixed asset impairments and retirements : During the three months ended March 31, 2019 , we recognized $0.1 million of impairment related to assets held for sale. During the three months ended March 31, 2020 , we recorded fixed asset impairment charges of $15.5 million primarily associated with construction in progress in our Cementing Equipment segment. Please see Note 5—Property, Plant and Equipment for additional details. Intangible asset impairments: During the three months ended March 31, 2020 , we identified certain intangible assets where the carrying value exceeded the fair value in the Cementing Equipment segment, resulting in an impairment charge of $4.7 million . Please see Note 6—Goodwill and Intangible Assets for additional details.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Reporting Segments Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (" CODM") in deciding how to allocate resources and assess performance. We are comprised of three reportable segments: Tubular Running Services (“TRS”) segment, Tubulars segment and Cementing Equipment (“CE”) segment. The TRS segment provides tubular running services globally. Internationally, the TRS segment operates in the majority of the offshore oil and gas markets and also in several onshore regions with operations in approximately 50 countries on six continents. In the U.S., the TRS segment provides services in the active onshore oil and gas drilling regions, including the Permian Basin, Eagle Ford Shale, Haynesville Shale, Marcellus Shale and Utica Shale, and in the U.S. Gulf of Mexico. Our customers are primarily large exploration and production companies, including international oil and gas companies, national oil and gas companies, major independents and other oilfield service companies. The Tubulars segment designs, manufactures and distributes connectors and casing attachments for large outside diameter (“OD”) heavy wall pipe. Additionally, the Tubulars segment sells large OD pipe originally manufactured by various pipe mills, as plain end or fully fabricated with proprietary welded or thread-direct connector solutions and provides specialized fabrication and welding services in support of offshore deepwater projects, including drilling and production risers, flowlines and pipeline end terminations, as well as long-length tubular assemblies up to 400 feet in length. The Tubulars segment also specializes in the development, manufacture and supply of proprietary drilling tool solutions that focus on improving drilling productivity through eliminating or mitigating traditional drilling operational risks. The CE segment provides specialty equipment to enhance the safety and efficiency of rig operations. It provides specialized equipment, services and products utilized in the construction of the wellbore in both onshore and offshore environments. The product portfolio includes casing accessories that serve to improve the installation of casing, centralization and wellbore zonal isolation, as well as enhance cementing operations through advance wiper plug and float equipment technology. The CE segment also provides services and products utilized in the construction, completion or abandonment of the wellbore. These solutions are primarily used to isolate portions of the wellbore through the setting of barriers downhole to allow for rig evacuation in case of inclement weather, maintenance work on other rig equipment, squeeze cementing, pressure testing within the wellbore and temporary and permanent abandonments. These offerings improve operational efficiencies and limit non-productive time if unscheduled events are encountered at the wellsite. Revenue We disaggregate our revenue from contracts with customers by geography for each of our segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Intersegment revenue is immaterial. The following tables presents our revenue disaggregated by geography, based on the location where our services were provided and products sold (in thousands): Three Months Ended March 31, 2020 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 30,169 $ 9,797 $ 13,531 $ 53,497 International 59,328 2,745 7,922 69,995 Total Revenue $ 89,497 $ 12,542 $ 21,453 $ 123,492 Three Months Ended March 31, 2019 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 38,155 $ 16,628 $ 21,578 $ 76,361 International 59,924 2,029 6,094 68,047 Total Revenue $ 98,079 $ 18,657 $ 27,672 $ 144,408 Revenue by geographic area were as follows (in thousands): Three Months Ended March 31, 2020 2019 United States $ 53,497 $ 76,361 Europe/Middle East/Africa 35,434 36,400 Latin America 20,925 17,444 Asia Pacific 9,569 7,949 Other countries 4,067 6,254 Total Revenue $ 123,492 $ 144,408 Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest income, net, depreciation and amortization, income tax benefit or expense, asset impairments, gain or loss on disposal of assets, foreign currency gain or loss, equity-based compensation, unrealized and realized gain or loss, net severance and other charges, other non-cash adjustments and other charges. We review Adjusted EBITDA on both a consolidated basis and on a segment basis. We use Adjusted EBITDA to assess our financial performance because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), income tax, foreign currency exchange rates and other charges and credits. Adjusted EBITDA has limitations as an analytical tool and should not be considered as an alternative to net income (loss), operating income (loss), cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP. Our CODM uses Adjusted EBITDA as the primary measure of segment reporting performance. The following table presents a reconciliation of Segment Adjusted EBITDA to net loss (in thousands): Three Months Ended March 31, 2020 2019 Segment Adjusted EBITDA: Tubular Running Services $ 13,305 $ 17,735 Tubulars 1,396 4,112 Cementing Equipment 2,544 3,794 Corporate (1) (10,186 ) (15,983 ) 7,059 9,658 Goodwill impairment (57,146 ) — Severance and other charges, net (20,725 ) (455 ) Interest income, net 533 768 Depreciation and amortization (19,718 ) (25,242 ) Income tax (expense) benefit 15,563 (9,773 ) Loss on disposal of assets (60 ) (227 ) Foreign currency gain (loss) (9,892 ) 483 Charges and credits (2) (1,592 ) (3,499 ) Net loss $ (85,978 ) $ (28,287 ) (1) Includes certain expenses not attributable to a particular segment, such as costs related to support functions and corporate executives. (2) Comprised of Equity-based compensation expense (for the three months ended March 31, 2020 and 2019 : $2,146 and $2,574 , respectively), Unrealized and realized gains (for the three months ended March 31, 2020 and 2019 : $1,704 and $308 , respectively) and Investigation-related matters (for the three months ended March 31, 2020 and 2019 : $1,150 and $1,233 , respectively). The following tables set forth certain financial information with respect to our reportable segments (in thousands): Tubular Running Services Tubulars Cementing Equipment Corporate Total Three Months Ended March 31, 2020 Revenue from external customers $ 89,497 $ 12,542 $ 21,453 $ — $ 123,492 Operating income (loss) (1,315 ) 651 (77,498 ) (16,046 ) (94,208 ) Adjusted EBITDA 13,305 1,396 2,544 (10,186 ) * Three Months Ended March 31, 2019 Revenue from external customers $ 98,079 $ 18,657 $ 27,672 $ — $ 144,408 Operating income (loss) 141 3,194 (824 ) (22,805 ) (20,294 ) Adjusted EBITDA 17,735 4,112 3,794 (15,983 ) *

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements of FINV for the three months ended March 31, 2020 and 2019 include the activities of FINV, Frank’s International C.V. (“FICV”), Blackhawk Group Holdings, LLC (“Blackhawk”) and their wholly owned subsidiaries (either individually or together, as context requires, the “Company,” “we,” “us” or “our”). All intercompany accounts and transactions have been eliminated for purposes of preparing these condensed consolidated financial statements. Our accompanying condensed consolidated financial statements have not been audited by our independent registered public accounting firm. The consolidated balance sheet at December 31, 2019 is derived from audited financial statements. However, certain information and footnote disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2019 , which are included in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 25, 2020 (“Annual Report”). In the opinion of management, these condensed consolidated financial statements, which have been prepared pursuant to the rules of the SEC and GAAP for interim financial reporting, reflect all adjustments, which consisted only of normal recurring adjustments that were necessary for a fair statement of the interim periods presented. The results of operations for interim periods are not necessarily indicative of those for a full year. The condensed consolidated financial statements have been prepared on a historical cost basis using the United States dollar as the reporting currency. Our functional currency is primarily the United States dollar.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on our operating income (loss), net income (loss), working capital, cash flows or total equity previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) generally in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all accounting pronouncements. ASUs not listed below were assessed and were either determined to be not applicable or are expected to have immaterial impact on our consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued new accounting guidance for credit losses on financial instruments. The guidance includes the replacement of the “incurred loss” approach for recognizing credit losses on financial assets, including trade receivables, with a methodology that reflects expected credit losses, which considers historical and current information as well as reasonable and supportable forecasts. We adopted the guidance on January 1, 2020 and the adoption did not have a material impact on our consolidated financial statements. The new credit loss standard is expected to accelerate recognition of credit losses on our accounts receivable. See Note 3—Accounts Receivable, net for additional information regarding allowance for credit losses on our accounts receivable.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	Amounts reported in the condensed consolidated balance sheets and condensed consolidated statements of cash flows as cash, cash equivalents and restricted cash at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Cash and cash equivalents $ 170,897 $ 195,383 Restricted cash 1,358 1,357 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 172,255 $ 196,740
Restrictions on Cash and Cash Equivalents	Amounts reported in the condensed consolidated balance sheets and condensed consolidated statements of cash flows as cash, cash equivalents and restricted cash at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Cash and cash equivalents $ 170,897 $ 195,383 Restricted cash 1,358 1,357 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 172,255 $ 196,740

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Trade accounts receivable, net of allowance for credit losses of $7,103 and $5,129, respectively $ 106,659 $ 101,718 Unbilled receivables 36,302 43,422 Taxes receivable 29,615 18,516 Affiliated (1) 549 549 Other receivables 2,924 2,489 Total accounts receivable, net $ 176,049 $ 166,694 (1) Amounts represent expenditures on behalf of non-consolidated affiliates.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, December 31, 2020 2019 Pipe and connectors, net of allowance of $17,957 and $18,287, respectively $ 21,251 $ 21,779 Finished goods, net of allowance of $485 and $485, respectively 24,959 25,628 Work in progress 4,083 3,663 Raw materials, components and supplies 27,795 27,759 Total inventories, net $ 78,088 $ 78,829

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	The following is a summary of property, plant and equipment at March 31, 2020 and December 31, 2019 (in thousands): Estimated Useful Lives in Years March 31, December 31, Land — $ 29,292 $ 30,724 Land improvements 8-15 7,179 7,193 Buildings and improvements 13-39 113,637 116,182 Rental machinery and equipment 5-7 881,637 882,979 Machinery and equipment - other 7 58,993 60,182 Furniture, fixtures and computers 5 16,982 17,251 Automobiles and other vehicles 5 28,201 28,734 Leasehold improvements 7-15, or lease term if shorter 14,098 14,258 Construction in progress - machinery and equipment — 41,632 46,564 1,191,651 1,204,067 Less: Accumulated depreciation (888,747 ) (875,635 ) Total property, plant and equipment, net $ 302,904 $ 328,432
Summary of Depreciation and Amortization Expense	The following table presents the depreciation and amortization expense associated with each line item for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Services $ 17,263 $ 21,505 Products 239 434 General and administrative expenses 2,216 3,303 Total $ 19,718 $ 25,242

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table provides information related to our intangible assets as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Total Gross Carrying Amount Accumulated Amortization Total Customer Relationships $ 28,301 $ (25,166 ) $ 3,135 $ 32,890 $ (23,946 ) $ 8,944 Intellectual Property 13,910 (6,522 ) 7,388 14,029 (6,002 ) 8,027 Total intangible assets $ 42,211 $ (31,688 ) $ 10,523 $ 46,919 $ (29,948 ) $ 16,971

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	Other assets at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, December 31, 2020 2019 Cash surrender value of life insurance policies (1) $ 25,386 $ 27,313 Deposits 2,131 2,119 Other 3,525 3,805 Total other assets $ 31,042 $ 33,237 (1) See Note 10—Fair Value Measurements for additional information.

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Summary of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities at March 31, 2020 and December 31, 2019 consisted of the following (in thousands): March 31, December 31, 2020 2019 Accounts payable $ 11,029 $ 16,793 Accrued compensation 20,175 23,988 Accrued property and other taxes 11,334 20,099 Accrued severance and other charges 3,757 5,837 Income taxes 21,787 19,166 Affiliated (1) 2,159 1,694 Accrued purchase orders and other 33,729 32,744 Total accounts payable and accrued liabilities $ 103,970 $ 120,321 (1) Represents amounts owed to non-consolidated affiliates.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	A summary of financial assets and liabilities that are measured at fair value on a recurring basis, as of March 31, 2020 and December 31, 2019 , were as follows (in thousands): Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total March 31, 2020 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 25,386 $ — $ 25,386 Marketable securities - other 1 — — 1 Liabilities: Deferred compensation plan — 19,749 — 19,749 December 31, 2019 Assets: Investments: Cash surrender value of life insurance policies - deferred compensation plan $ — $ 27,313 $ — $ 27,313 Marketable securities - other 8 — — 8 Liabilities: Derivative financial instruments — 324 — 324 Deferred compensation plan — 23,251 — 23,251

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Derivative Contracts Outstanding	As of March 31, 2020 , we had no foreign currency derivative contracts outstanding. As of December 31, 2019 , we had the following foreign currency derivative contracts outstanding in U.S. dollars (in thousands): December 31, 2019 Derivative Contracts Notional Amount Contractual Exchange Rate Settlement Date Canadian dollar $ 948 1.3182 3/16/2020 Euro 9,279 1.1180 3/17/2020 Norwegian krone 11,027 9.0688 3/17/2020 Pound sterling 16,057 1.3381 3/17/2020
Impact of Derivative Contracts on Condensed Consolidated Balance Sheets	The following table summarizes the location and fair value amounts of all derivative contracts in the condensed consolidated balance sheets as of December 31, 2019 (in thousands): Derivatives not Designated as Hedging Instruments Consolidated Balance Sheet Location December 31, 2019 Foreign currency contracts Accounts payable and accrued liabilities $ (324 )
Impact of Derivative Contracts on Condensed Consolidated Statements of Operations	The following table summarizes the location and amounts of the realized and unrealized gains and losses on derivative contracts in the condensed consolidated statements of operations (in thousands): Three Months Ended March 31, Derivatives not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Contracts 2020 2019 Unrealized gain (loss) on foreign currency contracts Other income, net $ — $ 496 Realized gain (loss) on foreign currency contracts Other income, net 1,475 (660 ) Total net gain (loss) on foreign currency contracts $ 1,475 $ (164 )
Schedule of Derivative Assets, Gross and Net Fair Values	The following table presents the gross and net fair values of our derivatives at December 31, 2019 (in thousands): Derivative Asset Positions Derivative Liability Positions December 31, 2019 December 31, 2019 Gross position - asset / (liability) $ 127 $ (451 ) Netting adjustment (127 ) 127 Net position - asset / (liability) $ — $ (324 )
Schedule of Derivative Liabilities, Gross and Net Fair Values	The following table presents the gross and net fair values of our derivatives at December 31, 2019 (in thousands): Derivative Asset Positions Derivative Liability Positions December 31, 2019 December 31, 2019 Gross position - asset / (liability) $ 127 $ (451 ) Netting adjustment (127 ) 127 Net position - asset / (liability) $ — $ (324 )

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Loss Per Share, Basic and Diluted	The following table summarizes the basic and diluted loss per share calculations (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Numerator Net loss $ (85,978 ) $ (28,287 ) Denominator Basic and diluted weighted average common shares (1) 225,505 224,653 Loss per common share: Basic and diluted $ (0.38 ) $ (0.13 ) (1) Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position. 2,015 967

Severance and Other Charges, _2

Severance and Other Charges, net (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Summary of Severance and Other Charges, net	Our severance and other charges, net are summarized below (in thousands): Three Months Ended March 31, 2020 2019 Severance and other costs $ 538 $ 389 Fixed asset impairments and retirements 15,479 66 Intangible asset impairments 4,708 — $ 20,725 $ 455
Reconciliation of Employee Separation Liability	Below is a reconciliation of our employee separation liability balance (in thousands): Tubular Running Services Tubulars Cementing Equipment Corporate Total Balance at December 31, 2019 $ 2,000 $ 19 $ 1,632 $ 2,186 $ 5,837 Additions for costs expensed 117 (19 ) 82 358 538 Severance and other payments (1,005 ) — (897 ) (715 ) (2,617 ) Other adjustments — — — (1 ) (1 ) Balance at March 31, 2020 $ 1,112 $ — $ 817 $ 1,828 $ 3,757

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Disaggregation of Revenue	The following tables presents our revenue disaggregated by geography, based on the location where our services were provided and products sold (in thousands): Three Months Ended March 31, 2020 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 30,169 $ 9,797 $ 13,531 $ 53,497 International 59,328 2,745 7,922 69,995 Total Revenue $ 89,497 $ 12,542 $ 21,453 $ 123,492 Three Months Ended March 31, 2019 Tubular Running Services Tubulars Cementing Equipment Consolidated United States $ 38,155 $ 16,628 $ 21,578 $ 76,361 International 59,924 2,029 6,094 68,047 Total Revenue $ 98,079 $ 18,657 $ 27,672 $ 144,408 Revenue by geographic area were as follows (in thousands): Three Months Ended March 31, 2020 2019 United States $ 53,497 $ 76,361 Europe/Middle East/Africa 35,434 36,400 Latin America 20,925 17,444 Asia Pacific 9,569 7,949 Other countries 4,067 6,254 Total Revenue $ 123,492 $ 144,408
Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated	The following table presents a reconciliation of Segment Adjusted EBITDA to net loss (in thousands): Three Months Ended March 31, 2020 2019 Segment Adjusted EBITDA: Tubular Running Services $ 13,305 $ 17,735 Tubulars 1,396 4,112 Cementing Equipment 2,544 3,794 Corporate (1) (10,186 ) (15,983 ) 7,059 9,658 Goodwill impairment (57,146 ) — Severance and other charges, net (20,725 ) (455 ) Interest income, net 533 768 Depreciation and amortization (19,718 ) (25,242 ) Income tax (expense) benefit 15,563 (9,773 ) Loss on disposal of assets (60 ) (227 ) Foreign currency gain (loss) (9,892 ) 483 Charges and credits (2) (1,592 ) (3,499 ) Net loss $ (85,978 ) $ (28,287 ) (1) Includes certain expenses not attributable to a particular segment, such as costs related to support functions and corporate executives. (2) Comprised of Equity-based compensation expense (for the three months ended March 31, 2020 and 2019 : $2,146 and $2,574 , respectively), Unrealized and realized gains (for the three months ended March 31, 2020 and 2019 : $1,704 and $308 , respectively) and Investigation-related matters (for the three months ended March 31, 2020 and 2019 : $1,150 and $1,233 , respectively).
Schedule of Financial Information, by Reportable Segments	The following tables set forth certain financial information with respect to our reportable segments (in thousands): Tubular Running Services Tubulars Cementing Equipment Corporate Total Three Months Ended March 31, 2020 Revenue from external customers $ 89,497 $ 12,542 $ 21,453 $ — $ 123,492 Operating income (loss) (1,315 ) 651 (77,498 ) (16,046 ) (94,208 ) Adjusted EBITDA 13,305 1,396 2,544 (10,186 ) * Three Months Ended March 31, 2019 Revenue from external customers $ 98,079 $ 18,657 $ 27,672 $ — $ 144,408 Operating income (loss) 141 3,194 (824 ) (22,805 ) (20,294 ) Adjusted EBITDA 17,735 4,112 3,794 (15,983 ) * * Non-GAAP financial measure not disclosed.

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 170,897	$ 195,383
Restricted cash	1,358	1,357
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 172,255	$ 196,740	$ 152,782	$ 186,212

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade accounts receivable, net of allowance for credit losses of $7,103 and $5,129, respectively	$ 106,659	$ 101,718
Allowance for trade accounts receivable	7,103	5,129
Unbilled receivables	36,302	43,422
Taxes receivable	29,615	18,516
Affiliated	549	549
Other receivables	2,924	2,489
Total accounts receivable, net	$ 176,049	$ 166,694

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Pipe and connectors, net of allowance of $17,957 and $18,287, respectively	$ 21,251	$ 21,779
Finished goods, net of allowance of $485 and $485, respectively	24,959	25,628
Work in progress	4,083	3,663
Raw materials, components and supplies	27,795	27,759
Total inventories, net	78,088	78,829
Pipe and Connectors
Inventory [Line Items]
Allowance	17,957	18,287
Finished Goods
Inventory [Line Items]
Allowance	$ 485	$ 485

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,191,651	$ 1,204,067
Less: Accumulated depreciation	(888,747)	(875,635)
Total property, plant and equipment, net	302,904	328,432
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	29,292	30,724
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,179	7,193
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 113,637	116,182
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	13 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Rental machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 881,637	882,979
Rental machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Rental machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Machinery and equipment - other
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Property, plant and equipment, gross	$ 58,993	60,182
Furniture, fixtures and computers
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Property, plant and equipment, gross	$ 16,982	17,251
Automobiles and other vehicles
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Property, plant and equipment, gross	$ 28,201	28,734
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 14,098	14,258
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Construction in progress - machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 41,632	$ 46,564

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Impairment of assets held-for-use	$ 15,500,000	$ 0

Property, Plant and Equipment_3

Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 19,718	$ 25,242
Services
Property, Plant and Equipment [Line Items]
Depreciation and amortization	17,263	21,505
Products
Property, Plant and Equipment [Line Items]
Depreciation and amortization	239	434
General and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,216	$ 3,303

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Goodwill [Line Items]
Goodwill impairment	$ 57,146,000	$ 0
Impact of 50 basis points adverse change in discount rate	4,300,000
Goodwill	42,785,000		$ 99,932,000
Amortization expense for intangible assets	1,700,000	2,900,000
Intangible asset impairments	4,708,000	$ 0
Cementing Equipment
Goodwill [Line Items]
Goodwill	24,100,000
Tubular Running Services
Goodwill [Line Items]
Goodwill	$ 18,700,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 42,211	$ 46,919
Accumulated Amortization	(31,688)	(29,948)
Total	10,523	16,971
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	28,301	32,890
Accumulated Amortization	(25,166)	(23,946)
Total	3,135	8,944
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,910	14,029
Accumulated Amortization	(6,522)	(6,002)
Total	$ 7,388	$ 8,027

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cash surrender value of life insurance policies	$ 25,386	$ 27,313
Deposits	2,131	2,119
Other	3,525	3,805
Total other assets	$ 31,042	$ 33,237

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 11,029	$ 16,793
Accrued compensation	20,175	23,988
Accrued property and other taxes	11,334	20,099
Accrued severance and other charges	3,757	5,837
Income taxes	21,787	19,166
Affiliated	2,159	1,694
Accrued purchase orders and other	33,729	32,744
Total accounts payable and accrued liabilities	$ 103,970	$ 120,321

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - ABL Credit Facility	Nov. 05, 2018USD ($)	Mar. 31, 2020USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Covenant, consolidated EBITDA, minimum	1
Covenant, minimum fixed charges amount	$ 12,500,000
Covenant, minimum fixed charges percentage	15.00%
Revolving Credit Facility | Secured Debt
Line of Credit Facility [Line Items]
Expiration period	5 years
Maximum borrowing capacity	$ 100,000,000
Maximum additional borrowing capacity	$ 200,000,000
Federal funds effective rate	0.00%
Basis spread on variable rate	0.50%
Outstanding indebtedness		$ 0
Available borrowing capacity		46,800,000
Revolving Credit Facility | Secured Debt | Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee	0.25%
Revolving Credit Facility | Secured Debt | Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee	0.375%
Revolving Credit Facility | Secured Debt | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | Secured Debt | Alternate Base Rate | Minimum
Line of Credit Facility [Line Items]
Additional basis spread on variable rate	1.00%
Revolving Credit Facility | Secured Debt | Alternate Base Rate | Maximum
Line of Credit Facility [Line Items]
Additional basis spread on variable rate	1.50%
Revolving Credit Facility | Secured Debt | Eurodollar | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility | Secured Debt | Eurodollar | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility | Lines of credit
Line of Credit Facility [Line Items]
Letters of credit, amount outstanding		$ 9,100,000
Letter of Credit | Secured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 15,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Cash surrender value of life insurance policies - deferred compensation plan	$ 25,386	$ 27,313
Marketable securities - other	1	8
Liabilities:
Derivative financial instruments		324
Deferred compensation plan
Liabilities:
Deferred compensation plan	19,749	23,251
Quoted Prices in Active Markets (Level 1)
Investments:
Cash surrender value of life insurance policies - deferred compensation plan	0	0
Marketable securities - other	1	8
Liabilities:
Derivative financial instruments		0
Quoted Prices in Active Markets (Level 1) | Deferred compensation plan
Liabilities:
Deferred compensation plan	0	0
Significant Other Observable Inputs (Level 2)
Investments:
Cash surrender value of life insurance policies - deferred compensation plan	25,386	27,313
Marketable securities - other	0	0
Liabilities:
Derivative financial instruments		324
Significant Other Observable Inputs (Level 2) | Deferred compensation plan
Liabilities:
Deferred compensation plan	19,749	23,251
Significant Unobservable Inputs (Level 3)
Investments:
Cash surrender value of life insurance policies - deferred compensation plan	0	0
Marketable securities - other	0	0
Liabilities:
Derivative financial instruments		0
Significant Unobservable Inputs (Level 3) | Deferred compensation plan
Liabilities:
Deferred compensation plan	$ 0	$ 0

Derivatives - Foreign Currency

Derivatives - Foreign Currency Derivative Contracts Outstanding (Details) - Not Designated as Hedging Instrument - Foreign currency contracts $ in Thousands	Dec. 31, 2019USD ($)$ / £$ / €$ / kr$ / $
Canadian dollar
Derivative [Line Items]
Notional Amount	$ 948
Contractual Exchange Rate | $ / $	1.3182
Euro
Derivative [Line Items]
Notional Amount	$ 9,279
Contractual Exchange Rate | $ / €	1.1180
Norwegian krone
Derivative [Line Items]
Notional Amount	$ 11,027
Contractual Exchange Rate | $ / kr	9.0688
Pound sterling
Derivative [Line Items]
Notional Amount	$ 16,057
Contractual Exchange Rate | $ / £	1.3381

Derivatives - Impact of Derivat

Derivatives - Impact of Derivative Contracts on Condensed Consolidated Balance Sheets (Details) $ in Thousands	Dec. 31, 2019USD ($)
Derivative [Line Items]
Derivative liabilities	$ (324)
Not Designated as Hedging Instrument | Foreign currency contracts | Accounts payable and accrued liabilities
Derivative [Line Items]
Derivative liabilities	$ (324)

Derivatives - Impact of Deriv_2

Derivatives - Impact of Derivatives Contracts on Condensed Consolidated Statements of Operations (Details) - Other income, net - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unrealized gain (loss) on foreign currency contracts
Derivative [Line Items]
Gain (loss) on foreign currency contracts	$ 0	$ 496
Realized gain (loss) on foreign currency contracts
Derivative [Line Items]
Gain (loss) on foreign currency contracts	1,475	(660)
Foreign currency contracts
Derivative [Line Items]
Gain (loss) on foreign currency contracts	$ 1,475	$ (164)

Derivatives - Gross and Net Fai

Derivatives - Gross and Net Fair Value of Derivatives (Details) $ in Thousands	Dec. 31, 2019USD ($)
Derivative Asset Positions
Gross position - asset / (liability)	$ 127
Netting adjustment	(127)
Net position - asset / (liability)	0
Derivative Liability Positions
Gross position - asset / (liability)	(451)
Netting adjustment	127
Net position - asset / (liability)	$ (324)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Aug. 26, 2016	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Operating lease right-of-use assets		$ 30,839		$ 32,585
Conversion ratio, preferred stock to common stock	1
Estimated termination payment, tax receivable agreement		$ 57,000
Discount rate, tax receivable agreement liability		4.15%
Affiliated Entity
Related Party Transaction [Line Items]
Rent expense		$ 700	$ 700
Operating lease right-of-use assets		5,700
Operating lease liabilities		$ 6,400
Affiliated Entity | Mosing Holdings
Related Party Transaction [Line Items]
Percentage of tax benefits realized payable, tax receivable agreement	85.00%
Percentage retained under tax receivable agreement	15.00%
Cumulative deficit, period, tax receivable agreement		36 months
Long-Term Treasury Rate | Affiliated Entity | Mosing Holdings
Related Party Transaction [Line Items]
Basis spread on variable rate, tax receivable agreement	3.00%

Loss Per Common Share (Details)

Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net loss	$ (85,978)	$ (28,287)
Denominator
Basic and diluted weighted average common shares (in shares)	225,505	224,653
Loss per common share:
Basic and diluted (in dollars per share)	$ (0.38)	$ (0.13)
Approximate number of unvested restricted stock units and stock to be issued pursuant to the ESPP that have been excluded from the computation of diluted loss per share as the effect would be anti-dilutive when results from operations are at a net loss position (in shares)	2,015	967

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	15.30%	(52.80%)
Unusual or Infrequent Item, or Both [Line Items]
Income tax refunds receivable	$ 29,615		$ 18,516
Natural Disasters and Other Casualty Events
Unusual or Infrequent Item, or Both [Line Items]
Income tax refunds receivable	$ 17,500

Severance and Other Charges, _3

Severance and Other Charges, net - Summary of Severance and Other Charges (Credits), net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring and Related Activities [Abstract]
Severance and other costs	$ 538,000	$ 389,000
Fixed asset impairments and retirements	15,479,000	66,000
Intangible asset impairments	4,708,000	0
Severance and other charges, net	$ 20,725,000	$ 455,000

Severance and Other Charges, _4

Severance and Other Charges, net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Outstanding liability on severance and other costs	$ 3,757,000		$ 5,837,000
Fixed asset impairments and retirements	15,479,000	$ 66,000
Impairment of assets held for sale		100,000
Impairment of assets held-for-use	15,500,000	0
Intangible asset impairments	$ 4,708,000	$ 0

Severance and Other Charges, _5

Severance and Other Charges, net - Employee Separation Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Reserve [Roll Forward]
Balance at December 31, 2019	$ 5,837
Additions for costs expensed	538	$ 389
Severance and other payments	(2,617)
Other adjustments	(1)
Balance at March 31, 2020	3,757
Corporate
Restructuring Reserve [Roll Forward]
Balance at December 31, 2019	2,186
Additions for costs expensed	358
Severance and other payments	(715)
Other adjustments	(1)
Balance at March 31, 2020	1,828
Tubular Running Services | Operating Segments
Restructuring Reserve [Roll Forward]
Balance at December 31, 2019	2,000
Additions for costs expensed	117
Severance and other payments	(1,005)
Other adjustments	0
Balance at March 31, 2020	1,112
Tubulars | Operating Segments
Restructuring Reserve [Roll Forward]
Balance at December 31, 2019	19
Additions for costs expensed	(19)
Severance and other payments	0
Other adjustments	0
Balance at March 31, 2020	0
Cementing Equipment | Operating Segments
Restructuring Reserve [Roll Forward]
Balance at December 31, 2019	1,632
Additions for costs expensed	82
Severance and other payments	(897)
Other adjustments	0
Balance at March 31, 2020	$ 817

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020continentcountrysegmentft
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Maximum
Segment Reporting Information [Line Items]
Length of tubular assemblies (in feet) | ft	400
Tubular Running Services
Segment Reporting Information [Line Items]
Number of countries in which entity operates | country	50
Number of continents in which entity operates | continent	6

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue by Revenue Source and Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from external customers	$ 123,492	$ 144,408
United States
Disaggregation of Revenue [Line Items]
Revenue from external customers	53,497	76,361
International
Disaggregation of Revenue [Line Items]
Revenue from external customers	69,995	68,047
Europe/Middle East/Africa
Disaggregation of Revenue [Line Items]
Revenue from external customers	35,434	36,400
Latin America
Disaggregation of Revenue [Line Items]
Revenue from external customers	20,925	17,444
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from external customers	9,569	7,949
Other countries
Disaggregation of Revenue [Line Items]
Revenue from external customers	4,067	6,254
Tubular Running Services
Disaggregation of Revenue [Line Items]
Revenue from external customers	89,497	98,079
Tubular Running Services | United States
Disaggregation of Revenue [Line Items]
Revenue from external customers	30,169	38,155
Tubular Running Services | International
Disaggregation of Revenue [Line Items]
Revenue from external customers	59,328	59,924
Tubulars
Disaggregation of Revenue [Line Items]
Revenue from external customers	12,542	18,657
Tubulars | United States
Disaggregation of Revenue [Line Items]
Revenue from external customers	9,797	16,628
Tubulars | International
Disaggregation of Revenue [Line Items]
Revenue from external customers	2,745	2,029
Cementing Equipment
Disaggregation of Revenue [Line Items]
Revenue from external customers	21,453	27,672
Cementing Equipment | United States
Disaggregation of Revenue [Line Items]
Revenue from external customers	13,531	21,578
Cementing Equipment | International
Disaggregation of Revenue [Line Items]
Revenue from external customers	$ 7,922	$ 6,094

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization from Segments to Consolidated (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	$ 7,059,000	$ 9,658,000
Goodwill impairment	57,146,000	0
Severance and other charges, net	(20,725,000)	(455,000)
Interest income, net	533,000	768,000
Depreciation and amortization	(19,718,000)	(25,242,000)
Income tax (expense) benefit	15,563,000	(9,773,000)
Loss on disposal of assets	(60,000)	(227,000)
Foreign currency gain (loss)	(9,892,000)	483,000
Charges and credits	(1,592,000)	(3,499,000)
Net loss	(85,978,000)	(28,287,000)
Equity-based compensation expense	2,146,000	2,574,000
Unrealized and realized gains	1,704,000	308,000
Investigation-related matters	1,150,000	1,233,000
Operating Segments | Tubular Running Services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	13,305,000	17,735,000
Operating Segments | Tubulars
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	1,396,000	4,112,000
Operating Segments | Cementing Equipment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	2,544,000	3,794,000
Corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	$ (10,186,000)	$ (15,983,000)

Segment Information - Financial

Segment Information - Financial Information with Respect to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from External Customer [Line Items]
Revenue from external customers	$ 123,492	$ 144,408
Operating income (loss)	(94,208)	(20,294)
Adjusted EBITDA	7,059	9,658
Tubular Running Services
Revenue from External Customer [Line Items]
Revenue from external customers	89,497	98,079
Tubulars
Revenue from External Customer [Line Items]
Revenue from external customers	12,542	18,657
Cementing Equipment
Revenue from External Customer [Line Items]
Revenue from external customers	21,453	27,672
Operating Segments | Tubular Running Services
Revenue from External Customer [Line Items]
Revenue from external customers	89,497	98,079
Operating income (loss)	(1,315)	141
Adjusted EBITDA	13,305	17,735
Operating Segments | Tubulars
Revenue from External Customer [Line Items]
Revenue from external customers	12,542	18,657
Operating income (loss)	651	3,194
Adjusted EBITDA	1,396	4,112
Operating Segments | Cementing Equipment
Revenue from External Customer [Line Items]
Revenue from external customers	21,453	27,672
Operating income (loss)	(77,498)	(824)
Adjusted EBITDA	2,544	3,794
Corporate
Revenue from External Customer [Line Items]
Revenue from external customers	0	0
Operating income (loss)	(16,046)	(22,805)
Adjusted EBITDA	$ (10,186)	$ (15,983)

Uncategorized Items - a3312020-

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (700,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(321,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(321,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (700,000)