and everyone. Matthew, good morning, Thanks,
results, like the on financial quarter third our to facility. I’d of details to the credit amendment comment first our covering asset-based Before
line notes the on, ABL our previous structure. several of significant establishing a Paul Comparing provides two now runs which the $XXX the term XXXX, us, the fees to As long-term terms in improvements of and in size step and the amendment cost the a half from facility million behind our was unused terms in to touched next increased rates meaningful including both to amendment limitations. facility, improvements XXXX million, maturity with to $XX of convertible year borrowing facility now October and us extension with a capital reduced
up accordion agreement facility feature the million. In with addition, business the expand to our a maximum an to size enables of includes $XXX which
amendment shareholder value, flexibility our are this pleased group. us We which banking and we from strong very with enhance growth support to our with execute and the greater strategy provides appreciate
sequentially, reflecting Now In outpaced overview an The turning up rig quarter second with generated XX% increase. of quarter, segment X% our segments our the revenues outlook. operating revenues total XX% specifics from million, modestly and XX% were the U.S., increase $XX million the consolidated and an begin $XXX the of to improvement of with count an the year-over-year. which I’ll Fluids Systems finishing results before
substantially to of where closely with the projects quarter. fairly on, the IOCs back overall Gulf outperformance remainder of Mexico of strong following the our U.S. $X pulled touched contributed operations of the Paul million are third quarter. two The the As trended regions to start activity offshore to with which attributable all was modestly levels our revenues relative
increase and comparisons with experienced heading into We higher In progression the $X prior in million year-over-year which half line On operator rig per the in temporary the U.S. in year, revenue The quarter rates and September, Harvey increase improved $X currency second follow seasonal generation On an share increased to benefit result Canada, in was impact count. relative over well Hurricane an this a gains a revenues XXX% rig largely well. a a revenues doubling caused Gulf and due by nearly weakening from improving from driven period. outperformance modest year-over-year slowdown South year-over-year outperformance the XXXX in activity from the market basis, of Coast typical rig a million revenues operations. to count. the complexity modest the basis, by the Both our include reflecting U.S. in August sequential also dollar. from Texas average in count have which XX% have by improvement QX in and
our the quarter, primarily Albania from to reflecting million improvement modest Romania from declines reflects Hemisphere with along were currency largely $XX improvement Kuwait, rates, a revenues customer the in in an by to project Eastern slight comparison timing. in The offset activity attributable international a in Turning sequential regions, QX. third in and lift Algeria, partially
from to activity along up by in a XX% a in Cairn revenues million decline Kuwait, partially with in Eastern quarter, We the Egypt. also rates Algeria, of higher ramp America offshore contribution currency Romania, up reflecting On activity Chile under as year-over-year activity saw the increase contract. from in customer modest activity revenue posted modest lift the basis, year-over-year as partially an XX% revenues a in Albania offset and by our offset On by new customer Libya, increase declines slightly third in improved improved Hemisphere and began in Latin India Latin basis, primarily in QX Brazil. region by modest $X a Chile. from the in reflecting was America
impact As weaker mix reflecting segment from margins well price last incremental the to Fluids of we higher revenues partially the discussed operating the the modestly contract the product the on NOC X% a U.S. the key benefit in that revenues, as offset modestly sequential in concession improvement result XX% a as a quarter, improved by of
than Mat on offset as Turning in side decline the to expected discussed on business, of more demand quarter total from revenues XX% a transmission and Meanwhile, rental sales Mats while year. rental we this as million anticipated sale last $X service third an than Mat and sizable third sales by $XX and which mentioned, a $X the for the the customer which reported from second were part the in million experienced revenues the the benefitting reported service decrease declined revenues million sale quarter’s mats segment last Paul at the utilities, sequentially in $XX third demand in revenue came quarter million in and The by reflects quarter quarter call. million distribution sequential more than reflecting sector. XX improvement Mats the of of improved quarter. third X% quarter doubling $XX million. rental stronger in
was the the tended the mats exceptionally transmission QX infrastructure pipeline meaningful the the minimal Harvey impact from demand utility and on demand caused the in distribution markets, and declined urban impacted roadways, sector notably As somewhat contributions quarter, from targeted result; as anticipated, the Further, access utilities, for services. temporary areas sector. extensive work the however, event the other strong be from need had Hurricane decline offset reduces by in to most with damage. no which
revenue year. increase million segment driven mix compared operating with modest weighted to the non-exploration shift primarily The and timing $X the last margin from an third to quarter With revenues. strong in of year, X% segment the XX% the non-exploration the rental third along quarter mix sales solid quarter utility prior the including margin in heavily the expenses. increase mat and of in performance, XX% third million from sector, for in quarter to sales the strong With revenues $XX operating the of in is third to at into last segment revenue compared sector the million remained total rental certain decline improved activities a the service quarter in the rental of last relatively a quarter. our mat quarter with XX% operating coming by pipeline sales an and revenues remained improvement in and mat customers activity mat by approximately in to $XX generating Comparing of
turning Now consolidated results. our to
million $XX.X higher million $XXX Third personnel legal office as is as quarter attributable strategic third and X% million in following levels demobilization corporate the performance-based million the a the XX% the $X.X XXXX million associated quarter project. the related year-over-year. an year support incentives loss efforts $X.X planning in related increase in $X.X and a reflecting revenues and higher third the operating prior and year, $X.X The from Uruguay of improvement of matters. million from well increase attributable matters. and primarily in were $XX and increase elevated in incentives is as year. prior in as improvement included were in spending a charges million third which prior of planning million quarter to $X the quarter were to XX% elevated quarter the compared with costs million year year-over-year. representing an was second compared of second spending the XX% sequential increase strategic primarily a Total in sequential and costs to $X SG&A expenses increase quarter activity legal well performance-based income to The ultra-deepwater higher efforts to operating last million $XX to completion to Consolidated
$X.X million interest compares and million of expense quarter year. million the in last netted third second $X.X quarter to $X.X the to Third which quarter in
previously, in per year, in third impact discussed due to the million December, quarter non-cash other last demobilization benefit the expense for a charges. primarily in share which $X.XX diluted jurisdictions quarter $X.XX increase expense foreign per previous quarter year-over-year an issued per and of last interest the income is a $X.XX convertible associated of net from income recorded. $X.XX share the with loss contributes certain As which the included diluted notes share of is and beginning the share not Uruguay was $X rate per the quarter compared QX for in per to for tax Net which losses XXXX quarter third primarily XX%. the The was an provision third of million, tax reflects $X.X for reflecting effective XXXX. impact The the rate of taxes of elevated income tax
sheet Now liquidity. me discuss let our balance and
quarter During We restricted with quarter quarter, added convertible million completed our release to cash the reflecting the third $XX quarter, growth. in million was maturity XXXX October of cash $X activities the maturity end from convertible third the to placed million funding our the the the sheet. our increases $X the associated quarter Subsequent highlighted fund used bonds. used funds operating in million the for in in press Xst to cash balance capital end restricted $XX escrow yesterday’s to fund third the in the of to eliminates the investments of including revenue debt preparation and of working as which capital of and prior in balance
end the debt of debt As which just million was includes that million was after of of third balance the total settled the quarter end. quarter, convertible the $XXX $XX
As at capital of of XX% the our end increased to October the funding of advanced a quarter. our maturity, of ratio result the debt total as
capital the the ratio in settlement, XX% pro factoring However, ratio XX%. to net debt to total for with October of capital to declines forma a debt
capacity us Following asset leaving acquisition our convertible at stands amendment, primarily the of consists in After with October ongoing more settlement, credit based and facility needs. to $XXX $XX our mature bonds our our XXXX million the fund of of million to facility. million of credit that borrowings million availability pending the with revolving giving $XXX under debt borrowing than of the the effect capital along $XX
prior near-term decline rig the quarter count the modestly expect to Fluids Now in quarter X% levels. which turning the sequential to fourth pullback In driven we several by business, now below following quarters stands of U.S. outlook. strong growth, our
near remain fourth some in levels America, the Outside will the level holiday the activity typically includes quarter of slowdown expect North the year-end term. addition, In stable we fairly season. around
the will and third segment the With the back anticipate in also following we QX, In remain expect mid-single while sales the see exceptionally the but remain expectation, business, rental we modestly quarter pull Mats levels demand digit a to we range. from likely margins stable. modestly pullback revenue relatively near strong mat service lower near-term
currently acquisition of revenue at quarter approximately this pending the level a an annualized running partial to with expect revenues $XX we addition, In contribution million. business provide will
overall increasing services of on the acquisition towards Further, acquisition, site sales opposed product drive will intangible operating predominately the amortization elevated shift in we income an somewhat operating level a reducing margin. the focused the acquired accounting of contribution With with segment expense. mix rentals, segment around requirements will any being purchase and expect business but as revenues the as service assets result to
Mats $XX large this we in of revenues All for year-end quarter on as considered, likely demand determinations. depending well contribution the $XX XX% quarter Factoring segment segment mat mat QX the partial in for achieved final to will fourth million the million sales. in extent depending the be expect remain part will near accounting from expect the range part in the the revenue purchase margins mark of the on as the in we acquisition, operating
market any expenses. office our term also expenses expect in be now to capital acquisition-related by increase mats to XXXX million increasing that, flat opportunities. regard new expenditures additional full in million year $XX in over I’d largely we his rental and some for are remarks. with to with to corporate relatively consideration $XX near full turn investments We concluding call will CapEx, support to in expectation pre-investments remain expect With And business, driven the like before the of Paul year the back to the range including fleet the
