begin specifics morning, quarter, results good of by total revenues update an outlook. followed everyone. segment The sequential X% of and million, the the and in I’ll X% by for our U.S. on decrease Fluids Paul, on the generated revenues covering U.S., down XX% a for segment operating count. decrease. first the Systems sequentially Thanks, reflecting of near-term the X% and a year-over-year $XXX quarter decrease XXXX, In rig $XXX were million consolidated a
Fieldwood a Mexico Shell land seeing contributed touched of revenues than declined projects. meaningful On of rig market a million by U.S. Paul modestly sequentially. have gains QX XXXX, from the penetrating decline, by revenue $X which rig from Gulf X% progress decline. same average basis, QX On $XX basis, year-over-year compares more XX% count. to increased pullback a Canada XX% from reflecting first with which As the the In deepwater significant a we’re sequential count the XX%, was benefiting of revenues period. on, This largely were the favorable a million industry in most softness the the reduction reflecting U.S. market a startup impacting Oklahoma over increase, Canada, improvement market in showing as market XX% share X% and to our revenues for however, markets year-over-year offset improvement, the activity improved by quarter, sequential rig
Although quarter international losses, down our year. million North in from share of is recur market relatively from in line this of year, did prior quarter the totaled levels benefited with Fluids first revenues not revenues levels. $XX from prior $XX Outside XXXX America, our regions million first of quarter, the significant which
from end the project the new at quarter the remainder revenue to a decline revenues delays of Eastern impacted contract transitions the the decline declined sequential XXXX. fourth contributed Brazil our the million, as attributable year-over-year Brazil, Algeria Kuwait international the revenue of and decline meaningful as The of to Algeria in combined, in primarily on is contract discussed by million As call, Europe, the basis to decline. contract conclusion Europe. in a sequential well and $X the in sequential of commodity attributable the in is Petrobras largely largely $XX transition in On which, regions by prices our weakness reflecting Eastern
from business project on with million As XXXX, as their quarter. in $XX as operating segment $X project call, had in company sales QX the With offshore support well a to sequential integrated the a income service we of our large strong European declined for discussed Total. benefiting product an Eastern customer last Fluids a large decline year’s of extremely to revenues, million
quarter an the improvement well As inherent first mix in in our as Paul the the cost and from operating million margin quarter in the yesterday’s touched by in revenue as press impacted unfavorable Also, release, the and margin on, first although associated the efforts included markets certain lower we are U.S., seeing international $X.X highlighted transitions slowdown American charges. was inefficiencies negatively benefits North project as markets. with of contract delays and revenues
$XX sales. the quarter touched last in The to the came in market representing first at rental efforts decline million outlook rental XX% revenues a service non-E&P direct first on, which fourth to decline the improvement as in first Paul in XX% both growth quarter. largely was driven the reflects quarter of first call, E&P million X% sales a revenues to year, decline includes Mats were service non-E&P mats a $X offset year. quarter The margin while sequential the last declined was of our largely with in to sequential and year-over-year. revenues Comparing Mats direct our first and $XX $X is Turning the for stable. the fourth decline in million to quarter, revenues X% mats operating lower revenues fairly consistent XX% total $X on year-over-year in markets. ongoing sequentially E&P and and service million X% the segment have by million, partially quarter and a improvement and for discussed activities improvement by remained and for X% improvement a the to driven Meanwhile, attributable by for The XX% for rental the diversification segment compared quarter in service, business,
efficiency was margin a than on anticipated largely touched controls returning and operating to revenue favorable quarter on, a Paul operating mix, cost stronger first The focus as and due disciplined higher projects.
fourth $XX compared first $XX and a to representing decline to million year. last first and the $XX XXXX year-over-year. the revenues a million decrease quarter quarter quarter turning results, from X% were the quarter quarter in our of were million, prior costs Now consolidated first in XX% $XXX SG&A million in
related retirement performance-based charge the initiatives. is by includes SG&A lower charges, million with the change. office to reduction quarter which while quarter, expenses planning the optimization associated the $XX.X the million employee in benefits of associated severance and the included for severance to $X.X first higher fourth retirement the includes costs cost million a efforts, SG&A Adjusting $X.X were policy these charges policy quarter charges. partially million with $X.X costs, incentive and expense of attributable of in offset first employee quarter corporate First strategic modification primarily net the Total expense in
the in the quarter compares rate quarter’s By in comparison, income exaggerated which the XX% relatively the were retirement down Consistent $X.X The adjustments per quarter in our $X.XX the provision quarter rate discussed which $X.XX corporate year. first million $X.X elevated income quarter level the tax interest convertible expense in of first quarter certain quarter which with quarter includes period. the the quarter. Net $XXX,XXX the of severance quarter XX% to in quarter expense this our policy year. Excluding The income for on share due $X.X employee modification charge charges. fourth charge, in $X.X bonds for expense in to bonds. convertible compared an last the for first rate prior million diluted primarily quarter the first of per taxes to negative and on associated $X.X fourth quarter in the of attributable The and sequential million as to last million was first first first share, pre-tax effective approximately impact the quarter modestly an quarters, interest fourth million, XXXX. primarily includes have quarter tax diluted and is was reflecting million was XX% in $X.XX year. from fourth for additional income $X.X non-cash the of a first the with net first last for decrease of for discrete in the is tax $X.XX of $X.X to from the low Interest expense expenses million the last interest attributable and and impact the was
cash a Turning the were operating cash negatively receivables. of well impacted flow, cash first days quarter as payment very as by sales to annual a strong incentives terms flows of the temporary in in uptick generation, QX following flow cash and
offset net operating include a quarter $X working investing million from quarter partially by capital. $XX operations, in used Mats with cash our million provided totaled provided was activities nearly First which Cash in million, million of program. by largely in purchase reflecting $X financing facility during activities increase business. capital Cash million by directed increase $XX under our the cash activities $XX shares to of offset expenditures $XX million used by the in was bank largely to million the X/X quarter repurchase $XX net borrowings, the
a $XXX certain long-term revolving As month, available applicable facility, greater amendment with borrowing the recently debt strategy. term while subsidiaries, liquidity and debt to extending reducing to XX%. amended with quarter remains the a the continue This of asset cash loan debt excess of also our ended $XXX convertible to million capacity cash We net capital on balance of foreign our of and provides to of XXXX expanded we our million, plan total and our announced resulting we Substantially million back flexibility a ratio $XXX although fund maturity execute to from relaxing base the capital and cash rate, all of our million, increasing XX% U.S. which a balance in repatriating hand the our ratio total $XX loan with last us to on covenants. debt
markets, continuation the outlook, we associated the expect continue to Canada U.S., improvements seasonality Now additional Gulf Fluids the contract quarter KOC in of margin commodity Hemisphere U.S. segment should price of the a Eastern the will in track market, strengthening in business, we expect despite recovered the to segment, count near we in spring the Mexico to back operating turning the to ongoing transition in we In improved revenues to the perspective, and deepwater Meanwhile, to revenues Shell. to non-E&P and Eastern believe sequentially, stability the near-term experience the will to we Hemisphere. line overall started rig mid more the rebound land consolidated breakup, expect outlook expanding both projects international the benefiting over presence provide in this in improve and anticipated Algeria. with now margin with offset single-digit previous efforts, be more on revenues, closely we Fluids our segment fairly we market rig to with to new income Mats from than expect will by we our continue time. with focus underway, segment our with and QX in mark. the expect while the pullback while deepwater to targeted the From combined revenues the improvement above see our continue levels continue drive our performance in the term, In which continued end expect
total direct to to challenging, low we revenues bit of in the timing currently margin project QX date start low the Although an the generating be in range, and range. mid-XXs expect sales a always is segment to operating mid-XXs
discuss a Paul strategic X a undertake every to recently further moment, that long-term latest initiated will we process we As plan our in X have update, years.
in have million in a engaged approximately is our in QX. timing to corporate we part we of effort. expense to $X Also, we As with of this assist the expected have associated consultants office of the and expect a related to to strategic next our recognition long-term $X to policy process, plan, this development future although incur to to impact impact million the incentive change cost retirement recent long-term awards, this don’t meaningful quarter expect
we levels, expect capital the the capital somewhat quarter, flow, in to free reverse first in expenditures working positively cash also should change QX second generation. Regarding from directions quarter flow to which and we impact decline cash our expect
full to range. first the elevated, our the million year was $XX Although capital quarter CapEx million business the expectation Mats investment $XX remains in in
market investments our of majority in initiatives XXXX business. the diversification will R&D expect We the and Mats support our
most believe our to in mats quarter, support of will expectation timing based significant last on continue the CapEx is to discussed outlook. variable investments we XXXX near-term flex the needed business rental the As which
his tax back regarding rate Paul concluding for XXXX. expect will for that, in call the rate, over of Finally, turn we to effective our like low the be the I’d remainder to to And our with mid-XXs remarks.
