outlook we expect to see improvement in the oil field services industry in 2017 as global capital spending on oil and natural gas exploration and production is likely to increase modestly in response to higher commodity prices . however , much of the anticipated increase in spending will likely be associated with onshore projects that contribute lower revenue and margins to the company than offshore projects . material increases in activity in the deep and ultra-deep offshore markets are not expected until further improvement in oil and natural gas prices are seen and , in some basins , may continue to deteriorate . we have made efforts to reduce the impact of the lower activity levels by reducing costs , but additional actions may be necessary if we continue to see decreased investment in global offshore projects . our offshore businesses , both in the u.s. and internationally , continue to see delays and cancellations as customers reduce spending or elect to reallocate financial resources to other onshore projects . these delays or cancellations have been more prevalent in the deep and ultra-deep water markets where our services are most profitable . in areas where new projects are being sanctioned , we have seen increased competition and awarded tenders often are secured at prices below historical levels . our efforts to grow market share in the underrepresented offshore shelf market are expected to support revenues , but are unlikely to fully offset declines in the deep and ultra-deep water . our onshore operations are expected to see sequential improvement , particularly in the u.s. onshore market , as drilling activity has risen meaningfully in recent months . the increase in demand for our services combined with a leaner cost structure is expected to result in higher revenues and improved profitability for this business in the coming year . the tubular sales business is driven by specialized needs of our customers and the timing of projects , specifically in the gulf of mexico . due to steep declines in activity in the gulf of mexico and low visibility on forthcoming orders for these services , we anticipate that revenues associated with this segment will trend lower until additional projects are sanctioned and commence operations . the blackhawk product and service lines face similar challenges in the offshore market as our tubular services business . blackhawk revenues are primarily generated offshore in the u.s. gulf of mexico and are at risk if activity levels were to decrease further . however , we will benefit from a full year of operations from blackhawk in 2017 , which will likely help drive our total revenues sequentially higher . overall , our market outlook is mixed as the onshore begins to lead the recovery , but the offshore market lags as prices remain below economic break-even levels for many projects . we remain in a very strong position financially with a significant cash balance relative to our debt . how we evaluate our operations we use a number of financial and operational measures to routinely analyze and evaluate the performance of our business , including revenue , adjusted ebitda , adjusted ebitda margin and safety performance . revenue we analyze our revenue growth by comparing actual monthly revenue to our internal projections for each month to assess our performance . we also assess incremental changes in our monthly revenue across our operating segments to identify potential areas for improvement . 35 adjusted ebitda and adjusted ebitda margin we define adjusted ebitda as net income ( loss ) before net interest income or expense , depreciation and amortization , income tax benefit or expense , asset impairments , gain or loss on sale of assets , foreign currency gain or loss , equity-based compensation , unrealized gain or loss , other non-cash adjustments and other charges or credits . adjusted ebitda margin reflects our adjusted ebitda as a percentage of our revenues . we review adjusted ebitda and adjusted ebitda margin on both a consolidated basis and on a segment basis . we use adjusted ebitda and adjusted ebitda margin 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 ) , items outside the control of our management team ( such as income tax and foreign currency exchange rates ) and other charges outside the normal course of business . adjusted ebitda and adjusted ebitda margin have limitations as analytical tools 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 generally accepted accounting principles in the u.s. ( `` gaap `` ) . the following table presents a reconciliation of net income ( loss ) to adjusted ebitda , our most directly comparable gaap performance measure , as well as adjusted ebitda margin for each of the periods presented ( in thousands ) : replace_table_token_4_th ( 1 ) comprised of equity-based compensation expense ( 2016 : $ 15,978 ; 2015 : $ 26,318 ; 2014 : $ 38,368 ) , merger and acquisition costs ( 2016 : $ 13,784 ; 2015 : none ; 2014 : none ) , severance and other charges ( 2016 : $ 46,406 ; 2015 : $ 35,484 ; 2014 : none ) , changes in value of contingent consideration ( 2016 : none ; 2015 : $ ( 1,532 ) ; 2014 : none ) , unrealized and realized ( gains ) losses ( 2016 : $ 110 ; 2015 : none ; 2014 : none ) and fcpa matters ( 2016 : $ 6,397 ; 2015 : $ 1,446 ; 2014 : $ 1,137 ) . story_separator_special_tag 41 adjusted ebitda for the tubular sales segment increased by $ 2.6 million , or 6.9 % , compared to 2014 , primarily due to higher tubular sales and improved productivity of $ 8.0 million . this was partially offset by lower volumes in manufacturing operations of $ 5.4 million . blackhawk the blackhawk segment is comprised solely of our acquisition on november 1 , 2016. there were no results of operations for the years ended december 31 , 2015 or 2014. see note 3 in the notes to consolidated financial statements for additional information on our blackhawk acquisition . liquidity and capital resources liquidity at december 31 , 2016 , we had cash and cash equivalents of $ 319.5 million and debt of $ 0.3 million . our primary sources of liquidity to date have been cash flows from operations . our primary uses of capital have been for organic growth capital expenditures and acquisitions . we continually monitor potential capital sources , including equity and debt financing , in order to meet our investment and target liquidity requirements . our total capital expenditures are estimated at $ 40.0 million for 2017 . we expect approximately $ 22.0 million for the purchase and manufacture of equipment and $ 18.0 million for other property , plant and equipment , inclusive of the purchase or construction of facilities . the actual amount of capital expenditures for the manufacture of equipment may fluctuate based on market conditions . during the years ended december 31 , 2016 , 2015 and 2014 , capital expenditures were $ 42.1 million , $ 99.7 million and $ 173.0 million , respectively , all of which were funded from internally generated sources . we believe our cash on hand , cash flows from operations and potential borrowings under our credit facility ( as defined below ) , will be sufficient to fund our capital expenditure and liquidity requirements for the next twelve months . we paid dividends on our common stock of $ 79.0 million , or an aggregate of $ 0.45 per common share , in addition to $ 8.0 million in distributions to our noncontrolling interests during the year ended december 31 , 2016 . the timing , declaration , amount of , and payment of any dividends is within the discretion of our board of managing directors subject to the approval of our board of supervisory directors and will depend upon many factors , including our financial condition , earnings , capital requirements , covenants associated with certain of our debt service obligations , legal requirements , regulatory constraints , industry practice , ability to access capital markets , and other factors deemed relevant by our board of managing directors and our board of supervisory directors . we do not have a legal obligation to pay any dividend and there can be no assurance that we will be able to do so . the timing of distributions to our noncontrolling interests is pursuant to the limited partnership agreement of frank 's international c.v. for the tax arising from their membership interests in ficv . on august 19 , 2016 , we received notice from mosing holdings that it was exercising its right to exchange , for 52,976,000 common shares , each of the following securities : ( i ) 52,976,000 preferred shares and ( ii ) 52,976,000 units in ficv . we issued 52,976,000 common shares to mosing holdings on august 26 , 2016. as a result , there are no remaining issued or outstanding preferred shares and the mosing family beneficially owns approximately 173,752,764 of our common shares . in addition , our obligation to make payments to our noncontrolling interest pursuant to the limited partnership agreement of frank 's international c.v. ceased as of the effective date of the exchange . 42 credit facility we have a $ 100.0 million revolving credit facility with certain financial institutions , including up to $ 20.0 million in letters of credit and up to $ 10.0 million in swingline loans , which matures in august 2018 ( the “ credit facility ” ) . subject to the terms of our credit facility , we have the ability to increase the commitments to $ 150.0 million . at december 31 , 2016 and 2015 , we did not have any outstanding indebtedness under the credit facility . we had $ 3.7 million and $ 4.7 million in letters of credit outstanding as of december 31 , 2016 and 2015 , respectively . as of december 31 , 2016 , our ability to borrow under the credit facility has been reduced to approximately $ 50 million from $ 100 million as a result of our decreased adjusted ebitda . our borrowing capacity under the credit facility could be further reduced or eliminated depending on our future adjusted ebitda . we will seek a multi-quarter covenant waiver sometime during the first quarter of 2017. borrowings under the credit facility bear interest , at our option , at either a base rate or an adjusted eurodollar rate . base rate loans under the credit facility bear interest at a rate equal to the higher of ( i ) the prime rate as published in the wall street journal , ( ii ) the federal funds effective rate plus 0.50 % or ( iii ) the adjusted eurodollar rate plus 1.00 % , plus an applicable margin ranging from 0.50 % to 1.50 % , subject to adjustment based on the leverage ratio . interest is in each case payable quarterly for base-rate loans . eurodollar loans under the credit facility bear interest at an adjusted eurodollar rate equal to the eurodollar rate for such interest period multiplied by the statutory reserves , plus an applicable margin ranging from 1.50 % to 2.50 % . interest is payable at the end of applicable interest periods for eurodollar loans , except that if the interest period for a eurodollar loan is

cash flow from operating activities was $ ( 10.8 ) million for the year ended december 31 , 2016 as compared to $ 427.8 million in 2015 and $ 368.9 million in 2014 . the decrease in 2016 was due primarily to a net loss and deferred tax benefit in addition to working capital changes , primarily in accounts receivable and accrued expense and other liabilities . the increase in 2015 was due primarily to working capital changes , primarily in accounts receivable and inventory . the overall increase was partially offset by a decrease in net income . the changes in both years were primarily a result of lower activity due to depressed oil and gas prices . investing activities cash flow used in investing activities was $ 178.9 million for the year ended december 31 , 2016 as compared to $ 174.7 million in 2015 and $ 173.6 million in 2014 . our investing activities in 2016 were primarily related to the blackhawk acquisition , which was offset by lower capital expenditures for property , plant and equipment in comparison to 2015. we also received $ 11.1 million in proceeds from the sale of investments in our executive deferred compensation plan , which was used to make payments to former key employees . our investing activities in 2015 were primarily related to the timco acquisition , which was partially offset by lower capital expenditures for property , plant and equipment in comparison to 2014. in both 2016 and 2015 , the capital expenditures were lower compared to the prior years as a result of a reduction in the need for additional equipment and machinery to service our customers due to declining rig activity caused by lower oil prices . financing activities cash flow used in financing activities was $ 96.8 million , $ 141.2 million and $ 115.8 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flow from operating activities was $ ( 10.8 ) million for the year ended december 31 , 2016 as compared to $ 427.8 million in 2015 and $ 368.9 million in 2014 . the decrease in 2016 was due primarily to a net loss and deferred tax benefit in addition to working capital changes , primarily in accounts receivable and accrued expense and other liabilities . the increase in 2015 was due primarily to working capital changes , primarily in accounts receivable and inventory . the overall increase was partially offset by a decrease in net income . the changes in both years were primarily a result of lower activity due to depressed oil and gas prices . investing activities cash flow used in investing activities was $ 178.9 million for the year ended december 31 , 2016 as compared to $ 174.7 million in 2015 and $ 173.6 million in 2014 . our investing activities in 2016 were primarily related to the blackhawk acquisition , which was offset by lower capital expenditures for property , plant and equipment in comparison to 2015. we also received $ 11.1 million in proceeds from the sale of investments in our executive deferred compensation plan , which was used to make payments to former key employees . our investing activities in 2015 were primarily related to the timco acquisition , which was partially offset by lower capital expenditures for property , plant and equipment in comparison to 2014. in both 2016 and 2015 , the capital expenditures were lower compared to the prior years as a result of a reduction in the need for additional equipment and machinery to service our customers due to declining rig activity caused by lower oil prices . financing activities cash flow used in financing activities was $ 96.8 million , $ 141.2 million and $ 115.8 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .
```    
 Suspicious Activity Report : outlook we expect to see improvement in the oil field services industry in 2017 as global capital spending on oil and natural gas exploration and production is likely to increase modestly in response to higher commodity prices . however , much of the anticipated increase in spending will likely be associated with onshore projects that contribute lower revenue and margins to the company than offshore projects . material increases in activity in the deep and ultra-deep offshore markets are not expected until further improvement in oil and natural gas prices are seen and , in some basins , may continue to deteriorate . we have made efforts to reduce the impact of the lower activity levels by reducing costs , but additional actions may be necessary if we continue to see decreased investment in global offshore projects . our offshore businesses , both in the u.s. and internationally , continue to see delays and cancellations as customers reduce spending or elect to reallocate financial resources to other onshore projects . these delays or cancellations have been more prevalent in the deep and ultra-deep water markets where our services are most profitable . in areas where new projects are being sanctioned , we have seen increased competition and awarded tenders often are secured at prices below historical levels . our efforts to grow market share in the underrepresented offshore shelf market are expected to support revenues , but are unlikely to fully offset declines in the deep and ultra-deep water . our onshore operations are expected to see sequential improvement , particularly in the u.s. onshore market , as drilling activity has risen meaningfully in recent months . the increase in demand for our services combined with a leaner cost structure is expected to result in higher revenues and improved profitability for this business in the coming year . the tubular sales business is driven by specialized needs of our customers and the timing of projects , specifically in the gulf of mexico . due to steep declines in activity in the gulf of mexico and low visibility on forthcoming orders for these services , we anticipate that revenues associated with this segment will trend lower until additional projects are sanctioned and commence operations . the blackhawk product and service lines face similar challenges in the offshore market as our tubular services business . blackhawk revenues are primarily generated offshore in the u.s. gulf of mexico and are at risk if activity levels were to decrease further . however , we will benefit from a full year of operations from blackhawk in 2017 , which will likely help drive our total revenues sequentially higher . overall , our market outlook is mixed as the onshore begins to lead the recovery , but the offshore market lags as prices remain below economic break-even levels for many projects . we remain in a very strong position financially with a significant cash balance relative to our debt . how we evaluate our operations we use a number of financial and operational measures to routinely analyze and evaluate the performance of our business , including revenue , adjusted ebitda , adjusted ebitda margin and safety performance . revenue we analyze our revenue growth by comparing actual monthly revenue to our internal projections for each month to assess our performance . we also assess incremental changes in our monthly revenue across our operating segments to identify potential areas for improvement . 35 adjusted ebitda and adjusted ebitda margin we define adjusted ebitda as net income ( loss ) before net interest income or expense , depreciation and amortization , income tax benefit or expense , asset impairments , gain or loss on sale of assets , foreign currency gain or loss , equity-based compensation , unrealized gain or loss , other non-cash adjustments and other charges or credits . adjusted ebitda margin reflects our adjusted ebitda as a percentage of our revenues . we review adjusted ebitda and adjusted ebitda margin on both a consolidated basis and on a segment basis . we use adjusted ebitda and adjusted ebitda margin 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 ) , items outside the control of our management team ( such as income tax and foreign currency exchange rates ) and other charges outside the normal course of business . adjusted ebitda and adjusted ebitda margin have limitations as analytical tools 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 generally accepted accounting principles in the u.s. ( `` gaap `` ) . the following table presents a reconciliation of net income ( loss ) to adjusted ebitda , our most directly comparable gaap performance measure , as well as adjusted ebitda margin for each of the periods presented ( in thousands ) : replace_table_token_4_th ( 1 ) comprised of equity-based compensation expense ( 2016 : $ 15,978 ; 2015 : $ 26,318 ; 2014 : $ 38,368 ) , merger and acquisition costs ( 2016 : $ 13,784 ; 2015 : none ; 2014 : none ) , severance and other charges ( 2016 : $ 46,406 ; 2015 : $ 35,484 ; 2014 : none ) , changes in value of contingent consideration ( 2016 : none ; 2015 : $ ( 1,532 ) ; 2014 : none ) , unrealized and realized ( gains ) losses ( 2016 : $ 110 ; 2015 : none ; 2014 : none ) and fcpa matters ( 2016 : $ 6,397 ; 2015 : $ 1,446 ; 2014 : $ 1,137 ) . story_separator_special_tag 41 adjusted ebitda for the tubular sales segment increased by $ 2.6 million , or 6.9 % , compared to 2014 , primarily due to higher tubular sales and improved productivity of $ 8.0 million . this was partially offset by lower volumes in manufacturing operations of $ 5.4 million . blackhawk the blackhawk segment is comprised solely of our acquisition on november 1 , 2016. there were no results of operations for the years ended december 31 , 2015 or 2014. see note 3 in the notes to consolidated financial statements for additional information on our blackhawk acquisition . liquidity and capital resources liquidity at december 31 , 2016 , we had cash and cash equivalents of $ 319.5 million and debt of $ 0.3 million . our primary sources of liquidity to date have been cash flows from operations . our primary uses of capital have been for organic growth capital expenditures and acquisitions . we continually monitor potential capital sources , including equity and debt financing , in order to meet our investment and target liquidity requirements . our total capital expenditures are estimated at $ 40.0 million for 2017 . we expect approximately $ 22.0 million for the purchase and manufacture of equipment and $ 18.0 million for other property , plant and equipment , inclusive of the purchase or construction of facilities . the actual amount of capital expenditures for the manufacture of equipment may fluctuate based on market conditions . during the years ended december 31 , 2016 , 2015 and 2014 , capital expenditures were $ 42.1 million , $ 99.7 million and $ 173.0 million , respectively , all of which were funded from internally generated sources . we believe our cash on hand , cash flows from operations and potential borrowings under our credit facility ( as defined below ) , will be sufficient to fund our capital expenditure and liquidity requirements for the next twelve months . we paid dividends on our common stock of $ 79.0 million , or an aggregate of $ 0.45 per common share , in addition to $ 8.0 million in distributions to our noncontrolling interests during the year ended december 31 , 2016 . the timing , declaration , amount of , and payment of any dividends is within the discretion of our board of managing directors subject to the approval of our board of supervisory directors and will depend upon many factors , including our financial condition , earnings , capital requirements , covenants associated with certain of our debt service obligations , legal requirements , regulatory constraints , industry practice , ability to access capital markets , and other factors deemed relevant by our board of managing directors and our board of supervisory directors . we do not have a legal obligation to pay any dividend and there can be no assurance that we will be able to do so . the timing of distributions to our noncontrolling interests is pursuant to the limited partnership agreement of frank 's international c.v. for the tax arising from their membership interests in ficv . on august 19 , 2016 , we received notice from mosing holdings that it was exercising its right to exchange , for 52,976,000 common shares , each of the following securities : ( i ) 52,976,000 preferred shares and ( ii ) 52,976,000 units in ficv . we issued 52,976,000 common shares to mosing holdings on august 26 , 2016. as a result , there are no remaining issued or outstanding preferred shares and the mosing family beneficially owns approximately 173,752,764 of our common shares . in addition , our obligation to make payments to our noncontrolling interest pursuant to the limited partnership agreement of frank 's international c.v. ceased as of the effective date of the exchange . 42 credit facility we have a $ 100.0 million revolving credit facility with certain financial institutions , including up to $ 20.0 million in letters of credit and up to $ 10.0 million in swingline loans , which matures in august 2018 ( the “ credit facility ” ) . subject to the terms of our credit facility , we have the ability to increase the commitments to $ 150.0 million . at december 31 , 2016 and 2015 , we did not have any outstanding indebtedness under the credit facility . we had $ 3.7 million and $ 4.7 million in letters of credit outstanding as of december 31 , 2016 and 2015 , respectively . as of december 31 , 2016 , our ability to borrow under the credit facility has been reduced to approximately $ 50 million from $ 100 million as a result of our decreased adjusted ebitda . our borrowing capacity under the credit facility could be further reduced or eliminated depending on our future adjusted ebitda . we will seek a multi-quarter covenant waiver sometime during the first quarter of 2017. borrowings under the credit facility bear interest , at our option , at either a base rate or an adjusted eurodollar rate . base rate loans under the credit facility bear interest at a rate equal to the higher of ( i ) the prime rate as published in the wall street journal , ( ii ) the federal funds effective rate plus 0.50 % or ( iii ) the adjusted eurodollar rate plus 1.00 % , plus an applicable margin ranging from 0.50 % to 1.50 % , subject to adjustment based on the leverage ratio . interest is in each case payable quarterly for base-rate loans . eurodollar loans under the credit facility bear interest at an adjusted eurodollar rate equal to the eurodollar rate for such interest period multiplied by the statutory reserves , plus an applicable margin ranging from 1.50 % to 2.50 % . interest is payable at the end of applicable interest periods for eurodollar loans , except that if the interest period for a eurodollar loan is

