Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v2.4.0.6
Reportable Segments (Tables)
6 Months Ended
Jun. 30, 2012
Reportable Segments [Abstract]  
Reportable Segments
                                 
     Three Months Ended
June 30,
    Six Months Ended
June 30,
 

Operations by Reportable Industry Segment

  2012     2011     2012     2011  
    (Dollars in Thousands)     (Dollars in Thousands)  

Revenues:

               

Rental Tools

  $ 65,002     $ 58,490     $ 131,286     $ 110,809  

U.S. Barge Drilling

    33,292       26,060       61,127       41,980  

U.S. Drilling(2)

    —         —         —         —    

International Drilling

    76,923       79,725       155,673       149,661  

Technical Services

    3,708       8,537       7,408       16,903  

Construction Contract

    —         —         —         9,638  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    178,925       172,812       355,494       328,991  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating gross margin:

                               

Rental Tools(1)

    31,251       30,566       64,853       54,664  

U.S. Barge Drilling(1)

    11,014       4,451       18,171       1,769  

U.S. Drilling(1)

    (1,623     (340     (3,170     (681

International Drilling(1)

    6,056       2,816       20,615       2,123  

Technical Services(1)

    (258     1,789       (11     3,355  

Construction Contract(1)

    —         1,515       —         771  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating gross margin

    46,440       40,797       100,458       62,001  

General and administrative expense

    (7,420     (7,948     (12,917     (14,752

Gain on disposition of assets, net

    1,368       366       1,860       1,370  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income

    40,388       33,215       89,401       48,619  

Interest expense

    (8,925     (5,755     (16,962     (11,616

Interest income

    53       133       79       179  

Loss on extinguishment of debt

    (1,649     —         (1,649     —    

Changes in fair value of derivative positions

    38       (137     (11     (137

Other

    20       123       36       134  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

  $ 29,925     $ 27,579     $ 70,894     $ 37,179  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.
(2) As of June 30, 2012, this segment had not begun generating revenue.