Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v2.4.0.8
Reportable Segments (Tables)
6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Results of Operations by Reportable Segment
The following table represents the results of operations by reportable segment:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Operations by Reportable Industry Segment
2013
 
2012
 
2013
 
2012
 
(Dollars in Thousands)
 
(Dollars in Thousands)
Revenues:
 
 
 
 
 
Rental Tools
$
82,022

 
$
65,002

 
$
139,105

 
$
131,286

U.S. Barge Drilling
38,301

 
33,292

 
68,165

 
61,127

U.S. Drilling
17,910

 

 
29,545

 

International Drilling(1)
83,182

 
76,923

 
147,832

 
155,673

Technical Services
4,586

 
3,708

 
8,509

 
7,408

Total revenues
226,001

 
178,925

 
393,156

 
355,494

Operating gross margin:
 
 
 
 
 
 
 
Rental Tools(2)
25,149

 
31,251

 
46,656

 
64,853

U.S. Barge Drilling(2)
16,660

 
11,014

 
25,417

 
18,171

U.S. Drilling(2)
(666
)
 
(1,623
)
 
(4,719
)
 
(3,170
)
International Drilling(2)
8,925

 
6,056

 
2,983

 
20,615

Technical Services(2)
104

 
(258
)
 
432

 
(11
)
Total operating gross margin
50,172

 
46,440

 
70,769

 
100,458

General and administrative expense
(22,378
)
 
(7,420
)
 
(35,261
)
 
(12,917
)
Gain on disposition of assets, net
517

 
1,368

 
1,665

 
1,860

Total operating income
28,311

 
40,388

 
37,173

 
89,401

Interest expense
(10,741
)
 
(8,925
)
 
(20,747
)
 
(16,962
)
Changes in fair value of derivative positions
17

 
38

 
54

 
(11
)
Interest income
2,203

 
53

 
2,251

 
79

Loss on extinguishment of debt

 
(1,649
)
 

 
(1,649
)
Other
(183
)
 
20

 
(56
)
 
36

Income before income taxes
$
19,607

 
$
29,925

 
$
18,675

 
$
70,894

 
 
 
 
 
 
 
 
Operations by Reportable Industry Segment
 
 
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
 
Identifiable assets:
 
 
 
 
 
 
 
Rental Tools
$
368,371

 
$
194,600

 
 
 
 
U.S. Barge Drilling
111,711

 
99,409

 
 
 
 
U.S. Drilling
340,773

 
374,794

 
 
 
 
International Drilling
487,005

 
414,546

 
 
 
 
Total identifiable assets
1,307,860

 
1,083,349

 
 
 
 
Corporate assets (3)
128,677

 
172,384

 
 
 
 
Total assets
$
1,436,537

 
$
1,255,733

 
 
 
 
 
(1)
In the second quarter of 2013, our largest customer, Exxon Neftegas Limited (ENL), constituted 13.9% of our total consolidated revenues and approximately 37.7% of our International Drilling segment. In the second quarter of 2012, no single customer contributed 10% or more of our year-to-date consolidated revenues.
(2)
Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.