Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments (Tables)

v2.4.0.8
Reportable Segments (Tables)
9 Months Ended
Sep. 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 
 September 30,
 
Nine Months Ended 
 September 30,
Operations by Reportable Industry Segment
2013
 
2012
 
2013
 
2012
 
(Dollars in Thousands)
 
(Dollars in Thousands)
Revenues:
 
 
 
 
 
Rental Tools
$
89,614

 
$
59,947

 
$
228,718

 
$
191,233

U.S. Barge Drilling
33,919

 
33,142

 
102,085

 
94,269

U.S. Drilling
18,693

 

 
48,238

 

International Drilling(1)
88,562

 
68,503

 
236,394

 
224,176

Technical Services
6,974

 
3,709

 
15,483

 
11,117

Total revenues
237,762

 
165,301

 
630,918

 
520,795

Operating gross margin(2):
 
 
 
 
 
 
 
Rental Tools
25,816

 
27,032

 
72,470

 
91,885

U.S. Barge Drilling
12,236

 
11,042

 
37,657

 
29,215

U.S. Drilling
103

 
(4,712
)
 
(4,618
)
 
(7,881
)
International Drilling
9,831

 
783

 
12,815

 
21,395

Technical Services
153

 
(107
)
 
584

 
(118
)
Total operating gross margin
48,139

 
34,038

 
118,908

 
134,496

General and administrative expense
(14,188
)
 
(8,905
)
 
(49,449
)
 
(21,822
)
Gain on disposition of assets, net
1,094

 
606

 
2,759

 
2,466

Total operating income
35,045

 
25,739

 
72,218

 
115,140

Interest expense
(13,127
)
 
(8,171
)
 
(33,874
)
 
(25,133
)
Interest income
130

 
30

 
2,392

 
109

Loss on extinguishment of debt
(5,218
)
 
(117
)
 
(5,218
)
 
(1,766
)
Changes in fair value of derivative positions

 
19

 
54

 
8

Other
400

 
26

 
333

 
62

Income before income taxes
$
17,230

 
$
17,526

 
$
35,905

 
$
88,420

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
 
Identifiable assets:
(Dollars in Thousands)
 
 
 
 
Rental Tools
$
375,900

 
$
194,600

 
 
 
 
U.S. Barge Drilling
84,402

 
99,409

 
 
 
 
U.S. Drilling
367,020

 
374,794

 
 
 
 
International Drilling
466,356

 
414,546

 
 
 
 
Total identifiable assets
1,293,678

 
1,083,349

 
 
 
 
Corporate assets (3)
241,702

 
172,384

 
 
 
 
Total assets
$
1,535,380

 
$
1,255,733

 
 
 
 
 
(1)
For the nine months ended September 30, 2013, our largest customer, Exxon Neftegas Limited, constituted 14.3% of our total consolidated revenues and approximately 36.9% of our International Drilling segment. For the nine months ended September 30, 2012, our two largest customers, Exxon Neftegas Limited (ENL) and Schlumberger, constituted approximately 10.6% and 10.2%, respectively, of our total consolidated revenues and approximately 32.0% and 24.0%, respectively, of our International Drilling segments.
(2)
Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.
(3)
This category includes corporate assets as well as minimal assets for our Technical Services segment primarily related to office furniture and fixtures.