Quarterly report pursuant to Section 13 or 15(d)

Assets Held for Sale

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Assets Held for Sale
6 Months Ended
Jun. 30, 2012
Assets Held for Sale [Abstract]  
Assets Held for Sale
5. Assets Held for Sale

Assets held for sale of $5.3 million as of June 30, 2012 was comprised of the net book value of three land rigs and related inventory. We have received a down payment on these assets and associated inventories and consummation of the sales is targeted for 2012. The three rigs are part of our Eastern Hemisphere fleet, and prior to being classified as assets held for sale, were included in the international drilling segment. We expect the carrying amount of the assets, less costs to sell, will be fully recoverable through sale of the assets.