Quarterly report pursuant to Section 13 or 15(d)

Acquistions - Preliminary Allocation of Consideration Transferred (Details)

Acquistions - Preliminary Allocation of Consideration Transferred (Details) (USD $)
6 Months Ended 2 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Apr. 22, 2013
Jun. 30, 2013
ITS [Member]
Jun. 30, 2013
ITS [Member]
Apr. 22, 2013
ITS [Member]
Business Acquisition [Line Items]            
Cash and cash equivalents           $ 7,009,000
Accounts and notes receivable, net           48,795,000 [1]
Other current assets           1,803,000
Accounts payable and accrued liabilities           (39,156,000)
Accrued income taxes           (1,251,000)
Working capital excluding Rig materials and supplies           17,200,000
Rig materials and supplies           11,514,000
Property, plant and equipment, net           70,339,000 [2]
Investment in joint venture           4,134,000
Other noncurrent assets           2,818,000
Total tangible assets           106,005,000
Deferred income tax assets - current           222,000
Deferred income tax assets - noncurrent           14,153,000 [3]
Intangible Assets            
Trade name, developed technology, and customer relationship           10,000,000 [4]
Indefinite-lived intangible assets           200,000 [3],[4]
Total assets acquired           130,580,000
Other long-term liabilities           (211,000)
Long-term deferred tax liability           (2,661,000)
Net assets acquired           127,708,000
Less: Noncontrolling interest           (2,708,000) [5]
Total consideration transferred           125,000,000
Adjustment to record property, plant and equipment to fair value       43,700,000    
Increase in deferred income tax asset 1,800,000 10,432,000   7,700,000    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangibles           10,000,000 [3]
Weighted average useful life       3 years 4 months 24 days 3 years  
Impairment of non-controlling interest       1,000,000    
Accounts and notes receivable, gross     $ 54,700,000      
[1] Gross contractual amounts receivable totaled $54.7 million as of the acquisition date.
[2] We recorded an adjustment of $43.7 million to reduce the historical carrying value of the acquired property, plant and equipment to its estimated fair value.
[3] In connection with the ITS Acquisition, we recorded a $7.7 million adjustment to increase deferred income tax assets primarily related to the differences between acquisition date estimated fair value and tax basis of acquired property, plant and equipment.
[4] We recorded $10.0 million and $0.2 million to reflect the estimated fair values of definite and indefinite lived intangible assets, respectively, recognized in connection with the ITS Acquisition. Our depreciation and amortization expense will reflect this valuation adjustment as the definite lived intangible assets are amortized in future periods. Definite lived intangible assets recorded in connection with the ITS Acquisition, which primarily relate to trade names, customer relationships, and developed technology will be amortized over a weighted average period of approximately 3.4 years.
[5] We recorded an adjustment of $1.0 million to write-down the noncontrolling interest to its estimated fair value. The estimated fair value of the noncontrolling interest was calculated as a percentage of the net assets acquired related to certain subsidiaries in which ITS holds less than a 100 percent controlling interest. The fair value of the net assets of these subsidiaries was primarily based on the income approach valuation model.