Consolidated Condensed Statements of Operations (Unaudited) (USD $) In Thousands, except Share data |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2011 |
Sep. 30, 2010 |
Sep. 30, 2011 |
Sep. 30, 2010 |
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| Revenues: | ||||
| International Drilling | $ 51,352 | $ 53,614 | $ 136,107 | $ 170,421 |
| U.S. Drilling | 28,895 | 14,929 | 70,876 | 45,352 |
| Rental Tools | 62,388 | 48,114 | 173,197 | 123,288 |
| Project Management and Engineering Services | 33,954 | 27,599 | 115,762 | 78,403 |
| Construction Contract | 27,773 | 9,638 | 68,695 | |
| Total revenues | 176,589 | 172,029 | 505,580 | 486,159 |
| Operating expenses: | ||||
| International Drilling | 36,775 | 51,312 | 105,378 | 137,908 |
| U.S. Drilling | 17,429 | 13,287 | 48,307 | 39,801 |
| Rental Tools | 18,682 | 16,583 | 54,539 | 43,477 |
| Project Management and Engineering Services | 26,026 | 20,378 | 93,651 | 61,640 |
| Construction Contract | 28,122 | 8,867 | 69,362 | |
| Depreciation and amortization | 27,581 | 28,904 | 82,511 | 86,504 |
| Total operating expenses | 126,493 | 158,586 | 393,253 | 438,692 |
| Total operating gross margin | 50,096 | 13,443 | 112,327 | 47,467 |
| General and administration expense | (8,760) | (7,064) | (23,742) | (24,033) |
| Gain on disposition of assets, net | 623 | 1,176 | 1,993 | 3,560 |
| Total operating income (loss) | 41,959 | 7,555 | 90,578 | 26,994 |
| Other income and (expense): | ||||
| Interest expense | (5,591) | (6,391) | (17,208) | (20,509) |
| Interest income | 29 | 46 | 208 | 198 |
| Loss on fair value of derivative contracts | (49) | (186) | ||
| Loss on extinguishment of debt | (7,209) | |||
| Other | (657) | 68 | (522) | 325 |
| Total other expense | (6,268) | (6,277) | (17,708) | (27,195) |
| Income (loss) before income taxes | 35,691 | 1,278 | 72,870 | (201) |
| Income tax expense (benefit): | ||||
| Current | 2,500 | (3,104) | 13,609 | 5,536 |
| Deferred | 12,542 | 3,890 | 19,736 | (4,685) |
| Total income tax expense (benefit) | 15,042 | 786 | 33,345 | 851 |
| Net income (loss) | 20,649 | 492 | 39,525 | (1,052) |
| Less: Net (loss) attributable to noncontrolling interest | (76) | (202) | ||
| Net income (loss) attributable to controlling interest | $ 20,725 | $ 492 | $ 39,727 | $ (1,052) |
| Basic earnings (loss) per share: | ||||
| Net income (loss) | $ 0.18 | $ 0 | $ 0.34 | $ (0.01) |
| Diluted earnings (loss) per share: | ||||
| Net income (loss) | $ 0.18 | $ 0 | $ 0.34 | $ (0.01) |
| Weighted average shares outstanding: | ||||
| Basic | 116,416,011 | 114,507,431 | 115,899,959 | 114,111,198 |
| Diluted | 117,425,764 | 116,235,867 | 116,912,367 | 114,111,198 |
| X | ||||||||||
- Definition Revenues derived from construction related activities, that are typically accounted for by the Company on a percentage of completion basis with revenues and earnings recognized based on progress made relative to estimated total project costs, on a cost to cost basis.
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- Definition Direct expenses incurred from construction related activities, that are typically accounted for by the Company on a percentage-of completion basis with revenues and earnings recognized based on progress made relative to estimated total project costs, on a cost to cost basis.
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- Definition Direct expenses incurred by our U.S. segments from oil and gas related services including well services (such as drilling, rigs and analytic evaluations), transportation, labor and labor support, and other supporting contractor services, during the reporting period.
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- Definition Direct expenses incurred from our segments outside the U.S. from oil and gas related services including well services (such as drilling, rigs and analytic evaluations), transportation, labor and labor support, and other supporting contractor services, during the reporting period.
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- Definition Costs incurred in providing non capital intensive services such as Front End Engineering and Design (FEED), Engineering, Procurement, Construction and Installation (EPCI), Operations and Maintenance (O & M), and other project management services (e.g., labor, maintenance, logistics, etc.) for operators who own their own drilling rights and who choose to engage our technical expertise to perform contracted services.
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- Definition Direct expenses incurred related to the renting of tools including a full line of drill pipe, drill collars, tubing, high and low pressure blowout preventers, choke manifolds, junk and cement mills and casing scrapers, for land and offshore oil and gas drilling and work-over activities.
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- Definition Revenue recognized by our U.S. segments from oil and gas related services including well services (such as drilling, rigs and analytic evaluations), transportation, labor and labor support, and other supporting contractor services, during the reporting period.
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the service (s) directly provided, the manufacture, sale or creation of a product or product line.
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- Definition Revenue recognized by our segments outside the U.S. from oil and gas-related services including well services (such as drilling, rigs and analytic evaluations), transportation, labor and labor support, and other supporting contractor services, during the reporting period.
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- Definition Revenue from non capital intensive services such as Front End Engineering and Design (FEED), Engineering, Procurement, Construction and Installation (EPCI), Operations and Maintenance (O & M), and other project management services (e.g., labor, maintenance, logistics, etc.) for operators who own their own drilling rights and who choose to engage our technical expertise to perform contracted services.
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- Definition Revenues derived from the renting of tools including a full line of drill pipe, drill collars, tubing, high and low pressure blowout preventers, choke manifolds, junk and cement mills and casing scrapers, for land and offshore oil and gas drilling and work-over activities.
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The gains (losses) included in earnings resulting from the sale or disposal of tangible assets. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the period, which was recognized in earnings, in the unrealized gains or losses on derivative instruments that are not or are no longer designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net result for the period of deducting operating expenses from operating revenues.
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- Definition The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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