|
Related Party Transactions
|
12 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Note 14 — Related Party Transactions Consulting Agreement The Company was a party to a consulting agreement with Robert L. Parker Sr., the former Chairman of the Board of Directors of the Company and the father of our current Executive Chairman, Robert L. Parker Jr. Under the agreement, Mr. Parker Sr. was paid consulting fees of $40,000, $123,750, and $180,667 in each of the years ending December 31, 2011, 2010 and 2009, respectively. During the term of the consulting agreement, Mr. Parker Sr. was required to maintain the confidentiality of any information he obtained while an employee or consultant and to disclose to us any ideas he conceived and assign to us any inventions he developed. For one year after the termination of the consulting agreement, Mr. Parker Sr. is prohibited from soliciting business from any of our customers or individuals with which we have done business, from becoming interested in any business that competes with the Company, and from recruiting any employees of the Company. Under the consulting agreement, Mr. Parker Sr. also represented the Company on the U.S.-Kazakhstan Business Council. For his services in 2011, he received a monthly payment of $10,000. The consulting agreement expired on April 30, 2011. Other Related Party Agreements During 2011 and 2010, one of the Company’s directors held executive positions at Apache Corporation (Apache), including the positions of President and Chief Corporate Officer, Executive Vice President and Chief Financial Officer and Chief Corporate Officer. During 2011 and 2010, affiliates of Apache paid affiliates of the Company a total of $22.7 million and $19.8 million, respectively, for performance of drilling services and provision of rental tools. |