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Reportable Segments (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Segment Reporting [Abstract] |
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| Results of Operations by Reportable Segment |
We eliminate inter-segment revenue and expenses. The following table represents the results of operations by reportable segment:
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Year Ended December 31, |
Operations by Reportable Industry Segment: |
2013 |
|
2012 |
|
2011 |
|
(Dollars in Thousands) |
Revenues: |
|
|
|
|
|
Rental Tools(1) |
$ |
310,041 |
|
|
$ |
246,900 |
|
|
$ |
237,068 |
|
U.S. Barge Drilling(1) |
136,855 |
|
|
123,672 |
|
|
93,763 |
|
U.S. Drilling(1) |
66,928 |
|
|
1,387 |
|
|
— |
|
International Drilling(1) |
333,962 |
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|
291,772 |
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|
318,481 |
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Technical Services(1) |
26,386 |
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|
14,030 |
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|
27,284 |
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Construction Contract(1) |
— |
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|
— |
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|
9,638 |
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Total revenues |
874,172 |
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|
677,761 |
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|
686,234 |
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Operating income: |
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|
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Rental Tools(2) |
91,164 |
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|
113,899 |
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|
120,822 |
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U.S. Barge Drilling(2) |
51,257 |
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|
39,608 |
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|
11,115 |
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U.S. Drilling(2) |
(4,484 |
) |
|
(15,168 |
) |
|
(3,915 |
) |
International Drilling(2) |
23,732 |
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|
13,138 |
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|
22,948 |
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Technical Services(2) |
2,050 |
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|
79 |
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|
5,680 |
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Construction Contract(2) |
4,728 |
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— |
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|
771 |
|
Total operating gross margin |
168,447 |
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|
151,556 |
|
|
157,421 |
|
General and administrative expense |
(68,025 |
) |
|
(46,257 |
) |
|
(31,567 |
) |
Impairments and other charges |
— |
|
|
— |
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|
(170,000 |
) |
Provision for reduction in carrying value of certain assets |
(2,544 |
) |
|
— |
|
|
(1,350 |
) |
Gain on disposition of assets, net |
3,994 |
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|
1,974 |
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|
3,659 |
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Total operating income (loss) |
101,872 |
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|
107,273 |
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|
(41,837 |
) |
Interest expense |
(47,820 |
) |
|
(33,542 |
) |
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(22,594 |
) |
Interest income |
2,450 |
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|
153 |
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|
256 |
|
Loss on extinguishment of debt |
(5,218 |
) |
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(2,130 |
) |
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— |
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Changes in fair value of derivative positions |
53 |
|
|
55 |
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|
(110 |
) |
Other |
1,450 |
|
|
(832 |
) |
|
(1,127 |
) |
Income (loss) from continuing operations before income taxes |
$ |
52,787 |
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$ |
70,977 |
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$ |
(65,412 |
) |
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2013 |
|
2012 |
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Identifiable assets: |
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Rental Tools |
$ |
350,429 |
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$ |
194,600 |
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U.S. Barge Drilling |
89,884 |
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|
99,409 |
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U.S. Drilling |
354,208 |
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|
369,683 |
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International Drilling |
460,461 |
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|
414,546 |
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Total identifiable assets |
1,254,982 |
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|
1,078,238 |
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Corporate and other assets(3) |
279,774 |
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|
177,495 |
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Total assets |
$ |
1,534,756 |
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$ |
1,255,733 |
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1) |
In 2013, our largest customer, Exxon Neftegas Limited (ENL), constituted approximately 15.6 percent, respectively, of our total consolidated revenues and approximately 38.3 percent of our International Drilling segment and 33.9 percent of our Technical Services segment. In 2012, our two largest customers, ENL and Schlumberger, constituted approximately 12 percent and 10 percent, respectively, of our total consolidated revenues and approximately 27 percent and 24 percent of our International Drilling segment, respectively. In 2011, our largest customer, ENL constituted approximately 16 percent of our total revenues and approximately 34 percent of our International Drilling segment.
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2) |
Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
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3) |
This category includes corporate assets as well as minimal assets for our Technical Services segment primarily related to office furniture and fixtures. |
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| Operations by Industry Segment |
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Year Ended December 31, |
Operations by Reportable Industry Segment: |
2013 |
|
2012 |
|
2011 |
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(Dollars in Thousands) |
Capital expenditures: |
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Rental Tools |
$ |
76,928 |
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$ |
61,958 |
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$ |
61,702 |
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U.S. Barge Drilling |
23,694 |
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|
8,808 |
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|
7,339 |
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U.S. Drilling |
1,809 |
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|
86,786 |
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|
99,915 |
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International Drilling |
39,115 |
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|
15,240 |
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|
15,011 |
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Corporate |
14,099 |
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|
18,751 |
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|
6,432 |
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Total capital expenditures |
$ |
155,645 |
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$ |
191,543 |
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$ |
190,399 |
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Depreciation and amortization: |
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Rental Tools |
54,625 |
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|
42,944 |
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|
40,497 |
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U.S. Barge Drilling |
13,796 |
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|
13,906 |
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|
17,006 |
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U.S. Drilling |
16,120 |
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|
7,011 |
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|
2,223 |
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International Drilling |
46,022 |
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|
45,967 |
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|
48,965 |
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Corporate and other (1) |
3,490 |
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|
3,189 |
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|
3,445 |
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Total depreciation and amortization |
$ |
134,053 |
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$ |
113,017 |
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$ |
112,136 |
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1) |
This category includes depreciation of corporate assets as well as minimal depreciation for our Technical Services segment primarily related to office furniture and fixtures. |
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| Operations by Geographical Area |
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Year Ended December 31, |
Operations by Geographic Area: |
2013 |
|
2012 |
|
2011 |
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(Dollars in Thousands) |
Revenues: |
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Africa and Middle East |
$ |
58,416 |
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$ |
26,528 |
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$ |
6,774 |
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Asia Pacific |
170,165 |
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|
117,392 |
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|
147,643 |
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CIS |
55,165 |
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|
44,312 |
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|
67,255 |
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Europe |
16,788 |
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— |
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— |
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Latin America |
120,261 |
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|
103,540 |
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|
96,810 |
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United States |
453,377 |
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|
385,989 |
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|
367,752 |
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Total revenues |
874,172 |
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|
677,761 |
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|
686,234 |
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Operating gross margin: |
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Africa and Middle East(1) |
(383 |
) |
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(2,027 |
) |
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(8,724 |
) |
Asia Pacific(1) |
21,995 |
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|
16,550 |
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|
23,528 |
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CIS(1) |
11,888 |
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(9,580 |
) |
|
8,709 |
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Europe(1) |
274 |
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— |
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— |
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Latin America(1) |
1,140 |
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|
9,581 |
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|
1,126 |
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United States(1) |
133,533 |
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|
137,032 |
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|
132,782 |
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Total operating gross margin |
168,447 |
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|
151,556 |
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|
157,421 |
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General and administrative expense |
(68,025 |
) |
|
(46,257 |
) |
|
(31,567 |
) |
Impairments and other charges |
— |
|
|
— |
|
|
(170,000 |
) |
Provision for reduction in carrying value of certain assets |
(2,544 |
) |
|
— |
|
|
(1,350 |
) |
Gain on disposition of assets, net |
3,994 |
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|
1,974 |
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|
3,659 |
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Total operating income (loss) |
101,872 |
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|
107,273 |
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(41,837 |
) |
Interest expense |
(47,820 |
) |
|
(33,542 |
) |
|
(22,594 |
) |
Interest income |
2,450 |
|
|
153 |
|
|
256 |
|
Loss on extinguishment of debt |
(5,218 |
) |
|
(2,130 |
) |
|
— |
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Changes in fair value of derivative positions |
53 |
|
|
55 |
|
|
(110 |
) |
Other |
1,450 |
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(832 |
) |
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(1,127 |
) |
Income (loss) from continuing operations before income taxes |
$ |
52,787 |
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|
$ |
70,977 |
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|
$ |
(65,412 |
) |
Long-lived assets:(2) |
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Africa and Middle East |
$ |
110,336 |
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$ |
25,032 |
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Asia Pacific |
44,606 |
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|
18,688 |
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CIS |
55,722 |
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|
110,848 |
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Europe |
82,473 |
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— |
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Latin America |
15,198 |
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|
63,899 |
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United States |
563,021 |
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|
574,730 |
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Total long-lived assets |
$ |
871,356 |
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$ |
793,197 |
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1) |
Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
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2) |
Long-lived assets primarily consist of property, plant and equipment, net and exclude assets held for sale, if any. |
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