| Results of Operations by Reportable Segment |
The following table represents the results of
operations by reportable segment:
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Three Months Ended
March 31, |
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Operations by
Reportable Industry Segment
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2013 |
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|
2012 |
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(Dollars in
Thousands) |
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Revenues:
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Rental Tools
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|
$ |
57,082 |
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$ |
66,284 |
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U.S. Barge
Drilling
|
|
|
29,865 |
|
|
|
27,835 |
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U.S. Drilling
|
|
|
11,635 |
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|
|
— |
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International
Drilling(1)
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|
|
64,650 |
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|
|
78,750 |
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Technical
Services
|
|
|
3,923 |
|
|
|
3,700 |
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|
|
|
|
|
|
|
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Total revenues
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|
|
167,155 |
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|
|
176,569 |
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Operating gross
margin:
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Rental Tools (2)
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|
21,507 |
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|
|
33,602 |
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U.S. Barge
Drilling(2)
|
|
|
8,758 |
|
|
|
7,157 |
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U.S. Drilling(2)
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|
|
(4,052 |
) |
|
|
(1,547 |
) |
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International
Drilling(2)
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|
|
(5,945 |
) |
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|
14,559 |
|
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Technical
Services(2)
|
|
|
329 |
|
|
|
247 |
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|
|
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|
|
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Total operating gross
margin
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|
|
20,597 |
|
|
|
54,018 |
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General and administrative
expense
|
|
|
(12,883 |
) |
|
|
(5,497 |
) |
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Gain on disposition of
assets, net
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|
|
1,148 |
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|
|
492 |
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|
|
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Total operating
income
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|
|
8,862 |
|
|
|
49,013 |
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Interest expense
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|
|
(10,006 |
) |
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|
(8,037 |
) |
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Interest income
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|
|
59 |
|
|
|
26 |
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Changes in fair value of
derivative positions
|
|
|
37 |
|
|
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(49 |
) |
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Other
|
|
|
116 |
|
|
|
16 |
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|
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|
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Income before income
taxes
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$ |
(932 |
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$ |
40,969 |
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(1) |
In the first quarter of
2013, our largest customer, Exxon Neftegas Limited (ENL),
constituted 15.1 percent of our total consolidated revenues
and approximately 38.5% of our International Drilling segment. In
the first quarter of 2012, no single customer contributed 10
percent or more to our year to date consolidated
revenues. |
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(2) |
Operating gross margin is
calculated as revenues less direct operating expenses, including
depreciation and amortization expense. |
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