Parker Wellbore Registration of securities issued in business combination transactions

Registration of securities issued in business combination transactions

Reportable Segments (Tables)

Reportable Segments (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2013

Dec. 31, 2012

Results of Operations by Reportable Segment

The following table represents the results of operations by reportable segment:


	Three Months Ended September 30,						Nine Months Ended September 30,
Operations by Reportable Industry Segment	2013			2012			2013			2012
	(Dollars in Thousands)						(Dollars in Thousands)
Revenues:
Rental Tools	$	89,614		$	59,947		$	228,718		$	191,233
U.S. Barge Drilling		33,919			33,142			102,085			94,269
U.S. Drilling		18,693			—			48,238			—
International Drilling(1)		88,562			68,503			236,394			224,176
Technical Services		6,974			3,709			15,483			11,117

Total revenues		237,762			165,301			630,918			520,795

Operating gross margin(2):
Rental Tools		25,816			27,032			72,470			91,885
U.S. Barge Drilling		12,236			11,042			37,657			29,215
U.S. Drilling		103			(4,712	)		(4,618	)		(7,881	)
International Drilling		9,831			783			12,815			21,395
Technical Services		153			(107	)		584			(118	)

Total operating gross margin		48,139			34,038			118,908			134,496
General and administrative expense		(14,188	)		(8,905	)		(49,449	)		(21,822	)
Gain on disposition of assets, net		1,094			606			2,759			2,466

Total operating income		35,045			25,739			72,218			115,140
Interest expense		(13,127	)		(8,171	)		(33,874	)		(25,133	)
Interest income		130			30			2,392			109
Loss on extinguishment of debt		(5,218	)		(117	)		(5,218	)		(1,766	)
Changes in fair value of derivative positions		—			19			54			8
Other		400			26			333			62

Income before income taxes	$	17,230		$	17,526		$	35,905		$	88,420


Identifiable assets:	September 30, 2013		December 31, 2012
Identifiable assets:	(Dollars in Thousands)
Rental Tools	$	375,900	$	194,600
U.S. Barge Drilling		84,402		99,409
U.S. Drilling		367,020		374,794
International Drilling		466,356		414,546

Total identifiable assets		1,293,678		1,083,349
Corporate assets(3)		241,702		172,384

Total assets	$	1,535,380	$	1,255,733

(1)

For the nine months ended September 30, 2013, our largest customer, Exxon Neftegas Limited, constituted 14.3% of our total consolidated revenues and approximately 36.9% of our International Drilling segment. For the nine months ended September 30, 2012, our two largest customers, Exxon Neftegas Limited (ENL) and Schlumberger, constituted approximately 10.6% and 10.2%, respectively, of our total consolidated revenues and approximately 32.0% and 24.0%, respectively, of our International Drilling segments.

(2)

Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

(3)

This category includes corporate assets as well as minimal assets for our Technical Services segment primarily related to office furniture and fixtures.

The following table represents the results of operations by reportable segment:


	Year Ended December 31,
Operations by Reportable Industry Segment:	2012			2011			2010
	(Dollars in Thousands)
Revenues:
Rental Tools(1)	$	246,900		$	237,068		$	172,598
U.S. Barge Drilling(1)		123,672			93,763			64,543
U.S. Drilling(1)(3)		1,387			—			—
International Drilling(1)		291,772			318,482			294,821
Technical Services(1)		14,251			27,695			36,423
Construction Contract(1)		—			9,638			91,090

Total revenues		677,982			686,646			659,475

Operating income:
Rental Tools(2)		113,899			120,822			74,541
U.S. Barge Drilling(2)		39,774			11,116			(11,503	)
U.S. Drilling(2)		(15,168	)		(3,915	)		(217	)
International Drilling(2)		12,642			22,237			5,092
Technical Services(2)		(246	)		5,335			5,052
Construction Contract(2)		—			771			202

Total operating gross margin		150,901			156,366			73,167
General and administrative expense		(46,052	)		(31,314	)		(30,728	)
Impairments and other charges		—			(170,000	)		—
Provision for reduction in carrying value of certain assets		—			(1,350	)		(1,952	)
Gain on disposition of assets, net		1,974			3,659			4,620

Total operating income (loss)		106,823			(42,639	)		45,107
Interest expense		(33,542	)		(22,594	)		(26,805	)
Changes in fair value of derivative positions		55			(110	)		—
Loss on extinguishment of debt		(2,130	)		—			(7,209	)
Other		(229	)		(69	)		412

Income (loss) from continuing operations before income taxes	$	70,977		$	(65,412	)	$	11,505


	2012		2011
Identifiable assets:
Rental Tools	$	194,600	$	188,520
U.S. Barge Drilling		99,409		108,396
U.S. Drilling		374,794		265,166
International Drilling		414,546		426,490

Total identifiable assets		1,083,349		988,572
Corporate and other assets(4)		172,384		227,674

Total assets	$	1,255,733	$	1,216,246

In 2012, our two largest customers, Exxon Neftegas Limited (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. In 2010, our two largest customers BP and ExxonMobil both accounted for approximately 12 percent of the Company’s total revenues. In 2010, BP accounted for 90 percent of our construction contract segment revenues and ExxonMobil accounted for approximately 22 percent of our International Drilling segment and 7 percent of our Rental Tools segment.

2)	Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

3)	As of December 31, 2011, this segment had not begun generating revenue.

4)	This category includes corporate assets as well as minimal assets for our Technical Services segment primarily related to office furniture and fixtures.

Operations by Industry Segment


	Year ended December 31,
Operations by Reportable Industry Segment:	2012		2011		2010
	(Dollars in Thousands)
Capital expenditures:
Rental Tools	$	61,958	$	61,702	$	48,872
U.S. Barge Drilling		8,808		7,339		5,315
U.S. Drilling		86,786		99,915		113,177
International Drilling		15,240		15,011		50,482
Corporate		18,751		6,432		1,338

Total capital expenditures	$	191,543	$	190,399	$	219,184

Depreciation and amortization:
Rental Tools		42,944		40,497		36,558
U.S. Barge Drilling		13,906		17,006		22,165
U.S. Drilling		7,011		2,223		—
International Drilling		45,967		48,965		52,429
Corporate and other(1)		3,189		3,445		3,878

Total depreciation and amortization	$	113,017	$	112,136	$	115,030

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.

Operations by Geographical Area


	Year Ended December 31,
Operations by Geographic Area:	2012			2011			2010
	(Dollars in Thousands)
Revenues:
Africa and Middle East	$	26,528		$	6,774		$	22,621
Asia Pacific		39,400			38,477			26,416
CIS		122,304			176,421			149,963
Latin America		103,540			96,810			103,885
United States		386,210			368,164			356,590

Total revenues		677,982			686,646			659,475

Operating gross margin:
Africa and Middle East(1)		(2,234	)		(6,383	)		659
Asia Pacific(1)		(927	)		1,933			2,374
CIS(1)		6,840			26,402			8,139
Latin America(1)		8,990			377			1,210
United States(1)		138,232			134,037			60,785

Total operating gross margin		150,901			156,366			73,167

General and administrative expense		(46,052	)		(31,314	)		(30,728	)
Impairments and other charges		—			(170,000	)		—
Provision for reduction in carrying value of certain assets		—			(1,350	)		(1,952	)
Gain on disposition of assets, net		1,974			3,659			4,620

Total operating income (loss)		106,823			(42,639	)		45,107
Interest expense		(33,542	)		(22,594	)		(26,805	)
Changes in fair value of derivative positions		55			(110	)		—
Loss on extinguishment of debt		(2,130	)		—			(7,209	)
Other		(229	)		(69	)		412

Income (loss) from continuing operations before income taxes	$	70,977		$	(65,412	)	$	11,505

Long-lived assets:(2)
Africa and Middle East	$	25,032		$	28,427
Asia Pacific		15,723			18,300
CIS		106,774			119,282
Latin America		63,899			57,710
United States		574,730			496,090

Total long-lived assets	$	786,158		$	719,809

1)	Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

2)	Long-lived assets primarily consist of property, plant and equipment, net and exclude assets held for sale, if any.

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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