| Results of Operations by Reportable Segment |
The following table represents the results of operations by reportable segment:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
Operations by Reportable Industry Segment |
2013 |
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2012 |
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2013 |
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2012 |
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(Dollars in Thousands) |
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(Dollars in Thousands) |
Revenues: |
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Rental Tools |
$ |
82,022 |
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$ |
65,002 |
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$ |
139,105 |
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$ |
131,286 |
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U.S. Barge Drilling |
38,301 |
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33,292 |
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68,165 |
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61,127 |
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U.S. Drilling |
17,910 |
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— |
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29,545 |
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— |
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International Drilling(1)
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83,182 |
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76,923 |
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147,832 |
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155,673 |
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Technical Services |
4,586 |
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3,708 |
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8,509 |
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7,408 |
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Total revenues |
226,001 |
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178,925 |
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393,156 |
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355,494 |
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Operating gross margin: |
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Rental Tools(2)
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25,149 |
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31,251 |
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46,656 |
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64,853 |
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U.S. Barge Drilling(2)
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16,660 |
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11,014 |
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25,417 |
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18,171 |
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U.S. Drilling(2)
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(666 |
) |
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(1,623 |
) |
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(4,719 |
) |
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(3,170 |
) |
International Drilling(2)
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8,925 |
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6,056 |
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2,983 |
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20,615 |
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Technical Services(2)
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104 |
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(258 |
) |
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432 |
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(11 |
) |
Total operating gross margin |
50,172 |
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46,440 |
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70,769 |
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100,458 |
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General and administrative expense |
(22,378 |
) |
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(7,420 |
) |
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(35,261 |
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(12,917 |
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Gain on disposition of assets, net |
517 |
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1,368 |
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1,665 |
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1,860 |
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Total operating income |
28,311 |
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40,388 |
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37,173 |
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89,401 |
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Interest expense |
(10,741 |
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(8,925 |
) |
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(20,747 |
) |
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(16,962 |
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Changes in fair value of derivative positions |
17 |
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38 |
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54 |
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(11 |
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Interest income |
2,203 |
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53 |
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2,251 |
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79 |
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Loss on extinguishment of debt |
— |
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(1,649 |
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— |
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(1,649 |
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Other |
(183 |
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20 |
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(56 |
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36 |
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Income before income taxes |
$ |
19,607 |
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$ |
29,925 |
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$ |
18,675 |
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$ |
70,894 |
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Operations by Reportable Industry Segment |
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June 30, 2013 |
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December 31, 2012 |
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Identifiable assets: |
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Rental Tools |
$ |
368,371 |
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$ |
194,600 |
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U.S. Barge Drilling |
111,711 |
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99,409 |
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U.S. Drilling |
340,773 |
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374,794 |
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International Drilling |
487,005 |
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414,546 |
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Total identifiable assets |
1,307,860 |
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1,083,349 |
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Corporate assets (3)
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128,677 |
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172,384 |
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Total assets |
$ |
1,436,537 |
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$ |
1,255,733 |
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(1) |
In the second quarter of 2013, our largest customer, Exxon Neftegas Limited (ENL), constituted 13.9% of our total consolidated revenues and approximately 37.7% of our International Drilling segment. In the second quarter of 2012, no single customer contributed 10% or more of 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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