| Results of Operations by Reportable Segment |
The following table represents the results of operations by reportable segment:
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Three Months Ended
September 30, |
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Nine Months Ended
September 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 |
$ |
89,614 |
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$ |
59,947 |
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$ |
228,718 |
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$ |
191,233 |
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U.S. Barge Drilling |
33,919 |
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33,142 |
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102,085 |
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94,269 |
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U.S. Drilling |
18,693 |
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— |
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48,238 |
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— |
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International Drilling(1)
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88,562 |
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68,503 |
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236,394 |
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224,176 |
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Technical Services |
6,974 |
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3,709 |
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15,483 |
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11,117 |
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Total revenues |
237,762 |
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165,301 |
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630,918 |
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520,795 |
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Operating gross margin(2):
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Rental Tools |
25,816 |
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27,032 |
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72,470 |
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91,885 |
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U.S. Barge Drilling |
12,236 |
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11,042 |
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37,657 |
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29,215 |
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U.S. Drilling |
103 |
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(4,712 |
) |
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(4,618 |
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(7,881 |
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International Drilling |
9,831 |
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783 |
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12,815 |
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21,395 |
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Technical Services |
153 |
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(107 |
) |
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584 |
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(118 |
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Total operating gross margin |
48,139 |
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34,038 |
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118,908 |
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134,496 |
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General and administrative expense |
(14,188 |
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(8,905 |
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(49,449 |
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(21,822 |
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Gain on disposition of assets, net |
1,094 |
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606 |
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2,759 |
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2,466 |
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Total operating income |
35,045 |
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25,739 |
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72,218 |
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115,140 |
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Interest expense |
(13,127 |
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(8,171 |
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(33,874 |
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(25,133 |
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Interest income |
130 |
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30 |
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2,392 |
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109 |
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Loss on extinguishment of debt |
(5,218 |
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(117 |
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(5,218 |
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(1,766 |
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Changes in fair value of derivative positions |
— |
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19 |
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54 |
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8 |
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Other |
400 |
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26 |
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333 |
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62 |
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Income before income taxes |
$ |
17,230 |
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$ |
17,526 |
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$ |
35,905 |
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$ |
88,420 |
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September 30, 2013 |
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December 31, 2012 |
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Identifiable assets: |
(Dollars in Thousands) |
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Rental Tools |
$ |
375,900 |
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$ |
194,600 |
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U.S. Barge Drilling |
84,402 |
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99,409 |
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U.S. Drilling |
367,020 |
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374,794 |
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International Drilling |
466,356 |
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414,546 |
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Total identifiable assets |
1,293,678 |
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1,083,349 |
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Corporate assets (3)
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241,702 |
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172,384 |
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Total assets |
$ |
1,535,380 |
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$ |
1,255,733 |
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(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.
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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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(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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