Note 4 — Assets Held for Sale

Assets held for sale of $5.3 million as of December 31, 2011 was comprised of the net book value of three land rigs and related inventory. We have received a down payment on these assets and associated inventories and consummation of the sales is expected to be completed during 2012. The three rigs are part of our Eastern Hemisphere fleet and have historically been included in the international drilling segment. We expect the carrying amount of the assets, less costs to sell, will be fully recoverable through sale of the assets.