Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEET

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CONSOLIDATED BALANCE SHEET (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 87,886 $ 97,869
Accounts and notes receivable, net of allowance for bad debts of $8,117 in 2012 and $1,544 in 2011 168,562 183,923
Rig materials and supplies 28,860 29,947
Deferred costs 1,089 3,249
Deferred income taxes 8,742 6,650
Other tax assets 33,524 25,358
Assets held for sale 11,550 5,315
Other current assets 12,821 15,302
Total current assets 353,034 367,613
Property, plant and equipment, at cost:    
Drilling equipment 1,165,924 1,094,366
Rental tools 337,874 310,429
Buildings, land and improvements 38,736 33,817
Other 56,819 57,111
Construction in progress 190,445 194,362
Property plant and equipment net 1,789,798 1,690,085
Less accumulated depreciation and amortization 1,003,640 970,276
Property, plant and equipment, net 786,158 719,809
Other assets:    
Rig materials and supplies 8,980 10,395
Debt issuance costs 8,863 7,025
Deferred income taxes 95,295 108,311
Other assets 3,403 3,093
Total other assets 116,541 128,824
Total assets 1,255,733 1,216,246
Current liabilities:    
Current portion of long-term debt 10,000 145,723
Accounts payable 62,090 76,706
Accrued liabilities 75,656 58,544
Accrued income taxes 4,120 4,837
Total current liabilities 151,866 285,810
Long-term debt 469,205 337,000
Other long-term liabilities 23,182 33,452
Long-term deferred tax liability 20,847 15,934
Commitments and contingencies (Note 13)      
Stockholders' equity:    
Preferred stock, $1 par value, 1,942,000 shares authorized, no shares outstanding      
Common stock, $0.16 2/3 par value, authorized 280,000,000 shares, issued and outstanding, 118,968,396 shares (117,061,203 shares in 2011) 19,818 19,508
Capital in excess of par value 646,217 637,042
Accumulated deficit (74,631) (111,944)
Total controlling interest stockholders' equity 591,404 544,606
Noncontrolling interest (771) (556)
Total equity 590,633 544,050
Total liabilities and stockholders' equity $ 1,255,733 $ 1,216,246