| Reportable Segments |
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Three Months Ended
June 30, |
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Six Months Ended
June 30,
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Operations by Reportable Industry Segment
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2012 |
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2011 |
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2012 |
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2011 |
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(Dollars in Thousands) |
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(Dollars in Thousands) |
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Revenues:
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Rental Tools
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$ |
65,002 |
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$ |
58,490 |
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$ |
131,286 |
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$ |
110,809 |
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U.S. Barge Drilling
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33,292 |
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26,060 |
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61,127 |
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41,980 |
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U.S. Drilling(2)
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— |
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— |
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— |
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— |
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International Drilling
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76,923 |
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79,725 |
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155,673 |
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149,661 |
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Technical Services
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3,708 |
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8,537 |
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7,408 |
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16,903 |
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Construction Contract
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— |
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— |
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— |
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9,638 |
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Total revenues
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178,925 |
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172,812 |
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355,494 |
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328,991 |
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Operating gross margin:
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Rental Tools(1)
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31,251 |
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30,566 |
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64,853 |
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54,664 |
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U.S. Barge Drilling(1)
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11,014 |
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4,451 |
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18,171 |
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1,769 |
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U.S. Drilling(1)
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(1,623 |
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(340 |
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(3,170 |
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(681 |
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International Drilling(1)
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6,056 |
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2,816 |
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20,615 |
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2,123 |
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Technical Services(1)
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(258 |
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1,789 |
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(11 |
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3,355 |
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Construction Contract(1)
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— |
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1,515 |
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— |
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771 |
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Total operating gross margin
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46,440 |
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40,797 |
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100,458 |
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62,001 |
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General and administrative expense
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(7,420 |
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(7,948 |
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(12,917 |
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(14,752 |
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Gain on disposition of assets, net
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1,368 |
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366 |
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1,860 |
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1,370 |
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Total operating income
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40,388 |
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33,215 |
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89,401 |
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48,619 |
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Interest expense
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(8,925 |
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(5,755 |
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(16,962 |
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(11,616 |
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Interest income
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53 |
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133 |
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79 |
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179 |
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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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— |
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Changes in fair value of derivative positions
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38 |
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(137 |
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(11 |
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(137 |
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Other
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20 |
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123 |
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36 |
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134 |
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Income before income taxes
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$ |
29,925 |
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$ |
27,579 |
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$ |
70,894 |
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$ |
37,179 |
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| (1) |
Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
| (2) |
As of June 30, 2012, this segment had not begun generating revenue. |
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