Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Components of Net Income from Discontinued Operations, Net of Tax

The following table provides the components of net income from discontinued operations, net of tax:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Revenues
Contract drilling services	$	136,548		$	417,948		$	993,253		$	1,194,684
Reimbursables		2,398			11,923			21,899			33,260
Labor contract drilling services		2,946			8,467			19,304			26,150
Other		1			28			2			94
Revenues from discontinued operations	$	141,893		$	438,366		$	1,034,458		$	1,254,188
(Loss) income from discontinued operations:
(Loss) income from discontinued operations before income taxes	$	(3,292	)	$	138,669		$	229,482		$	326,731
Income tax expense		(16,922	)		(21,979	)		(53,950	)		(52,666	)
Net (loss) income from discontinued operations, net of tax	$	(20,214	)	$	116,690		$	175,532		$	274,065

Schedule of Carrying Value of Major Categories of Assets and Liabilities

The carrying value of the major categories of assets and liabilities of Paragon Offshore immediately preceding the Spin-Off on August 1, 2014, which are excluded from our Consolidated Balance Sheet at September 30, 2014, were as follows:

ASSETS
Current assets
Cash and cash equivalents	$	104,152
Accounts receivable		362,100
Prepaid expenses and other current assets		90,089
Total current assets of discontinued operations		556,341
Property and equipment, at cost		5,615,831
Accumulated depreciation		(2,640,943	)
Property and equipment, net		2,974,888
Other assets		84,894
Total assets of discontinued operations	$	3,616,123
LIABILITIES
Current liabilities
Accounts payable	$	132,446
Accrued payroll and related costs		64,580
Other current liabilities		103,769
Total current liabilities of discontinued operations		300,795
Long-term debt		1,726,750
Other liabilities		171,718
Total liabilities of discontinued operations	$	2,199,263