Asset Sales and Impairment

12 Months Ended

Dec. 31, 2014

Asset Sales and Impairment [Abstract]

ASSET SALES AND IMPAIRMENT

In March 2013, the Company recorded an impairment to some of its equipment held in inventory following a determination that the current market value of the equipment, consisting primarily of pipe, was less than the cost. The carrying value was reduced by $0.2 million on the consolidated balance sheet, and a corresponding charge was recorded to the consolidated statement of operations for the year ended December 31, 2013.

In December 2012, the Company recorded an impairment to reduce the remaining balance of its drilling rig parts held in inventory to zero following a determination that there was no current market for these parts. The carrying value of the inventory was reduced to zero and a charge of $0.4 million was recorded to the consolidated statement of operations. In addition, the Company recorded a loss of approximately $0.1 million on certain other equipment that was sold during 2012.