Discontinued Operations

3 Months Ended

Dec. 31, 2011

Discontinued Operations

Discontinued Operations

2. Discontinued Operations

On June 30, 2010, the Official Gazette of Venezuela published the Decree of Venezuelan President Hugo Chavez, which authorized the “forceful acquisition” of eleven rigs owned by our Venezuelan subsidiary.  The Decree also authorized the seizure of “all the personal and real property and other improvements” used by our Venezuelan subsidiary in its drilling operations.  The seizing of our assets became effective June 30, 2010 and met the criteria established for recognition as discontinued operations under accounting standards for presentation of financial statements.  Therefore, operations from the Venezuelan subsidiary, an operating segment within the International Land segment, have been classified as discontinued operations in our Consolidated Condensed Financial Statements.

Summarized operating results from discontinued operations are as follows:

	Three Months Ended
	December 31,
	2011			2010
	(in thousands)
Revenue	$	—		$	—
Loss before income taxes	(11		)	(215		)
Income tax benefit	—			—
Loss from discontinued operations	$	(11	)	$	(215	)

Significant categories of assets and liabilities from discontinued operations are as follows:

	December 31,		September 30,
	2011		2011
	(in thousands)
Other current assets	$	7,777	$	7,529
Total assets	$	7,777	$	7,529
Total current liabilities	$	5,171	$	4,979
Total noncurrent liabilities	2,606		2,550
Total liabilities	$	7,777	$	7,529

Other current assets consist of restricted cash to meet remaining in-country current obligations.  Liabilities consist of municipal and income taxes payable and social obligations due within the country of Venezuela.