Subsequent Events

3 Months Ended

Dec. 31, 2014

SUBSEQUENT EVENTS

Subsequent Events

16.Subsequent Events

Due to the decline in oil prices, our customers are reducing their drilling activity.  As a result, in the U.S. Land segment we have received termination notices for rigs that were under long-term contracts at December 31, 2014.  Given the current trend, we could have less than 200 rigs active in the U.S. Land segment by March 31, 2015 and early termination revenue could exceed $60 million during the second quarter of fiscal 2015.  We expect to have approximately $8 million of early termination revenue in our International Land segment as one early termination has been received.  We are also having ongoing discussions with a customer regarding the possibility of an additional rig contract being terminated early.