SEGMENT REPORTING

6 Months Ended

Jun. 30, 2011

SEGMENT REPORTING

NOTE 7 – SEGMENT REPORTING

We report our financial results under four reporting segments, consisting of Asia Pacific, Atlantic, Middle East and Corporate. Our Corporate segment primarily reflects corporate personnel and activities, incentive compensation programs and other costs. Costs incurred in our Corporate segment are generally fully allocated to our other segments. We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reporting segments are measured based on operating income, which is defined as revenues reduced by total costs and expenses and equity in income (loss) of unconsolidated affiliates. Summarized financial information is shown in the following tables:

	Three Months Ended June  30,						Six Months Ended June  30,
	2011			2010			2011			2010
	(Unaudited) (In thousands)
Revenues:
Asia Pacific	$	547,833		$	224,078		$	1,022,646		$	444,944
Atlantic		52,552			48,328			92,446			102,594
Middle East		249,416			354,738			633,949			584,488
Total revenues	$	849,801		$	627,144		$	1,749,041		$	1,132,026
Segment revenues include the following intersegment transfers and eliminations:
Atlantic	$	217		$	5,234		$	297		$	9,042
Middle East		—			330			—			330
Eliminations		(217	)		(5,564	)		(297	)		(9,372	)
Total adjustments and eliminations	$	—		$	—		$	—		$	—
Operating income:
Asia Pacific	$	58,511		$	30,484		$	97,390		$	75,105
Atlantic		(16,607	)		(23,369	)		(34,244	)		(26,716	)
Middle East		41,875			91,027			120,931			122,940
Total operating income	$	83,779		$	98,142		$	184,077		$	171,329
Capital expenditures:
Asia Pacific	$	11,431		$	701		$	38,417		$	7,184
Atlantic		54,148			22,338			82,900			32,681
Middle East		5,781			22,016			13,492			51,593
Corporate		6,336			4,149			6,873			6,158
Total capital expenditures(1)	$	77,696		$	49,204		$	141,682		$	97,616
Depreciation and amortization:
Asia Pacific	$	6,616		$	3,698		$	12,352		$	9,083
Atlantic		3,448			4,658			7,241			9,747
Middle East		6,566			6,503			13,929			11,404
Corporate		2,944			4,177			6,577			7,589
Total depreciation and amortization	$	19,574		$	19,036		$	40,099		$	37,823

⁽¹⁾  Total capital expenditures excludes $6.9 million and $10.5 million in accrued capital expenditures for the six months ended June 30, 2011 and 2010, respectively.

	June 30, 2011		December 31, 2010
	(Unaudited)
	(In thousands)
Segment assets:
Asia Pacific	$	838,350	$	564,403
Atlantic		362,076		265,607
Middle East		854,925		1,302,398
Corporate		559,961		378,969
Total continuing operations		2,615,312		2,511,377
Total discontinued operations		91,985		87,311
Total assets	$	2,707,297	$	2,598,688