SEGMENT REPORTING

9 Months Ended

Sep. 30, 2011

SEGMENT REPORTING

NOTE 8 – 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 September 30,						Nine Months  Ended September 30,
	2011			2010			2011			2010
	(Unaudited) (In thousands)
Revenues:
Asia Pacific	$	528,453		$	277,394		$	1,551,099		$	722,338
Atlantic		74,683			32,818			167,129			135,412
Middle East		276,758			421,883			910,707			1,006,371
Total revenues	$	879,894		$	732,095		$	2,628,935		$	1,864,121
Segment revenues include the following intersegment transfers and eliminations:
Atlantic	$	—		$	9,181		$	297		$	18,223
Middle East		—			—			—			330
Eliminations		—			(9,181	)		(297	)		(18,553	)
Total adjustments and eliminations	$	—		$	—		$	—		$	—
Operating income (loss):
Asia Pacific	$	44,960		$	23,054		$	142,350		$	98,159
Atlantic		(37,020	)		(41,459	)		(71,264	)		(68,175	)
Middle East		27,276			102,708			148,207			225,648
Total operating income	$	35,216		$	84,303		$	219,293		$	255,632
Capital expenditures:
Asia Pacific	$	20,924		$	8,071		$	59,341		$	15,255
Atlantic		46,649			24,009			129,549			56,690
Middle East		17,522			3,007			31,014			54,600
Corporate		5,095			3,852			11,968			10,010
Total capital expenditures(1)	$	90,190		$	38,939		$	231,872		$	136,555
Depreciation and amortization:
Asia Pacific	$	6,621		$	3,829		$	18,973		$	12,912
Atlantic		3,494			4,295			10,735			14,042
Middle East		7,600			7,361			21,529			18,765
Corporate		2,086			4,116			8,663			11,705
Total depreciation and amortization	$	19,801		$	19,601		$	59,900		$	57,424

⁽¹⁾  Total capital expenditures exclude $9.5 million and $4.9 million in accrued capital expenditures for the nine months ended September 30, 2011 and 2010, respectively.

	September 30, 2011		December 31, 2010
	(Unaudited)
	(In thousands)
Segment assets:
Asia Pacific	$	699,366	$	564,403
Atlantic		380,249		265,607
Middle East		967,082		1,302,398
Corporate		616,159		378,969
Total continuing operations		2,662,856		2,511,377
Total discontinued operations		96,945		87,311
Total assets	$	2,759,801	$	2,598,688