SEGMENT REPORTING

3 Months Ended

Mar. 31, 2012

SEGMENT REPORTING

NOTE 8 – SEGMENT REPORTING

We report our financial results under a geographic-based reporting structure, which coincides with how our financial information is reviewed and evaluated on a regular basis by our chief operating decision maker. Accordingly, we have three reporting segments consisting of Asia Pacific, Atlantic and the Middle East. We also report certain corporate and other non-operating activities under the heading “Corporate and Other.”

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 March 31,
	2012			2011
	(Unaudited) (In thousands)
Revenues(1):
Asia Pacific	$	297,035		$	474,813
Atlantic		99,604			39,894
Middle East		331,039			384,533
Total revenues	$	727,678		$	899,240
Operating income:
Asia Pacific	$	57,434		$	38,879
Atlantic		(11,993	)		(17,637	)
Middle East		34,735			79,056
Total operating income	$	80,176		$	100,298
Capital expenditures(2):
Asia Pacific	$	16,565		$	26,986
Atlantic		11,875			28,752
Middle East		15,776			7,711
Corporate and Other		535			537
Total capital expenditures	$	44,751		$	63,986
Depreciation and amortization:
Asia Pacific	$	4,857		$	5,736
Atlantic		7,184			3,793
Middle East		7,494			7,363
Corporate and Other		3,741			3,633
Total depreciation and amortization	$	23,276		$	20,525

⁽¹⁾ Intersegment transactions included in revenues were not significant for either of the periods presented.

⁽²⁾  Total capital expenditures exclude approximately $13 million and $4 million in accrued capital expenditures for the three months ended March 31, 2012 and 2011, respectively.

	March 31, 2012		December 31, 2011
	(Unaudited)
	(In thousands)
Segment assets:
Asia Pacific	$	1,065,504	$	934,134
Atlantic		326,337		419,258
Middle East		1,185,590		1,065,478
Corporate and other		487,963		515,176
Total continuing operations		3,065,394		2,934,046
Total discontinued operations		—		58,768
Total assets	$	3,065,394	$	2,992,814