Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

(12) Segment Information

Business Segments

Prior to the sale of the liftboats and related assets during the first quarter of 2012, the Company had three reportable segments: subsea and well enhancement, drilling products and services, and marine. On March 30, 2012, the Company sold the assets of its marine segment, and the segment’s business has been accounted for as discontinued operations. The subsea and well enhancement segment provides production-related services used to enhance, extend and maintain oil and gas production, which includes hydraulic fracturing, high pressure pumping, cementing, fluid handling and well servicing rigs, coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and specialized pressure control tools and services; stimulation and sand control tools and services, integrated subsea construction and technical engineering solutions, and end-of-life services. The subsea and well enhancement segment also includes production handling arrangements, as well as the production and sale of oil and gas. The drilling products and services segment rents and sells stabilizers, drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and bolting and machining services.

Certain previously reported segment information has been adjusted due to the disposal of the marine segment and the derrick barge from the subsea and well enhancement segment. The operating results and the loss on the sale of the marine segment and the derrick barge have been accounted for as discontinued operations. Summarized financial information for the Company’s segments for the three months ended March 31, 2012 and 2011 is shown in the following tables (in thousands):

Three Months Ended March 31, 2012

	Subsea and		Drilling
	Well		Products and					Consolidated
	Enhancement		Services		Unallocated			Total
Revenues	$	777,480	$	189,357	$	—		$	966,837
Cost of services (exclusive of items shown separately below)		484,201		62,566		—			546,767
Depreciation, depletion, amortization and accretion		66,436		36,160		—			102,596
General and administrative expenses		142,619		33,402		—			176,021
Income from operations		84,224		57,229		—			141,453
Interest income (expense), net		1,181		—		(30,987	)		(29,806	)
Losses from equity-method investments, net		—		—		(287	)		(287	)
Income (loss) from continuing operations before income taxes	$	85,405	$	57,229	$	(31,274	)	$	111,360

Three Months Ended March 31, 2011

	Subsea and		Drilling
	Well		Products and					Consolidated
	Enhancement		Services		Unallocated			Total
Revenues	$	256,727	$	128,270	$	—		$	384,997
Cost of services (exclusive of items shown separately below)		170,325		46,697		—			217,022
Depreciation, depletion, amortization and accretion		25,261		30,563		—			55,824
General and administrative expenses		54,983		29,632		—			84,615
Income from operations		6,158		21,378		—			27,536
Interest income (expense), net		1,109		—		(13,261	)		(12,152	)
Earnings from equity-method investments, net		—		—		27			27
Income (loss) from continuing operations before income taxes	$	7,267	$	21,378	$	(13,234	)	$	15,411

Identifiable Assets

	Subsea and		Drilling
	Well		Products and						Consolidated
	Enhancement		Services		Marine		Unallocated		Total
March 31, 2012	$	6,399,545	$	999,262	$	—	$	69,551	$	7,468,358
December 31, 2011	$	2,863,550	$	947,679	$	164,444	$	72,472	$	4,048,145

Geographic Segments

The Company attributes revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or leased. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. The Company’s information by geographic area is as follows (in thousands):

        Revenues:

	Three Months Ended March 31,
	2012		2011
United States	$	795,771	$	288,957
Other Countries		171,066		96,040
Total	$	966,837	$	384,997

        Long-Lived Assets:

	March 31, 2012		December 31, 2011
United States	$	2,318,773	$	1,060,483
Other Countries		447,537		446,885
Total, net	$	2,766,310	$	1,507,368