v2.3.0.15

Segment Information | 9 Months Ended
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Sep. 30, 2011
Segment Information [Abstract] |
Segment Information | Note 15 - Segment Information In connection with the Merger, we evaluated our then current core assets and operations, which consisted of seven drillships, 20 semisubmersible rigs and 48 jackup rigs, including rigs under construction, and organized them into three segments based on water depth operating capabilities. Accordingly, we now consider our business to consist of three reportable segments: (1) Deepwater, which consists of our drillships and semisubmersible rigs capable of drilling in water depths of 4,500 feet or greater, (2) Midwater, which consists of our semisubmersible rigs capable of drilling in water depths of 4,499 feet or less and (3) Jackup, which consists of our jackup rigs capable of operating in water depths up to 400 feet. Each of our three reportable segments provides one service, contract drilling. We also manage the drilling operations for two deepwater rigs and own one barge rig, which are included in "Other." Segment information for the three-month and nine-month periods ended September 30, 2011 and 2010 is presented below. General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment. Prior year information has been reclassified to conform to the current year presentation. Three Months Ended September 30, 2011
| Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total
Revenues | $ 440.4 |  | $121.3 |  | $ 330.1 |  | $ 23.8 |  | $ 915.6 |  | $ -- |  | $ 915.6 |
Operating expenses Contract drilling (exclusive of depreciation) | 233.0 |  | 72.1 |  | 154.7 |  | 17.7 |  | 477.5 |  | -- |  | 477.5 |
Depreciation | 73.5 |  | 15.7 |  | 44.2 |  | 0.6 |  | 134.0 |  | 1.8 |  | 135.8 |
General and administrative | -- |  | -- |  | -- |  | -- |  | -- |  | 40.8 |  | 40.8 |
Operating income (loss) | $ 133.9 |  | $ 33.5 |  | $ 131.2 |  | $ 5.5 |  | $ 304.1 |  | $(42.6 | ) | $ 261.5 |
Property and equipment, net | $8,981.7 |  | $904.1 |  | $2,376.7 |  | $ 26.6 |  | $12,289.1 |  | $ 22.6 |  | $12,311.7 |
Three Months Ended September 30, 2010
| Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total
Revenues | $ 110.5 |  | $ -- |  | $ 317.8 |  | $ -- |  | $ 428.3 |  | $ -- |  | $ 428.3 |
Operating expenses Contract drilling (exclusive of depreciation) | 48.0 |  | -- |  | 145.6 |  | 0.5 |  | 194.1 |  | -- |  | 194.1 |
Depreciation | 11.7 |  | -- |  | 43.2 |  | 0.4 |  | 55.3 |  | .3 |  | 55.6 |
General and administrative | -- |  | -- |  | -- |  | -- |  | -- |  | 20.6 |  | 20.6 |
Operating income (loss) | $ 50.8 |  | $ -- |  | $ 129.0 |  | $ (0.9 | ) | $ 178.9 |  | $(20.9 | ) | $ 158.0 |
Property and equipment, net | $2,769.8 |  | $ -- |  | $2,197.5 |  | $ 14.8 |  | $4,982.1 |  | $ 4.0 |  | $4,986.1 |
Nine Months Ended September 30, 2011
| Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total
Revenues | $ 770.8 |  | $157.5 |  | $ 882.7 |  | $ 30.3 |  | $ 1,841.3 |  | $ -- |  | $ 1,841.3 |
Operating expenses Contract drilling (exclusive of depreciation) | 385.0 |  | 95.0 |  | 450.4 |  | 25.0 |  | 955.4 |  | -- |  | 955.4 |
Depreciation | 123.7 |  | 20.9 |  | 129.8 |  | 1.5 |  | 275.9 |  | 2.9 |  | 278.8 |
General and administrative | -- |  | -- |  | -- |  | -- |  | -- |  | 118.3 |  | 118.3 |
Operating income (loss) | $ 262.1 |  | $ 41.6 |  | $ 302.5 |  | $ 3.8 |  | $ 610.0 |  | $(121.2 | ) | $ 488.8 |
Property and equipment, net | $8,981.7 |  | $904.1 |  | $2,376.7 |  | $26.6 |  | $12,289.1 |  | $ 22.6 |  | $12,311.7 |
Nine Months Ended September 30, 2010
| Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total
Revenues | $ 361.8 |  | $ -- |  | $ 926.5 |  | $ -- |  | $1,288.3 |  | $ -- |  | $1,288.3 |
Operating expenses Contract drilling (exclusive of depreciation) | 139.5 |  | -- |  | 429.7 |  | 13.3 |  | 582.5 |  | -- |  | 582.5 |
Depreciation | 31.2 |  | -- |  | 125.2 |  | 1.9 |  | 158.3 |  | .9 |  | 159.2 |
General and administrative | -- |  | -- |  | -- |  | -- |  | -- |  | 63.2 |  | 63.2 |
Operating income (loss) | $ 191.1 |  | $ -- |  | $ 371.6 |  | $(15.2 | ) | $ 547.5 |  | $(64.1 | ) | $ 483.4 |
Property and equipment, net | $2,769.8 |  | $ -- |  | $2,197.5 |  | $ 14.8 |  | $4,982.1 |  | $ 4.0 |  | $4,986.1 |
Information about Geographic Areas As of September 30, 2011, the geographic distribution of our drilling rigs by operating segment was as follows:
| Deepwater | Midwater | Jackup | Other | Total | *
North & South America (excl. Brazil) | 6 | -- | 15 | -- | 21 |
Brazil | 6 | 5 | -- | -- | 11 |
Europe & Mediterranean | 1 | -- | 9 | -- | 10 |
Middle East & Africa | 3 | 1 | 12 | -- | 16 |
Asia & Pacific Rim | 1 | -- | 10 | 1 | 12 |
Asia & Pacific Rim (under construction) | 4 | -- | 2 | -- | 6 |
Total | 21 | 6 | 48 | 1 | 76 |
* | We have two deepwater drilling management contracts not included in the table above. In October 2011, we entered into an agreement with Keppel FELS Limited to construct an ultra-high specification harsh environment jackup rig, which is not included in the table above.
Certain of our drilling rigs in the U.S. Gulf of Mexico have been or may be further affected by the regulatory developments and other actions that have or may be imposed by the U.S. Department of the Interior, including the regulations issued on September 30, 2010. Utilization and day rates for certain of our drilling rigs have been negatively influenced due to regulatory requirements and delays in our customers' ability to secure drilling permits. Current or future notices to lessees or other directives and regulations may further impact our customers' ability to obtain permits and commence or continue deepwater or shallow-water operations in the U.S. Gulf of Mexico. Additionally, regulatory or customer requirements relating to blowout prevention equipment certification, inspection and testing may adversely impact our revenues. During the three-month and nine-month periods ended September 30, 2011, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $251.3 million and $539.4 million, or 27% and 29%, of our consolidated revenues, respectively. Of these amounts, 74% and 68% were provided by our deepwater drilling operations in the U.S. Gulf of Mexico for the three-month and nine-month periods ended September 30, 2011, respectively. Prolonged actual or de facto delays, moratoria or suspensions of drilling activity in the U.S. Gulf of Mexico and associated new regulatory, legislative or permitting requirements in the U.S. or elsewhere could materially adversely affect our financial condition, operating results or cash flows.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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