Investment in Unconsolidated Affiliates

Note 11 Investments in Unconsolidated Affiliates

Our principal investment in unconsolidated affiliates accounted for using the equity method include drilling and workover operations located in Saudi Arabia (51% ownership). This unconsolidated affiliate is integral to our operations. See Note 18—Related-Party Transactions for additional information. During 2011 and 2012, we sold our equity interests in unconsolidated oil and gas joint ventures.

Combined condensed financial data for investments in unconsolidated affiliates, including assets classified as held for sale, are summarized as follows:

	December 31,

	2013		2012
	(In thousands)
Current assets	$	442,703	$	174,977
Long-term assets	$	138,222	$	161,207
Current liabilities	$	440,585	$	194,504
Long-term liabilities	$	4,169	$	3,389

	Year Ended December 31,

	2013		2012			2011
			Revised			Revised
	(In thousands)
Gross revenues	$	562,101	$	657,362		$	760,257
Gross margin	$	46,446	$	107,035		$	205,502
Net income (loss)	$	1,088	$	(624,172	)	$	327,760
Nabors' earnings (losses) from unconsolidated affiliates(1)(2)	$	39	$	(288,718	)	$	85,448

(1): Nabors' earnings (losses) from unconsolidated affiliates included in discontinued operations, net of tax was $76.5 million for the year ended December 31, 2011.
(2): As more fully described in Note 2, our earnings (losses) from affiliates was revised by $12.6 million and $28.8 million, respectively, for the years ended December 31, 2012 and 2011.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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