Parker Drilling (PKDC) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PKD
Entity Registrant Name	PARKER DRILLING CO /DE/
Entity Central Index Key	76,321
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		123,160,399

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 116,943	$ 108,456
Accounts and Notes Receivable, net of allowance for bad debts of $10,304 at June 30, 2015 and $11,188 at December 31, 2014.	235,834	270,952
Rig materials and supplies	44,274	47,943
Deferred costs	7,281	5,673
Deferred income taxes	5,818	7,476
Other tax assets	12,826	10,723
Other current assets	20,962	18,556
Total current assets	443,938	469,779
Property, plant and equipment, net of accumulated depreciation of $1,255,131 at June 30, 2015 and $1,201,058 at December 31, 2014.	865,291	895,940
Goodwill (Note 3)	6,708	0
Intangible assets, net (Note 3)	15,945	4,286
Debt issuance costs	12,973	12,526
Deferred income taxes	154,463	122,689
Other noncurrent assets	22,360	15,439
Total assets	1,521,678	1,520,659
Current liabilities:
Current portion of long-term debt	0	10,000
Accounts payable and accrued liabilities	176,247	154,479
Accrued income taxes	12,594	14,186
Total current liabilities	188,841	178,665
Long-term debt	585,000	605,000
Other long-term liabilities	19,184	18,665
Long-term deferred tax liability	69,793	52,115
Stockholders’ equity:
Common stock	20,510	20,325
Capital in excess of par value	668,712	666,769
Accumulated deficit	(34,972)	(24,165)
Accumulated other comprehensive income	(485)	(498)
Total controlling interest stockholders’ equity	653,765	662,431
Noncontrolling interest	5,095	3,783
Total equity	658,860	666,214
Total liabilities and stockholders’ equity	$ 1,521,678	$ 1,520,659

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for bad debts	$ 10,304	$ 11,188
Accumulated depreciation and amortization on property, plant and equipment	$ 1,255,131	$ 1,201,058

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 185,941	$ 254,234	$ 390,017	$ 483,459
Expenses:
Operating expenses	143,569	174,569	282,839	340,594
Depreciation and amortization	38,351	36,180	78,890	70,517
Total expenses	181,920	210,749	361,729	411,111
Total operating gross margin	4,021	43,485	28,288	72,348
General and administration expense	(9,511)	(7,007)	(20,348)	(15,971)
Other Asset Impairment Charges	(2,316)	0	(2,316)	0
Gain (loss) on disposition of assets, net	(138)	1,019	2,303	890
Total operating income (loss)	(7,944)	37,497	7,927	57,267
Other income and (expense):
Interest expense	(11,396)	(10,599)	(22,474)	(22,638)
Interest income	19	88	202	120
Loss on extinguishment of debt	0	(479)	0	(30,152)
Other	(1,529)	1,032	(2,909)	1,927
Total other expense	(12,906)	(9,958)	(25,181)	(50,743)
Income (loss) before income taxes	(20,850)	27,539	(17,254)	6,524
Income tax (benefit)	(6,916)	11,702	(7,098)	3,079
Net income (loss)	(13,934)	15,837	(10,156)	3,445
Less: Net income attributable to noncontrolling interest	95	156	651	313
Net income (loss) attributable to controlling interest	$ (14,029)	$ 15,681	$ (10,807)	$ 3,132
Basic earnings per share	$ (0.11)	$ 0.13	$ (0.09)	$ 0.03
Diluted earnings per share	$ (0.11)	$ 0.13	$ (0.09)	$ 0.03
Number of common shares used in computing earnings per share:
Basic	122,481,425	121,078,359	122,175,511	120,726,004
Diluted	122,481,425	122,764,247	122,175,511	122,586,056

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Comprehensive income:
Net income (loss)	$ (13,934)	$ 15,837	$ (10,156)	$ 3,445
Other comprehensive income (loss), net of tax:
Currency translation difference on related borrowings	647	336	(1,023)	(468)
Currency translation difference on foreign currency net investments	1,723	(188)	874	511
Total other comprehensive income (loss), net of tax:	2,370	148	(149)	43
Comprehensive income (loss)	(11,659)	15,905	(10,794)	3,254
Comprehensive (income) attributable to noncontrolling interest	(95)	(80)	(489)	(234)
Comprehensive income (loss) attributable to controlling interest	$ (11,564)	$ 15,985	$ (10,305)	$ 3,488

CONSOLIDATED CONDENSED STATEME6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - Entity [Domain] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (10,156)	$ 3,445
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	78,890	70,517
Accretion Expense	306	0
Loss on extinguishment of debt	0	30,152
Other Asset Impairment Charges	2,316	0
(Gain) loss on disposition of assets	(2,303)	(890)
Deferred income tax benefit	(17,126)	8,358
Expenses not requiring cash	5,308	8,748
Accounts and notes receivable	39,683	(1,066)
Other assets	(7,352)	(777)
Accounts payable and accrued liabilities	14,763	5,789
Accrued income taxes	(1,236)	(3,987)
Net cash provided by operating activities	103,093	103,573
Cash flows from investing activities:
Capital expenditures	(54,605)	(106,188)
Proceeds from the sale of assets	288	3,346
Proceeds from insurance settlements	2,500	0
Payments to Acquire Businesses, Net of Cash Acquired	(10,431)	0
Net cash (used in) investing activities	(62,248)	(102,842)
Cash flows from financing activities:
Proceeds from issuance of debt	0	400,000
Repayments of long-term debt	(30,000)	(430,000)
Payments of debt issuance costs	(1,359)	(7,425)
Payments of debt extinguishment costs	0	(26,214)
Excess tax benefit (expense) from stock based compensation	(999)	665
Net cash (used in) financing activities	(32,358)	(62,974)
Net increase (decrease) in cash and cash equivalents	8,487	(62,243)
Cash and cash equivalents, beginning of year	108,456	148,689
Cash and cash equivalents, end of period	116,943	86,446
Supplemental cash flow information:
Interest paid	20,805	21,315
Income taxes paid	$ 16,436	$ 13,673

General

General	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
General	General In the opinion of the management of Parker Drilling Company (Parker Drilling or the Company), the accompanying unaudited consolidated condensed financial statements reflect all adjustments normally recurring which we believe are necessary for a fair presentation of: (1) Parker Drilling’s financial position as of June 30, 2015 and December 31, 2014 , (2) Parker Drilling’s results of operations for the three and six month periods ended June 30, 2015 and 2014 , (3) Parker Drilling’s consolidated condensed statement of comprehensive income for the three and six month periods ended June 30, 2015 and 2014 , and (4) Parker Drilling’s cash flows for the six month periods ended June 30, 2015 and 2014 . Results for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results that will be realized for the year ending December 31, 2015 . The financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 . Nature of Operations — Parker Drilling provides drilling services and rental tools to the energy industry. We have operated in over 50 countries since beginning operations in 1934, making us among the most geographically experienced drilling contractors and rental tools providers in the world. We currently have operations in 23 countries. We believe we are an industry leader in quality, health, safety and environmental practices. Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. Effective with the first quarter of 2015, we aligned our reportable segments with our two core business lines and our current internal organizational structure. We report our Rental Tools Services business as one reportable segment (Rental Tools) and report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. In our Drilling Services business, we own and operate drilling rigs and drilling-related equipment and also perform drilling-related services, referred to as operations and maintenance (O&M) services, on a contracted basis for operators who own their own drilling rigs, but choose Parker Drilling to operate the rigs for them. In addition, we provide other project management services, such as engineering and related services during concept development, pre-FEED (Front End Engineering Design) and FEED phases of customer-owned drilling facility projects. We have extensive experience and expertise in drilling geologically difficult wells and in managing the logistical and technological challenges of operating in remote, harsh and ecologically sensitive areas. Our U.S. (Lower 48) Drilling segment includes our Gulf of Mexico (GOM) barge drilling fleet and United States (U.S.) based O&M services. Our GOM barge drilling fleet operates barge rigs that drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama, and Texas. The majority of these wells are drilled in water depths of 6 to 12 feet. Our International & Alaska Drilling segment includes operations related to Parker-owned and customer-owned rigs as well as project related services. Our Rental Tools Services business provides premium rental equipment and services to exploration and production companies, drilling contractors and service companies on land and offshore in the U.S. and select international markets. Tools we provide include drill collars, standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, and pressure control equipment including blow-out preventers (BOPs). We also provide well construction services which include tubular running services and downhole tools and well intervention services which include whipstock, fishing products and services, as well as inspection and machine shop support. Consolidation — The consolidated financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent interest in an entity but Parker Drilling’s interest in the subsidiary or the entity does not meet the consolidation criteria described above, then that interest is accounted for under the equity method. In the second quarter of 2015 we recognized through other income and expense a $0.9 million loss related to the divestiture of our controlling interest in a joint venture. Noncontrolling Interest — We apply accounting standards related to noncontrolling interests for ownership interests in our subsidiaries held by parties other than Parker Drilling. The entities that comprise the noncontrolling interest include ITS Arabia Limited and ITS Egypt SAE. We report noncontrolling interest as equity on the consolidated balance sheets and report net income (loss) attributable to controlling interest and to noncontrolling interest separately on the consolidated statements of operations. Reclassifications — Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results. Revenue Recognition — Drilling revenues and expenses, comprised of daywork drilling contracts, call-outs against master service agreements and engineering and related project service contracts, are recognized as services are performed and collection is reasonably assured. For certain contracts, we receive payments contractually designated for the mobilization of rigs and other drilling equipment. Mobilization payments received, and direct costs incurred for the mobilization, are deferred and recognized over the primary term of the related drilling contract; however, costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. Reimbursements received for out-of-pocket expenses are recorded as both revenues and direct costs. For contracts that are terminated prior to the specified term, early termination payments received by us are recognized as revenues when all contractual requirements are met. Revenues from rental activities are recognized ratably over the rental term which is generally less than six months. Our project related services contracts include engineering, consulting, and project management scopes of work and revenue is typically recognized on a time and materials basis. Reimbursable Costs — The Company recognizes reimbursements received for out-of-pocket expenses incurred as revenues and accounts for out-of-pocket expenses as direct operating costs. Such amounts totaled $27.8 million and $21.8 million for the three months ended June 30, 2015 and 2014 , respectively, and $47.5 million and $38.2 million for the six months ended June 30, 2015 and 2014 , respectively. Additionally, the Company typically receives a nominal handling fee, which is recognized as earned revenues in our consolidated statement of operations. Use of Estimates — The preparation of financial statements in accordance with accounting policies generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, mobilization and deferred mobilization, self-insured medical/dental plans, income taxes and valuation allowance, and other items requiring the use of estimates. Estimates are based on a number of variables which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates. Purchase price allocation — We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. See Note 2 - Acquisitions for further discussion. Goodwill — We account for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. We are required to test goodwill for impairment on an annual basis, and more frequently when negative conditions or other triggering events arise. See Note 3 - Goodwill and Intangible Assets for further discussion. Intangible Assets — Our intangible assets are related to trademarks, trade names, customer relationships, and developed technology, which were acquired through acquisition and are generally amortized over a weighted average period of approximately three to six years. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss. See Note 3 - Goodwill and Intangible Assets for further discussion. Concentrations of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of major, independent, national and international oil and gas companies and integrated service providers. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers. Our largest customer, Exxon Neftegas Limited (ENL) , constituted approximately 26.0 percent of our revenues for the six months ended June 30, 2015 . Each of our segments depends on a limited number of key customers and the loss of any one or more key customers could have a material adverse effect on a segment. At June 30, 2015 and December 31, 2014 , we had deposits in domestic banks in excess of federally insured limits of approximately $66.8 million and $59.3 million , respectively. In addition, as of June 30, 2015 and December 31, 2014 , we had deposits in foreign banks that were not insured of $51.7 million and $54.4 million , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets Goodwill and Intangible Assets (Notes)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill and Intangible Assets We account for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. As part of the 2M-Tek Acquisition we recognized $6.7 million of goodwill and acquired definite-lived intangible assets with an acquisition date fair value of $13.5 million . As part of the ITS Acquisition, we acquired definite-lived intangible assets with an acquisition date fair value of $8.5 million . All of the Company's goodwill and intangible assets are allocated to the Rental Tools segment. Goodwill The change in the carrying amount of goodwill for the period ended June 30, 2015 is as follows: Dollars in thousands Goodwill Balance at December 31, 2014 $ — Acquisition 6,708 Balance at June 30, 2015 $ 6,708 Of the total amount of goodwill recognized, zero is expected to be deductible for income tax purposes. Intangible Assets Intangible Assets consist of the following: As of June 30, 2015 Dollars in thousands Estimated Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortized intangible assets: Developed Technology 6 $ 11,630 $ (485 ) $ 11,145 Customer Relationships 3 5,400 (3,940 ) 1,460 Trademarks and trade names 5 4,940 (1,600 ) 3,340 Total Amortized intangible assets $ 21,970 $ (6,025 ) $ 15,945 Amortization expense was $1.2 million and $0.6 million for three months ended June 30, 2015 and 2014, and $1.8 million and $1.3 million for the six months ended June 30, 2015 and 2014, respectively. Our remaining intangibles amortization expense for the next five years is presented below: Dollars in thousands Expected future intangible amortization expense 2015 $ 2,408 2016 $ 3,549 2017 $ 2,860 2018 $ 2,306 2019 $ 2,306 Beyond 2019 $ 2,516

Earnings per share (EPS)

Earnings per share (EPS)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per share (EPS)	Earnings per share (EPS) Three Months Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ (14,029,000 ) 122,481,425 $ (0.11 ) Effect of dilutive securities: Restricted stock units — — — Diluted EPS $ (14,029,000 ) 122,481,425 $ (0.11 ) Six Months Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ (10,807,000 ) 122,175,511 $ (0.09 ) Effect of dilutive securities: Restricted stock units — — — Diluted EPS $ (10,807,000 ) 122,175,511 $ (0.09 ) Three Months Ended June 30, 2014 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 15,681,000 121,078,359 $ 0.13 Effect of dilutive securities: Restricted stock units — 1,685,888 — Diluted EPS $ 15,681,000 122,764,247 $ 0.13 Six Months Ended June 30, 2014 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 3,132,000 120,726,004 $ 0.03 Effect of dilutive securities: Restricted stock units — 1,860,052 — Diluted EPS $ 3,132,000 122,586,056 $ 0.03 For the three and six months ended June 30, 2015 , all common shares potentially issuable in connection with outstanding restricted stock unit awards have been excluded from the calculation of diluted EPS as the company incurred a loss during the three and six month periods, and therefore, inclusion of such potential common shares in the calculation would be anti-dilutive. For the three and six months ended June 30, 2014 , weighted-average shares outstanding used in our computation of diluted EPS includes the dilutive effect of common shares potentially issuable in connection with outstanding restricted stock unit awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income consisted of the following: Dollars in thousands Foreign Currency Items December 31, 2014 $ (498 ) Current period other comprehensive income (loss) 13 June 30, 2015 $ (485 ) No amounts were reclassified out of accumulated other comprehensive income for the three and six months ended June 30, 2015 .

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. Effective with the first quarter of 2015, we aligned our reportable segments with our two core business lines and our current internal organizational structure. We report our Rental Tools Services business as one reportable segment (Rental Tools) and report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We eliminate inter-segment revenue and expenses. The following table represents the results of operations by reportable segment: Three Months Ended June 30, Six Months Ended June 30, Dollars in thousands 2015 2014 2015 2014 Revenues: (1) U.S. (Lower 48) Drilling $ 6,848 $ 46,085 $ 20,945 $ 81,872 International & Alaska Drilling 114,969 120,980 228,890 233,910 Rental Tools 64,124 87,169 140,182 167,677 Total revenues 185,941 254,234 390,017 483,459 Operating gross margin: (2) U.S. (Lower 48) Drilling (7,552 ) 17,808 (13,274 ) 26,548 International & Alaska Drilling 6,844 7,913 24,208 14,689 Rental Tools 4,729 17,764 17,354 31,111 Total operating gross margin 4,021 43,485 28,288 72,348 General and administrative expense (9,511 ) (7,007 ) (20,348 ) (15,971 ) Provision for reduction in carrying value of certain assets (2,316 ) — (2,316 ) — Gain (loss) on disposition of assets, net (138 ) 1,019 2,303 890 Total operating income (7,944 ) 37,497 7,927 57,267 Interest expense (11,396 ) (10,599 ) (22,474 ) (22,638 ) Interest income 19 88 202 120 Loss on extinguishment of debt — (479 ) — (30,152 ) Other income (loss) (1,529 ) 1,032 (2,909 ) 1,927 Income (loss) from continuing operations before income taxes $ (20,850 ) $ 27,539 $ (17,254 ) $ 6,524 (1) For the six months ended June 30, 2015 , our largest customer, Exxon Neftegas Limited (ENL) , constituted approximately 26.0 percent of our total consolidated revenues and approximately 44.3 percent of our International & Alaska Drilling segment revenues. For the six months ended June 30, 2014 , our largest customer, ENL , constituted approximately 17.9 percent of our total consolidated revenues and approximately 37.1 percent of our International & Alaska Drilling segment revenues. (2) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

Accounting for Uncertainty in I

Accounting for Uncertainty in Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes We apply the accounting guidance related to accounting for uncertainty in income taxes. This guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. At June 30, 2015 , we had a liability for unrecognized tax benefits of $8.2 million (which includes $3.6 million of benefits which would favorably impact our effective tax rate upon recognition), primarily related to foreign operations. At June 30, 2014 , we had a liability for unrecognized tax benefits of $10.4 million ( $5.8 million of which, if recognized, would favorably impact our effective tax rate). In addition, we recognize interest and penalties that could be applied to uncertain tax positions in periodic income tax expense. As of June 30, 2015 and December 31, 2014 , we had approximately $3.6 million and $3.3 million , respectively, of accrued interest and penalties related to uncertain tax positions. Management believes the Company is properly reserved with respect to accounting for uncertainty in income taxes.

Income Tax Benefit_Expense

Income Tax Benefit/Expense	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Benefit/Expense	Income Tax Benefit/Expense During the second quarter of 2015 we had an income tax benefit of $6.9 million compared to an expense of $11.7 million for the second quarter of 2014 . The current period income tax benefit is primarily due to a pre-tax loss in the second quarter of 2015 compared with pre-tax earnings for the second quarter of 2014 .

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following table illustrates our debt portfolio as of June 30, 2015 and December 31, 2014 : Dollars in thousands June 30, December 31, 6.75% Senior Notes, due July 2022 $ 360,000 $ 360,000 7.50% Senior Notes, due August 2020 225,000 225,000 Term Note, due December 2017 — 30,000 Total debt 585,000 615,000 Less current portion (1) — 10,000 Total long-term debt $ 585,000 $ 605,000 (1) Current portion of the Term Loan. 6.75% Senior Notes, due July 2022 On January 22, 2014 , we issued $360.0 million aggregate principal amount of 6.75% Senior Notes due 2022 (6.75% Notes) pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Net proceeds from the 6.75% Notes offering plus a $40.0 million Term Loan draw under the Amended and Restated Senior Secured Credit Agreement (2012 Secured Credit Agreement) and cash on hand were utilized to purchase $416.2 million aggregate principal amount of our outstanding 9.125% Senior Notes due 2018 (9.125% Notes) pursuant to a tender and consent solicitation offer commenced on January 7, 2014. See further discussion of the tender and consent solicitation offer below entitled " 9.125% Senior Notes, due April 2018". The 6.75% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 6.75% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the Second Amended and Restated Senior Secured Credit Agreement (2015 Secured Credit Agreement) and our 7.50% Senior Notes due 2020 (7.50% Notes, and collectively with the 6.75% Notes, the Senior Notes). Interest on the 6.75% Notes is payable on January 15 and July 15 of each year, beginning July 15, 2014. Debt issuance costs related to the 6.75% Notes of approximately $7.6 million ( $6.6 million net of amortization as of June 30, 2015 ) are being amortized over the term of the notes using the effective interest rate method. At any time prior to January 15, 2017, we may redeem up to 35 percent of the aggregate principal amount of the 6.75% Notes at a redemption price of 106.75 percent of the principal amount, plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings by us. On and after January 15, 2018, we may redeem all or a part of the 6.75% Notes upon appropriate notice, at a redemption price of 103.375 percent of the principal amount, and at redemption prices decreasing each year thereafter to par beginning January 15, 2020. If we experience certain changes in control, we must offer to repurchase the 6.75% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture restricts our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 7.50% Senior Notes, due August 2020 On July 30, 2013 , we issued $225.0 million aggregate principal amount of the 7.50% Notes pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Net proceeds from the 7.50% Notes offering were primarily used to repay the $125.0 million aggregate principal amount of a term loan used to initially finance the ITS Acquisition, to repay $45.0 million of Term Loan borrowings under the 2012 Secured Credit Agreement and for general corporate purposes. The 7.50% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 7.50% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the 2015 Secured Credit Agreement and the 6.75% Notes. Interest on the 7.50% Notes is payable on February 1 and August 1 of each year, beginning February 1, 2014. Debt issuance costs related to the 7.50% Notes of approximately $5.6 million ( $4.3 million , net of amortization as of June 30, 2015 ) are being amortized over the term of the notes using the effective interest rate method. At any time prior to August 1, 2016, we may redeem up to 35 percent of the aggregate principal amount of the 7.50% Notes at a redemption price of 107.50 percent of the principal amount, plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings by us. On and after August 1, 2016, we may redeem all or a part of the 7.50% Notes upon appropriate notice, at a redemption price of 103.750 percent of the principal amount, and at redemption prices decreasing each year thereafter to par beginning August 1, 2018. If we experience certain changes in control, we must offer to repurchase the 7.50% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture restricts our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 9.125% Senior Notes, due April 2018 On March 22, 2010 , we issued $300.0 million aggregate principal amount of the 9.125% Notes and on April 25, 2012, we issued an additional $125.0 million aggregate principal amount of 9.125% Notes. On January 7, 2014, we commenced a tender and consent solicitation with respect to the 9.125% Notes. The tender offer price was $1,061.98 , inclusive of a $30.00 consent payment for each $1,000 principal amount of 9.125% Notes, plus accrued and unpaid interest. On January 22, 2014, we paid $453.7 million for the tendered 9.125% Notes, comprised of $416.2 million of aggregate principal amount of the 9.125% Notes, $25.8 million of tender and consent premiums and $11.7 million of accrued interest. On April 1, 2014, we redeemed the remaining $8.8 million aggregate principal amount of the outstanding 9.125% Notes for a purchase price of $9.6 million , inclusive of a $0.4 million call premium and $0.4 million interest. During the year ended December 31, 2014, we recorded a loss on extinguishment of debt of approximately $30.2 million , which included the tender and consent premiums of $25.8 million , the call premium of $0.4 million and the write-off of unamortized debt issuance costs of $7.7 million , offset by the write-off of the remaining unamortized debt issuance premium of $3.8 million . 2015 Secured Credit Agreement On January 26, 2015 we entered into the 2015 Secured Credit Agreement, which amended and restated the 2012 Secured Credit Agreement. The 2015 Secured Credit Agreement is comprised of a $200.0 million revolving credit facility (2015 Revolver) and matures on January 26, 2020. At the closing of the 2015 Secured Credit Agreement, we repaid the outstanding $30.0 million of Term Loan borrowings under the 2012 Secured Credit Agreement with a $30.0 million draw under the 2015 Revolver. We incurred debt issuance costs related to the 2015 Secured Credit Agreement of approximately $1.4 million and had approximately $0.8 million of remaining debt issuance costs for the 2012 Secured Credit agreement. The total debt issuance costs of $2.2 million ( $2.0 million , net of amortization as of June 30, 2015 ) are being amortized over the term of the 2015 Secured Credit Agreement on a straight line basis. On June 1, 2015, we executed the first amendment to the 2015 Secured Credit Agreement in order to amend certain provisions of the 2015 Secured Credit Agreement regarding the definition of “Change of Control”. Our obligations under the 2015 Secured Credit Agreement are guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, each of which has executed guaranty agreements, and are secured by first priority liens on our accounts receivable, specified rigs including barge rigs in the GOM and land rigs in Alaska, and rental equipment of the Company and its subsidiary guarantors. The 2015 Secured Credit Agreement contains customary affirmative and negative covenants, such as limitations on indebtedness, liens, restrictions on entry into certain affiliate transactions and payments (including payment of dividends) and maintenance of certain ratios and coverage tests (including a minimum asset coverage ratio of 1.25:1.00 at each quarter end). We were in compliance with all such covenants as of June 30, 2015 . Our 2015 Revolver is available for general corporate purposes and to support letters of credit. Interest on 2015 Revolver loans accrues at a Base Rate plus an Applicable Rate or LIBOR plus an Applicable Rate. The Applicable Rate ranges from 2.50 percent to 3.00 percent per annum for LIBOR rate loans and from 1.50 percent to 2.00 percent per annum for base rate loans, determined by reference to the consolidated leverage ratio (as defined in the 2015 Secured Credit Agreement). Revolving loans are available subject to a quarterly Asset Coverage Ratio calculation based on the Orderly Liquidation Value of certain specified rigs including barge rigs in the GOM and land rigs in Alaska, and rental equipment of the Company and its subsidiary guarantors and a percentage of eligible domestic accounts receivable. The $30.0 million draw at the closing of the 2015 Secured Credit Agreement was repaid in full during the first quarter of 2015 with cash on-hand. Letters of credit outstanding against the 2015 Revolver as of June 30, 2015 totaled $12.8 million . 2012 Secured Credit Agreement The 2012 Secured Credit Agreement consisted of an $80.0 million revolving credit facility (2012 Revolver) and a $50.0 million term loan (Term Loan). Our obligations under the 2012 Secured Credit Agreement were guaranteed by substantially all of our direct and indirect domestic subsidiaries other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, each of which had executed guaranty agreements, and were secured by first priority liens on our accounts receivable, specified barge rigs and rental equipment. The 2012 Secured Credit Agreement contained customary affirmative and negative covenants and would have matured on December 14, 2017 . 2012 Revolver Our 2012 Revolver was available for general corporate purposes and to support letters of credit. Interest on 2012 Revolver loans accrued at a Base Rate plus an Applicable Rate or LIBOR plus an Applicable Rate. Under the 2012 Secured Credit Agreement, the Applicable Rate ranged from 2.50 percent to 3.00 percent per annum for LIBOR rate loans and from 1.50 percent to 2.00 percent per annum for base rate loans, determined by reference to the consolidated leverage ratio (as defined in the 2012 Secured Credit Agreement). Revolving loans were available subject to a borrowing base calculation based on a percentage of eligible accounts receivable, certain specified barge drilling rigs and rental equipment of the Company and its subsidiary guarantors. There were no revolving loans outstanding at December 31, 2014 . Letters of credit outstanding against the 2012 Revolver as of December 31, 2014 totaled $11.0 million . Term Loan The Term Loan originated at $50.0 million on December 14, 2012 and required quarterly principal payments of $2.5 million , which began March 31, 2013 . Interest on the Term Loan accrued at a Base Rate plus 2.00 percent or LIBOR plus 3.00 percent . In July 2013, we repaid the outstanding balance of $45.0 million of the Term Loan and amended the 2012 Secured Credit Agreement to permit re-borrowing of up to $45.0 million of the Term Loan, decreasing by $2.5 million at the end of each quarter beginning September 30, 2013 and ending March 31, 2014. In January 2014 we re-borrowed $40.0 million of the Term Loan. The outstanding balance on the Term Loan at December 31, 2014 was $30.0 million . At the closing of the 2015 Secured Credit Agreement, we repaid the Term Loan with a $30.0 million draw under the 2015 Revolver.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain of our assets and liabilities are required to be measured at fair value on a recurring basis. For purposes of recording fair value adjustments for certain financial and non-financial assets and liabilities, and determining fair value disclosures, we estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. The fair value measurement and disclosure requirements of FASB Accounting Standards Codification Topic No. 820, Fair Value Measurement and Disclosures (ASC 820) requires inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: • Level 1 — Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 — Direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets; • Level 3 — Unobservable inputs that require significant judgment for which there is little or no market data. When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the entire measurement even though we may also have utilized significant inputs that are more readily observable. The amounts reported in our consolidated balance sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value. Fair value of our debt instruments is determined using Level 2 inputs. Fair values and related carrying values of our debt instruments were as follows for the periods indicated: June 30, 2015 December 31, 2014 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term Debt 6.75% Notes $ 360,000 $ 310,500 $ 360,000 $ 270,000 7.50% Notes 225,000 205,875 225,000 180,000 Total $ 585,000 $ 516,375 $ 585,000 $ 450,000 Market conditions could cause an instrument to be reclassified from Level 1 to Level 2, or Level 2 to Level 3. There were no transfers between levels of the fair value hierarchy or any changes in the valuation techniques used during the six months ended June 30, 2015 .

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We are a party to various lawsuits and claims arising out of the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount or range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ significantly from our estimates. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. Customs Agent and Foreign Corrupt Practices Act (FCPA) Settlement On April 16, 2013, the Company and the Department of Justice (DOJ) entered into a deferred prosecution agreement (DPA), under which the DOJ will defer for three years prosecuting the Company for criminal violations of the anti-bribery provisions of the FCPA relating to the Company’s retention and use of an individual agent in Nigeria with respect to certain customs-related issues, in return for: (i) the Company’s acceptance of responsibility for, and agreement not to contest or contradict the truthfulness of, the statement of facts and allegations that have been filed in a United States District Court concurrently with the DPA; (ii) the Company’s payment of an approximately $11.76 million fine; (iii) the Company’s reaffirming its commitment to compliance with the FCPA and other applicable anti-corruption laws in connection with the Company’s operations, and continuing cooperation with domestic and foreign authorities in connection with the matters that are the subject of the DPA; (iv) the Company’s commitment to continue to address any identified areas for improvement in the Company’s internal controls, policies and procedures relating to compliance with the FCPA and other applicable anti-corruption laws if, and to the extent, not already addressed; and (v) the Company’s agreement to report to the DOJ in writing annually during the term of the DPA regarding remediation of the matters that are the subject of the DPA, implementation of any enhanced internal controls, and any evidence of improper payments the Company may have discovered during the term of the agreement. If the Company remains in compliance with the terms of the DPA throughout its effective period, the charge against the Company will be dismissed with prejudice. The Company also settled a related civil complaint filed by the Securities and Exchange Commission (SEC) in a United States District Court. The Company has provided the DOJ annual written reports in connection with the DPA.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements On June 12, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-10, Technical Corrections and Improvements, which contains amendments that will affect a wide variety of topics in the Codification. The amendments in this Update will apply to all reporting entities within the scope of the affected accounting guidance. Transition guidance varies based on the amendments in the Update. The amendments in the Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this Update. We plan to adopt the standard and are in the process of assessing the impact of the adoption of ASU 2015-10 on our financial position, results of operations and cash flows. On April 7, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. Early adoption is permitted. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. We plan to adopt the standard on a retrospective basis effective January 1, 2016 and expect that it will result in the netting of our deferred financing costs against long-term debt balances on the consolidated balance sheets for the periods presented. There will be no impact to the manner in which deferred financing costs are amortized in our consolidated financial statements. On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. ASU 2014-09 was initially scheduled to be effective for the first quarter of 2017, however, on April 1, 2015, the FASB proposed to defer the effective date by one year and the proposal was accepted during the second quarter of 2015. ASU 2014-09 is now scheduled to be effective for entities beginning after December 15, 2017. We are in the process of assessing the impact of the adoption of ASU 2014-09 on our financial position, results of operations and cash flows. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

Parent, Guarantor, Non-Guaranto

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements	Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The 2015 Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions: • in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; • in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; • if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary; • if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or • upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture). There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the Company complies with the exception to Rule 3-10(a)(1) of Regulation S-X, set forth in sub-paragraph (f) of such rule. All guarantor subsidiaries are owned 100 percent by the parent company. We are providing unaudited consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of June 30, 2015 and December 31, 2014 and for three and six months ended June 30, 2015 and 2014 , respectively. The consolidating condensed financial statements present investments in both consolidated and unconsolidated subsidiaries using the equity method of accounting. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 42,153 $ 20,496 $ 54,294 $ — $ 116,943 Accounts and notes receivable, net (33 ) 73,014 162,853 — 235,834 Rig materials and supplies — (2,715 ) 46,989 — 44,274 Deferred costs — — 7,281 — 7,281 Deferred income taxes — 4,748 1,070 — 5,818 Other tax assets 5,085 (4,065 ) 11,806 — 12,826 Other current assets — 8,825 12,137 — 20,962 Total current assets 47,205 100,303 296,430 — 443,938 Property, plant and equipment, net (19 ) 575,087 290,223 — 865,291 Goodwill — 6,708 — — 6,708 Intangible assets, net — 12,893 3,052 — 15,945 Investment in subsidiaries and intercompany advances 3,109,359 2,630,665 2,994,328 (8,734,352 ) — Other noncurrent assets (327,236 ) 425,106 258,565 (166,639 ) 189,796 Total assets $ 2,829,309 $ 3,750,762 $ 3,842,598 $ (8,900,991 ) $ 1,521,678 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ — $ — $ — $ — $ — Accounts payable and accrued liabilities 77,632 92,994 308,926 (303,305 ) 176,247 Accrued income taxes (3,322 ) 11,659 4,257 — 12,594 Total current liabilities 74,310 104,653 313,183 (303,305 ) 188,841 Long-term debt 585,000 — — — 585,000 Other long-term liabilities 2,867 6,893 9,424 — 19,184 Long-term deferred tax liability — 71,957 (2,164 ) — 69,793 Intercompany payables 1,512,881 1,392,937 1,562,481 (4,468,299 ) — Total liabilities 2,175,058 1,576,440 1,882,924 (4,771,604 ) 862,818 Total equity 654,251 2,174,322 1,959,674 (4,129,387 ) 658,860 Total liabilities and stockholders’ equity $ 2,829,309 $ 3,750,762 $ 3,842,598 $ (8,900,991 ) $ 1,521,678 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 36,728 $ 13,546 $ 58,182 $ — $ 108,456 Accounts and notes receivable, net (33 ) 96,100 174,885 — 270,952 Rig materials and supplies — (1,473 ) 49,416 — 47,943 Deferred costs — — 5,673 — 5,673 Deferred income taxes — 6,131 1,345 — 7,476 Other tax assets 19,885 (18,273 ) 9,111 — 10,723 Other current assets — 7,999 10,557 — 18,556 Total current assets 56,580 104,030 309,169 — 469,779 Property, plant and equipment, net (19 ) 589,055 306,904 — 895,940 Intangible assets, net — — 4,286 — 4,286 Investment in subsidiaries and intercompany advances 3,060,867 2,441,527 2,464,502 (7,966,896 ) — Other noncurrent assets (440,918 ) 490,597 268,537 (167,562 ) 150,654 Total assets $ 2,676,510 $ 3,625,209 $ 3,353,398 $ (8,134,458 ) $ 1,520,659 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 10,000 $ — $ — $ — $ 10,000 Accounts payable and accrued liabilities 77,603 71,645 309,344 (304,113 ) 154,479 Accrued income taxes (4,061 ) 10,109 8,138 — 14,186 Total current liabilities 83,542 81,754 317,482 (304,113 ) 178,665 Long-term debt 605,000 — — — 605,000 Other long-term liabilities 2,867 7,135 8,663 — 18,665 Long-term deferred tax liability — 56,105 (3,990 ) — 52,115 Intercompany payables 1,322,172 1,311,405 1,204,768 (3,838,345 ) — Total liabilities 2,013,581 1,456,399 1,526,923 (4,142,458 ) 854,445 Total equity 662,929 2,168,810 1,826,475 (3,992,000 ) 666,214 Total liabilities and stockholders’ equity $ 2,676,510 $ 3,625,209 $ 3,353,398 $ (8,134,458 ) $ 1,520,659 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three months ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues — 63,276 162,703 (40,038 ) 185,941 Operating expenses — 35,627 147,980 (40,038 ) 143,569 Depreciation and amortization — 23,958 14,393 — 38,351 Total operating gross margin — 3,691 330 — 4,021 General and administration expense (1) (891 ) (12,924 ) 4,304 — (9,511 ) Provision for reduction in carrying value of certain assets — — (2,316 ) — (2,316 ) (Loss) on disposition of assets, net — (6 ) (132 ) — (138 ) Total operating income (loss) (891 ) (9,239 ) 2,186 — (7,944 ) Other income and (expense): Interest expense (11,066 ) (323 ) (3,010 ) 3,003 (11,396 ) Interest income 165 3 2,854 (3,003 ) 19 Other — 11 (1,540 ) — (1,529 ) Equity in net earnings of subsidiaries (8,392 ) — — 8,392 — Total other income (expense) (19,293 ) (309 ) (1,696 ) 8,392 (12,906 ) Income (loss) before income taxes (20,184 ) (9,548 ) 490 8,392 (20,850 ) Total income tax expense (benefit) (6,155 ) (2,361 ) 1,600 — (6,916 ) Net income (loss) (14,029 ) (7,187 ) (1,110 ) 8,392 (13,934 ) Less: Net income attributable to noncontrolling interest — — 95 — 95 Net income (loss) attributable to controlling interest $ (14,029 ) $ (7,187 ) $ (1,205 ) $ 8,392 $ (14,029 ) (1) General and administration expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Three Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 143,171 $ 155,832 $ (44,769 ) $ 254,234 Operating expenses — 80,929 138,409 (44,769 ) 174,569 Depreciation and amortization — 21,008 15,172 — 36,180 Total operating gross margin — 41,234 2,251 — 43,485 General and administration expense (1) (234 ) (6,355 ) (418 ) — (7,007 ) Gain (loss) on disposition of assets, net — 512 507 — 1,019 Total operating income (loss) (234 ) 35,391 2,340 — 37,497 Other income and (expense): Interest expense (11,299 ) (35 ) (1,913 ) 2,648 (10,599 ) Interest income 96 201 2,439 (2,648 ) 88 Loss on extinguishment of debt (479 ) — — — (479 ) Other — 57 975 — 1,032 Equity in net earnings of subsidiaries 20,659 — — (20,659 ) — Total other income (expense) 8,977 223 1,501 (20,659 ) (9,958 ) Income (loss) before income taxes 8,743 35,614 3,841 (20,659 ) 27,539 Income tax expense (benefit) (6,938 ) 13,466 5,174 — 11,702 Net income (loss) 15,681 22,148 (1,333 ) (20,659 ) 15,837 Less: Net income attributable to noncontrolling interest — — 156 — 156 Net income (loss) attributable to controlling interest $ 15,681 $ 22,148 $ (1,489 ) $ (20,659 ) $ 15,681 (1) General and administration expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 142,672 $ 313,633 $ (66,288 ) $ 390,017 Operating expenses — 79,772 269,355 (66,288 ) 282,839 Depreciation and amortization — 47,268 31,622 — 78,890 Total operating gross margin — 15,632 12,656 — 28,288 General and administration expense (1) (1,004 ) (23,039 ) 3,695 — (20,348 ) Provision for reduction in carrying value of certain assets — — (2,316 ) — (2,316 ) Gain on disposition of assets, net — 45 2,258 — 2,303 Total operating income (loss) (1,004 ) (7,362 ) 16,293 — 7,927 Other income and (expense): Interest expense (22,125 ) (340 ) (3,338 ) 3,329 (22,474 ) Interest income 583 5 2,943 (3,329 ) 202 Other — 20 (2,929 ) — (2,909 ) Equity in net earnings of subsidiaries 597 — — (597 ) — Total other income (expense) (20,945 ) (315 ) (3,324 ) (597 ) (25,181 ) Income (benefit) before income taxes (21,949 ) (7,677 ) 12,969 (597 ) (17,254 ) Total income tax expense (benefit) (11,142 ) (2,809 ) 6,853 — (7,098 ) Net income (loss) (10,807 ) (4,868 ) 6,116 (597 ) (10,156 ) Less: Net income attributable to noncontrolling interest — — 651 — 651 Net income (loss) attributable to controlling interest $ (10,807 ) $ (4,868 ) $ 5,465 $ (597 ) $ (10,807 ) (1) General and administration expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 266,602 $ 304,964 $ (88,107 ) $ 483,459 Operating expenses — 157,477 271,224 (88,107 ) 340,594 Depreciation and amortization — 41,175 29,342 — 70,517 Total operating gross margin — 67,950 4,398 — 72,348 General and administration expense (1) (304 ) (14,819 ) (848 ) — (15,971 ) Gain (loss) on disposition of assets, net (80 ) 432 538 — 890 Total operating income (loss) (384 ) 53,563 4,088 — 57,267 Other income and (expense): Interest expense (24,014 ) (85 ) (4,412 ) 5,873 (22,638 ) Interest income 535 378 5,080 (5,873 ) 120 Extinguishment of debt (30,152 ) — — — (30,152 ) Other — 184 1,743 — 1,927 Equity in net earnings of subsidiaries 31,149 — — (31,149 ) — Total other income (expense) (22,482 ) 477 2,411 (31,149 ) (50,743 ) Income (loss) before income taxes (22,866 ) 54,040 6,499 (31,149 ) 6,524 Total income tax expense (benefit) (25,998 ) 19,849 9,228 — 3,079 Net income (loss) 3,132 34,191 (2,729 ) (31,149 ) 3,445 Less: Net income attributable to noncontrolling interest — — 313 — 313 Net income (loss) attributable to controlling interest $ 3,132 $ 34,191 $ (3,042 ) $ (31,149 ) $ 3,132 (1) General and administration expenses for field operations are included in operating expenses. PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ (14,029 ) $ (7,187 ) $ (1,110 ) $ 8,392 $ (13,934 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 647 — 647 Currency translation difference on foreign currency net investments — — 1,723 — 1,723 Total other comprehensive income (loss), net of tax: — — 2,370 — 2,370 Comprehensive income (loss) (14,029 ) (7,187 ) 1,260 8,392 (11,564 ) Comprehensive (income) attributable to noncontrolling interest — — (95 ) — (95 ) Comprehensive income (loss) attributable to controlling interest $ (14,029 ) $ (7,187 ) $ 1,165 $ 8,392 $ (11,659 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ 15,681 $ 22,148 $ (1,333 ) $ (20,659 ) $ 15,837 Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 336 — 336 Currency translation difference on foreign currency net investments — — (188 ) — (188 ) Total other comprehensive income (loss), net of tax: — — 148 — 148 Comprehensive income (loss) 15,681 22,148 (1,185 ) (20,659 ) 15,985 Comprehensive (income) attributable to noncontrolling interest — — (80 ) — (80 ) Comprehensive income (loss) attributable to controlling interest $ 15,681 $ 22,148 $ (1,265 ) $ (20,659 ) $ 15,905 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ (10,807 ) $ (4,868 ) $ 6,116 $ (597 ) $ (10,156 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (1,023 ) — (1,023 ) Currency translation difference on foreign currency net investments — — 874 — 874 Total other comprehensive income (loss), net of tax: — — (149 ) — (149 ) Comprehensive income (loss) (10,807 ) (4,868 ) 5,967 (597 ) (10,305 ) Comprehensive (income) attributable to noncontrolling interest — — (489 ) — (489 ) Comprehensive income (loss) attributable to controlling interest $ (10,807 ) $ (4,868 ) $ 5,478 $ (597 ) $ (10,794 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ 3,132 $ 34,191 $ (2,729 ) $ (31,149 ) $ 3,445 Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (468 ) — (468 ) Currency translation difference on foreign currency net investments — — 511 — 511 Total other comprehensive income (loss), net of tax: — — 43 — 43 Comprehensive income (loss) 3,132 34,191 (2,686 ) (31,149 ) 3,488 Comprehensive (income) attributable to noncontrolling interest — — (234 ) — (234 ) Comprehensive income (loss) attributable to controlling interest $ 3,132 $ 34,191 $ (2,920 ) $ (31,149 ) $ 3,254 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (10,807 ) $ (4,868 ) $ 6,116 $ (597 ) $ (10,156 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 47,268 31,622 — 78,890 Accretion of contingent consideration — — 306 — 306 Provision for reduction in carrying value of certain assets — — 2,316 — 2,316 Gain on disposition of assets — (45 ) (2,258 ) — (2,303 ) Deferred income tax expense (22,414 ) 6,574 (1,286 ) — (17,126 ) Expenses not requiring cash 4,039 441 828 — 5,308 Equity in net earnings of subsidiaries (597 ) — — 597 — Change in assets and liabilities: Accounts and notes receivable — 27,778 11,905 — 39,683 Other assets (77,427 ) 59,964 10,111 — (7,352 ) Accounts payable and accrued liabilities 29 14,890 (156 ) — 14,763 Accrued income taxes 2,146 229 (3,611 ) — (1,236 ) Net cash provided by (used in) operating activities (105,031 ) 152,231 55,893 — 103,093 Cash flows from investing activities: Capital expenditures — (37,794 ) (16,811 ) — (54,605 ) Proceeds from the sale of assets — 82 206 — 288 Proceeds from insurance settlements — — 2,500 — 2,500 Acquisition, net of cash acquired — (10,431 ) — — (10,431 ) Net cash (used in) investing activities — (48,143 ) (14,105 ) — (62,248 ) Cash flows from financing activities: Repayments of long-term debt (30,000 ) — — — (30,000 ) Payment of debt issuance costs (1,359 ) — — — (1,359 ) Excess tax benefit from stock-based compensation (999 ) — — — (999 ) Intercompany advances, net 142,814 (97,138 ) (45,676 ) — — Net cash provided by (used in) financing activities 110,456 (97,138 ) (45,676 ) — (32,358 ) Net change in cash and cash equivalents 5,425 6,950 (3,888 ) — 8,487 Cash and cash equivalents at beginning of year 36,728 13,546 58,182 — 108,456 Cash and cash equivalents at end of year $ 42,153 $ 20,496 $ 54,294 $ — $ 116,943 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 3,132 $ 34,191 $ (2,729 ) $ (31,149 ) $ 3,445 Adjustments to reconcile net income (loss) Depreciation and amortization — 41,175 29,342 — 70,517 Loss on extinguishment of debt 30,152 — — — 30,152 Gain on disposition of assets 80 (432 ) (538 ) — (890 ) Deferred income tax expense (19,621 ) 8,917 2,346 — (8,358 ) Expenses not requiring cash 7,939 (997 ) 1,806 — 8,748 Equity in net earnings of subsidiaries (31,149 ) — — 31,149 — Change in assets and liabilities: Accounts and notes receivable — (6,132 ) 5,066 — (1,066 ) Other assets 37,589 (51,431 ) 13,065 — (777 ) Accounts payable and accrued liabilities (19,629 ) 20,886 4,532 — 5,789 Accrued income taxes (5,231 ) 9,481 (8,237 ) — (3,987 ) Net cash provided by (used in) operating activities 3,262 55,658 44,653 — 103,573 Cash flows from investing activities: Capital expenditures — (79,374 ) (26,814 ) — (106,188 ) Proceeds from the sale of assets — 1,008 2,338 — 3,346 Net cash (used in) investing activities — (78,366 ) (24,476 ) — (102,842 ) Cash flows from financing activities: Proceeds from debt issuance 400,000 — — — 400,000 Repayments of long-term debt (430,000 ) — — — (430,000 ) Payment of debt issuance costs (7,425 ) — — — (7,425 ) Payment of debt extinguishment costs (26,214 ) — — — (26,214 ) Excess tax benefit from stock-based compensation 665 — — — 665 Intercompany advances, net (2,619 ) 21,836 (19,217 ) — — Net cash provided by (used in) financing activities (65,593 ) 21,836 (19,217 ) — (62,974 ) Net change in cash and cash equivalents (62,331 ) (872 ) 960 — (62,243 ) Cash and cash equivalents at beginning of year 88,697 8,310 51,682 — 148,689 Cash and cash equivalents at end of year $ 26,366 $ 7,438 $ 52,642 $ — $ 86,446

General (Policies)

General (Policies) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Nature of Operations			Nature of Operations — Parker Drilling provides drilling services and rental tools to the energy industry. We have operated in over 50 countries since beginning operations in 1934, making us among the most geographically experienced drilling contractors and rental tools providers in the world. We currently have operations in 23 countries. We believe we are an industry leader in quality, health, safety and environmental practices. Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. Effective with the first quarter of 2015, we aligned our reportable segments with our two core business lines and our current internal organizational structure. We report our Rental Tools Services business as one reportable segment (Rental Tools) and report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. In our Drilling Services business, we own and operate drilling rigs and drilling-related equipment and also perform drilling-related services, referred to as operations and maintenance (O&M) services, on a contracted basis for operators who own their own drilling rigs, but choose Parker Drilling to operate the rigs for them. In addition, we provide other project management services, such as engineering and related services during concept development, pre-FEED (Front End Engineering Design) and FEED phases of customer-owned drilling facility projects. We have extensive experience and expertise in drilling geologically difficult wells and in managing the logistical and technological challenges of operating in remote, harsh and ecologically sensitive areas. Our U.S. (Lower 48) Drilling segment includes our Gulf of Mexico (GOM) barge drilling fleet and United States (U.S.) based O&M services. Our GOM barge drilling fleet operates barge rigs that drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama, and Texas. The majority of these wells are drilled in water depths of 6 to 12 feet. Our International & Alaska Drilling segment includes operations related to Parker-owned and customer-owned rigs as well as project related services. Our Rental Tools Services business provides premium rental equipment and services to exploration and production companies, drilling contractors and service companies on land and offshore in the U.S. and select international markets. Tools we provide include drill collars, standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, and pressure control equipment including blow-out preventers (BOPs). We also provide well construction services which include tubular running services and downhole tools and well intervention services which include whipstock, fishing products and services, as well as inspection and machine shop support.
Consolidation			Consolidation — The consolidated financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent interest in an entity but Parker Drilling’s interest in the subsidiary or the entity does not meet the consolidation criteria described above, then that interest is accounted for under the equity method. In the second quarter of 2015 we recognized through other income and expense a $0.9 million loss related to the divestiture of our controlling interest in a joint venture.
Noncontrolling Interest			Noncontrolling Interest — We apply accounting standards related to noncontrolling interests for ownership interests in our subsidiaries held by parties other than Parker Drilling. The entities that comprise the noncontrolling interest include ITS Arabia Limited and ITS Egypt SAE. We report noncontrolling interest as equity on the consolidated balance sheets and report net income (loss) attributable to controlling interest and to noncontrolling interest separately on the consolidated statements of operations.
Reclassifications [Text Block]			Reclassifications — Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results.
Revenue Recognition			Revenue Recognition — Drilling revenues and expenses, comprised of daywork drilling contracts, call-outs against master service agreements and engineering and related project service contracts, are recognized as services are performed and collection is reasonably assured. For certain contracts, we receive payments contractually designated for the mobilization of rigs and other drilling equipment. Mobilization payments received, and direct costs incurred for the mobilization, are deferred and recognized over the primary term of the related drilling contract; however, costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. Reimbursements received for out-of-pocket expenses are recorded as both revenues and direct costs. For contracts that are terminated prior to the specified term, early termination payments received by us are recognized as revenues when all contractual requirements are met. Revenues from rental activities are recognized ratably over the rental term which is generally less than six months. Our project related services contracts include engineering, consulting, and project management scopes of work and revenue is typically recognized on a time and materials basis.
Reimbursable Costs Policy [Text Block]			Reimbursable Costs — The Company recognizes reimbursements received for out-of-pocket expenses incurred as revenues and accounts for out-of-pocket expenses as direct operating costs. Such amounts totaled $27.8 million and $21.8 million for the three months ended June 30, 2015 and 2014 , respectively, and $47.5 million and $38.2 million for the six months ended June 30, 2015 and 2014 , respectively. Additionally, the Company typically receives a nominal handling fee, which is recognized as earned revenues in our consolidated statement of operations.
Reimbursable Costs	$ 27.8	$ 21.8	$ 47.5	$ 38.2
Use of Estimates			Use of Estimates — The preparation of financial statements in accordance with accounting policies generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, mobilization and deferred mobilization, self-insured medical/dental plans, income taxes and valuation allowance, and other items requiring the use of estimates. Estimates are based on a number of variables which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates.
Business Combination Disclosure [Text Block]			Purchase price allocation — We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. Acquisitions Acquisition of ITS On April 22, 2013 we acquired International Tubular Services Limited (ITS) and related assets (the ITS Acquisition) for an initial purchase price of $101.0 million paid at the closing of the ITS Acquisition. An additional $24.0 million was deposited into an escrow account, to be payable to the seller or to us, as the case may be, in accordance with the ITS Acquisition agreement (the Acquisition Agreement). As of June 30, 2015 , $13.8 million of the cash deposited in escrow has been released to the seller and $3.2 million has been released to us. Based on the terms of the Acquisition Agreement, we estimate that the entire $7.0 million remaining in escrow will be paid to the seller (or to third parties on behalf of the seller). Acquisition of 2M-Tek On April 17, 2015 we acquired 2M-Tek, a Louisiana-based manufacturer of equipment for tubular running and related well services for an initial purchase price of $10.4 million paid at the closing of the acquisition (the 2M-Tek Acquisition), plus $8.0 million of contingent consideration payable to the seller upon the achievement of certain milestones over the 24-month period following the close of the 2M-Tek Acquisition. The fair value of the consideration transferred was $17.2 million , which includes the $10.4 million paid at closing plus the estimated fair value of the contingent consideration of $6.8 million . We have recorded the fair value of the liability for contingent consideration in our condensed consolidated balance sheet. The operations and related assets acquired and liabilities assumed will be reported as part of our Rental Tools segment. This acquisition will complement our existing international tubular running services (TRS) business. The acquisition secures our access to a proprietary casing running tool while minimizing the total capital cost of TRS equipment going forward. Allocation of Consideration Transferred to Net Assets Acquired The purchase price has been allocated to the fair value of the assets acquired and liabilities assumed. The allocation is preliminary and based on estimates and assumptions that are subject to change within the purchase price allocation period (generally one year from the acquisition date). The primary areas of the purchase price allocation not yet finalized relate to the valuation of intangible assets, deferred taxes, and working capital amounts. The company used recognized valuation techniques to determine the fair value of the assets and liabilities. The assets acquired and liabilities assumed were recorded at fair value in accordance with U.S. GAAP. Acquisition date fair values represent either Level 2 (as defined in Note 10 - Fair Value of Financial Instruments) fair value measurements (current assets and liabilities, property plant and equipment) or Level 3 (as defined in Note 10 ) fair value measurements (intangible assets). Dollars in thousands April 17, 2015 Current Assets: Cash and Cash Equivalents $ 17 Accounts Receivable, net 1,112 Rig materials and supplies 883 Total current assets $ 2,012 Property, plant and equipment 477 Goodwill 6,708 Intangible assets 13,470 Total Assets $ 22,667 Current Liabilities: Accounts payable and accrued liabilities 863 Total current liabilities 863 Deferred tax liability - noncurrent 4,601 Total Liabilities 5,464 Net Assets Acquired 17,203 Total consideration transferred $ 17,203 Pro forma results of operations have not been presented because the effect of the acquisition was not material to our results of operations. Acquisition-related costs for the six months ended June 30, 2015 were $0.4 million .
Goodwill Disclosure [Text Block]			Goodwill — We account for all business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, and noncontrolling interests is recognized as goodwill. We are required to test goodwill for impairment on an annual basis, and more frequently when negative conditions or other triggering events arise.
Intangible Assets			Our intangible assets are related to trademarks, trade names, customer relationships, and developed technology, which were acquired through acquisition and are generally amortized over a weighted average period of approximately three to six years. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss. See Note 3 - Goodwill and Intangible Assets for further discussion.
Concentrations of Credit Risk			Concentrations of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of major, independent, national and international oil and gas companies and integrated service providers. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers. Our largest customer, Exxon Neftegas Limited (ENL) , constituted approximately 26.0 percent of our revenues for the six months ended June 30, 2015 . Each of our segments depends on a limited number of key customers and the loss of any one or more key customers could have a material adverse effect on a segment. At June 30, 2015 and December 31, 2014 , we had deposits in domestic banks in excess of federally insured limits of approximately $66.8 million and $59.3 million , respectively. In addition, as of June 30, 2015 and December 31, 2014 , we had deposits in foreign banks that were not insured of $51.7 million and $54.4 million , respectively.
Recent Accounting Pronouncements			Recent Accounting Pronouncements On June 12, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-10, Technical Corrections and Improvements, which contains amendments that will affect a wide variety of topics in the Codification. The amendments in this Update will apply to all reporting entities within the scope of the affected accounting guidance. Transition guidance varies based on the amendments in the Update. The amendments in the Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this Update. We plan to adopt the standard and are in the process of assessing the impact of the adoption of ASU 2015-10 on our financial position, results of operations and cash flows. On April 7, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. Early adoption is permitted. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. We plan to adopt the standard on a retrospective basis effective January 1, 2016 and expect that it will result in the netting of our deferred financing costs against long-term debt balances on the consolidated balance sheets for the periods presented. There will be no impact to the manner in which deferred financing costs are amortized in our consolidated financial statements. On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. ASU 2014-09 was initially scheduled to be effective for the first quarter of 2017, however, on April 1, 2015, the FASB proposed to defer the effective date by one year and the proposal was accepted during the second quarter of 2015. ASU 2014-09 is now scheduled to be effective for entities beginning after December 15, 2017. We are in the process of assessing the impact of the adoption of ASU 2014-09 on our financial position, results of operations and cash flows. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

Earnings per share (EPS) (Table

Earnings per share (EPS) (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ (14,029,000 ) 122,481,425 $ (0.11 ) Effect of dilutive securities: Restricted stock units — — — Diluted EPS $ (14,029,000 ) 122,481,425 $ (0.11 ) Six Months Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ (10,807,000 ) 122,175,511 $ (0.09 ) Effect of dilutive securities: Restricted stock units — — — Diluted EPS $ (10,807,000 ) 122,175,511 $ (0.09 ) Three Months Ended June 30, 2014 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 15,681,000 121,078,359 $ 0.13 Effect of dilutive securities: Restricted stock units — 1,685,888 — Diluted EPS $ 15,681,000 122,764,247 $ 0.13 Six Months Ended June 30, 2014 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 3,132,000 120,726,004 $ 0.03 Effect of dilutive securities: Restricted stock units — 1,860,052 — Diluted EPS $ 3,132,000 122,586,056 $ 0.03

Accumulated Other Comprehensi21

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of accumulated other comprehensive income	Accumulated other comprehensive income consisted of the following: Dollars in thousands Foreign Currency Items December 31, 2014 $ (498 ) Current period other comprehensive income (loss) 13 June 30, 2015 $ (485 )

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Results of Operations by Reportable Segment	The following table represents the results of operations by reportable segment: Three Months Ended June 30, Six Months Ended June 30, Dollars in thousands 2015 2014 2015 2014 Revenues: (1) U.S. (Lower 48) Drilling $ 6,848 $ 46,085 $ 20,945 $ 81,872 International & Alaska Drilling 114,969 120,980 228,890 233,910 Rental Tools 64,124 87,169 140,182 167,677 Total revenues 185,941 254,234 390,017 483,459 Operating gross margin: (2) U.S. (Lower 48) Drilling (7,552 ) 17,808 (13,274 ) 26,548 International & Alaska Drilling 6,844 7,913 24,208 14,689 Rental Tools 4,729 17,764 17,354 31,111 Total operating gross margin 4,021 43,485 28,288 72,348 General and administrative expense (9,511 ) (7,007 ) (20,348 ) (15,971 ) Provision for reduction in carrying value of certain assets (2,316 ) — (2,316 ) — Gain (loss) on disposition of assets, net (138 ) 1,019 2,303 890 Total operating income (7,944 ) 37,497 7,927 57,267 Interest expense (11,396 ) (10,599 ) (22,474 ) (22,638 ) Interest income 19 88 202 120 Loss on extinguishment of debt — (479 ) — (30,152 ) Other income (loss) (1,529 ) 1,032 (2,909 ) 1,927 Income (loss) from continuing operations before income taxes $ (20,850 ) $ 27,539 $ (17,254 ) $ 6,524 (1) For the six months ended June 30, 2015 , our largest customer, Exxon Neftegas Limited (ENL) , constituted approximately 26.0 percent of our total consolidated revenues and approximately 44.3 percent of our International & Alaska Drilling segment revenues. For the six months ended June 30, 2014 , our largest customer, ENL , constituted approximately 17.9 percent of our total consolidated revenues and approximately 37.1 percent of our International & Alaska Drilling segment revenues. (2) Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of Company's Current Debt Portfolio	The following table illustrates our debt portfolio as of June 30, 2015 and December 31, 2014 : Dollars in thousands June 30, December 31, 6.75% Senior Notes, due July 2022 $ 360,000 $ 360,000 7.50% Senior Notes, due August 2020 225,000 225,000 Term Note, due December 2017 — 30,000 Total debt 585,000 615,000 Less current portion (1) — 10,000 Total long-term debt $ 585,000 $ 605,000 (1) Current portion of the Term Loan.

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Values and Related Carrying Values of Debt Instruments	Fair value of our debt instruments is determined using Level 2 inputs. Fair values and related carrying values of our debt instruments were as follows for the periods indicated: June 30, 2015 December 31, 2014 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term Debt 6.75% Notes $ 360,000 $ 310,500 $ 360,000 $ 270,000 7.50% Notes 225,000 205,875 225,000 180,000 Total $ 585,000 $ 516,375 $ 585,000 $ 450,000

Parent, Guarantor, Non-Guaran25

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidating Condensed Balance Sheet	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 36,728 $ 13,546 $ 58,182 $ — $ 108,456 Accounts and notes receivable, net (33 ) 96,100 174,885 — 270,952 Rig materials and supplies — (1,473 ) 49,416 — 47,943 Deferred costs — — 5,673 — 5,673 Deferred income taxes — 6,131 1,345 — 7,476 Other tax assets 19,885 (18,273 ) 9,111 — 10,723 Other current assets — 7,999 10,557 — 18,556 Total current assets 56,580 104,030 309,169 — 469,779 Property, plant and equipment, net (19 ) 589,055 306,904 — 895,940 Intangible assets, net — — 4,286 — 4,286 Investment in subsidiaries and intercompany advances 3,060,867 2,441,527 2,464,502 (7,966,896 ) — Other noncurrent assets (440,918 ) 490,597 268,537 (167,562 ) 150,654 Total assets $ 2,676,510 $ 3,625,209 $ 3,353,398 $ (8,134,458 ) $ 1,520,659 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 10,000 $ — $ — $ — $ 10,000 Accounts payable and accrued liabilities 77,603 71,645 309,344 (304,113 ) 154,479 Accrued income taxes (4,061 ) 10,109 8,138 — 14,186 Total current liabilities 83,542 81,754 317,482 (304,113 ) 178,665 Long-term debt 605,000 — — — 605,000 Other long-term liabilities 2,867 7,135 8,663 — 18,665 Long-term deferred tax liability — 56,105 (3,990 ) — 52,115 Intercompany payables 1,322,172 1,311,405 1,204,768 (3,838,345 ) — Total liabilities 2,013,581 1,456,399 1,526,923 (4,142,458 ) 854,445 Total equity 662,929 2,168,810 1,826,475 (3,992,000 ) 666,214 Total liabilities and stockholders’ equity $ 2,676,510 $ 3,625,209 $ 3,353,398 $ (8,134,458 ) $ 1,520,659 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 42,153 $ 20,496 $ 54,294 $ — $ 116,943 Accounts and notes receivable, net (33 ) 73,014 162,853 — 235,834 Rig materials and supplies — (2,715 ) 46,989 — 44,274 Deferred costs — — 7,281 — 7,281 Deferred income taxes — 4,748 1,070 — 5,818 Other tax assets 5,085 (4,065 ) 11,806 — 12,826 Other current assets — 8,825 12,137 — 20,962 Total current assets 47,205 100,303 296,430 — 443,938 Property, plant and equipment, net (19 ) 575,087 290,223 — 865,291 Goodwill — 6,708 — — 6,708 Intangible assets, net — 12,893 3,052 — 15,945 Investment in subsidiaries and intercompany advances 3,109,359 2,630,665 2,994,328 (8,734,352 ) — Other noncurrent assets (327,236 ) 425,106 258,565 (166,639 ) 189,796 Total assets $ 2,829,309 $ 3,750,762 $ 3,842,598 $ (8,900,991 ) $ 1,521,678 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ — $ — $ — $ — $ — Accounts payable and accrued liabilities 77,632 92,994 308,926 (303,305 ) 176,247 Accrued income taxes (3,322 ) 11,659 4,257 — 12,594 Total current liabilities 74,310 104,653 313,183 (303,305 ) 188,841 Long-term debt 585,000 — — — 585,000 Other long-term liabilities 2,867 6,893 9,424 — 19,184 Long-term deferred tax liability — 71,957 (2,164 ) — 69,793 Intercompany payables 1,512,881 1,392,937 1,562,481 (4,468,299 ) — Total liabilities 2,175,058 1,576,440 1,882,924 (4,771,604 ) 862,818 Total equity 654,251 2,174,322 1,959,674 (4,129,387 ) 658,860 Total liabilities and stockholders’ equity $ 2,829,309 $ 3,750,762 $ 3,842,598 $ (8,900,991 ) $ 1,521,678
Consolidating Condensed Statement of Operations	Three months ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues — 63,276 162,703 (40,038 ) 185,941 Operating expenses — 35,627 147,980 (40,038 ) 143,569 Depreciation and amortization — 23,958 14,393 — 38,351 Total operating gross margin — 3,691 330 — 4,021 General and administration expense (1) (891 ) (12,924 ) 4,304 — (9,511 ) Provision for reduction in carrying value of certain assets — — (2,316 ) — (2,316 ) (Loss) on disposition of assets, net — (6 ) (132 ) — (138 ) Total operating income (loss) (891 ) (9,239 ) 2,186 — (7,944 ) Other income and (expense): Interest expense (11,066 ) (323 ) (3,010 ) 3,003 (11,396 ) Interest income 165 3 2,854 (3,003 ) 19 Other — 11 (1,540 ) — (1,529 ) Equity in net earnings of subsidiaries (8,392 ) — — 8,392 — Total other income (expense) (19,293 ) (309 ) (1,696 ) 8,392 (12,906 ) Income (loss) before income taxes (20,184 ) (9,548 ) 490 8,392 (20,850 ) Total income tax expense (benefit) (6,155 ) (2,361 ) 1,600 — (6,916 ) Net income (loss) (14,029 ) (7,187 ) (1,110 ) 8,392 (13,934 ) Less: Net income attributable to noncontrolling interest — — 95 — 95 Net income (loss) attributable to controlling interest $ (14,029 ) $ (7,187 ) $ (1,205 ) $ 8,392 $ (14,029 ) (1) General and administration expenses for field operations are included in operating expenses.
Consolidating Condensed Statements of Comprehensive Income (Loss)	PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ (14,029 ) $ (7,187 ) $ (1,110 ) $ 8,392 $ (13,934 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 647 — 647 Currency translation difference on foreign currency net investments — — 1,723 — 1,723 Total other comprehensive income (loss), net of tax: — — 2,370 — 2,370 Comprehensive income (loss) (14,029 ) (7,187 ) 1,260 8,392 (11,564 ) Comprehensive (income) attributable to noncontrolling interest — — (95 ) — (95 ) Comprehensive income (loss) attributable to controlling interest $ (14,029 ) $ (7,187 ) $ 1,165 $ 8,392 $ (11,659 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Three Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ 15,681 $ 22,148 $ (1,333 ) $ (20,659 ) $ 15,837 Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — 336 — 336 Currency translation difference on foreign currency net investments — — (188 ) — (188 ) Total other comprehensive income (loss), net of tax: — — 148 — 148 Comprehensive income (loss) 15,681 22,148 (1,185 ) (20,659 ) 15,985 Comprehensive (income) attributable to noncontrolling interest — — (80 ) — (80 ) Comprehensive income (loss) attributable to controlling interest $ 15,681 $ 22,148 $ (1,265 ) $ (20,659 ) $ 15,905 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ (10,807 ) $ (4,868 ) $ 6,116 $ (597 ) $ (10,156 ) Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (1,023 ) — (1,023 ) Currency translation difference on foreign currency net investments — — 874 — 874 Total other comprehensive income (loss), net of tax: — — (149 ) — (149 ) Comprehensive income (loss) (10,807 ) (4,868 ) 5,967 (597 ) (10,305 ) Comprehensive (income) attributable to noncontrolling interest — — (489 ) — (489 ) Comprehensive income (loss) attributable to controlling interest $ (10,807 ) $ (4,868 ) $ 5,478 $ (597 ) $ (10,794 ) PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ 3,132 $ 34,191 $ (2,729 ) $ (31,149 ) $ 3,445 Other comprehensive income (loss), net of tax: Currency translation difference on related borrowings — — (468 ) — (468 ) Currency translation difference on foreign currency net investments — — 511 — 511 Total other comprehensive income (loss), net of tax: — — 43 — 43 Comprehensive income (loss) 3,132 34,191 (2,686 ) (31,149 ) 3,488 Comprehensive (income) attributable to noncontrolling interest — — (234 ) — (234 ) Comprehensive income (loss) attributable to controlling interest $ 3,132 $ 34,191 $ (2,920 ) $ (31,149 ) $ 3,254
Consolidated Condensed Statements of Cash Flows	ARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (10,807 ) $ (4,868 ) $ 6,116 $ (597 ) $ (10,156 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 47,268 31,622 — 78,890 Accretion of contingent consideration — — 306 — 306 Provision for reduction in carrying value of certain assets — — 2,316 — 2,316 Gain on disposition of assets — (45 ) (2,258 ) — (2,303 ) Deferred income tax expense (22,414 ) 6,574 (1,286 ) — (17,126 ) Expenses not requiring cash 4,039 441 828 — 5,308 Equity in net earnings of subsidiaries (597 ) — — 597 — Change in assets and liabilities: Accounts and notes receivable — 27,778 11,905 — 39,683 Other assets (77,427 ) 59,964 10,111 — (7,352 ) Accounts payable and accrued liabilities 29 14,890 (156 ) — 14,763 Accrued income taxes 2,146 229 (3,611 ) — (1,236 ) Net cash provided by (used in) operating activities (105,031 ) 152,231 55,893 — 103,093 Cash flows from investing activities: Capital expenditures — (37,794 ) (16,811 ) — (54,605 ) Proceeds from the sale of assets — 82 206 — 288 Proceeds from insurance settlements — — 2,500 — 2,500 Acquisition, net of cash acquired — (10,431 ) — — (10,431 ) Net cash (used in) investing activities — (48,143 ) (14,105 ) — (62,248 ) Cash flows from financing activities: Repayments of long-term debt (30,000 ) — — — (30,000 ) Payment of debt issuance costs (1,359 ) — — — (1,359 ) Excess tax benefit from stock-based compensation (999 ) — — — (999 ) Intercompany advances, net 142,814 (97,138 ) (45,676 ) — — Net cash provided by (used in) financing activities 110,456 (97,138 ) (45,676 ) — (32,358 ) Net change in cash and cash equivalents 5,425 6,950 (3,888 ) — 8,487 Cash and cash equivalents at beginning of year 36,728 13,546 58,182 — 108,456 Cash and cash equivalents at end of year $ 42,153 $ 20,496 $ 54,294 $ — $ 116,943 Six Months Ended June 30, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (10,807 ) $ (4,868 ) $ 6,116 $ (597 ) $ (10,156 ) Adjustments to reconcile net income (loss): Depreciation and amortization — 47,268 31,622 — 78,890 Accretion of contingent consideration — — 306 — 306 Provision for reduction in carrying value of certain assets — — 2,316 — 2,316 Gain on disposition of assets — (45 ) (2,258 ) — (2,303 ) Deferred income tax expense (22,414 ) 6,574 (1,286 ) — (17,126 ) Expenses not requiring cash 4,039 441 828 — 5,308 Equity in net earnings of subsidiaries (597 ) — — 597 — Change in assets and liabilities: Accounts and notes receivable — 27,778 11,905 — 39,683 Other assets (77,427 ) 59,964 10,111 — (7,352 ) Accounts payable and accrued liabilities 29 14,890 (156 ) — 14,763 Accrued income taxes 2,146 229 (3,611 ) — (1,236 ) Net cash provided by (used in) operating activities (105,031 ) 152,231 55,893 — 103,093 Cash flows from investing activities: Capital expenditures — (37,794 ) (16,811 ) — (54,605 ) Proceeds from the sale of assets — 82 206 — 288 Proceeds from insurance settlements — — 2,500 — 2,500 Acquisition, net of cash acquired — (10,431 ) — — (10,431 ) Net cash (used in) investing activities — (48,143 ) (14,105 ) — (62,248 ) Cash flows from financing activities: Repayments of long-term debt (30,000 ) — — — (30,000 ) Payment of debt issuance costs (1,359 ) — — — (1,359 ) Excess tax benefit from stock-based compensation (999 ) — — — (999 ) Intercompany advances, net 142,814 (97,138 ) (45,676 ) — — Net cash provided by (used in) financing activities 110,456 (97,138 ) (45,676 ) — (32,358 ) Net change in cash and cash equivalents 5,425 6,950 (3,888 ) — 8,487 Cash and cash equivalents at beginning of year 36,728 13,546 58,182 — 108,456 Cash and cash equivalents at end of year $ 42,153 $ 20,496 $ 54,294 $ — $ 116,943 PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 3,132 $ 34,191 $ (2,729 ) $ (31,149 ) $ 3,445 Adjustments to reconcile net income (loss) Depreciation and amortization — 41,175 29,342 — 70,517 Loss on extinguishment of debt 30,152 — — — 30,152 Gain on disposition of assets 80 (432 ) (538 ) — (890 ) Deferred income tax expense (19,621 ) 8,917 2,346 — (8,358 ) Expenses not requiring cash 7,939 (997 ) 1,806 — 8,748 Equity in net earnings of subsidiaries (31,149 ) — — 31,149 — Change in assets and liabilities: Accounts and notes receivable — (6,132 ) 5,066 — (1,066 ) Other assets 37,589 (51,431 ) 13,065 — (777 ) Accounts payable and accrued liabilities (19,629 ) 20,886 4,532 — 5,789 Accrued income taxes (5,231 ) 9,481 (8,237 ) — (3,987 ) Net cash provided by (used in) operating activities 3,262 55,658 44,653 — 103,573 Cash flows from investing activities: Capital expenditures — (79,374 ) (26,814 ) — (106,188 ) Proceeds from the sale of assets — 1,008 2,338 — 3,346 Net cash (used in) investing activities — (78,366 ) (24,476 ) — (102,842 ) Cash flows from financing activities: Proceeds from debt issuance 400,000 — — — 400,000 Repayments of long-term debt (430,000 ) — — — (430,000 ) Payment of debt issuance costs (7,425 ) — — — (7,425 ) Payment of debt extinguishment costs (26,214 ) — — — (26,214 ) Excess tax benefit from stock-based compensation 665 — — — 665 Intercompany advances, net (2,619 ) 21,836 (19,217 ) — — Net cash provided by (used in) financing activities (65,593 ) 21,836 (19,217 ) — (62,974 ) Net change in cash and cash equivalents (62,331 ) (872 ) 960 — (62,243 ) Cash and cash equivalents at beginning of year 88,697 8,310 51,682 — 148,689 Cash and cash equivalents at end of year $ 26,366 $ 7,438 $ 52,642 $ — $ 86,446

General - Additional Informatio

General - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)country	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)country	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)country
Revenue, Major Customer [Line Items]
Number of Countries in Which Entity Has Operated Since Inception | country	50		50
Number of countries in which entity operates | country					23
Payments to Acquire Property, Plant, and Equipment			$ 54,605	$ 106,188
Percentage accounted for under the equity method	50.00%		50.00%
Reimbursable Costs	$ 27,800	$ 21,800	$ 47,500	$ 38,200
Deposits in domestic bank	66,800		66,800		$ 59,300
Deposits, Foreign	51,700		$ 51,700		$ 54,400
Proceeds from Divestiture of Interest in Joint Venture	$ 900
Exxon Neftegas Limited [Member]
Revenue, Major Customer [Line Items]
Percentage of revenue from major customer			26.00%	17.90%

Acquisitions ITS - Narrative (D

Acquisitions ITS - Narrative (Details) - USD ($) $ in Thousands	Apr. 22, 2013	Jun. 30, 2015	Apr. 17, 2015
Business Acquisition [Line Items]
Business Combination, Amount Remaining in Escrow		$ 7,000
Business Combination, Acquisition Related Costs		400
ITS [Member]
Business Acquisition [Line Items]
Cash paid to, or on behalf of, ITS and its equity holders	$ 101,000
Cash deposited into escrow	24,000
Business Acquisition, Escrow Funds Released		13,800
Business Acquisition, Escrow Funds Received		3,200
April 17, 2015 Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 17
Cash paid to, or on behalf of, ITS and its equity holders	$ 10,448
Business Combination, Contingent Consideration, Liability, Current		8,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred		17,200
Business Combination, Acquired Receivables, Fair Value			1,112
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Rig and Materials Supplies			883
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets			2,012
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			477
Goodwill (Note 3)			6,755
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		$ 13,470
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			22,667
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			863
Business Combination, Contingent Consideration, Liability, Current			863
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent			4,601
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities			5,464
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			$ 17,203

Goodwill and Intangible Asset28

Goodwill and Intangible Assets Goodwill and Intangible Assets - USD ($) $ in Thousands	Jun. 30, 2015	Apr. 17, 2015	Dec. 31, 2014	Apr. 22, 2013
Finite-Lived Intangible Assets [Line Items]
Goodwill (Note 3)	$ 6,708		$ 0
April 17, 2015 Acquisition [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Residual Value		$ 13,500
Goodwill (Note 3)		$ 6,708
ITS [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Finite-lived Intangible Asset, Residual Value				$ 8,500

Goodwill and Intangible Asset29

Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill (Note 3)	$ 6,708	$ 0

Goodwill and Intangible Asset30

Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1,200	$ 600	$ 1,800	$ 1,300
Intangible Assets, Gross (Excluding Goodwill)	21,970		21,970
Finite-Lived Intangible Assets, Accumulated Amortization	(6,025)		(6,025)
Finite-Lived Intangible Assets, Net	15,945		$ 15,945
Developed Technology Rights [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life			6 years
Intangible Assets, Gross (Excluding Goodwill)	11,630		$ 11,630
Finite-Lived Intangible Assets, Accumulated Amortization	(485)		(485)
Finite-Lived Intangible Assets, Net	11,145		$ 11,145
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life			3 years
Intangible Assets, Gross (Excluding Goodwill)	5,400		$ 5,400
Finite-Lived Intangible Assets, Accumulated Amortization	(3,940)		(3,940)
Finite-Lived Intangible Assets, Net	1,460		$ 1,460
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life			5 years
Intangible Assets, Gross (Excluding Goodwill)	4,940		$ 4,940
Finite-Lived Intangible Assets, Accumulated Amortization	(1,600)		(1,600)
Finite-Lived Intangible Assets, Net	$ 3,340		$ 3,340

Goodwill and Intangible Asset31

Goodwill and Intangible Assets Expected Future Intangibles Amortization Expense (Details) $ in Thousands	Jun. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 2,408
Finite-Lived Intangible Assets, Amortization Expense, Year Three	2,860
Finite-Lived Intangible Assets, Amortization Expense, Year Four	2,306
Finite-Lived Intangible Assets, Amortization Expense, Year Five	2,306
Finite-Lived Intangible Assets, Amortization Expense, Year Two	3,549
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 2,516

Earnings Per Share (EPS) - Summ

Earnings Per Share (EPS) - Summary of Earnings Per Share (EPS) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ (14,029)	$ 15,681	$ (10,807)	$ 3,132
Basic	122,481,425	121,078,359	122,175,511	120,726,004
Basic earnings per share	$ (0.11)	$ 0.13	$ (0.09)	$ 0.03
Diluted	122,481,425	122,764,247	122,175,511	122,586,056
Diluted earnings per share	$ (0.11)	$ 0.13	$ (0.09)	$ 0.03
Stock Options And Restricted Stock	0	1,685,888	0	1,860,052
Stock Options and Restricted Stock, Price per Share	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)
Accumulated Other Comprehensive Income Reclassifications [Roll Forward]
Current period other comprehensive income (loss)	$ 13
Ending balance	$ (485)

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Information [Line Items]
Number of Reportable Segments		2
Change in fair value of derivative positions	$ (479)
Exxon Neftegas Limited [Member]
Segment Information [Line Items]
Percentage of revenue from major customer		26.00%	17.90%
Exxon Neftegas Limited [Member] | International & Alaska Drilling [Member]
Segment Information [Line Items]
Percentage of revenue from major customer		44.30%	37.10%

Reportable Segments - Results o

Reportable Segments - Results of Operations by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Revenues	$ 185,941	$ 254,234	$ 390,017	$ 483,459
Operating gross margin:
Total operating gross margin	4,021	43,485	28,288	72,348
General and administration expense	(9,511)	(7,007)	(20,348)	(15,971)
Other Asset Impairment Charges	(2,316)	0	(2,316)	0
Gain (loss) on disposition of assets, net	(138)	1,019	2,303	890
Total operating income (loss)	(7,944)	37,497	7,927	57,267
Interest expense	(11,396)	(10,599)	(22,474)	(22,638)
Interest income	19	88	202	120
Loss on extinguishment of debt	0	(479)	0	(30,152)
Other	(1,529)	1,032	(2,909)	1,927
Income (loss) before income taxes	(20,850)	27,539	(17,254)	6,524
Rental Tools [Member]
Revenues:
Revenues	64,124	87,169	140,182	167,677
Operating gross margin:
Total operating gross margin	4,729	17,764	17,354	31,111
U.S. (Lower 48) Drilling [Member]
Revenues:
Revenues	6,848	46,085	20,945	81,872
Operating gross margin:
Total operating gross margin	(7,552)	17,808	(13,274)	26,548
International & Alaska Drilling [Member]
Revenues:
Revenues	114,969	120,980	228,890	233,910
Operating gross margin:
Total operating gross margin	$ 6,844	$ 7,913	$ 24,208	$ 14,689
Exxon Neftegas Limited [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from major customer			26.00%	17.90%
Exxon Neftegas Limited [Member] | International & Alaska Drilling [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from major customer			44.30%	37.10%

Accounting for Uncertainty in36

Accounting for Uncertainty in Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Liability for unrecognized tax	$ 8.2		$ 10.4
Unrecognized tax favorable impact on effective tax rate	3.6		$ 5.8
Accrued interest and penalties applied to uncertain tax positions	$ 3.6	$ 3.3

Income Tax Benefit_Expense - Ad

Income Tax Benefit/Expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax (benefit)	$ (6,916)	$ 11,702	$ (7,098)	$ 3,079

Long-Term Debt - Summary of Com

Long-Term Debt - Summary of Company's Current Debt Portfolio (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 585,000	$ 615,000
Current portion of long-term debt	0	10,000
Long-term debt	585,000	605,000
6.75% Senior Notes, due July 2022 [Member]
Debt Instrument [Line Items]
Total debt	360,000	360,000
7.50% Senior Notes, due August 2020 [Member]
Debt Instrument [Line Items]
Total debt	225,000	225,000
Term Note Due December 2017 [Member]
Debt Instrument [Line Items]
Total debt	$ 0	$ 30,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Apr. 03, 2014	Jan. 22, 2014	Jan. 07, 2014	Jul. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 26, 2015	Dec. 31, 2014	Apr. 02, 2014	Apr. 18, 2013	Dec. 14, 2012	Mar. 22, 2010
Debt Instrument [Line Items]
Debt issuance costs							$ 2,200,000
Payments of Debt Issuance Costs							1,359,000	$ 7,425,000
Payments of debt extinguishment costs							0	26,214,000
Repayments of long term debt								430,000,000
Unsolicited Tender Offer Costs		$ 25,800,000
Interest Expense					$ 11,396,000	$ 10,599,000	22,474,000	22,638,000
Loss on extinguishment of debt					0	$ (479,000)	0	$ (30,152,000)
Long-term Debt					585,000,000		585,000,000			$ 615,000,000
2015 Secured Credit Agreement [Member]
Debt Instrument [Line Items]
Deferred acquisition costs					2,000,000		2,000,000
Debt issuance costs							$ 1,400,000
Senior secured credit facility									$ 200,000,000
Variation in applicable rate for LIBOR Rate Loan							2.50%
Variation in applicable rate for LIBOR Rate Loan							3.00%
Variation in applicable rate for Base Rate Loan							1.50%
Variation in applicable rate for Base Rate Loan							2.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Variation in applicable rate for LIBOR Rate Loan							2.50%
Variation in applicable rate for LIBOR Rate Loan							3.00%
Variation in applicable rate for Base Rate Loan							1.50%
Variation in applicable rate for Base Rate Loan							2.00%
Revolving loan outstanding					0		$ 0
Letters of credit outstanding					12,800,000		12,800,000			11,000,000
2012 Secured Credit Agreement [Member]
Debt Instrument [Line Items]
Debt issuance costs							$ 800,000
Senior secured credit facility													$ 80,000,000
Maturity of credit facility							Dec. 14, 2017
6.75% Senior Notes, due July 2022 [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 360,000,000
Percentage of notes guaranteed by restricted subsidiaries		6.75%
Redemption amount percentage of principal				35.00%
Debt instrument, Redemption Price Percent				106.75%
Redemption price after year three		103.375%
Redemption price afer year five		101.00%
Debt issuance costs							$ 7,600,000
Debt issuance cost, Net of amortization							6,600,000
Long-term Debt					$ 360,000,000		$ 360,000,000			360,000,000
9.125% Senior Notes, due April 2018 [Member]
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000											$ 300,000,000
Percentage of notes guaranteed by restricted subsidiaries					9.125%		9.125%
Tender Offer Price for Each 1000 Principal Amount							$ 1,061.98
Redemption price			9,600,000
Tender Offer Price per Note, Consent Payment			$ 30
Payments of Debt Issuance Costs		$ 453,700,000
Repayments of long term debt		416,200,000
Debt Instrument Accrued Interest		11,700,000
Senior Notes											$ 8,800,000
Redemption Premium	$ 400,000
Write off of Deferred Debt Issuance Cost					$ 7,700,000
Amortization of Debt Discount (Premium)					(3,800,000)
Interest Expense	$ 400,000
Loss on extinguishment of debt							$ 30,200,000
Goldman Term Loan [Member]
Debt Instrument [Line Items]
Increase in the amount of term loan or revolving credit facility				$ 45,000,000
Line Of Credit Facility Quarterly Decrease in Borrowing Capacity													3,000,000
Revolving loan outstanding		$ 40,000,000
Long-term Debt										30,000,000			$ 50,000,000
Line of Credit, Current									$ 30,000,000
Principal payments					2,500,000
Base rate plus							2.00%
LIBOR plus							3.00%
7.50% Senior Notes, due August 2020 [Member]
Debt Instrument [Line Items]
Aggregate principal amount				$ 225,000,000
Percentage of notes guaranteed by restricted subsidiaries				7.50%
Deferred acquisition costs				$ 5,600,000	4,300,000		$ 4,300,000
Redemption amount percentage of principal				35.00%
Debt instrument, Redemption Price Percent				107.50%
Redemption price after year three				103.75%
Redemption price afer year five				101.00%
Long-term Debt					225,000,000		225,000,000			225,000,000
Term Note Due December 2017 [Member]
Debt Instrument [Line Items]
Long-term Debt					$ 0		$ 0			$ 30,000,000
Secured Debt [Member] | Goldman Term Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount												$ 125,000,000

Fair Value of Financial Instr40

Fair Value of Financial Instruments - Fair Values and Related Carrying Values of Debt Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount [Member]
Long-term Debt
Long term debt Fair value	$ 585,000	$ 585,000
Carrying Amount [Member] | 6.75% Senior Notes, due July 2022 [Member]
Long-term Debt
Long term debt Fair value	360,000	360,000
Carrying Amount [Member] | 7.50% Senior Notes, due August 2020 [Member]
Long-term Debt
Long term debt Fair value	225,000	225,000
Fair Value [Member]
Long-term Debt
Long term debt Fair value	516,375	450,000
Fair Value [Member] | 6.75% Senior Notes, due July 2022 [Member]
Long-term Debt
Long term debt Fair value	310,500	270,000
Fair Value [Member] | 7.50% Senior Notes, due August 2020 [Member]
Long-term Debt
Long term debt Fair value	$ 205,875	$ 180,000

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Commitment And Contingencies [Line Items]
Fine paid by for retention and use of individual agent in Nigeria with respect to customs-related issues	$ 11,760

Parent, Guarantor, Non-Guaran42

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2013
Supplemental Guarantor Financial Information [Line Items]
Percentage of guaranteed subsidiaries by the parent companies	100.00%
9.125% Senior Notes, due April 2018 [Member]
Supplemental Guarantor Financial Information [Line Items]
Percentage of notes guaranteed by restricted subsidiaries	9.125%
7.50% Senior Notes, due August 2020 [Member]
Supplemental Guarantor Financial Information [Line Items]
Percentage of notes guaranteed by restricted subsidiaries		7.50%

Parent, Guarantor, Non-Guaran43

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 116,943	$ 108,456	$ 86,446	$ 148,689
Accounts and notes receivable, net	235,834	270,952
Rig materials and supplies	44,274	47,943
Deferred costs	7,281	5,673
Deferred income taxes	5,818	7,476
Other tax assets	12,826	10,723
Other current assets	20,962	18,556
Total current assets	443,938	469,779
Intangible assets, net (Note 3)	15,945	4,286
Goodwill (Note 3)	6,708	0
Property, plant and equipment, net	865,291	895,940
Investment in subsidiaries and intercompany advances	0	0
Other Assets, Miscellaneous, Noncurrent	189,796
Deferred Income Taxes and Other Assets, Noncurrent		150,654
Total assets	1,521,678	1,520,659
Current portion of long-term debt	0	10,000
Accounts payable and accrued liabilities	176,247	154,479
Accrued income taxes	12,594	14,186
Liabilities, Current	188,841	178,665
Long-term debt	585,000	605,000
Other long-term liabilities	19,184	18,665
Current liabilities:
Long-term deferred tax liability	69,793	52,115
Total liabilities	862,818	854,445
Total equity	658,860	666,214
Total liabilities and stockholders’ equity	1,521,678	1,520,659
Intercompany Payables	0	0
Common stock	20,510	20,325
Capital in excess of par value	668,712	666,769
Accumulated deficit	(34,972)	(24,165)
Accumulated other comprehensive income	(485)	(498)
Stockholders' Equity Attributable to Parent	653,765	662,431
Noncontrolling interest	5,095	3,783
Parent [Member]
Current assets:
Cash and cash equivalents	42,153	36,728	26,366	88,697
Accounts and notes receivable, net	(33)	(33)
Rig materials and supplies	0	0
Deferred costs	0	0
Deferred income taxes	0	0
Other tax assets	5,085	19,885
Other current assets	0	0
Total current assets	47,205	56,580
Intangible assets, net (Note 3)	0	0
Goodwill (Note 3)	0
Property, plant and equipment, net	(19)	(19)
Investment in subsidiaries and intercompany advances	3,109,359	3,060,867
Other Assets, Miscellaneous, Noncurrent	(327,236)
Deferred Income Taxes and Other Assets, Noncurrent		(440,918)
Total assets	2,829,309	2,676,510
Current portion of long-term debt	0	10,000
Accounts payable and accrued liabilities	77,632	77,603
Accrued income taxes	(3,322)	(4,061)
Liabilities, Current	74,310	83,542
Long-term debt	585,000	605,000
Other long-term liabilities	2,867	2,867
Current liabilities:
Long-term deferred tax liability	0	0
Total liabilities	2,175,058	2,013,581
Total equity	654,251	662,929
Total liabilities and stockholders’ equity	2,829,309	2,676,510
Intercompany Payables	1,512,881	1,322,172
Guarantor [Member]
Current assets:
Cash and cash equivalents	20,496	13,546	7,438	8,310
Accounts and notes receivable, net	73,014	96,100
Rig materials and supplies	(2,715)	(1,473)
Deferred costs	0	0
Deferred income taxes	4,748	6,131
Other tax assets	(4,065)	(18,273)
Other current assets	8,825	7,999
Total current assets	100,303	104,030
Intangible assets, net (Note 3)	12,893	0
Goodwill (Note 3)	6,708
Property, plant and equipment, net	575,087	589,055
Investment in subsidiaries and intercompany advances	2,630,665	2,441,527
Other Assets, Miscellaneous, Noncurrent	425,106
Deferred Income Taxes and Other Assets, Noncurrent		490,597
Total assets	3,750,762	3,625,209
Current portion of long-term debt	0	0
Accounts payable and accrued liabilities	92,994	71,645
Accrued income taxes	11,659	10,109
Liabilities, Current	104,653	81,754
Long-term debt	0	0
Other long-term liabilities	6,893	7,135
Current liabilities:
Long-term deferred tax liability	71,957	56,105
Total liabilities	1,576,440	1,456,399
Total equity	2,174,322	2,168,810
Total liabilities and stockholders’ equity	3,750,762	3,625,209
Intercompany Payables	1,392,937	1,311,405
Non-Guarantor [Member]
Current assets:
Cash and cash equivalents	54,294	58,182	52,642	51,682
Accounts and notes receivable, net	162,853	174,885
Rig materials and supplies	46,989	49,416
Deferred costs	7,281	5,673
Deferred income taxes	1,070	1,345
Other tax assets	11,806	9,111
Other current assets	12,137	10,557
Total current assets	296,430	309,169
Intangible assets, net (Note 3)	3,052	4,286
Goodwill (Note 3)	0
Property, plant and equipment, net	290,223	306,904
Investment in subsidiaries and intercompany advances	2,994,328	2,464,502
Other Assets, Miscellaneous, Noncurrent	258,565
Deferred Income Taxes and Other Assets, Noncurrent		268,537
Total assets	3,842,598	3,353,398
Current portion of long-term debt	0	0
Accounts payable and accrued liabilities	308,926	309,344
Accrued income taxes	4,257	8,138
Liabilities, Current	313,183	317,482
Long-term debt	0	0
Other long-term liabilities	9,424	8,663
Current liabilities:
Long-term deferred tax liability	(2,164)	(3,990)
Total liabilities	1,882,924	1,526,923
Total equity	1,959,674	1,826,475
Total liabilities and stockholders’ equity	3,842,598	3,353,398
Intercompany Payables	1,562,481	1,204,768
Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts and notes receivable, net	0	0
Rig materials and supplies	0	0
Deferred costs	0	0
Deferred income taxes	0	0
Other tax assets	0	0
Other current assets	0	0
Total current assets	0	0
Intangible assets, net (Note 3)	0	0
Goodwill (Note 3)	0
Property, plant and equipment, net	0	0
Investment in subsidiaries and intercompany advances	(8,734,352)	(7,966,896)
Other Assets, Miscellaneous, Noncurrent	(166,639)
Deferred Income Taxes and Other Assets, Noncurrent		(167,562)
Total assets	(8,900,991)	(8,134,458)
Current portion of long-term debt	0	0
Accounts payable and accrued liabilities	(303,305)	(304,113)
Accrued income taxes	0	0
Liabilities, Current	(303,305)	(304,113)
Long-term debt	0	0
Other long-term liabilities	0	0
Current liabilities:
Long-term deferred tax liability	0	0
Total liabilities	(4,771,604)	(4,142,458)
Total equity	(4,129,387)	(3,992,000)
Total liabilities and stockholders’ equity	(8,900,991)	(8,134,458)
Intercompany Payables	$ (4,468,299)	$ (3,838,345)

Parent, Guarantor, Non-Guaran44

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Financial Statements [Line Items]
Total revenues	$ 185,941	$ 254,234	$ 390,017	$ 483,459
Operating expenses	143,569	174,569	282,839	340,594
Depreciation and amortization	38,351	36,180	78,890	70,517
Total operating gross margin	4,021	43,485	28,288	72,348
General and administration expense	(9,511)	(7,007)	(20,348)	(15,971)
Other Asset Impairment Charges	(2,316)	0	(2,316)	0
Gain (loss) on disposition of assets, net	(138)	1,019	2,303	890
Total operating income (loss)	(7,944)	37,497	7,927	57,267
Other income and (expense):
Interest expense	(11,396)	(10,599)	(22,474)	(22,638)
Interest income	19	88	202	120
Loss on extinguishment of debt	0	(479)	0	(30,152)
Change in fair value of derivative positions		(479)
Other	(1,529)	1,032	(2,909)	1,927
Equity in net earnings of subsidiaries	0	0	0	0
Total other expense	(12,906)	(9,958)	(25,181)	(50,743)
Income (loss) before income taxes	(20,850)	27,539	(17,254)	6,524
Income tax (benefit)	(6,916)	11,702	(7,098)	3,079
Deferred Income Tax Expense (Benefit)			17,126	(8,358)
Net income (loss)	(13,934)	15,837	(10,156)	3,445
Less: Net income (loss) attributable to noncontrolling interest	95	156	651	313
Net income (loss) attributable to controlling interest	(14,029)	15,681	(10,807)	3,132
Parent [Member]
Condensed Financial Statements [Line Items]
Total revenues	0	0	0	0
Operating expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Total operating gross margin	0	0	0	0
General and administration expense	(891)	(234)	(1,004)	(304)
Other Asset Impairment Charges	0		0
Gain (loss) on disposition of assets, net	0	0	0	(80)
Total operating income (loss)	(891)	(234)	(1,004)	(384)
Other income and (expense):
Interest expense	(11,066)	(11,299)	(22,125)	(24,014)
Interest income	165	96	583	535
Loss on extinguishment of debt				(30,152)
Change in fair value of derivative positions		(479)
Other	0	0	0	0
Equity in net earnings of subsidiaries	(8,392)	20,659	597	31,149
Total other expense	(19,293)	8,977	(20,945)	(22,482)
Income (loss) before income taxes	(20,184)	8,743	(21,949)	(22,866)
Income tax (benefit)	(6,155)	(6,938)	(11,142)	(25,998)
Deferred Income Tax Expense (Benefit)			(22,414)	(19,621)
Net income (loss)	(14,029)	15,681	(10,807)	3,132
Less: Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to controlling interest	(14,029)	15,681	(10,807)	3,132
Guarantor [Member]
Condensed Financial Statements [Line Items]
Total revenues	63,276	143,171	142,672	266,602
Operating expenses	35,627	80,929	79,772	157,477
Depreciation and amortization	23,958	21,008	47,268	41,175
Total operating gross margin	3,691	41,234	15,632	67,950
General and administration expense	(12,924)	(6,355)	(23,039)	(14,819)
Other Asset Impairment Charges	0		0
Gain (loss) on disposition of assets, net	(6)	512	45	432
Total operating income (loss)	(9,239)	35,391	(7,362)	53,563
Other income and (expense):
Interest expense	(323)	(35)	(340)	(85)
Interest income	3	201	5	378
Loss on extinguishment of debt				0
Change in fair value of derivative positions		0
Other	11	57	20	184
Equity in net earnings of subsidiaries	0	0	0	0
Total other expense	(309)	223	(315)	477
Income (loss) before income taxes	(9,548)	35,614	(7,677)	54,040
Income tax (benefit)	(2,361)	13,466	(2,809)	19,849
Deferred Income Tax Expense (Benefit)			6,574	8,917
Net income (loss)	(7,187)	22,148	(4,868)	34,191
Less: Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to controlling interest	(7,187)	22,148	(4,868)	34,191
Non-Guarantor [Member]
Condensed Financial Statements [Line Items]
Total revenues	162,703	155,832	313,633	304,964
Operating expenses	147,980	138,409	269,355	271,224
Depreciation and amortization	14,393	15,172	31,622	29,342
Total operating gross margin	330	2,251	12,656	4,398
General and administration expense	4,304	(418)	3,695	(848)
Other Asset Impairment Charges	(2,316)		(2,316)
Gain (loss) on disposition of assets, net	(132)	507	2,258	538
Total operating income (loss)	2,186	2,340	16,293	4,088
Other income and (expense):
Interest expense	(3,010)	(1,913)	(3,338)	(4,412)
Interest income	2,854	2,439	2,943	5,080
Loss on extinguishment of debt				0
Change in fair value of derivative positions		0
Other	(1,540)	975	(2,929)	1,743
Equity in net earnings of subsidiaries	0	0	0	0
Total other expense	(1,696)	1,501	(3,324)	2,411
Income (loss) before income taxes	490	3,841	12,969	6,499
Income tax (benefit)	1,600	5,174	6,853	9,228
Deferred Income Tax Expense (Benefit)			(1,286)	2,346
Net income (loss)	(1,110)	(1,333)	6,116	(2,729)
Less: Net income (loss) attributable to noncontrolling interest	95	156	651	313
Net income (loss) attributable to controlling interest	(1,205)	(1,489)	5,465	(3,042)
Eliminations [Member]
Condensed Financial Statements [Line Items]
Total revenues	(40,038)	(44,769)	(66,288)	(88,107)
Operating expenses	(40,038)	(44,769)	(66,288)	(88,107)
Depreciation and amortization	0	0	0	0
Total operating gross margin	0	0	0	0
General and administration expense	0	0	0	0
Other Asset Impairment Charges	0		0
Gain (loss) on disposition of assets, net	0	0	0	0
Total operating income (loss)	0	0	0	0
Other income and (expense):
Interest expense	3,003	2,648	3,329	5,873
Interest income	(3,003)	(2,648)	(3,329)	(5,873)
Loss on extinguishment of debt				0
Change in fair value of derivative positions		0
Other	0	0	0	0
Equity in net earnings of subsidiaries	8,392	(20,659)	(597)	(31,149)
Total other expense	8,392	(20,659)	(597)	(31,149)
Income (loss) before income taxes	8,392	(20,659)	(597)	(31,149)
Income tax (benefit)	0	0	0	0
Deferred Income Tax Expense (Benefit)			0	0
Net income (loss)	8,392	(20,659)	(597)	(31,149)
Less: Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to controlling interest	$ 8,392	$ (20,659)	$ (597)	$ (31,149)

Parent, Guarantor, Non-Guaran45

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	$ (13,934)	$ 15,837	$ (10,156)	$ 3,445
Currency translation difference on related borrowings	647	336	(1,023)	(468)
Currency translation difference on foreign currency net investments	1,723	(188)	874	511
Total other comprehensive income (loss), net of tax:	2,370	148	(149)	43
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(11,659)	15,905	(10,794)	3,254
Comprehensive (income) attributable to noncontrolling interest	(95)	(80)	(489)	(234)
Comprehensive income (loss) attributable to controlling interest	(11,564)	15,985	(10,305)	3,488
Parent [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(14,029)	15,681	(10,807)	3,132
Currency translation difference on related borrowings	0	0	0	0
Currency translation difference on foreign currency net investments	0	0	0	0
Total other comprehensive income (loss), net of tax:	0	0	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(14,029)	15,681	(10,807)	3,132
Comprehensive (income) attributable to noncontrolling interest	0	0	0	0
Comprehensive income (loss) attributable to controlling interest	(14,029)	15,681	(10,807)	3,132
Guarantor [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(7,187)	22,148	(4,868)	34,191
Currency translation difference on related borrowings	0	0	0	0
Currency translation difference on foreign currency net investments	0	0	0	0
Total other comprehensive income (loss), net of tax:	0	0	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(7,187)	22,148	(4,868)	34,191
Comprehensive (income) attributable to noncontrolling interest	0	0	0	0
Comprehensive income (loss) attributable to controlling interest	(7,187)	22,148	(4,868)	34,191
Non-Guarantor [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	(1,110)	(1,333)	6,116	(2,729)
Currency translation difference on related borrowings	647	336	(1,023)	(468)
Currency translation difference on foreign currency net investments	1,723	(188)	874	511
Total other comprehensive income (loss), net of tax:	2,370	148	(149)	43
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	1,165	(1,265)	5,478	(2,920)
Comprehensive (income) attributable to noncontrolling interest	(95)	(80)	(489)	(234)
Comprehensive income (loss) attributable to controlling interest	1,260	(1,185)	5,967	(2,686)
Eliminations [Member]
Schedule of Condensed Statement of Comprehensive Income [Line Items]
Net income (loss)	8,392	(20,659)	(597)	(31,149)
Currency translation difference on related borrowings	0	0	0	0
Currency translation difference on foreign currency net investments	0	0	0	0
Total other comprehensive income (loss), net of tax:	0	0	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	8,392	(20,659)	(597)	(31,149)
Comprehensive (income) attributable to noncontrolling interest	0	0	0	0
Comprehensive income (loss) attributable to controlling interest	$ 8,392	$ (20,659)	$ (597)	$ (31,149)

Parent, Guarantor, Non-Guaran46

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidated Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (13,934)	$ 15,837	$ (10,156)	$ 3,445
Adjustments to reconcile net income (loss)
Depreciation and amortization	38,351	36,180	78,890	70,517
Accretion Expense			306	0
Other Asset Impairment Charges	2,316	0	2,316	0
Loss on extinguishment of debt	0	(479)	0	(30,152)
(Gain) loss on disposition of assets	138	(1,019)	(2,303)	(890)
Deferred income tax benefit			(17,126)	8,358
Expenses not requiring cash			5,308	8,748
Equity in net earnings of subsidiaries	0	0	0	0
Accounts and notes receivable			39,683	(1,066)
Accrued income taxes			(1,236)	(3,987)
Other assets			(7,352)	(777)
Accounts payable and accrued liabilities			14,763	5,789
Net cash provided by operating activities			103,093	103,573
Cash flows from investing activities:
Capital expenditures			(54,605)	(106,188)
Proceeds from the sale of assets			288	3,346
Proceeds from insurance settlements			2,500	0
Net cash (used in) investing activities			(62,248)	(102,842)
Cash flows from financing activities:
Proceeds from debt issuance				400,000
Repayments of long-term debt				(430,000)
Paydown on term note			(30,000)	(430,000)
Payment of debt issuance costs			(1,359)	(7,425)
Payments of debt extinguishment costs			0	(26,214)
Excess tax benefit from stock-based compensation			(999)	665
Intercompany advances, net			0	0
Net cash (used in) financing activities			(32,358)	(62,974)
Net increase (decrease) in cash and cash equivalents			8,487	(62,243)
Cash and cash equivalents, beginning of year			108,456	148,689
Cash and cash equivalents, end of period	116,943	86,446	116,943	86,446
Parent [Member]
Cash flows from operating activities:
Net income (loss)	(14,029)	15,681	(10,807)	3,132
Adjustments to reconcile net income (loss)
Depreciation and amortization	0	0	0	0
Accretion Expense			0
Other Asset Impairment Charges	0		0
Loss on extinguishment of debt				(30,152)
(Gain) loss on disposition of assets	0	0	0	80
Deferred income tax benefit			22,414	19,621
Expenses not requiring cash			4,039	7,939
Equity in net earnings of subsidiaries	8,392	(20,659)	(597)	(31,149)
Accounts and notes receivable			0	0
Accrued income taxes			2,146	(5,231)
Other assets			(77,427)	37,589
Accounts payable and accrued liabilities			29	(19,629)
Net cash provided by operating activities			(105,031)	3,262
Cash flows from investing activities:
Capital expenditures			0	0
Proceeds from the sale of assets			0	0
Proceeds from insurance settlements			0
Net cash (used in) investing activities			0	0
Cash flows from financing activities:
Proceeds from debt issuance				400,000
Repayments of long-term debt				(430,000)
Paydown on term note			(30,000)
Payment of debt issuance costs			(1,359)	(7,425)
Payments of debt extinguishment costs				26,214
Excess tax benefit from stock-based compensation			(999)	665
Intercompany advances, net			142,814	(2,619)
Net cash (used in) financing activities			110,456	(65,593)
Net increase (decrease) in cash and cash equivalents			5,425	(62,331)
Cash and cash equivalents, beginning of year			36,728	88,697
Cash and cash equivalents, end of period	42,153	26,366	42,153	26,366
Guarantor [Member]
Cash flows from operating activities:
Net income (loss)	(7,187)	22,148	(4,868)	34,191
Adjustments to reconcile net income (loss)
Depreciation and amortization	23,958	21,008	47,268	41,175
Accretion Expense			0
Other Asset Impairment Charges	0		0
Loss on extinguishment of debt				0
(Gain) loss on disposition of assets	6	(512)	(45)	(432)
Deferred income tax benefit			(6,574)	(8,917)
Expenses not requiring cash			441	(997)
Equity in net earnings of subsidiaries	0	0	0	0
Accounts and notes receivable			27,778	(6,132)
Accrued income taxes			229	9,481
Other assets			59,964	(51,431)
Accounts payable and accrued liabilities			14,890	20,886
Net cash provided by operating activities			152,231	55,658
Cash flows from investing activities:
Capital expenditures			(37,794)	(79,374)
Proceeds from the sale of assets			82	1,008
Proceeds from insurance settlements			0
Net cash (used in) investing activities			(48,143)	(78,366)
Cash flows from financing activities:
Proceeds from debt issuance				0
Repayments of long-term debt				0
Paydown on term note			0
Payment of debt issuance costs			0	0
Payments of debt extinguishment costs				0
Excess tax benefit from stock-based compensation			0	0
Intercompany advances, net			(97,138)	21,836
Net cash (used in) financing activities			(97,138)	21,836
Net increase (decrease) in cash and cash equivalents			6,950	(872)
Cash and cash equivalents, beginning of year			13,546	8,310
Cash and cash equivalents, end of period	20,496	7,438	20,496	7,438
Non-Guarantor [Member]
Cash flows from operating activities:
Net income (loss)	(1,110)	(1,333)	6,116	(2,729)
Adjustments to reconcile net income (loss)
Depreciation and amortization	14,393	15,172	31,622	29,342
Accretion Expense			306
Other Asset Impairment Charges	2,316		2,316
Loss on extinguishment of debt				0
(Gain) loss on disposition of assets	132	(507)	(2,258)	(538)
Deferred income tax benefit			1,286	(2,346)
Expenses not requiring cash			828	1,806
Equity in net earnings of subsidiaries	0	0	0	0
Accounts and notes receivable			11,905	5,066
Accrued income taxes			(3,611)	(8,237)
Other assets			10,111	13,065
Accounts payable and accrued liabilities			(156)	4,532
Net cash provided by operating activities			55,893	44,653
Cash flows from investing activities:
Capital expenditures			(16,811)	(26,814)
Proceeds from the sale of assets			206	2,338
Proceeds from insurance settlements			2,500
Net cash (used in) investing activities			(14,105)	(24,476)
Cash flows from financing activities:
Proceeds from debt issuance				0
Repayments of long-term debt				0
Paydown on term note			0
Payment of debt issuance costs			0	0
Payments of debt extinguishment costs				0
Excess tax benefit from stock-based compensation			0	0
Intercompany advances, net			(45,676)	(19,217)
Net cash (used in) financing activities			(45,676)	(19,217)
Net increase (decrease) in cash and cash equivalents			(3,888)	960
Cash and cash equivalents, beginning of year			58,182	51,682
Cash and cash equivalents, end of period	54,294	52,642	54,294	52,642
Eliminations [Member]
Cash flows from operating activities:
Net income (loss)	8,392	(20,659)	(597)	(31,149)
Adjustments to reconcile net income (loss)
Depreciation and amortization	0	0	0	0
Accretion Expense			0
Other Asset Impairment Charges	0		0
Loss on extinguishment of debt				0
(Gain) loss on disposition of assets	0	0	0	0
Deferred income tax benefit			0	0
Expenses not requiring cash			0	0
Equity in net earnings of subsidiaries	(8,392)	20,659	597	31,149
Accounts and notes receivable			0	0
Accrued income taxes			0	0
Other assets			0	0
Accounts payable and accrued liabilities			0	0
Net cash provided by operating activities			0	0
Cash flows from investing activities:
Capital expenditures			0	0
Proceeds from the sale of assets			0	0
Proceeds from insurance settlements			0
Net cash (used in) investing activities			0	0
Cash flows from financing activities:
Proceeds from debt issuance				0
Repayments of long-term debt				0
Paydown on term note			0
Payment of debt issuance costs			0	0
Payments of debt extinguishment costs				0
Excess tax benefit from stock-based compensation			0	0
Intercompany advances, net			0	0
Net cash (used in) financing activities			0	0
Net increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents, beginning of year			0	0
Cash and cash equivalents, end of period	$ 0	$ 0	$ 0	$ 0