Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | PKD | |
Entity Registrant Name | PARKER DRILLING CO /DE/ | |
Entity Central Index Key | 76,321 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 123,205,725 | |
Entity Public Float | $ 395.3 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenues | $ 712,183,000 | $ 968,684,000 | $ 874,172,000 |
Expenses: | |||
Operating expenses | 526,290,000 | 669,381,000 | 571,672,000 |
Depreciation and amortization | 156,194,000 | 145,121,000 | 134,053,000 |
Total expenses | 682,484,000 | 814,502,000 | 705,725,000 |
Total operating gross margin | 29,699,000 | 154,182,000 | 168,447,000 |
General and administration expense | (36,190,000) | (35,016,000) | (68,025,000) |
Provision for reduction in carrying value of certain assets | (12,490,000) | 0 | (2,544,000) |
Gain on disposition of assets, net | 1,643,000 | 1,054,000 | 3,994,000 |
Total operating income | (17,338,000) | 120,220,000 | 101,872,000 |
Other income and (expense): | |||
Interest expense | (45,155,000) | (44,265,000) | (47,820,000) |
Interest income | 269,000 | 195,000 | 2,450,000 |
Loss on extinguishment of debt | 0 | (30,152,000) | (5,218,000) |
Other | (9,747,000) | 2,539,000 | 1,503,000 |
Total other expense | (54,633,000) | (71,683,000) | (49,085,000) |
Income (loss) before income taxes | (71,971,000) | 48,537,000 | 52,787,000 |
Current tax expense | 19,604,000 | 22,567,000 | 12,909,000 |
Deferred tax expense | 2,709,000 | 1,509,000 | 12,699,000 |
Total income tax expense | 22,313,000 | 24,076,000 | 25,608,000 |
Net income (loss) | (94,284,000) | 24,461,000 | 27,179,000 |
Less: Net Income attributable to noncontrolling interest | 789,000 | 1,010,000 | 164,000 |
Net income (loss) attributable to controlling interest | $ (95,073,000) | $ 23,451,000 | $ 27,015,000 |
Basic earnings (loss) per share: | $ (0.78) | $ 0.19 | $ 0.23 |
Diluted earnings (loss) per share: | $ (0.78) | $ 0.19 | $ 0.22 |
Number of common shares used in computing earnings per share: | |||
Basic | 122,562,187 | 121,186,464 | 119,284,468 |
Diluted | 122,562,187 | 123,076,648 | 121,224,550 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive income (loss): | |||
Net income (loss) | $ (94,284) | $ 24,461 | $ 27,179 |
Other comprehensive gain (loss), net of tax: | |||
Currency translation difference on related borrowings | (2,012) | (4,870) | (1,525) |
Currency translation difference on foreign currency net investments | 405 | 2,147 | 3,051 |
Total other comprehensive gain (loss), net of tax: | (1,607) | (2,723) | 1,526 |
Comprehensive income (loss) | (95,891) | 21,738 | 28,705 |
Comprehensive (income) loss attributable to noncontrolling interest | 4,606 | (673) | 198 |
Comprehensive income (loss) attributable to controlling interest | $ (91,285) | $ 21,065 | $ 28,903 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 134,294 | $ 108,456 |
Accounts and Notes Receivable, net of allowance for bad debts of $8,694 in 2015 and $11,188 in 2014 | 175,105 | 270,952 |
Rig materials and supplies | 34,937 | 47,943 |
Deferred costs | 1,367 | 5,673 |
Other tax assets | 5,192 | 10,723 |
Other current assets | 15,846 | 18,556 |
Total current assets | 366,741 | 462,303 |
Other assets: | ||
Property, plant and equipment, net of accumulated depreciation of $1,302,380 in 2015 and $1,201,058 in 2014 (Note 5) | 805,841 | 895,940 |
Goodwill (Note 3) | 6,708 | 0 |
Intangible Assets, Net (Excluding Goodwill) | 13,377 | 4,286 |
Rig materials and supplies | 18,104 | 6,937 |
Debt issuance costs | 12,626 | 12,526 |
Deferred income taxes | 139,282 | 130,165 |
Other assets | 14,225 | 8,502 |
Total assets | 1,376,904 | 1,520,659 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 10,000 |
Accounts payable | 58,080 | 78,776 |
Accrued liabilities | 71,623 | 75,703 |
Accrued income taxes | 6,418 | 14,186 |
Total current liabilities | 136,121 | 178,665 |
Long-term debt | 585,000 | 605,000 |
Other long-term liabilities | 18,617 | 18,665 |
Long-term deferred tax liability | $ 68,654 | $ 52,115 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Common Stock, $0.16 2/3 par value, authorized 280,000,000 shares, issued and outstanding, 123,206,269 shares (122,045,877 shares in 2014) | $ 20,518 | $ 20,325 |
Capital in excess of par value | 669,120 | 666,769 |
Accumulated deficit | (119,238) | (24,165) |
Accumulated Other Comprehensive Income | (1,888) | (498) |
Total controlling interest stockholders’ equity | 568,512 | 662,431 |
Noncontrolling interest | 0 | 3,783 |
Total equity | 568,512 | 666,214 |
Total liabilities and stockholders’ equity | $ 1,376,904 | $ 1,520,659 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Financial Position [Abstract] | ||
Allowance for bad debts | $ (8,694,000) | $ (11,188,000) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,302,380,000 | $ 1,201,058,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,942,000 | 1,942,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.166667 | $ 0.166667 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Basic | 122,562,187 | 121,186,464 |
Diluted | 122,562,187 | 123,076,648 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (94,284) | $ 24,461 | $ 27,179 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 156,194 | 145,121 | 134,053 |
Accretion Expense | 826 | 0 | 0 |
Loss on extinguishment of debt | 0 | 30,152 | 5,218 |
Gain on disposition of assets | (1,643) | (1,054) | (3,994) |
Deferred tax expense | 2,709 | 1,509 | 12,699 |
Provision for reduction in carrying value of certain assets | (12,490) | 0 | (2,544) |
Expenses not requiring cash | 5,103 | 19,331 | 17,764 |
Change in assets and liabilities: | |||
Accounts and notes receivable | 103,995 | (12,238) | (33,512) |
Rig materials and supplies | 2,722 | (2,878) | 1,754 |
Other current assets | 12,548 | 26,032 | (11,715) |
Accounts payable and accrued liabilities | (27,425) | 27,231 | (286) |
Increase (Decrease) in Income Taxes Payable | (7,957) | (7,657) | 10,454 |
Other assets | (3,156) | (47,543) | (661) |
Net cash provided by operating activities | 162,122 | 202,467 | 161,497 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (88,197) | (179,513) | (155,645) |
Proceeds from the sale of assets | 830 | 5,938 | 8,218 |
Proceeds from Insurance Settlement, Investing Activities | 2,500 | 0 | 0 |
Acquisition of ITS, net of cash acquired | (13,806) | 0 | (117,991) |
Proceeds from Divestiture of Businesses, Net of Cash Divested | (2,570) | 0 | 0 |
Net cash used in investing activities | (101,243) | (173,575) | (265,418) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 0 | 400,000 | 350,000 |
Repayments of long-term debt | (30,000) | (435,000) | (175,000) |
Repayments of term loan | (435,000) | (175,000) | |
Payments of debt issuance costs | (1,996) | (7,630) | (11,172) |
Payments of debt extinguishment costs | 0 | (26,214) | 0 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,000) | 0 | 0 |
Excess tax benefit (expense) from stock-based compensation | (1,045) | (281) | 896 |
Net cash provided by (used in) financing activities | (35,041) | (69,125) | 164,724 |
Net increase (decrease) in cash and cash equivalents | 25,838 | (40,233) | 60,803 |
Cash and cash equivalents at beginning of year | 108,456 | 148,689 | 87,886 |
Cash and cash equivalents at end of year | 134,294 | 108,456 | 148,689 |
Supplemental cash flow information: | |||
Interest paid | 41,393 | 41,820 | 42,236 |
Income taxes paid | $ 26,208 | $ 26,694 | $ 17,036 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Controlling Stockholders' Equity [Member] | Noncontrolling Interest [Member] |
Balances, shares at Dec. 31, 2012 | 118,968 | |||||||
Balances at Dec. 31, 2012 | $ 590,633 | $ 20,053 | $ (235) | $ 646,217 | $ (74,631) | $ 591,404 | $ (771) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Activity in employees' stock plans, shares | 1,523 | |||||||
Activity in employees' stock plans | 1,062 | $ 215 | 42 | 805 | 1,062 | |||
Excess tax benefit from stock based compensation | 896 | 896 | 896 | |||||
Amortization of restricted stock plan compensation | 9,431 | 9,431 | 9,431 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 2,680 | |||||||
Fair value of acquired noncontrolling interest | 2,680 | |||||||
Distributions to noncontrolling interest | (265) | (265) | ||||||
Comprehensive Income: | ||||||||
Net income | 27,179 | 27,015 | 27,015 | 164 | ||||
Other comprehensive income (loss): | 1,526 | $ 1,888 | 1,888 | (362) | ||||
Balances, shares at Dec. 31, 2013 | 120,491 | |||||||
Balances at Dec. 31, 2013 | 633,142 | $ 20,268 | (193) | 657,349 | (47,616) | 1,888 | 631,696 | 1,446 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Activity in employees' stock plans, shares | 1,555 | |||||||
Activity in employees' stock plans | 1,174 | $ 227 | 23 | 924 | 1,174 | |||
Excess tax benefit from stock based compensation | (281) | (281) | (281) | |||||
Amortization of restricted stock plan compensation | 9,273 | 9,273 | 0 | 9,273 | 0 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 1,919 | (496) | (496) | 1,919 | ||||
Distributions to noncontrolling interest | (242) | (242) | ||||||
Comprehensive Income: | ||||||||
Net income | 24,461 | 23,451 | 23,451 | 1,010 | ||||
Other comprehensive income (loss): | (2,723) | (2,386) | (2,386) | (337) | ||||
Balances, shares at Dec. 31, 2014 | 122,046 | |||||||
Balances at Dec. 31, 2014 | 666,214 | $ 20,495 | (170) | 666,769 | (24,165) | (498) | 662,431 | 3,783 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Noncontrolling Interest in Joint Ventures | (509) | (13) | ||||||
Activity in employees' stock plans, shares | 1,160 | |||||||
Activity in employees' stock plans | (1,034) | $ 193 | 0 | (1,227) | (1,034) | |||
Excess tax benefit from stock based compensation | (1,045) | (1,045) | (1,045) | |||||
Amortization of restricted stock plan compensation | 8,410 | 8,410 | 8,410 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (6,750) | (3,787) | (3,787) | (2,963) | ||||
Disposal of noncontrolling interest related to sale of joint venture | (1,392) | 0 | 0 | (1,392) | ||||
Comprehensive Income: | ||||||||
Net income | (94,284) | (95,073) | (95,073) | 789 | ||||
Other comprehensive income (loss): | (1,607) | (1,390) | (1,390) | (217) | ||||
Balances, shares at Dec. 31, 2015 | 123,206 | |||||||
Balances at Dec. 31, 2015 | $ 568,512 | $ 20,688 | $ (170) | $ 669,120 | $ (119,238) | $ (1,888) | $ 568,512 | $ 0 |
Acquisitions Acquisitions (Note
Acquisitions Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 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 million paid at the closing of the ITS Acquisition. An additional $24 million was deposited into an escrow account, which was payable to the seller or to us in accordance with the ITS Acquisition agreement (the Acquisition Agreement). As of December 31, 2015 , the escrow account was closed, with $20.7 million of the cash deposited in escrow released to the seller (or to third parties on behalf of the seller) and $3.3 million released to us ( $2.75 million received in 2014 and $0.5 million received in 2015). 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 (the 2M-Tek Acquisition) for an initial purchase price of $10.4 million paid at the closing of the 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 closing 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 "accrued liabilities" on our consolidated balance sheet. During the fourth quarter of 2015 we paid $2.0 million of the contingent consideration upon the achievement of certain milestones. We included the operations and related assets acquired and liabilities we assumed in 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 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 fair value measurements (current assets and liabilities, property plant and equipment) or Level 3 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 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 year ended December 31, 2015 were approximately $0.4 million . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 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, plus the value of any noncontrolling interests, is recognized as goodwill. We perform our annual goodwill impairment review as of October 1 of each year, and more frequently if negative conditions or other triggering events arise. As a result of our 2015 analysis, we determined that the fair value of the reporting unit exceeded its net book value and therefore, no goodwill impairment was necessary. Should current market conditions worsen or persist for an extended period of time, an impairment of the carrying value of our goodwill could occur. 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 . During the 2015 fourth quarter, we sold our controlling interest in a joint venture in Egypt resulting in the write-off of $0.6 million of intangible assets related to customer relationships and trade name. 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 year ended December 31, 2015 is as follows: Dollars in thousands Goodwill Balance at December 31, 2014 $ — Acquisition 6,708 Balance at December 31, 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 December 31, 2015 Dollars in thousands Estimated Useful Life (Years) Gross Carrying Amount Write-off Due to Sale Accumulated Amortization Net Carrying Amount Amortized intangible assets: Developed Technology 6 $ 11,630 $ — $ (1,454 ) 10,176 Customer Relationships 3 5,400 (264 ) (4,611 ) 525 Trade Names 5 4,940 (332 ) (1,932 ) 2,676 Total Amortized intangible assets $ 21,970 $ (596 ) $ (7,997 ) $ 13,377 Amortization expense was $4.3 million , $2.6 million , and $1.7 million for the year ended December 31, 2015 , 2014 , and 2013 respectively. Our remaining intangibles amortization expense for the next five years is presented below: Dollars in thousands Expected future intangible amortization expense 2016 $ 3,448 2017 $ 2,801 2018 $ 2,306 2019 $ 2,306 2020 $ 2,030 Beyond 2020 $ 486 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 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 (1,390 ) December 31, 2015 $ (1,888 ) As a result of the sale of our controlling interest in a consolidated joint venture in Egypt, $0.5 million was reclassified out of accumulated other comprehensive income and into earnings for the year ended December 31, 2015 related to foreign currency translation losses. |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of our property, plant and equipment balance are as follows: December 31, Dollars in Thousands 2015 2014 Property, Plant and Equipment, at cost: Drilling Equipment $ 1,396,748 $ 1,383,308 Rental Tools 521,662 494,924 Building, Land and Improvements 53,576 53,024 Other 114,465 95,074 Construction in Progress 21,770 70,668 Total Property, Plant and Equipment at cost 2,108,221 2,096,998 Less: Accumulated Depreciation and Amortization 1,302,380 1,201,058 Property, Plant, and Equipment, Net $ 805,841 $ 895,940 Depreciation expense was $151.9 million , $142.5 million and $132.4 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Provision for Reduction in Carrying Value of an Asset Asset impairment evaluations are, by nature, highly subjective. They involve expectations about future cash flows generated by our assets and reflect management’s assumptions and judgments regarding future industry conditions and their effect on future utilization levels, dayrates and costs. The use of different estimates and assumptions could result in materially different carrying values of our assets. We review the carrying amounts of long-lived assets for potential impairment when events occur or circumstances change that indicate the carrying values of such assets may not be recoverable. During the 2015 third quarter, as a result of the continued decline in oil prices and expected slower recovery, we performed a recoverability test for our respective asset groups. Based on the results of our recoverability test, the current carrying values of our asset groups are fully recoverable through our future estimated cash flows and thus were not subject to impairment at September 30, 2015. The determination of our forecasted cashflows for the respective asset groups included underlying assumptions and estimates with regard to dayrates, utilization, operating costs and capital expenditures associated with each rig based on its expected operating status (i.e. operating, stacked, etc.). During the 2015 fourth quarter, in response to the continuing deterioration of oil prices and market conditions, we updated our recoverability analysis to address significant changes in assumptions for our respective asset groups. Based on the results of our analysis, the respective asset groups were deemed recoverable and were not subject to impairment at December 31, 2015. Should current market conditions worsen or persist for an extended period of time, an impairment of the carrying value of our long-lived assets could occur. Although no impairment of our asset groups was identified as a result of our 2015 third and fourth quarter analyses, during the year ended December 31, 2015, we recorded $12.5 million of provisions for reduction in carrying value of assets. During the 2015 fourth quarter management made a decision to exit the Drilling Services business in the Colombia market. As of December 31, 2015 there were three-rigs in the country. One of the rigs is being marketed for operations outside of Colombia, and for the remaining two rigs, components of the rigs that are useable elsewhere in our operations are being re-deployed and the carrying value of the remaining components has been written-off, resulting in a provision for reduction in carrying value of $4.8 million . In addition, during the 2015 fourth quarter, to adjust to the lower level of current and expected drilling activity, we performed a review of certain individual assets within our asset groups and recorded a $4.3 million provision for reduction in carrying value of assets primarily related to drilling equipment in our International & Alaska Drilling segment. During the 2015 second and third quarters, the Company wrote-off a combined $3.2 million related to certain international rental tools and drilling rigs that management concluded were no longer marketable and the carrying value of the rigs and equipment was no longer recoverable. During the 2014 fourth quarter, we performed a recoverability test for our asset groups to determine if the carrying value of such assets was recoverable. Based on the results of our recoverability test, the current carrying values of our asset groups were fully recoverable through our future estimated cash flows. We therefore concluded that the asset groups were not subject to impairment at December 31, 2014. Disposition of Assets During the normal course of operations, we periodically sell equipment deemed to be excess, obsolete, or not currently required for operations. Net gains recorded on asset disposition for the year ended December 31, 2015 were $1.6 million . The net gains for 2015 were primarily the result of a gain from an insurance settlement received during the first quarter of 2015 related to previously realized asset losses. This gain was partially offset by losses incurred during the 2015 fourth quarter related to equipment retirements. Net gains recorded on assets dispositions for the year ended December 31, 2014 were $1.1 million . The net gains for 2014 were primarily the result of the sale of long lived assets, including the sale of two rigs located in Kazakhstan during the fourth quarter. The sale included the rigs, rig related inventory, property and leasehold improvements. The assets had a carrying value at the time of sale of $3.8 million and were sold for proceeds of $3.5 million , resulting in a net loss of approximately $0.3 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) before income taxes is summarized below: Year Ended December 31, Dollars in thousands 2015 2014 2013 United States $ (77,368 ) $ 37,547 $ 32,136 Foreign 5,397 10,990 20,651 $ (71,971 ) $ 48,537 $ 52,787 Income tax expense (benefit) is summarized as follows: Year Ended December 31, Dollars in thousands 2015 2014 2013 Current: United States: Federal $ 2,485 $ (3,079 ) $ (3,658 ) State 365 5,335 1,968 Foreign 16,754 20,311 14,599 Deferred: United States: Federal (141 ) 4,703 10,720 State (4,769 ) (379 ) 2,820 Foreign 7,619 (2,815 ) (841 ) $ 22,313 $ 24,076 $ 25,608 Total income tax expense differs from the amount computed by multiplying income before income taxes by the U.S. federal income tax statutory rate. The reasons for this difference are as follows: Year Ended December 31, 2015 2014 2013 Dollars in thousands Amount % of Pre-Tax Income Amount % of Pre-Tax Income Amount % of Pre-Tax Income Computed Expected Tax Expense (Benefit) $ (25,190 ) 35.0 % $ 16,988 35.0 % $ 18,476 35.0 % Foreign Taxes 16,043 (22.3 )% 11,221 23.1 % 12,470 23.6 % Tax Effect Different From Statutory Rates (2,729 ) 3.8 % (3,389 ) (7.0 )% (8,920 ) (16.9 )% State Taxes, net of federal benefit (4,544 ) 6.3 % 3,117 6.4 % 4,099 7.8 % Foreign Tax Credits (5,566 ) 7.7 % (3,043 ) (6.3 )% (1,484 ) (2.8 )% Change in Valuation Allowance 40,676 (56.5 )% 2,800 5.8 % 1,975 3.7 % Uncertain Tax Positions (81 ) 0.1 % (1,125 ) (2.3 )% 2,472 4.7 % Permanent Differences 1,696 (2.4 )% 676 1.4 % 4,005 7.6 % Prior Year Return to Provision Adjustments 1,555 (2.1 )% (2,618 ) (5.4 )% (6,268 ) (11.9 )% Other 453 (0.6 )% (551 ) (1.1 )% (1,217 ) (2.3 )% Unremitted Foreign Earnings-Current Year Adjustment — — % — — % — — % Actual Tax Expense $ 22,313 (31.0 )% $ 24,076 49.6 % $ 25,608 48.5 % The components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are shown below: December 31, Dollars in thousands 2015 2014 Deferred tax assets Deferred tax assets: Federal net operating loss carryforwards 63,607 17,235 State net operating loss carryforwards 5,839 1,130 Other state deferred tax asset, net 3,170 1,658 Foreign Tax Credits 45,751 37,344 FIN 48 1,789 4,870 Foreign tax 27,861 28,656 Asset Impairment 33,723 38,931 Accruals not currently deductible for tax purposes 4,315 7,053 Deferred compensation 3,487 3,210 Other 845 — Gross long-term deferred tax assets 190,387 140,087 Valuation Allowance (51,105 ) (9,922 ) Net deferred tax assets, net of valuation allowance 139,282 130,165 Deferred tax liabilities: Deferred tax liabilities: Property, Plant and equipment (59,879 ) (43,637 ) Foreign tax local (3,169 ) (4,985 ) Other state deferred tax liability, net (5,606 ) (3,491 ) Other — (2 ) Gross deferred tax liabilities (68,654 ) (52,115 ) Net deferred tax asset $ 70,628 $ 78,050 As part of the process of preparing the consolidated financial statements, the Company is required to determine its provision for income taxes. This process involves estimating the annual effective tax rate and the nature and measurements of temporary and permanent differences resulting from differing treatment of items for tax and accounting purposes. These differences and the operating loss and tax credit carryforwards result in deferred tax assets and liabilities. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of appropriate character in each taxing jurisdiction during the periods in which those temporary differences become deductible. Management considers the weight of available evidence, both positive and negative, including the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax planning strategies in making this assessment. To the extent the Company believes that it does not meet the test that recovery is more likely than not, it establishes a valuation allowance. To the extent that the Company establishes a valuation allowance or changes this allowance in a period, it adjusts the tax provision or tax benefit in the consolidated statement of operations. We use our judgment in determining provisions or benefits for income taxes, and any valuation allowance recorded against previously established deferred tax assets. We have measured the value of our deferred tax assets for the year ended December 31, 2015 based on the cumulative weight of positive and negative evidence that exists as of the date of the financial statements. Should the cumulative weight of all available positive and negative evidence change in the forecast period, the expectation of realization of deferred tax assets existing as of December 31, 2015 and prospectively may change. The 2015 results include income tax benefits of $24.7 million for depreciation and amortization relating to our two arctic-class drilling rigs in Alaska. In addition, we increased our valuation allowance by $40.6 million primarily related to U.S. foreign tax credits and certain foreign net operating losses. We established the valuation allowance based on the weight of available evidence, both positive and negative, including results of recent and current operations and our estimates of future taxable income or loss by jurisdiction in which we operate. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed and other business considerations. Changes in these estimates and assumptions, including changes in tax laws and other changes impacting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances. The 2014 results include income tax benefits of $2.2 million related to the settlement of our U.S. Federal Internal Revenue Service refund claim for periods 2008-2011 and $25.0 million for depreciation and amortization relating to our two arctic-class drilling rigs in Alaska. In addition, we increased our valuation allowance by $2.8 million primarily related to foreign net operating losses. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Dollars in thousands Balance at January 1, 2015 $ (8,199 ) Additions based on tax positions taken during a prior period (638 ) Reductions based on tax positions taken during a prior period 1,000 Balance at December 31, 2015 $ (7,837 ) In many cases, our uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2015 : Colombia 2011-present Kazakhstan 2007-present Mexico 2010-present Papua New Guinea 2012-present Russia 2012-present United States — Federal 2009-present United Kingdom 2013-present At December 31, 2015 , we had a liability for unrecognized tax benefits of $7.8 million ( $3.6 million of which, if recognized, would favorably impact our effective tax rate), on which no payments were made during 2015. The Company recognized interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2015 and December 31, 2014 we had approximately $3.4 million and $3.3 million of accrued interest and penalties related to uncertain tax positions, respectively. We recognized an increase of $0.4 million of interest and no penalties on unrecognized tax benefits for the year ended December 31, 2015 . As of December 31, 2015 , the Company has permanently reinvested accumulated undistributed earnings of foreign subsidiaries and, therefore, has not recorded a deferred tax liability related to subject earnings. Upon distribution of additional earnings in the form of dividends or otherwise, we could be subject to U.S. income taxes and foreign withholding taxes. It is not practicable to determine precisely the amount of taxes that may be payable on the eventual remittance of these earnings due to many factors, including application of foreign tax credits, levels of accumulated earnings and profits at the time of remittance, and the sources of earnings remitted. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following table illustrates the Company’s current debt portfolio as of December 31, 2015 and December 31, 2014 : December 31, Dollars in thousands 2015 2014 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 July 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 ( $6.2 million net of amortization as of December 31, 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 the Goldman Term Loan, to repay $45.0 million of Term Loan borrowings 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 ( $4.0 million , net of amortization as of December 31, 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 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. The 2012 Secured Credit Agreement consisted of an $80.0 million revolving credit facility and a $50.0 million term loan (Term Loan). At the closing of the 2015 Secured Credit Agreement, the outstanding balance on the Term Loan was $30 million , and we repaid this balance with a $30.0 million draw on the 2015 Revolver. 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.” On September 29, 2015, we executed the second amendment to the 2015 Secured Credit Agreement (the “Second Amendment”). Among other things, the Second Amendment: (a) gradually increases the permissible consolidated leverage ratio from a maximum of 4.00:1.00 to 5.75:1.00 through December 31, 2016, which thereafter gradually reduces to 4.00:1.00 by December 31, 2017; (b) reduces the consolidated interest coverage ratio from 2.50:1:00 to 2.25:1.00 for each quarter of 2016, and returning to 2.50:1.00 thereafter; (c) increases the Applicable Rate for certain higher levels of consolidated leverage to a maximum of 4.00 percent per annum for LIBOR rate loans and to 3.00 percent per annum for base rate loans; (d) allows multi-year letters of credit up to an aggregate amount of $5 million; (e) limits payment prior to September 30, 2017 of certain restricted payments and certain prepayments of unsecured senior notes and other specified forms of indebtedness; and (f) removes the option of the Company, subject to the consent of the lenders, to increase the Credit Agreement up to an additional $75 million. We incurred debt issuance costs related to the 2015 Secured Credit Agreement of approximately $2.0 million and had approximately $0.8 million of remaining debt issuance costs for the 2012 Secured Credit agreement. The total debt issuance costs of $2.8 million ( $2.4 million , net of amortization as of December 31, 2015 ) are being amortized over the term of the 2015 Secured Credit Agreement on a straight line basis. 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, certain U.S.-based rental equipment of the Company and its subsidiary guarantors and the equity interests of certain of the Company's subsidiaries. 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, a consolidated leverage ratio, as described above, a consolidated interest coverage ratio, as described above, and a maximum senior secured leverage ratio of 1.50:1:00 at each quarter end). We were in compliance with all such covenants as of December 31, 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. As a result of the Second Amendment, the Applicable Rate ranges from 2.50 percent to 4.00 percent per annum for LIBOR rate loans and from 1.50 percent to 3.00 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 certain U.S.-based 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 December 31, 2015 totaled $12.5 million . There were no amounts drawn on the 2015 Revolver as of December 31, 2015 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term Debt 6.75% Notes $ 360,000 $ 246,600 $ 360,000 $ 270,000 7.50% Notes 225,000 171,000 225,000 180,000 Total $ 585,000 $ 417,600 $ 585,000 $ 450,000 The assets acquired and liabilities assumed in the 2M-Tek Acquisition were recorded at fair value in accordance with U.S. GAAP. Acquisition date fair values represent either Level 2 fair value measurements (current assets and liabilities, property, plant and equipment) or Level 3 fair value measurements (intangible assets). 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 year ended December 31, 2015 . |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity | Stock-Based Compensation Stock Plan In 2015 and 2014 stock-based compensation awards were granted to employees under the Company's 2010 Long-Term Incentive Plan, as amended and restated in May 2013 (the Stock Plan). The Stock Plan was approved by the stockholders at the Annual Meeting of Stockholders on May 8, 2013. The Stock Plan authorizes the compensation committee or the board of directors to issue stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance based awards, and other types of awards in cash or stock to key employees, consultants, and directors. The maximum number of shares that may be delivered pursuant to the awards granted under the Stock Plan is 11,000,000 shares of common stock. As of December 31, 2015 there were 1,311,131 shares remaining available under the Stock Plan. Stock-Based Awards Stock-based awards generally vest over three years . Stock-based compensation expense is recognized net of an estimated forfeiture rate, which is based on historical experience and adjusted, if necessary, in subsequent periods based on actual forfeitures. We recognize share-based compensation expense in the same financial statement line item as cash compensation paid to the respective employees. Tax deduction benefits for awards in excess of recognized compensation costs are reported as a financing cash flow. We currently issue three types of stock-based awards: restricted stock units (RSUs), performance share units (PSUs) and phantom stock units: • RSUs entitle a grantee to receive a share of common stock on a specified vesting date. RSUs are service-based awards and compensation expense is recognized ratably over the applicable vesting period. The grant-date fair value of nonvested RSUs is determined based on the closing trading price of the company’s shares on the grant date. RSUs are settled in stock upon vesting. • PSUs are performance-based awards as further described under "Performance-Based Awards" below. Compensation costs for PSUs are recognized ratably over a three year performance period. PSUs vest fully at the end of the three year performance period and are typically settled in stock upon vesting. • Phantom stock units are performance-based awards and represent the equivalent of one share of Common Stock as of the grant date. Compensation costs for phantom stock units are recognized based on the change in fair value of the awards during the performance period. Phantom stock units vest fully at the end of the three year performance period and are settled in cash or other form of immediately available funds upon vesting. The following table presents RSUs and PSUs granted, vested and forfeited during 2015 under the Company's Stock Plan: Nonvested Units Units Weighted Average Grant-Date Fair Value Nonvested at January 1, 2015 3,344,813 $ 5.66 Granted 2,996,151 3.08 Vested (1,463,494 ) 5.48 Forfeited (103,062 ) 5.74 Nonvested at December 31, 2015 4,774,408 $ 4.08 In 2015 , 2014 , and 2013 we issued 2,996,151 units, 1,541,395 units, and 2,602,973 units, respectively, of RSUs to selected key personnel. On May 9, 2013 Chris Weber was elected Senior Vice President and Chief Financial Officer of the Company. As part of his employment agreement, he was granted 261,438 RSUs. This award was granted outside of the Company’s Stock Plan but is subject to substantially the same terms and conditions of other service-based RSUs granted by the Company to its executive officers. Total stock-based compensation expense recognized relating to RSUs and PSUs for the years ended December 31, 2015 , 2014 , and 2013 was $8.4 million , $9.3 million , and $9.4 million , respectively, all of which was related to nonvested RSUs and PSUs. The total fair value of the units vested during the years ended December 31, 2015 , 2014 , and 2013 was $8.0 million , $7.1 million , and $7.4 million , respectively. The fair value of RSUs is determined based on the closing trading price of the Company’s stock on the grant date. The per-share weighted-average grant-date fair value of units granted during the years 2015 , 2014 , and 2013 was $3.08 , $6.66 , and $4.77 , respectively. Stock-based compensation expense is included in our consolidated statements of operations in “General and administration expenses.” Nonvested RSUs at December 31, 2015 totaled 4,774,408 and total unrecognized compensation cost related to unamortized RSUs was $7.6 million as of December 31, 2015 . The remaining unrecognized compensation cost related to non-vested RSUs will be amortized over a weighted-average vesting period of approximately 18 months. Performance-Based Awards We currently issue two types of performance-based awards: performance cash units (PCUs) and phantom stock units. In prior years, we issued PSUs and PCUs. PCUs are performance-based awards that contain payout conditions which are based on our performance against our peers with regard to relative return on capital employed (ROCE) over a three-year performance period. PCUs are settled in cash. Each PCU has a nominal value of $100.00 . A maximum of 200 percent of the number of PCUs granted may be earned if performance at the maximum level is achieved. PCUs vest to the extent earned at the end of a three year performance period. Phantom stock units are performance based awards denominated in a number of shares which contain payout conditions based on our performance against our peers with regard to relative total shareholder return (TSR) over a three-year performance period. Phantom stock units are settled in cash or other form of immediately-available funds upon vesting. They represent a grant of hypothetical stock equivalent to shares of stock but the employee receives cash upon vesting. We used a simulation-based option pricing approach to determine the fair value of these awards. A maximum of 250 percent of the number of phantom stock units granted may be earned if performance at the maximum level is achieved. Phantom stock units vest fully at the end of the three year performance period. PSUs are also performance-based awards that contain payout conditions which are based on our performance against our peers with regard to relative TSR over a three-year performance period. The effects of these conditions are reflected in the grant-date fair value of the award using a simulation-based option pricing approach for valuation. A maximum of 250 percent of the number of PSUs granted may be earned if performance at the maximum level is achieved. PSUs vest to the extent earned at the end of a three year performance period. We evaluate the terms of each award to determine if the award should be accounted for as equity or a liability under the stock compensation rules of U.S. GAAP. PCUs and phantom stock units are classified as liability awards and PSUs are classified as equity awards. For performance-based awards with graded vesting conditions, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. For market-based awards that vest at the end of the service period, we recognize compensation expense on a straight-line basis through the end of the service period. The following table presents PCUs granted and forfeited under the Company's Stock Plan: Year ended December 31, 2015 2014 2013 Granted 17,091 16,574 18,000 Forfeited — 110 13,358 Compensation expense recognized related to PCUs for the years ended December 31, 2015 , 2014 , and 2013 was $2.3 million , $1.9 million , and $1.8 million , respectively. The following table presents phantom stock units granted and forfeited under the Company's Stock Plan: Year ended December 31, 2015 2014 2013 Granted 541,127 — — Forfeited — — — Compensation expense recognized related to phantom stock units for the year ended December 31, 2015 was $0.4 million , and there was no expense recognized in 2014 or 2013 . |
Reconciliation of Income and Nu
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) | Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) For the Year Ended December 31, 2015 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ (95,073,000 ) 122,562,187 $ (0.78 ) Effect of dilutive securities: Stock options and restricted stock — $ — Diluted EPS $ (95,073,000 ) 122,562,187 $ (0.78 ) For the Year Ended December 31, 2014 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 23,451,000 121,186,464 $ 0.19 Effect of dilutive securities: Stock options and restricted stock 1,890,184 $ — Diluted EPS: $ 23,451,000 123,076,648 $ 0.19 For the Year Ended December 31, 2013 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 27,015,000 119,284,468 $ 0.23 Effect of dilutive securities: Stock options and restricted stock 1,940,082 $ (0.01 ) Diluted EPS: $ 27,015,000 121,224,550 $ 0.22 For the year ended December 31, 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 for that year, and therefore, inclusion of such potential common shares in the calculation would be anti-dilutive. For the years ended December 31, 2014 and 2013, our computation of diluted EPS includes the dilutive effect of common shares potentially issuable in connection with outstanding RSUs and PSUs. |
Employee Benefit Plan Employee
Employee Benefit Plan Employee Benefit Plan (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Benefit Plan The Company sponsors a defined contribution 401(k) plan (Plan) in which substantially all U.S. employees are eligible to participate. The Company currently matches 100 percent of each participant’s pre-tax contributions in an amount not exceeding 4 percent of the participant's compensation and 50 percent of each participant’s pre-tax contributions in an amount not exceeding 2 percent of the participant's compensation, up to the maximum amount of contributions allowed by law. The costs of our matching contributions to the Plan were $4.0 million , $4.7 million and $3.6 million in 2015 , 2014 and 2013 , respectively. Employees become 100 percent vested in the employer match contributions immediately upon participation in the Plan. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. 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. Within the three reportable segments, we have aggregated our U.S. and international rental tools business units under Rental Tools, one business unit under U.S. (Lower 48) Drilling, and our Arctic, Eastern Hemisphere and Latin America business units under International & Alaska Drilling for a total of six business units. The Company has aggregated each of its business units in one of the three reporting segments based on the guidelines of ASC Topic 280, “Segment Reporting” (“ASC Topic 280”). We eliminate inter-segment revenue and expenses. We disclose revenue under the three reportable segments based on the similarity of the use and markets for the groups of products and services within each segment. Drilling Services Business Line In our Drilling Services business, we drill oil and gas wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer owned rigs as our operations and maintenance (O&M) service in which operators own their own drilling rigs but choose Parker Drilling to operate and maintain the rigs for them. The nature and scope of activities involved in drilling an oil and gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project related services, such as engineering, procurement, project management and commissioning 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. U.S. (Lower 48) Drilling Our U.S. (Lower 48) Drilling segment provides drilling services with our Gulf of Mexico (GOM) barge drilling rig fleet and through U.S. (Lower 48) 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 shallow water depths ranging from 6 to 12 feet. Our rigs are suitable for a variety of drilling programs from inland coastal waters, requiring shallow draft barges, to open water drilling on both state and federal water projects requiring more robust hull depth capabilities. The barge drilling industry in the GOM is characterized by cyclical activity where utilization and dayrates are typically driven by oil and gas prices and our customers’ access to project financing. Contract terms tend to be well-to-well or multi-well programs, most commonly ranging from 45 to 150 days. International & Alaska Drilling Our International & Alaska Drilling segment provides drilling services, with Company-owned rigs as well as through O&M contracts, and project-related services. The drilling markets in which this segment operates have one or more of the following characteristics: • customers that typically are major, independent or national oil and natural gas companies or integrated service providers; • drilling programs in remote locations with little infrastructure requiring a large inventory of spare parts and other ancillary equipment and self-supported service capabilities; • complex wells and/or harsh environments (such as high pressures, deep depths, hazardous or geologically challenging conditions and sensitive environments) requiring specialized equipment and considerable experience to drill; and • drilling and O&M contracts that generally cover periods of one year or more Our Rental Tools Services Business Our Rental Tools segment provides premium rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the United States (U.S.) and select international markets. Tools we provide include standard and heavy-weight drill pipe, tubing, pressure control equipment, including blow-out preventers (BOPs), drill collars and more. We also provide well construction services, which include tubular running services and downhole tools, and well intervention services, which include whipstock, fishing products and related services, as well as inspection and machine shop support. Our largest single market for rental tools is U.S. land drilling. Generally, rental tools are used for only a portion of a well drilling program and are usually rented on a daily or monthly basis. With regard to FASB ASC 280-10-50-41, we respectfully note that the Reportable Segments note to the consolidated financial statements includes tabular disclosure by material geography of revenue, operating gross margins and long-lived assets. The following table represents the results of operations by reportable segment: Year Ended December 31, Dollars in thousands 2015 2014 2013 Revenues: Drilling Services: U.S. (Lower 48) Drilling (1) $ 30,358 $ 158,405 $ 153,624 International & Alaska Drilling (1) 435,096 462,513 410,507 Total Drilling Services 465,454 620,918 564,131 Rental Tools (1) 246,729 347,766 310,041 Total revenues 712,183 968,684 874,172 Operating income: Drilling Services: U.S. (Lower 48) Drilling (2) (28,309 ) 46,831 54,203 International & Alaska Drilling (2) 45,211 34,405 23,080 Total Drilling Services 16,902 81,236 77,283 Rental Tools (2) 12,797 72,946 91,164 Total operating gross margin 29,699 154,182 168,447 General and administrative expense (36,190 ) (35,016 ) (68,025 ) Provision for reduction in carrying value of certain assets (12,490 ) — (2,544 ) Gain on disposition of assets, net 1,643 1,054 3,994 Total operating income (loss) (17,338 ) 120,220 101,872 Interest expense (45,155 ) (44,265 ) (47,820 ) Interest income 269 195 2,450 Loss on extinguishment of debt — (30,152 ) (5,218 ) Other income (loss) (9,747 ) 2,539 1,503 Income (loss) from continuing operations before income taxes $ (71,971 ) $ 48,537 $ 52,787 (1) Exxon Neftegas Limited ( ENL ), was our largest customer in each of the years ended December 31, 2015 , 2014 , and 2013 . ENL constituted approximately 27.9 percent , 18.7 percent , and 15.6 percent of our total consolidated revenues in the years ended December 31, 2015 , 2014 , and 2013 , respectively, and approximately 45.6 percent , 39.2 percent , and 33.3 percent of our International & Alaska Drilling segment revenues in the years ended December 31, 2015 , 2014 , and 2013 , respectively. (2) Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense. The following table represents capital expenditures and depreciation and amortization by reportable segment: Year Ended December 31, Dollars in thousands 2015 2014 2013 Capital expenditures: U.S. (Lower 48) Drilling $ 2,731 $ 43,120 $ 23,796 International & Alaska Drilling 13,458 26,761 40,822 Rental Tools 67,189 95,340 76,928 Corporate 4,819 14,292 14,099 Total capital expenditures $ 88,197 $ 179,513 $ 155,645 Depreciation and amortization: (1) U.S. (Lower 48) Drilling $ 22,420 $ 21,260 $ 15,212 International & Alaska Drilling 64,539 59,684 62,988 Rental Tools 69,235 64,177 55,853 Total depreciation and amortization $ 156,194 $ 145,121 $ 134,053 (1) For presentation purposes, depreciation for corporate assets of $7.5 million , $5.0 million , and $3.5 million for the years then ended December 31, 2015, 2014 and 2013, respectively, has been allocated to the above reportable segments. The following table represents identifiable assets by reportable segment: Year Ended December 31, Dollars in Thousands 2015 2014 Identifiable assets: U.S. (Lower 48) Drilling $ 102,121 $ 124,701 International & Alaska Drilling 629,784 764,794 Rental Tools 429,281 444,195 Total identifiable assets 1,161,186 1,333,690 Corporate 215,718 186,969 Total assets $ 1,376,904 $ 1,520,659 The following table represents selected geographic information : Year Ended December 31, Dollars in Thousands Revenues by geographic area: 2015 2014 2013 Russia $ 165,193 $ 154,817 $ 131,037 Other CIS 61,145 59,881 54,296 EMEA & Asia 148,015 183,460 135,499 Latin America 69,989 86,651 101,154 United States 231,779 440,642 425,800 Other (1) 36,062 43,233 26,386 Total revenues $ 712,183 $ 968,684 $ 874,172 Long-lived assets by geographic area: (2) Russia $ 22,607 $ 25,728 Other CIS 44,675 49,883 EMEA & Asia 130,434 145,093 Latin America 63,919 85,492 United States (3) 544,206 589,744 Other — — Total long-lived assets $ 805,841 $ 895,940 (1) This category includes our project services activities, as the revenue generated by our project service activities benefit our various geographic locations. (2) Long-lived assets consist of property, plant and equipment, net. (3) The long-lived assets for our project service activities primarily relate to office furniture and fixtures and are located in the United States; therefore, they have been included in the United States line item. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has various lease agreements for office space, equipment, vehicles and personal property. These obligations extend through 2025 and are typically non-cancelable. Most leases contain renewal options and certain of the leases contain escalation clauses. Future minimum lease payments at December 31, 2015 , under operating leases with non-cancelable terms are as follows: Dollars in Thousands Year Ended 2016 $ 10,145 2017 7,939 2018 6,131 2019 4,314 2020 3,156 Thereafter 5,088 Total $ 36,773 Total rent expense for all operating leases amounted to $19.2 million , $21.8 million and $19.9 million for 2015 , 2014 , and 2013 , respectively. Self Insurance We are self-insured for certain losses relating to workers’ compensation, employers’ liability, general liability (for onshore liability), protection and indemnity (for offshore liability) and property damage. Our exposure (that is, the retention or deductible) per occurrence is $250,000 for worker’s compensation and employer’s liability, and $500,000 for general liability, protection and indemnity and maritime employers’ liability (Jones Act). In addition, we assume a $400,000 annual aggregate deductible for protection and indemnity and maritime employers’ liability claims. The annual aggregate deductible is reduced by every dollar that exceeds the $500,000 per occurrence retention. We also assume a retention for foreign casualty exposures of $100,000 for workers’ compensation, employers’ liability, and $1,000,000 for general liability losses and a $100,000 deductible for auto liability claims. For all primary insurances mentioned above, the Company has excess coverage for those claims that exceed the retention and annual aggregate deductible. We maintain actuarially-determined accruals in our consolidated balance sheets to cover the self-insurance retentions. We have self-insured retentions for certain other losses relating to rig, equipment, property, business interruption and political, war, and terrorism risks which vary according to the type of rig and line of coverage. Political risk insurance is procured for international operations. However, this coverage may not adequately protect us against liability from all potential consequences. As of December 31, 2015 and 2014 , our gross self-insurance accruals for workers’ compensation, employers’ liability, general liability, protection and indemnity and maritime employers’ liability totaled $5.5 million and $5.9 million , respectively and the related insurance recoveries/receivables were $2.0 million for both years. Other Commitments We have entered into employment agreements with terms of one to two years with certain members of management with automatic one year renewal periods at expiration dates. The agreements provide for, among other things, compensation, benefits and severance payments. The employment agreements also provide for lump sum compensation and benefits in the event of termination within two years following a change in control of the Company. 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 deferred 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 and intends to file our final report with the DOJ on or about April 16, 2016. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Consulting Agreement On December 31, 2013, Robert L. Parker, Jr., our former Executive Chairman, retired as an employee of the Company. Mr. Parker continued to serve as Chairman of the Company’s board of directors until the annual meeting of stockholders held in 2014, at which time Mr. Parker was elected to the board for a three-year term. In connection with Mr. Parker’s retirement, the Company and Mr. Parker entered into a Retirement and Separation Agreement dated as of November 1, 2013 (the “Retirement Agreement”). Under the terms of the Retirement Agreement, in 2014 Mr. Parker received a cash bonus of $411,188 , a cash payment of $1,096,687 pursuant to the 2010 Long-Term Incentive Program of the Company’s Stock Plan, and a severance payment of $2,488,024 . The value of benefits provided by the Company to Mr. Parker in 2014 was $12,876 . In 2015, Mr. Parker received a cash payment of $706,082 pursuant to the 2010 Long-Term Incentive Program of the Company’s Stock Plan. The value of benefits provided by the Company to Mr. Parker in 2015 was $14,441 . In addition, Mr. Parker was paid $250,000 during 2015 and will be paid $250,000 during 2016 and 2017, respectively, in exchange for his agreement to provide additional support to the Company when needed in matters where his historical and industry knowledge, client relationships and related expertise could be of particular benefit to the Company’s interests. Other Related Party Agreements During 2015 we purchased the legal rights to certain rental tool software from two employees and a relative of the employees. As part of the purchase, we paid $180,000 to a relative of the employees during 2015 and we are required to make a $90,000 payment to each employee in both January 2016 and 2017. One of the Company’s directors held executive positions at Apache Corporation (Apache), including the positions of President and Chief Corporate Officer, Executive Vice President and Chief Financial Officer and Chief Corporate Officer, prior to retiring from Apache on March 31, 2014. During 2014 and 2013 , affiliates of Apache paid affiliates of the Company a total of $34.0 million and $40.8 million , respectively, for performance of drilling services and provision of rental tools. During 2013, one of the Company’s directors served on the board of directors of Gardner Denver, Inc. (GD), until resigning from our board of directors during 2014. During 2013, affiliates of the Company paid affiliates of GD $0.2 million for goods and services provided to the Company. |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2015 | |
Additional Financial Information Disclosure [Abstract] | |
Supplementary Information | Supplementary Information The significant components of "Accrued liabilities" on our consolidated balance sheets as of December 31, 2015 and 2014 are presented below: Year Ended December 31, Dollars in Thousands 2015 2014 Accrued liabilities: Accrued Payroll & Related Benefits $ 27,678 $ 32,504 Accrued Interest Expense 18,169 18,171 Accrued Professional Fees & Other 20,326 18,073 Deferred Mobilization Fees 2,649 4,245 Workers' Compensation Liabilities, net 2,801 2,710 Total accrued liabilities $ 71,623 $ 75,703 |
Parent, Guarantor, Non-Guaranto
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements | 12 Months Ended |
Dec. 31, 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 Company’s 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 consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of December 31, 2015 and December 31, 2014 and for the years ended December 31, 2015 , 2014 , and 2013 . The consolidating condensed financial statements present investments in both the consolidated and unconsolidated subsidiaries using the equity method of accounting. Upon the closing of our 2015 Secured Credit Agreement, one of our subsidiaries was released as a guarantor subsidiary and is now classified as a non-guarantor subsidiary. In accordance with the guidance Topic No. 810, Consolidation (ASC 810), we have retrospectively updated the unaudited consolidating condensed financial information as of December 31, 2015 and December 31, 2014 and for the years ended December 31, 2015 , 2014 , and 2013 . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data Quarter Year 2015 (1) First Second Third Fourth Total (Dollars in Thousands Except Per Share Amounts) (Unaudited) Revenues $ 204,076 $ 185,941 $ 173,418 $ 148,748 $ 712,183 Operating gross margin $ 24,267 $ 4,021 $ 4,871 $ (3,460 ) $ 29,699 Operating income $ 15,871 $ (7,944 ) $ (4,547 ) $ (20,718 ) $ (17,338 ) Net income (loss) attributable to controlling interest $ 3,222 $ (14,029 ) $ (48,620 ) $ (35,646 ) $ (95,073 ) Basic earnings per share — net income (loss) $ 0.03 $ (0.11 ) $ (0.40 ) $ (0.29 ) $ (0.78 ) Diluted earnings per share — net income (loss) $ 0.03 $ (0.11 ) $ (0.40 ) $ (0.29 ) $ (0.78 ) Quarter Year 2014 First Second Third Fourth Total (Dollars in Thousands Except Per Share Amounts) (Unaudited) Revenues $ 229,225 $ 254,234 $ 242,012 $ 243,213 $ 968,684 Operating gross margin $ 28,863 $ 43,485 $ 45,066 $ 36,768 $ 154,182 Operating income $ 19,770 $ 37,497 $ 35,239 $ 27,714 $ 120,220 Net income attributable to controlling interest $ (12,549 ) $ 15,681 $ 12,566 $ 7,753 $ 23,451 Basic earnings per share — net income $ (0.10 ) $ 0.13 $ 0.10 $ 0.06 $ 0.19 Diluted earnings per share — net income $ (0.10 ) $ 0.13 $ 0.10 $ 0.06 $ 0.19 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This update requires businesses to classify deferred tax liabilities and assets on their balance sheets as noncurrent. Early adoption is permitted. Upon adoption, an entity must apply the new guidance either retrospectively to all prior periods presented in the financial statements prospectively for all new information on a going forward-basis. We have early adopted the standard on a retrospective basis which resulted in zero of deferred tax liabilities and $7.5 million of deferred tax assets being re-classified from current to noncurrent on the consolidated balance sheet as of December 31, 2014. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This new standard specifies that the acquirer should recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, eliminating the current requirement to retrospectively account for these adjustments. Additionally, the full effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts should be recognized in the same period as the adjustments to the provisional amounts. The standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We plan to adopt this new standard and do not currently anticipate a material impact on our financial position, results of operations and cash flows. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. We plan to adopt this new standard and do not currently anticipate a material impact on our financial position, results of operations and cash flows. In June 2015, the FASB issued 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. In April 2015, the FASB issued 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. Final guidance on this standard, issued as ASU 2015-15 in August 2015, includes an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. 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 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events None. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts Classifications Balance at beginning of year Charged to cost and expenses Charged to other accounts Deductions Balance at end of year Dollars in Thousands Year ended December 31, 2015 Allowance for bad debt $ 11,188 $ 341 $ (825 ) $ (2,010 ) $ 8,694 Allowance for obsolete rig materials and supplies $ 530 — $ 236 $ (140 ) $ 626 Deferred tax valuation allowance $ 9,922 $ 40,676 $ 507 $ — $ 51,105 Year ended December 31, 2014 Allowance for bad debt $ 12,853 $ 5,248 $ — $ (6,913 ) $ 11,188 Allowance for obsolete rig materials and supplies $ 3,445 — $ 1 $ (2,916 ) $ 530 Deferred tax valuation allowance $ 6,827 $ 2,800 $ 295 $ — $ 9,922 Year ended December 31, 2013 Allowance for bad debt $ 8,117 $ 5,092 $ 5,861 $ (6,217 ) $ 12,853 Allowance for obsolete rig materials and supplies $ 312 $ — $ 3,586 $ (453 ) $ 3,445 Deferred tax valuation allowance $ 4,805 $ 2,010 $ 12 $ — $ 6,827 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Legal Costs, Policy [Policy Text Block] | Legal and Investigation Matters — As of December 31, 2015 , we have accrued an estimate of the probable and estimable costs for the resolution of certain legal and investigation matters. We have not accrued any amounts for other matters for which the liability is not probable and reasonably estimable. Generally, the estimate of probable costs related to these matters is developed in consultation with our legal advisors. The estimates take into consideration factors such as the complexity of the issues, litigation risks and settlement costs. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, our future financial results may be adversely affected. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). This update requires businesses to classify deferred tax liabilities and assets on their balance sheets as noncurrent. Early adoption is permitted. Upon adoption, an entity must apply the new guidance either retrospectively to all prior periods presented in the financial statements prospectively for all new information on a going forward-basis. We have early adopted the standard on a retrospective basis which resulted in zero of deferred tax liabilities and $7.5 million of deferred tax assets being re-classified from current to noncurrent on the consolidated balance sheet as of December 31, 2014. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This new standard specifies that the acquirer should recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, eliminating the current requirement to retrospectively account for these adjustments. Additionally, the full effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts should be recognized in the same period as the adjustments to the provisional amounts. The standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. We plan to adopt this new standard and do not currently anticipate a material impact on our financial position, results of operations and cash flows. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, which requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The standard is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. We plan to adopt this new standard and do not currently anticipate a material impact on our financial position, results of operations and cash flows. In June 2015, the FASB issued 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. In April 2015, the FASB issued 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. Final guidance on this standard, issued as ASU 2015-15 in August 2015, includes an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. 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 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. |
Nature of Operations | Nature of Operations — Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. 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 drill oil and gas wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer owned rigs as our operations and maintenance (O&M) service in which operators own their own drilling rigs but choose Parker Drilling to operate and maintain the rigs for them. The nature and scope of activities involved in drilling an oil and gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project related services, such as engineering, procurement, project management and commissioning 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 provides drilling services with our Gulf of Mexico (GOM) barge rig drilling fleet and through U.S. (Lower 48) 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 shallow water depths ranging from 6 to 12 feet. Our International & Alaska Drilling segment provides drilling services, with Company-owned rigs as well as through O&M contracts, and project related services. We strive to deploy our fleet of Parker-owned rigs in markets where we expect to have opportunities to keep the rigs consistently utilized and build a sufficient presence to achieve efficient operating scale. In our Rental Tools Services business, we provide premium rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the United States (U.S.) and select international markets. Tools we provide include standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, pressure control equipment, including blow-out preventers (BOPs), drill collars and more. We also provide well construction services, which include tubular running services and downhole tools, and well intervention services, which include whipstock, fishing products and related services, as well as inspection and machine shop support. Generally, rental tools are used for only a portion of a well drilling program and are requested by the customer when they are needed, requiring us to keep a broad inventory of rental tools in stock. Rental tools are usually rented on a daily or monthly basis. 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 21 countries. Parker has set numerous world records for deep and extended-reach drilling land rigs and is an industry leader in quality, health, safety and environmental practices. |
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. |
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. 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. During the 2015 fourth quarter we incurred a $4.8 million loss on the sale of our controlling interest in a consolidated joint venture in Egypt, which also resulted in the disposal of the related noncontrolling interest of $2.2 million . Also, during the 2015 second quarter we incurred a $0.9 million loss on the divestiture of our controlling interest in a consolidated joint venture in Russia, which also resulted in the disposal of the related noncontrolling interest of $0.8 million . During the fourth quarter of 2015, we also purchased the remaining noncontrolling interest of ITS Arabia Limited for $6.75 million , of which $3.4 million remains payable to the seller at a later date. At the time of purchase, the carrying value of the noncontrolling interest was $3.0 million . |
Reclassifications | 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. 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 | Reimbursable Revenues — 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 $87.8 million , $82.6 million , and $69.7 million during the years ended December 31, 2015 , 2014 , and 2013 , respectively. Additionally, the Company typically receives a nominal handling fee, which is recognized as earned in revenues in our consolidated statement of operations. |
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. |
Acquisition Purchase Price Allocation | 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. |
Intangible Assets | 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, plus the value of any noncontrolling interests, is recognized as goodwill. We perform our annual goodwill impairment review as of October 1 of each year, and more frequently if negative conditions or other triggering events arise. The quantitative impairment test we perform for goodwill utilizes certain assumptions, including forecasted revenue and costs assumptions. See Note 3 - Goodwill and Intangible Assets for further discussion. |
Cash and Cash Equivalents | Cash and Cash Equivalents — For purposes of the consolidated balance sheets and the consolidated statements of cash flows, the Company considers cash equivalents to be highly liquid debt instruments that have a remaining maturity of three months or less at the date of purchase. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Bad Debt — Trade accounts receivable are recorded at the invoice amount and typically do not bear interest. The allowance for bad debt is estimated for losses that may occur resulting from disputed amounts and the inability of our customers to pay amounts owed. We estimate the allowance based on historical write-off experience and information about specific customers. We review individually, for collectability, all balances over 90 days past due as well as balances due from any customer with respect to which we have information leading us to believe that a risk exists for potential collection. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance-sheet credit exposure related to customers. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is carried at cost. Maintenance and most repair costs are expensed as incurred. The cost of upgrades and replacements is capitalized. The Company capitalizes software developed or obtained for internal use. Accordingly, the cost of third-party software, as well as the cost of third-party and internal personnel that are directly involved in application development activities, are capitalized during the application development phase of new software systems projects. Costs during the preliminary project stage and post-implementation stage of new software systems projects, including data conversion and training costs, are expensed as incurred. We account for depreciation of property, plant and equipment on the straight line method over the estimated useful lives of the assets after provision for salvage value. Depreciation, for tax purposes, utilizes several methods of accelerated depreciation. Depreciable lives for different categories of property, plant and equipment are as follows: Land drilling equipment 3 to 20 years Barge drilling equipment 3 to 20 years Drill pipe, rental tools and other 4 to 15 years Buildings and improvements 5 to 30 years Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the lease. |
Annual Impairment Review | Impairment — We evaluate the carrying amounts of long-lived assets for potential impairment when events occur or circumstances change that indicate the carrying values of such assets may not be recoverable. We evaluate recoverability by determining the undiscounted estimated future net cash flows for the respective asset groups identified. If the sum of the estimated undiscounted cashflows is less than the carrying value of the asset group, we measure the impairment as the amount by which the assets’ carrying value exceeds its fair value. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. Assets are written down to fair value if the final estimate of current fair value is below the net carrying value. The assumptions used in the impairment evaluation are inherently uncertain and require management judgment. |
Capitalized Interest | Capitalized Interest — Interest from external borrowings is capitalized on major projects until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. Capitalized interest costs reduce net interest expense in the consolidated statements of operations. During 2015 , 2014 and 2013 , capitalized interest costs were $0.2 million , $1.2 million and $2.4 million , respectively. |
Assets Held for Sale | Assets Held for Sale — We classify an asset as held for sale when the facts and circumstances meet the criteria for such classification, including the following: (a) we have committed to a plan to sell the asset, (b) the asset is available for immediate sale, (c) we have initiated actions to complete the sale, including locating a buyer, (d) the sale is expected to be completed within one year, (e) the asset is being actively marketed at a price that is reasonable relative to its fair value, and (f) the plan to sell is unlikely to be subject to significant changes or termination. |
Rig Materials and Supplies | Rig Materials and Supplies — Because our international drilling generally occurs in remote locations, making timely outside delivery of spare parts uncertain, a complement of parts and supplies is maintained either at the drilling site or in warehouses close to the operation. During periods of high rig utilization, these parts are generally consumed and replenished within a one -year period. During a period of lower rig utilization in a particular location, the parts, like the related idle rigs, are generally not transferred to other international locations until new contracts are obtained because of the significant transportation costs that would result from such transfers. We classify those parts which are not expected to be utilized in the following year as long-term assets. Additionally, our international rental tools business holds machine shop consumables and steel stock for manufacture in our machine shops and inspection and repair shops. Rig materials and supplies are valued at the lower of cost or market value. |
Deferred Costs | Deferred Costs — We defer costs related to rig mobilization and amortize such costs over the primary term of the related contract. The costs to be amortized within twelve months are classified as current. |
Debt Issuance Costs | Debt Issuance Costs — We typically defer costs associated with issuance of indebtedness, and amortize those costs over the term of the related debt using the effective interest method. |
Income Taxes | Income Taxes — Income taxes are accounted for under the asset and liability method and have been provided based upon tax laws and rates in effect in the countries in which operations are conducted and income is earned. There is little or no expected relationship between the provision for or benefit from income taxes and income or loss before income taxes as the countries in which we operate have taxation regimes that vary not only with respect to nominal rate, but also in terms of the availability of deductions, credits, and other benefits. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled and the effect of changes in tax rates is recognized in income in the period in which the change is enacted. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed and other matters. Changes in these estimates and assumptions, including changes in tax laws and other changes impacting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized and changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Earnings (Loss) Per Share (EPS) | Earnings (Loss) Per Share (EPS) — Basic earnings (loss) per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock and convertible debt are included in the diluted EPS calculation, when applicable. |
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 national and international oil and natural gas companies. We generally do not require collateral on our trade receivables. At December 31, 2015 and 2014 , we had deposits in domestic banks in excess of federally insured limits of approximately $91.3 million and $59.3 million , respectively. In addition, we had deposits in foreign banks, which were not insured at December 31, 2015 and 2014 of $44.1 million and $54.4 million , respectively. Our customer base primarily consists of major, independent and national oil and natural gas companies and integrated service providers. We depend on a limited number of significant customers. Our largest customer, Exxon Neftegas Limited constituted 27.9 percent of our revenues for 2015 . |
Fair Value Measurements | Fair Value Measurements — 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. Our valuation technique requires inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: (1) unadjusted quoted prices for identical assets or liabilities in active markets (Level 1), (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 2) and (3) unobservable inputs that require significant judgment for which there is little or no market data (Level 3). 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 measurement even though we may have also utilized significant inputs that are more readily observable. |
Foreign Currency | Foreign Currency — In our international rental tool business, for certain subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: (i) assets and liabilities at month-end exchange rates; (ii) income, expenses and cash flows at monthly average exchange rates or exchange rates in effect on the date of the transaction; and (iii) stockholders’ equity at historical exchange rates. For those subsidiaries where the local currency is the functional currency, the resulting translation adjustment is recorded as a component of accumulated other elements of comprehensive income (loss) in the accompanying consolidated balance sheets. |
Stock-Based Compensation | Stock-Based Compensation — Under our long term incentive plan, we are authorized to issue the following: stock options; stock appreciation rights; restricted stock awards; restricted stock units; performance based awards; and other types of awards in cash or stock to key employees, consultants, and directors. We typically grant restricted stock units (RSUs), performance shares units (PSUs), performance cash units (PCUs) and phantom share units. Our RSUs are service-based awards and compensation expense is recognized ratably over the applicable vesting period, which is typically three years |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets — Our intangible assets are related to 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. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Total Accounts and Notes Receivable | The components of our accounts and notes receivable, net of allowance for bad debt balance are as follows: December 31, Dollars in thousands 2015 2014 Trade $ 183,299 $ 281,640 Notes receivable 500 500 Allowance for bad debt (1) (8,694 ) (11,188 ) Total accounts and notes receivable, net of allowance for bad debt $ 175,105 $ 270,952 (1) Additional information on the allowance for bad debt for the years ended December 31, 2015 , 2014 and 2013 is reported on Schedule II — Valuation and Qualifying Accounts. |
Summary of Depreciable Lives for Different Categories of Property Plant and Equipment | Depreciable lives for different categories of property, plant and equipment are as follows: Land drilling equipment 3 to 20 years Barge drilling equipment 3 to 20 years Drill pipe, rental tools and other 4 to 15 years Buildings and improvements 5 to 30 years |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 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 (1,390 ) December 31, 2015 $ (1,888 ) |
Property, Plant and Equipment P
Property, Plant and Equipment Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The components of our property, plant and equipment balance are as follows: December 31, Dollars in Thousands 2015 2014 Property, Plant and Equipment, at cost: Drilling Equipment $ 1,396,748 $ 1,383,308 Rental Tools 521,662 494,924 Building, Land and Improvements 53,576 53,024 Other 114,465 95,074 Construction in Progress 21,770 70,668 Total Property, Plant and Equipment at cost 2,108,221 2,096,998 Less: Accumulated Depreciation and Amortization 1,302,380 1,201,058 Property, Plant, and Equipment, Net $ 805,841 $ 895,940 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Income (Loss) Before Income Taxes | Income (loss) before income taxes is summarized below: Year Ended December 31, Dollars in thousands 2015 2014 2013 United States $ (77,368 ) $ 37,547 $ 32,136 Foreign 5,397 10,990 20,651 $ (71,971 ) $ 48,537 $ 52,787 |
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) is summarized as follows: Year Ended December 31, Dollars in thousands 2015 2014 2013 Current: United States: Federal $ 2,485 $ (3,079 ) $ (3,658 ) State 365 5,335 1,968 Foreign 16,754 20,311 14,599 Deferred: United States: Federal (141 ) 4,703 10,720 State (4,769 ) (379 ) 2,820 Foreign 7,619 (2,815 ) (841 ) $ 22,313 $ 24,076 $ 25,608 |
Schedule of Income Tax Reconciliation from Federal Income Tax Statutory Rate | Year Ended December 31, Dollars in thousands 2015 2014 2013 Current: United States: Federal $ 2,485 $ (3,079 ) $ (3,658 ) State 365 5,335 1,968 Foreign 16,754 20,311 14,599 Deferred: United States: Federal (141 ) 4,703 10,720 State (4,769 ) (379 ) 2,820 Foreign 7,619 (2,815 ) (841 ) $ 22,313 $ 24,076 $ 25,608 Total income tax expense differs from the amount computed by multiplying income before income taxes by the U.S. federal income tax statutory rate. The reasons for this difference are as follows: |
Components of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are shown below: December 31, Dollars in thousands 2015 2014 Deferred tax assets Deferred tax assets: Federal net operating loss carryforwards 63,607 17,235 State net operating loss carryforwards 5,839 1,130 Other state deferred tax asset, net 3,170 1,658 Foreign Tax Credits 45,751 37,344 FIN 48 1,789 4,870 Foreign tax 27,861 28,656 Asset Impairment 33,723 38,931 Accruals not currently deductible for tax purposes 4,315 7,053 Deferred compensation 3,487 3,210 Other 845 — Gross long-term deferred tax assets 190,387 140,087 Valuation Allowance (51,105 ) (9,922 ) Net deferred tax assets, net of valuation allowance 139,282 130,165 Deferred tax liabilities: Deferred tax liabilities: Property, Plant and equipment (59,879 ) (43,637 ) Foreign tax local (3,169 ) (4,985 ) Other state deferred tax liability, net (5,606 ) (3,491 ) Other — (2 ) Gross deferred tax liabilities (68,654 ) (52,115 ) Net deferred tax asset $ 70,628 $ 78,050 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Dollars in thousands Balance at January 1, 2015 $ (8,199 ) Additions based on tax positions taken during a prior period (638 ) Reductions based on tax positions taken during a prior period 1,000 Balance at December 31, 2015 $ (7,837 ) |
Open Tax Years by Major Tax Jurisdiction | The following describes the open tax years, by major tax jurisdiction, as of December 31, 2015 : Colombia 2011-present Kazakhstan 2007-present Mexico 2010-present Papua New Guinea 2012-present Russia 2012-present United States — Federal 2009-present United Kingdom 2013-present |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Company's Current Debt Portfolio | The following table illustrates the Company’s current debt portfolio as of December 31, 2015 and December 31, 2014 : December 31, Dollars in thousands 2015 2014 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 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Values and Related Carrying Values of Debt Instruments | December 31, 2015 December 31, 2014 Dollars in thousands Carrying Amount Fair Value Carrying Amount Fair Value Long-term Debt 6.75% Notes $ 360,000 $ 246,600 $ 360,000 $ 270,000 7.50% Notes 225,000 171,000 225,000 180,000 Total $ 585,000 $ 417,600 $ 585,000 $ 450,000 |
Common Stock and Stockholders34
Common Stock and Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Long-Term Incentive Plans | Nonvested Units Units Weighted Average Grant-Date Fair Value Nonvested at January 1, 2015 3,344,813 $ 5.66 Granted 2,996,151 3.08 Vested (1,463,494 ) 5.48 Forfeited (103,062 ) 5.74 Nonvested at December 31, 2015 4,774,408 $ 4.08 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table presents PCUs granted and forfeited under the Company's Stock Plan: Year ended December 31, 2015 2014 2013 Granted 17,091 16,574 18,000 Forfeited — 110 13,358 |
Reconciliation of Income and 35
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) | For the Year Ended December 31, 2015 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ (95,073,000 ) 122,562,187 $ (0.78 ) Effect of dilutive securities: Stock options and restricted stock — $ — Diluted EPS $ (95,073,000 ) 122,562,187 $ (0.78 ) For the Year Ended December 31, 2014 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 23,451,000 121,186,464 $ 0.19 Effect of dilutive securities: Stock options and restricted stock 1,890,184 $ — Diluted EPS: $ 23,451,000 123,076,648 $ 0.19 For the Year Ended December 31, 2013 Income (Numerator) Shares (Denominator) Per-Share Amount Basic EPS $ 27,015,000 119,284,468 $ 0.23 Effect of dilutive securities: Stock options and restricted stock 1,940,082 $ (0.01 ) Diluted EPS: $ 27,015,000 121,224,550 $ 0.22 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Results of Operations by Reportable Segment | Year Ended December 31, Dollars in thousands 2015 2014 2013 Revenues: Drilling Services: U.S. (Lower 48) Drilling (1) $ 30,358 $ 158,405 $ 153,624 International & Alaska Drilling (1) 435,096 462,513 410,507 Total Drilling Services 465,454 620,918 564,131 Rental Tools (1) 246,729 347,766 310,041 Total revenues 712,183 968,684 874,172 Operating income: Drilling Services: U.S. (Lower 48) Drilling (2) (28,309 ) 46,831 54,203 International & Alaska Drilling (2) 45,211 34,405 23,080 Total Drilling Services 16,902 81,236 77,283 Rental Tools (2) 12,797 72,946 91,164 Total operating gross margin 29,699 154,182 168,447 General and administrative expense (36,190 ) (35,016 ) (68,025 ) Provision for reduction in carrying value of certain assets (12,490 ) — (2,544 ) Gain on disposition of assets, net 1,643 1,054 3,994 Total operating income (loss) (17,338 ) 120,220 101,872 Interest expense (45,155 ) (44,265 ) (47,820 ) Interest income 269 195 2,450 Loss on extinguishment of debt — (30,152 ) (5,218 ) Other income (loss) (9,747 ) 2,539 1,503 Income (loss) from continuing operations before income taxes $ (71,971 ) $ 48,537 $ 52,787 (1) Exxon Neftegas Limited ( ENL ), was our largest customer in each of the years ended December 31, 2015 , 2014 , and 2013 . ENL constituted approximately 27.9 percent , 18.7 percent , and 15.6 percent of our total consolidated revenues in the years ended December 31, 2015 , 2014 , and 2013 , respectively, and approximately 45.6 percent , 39.2 percent , and 33.3 percent of our International & Alaska Drilling segment revenues in the years ended December 31, 2015 , 2014 , and 2013 , respectively. (2) Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense. The following table represents capital expenditures and depreciation and amortization by reportable segment: Year Ended December 31, Dollars in thousands 2015 2014 2013 Capital expenditures: U.S. (Lower 48) Drilling $ 2,731 $ 43,120 $ 23,796 International & Alaska Drilling 13,458 26,761 40,822 Rental Tools 67,189 95,340 76,928 Corporate 4,819 14,292 14,099 Total capital expenditures $ 88,197 $ 179,513 $ 155,645 Depreciation and amortization: (1) U.S. (Lower 48) Drilling $ 22,420 $ 21,260 $ 15,212 International & Alaska Drilling 64,539 59,684 62,988 Rental Tools 69,235 64,177 55,853 Total depreciation and amortization $ 156,194 $ 145,121 $ 134,053 (1) For presentation purposes, depreciation for corporate assets of $7.5 million , $5.0 million , and $3.5 million for the years then ended December 31, 2015, 2014 and 2013, respectively, has been allocated to the above reportable segments. The following table represents identifiable assets by reportable segment: Year Ended December 31, Dollars in Thousands 2015 2014 Identifiable assets: U.S. (Lower 48) Drilling $ 102,121 $ 124,701 International & Alaska Drilling 629,784 764,794 Rental Tools 429,281 444,195 Total identifiable assets 1,161,186 1,333,690 Corporate 215,718 186,969 Total assets $ 1,376,904 $ 1,520,659 |
Operations by Geographical Area | Year Ended December 31, Dollars in Thousands Revenues by geographic area: 2015 2014 2013 Russia $ 165,193 $ 154,817 $ 131,037 Other CIS 61,145 59,881 54,296 EMEA & Asia 148,015 183,460 135,499 Latin America 69,989 86,651 101,154 United States 231,779 440,642 425,800 Other (1) 36,062 43,233 26,386 Total revenues $ 712,183 $ 968,684 $ 874,172 Long-lived assets by geographic area: (2) Russia $ 22,607 $ 25,728 Other CIS 44,675 49,883 EMEA & Asia 130,434 145,093 Latin America 63,919 85,492 United States (3) 544,206 589,744 Other — — Total long-lived assets $ 805,841 $ 895,940 (1) This category includes our project services activities, as the revenue generated by our project service activities benefit our various geographic locations. (2) Long-lived assets consist of property, plant and equipment, net. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases with Non Cancelable Terms | Future minimum lease payments at December 31, 2015 , under operating leases with non-cancelable terms are as follows: Dollars in Thousands Year Ended 2016 $ 10,145 2017 7,939 2018 6,131 2019 4,314 2020 3,156 Thereafter 5,088 Total $ 36,773 |
Supplementary Information Suppl
Supplementary Information Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Additional Financial Information Disclosure [Abstract] | |
Schedule of Accrued Liabilities | The significant components of "Accrued liabilities" on our consolidated balance sheets as of December 31, 2015 and 2014 are presented below: Year Ended December 31, Dollars in Thousands 2015 2014 Accrued liabilities: Accrued Payroll & Related Benefits $ 27,678 $ 32,504 Accrued Interest Expense 18,169 18,171 Accrued Professional Fees & Other 20,326 18,073 Deferred Mobilization Fees 2,649 4,245 Workers' Compensation Liabilities, net 2,801 2,710 Total accrued liabilities $ 71,623 $ 75,703 |
Parent, Guarantor, Non-Guaran39
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Condensed Statement of Comprehensive Income [Table Text Block] | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Year Ended December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ (95,073 ) $ (13,875 ) $ (21,967 ) $ 36,631 $ (94,284 ) Other comprehensive gain (loss), net of tax: Currency translation difference on related borrowings — — (2,012 ) — $ (2,012 ) Currency translation difference on foreign currency net investments — — 405 — $ 405 Total other comprehensive gain (loss), net of tax: — — (1,607 ) — (1,607 ) Comprehensive income (loss) (95,073 ) (13,875 ) (23,574 ) 36,631 (95,891 ) Comprehensive (income) loss attributable to noncontrolling interest — — 4,606 — 4,606 Comprehensive income (loss) attributable to controlling interest $ (95,073 ) $ (13,875 ) $ (18,968 ) $ 36,631 $ (91,285 ) | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Year Ended December 31, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ 23,451 $ 69,912 $ (1,503 ) $ (67,399 ) $ 24,461 Other comprehensive gain (loss), net of tax: Currency translation difference on related borrowings — — (4,870 ) — (4,870 ) Currency translation difference on foreign currency net investments — — 2,147 — 2,147 Total other comprehensive gain (loss), net of tax: — — (2,723 ) — (2,723 ) Comprehensive income (loss) 23,451 69,912 (4,226 ) (67,399 ) 21,738 Comprehensive (income) loss attributable to noncontrolling interest — — (673 ) — (673 ) Comprehensive income (loss) attributable to controlling interest $ 23,451 $ 69,912 $ (4,899 ) $ (67,399 ) $ 21,065 | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited) Year ended December 31, 2013 Parent Guarantor Non-Guarantor Eliminations Consolidated Comprehensive income: Net income (loss) $ 27,015 $ 36,214 $ 19,380 $ (55,430 ) $ 27,179 Other comprehensive gain (loss), net of tax: Currency translation difference on related borrowings — — (1,525 ) — (1,525 ) Currency translation difference on foreign currency net investments — — 3,051 — 3,051 Total other comprehensive gain (loss), net of tax: — — 1,526 — 1,526 Comprehensive income (loss) 27,015 36,214 20,906 (55,430 ) 28,705 Comprehensive (income) loss attributable to noncontrolling interest — — 198 — 198 Comprehensive income (loss) attributable to controlling interest $ 27,015 $ 36,214 $ 21,104 $ (55,430 ) $ 28,903 |
Consolidating Condensed Statement of Operations | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Year ended December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 254,182 $ 584,204 $ (126,203 ) $ 712,183 Operating expenses — 143,563 508,930 (126,203 ) 526,290 Depreciation and amortization — 95,071 61,123 — 156,194 Total operating gross margin — 15,548 14,151 — 29,699 General and administration expense (1) (1,279 ) (38,643 ) 3,732 — (36,190 ) Provision for reduction in carrying value of certain assets — (2,088 ) (10,402 ) — (12,490 ) Gain on disposition of assets, net — 439 1,204 — 1,643 Total operating income (loss) (1,279 ) (24,744 ) 8,685 — (17,338 ) Other income and (expense): Interest expense (47,659 ) (1,035 ) (11,579 ) 15,118 (45,155 ) Interest income 1,424 852 13,111 (15,118 ) 269 Other — (200 ) (9,547 ) — (9,747 ) Equity in net earnings of subsidiaries (36,631 ) — — 36,631 — Total other income (expense) (82,866 ) (383 ) (8,015 ) 36,631 (54,633 ) Income (loss) before income taxes (84,145 ) (25,127 ) 670 36,631 (71,971 ) Income tax expense (benefit): Current 29,643 (22,970 ) 12,931 — 19,604 Deferred (18,715 ) 11,718 9,706 — 2,709 Income tax expense (benefit) 10,928 (11,252 ) 22,637 — 22,313 Net income (loss) (95,073 ) (13,875 ) (21,967 ) 36,631 (94,284 ) Less: Net income attributable to noncontrolling interest — — 789 — 789 Net income (loss) attributable to controlling interest $ (95,073 ) $ (13,875 ) $ (22,756 ) $ 36,631 $ (95,073 ) (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) Year ended December 31, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 506,205 $ 640,147 $ (177,668 ) $ 968,684 Operating expenses — 279,396 567,653 (177,668 ) 669,381 Depreciation and amortization — 87,248 57,873 — 145,121 Total operating gross margin — 139,561 14,621 — 154,182 General and administration expense (1) (302 ) (33,035 ) (1,679 ) — (35,016 ) Gain (loss) on disposition of assets, net (79 ) 1,156 (23 ) — 1,054 Total operating income (loss) (381 ) 107,682 12,919 — 120,220 Other income and (expense): Interest expense (46,527 ) (148 ) (7,692 ) 10,102 (44,265 ) Interest income 1,478 623 8,196 (10,102 ) 195 Loss on extinguishment of debt (30,152 ) — — — (30,152 ) Other — 2,810 (271 ) — 2,539 Equity in net earnings of subsidiaries 67,399 — — (67,399 ) — Total other income (expense) (7,802 ) 3,285 233 (67,399 ) (71,683 ) Income (loss) before income taxes (8,183 ) 110,967 13,152 (67,399 ) 48,537 Income tax expense (benefit): Current (17,702 ) 24,106 16,163 — 22,567 Deferred (13,932 ) 16,949 (1,508 ) — 1,509 Income tax expense (benefit) (31,634 ) 41,055 14,655 — 24,076 Net income (loss) 23,451 69,912 (1,503 ) (67,399 ) 24,461 Less: Net income attributable to noncontrolling interest — — 1,010 — 1,010 Net income (loss) attributable to controlling interest $ 23,451 $ 69,912 $ (2,513 ) $ (67,399 ) $ 23,451 (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) Year ended December 31, 2013 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 468,073 $ 549,295 $ (143,196 ) $ 874,172 Operating expenses — 252,211 462,657 (143,196 ) 571,672 Depreciation and amortization — 77,416 56,637 — 134,053 Total operating gross margin — 138,446 30,001 — 168,447 General and administration expense (1) (202 ) (67,083 ) (740 ) — (68,025 ) Provision for reduction in carrying value of certain assets — — (2,544 ) — (2,544 ) Gain on disposition of assets, net — 1,759 2,235 — 3,994 Total operating income (loss) (202 ) 73,122 28,952 — 101,872 Other income and (expense): Interest expense (51,439 ) (335 ) (9,930 ) 13,884 (47,820 ) Interest income 3,824 1,761 10,749 (13,884 ) 2,450 Loss on extinguishment of debt (5,218 ) — — — (5,218 ) Other 52 (143 ) 1,594 — 1,503 Equity in net earnings of subsidiaries 55,430 — — (55,430 ) — Total other income and (expense) 2,649 1,283 2,413 (55,430 ) (49,085 ) Income (loss) before income taxes 2,447 74,405 31,365 (55,430 ) 52,787 Income tax expense (benefit): Current (21,431 ) 18,737 15,603 — 12,909 Deferred (3,137 ) 19,454 (3,618 ) — 12,699 Total income tax expense (benefit) (24,568 ) 38,191 11,985 — 25,608 Net income (loss) 27,015 36,214 19,380 (55,430 ) 27,179 Less: Net (loss) attributable to noncontrolling interest — — 164 — 164 Net income (loss) attributable to controlling interest $ 27,015 $ 36,214 $ 19,216 $ (55,430 ) $ 27,015 |
Consolidating Condensed Balance Sheet | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited) December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 73,985 $ 13,854 $ 46,455 $ — $ 134,294 Accounts and notes receivable, net — 42,261 132,844 — 175,105 Rig materials and supplies — (4,744 ) 39,681 — 34,937 Deferred costs — — 1,367 — 1,367 Other tax assets — 457 4,735 — 5,192 Other current assets — 5,525 10,321 — 15,846 Total current assets 73,985 57,353 235,403 — 366,741 Property, plant and equipment, net (19 ) 543,346 262,514 — 805,841 Goodwill — 6,708 — — 6,708 Intangible assets, net — 11,740 1,637 — 13,377 Investment in subsidiaries and intercompany advances 3,057,220 2,770,501 3,319,702 (9,147,423 ) — Other noncurrent assets (224,584 ) 312,790 265,995 (169,964 ) 184,237 Total assets $ 2,906,602 $ 3,702,438 $ 4,085,251 $ (9,317,387 ) $ 1,376,904 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ — $ — $ — $ — — Accounts payable and accrued liabilities 84,456 56,382 295,439 (306,574 ) 129,703 Accrued income taxes 9,900 2,111 (5,593 ) — 6,418 Total current liabilities 94,356 58,493 289,846 (306,574 ) 136,121 Long-term debt 585,000 — — — 585,000 Other long-term liabilities 2,868 7,446 8,303 — 18,617 Long-term deferred tax liability (29 ) 69,679 (996 ) — 68,654 Intercompany payables 1,656,968 1,401,510 1,864,671 (4,923,149 ) — Total liabilities 2,339,163 1,537,128 2,161,824 (5,229,723 ) 808,392 Total equity 567,439 2,165,310 1,923,427 (4,087,664 ) 568,512 Total liabilities and stockholders’ equity $ 2,906,602 $ 3,702,438 $ 4,085,251 $ (9,317,387 ) $ 1,376,904 | 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 Other tax assets 19,885 (18,273 ) 9,111 — 10,723 Other current assets — 7,998 10,558 — 18,556 Total current assets 56,580 97,898 307,825 — 462,303 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 2,441,523 2,464,506 (7,966,896 ) — Other noncurrent assets (440,918 ) 496,728 269,882 (167,562 ) 158,130 Total assets $ 2,676,510 $ 3,625,204 $ 3,353,403 $ (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 1,311,404 1,204,769 (3,838,345 ) — Total liabilities 2,013,581 1,456,398 1,526,924 (4,142,458 ) 854,445 Total equity 662,929 2,168,806 1,826,479 (3,992,000 ) 666,214 Total liabilities and stockholders’ equity $ 2,676,510 $ 3,625,204 $ 3,353,403 $ (8,134,458 ) $ 1,520,659 | |
Consolidated Condensed Statements of Cash Flows | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Year Ended December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ (95,073 ) $ (13,875 ) $ (21,967 ) $ 36,631 (94,284 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization — 95,071 61,123 — 156,194 Accretion of contingent consideration — 826 — — 826 Gain on disposition of assets — (439 ) (1,204 ) — (1,643 ) Deferred income tax expense (18,715 ) 11,718 9,706 — 2,709 Provision for reduction in carrying value of certain assets — 2,088 10,402 — 12,490 Expenses not requiring cash 6,311 854 (2,062 ) — 5,103 Equity in net earnings of subsidiaries 36,631 — — (36,631 ) — Change in assets and liabilities: Accounts and notes receivable (33 ) 61,818 42,210 — 103,995 Rig materials and supplies — 51 2,671 — 2,722 Other current assets 19,885 (16,257 ) 8,920 — 12,548 Accounts payable and accrued liabilities 10,228 (21,396 ) (16,257 ) — (27,425 ) Accrued income taxes 15,368 (9,405 ) (13,920 ) — (7,957 ) Other assets (198,955 ) 186,591 9,208 — (3,156 ) Net cash provided by operating activities (224,353 ) 297,645 88,830 — 162,122 Cash flows from investing activities: Capital expenditures — (58,817 ) (29,380 ) — (88,197 ) Proceeds from the sale of assets — 500 330 — 830 Proceeds from insurance settlements — — 2,500 — 2,500 Acquisitions, net of cash acquired (3,375 ) (10,431 ) — — (13,806 ) Divestitures, net of cash acquired — — (2,570 ) — (2,570 ) Net cash (used in) investing activities (3,375 ) (68,748 ) (29,120 ) — (101,243 ) Cash flows from financing activities: Repayment of long term debt (30,000 ) — — — (30,000 ) Payment of debt issuance costs (1,996 ) — — — (1,996 ) Payment of contingent consideration — (2,000 ) — — (2,000 ) Excess tax benefit from stock-based compensation (1,045 ) — — — (1,045 ) Intercompany advances, net 298,026 (226,589 ) (71,437 ) — — Net cash provided by (used in) financing activities 264,985 (228,589 ) (71,437 ) — (35,041 ) Net change in cash and cash equivalents 37,257 308 (11,727 ) — 25,838 Cash and cash equivalents at beginning of year 36,728 13,546 58,182 — 108,456 Cash and cash equivalents at end of year $ 73,985 $ 13,854 $ 46,455 $ — $ 134,294 See accompanying notes to unaudited consolidated condensed financial statements. | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Year Ended December 31, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 23,451 $ 69,912 $ (1,503 ) $ (67,399 ) 24,461 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization — 87,248 57,873 — 145,121 Loss on extinguishment of debt 30,152 — — — 30,152 Gain on disposition of assets 79 (1,156 ) 23 — (1,054 ) Deferred income tax expense (benefit) (13,932 ) 16,949 (1,508 ) — 1,509 Expenses not requiring cash 11,978 (710 ) 8,063 — 19,331 Equity in net earnings of subsidiaries (67,399 ) — — 67,399 — Change in assets and liabilities: Accounts and notes receivable 32 11,937 (24,207 ) — (12,238 ) Rig materials and supplies — 2,990 (5,868 ) — (2,878 ) Other current assets 34,639 (27,404 ) 18,797 — 26,032 Accounts payable and accrued liabilities 2,336 (20,492 ) 45,387 — 27,231 Accrued income taxes (12,474 ) 11,107 (6,290 ) — (7,657 ) Other assets 799 (32,259 ) (16,083 ) — (47,543 ) Net cash provided by (used in) operating activities 9,661 118,122 74,684 — 202,467 Cash flows from investing activities: Capital expenditures — (125,260 ) (54,253 ) — (179,513 ) Proceeds from the sale of assets — 2,594 3,344 — 5,938 Net cash (used in) investing activities — (122,666 ) (50,909 ) — (173,575 ) Cash flows from financing activities: Proceeds from issuance of debt 400,000 — — — 400,000 Repayment of long term debt (435,000 ) — — — (435,000 ) Payment of debt issuance costs (7,630 ) — — — (7,630 ) Payment of debt extinguishment costs (26,214 ) — — — (26,214 ) Excess tax benefit from stock-based compensation (281 ) — — — (281 ) Intercompany advances, net 7,495 9,780 (17,275 ) — — Net cash provided by (used in) financing activities (61,630 ) 9,780 (17,275 ) — (69,125 ) Net change in cash and cash equivalents (51,969 ) 5,236 6,500 — (40,233 ) Cash and cash equivalents at beginning of year 88,697 8,310 51,682 — 148,689 Cash and cash equivalents at end of year $ 36,728 $ 13,546 $ 58,182 $ — $ 108,456 See accompanying notes to unaudited consolidated condensed financial statements. | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) Year Ended December 31, 2013 Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 27,015 $ 36,214 $ 19,380 $ (55,430 ) $ 27,179 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization — 77,416 56,637 — 134,053 Loss on extinguishment of debt 5,218 — — — 5,218 Gain on disposition of assets — (1,759 ) (2,235 ) — (3,994 ) Deferred income tax expense (3,137 ) 19,454 (3,618 ) — 12,699 Provision for reduction in carrying value of certain assets — — 2,544 — 2,544 Expenses not requiring cash 13,173 12 4,579 — 17,764 Equity in net earnings of subsidiaries (55,430 ) — — 55,430 — Change in assets and liabilities: Accounts and notes receivable (7 ) (12,888 ) (20,617 ) — (33,512 ) Rig materials and supplies — (1,323 ) 3,077 — 1,754 Other current assets (8,275 ) 15,297 (18,737 ) — (11,715 ) Accounts payable and accrued liabilities 6,934 (877 ) (6,343 ) — (286 ) Accrued income taxes 6,617 (1,052 ) 4,889 — 10,454 Other assets 82,686 (99,494 ) 16,147 — (661 ) Net cash provided by (used in) operating activities 74,794 31,000 55,703 — 161,497 Cash flows from investing activities: Capital expenditures — (94,269 ) (61,376 ) — (155,645 ) Proceeds from the sale of assets — 3,725 4,493 — 8,218 Acquisitions, net of cash acquired — (6,903 ) (111,088 ) — (117,991 ) Net cash (used in) investing activities — (97,447 ) (167,971 ) — (265,418 ) Cash flows from financing activities: Proceeds from debt issuance 350,000 — — — 350,000 Repayment of long term debt (175,000 ) — — — (175,000 ) Payment of debt issuance costs (11,172 ) — — — (11,172 ) Excess tax benefit from stock-based compensation 896 — — — 896 Intercompany advances, net (193,072 ) 63,734 129,338 — — Net cash provided by (used in) financing activities (28,348 ) 63,734 129,338 — 164,724 Net change in cash and cash equivalents 46,446 (2,713 ) 17,070 — 60,803 Cash and cash equivalents at beginning of year 42,251 11,023 34,612 — 87,886 Cash and cash equivalents at end of year $ 88,697 $ 8,310 $ 51,682 $ — $ 148,689 See accompanying notes to unaudited consolidated condensed financial statements. |
Selected Quarterly Financial 40
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Quarter Year 2015 (1) First Second Third Fourth Total (Dollars in Thousands Except Per Share Amounts) (Unaudited) Revenues $ 204,076 $ 185,941 $ 173,418 $ 148,748 $ 712,183 Operating gross margin $ 24,267 $ 4,021 $ 4,871 $ (3,460 ) $ 29,699 Operating income $ 15,871 $ (7,944 ) $ (4,547 ) $ (20,718 ) $ (17,338 ) Net income (loss) attributable to controlling interest $ 3,222 $ (14,029 ) $ (48,620 ) $ (35,646 ) $ (95,073 ) Basic earnings per share — net income (loss) $ 0.03 $ (0.11 ) $ (0.40 ) $ (0.29 ) $ (0.78 ) Diluted earnings per share — net income (loss) $ 0.03 $ (0.11 ) $ (0.40 ) $ (0.29 ) $ (0.78 ) Quarter Year 2014 First Second Third Fourth Total (Dollars in Thousands Except Per Share Amounts) (Unaudited) Revenues $ 229,225 $ 254,234 $ 242,012 $ 243,213 $ 968,684 Operating gross margin $ 28,863 $ 43,485 $ 45,066 $ 36,768 $ 154,182 Operating income $ 19,770 $ 37,497 $ 35,239 $ 27,714 $ 120,220 Net income attributable to controlling interest $ (12,549 ) $ 15,681 $ 12,566 $ 7,753 $ 23,451 Basic earnings per share — net income $ (0.10 ) $ 0.13 $ 0.10 $ 0.06 $ 0.19 Diluted earnings per share — net income $ (0.10 ) $ 0.13 $ 0.10 $ 0.06 $ 0.19 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)country | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)country | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Revenue, Major Customer [Line Items] | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 242 | $ 265 | |||||||||
Number Of Countries In Which Entity Has Operated Since Inception | country | 50 | 50 | |||||||||
Number of countries with operations | country | 21 | 21 | |||||||||
Percentage accounted for under the equity method | 5000.00% | 5000.00% | |||||||||
Reimbursement cost | $ 87,800 | 82,600 | 69,700 | ||||||||
Capitalized interest costs of construction of rigs | $ 200 | 1,200 | 2,400 | ||||||||
Consumed and replenished period | 1 year | ||||||||||
Deposits in domestic bank | $ 91,300 | $ 59,300 | $ 91,300 | 59,300 | |||||||
Deposits in foreign banks | 44,100 | 54,400 | $ 44,100 | 54,400 | |||||||
Percentage of revenue from major customer | 27.90% | ||||||||||
Contract margin | (3,460) | $ 4,871 | $ 4,021 | $ 24,267 | 36,768 | $ 45,066 | $ 43,485 | $ 28,863 | $ 29,699 | 154,182 | $ 168,447 |
Share-based awards vesting period | 3 years | ||||||||||
Intercompany payables | 0 | $ 0 | $ 0 | $ 0 | |||||||
Noncontrolling Interest, Fair Value Disclosure | 3,000 | ||||||||||
Land Drilling Equipment | Minimum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 3 years | ||||||||||
Land Drilling Equipment | Maximum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 20 years | ||||||||||
Barage Drilling Equipment | Minimum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 3 years | ||||||||||
Barage Drilling Equipment | Maximum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 20 years | ||||||||||
Drill pipe, rental tools and other | Minimum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 4 years | ||||||||||
Drill pipe, rental tools and other | Maximum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 10 years | ||||||||||
Buildings and improvements | Minimum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 5 years | ||||||||||
Buildings and improvements | Maximum [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Barge drilling equipment, useful life | 30 years | ||||||||||
Russia [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gain (Loss) on Sale of Interest in Consolidated Joint Venture | 900 | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 800 | ||||||||||
Egypt [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gain (Loss) on Sale of Interest in Consolidated Joint Venture | 4,800 | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 2,200 | ||||||||||
ITS Arabia Limited [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Purchase Price of Remaining Noncontrolling Interest | 6,750 | ||||||||||
Intercompany payables | $ 3,375 | $ 3,375 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Summary of Total Accounts and Notes Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Trade | $ 183,299 | $ 281,640 |
Notes receivable | 500 | 500 |
Allowance for doubtful accounts | (8,694) | (11,188) |
Total accounts and notes receivable, net of allowance for bad debt | $ 175,105 | $ 270,952 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Summary of Depreciable Lives for Different Categories of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Land Drilling Equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 3 years |
Land Drilling Equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 20 years |
Barage Drilling Equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 3 years |
Barage Drilling Equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 20 years |
Drill pipe, rental tools and other | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 4 years |
Drill pipe, rental tools and other | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 10 years |
Buildings and improvements | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 5 years |
Buildings and improvements | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Barge drilling equipment, useful life | 30 years |
Acquisitions Acquisition of ITS
Acquisitions Acquisition of ITS (Details) - ITS [Member] - USD ($) $ in Thousands | Apr. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 101,000 | |||
Business Acquisition, Cash Deposited in Escrow | $ 24,000 | |||
Business Acquisition, Escrow Funds Released | $ 20,700 | $ 20,700 | ||
Business Acquisition, Escrow Funds Received | $ 3,300 | $ 500 | $ 2,800 |
Acquisitions Acquisition of 2M-
Acquisitions Acquisition of 2M-Tek (Details) - April 17, 2015 Acquisition [Member] - USD ($) $ in Thousands | Apr. 22, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Apr. 17, 2015 |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 10,448 | |||
Business Combination, Contingent Consideration, Liability | $ 8,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 17,200 | |||
Fair Value of Contingent Consideration | $ 2,000 | $ 6,755 |
Acquisitions Allocation of 2M-T
Acquisitions Allocation of 2M-Tek Net Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2015 | Apr. 17, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition Related Costs | $ 400 | |||
Goodwill | $ 6,708 | $ 0 | ||
April 17, 2015 Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 17 | |||
Business Combination, Acquired Receivables, Fair Value | 1,112 | |||
Business Combination, Contingent Consideration, Asset | 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 | 6,708 | |||
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, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 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 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 17,200 |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets Goodwill and Intangible Assets(Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Apr. 17, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | $ (600) | ||
Goodwill | 6,708 | $ 0 | |
April 17, 2015 Acquisition [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Residual Value | 13,500 | ||
Goodwill | $ 6,708 | ||
ITS [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Asset, Residual Value | $ 8,500 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets Change in Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill | $ 6,708 | $ 0 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 3,448 | ||
Amortization of Intangible Assets | 4,300 | $ 2,600 | $ 1,700 |
Finite-Lived Intangible Assets, Gross | 21,970 | ||
Sale of Intangibles | (596) | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (7,997) | ||
Finite-Lived Intangible Assets, Net | 13,377 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,801 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,306 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,306 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,030 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 486 | ||
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Finite-Lived Intangible Assets, Gross | $ 11,630 | ||
Sale of Intangibles | 0 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,454) | ||
Finite-Lived Intangible Assets, Net | $ 10,176 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Finite-Lived Intangible Assets, Gross | $ 5,400 | ||
Sale of Intangibles | (264) | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (4,611) | ||
Finite-Lived Intangible Assets, Net | $ 525 | ||
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Finite-Lived Intangible Assets, Gross | $ 4,940 | ||
Sale of Intangibles | (332) | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,932) | ||
Finite-Lived Intangible Assets, Net | $ 2,676 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accumulated Other Comprehensive Income Reclassifications [Roll Forward] | |
Beginning balance | $ (498) |
Current period other comprehensive income | (1,390) |
Ending balance | (1,888) |
Reclassification from Accumulated Other Comprehensive Income | $ 500 |
Property Plant and Equipment (D
Property Plant and Equipment (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Machinery and Equipment, Gross | $ 1,396,748,000 | $ 1,383,308,000 | |
Rental Tools | 521,662,000 | 494,924,000 | |
Buildings and Improvements, Gross | 53,576,000 | 53,024,000 | |
Property, Plant and Equipment, Other, Gross | 114,465,000 | 95,074,000 | |
Construction in Progress, Gross | 21,770,000 | 70,668,000 | |
Property, Plant and Equipment, Gross | 2,108,221,000 | 2,096,998,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,302,380,000 | 1,201,058,000 | |
Property, Plant and Equipment, Net | 805,841,000 | 895,940,000 | |
Depreciation | 151,900,000 | 142,500,000 | $ 132,400,000 |
Business Acquisition [Line Items] | |||
Machinery and Equipment, Gross | 1,396,748,000 | 1,383,308,000 | |
Rental Tools | 521,662,000 | 494,924,000 | |
Buildings and Improvements, Gross | 53,576,000 | 53,024,000 | |
Property, Plant and Equipment, Other, Gross | 114,465,000 | 95,074,000 | |
Construction in Progress, Gross | 21,770,000 | 70,668,000 | |
Property, Plant and Equipment, Gross | 2,108,221,000 | 2,096,998,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,302,380,000 | 1,201,058,000 | |
Property, Plant and Equipment, Net | 805,841,000 | 895,940,000 | |
Depreciation | $ 151,900,000 | $ 142,500,000 | $ 132,400,000 |
Property, Plant and Equipment A
Property, Plant and Equipment Asset Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||||
Other Asset Impairment Charges | $ 4,300 | $ (4,800) | $ 3,200 | $ 12,490 | $ 0 | $ 2,544 |
Property, Plant and Equipment D
Property, Plant and Equipment Disposition of Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Disposals | $ 3,800 | |||
Proceeds from the sale of assets | $ 3,500 | $ 830 | 5,938 | $ 8,218 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 300 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (77,368) | $ 37,547 | $ 32,136 |
Foreign | 5,397 | 10,990 | 20,651 |
Income (loss) before income taxes | $ (71,971) | $ 48,537 | $ 52,787 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 40,600 | $ 2,800 | |
Federal | 2,485 | (3,079) | $ (3,658) |
State | 365 | 5,335 | 1,968 |
Foreign | 16,754 | 20,311 | 14,599 |
Federal | (141) | 4,703 | 10,720 |
State | (4,769) | (379) | 2,820 |
Foreign | 7,619 | (2,815) | (841) |
Total income tax expense | 22,313 | $ 24,076 | $ 25,608 |
MEXICO | Foreign Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income tax expense | $ (2,200) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Reconciliation from Federal Income Tax Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Reconciliation [Line Items] | |||
Computed Expected Tax Expense, Amount | $ (25,190) | $ 16,988 | $ 18,476 |
Foreign Taxes, Amount | 16,043 | 11,221 | 12,470 |
Tax Effect Different From Statutory Rates, Amount | (2,729) | (3,389) | (8,920) |
State Taxes, net of Federal Benefit, Amount | (4,544) | 3,117 | 4,099 |
Foreign Tax Credits, Amount | (5,566) | (3,043) | (1,484) |
Change in Valuation Allowance, Amount | 40,676 | 2,800 | 1,975 |
Uncertain Tax Positions, Amount | (81) | (1,125) | 2,472 |
Permanent Differences, Amount | 1,696 | 676 | 4,005 |
Prior Year Return to Provision Adjustments, Amount | 1,555 | (2,618) | (6,268) |
Other, Amount | 453 | (551) | (1,217) |
Unremitted Foreign Earnings-Current Year Adjustment, Amount | 0 | 0 | 0 |
Total income tax expense | $ 22,313 | $ 24,076 | $ 25,608 |
Computed Expected Tax Expense, Percentage | 35.00% | 35.00% | 35.00% |
Foreign Taxes, Percentage | (22.30%) | 23.10% | 23.60% |
Tax Effect Different From Statutory Rates, Percentage | 3.80% | (7.00%) | (16.90%) |
State Taxes, net of Federal Benefit, Percentage | 6.30% | 6.40% | 7.80% |
Foreign Tax Credits, Percentage | 7.70% | (6.30%) | (2.80%) |
Change in Valuation Allowance, Percentage | (56.50%) | 5.80% | 3.70% |
Uncertain Tax Positions, percentage | 0.10% | (2.30%) | 4.70% |
Permanent Differences, Percentage | (2.40%) | 1.40% | 7.60% |
Prior Year Return to Provision Adjustments, Percentage | (2.10%) | (5.40%) | (11.90%) |
Other, Percentage | (0.60%) | (1.10%) | (2.30%) |
Unremitted Foreign Earnings-Current Year Adjustment, Percentage | 0.00% | 0.00% | 0.00% |
Actual Tax Expense, Percentage | (31.00%) | 49.60% | 48.50% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Non-current deferred tax assets: | ||
Federal net operating loss carryforwards | $ 63,607 | $ 17,235 |
State net operating loss carryforwards | 5,839 | 1,130 |
Other state deferred tax asset, net | 3,170 | 1,658 |
Foreign Tax Credits | 45,751 | 37,344 |
FIN 48 | 1,789 | 4,870 |
Foreign tax | 27,861 | 28,656 |
Asset Impairment | 33,723 | 38,931 |
Accruals not currently deductible for tax purposes | 4,315 | 7,053 |
Deferred compensation | 3,487 | 3,210 |
Other | 845 | 0 |
Gross long-term deferred tax assets | 190,387 | 140,087 |
Valuation Allowance | (51,105) | (9,922) |
Deferred income taxes | 139,282 | 130,165 |
Non-current deferred tax liabilities: | ||
Property, Plant and equipment | (59,879) | (43,637) |
Foreign tax local | (3,169) | (4,985) |
Other state deferred tax liability, net | (5,606) | (3,491) |
Other | 0 | (2) |
Gross non-current deferred tax liabilities | (68,654) | (52,115) |
Net deferred tax asset | $ 70,628 | $ 78,050 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Depreciation and amortization | $ 156,194 | $ 145,121 | $ 134,053 |
Total income tax expense (benefit) | 22,313 | 24,076 | $ 25,608 |
Valuation Allowances and Reserves, Period Increase (Decrease) | 40,600 | 2,800 | |
Liability for unrecognized tax benefits | 7,837 | 8,199 | |
Unrecognized tax benefits | 3,600 | ||
Accrued interest and penalties related to uncertain tax positions | 3,400 | $ 3,300 | |
Increase of interest | 400 | ||
MEXICO | Foreign Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income tax expense (benefit) | (2,200) | ||
ALASKA | |||
Income Tax Disclosure [Line Items] | |||
Depreciation and amortization | 25,000 | ||
Alaska Drilling Rigs [Member] | |||
Income Tax Disclosure [Line Items] | |||
Depreciation and amortization | $ 24,700 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | $ (8,199) |
Additions based on tax positions taken during a prior period | (638) |
Reductions based on tax positions taken during a prior period | 1,000 |
Ending balance | $ (7,837) |
Income Taxes - Open Tax Years b
Income Taxes - Open Tax Years by Major Tax Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Colombia [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2011-present |
KAZAKHSTAN | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2007-present |
MEXICO | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2010-present |
Papua New Guinea [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2012-present |
Russia [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2012-present |
United States - Federal [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2009-present |
United Kingdom [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2013-present |
Long-Term Debt - Summary of Com
Long-Term Debt - Summary of Company's Current Debt Portfolio (Detail) - USD ($) | Jan. 22, 2014 | Jan. 07, 2014 | Jul. 30, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 26, 2015 | Apr. 02, 2014 | Apr. 18, 2013 | Dec. 14, 2012 |
Debt Instrument [Line Items] | |||||||||||
Payments of debt issuance costs | $ (1,996,000) | $ (7,630,000) | $ (11,172,000) | ||||||||
Repayments of long-term debt | 30,000,000 | 435,000,000 | 175,000,000 | ||||||||
Tender offer costs | $ 25,800,000 | ||||||||||
Write off of Deferred Debt Issuance Cost | 7,700,000 | ||||||||||
Amortization of Debt Discount (Premium) | (3,800,000) | ||||||||||
Interest Expense | 45,155,000 | 44,265,000 | 47,820,000 | ||||||||
Loss on extinguishment of debt | 0 | (30,152,000) | $ (5,218,000) | ||||||||
Debt issuance costs | $ 2,800,000 | ||||||||||
Total debt | 585,000,000 | 615,000,000 | |||||||||
Less current portion | 0 | 10,000,000 | |||||||||
Total long-term debt | 585,000,000 | 605,000,000 | |||||||||
6.75 % Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 360,000,000 | 360,000,000 | |||||||||
Debt instrument fixed interest rate | 6.75% | ||||||||||
Debt issuance costs | 7,600,000 | ||||||||||
Debt Issuance Cost Net Of Amortization | $ 6,200,000 | ||||||||||
Debt Instrument, Redemption Amount Percentage of Principal | 35.00% | ||||||||||
Debt instrument, Redemption Price Percent | 106.75% | ||||||||||
Debt Instrument, Redemption Price After Year Three | 103.375% | ||||||||||
Debt Instrument, Redemption Price After Year Five | 101.00% | ||||||||||
7.50 % Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 225,000,000 | ||||||||||
Debt instrument fixed interest rate | 7.50% | ||||||||||
Debt Instrument, Redemption Amount Percentage of Principal | 35.00% | ||||||||||
Debt instrument, Redemption Price Percent | 107.50% | ||||||||||
Debt Instrument, Redemption Price After Year Three | 103.75% | ||||||||||
Debt Instrument, Redemption Price After Year Five | 101.00% | ||||||||||
7.50% Senior Notes, due August 2020 (Issued July 30, 2013) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt | 225,000,000 | 360,000,000 | |||||||||
9.125% Senior Notes, due April 2018 (Issued April 25, 2012) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt | 225,000,000 | ||||||||||
Nine Point One Two Five Percent Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Tender Offer Price for Each 1000 Principal Amount | 1,061.98 | ||||||||||
Tender Offer Price per Note, Consent Payment | $ 30 | ||||||||||
Debt Instrument Face Amount per Note | 1,000 | ||||||||||
Payments of debt issuance costs | $ (453,700,000) | ||||||||||
Debt instrument fixed interest rate | 9.125% | ||||||||||
Repayments of long-term debt | 416,200,000 | ||||||||||
Accrued interest | 11,700,000 | ||||||||||
Senior Notes | $ 8,800,000 | ||||||||||
Debt Instrument, Redemption Price | $ 9,600,000 | ||||||||||
Redemption Premium | 400,000 | ||||||||||
Interest Expense | 400,000 | ||||||||||
Term Note Due December Twenty Seventeen [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total debt | 0 | $ 30,000,000 | |||||||||
2015 Secured Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Deferred acquisition costs | 2,400,000 | ||||||||||
Debt issuance costs | $ 2,000,000 | ||||||||||
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 | 4.00% | ||||||||||
Variation in applicable rate for Base Rate Loan | 1.50% | ||||||||||
Variation in applicable rate for Base Rate Loan | 3.00% | ||||||||||
Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Increase in the amount of term loan or revolving credit facility | $ 45,000,000 | ||||||||||
2012 Secured Credit Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs | $ 800,000 | ||||||||||
Senior secured credit facility | $ 80,000,000 | ||||||||||
Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving loan outstanding | $ 40,000,000 | ||||||||||
Secured Debt [Member] | Goldman Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 125,000,000 | ||||||||||
ITS [Member] | Term Note Due April Twenty Eighteen [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Deferred acquisition costs | $ 5,600,000 | $ 4,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jan. 22, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 30, 2013 | Apr. 18, 2013 |
Debt Instrument [Line Items] | |||||||
Current portion of long-term debt | $ 0 | $ 10,000,000 | |||||
Repayments of long-term debt | 30,000,000 | 435,000,000 | $ 175,000,000 | ||||
Debt issuance costs | $ 2,800,000 | ||||||
Payments of debt issuance costs | $ 1,996,000 | $ 7,630,000 | $ 11,172,000 | ||||
Tender offer costs | $ 25,800,000 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Revolving loan outstanding | $ 40,000,000 | ||||||
7.50 % Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 225,000,000 | ||||||
Debt instrument fixed interest rate | 7.50% | ||||||
Secured Debt [Member] | Goldman Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 125,000,000 |
Long-Term Debt - Goldman Term L
Long-Term Debt - Goldman Term Loan (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 30, 2013 | Apr. 18, 2013 | |
Debt Instrument [Line Items] | |||||
Payments of debt extinguishment costs | $ 0 | $ 26,214,000 | $ 0 | ||
Goldman Term Loan [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 125,000,000 | ||||
7.50 % Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 225,000,000 |
Long-Term Debt - Amended and Re
Long-Term Debt - Amended and Restated Credit Agreement (Details) - USD ($) | Jul. 30, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Jan. 26, 2015 | Dec. 31, 2014 | Jan. 22, 2014 | Dec. 14, 2012 |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 585,000,000 | $ 615,000,000 | |||||
Debt issuance costs | $ 2,800,000 | ||||||
Debtor-in-Possession Financing, Letters of Credit Outstanding | 12,500,000 | ||||||
6.75 % Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument fixed interest rate | 6.75% | ||||||
Debt issuance costs | $ 7,600,000 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 50,000,000 | ||||||
Line of Credit, Current | $ 30,000,000 | ||||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Increase in the amount of term loan or revolving credit facility | $ 45,000,000 | ||||||
2015 Secured Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured credit facility | $ 200,000,000 | ||||||
Debt issuance costs | 2,000,000 | ||||||
Deferred acquisition costs | $ 2,400,000 | ||||||
Variation in applicable rate for LIBOR Rate Loan | 2.50% | ||||||
Line Of Credit Facility Basis Spread On Lender Defined Offered Rate Maximum | 4.00% | ||||||
Variation in applicable rate for Base Rate Loan | 1.50% | ||||||
Variation in applicable rate for Base Rate Loan | 3.00% | ||||||
2012 Secured Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured credit facility | $ 80,000,000 | ||||||
Debt issuance costs | $ 800,000 |
Long-Term Debt - Revolver (Deta
Long-Term Debt - Revolver (Details) $ in Millions | Jan. 22, 2014USD ($) |
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Revolving loan outstanding | $ 40 |
Long-Term Debt - Term Loan (Det
Long-Term Debt - Term Loan (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 22, 2014 | |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 585,000 | $ 615,000 | ||
Repayments of long-term debt | 30,000 | 435,000 | $ 175,000 | |
9.125% Senior Notes, due April 2018 (Issued April 25, 2012) [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 225,000 | |||
Term Note Due December Twenty Seventeen [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 0 | $ 30,000 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving loan outstanding | $ 40,000 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments - Fair Values and Related Carrying Values of Debt Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Long-term Debt | ||
Long-term Debt | $ 585,000 | $ 585,000 |
Carrying Amount [Member] | 6.75 % Senior Notes [Member] | ||
Long-term Debt | ||
Long-term Debt | 360,000 | 360,000 |
Carrying Amount [Member] | 7.50% Senior Notes, due August 2020 (Issued July 30, 2013) [Member] | ||
Long-term Debt | ||
Long-term Debt | 225,000 | 225,000 |
Fair Value [Member] | ||
Long-term Debt | ||
Long-term Debt | 417,600 | 450,000 |
Fair Value [Member] | 6.75 % Senior Notes [Member] | ||
Long-term Debt | ||
Long-term Debt | 246,600 | 270,000 |
Fair Value [Member] | 7.50% Senior Notes, due August 2020 (Issued July 30, 2013) [Member] | ||
Long-term Debt | ||
Long-term Debt | $ 171,000 | $ 180,000 |
Common Stock and Stockholders68
Common Stock and Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards vesting period | 3 years | ||
Restricted shares to selected key personnel | 1,541,395 | ||
Allocated Share-based Compensation Expense | $ 8.4 | $ 9.3 | $ 9.4 |
Total fair value of the shares vested | $ 8 | $ 7.1 | $ 7.4 |
Weighted-average grant-date fair value of shares granted (in usd per share) | $ 3.08 | $ 6.66 | $ 4.77 |
Non-vested restricted stock awards and restricted stock units (in shares) | 3,344,813 | ||
Performance units under 2010 Long Term Incentive Plan (in shares) | 2,996,151 | 2,602,973 | |
Performance units forfeited (in shares) | 103,062 | ||
Performance period - awards percentage | 200.00% | ||
Phantom Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 0.4 | ||
Performance units under 2010 Long Term Incentive Plan (in shares) | 541,127 | 0 | 0 |
Performance units forfeited (in shares) | 0 | 0 | 0 |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 2.3 | $ 1.9 | $ 1.8 |
Performance units under 2010 Long Term Incentive Plan (in shares) | 17,091 | 16,574 | 18,000 |
Performance units forfeited (in shares) | 0 | 110 | 13,358 |
Nominal value | $ 100 | ||
Nonvested RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested restricted stock awards and restricted stock units (in shares) | 4,774,408 | ||
Total unrecognized compensation cost of unamortized non-vested stock awards | $ 7.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 18 months | ||
Chief Financial Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance units under 2010 Long Term Incentive Plan (in shares) | 261,438 | ||
2010 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock granted | 11,000,000 | ||
2010 Long-Term Incentive Plan [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option outstanding or exercisable (in shares) | 1,311,131 |
Common Stock and Stockholders69
Common Stock and Stockholders' Equity - Summary of Long-Term Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 8.4 | $ 9.3 | $ 9.4 |
Shares | |||
Nonvested beginning balance, shares | 3,344,813 | ||
Granted, shares | 2,996,151 | 2,602,973 | |
Vested, shares | (1,463,494) | ||
Forfeited, shares | (103,062) | ||
Nonvested ending balance, shares | 3,344,813 | ||
Weighted Average Grant-Date Fair Value | |||
Nonvested beginning balance (in usd per share) | $ 5.66 | ||
Granted (in usd per share) | 3.08 | $ 6.66 | $ 4.77 |
Vested (in usd per share) | 5.48 | ||
Forfeited (in usd per share) | 5.74 | ||
Nonvested ending balance (in usd per share) | $ 4.08 | $ 5.66 | |
2010 Long-Term Incentive Plan [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option outstanding or exercisable (in shares) | 1,311,131 |
Reconciliation of Income and 70
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) - Summary of Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
EPS, income | $ (35,646,000) | $ (48,620,000) | $ (14,029,000) | $ 3,222,000 | $ 7,753,000 | $ 12,566,000 | $ 15,681,000 | $ (12,549,000) | $ (95,073,000) | $ 23,451,000 | $ 27,015,000 |
Basic EPS, shares | 122,562,187 | 121,186,464 | 119,284,468 | ||||||||
Basic earnings (loss) per share: | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ 0.06 | $ 0.10 | $ 0.13 | $ (0.10) | $ (0.78) | $ 0.19 | $ 0.23 |
Stock options and restricted stock, shares | 0 | 1,890,184 | 1,940,082 | ||||||||
Stock options and restricted stock, per share amount | 0 | 0 | $ 0 | $ 0 | $ (0.01) | ||||||
Diluted EPS, shares | 122,562,187 | 123,076,648 | 121,224,550 | ||||||||
Diluted earnings (loss) per share: | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ 0.06 | $ 0.10 | $ 0.13 | $ (0.10) | $ (0.78) | $ 0.19 | $ 0.22 |
Employee Benefit Plan Employe71
Employee Benefit Plan Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 4 | $ 4.7 | $ 3.6 |
Reportable Segments - Results o
Reportable Segments - Results of Operations by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | ||||||||||||
Revenues | $ 148,748 | $ 173,418 | $ 185,941 | $ 204,076 | $ 243,213 | $ 242,012 | $ 254,234 | $ 229,225 | $ 712,183 | $ 968,684 | $ 874,172 | |
Operating income: | ||||||||||||
Total operating gross margin | (3,460) | 4,871 | 4,021 | 24,267 | 36,768 | 45,066 | 43,485 | 28,863 | 29,699 | 154,182 | 168,447 | |
General and administrative expense | (36,190) | (35,016) | (68,025) | |||||||||
Provision for reduction in carrying value of certain assets | (4,300) | 4,800 | $ (3,200) | (12,490) | 0 | (2,544) | ||||||
Gain on disposition of assets, net | 1,643 | 1,054 | 3,994 | |||||||||
Total operating income | (20,718) | $ (4,547) | $ (7,944) | $ 15,871 | 27,714 | $ 35,239 | $ 37,497 | $ 19,770 | (17,338) | 120,220 | 101,872 | |
Interest expense | (45,155) | (44,265) | (47,820) | |||||||||
Interest income | 269 | 195 | 2,450 | |||||||||
Loss on extinguishment of debt | 0 | (30,152) | (5,218) | |||||||||
Other | (9,747) | 2,539 | 1,503 | |||||||||
Income (loss) before income taxes | (71,971) | 48,537 | 52,787 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | 1,161,186 | 1,333,690 | 1,161,186 | 1,333,690 | ||||||||
Total assets | 1,376,904 | 1,520,659 | 1,376,904 | 1,520,659 | ||||||||
U.S. (Lower 48) Drilling [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 30,358 | 158,405 | 153,624 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | (28,309) | 46,831 | 54,203 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | 102,121 | 124,701 | 102,121 | 124,701 | ||||||||
International & Alaska Drilling [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 435,096 | 462,513 | 410,507 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | 45,211 | 34,405 | 23,080 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | 629,784 | 764,794 | 629,784 | 764,794 | ||||||||
Drilling Services [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 465,454 | 620,918 | 564,131 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | 16,902 | 81,236 | 77,283 | |||||||||
Rental Tools [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 246,729 | 347,766 | 310,041 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | 12,797 | 72,946 | $ 91,164 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | $ 429,281 | $ 444,195 | $ 429,281 | $ 444,195 |
Reportable Segments - Non-print
Reportable Segments - Non-printing section (Detail) - Exxon Neftegas Limited (ENL) [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Percent of total revenues | 18.70% | 15.60% | |
International Drilling [Member] | |||
Segment Reporting Information [Line Items] | |||
Percent of segment revenues | 45.60% | 39.20% | 33.30% |
Reportable Segments - Operation
Reportable Segments - Operations by Industry Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total identifiable assets | $ 1,161,186 | $ 1,333,690 | |
Capital expenditures: | |||
Total capital expenditures | 88,197 | 179,513 | $ 155,645 |
Depreciation and amortization: | |||
Total depreciation and amortization | 156,194 | 145,121 | 134,053 |
Assets | 1,376,904 | 1,520,659 | |
U.S. (Lower 48) Drilling [Member] | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 102,121 | 124,701 | |
Capital expenditures: | |||
Total capital expenditures | 2,731 | 43,120 | 23,796 |
Depreciation and amortization: | |||
Total depreciation and amortization | 22,420 | 21,260 | 15,212 |
International & Alaska Drilling [Member] | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 629,784 | 764,794 | |
Capital expenditures: | |||
Total capital expenditures | 13,458 | 26,761 | 40,822 |
Depreciation and amortization: | |||
Total depreciation and amortization | 64,539 | 59,684 | 62,988 |
Rental Tools [Member] | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 429,281 | 444,195 | |
Capital expenditures: | |||
Total capital expenditures | 67,189 | 95,340 | 76,928 |
Depreciation and amortization: | |||
Total depreciation and amortization | 69,235 | 64,177 | 55,853 |
Corporate and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total identifiable assets | 215,718 | 186,969 | |
Capital expenditures: | |||
Total capital expenditures | 4,819 | 14,292 | 14,099 |
Depreciation and amortization: | |||
Total depreciation and amortization | $ 7,477 | $ 5,009 | $ 3,464 |
Exxon Neftegas Limited (ENL) [Member] | |||
Segment Reporting Information [Line Items] | |||
Percent of total revenues | 18.70% | 15.60% |
Reportable Segments - Results75
Reportable Segments - Results of Operations by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | ||||||||||||
Total revenues | $ 148,748 | $ 173,418 | $ 185,941 | $ 204,076 | $ 243,213 | $ 242,012 | $ 254,234 | $ 229,225 | $ 712,183 | $ 968,684 | $ 874,172 | |
Operating gross margin: | ||||||||||||
Total operating gross margin | (3,460) | 4,871 | 4,021 | 24,267 | 36,768 | 45,066 | 43,485 | 28,863 | 29,699 | 154,182 | 168,447 | |
General and administrative expense | (36,190) | (35,016) | (68,025) | |||||||||
Provision for reduction in carrying value of certain assets | (4,300) | 4,800 | $ (3,200) | (12,490) | 0 | (2,544) | ||||||
Gain on disposition of assets, net | 1,643 | 1,054 | 3,994 | |||||||||
Total operating income | (20,718) | $ (4,547) | $ (7,944) | $ 15,871 | 27,714 | $ 35,239 | $ 37,497 | $ 19,770 | (17,338) | 120,220 | 101,872 | |
Interest expense | (45,155) | (44,265) | (47,820) | |||||||||
Interest income | 269 | 195 | 2,450 | |||||||||
Loss on extinguishment of debt | 0 | (30,152) | (5,218) | |||||||||
Other | (9,747) | 2,539 | 1,503 | |||||||||
Income (loss) before income taxes | (71,971) | 48,537 | 52,787 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 805,841 | 895,940 | 805,841 | 895,940 | ||||||||
Deferred income taxes | 139,282 | 130,165 | 139,282 | 130,165 | ||||||||
Russia [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 165,193 | 154,817 | 131,037 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 22,607 | 25,728 | 22,607 | 25,728 | ||||||||
CIS [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 61,145 | 59,881 | 54,296 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 44,675 | 49,883 | 44,675 | 49,883 | ||||||||
EMEA & Asia [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 148,015 | 183,460 | 135,499 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 130,434 | 145,093 | 130,434 | 145,093 | ||||||||
Latin America [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 69,989 | 86,651 | 101,154 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 63,919 | 85,492 | 63,919 | 85,492 | ||||||||
United States [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 231,779 | 440,642 | 425,800 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 544,206 | 589,744 | 544,206 | 589,744 | ||||||||
Other [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 36,062 | 43,233 | $ 26,386 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases with Non Cancelable Terms (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 10,145 |
2,016 | 7,939 |
2,017 | 6,131 |
2,018 | 4,314 |
2,019 | 3,156 |
Thereafter | 5,088 |
Total | $ 36,773 |
Commitments and Contingencies77
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitment And Contingencies [Line Items] | |||
Rent expense for operating leases | $ 19,200,000 | $ 21,800,000 | $ 19,900,000 |
Exposure per occurrence, employees compensation | 250,000 | ||
Aggregate self insured exposure per employer's liability | 500,000 | ||
Exposure per occurrence | 500,000 | ||
Aggregate self insured exposure per occurrence, foreign employees compensation | 100,000 | ||
Aggregate self insured exposure per employer's liability, foreign | 1,000,000 | ||
Aggregate deductible for protection and indemnity and maritime employers' liability claims | 400,000 | ||
Auto liability claims | 100,000 | ||
Gross self insurance accruals | 5,500,000 | $ 5,900,000 | |
Related insurance recoveries | 2,000,000 | ||
Estimated Litigation Liability | $ 11,760,000 | ||
Minimum [Member] | |||
Commitment And Contingencies [Line Items] | |||
Employment agreements terms | 1 year | ||
Maximum [Member] | |||
Commitment And Contingencies [Line Items] | |||
Employment agreements terms | 2 years |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Consulting Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 706,082 | $ 1,096,687 |
Severance Costs | 2,488,024 | |
Supplementary Insurance Information, Benefits, Claims, Losses and Settlement Expense | 14,441 | 12,876 |
Consultant Fee | 250,000 | |
Fees pursuant to the ranch lease agreements for right to utilize premises of ranches | 411,188 | |
Related Party Transaction, Due from (to) Related Party | 250,000 | |
Rights to Rental Tool Software [Member] | ||
Related Party Transaction [Line Items] | ||
Fees pursuant to the ranch lease agreements for right to utilize premises of ranches | 180,000 | |
Related Party Transaction, Due from (to) Related Party | 90,000 | |
Apache [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue from affiliated | $ 34,000,000 | 40,800,000 |
GD [Member] | ||
Related Party Transaction [Line Items] | ||
Fees pursuant to the ranch lease agreements for right to utilize premises of ranches | $ 200,000 |
Supplementary Information - Add
Supplementary Information - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Additional Financial Information Disclosure [Abstract] | ||
Accrued Employee Benefits, Current | $ 27,678 | $ 32,504 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 18,169 | 18,171 |
Accrued Professional Fees, Current | 20,326 | 18,073 |
Deferred mobilization fees | 2,649 | 4,245 |
Workers' Compensation Liability, Current | 2,801 | 2,710 |
Accrued Liabilities, Current | $ 71,623 | $ 75,703 |
Parent, Guarantor, Non-Guaran80
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of guaranteed subsidiaries by the parent companies | 100.00% |
Parent, Guarantor, Non-Guaran81
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Statement of Operations (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||||||||||||
Total revenues | $ 148,748,000 | $ 173,418,000 | $ 185,941,000 | $ 204,076,000 | $ 243,213,000 | $ 242,012,000 | $ 254,234,000 | $ 229,225,000 | $ 712,183,000 | $ 968,684,000 | $ 874,172,000 | |
Operating expenses | 526,290,000 | 669,381,000 | 571,672,000 | |||||||||
Depreciation and amortization | 156,194,000 | 145,121,000 | 134,053,000 | |||||||||
Total operating gross margin | (3,460,000) | 4,871,000 | 4,021,000 | 24,267,000 | 36,768,000 | 45,066,000 | 43,485,000 | 28,863,000 | 29,699,000 | 154,182,000 | 168,447,000 | |
General and administration expense | (36,190,000) | (35,016,000) | (68,025,000) | |||||||||
Provision for reduction in carrying value of certain assets | (4,300,000) | 4,800,000 | $ (3,200,000) | (12,490,000) | 0 | (2,544,000) | ||||||
Gain on disposition of assets, net | 1,643,000 | 1,054,000 | 3,994,000 | |||||||||
Total operating income | (20,718,000) | (4,547,000) | (7,944,000) | 15,871,000 | 27,714,000 | 35,239,000 | 37,497,000 | 19,770,000 | (17,338,000) | 120,220,000 | 101,872,000 | |
Other income and (expense): | ||||||||||||
Interest expense | (45,155,000) | (44,265,000) | (47,820,000) | |||||||||
Interest income | 269,000 | 195,000 | 2,450,000 | |||||||||
Loss on extinguishment of debt | 0 | (30,152,000) | (5,218,000) | |||||||||
Equity In Net Earnings Of Subsidiaries | 0 | 0 | 0 | |||||||||
Other | (9,747,000) | 2,539,000 | 1,503,000 | |||||||||
Total other expense | (54,633,000) | (71,683,000) | (49,085,000) | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (71,971,000) | 48,537,000 | 52,787,000 | |||||||||
Current Income Tax Expense (Benefit) | 19,604,000 | 22,567,000 | 12,909,000 | |||||||||
Deferred Income Tax Expense (Benefit) | 2,709,000 | 1,509,000 | 12,699,000 | |||||||||
Total income tax expense (benefit) | 22,313,000 | 24,076,000 | 25,608,000 | |||||||||
Net income (loss) | (94,284,000) | 24,461,000 | 27,179,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 789,000 | 1,010,000 | 164,000 | |||||||||
Net income (loss) attributable to controlling interest | $ (35,646,000) | $ (48,620,000) | $ (14,029,000) | $ 3,222,000 | $ 7,753,000 | $ 12,566,000 | $ 15,681,000 | $ (12,549,000) | (95,073,000) | 23,451,000 | 27,015,000 | |
Parent [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Operating expenses | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Total operating gross margin | 0 | 0 | 0 | |||||||||
General and administration expense | (1,279,000) | (302,000) | (202,000) | |||||||||
Gain on disposition of assets, net | 0 | (79,000) | 0 | |||||||||
Total operating income | (1,279,000) | (381,000) | (202,000) | |||||||||
Other income and (expense): | ||||||||||||
Interest expense | (47,659,000) | (46,527,000) | (51,439,000) | |||||||||
Interest income | 1,424,000 | 1,478,000 | 3,824,000 | |||||||||
Loss on extinguishment of debt | (30,152,000) | (5,218,000) | ||||||||||
Equity In Net Earnings Of Subsidiaries | (36,631,000) | 67,399,000 | 55,430,000 | |||||||||
Other | 0 | 0 | 52,000 | |||||||||
Total other expense | (82,866,000) | (7,802,000) | 2,649,000 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (84,145,000) | (8,183,000) | 2,447,000 | |||||||||
Current Income Tax Expense (Benefit) | 29,643,000 | (17,702,000) | (21,431,000) | |||||||||
Deferred Income Tax Expense (Benefit) | (18,715,000) | (13,932,000) | (3,137,000) | |||||||||
Total income tax expense (benefit) | 10,928,000 | (31,634,000) | (24,568,000) | |||||||||
Net income (loss) | (95,073,000) | 23,451,000 | 27,015,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Net income (loss) attributable to controlling interest | (95,073,000) | 23,451,000 | 27,015,000 | |||||||||
Guarantor [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Total revenues | 254,182,000 | 506,205,000 | 468,073,000 | |||||||||
Operating expenses | 143,563,000 | 279,396,000 | 252,211,000 | |||||||||
Depreciation and amortization | 95,071,000 | 87,248,000 | 77,416,000 | |||||||||
Total operating gross margin | 15,548,000 | 139,561,000 | 138,446,000 | |||||||||
General and administration expense | (38,643,000) | (33,035,000) | (67,083,000) | |||||||||
Provision for reduction in carrying value of certain assets | (2,088,000) | |||||||||||
Gain on disposition of assets, net | 439,000 | 1,156,000 | 1,759,000 | |||||||||
Total operating income | (24,744,000) | 107,682,000 | 73,122,000 | |||||||||
Other income and (expense): | ||||||||||||
Interest expense | (1,035,000) | (148,000) | (335,000) | |||||||||
Interest income | 852,000 | 623,000 | 1,761,000 | |||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||||
Equity In Net Earnings Of Subsidiaries | 0 | 0 | 0 | |||||||||
Other | (200,000) | 2,810,000 | (143,000) | |||||||||
Total other expense | (383,000) | 3,285,000 | 1,283,000 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (25,127,000) | 110,967,000 | 74,405,000 | |||||||||
Current Income Tax Expense (Benefit) | (22,970,000) | 24,106,000 | 18,737,000 | |||||||||
Deferred Income Tax Expense (Benefit) | 11,718,000 | 16,949,000 | 19,454,000 | |||||||||
Total income tax expense (benefit) | (11,252,000) | 41,055,000 | 38,191,000 | |||||||||
Net income (loss) | (13,875,000) | 69,912,000 | 36,214,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Net income (loss) attributable to controlling interest | (13,875,000) | 69,912,000 | 36,214,000 | |||||||||
Non-Guarantor [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Total revenues | 584,204,000 | 640,147,000 | 549,295,000 | |||||||||
Operating expenses | 508,930,000 | 567,653,000 | 462,657,000 | |||||||||
Depreciation and amortization | 61,123,000 | 57,873,000 | 56,637,000 | |||||||||
Total operating gross margin | 14,151,000 | 14,621,000 | 30,001,000 | |||||||||
General and administration expense | 3,732,000 | (1,679,000) | (740,000) | |||||||||
Provision for reduction in carrying value of certain assets | (10,402,000) | (2,544,000) | ||||||||||
Gain on disposition of assets, net | 1,204,000 | (23,000) | 2,235,000 | |||||||||
Total operating income | 8,685,000 | 12,919,000 | 28,952,000 | |||||||||
Other income and (expense): | ||||||||||||
Interest expense | (11,579,000) | (7,692,000) | (9,930,000) | |||||||||
Interest income | 13,111,000 | 8,196,000 | 10,749,000 | |||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||||
Equity In Net Earnings Of Subsidiaries | 0 | 0 | 0 | |||||||||
Other | (9,547,000) | (271,000) | 1,594,000 | |||||||||
Total other expense | (8,015,000) | 233,000 | 2,413,000 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 670,000 | 13,152,000 | 31,365,000 | |||||||||
Current Income Tax Expense (Benefit) | 12,931,000 | 16,163,000 | 15,603,000 | |||||||||
Deferred Income Tax Expense (Benefit) | 9,706,000 | (1,508,000) | (3,618,000) | |||||||||
Total income tax expense (benefit) | 22,637,000 | 14,655,000 | 11,985,000 | |||||||||
Net income (loss) | (21,967,000) | (1,503,000) | 19,380,000 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 789,000 | 1,010,000 | 164,000 | |||||||||
Net income (loss) attributable to controlling interest | (22,756,000) | (2,513,000) | 19,216,000 | |||||||||
Eliminations [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Total revenues | (126,203,000) | (177,668,000) | (143,196,000) | |||||||||
Operating expenses | (126,203,000) | (177,668,000) | (143,196,000) | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Total operating gross margin | 0 | 0 | 0 | |||||||||
General and administration expense | 0 | 0 | 0 | |||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | |||||||||
Total operating income | 0 | 0 | 0 | |||||||||
Other income and (expense): | ||||||||||||
Interest expense | 15,118,000 | 10,102,000 | 13,884,000 | |||||||||
Interest income | (15,118,000) | (10,102,000) | (13,884,000) | |||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||||
Equity In Net Earnings Of Subsidiaries | 36,631,000 | (67,399,000) | (55,430,000) | |||||||||
Other | 0 | 0 | 0 | |||||||||
Total other expense | 36,631,000 | (67,399,000) | (55,430,000) | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 36,631,000 | (67,399,000) | (55,430,000) | |||||||||
Current Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||||||
Deferred Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||||||
Total income tax expense (benefit) | 0 | 0 | 0 | |||||||||
Net income (loss) | 36,631,000 | (67,399,000) | (55,430,000) | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Net income (loss) attributable to controlling interest | $ 36,631,000 | $ (67,399,000) | $ (55,430,000) |
Parent, Guarantor, Non-Guaran82
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 134,294 | $ 108,456 | $ 148,689 | $ 87,886 |
Accounts and notes receivable, net | 175,105 | 270,952 | ||
Rig materials and supplies | 34,937 | 47,943 | ||
Deferred costs | 1,367 | 5,673 | ||
Other tax assets | 5,192 | 10,723 | ||
Other current assets | 15,846 | 18,556 | ||
Total current assets | 366,741 | 462,303 | ||
Property, plant and equipment, net of accumulated depreciation of $1,302,380 in 2015 and $1,201,058 in 2014 (Note 5) | 805,841 | 895,940 | ||
Goodwill | 6,708 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 13,377 | 4,286 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Other noncurrent assets | 184,237 | 158,130 | ||
Assets | 1,376,904 | 1,520,659 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 10,000 | ||
Accounts payable and accrued liabilities | 129,703 | 154,479 | ||
Accrued income taxes | 6,418 | 14,186 | ||
Total current liabilities | 136,121 | 178,665 | ||
Long-term debt | 585,000 | 605,000 | ||
Other long-term liabilities | 18,617 | 18,665 | ||
Long-term deferred tax liability | 68,654 | 52,115 | ||
Intercompany payables | 0 | 0 | ||
Liabilities | $ 808,392 | $ 854,445 | ||
Contingencies | ||||
Stockholders’ equity: | ||||
Common stock | $ 20,518 | $ 20,325 | ||
Capital in excess of par value | 669,120 | 666,769 | ||
Accumulated other comprehensive income | (1,888) | (498) | ||
Retained earnings (accumulated deficit) | (119,238) | (24,165) | ||
Total controlling interest stockholders' equity | 568,512 | 662,431 | ||
Noncontrolling interest | 0 | 3,783 | ||
Total Equity | 568,512 | 666,214 | 633,142 | 590,633 |
Total liabilities and stockholders’ equity | 1,376,904 | 1,520,659 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 73,985 | 36,728 | 88,697 | 42,251 |
Accounts and notes receivable, net | 0 | (33) | ||
Rig materials and supplies | 0 | 0 | ||
Deferred costs | 0 | 0 | ||
Other tax assets | 0 | 19,885 | ||
Other current assets | 0 | 0 | ||
Total current assets | 73,985 | 56,580 | ||
Property, plant and equipment, net of accumulated depreciation of $1,302,380 in 2015 and $1,201,058 in 2014 (Note 5) | (19) | (19) | ||
Goodwill | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,057,220 | 3,060,867 | ||
Other noncurrent assets | (224,584) | (440,918) | ||
Assets | 2,906,602 | 2,676,510 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 10,000 | ||
Accounts payable and accrued liabilities | 84,456 | 77,603 | ||
Accrued income taxes | 9,900 | (4,061) | ||
Total current liabilities | 94,356 | 83,542 | ||
Long-term debt | 585,000 | 605,000 | ||
Other long-term liabilities | 2,868 | 2,867 | ||
Long-term deferred tax liability | (29) | 0 | ||
Intercompany payables | 1,656,968 | 1,322,172 | ||
Liabilities | 2,339,163 | 2,013,581 | ||
Stockholders’ equity: | ||||
Total Equity | 567,439 | 662,929 | ||
Total liabilities and stockholders’ equity | 2,906,602 | 2,676,510 | ||
Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 13,854 | 13,546 | 8,310 | 11,023 |
Accounts and notes receivable, net | 42,261 | 96,100 | ||
Rig materials and supplies | (4,744) | (1,473) | ||
Deferred costs | 0 | 0 | ||
Other tax assets | 457 | (18,273) | ||
Other current assets | 5,525 | 7,998 | ||
Total current assets | 57,353 | 97,898 | ||
Property, plant and equipment, net of accumulated depreciation of $1,302,380 in 2015 and $1,201,058 in 2014 (Note 5) | 543,346 | 589,055 | ||
Goodwill | 6,708 | |||
Intangible Assets, Net (Excluding Goodwill) | 11,740 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,770,501 | 2,441,523 | ||
Other noncurrent assets | 312,790 | 496,728 | ||
Assets | 3,702,438 | 3,625,204 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable and accrued liabilities | 56,382 | 71,645 | ||
Accrued income taxes | 2,111 | 10,109 | ||
Total current liabilities | 58,493 | 81,754 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 7,446 | 7,135 | ||
Long-term deferred tax liability | 69,679 | 56,105 | ||
Intercompany payables | 1,401,510 | 1,311,404 | ||
Liabilities | 1,537,128 | 1,456,398 | ||
Stockholders’ equity: | ||||
Total Equity | 2,165,310 | 2,168,806 | ||
Total liabilities and stockholders’ equity | 3,702,438 | 3,625,204 | ||
Non-Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 46,455 | 58,182 | 51,682 | 34,612 |
Accounts and notes receivable, net | 132,844 | 174,885 | ||
Rig materials and supplies | 39,681 | 49,416 | ||
Deferred costs | 1,367 | 5,673 | ||
Other tax assets | 4,735 | 9,111 | ||
Other current assets | 10,321 | 10,558 | ||
Total current assets | 235,403 | 307,825 | ||
Property, plant and equipment, net of accumulated depreciation of $1,302,380 in 2015 and $1,201,058 in 2014 (Note 5) | 262,514 | 306,904 | ||
Goodwill | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 1,637 | 4,286 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,319,702 | 2,464,506 | ||
Other noncurrent assets | 265,995 | 269,882 | ||
Assets | 4,085,251 | 3,353,403 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable and accrued liabilities | 295,439 | 309,344 | ||
Accrued income taxes | (5,593) | 8,138 | ||
Total current liabilities | 289,846 | 317,482 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 8,303 | 8,663 | ||
Long-term deferred tax liability | (996) | (3,990) | ||
Intercompany payables | 1,864,671 | 1,204,769 | ||
Liabilities | 2,161,824 | 1,526,924 | ||
Stockholders’ equity: | ||||
Total Equity | 1,923,427 | 1,826,479 | ||
Total liabilities and stockholders’ equity | 4,085,251 | 3,353,403 | ||
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 | ||
Other tax assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net of accumulated depreciation of $1,302,380 in 2015 and $1,201,058 in 2014 (Note 5) | 0 | 0 | ||
Goodwill | 0 | |||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (9,147,423) | (7,966,896) | ||
Other noncurrent assets | (169,964) | (167,562) | ||
Assets | (9,317,387) | (8,134,458) | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable and accrued liabilities | (306,574) | (304,113) | ||
Accrued income taxes | 0 | 0 | ||
Total current liabilities | (306,574) | (304,113) | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Long-term deferred tax liability | 0 | 0 | ||
Intercompany payables | (4,923,149) | (3,838,345) | ||
Liabilities | (5,229,723) | (4,142,458) | ||
Stockholders’ equity: | ||||
Total Equity | (4,087,664) | (3,992,000) | ||
Total liabilities and stockholders’ equity | $ (9,317,387) | $ (8,134,458) |
Parent, Guarantor, Non-Guaran83
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||
Condensed Income Statement [Table Text Block] | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited) Year ended December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 254,182 $ 584,204 $ (126,203 ) $ 712,183 Operating expenses — 143,563 508,930 (126,203 ) 526,290 Depreciation and amortization — 95,071 61,123 — 156,194 Total operating gross margin — 15,548 14,151 — 29,699 General and administration expense (1) (1,279 ) (38,643 ) 3,732 — (36,190 ) Provision for reduction in carrying value of certain assets — (2,088 ) (10,402 ) — (12,490 ) Gain on disposition of assets, net — 439 1,204 — 1,643 Total operating income (loss) (1,279 ) (24,744 ) 8,685 — (17,338 ) Other income and (expense): Interest expense (47,659 ) (1,035 ) (11,579 ) 15,118 (45,155 ) Interest income 1,424 852 13,111 (15,118 ) 269 Other — (200 ) (9,547 ) — (9,747 ) Equity in net earnings of subsidiaries (36,631 ) — — 36,631 — Total other income (expense) (82,866 ) (383 ) (8,015 ) 36,631 (54,633 ) Income (loss) before income taxes (84,145 ) (25,127 ) 670 36,631 (71,971 ) Income tax expense (benefit): Current 29,643 (22,970 ) 12,931 — 19,604 Deferred (18,715 ) 11,718 9,706 — 2,709 Income tax expense (benefit) 10,928 (11,252 ) 22,637 — 22,313 Net income (loss) (95,073 ) (13,875 ) (21,967 ) 36,631 (94,284 ) Less: Net income attributable to noncontrolling interest — — 789 — 789 Net income (loss) attributable to controlling interest $ (95,073 ) $ (13,875 ) $ (22,756 ) $ 36,631 $ (95,073 ) (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) Year ended December 31, 2014 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 506,205 $ 640,147 $ (177,668 ) $ 968,684 Operating expenses — 279,396 567,653 (177,668 ) 669,381 Depreciation and amortization — 87,248 57,873 — 145,121 Total operating gross margin — 139,561 14,621 — 154,182 General and administration expense (1) (302 ) (33,035 ) (1,679 ) — (35,016 ) Gain (loss) on disposition of assets, net (79 ) 1,156 (23 ) — 1,054 Total operating income (loss) (381 ) 107,682 12,919 — 120,220 Other income and (expense): Interest expense (46,527 ) (148 ) (7,692 ) 10,102 (44,265 ) Interest income 1,478 623 8,196 (10,102 ) 195 Loss on extinguishment of debt (30,152 ) — — — (30,152 ) Other — 2,810 (271 ) — 2,539 Equity in net earnings of subsidiaries 67,399 — — (67,399 ) — Total other income (expense) (7,802 ) 3,285 233 (67,399 ) (71,683 ) Income (loss) before income taxes (8,183 ) 110,967 13,152 (67,399 ) 48,537 Income tax expense (benefit): Current (17,702 ) 24,106 16,163 — 22,567 Deferred (13,932 ) 16,949 (1,508 ) — 1,509 Income tax expense (benefit) (31,634 ) 41,055 14,655 — 24,076 Net income (loss) 23,451 69,912 (1,503 ) (67,399 ) 24,461 Less: Net income attributable to noncontrolling interest — — 1,010 — 1,010 Net income (loss) attributable to controlling interest $ 23,451 $ 69,912 $ (2,513 ) $ (67,399 ) $ 23,451 (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) Year ended December 31, 2013 Parent Guarantor Non-Guarantor Eliminations Consolidated Total revenues $ — $ 468,073 $ 549,295 $ (143,196 ) $ 874,172 Operating expenses — 252,211 462,657 (143,196 ) 571,672 Depreciation and amortization — 77,416 56,637 — 134,053 Total operating gross margin — 138,446 30,001 — 168,447 General and administration expense (1) (202 ) (67,083 ) (740 ) — (68,025 ) Provision for reduction in carrying value of certain assets — — (2,544 ) — (2,544 ) Gain on disposition of assets, net — 1,759 2,235 — 3,994 Total operating income (loss) (202 ) 73,122 28,952 — 101,872 Other income and (expense): Interest expense (51,439 ) (335 ) (9,930 ) 13,884 (47,820 ) Interest income 3,824 1,761 10,749 (13,884 ) 2,450 Loss on extinguishment of debt (5,218 ) — — — (5,218 ) Other 52 (143 ) 1,594 — 1,503 Equity in net earnings of subsidiaries 55,430 — — (55,430 ) — Total other income and (expense) 2,649 1,283 2,413 (55,430 ) (49,085 ) Income (loss) before income taxes 2,447 74,405 31,365 (55,430 ) 52,787 Income tax expense (benefit): Current (21,431 ) 18,737 15,603 — 12,909 Deferred (3,137 ) 19,454 (3,618 ) — 12,699 Total income tax expense (benefit) (24,568 ) 38,191 11,985 — 25,608 Net income (loss) 27,015 36,214 19,380 (55,430 ) 27,179 Less: Net (loss) attributable to noncontrolling interest — — 164 — 164 Net income (loss) attributable to controlling interest $ 27,015 $ 36,214 $ 19,216 $ (55,430 ) $ 27,015 |
Net income | $ (94,284) | $ 24,461 | $ 27,179 |
Currency translation difference on related borrowings | (2,012) | (4,870) | (1,525) |
Currency translation difference on foreign currency net investments | 405 | 2,147 | 3,051 |
Total other comprehensive gain (loss), net of tax: | (1,607) | (2,723) | 1,526 |
Comprehensive income | (95,891) | 21,738 | 28,705 |
Comprehensive (income) loss attributable to noncontrolling interest | 4,606 | (673) | 198 |
Comprehensive income (loss) attributable to controlling interest | (91,285) | 21,065 | 28,903 |
Parent [Member] | |||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||
Net income | (95,073) | 23,451 | 27,015 |
Currency translation difference on related borrowings | 0 | 0 | 0 |
Currency translation difference on foreign currency net investments | 0 | 0 | 0 |
Total other comprehensive gain (loss), net of tax: | 0 | 0 | 0 |
Comprehensive income | (95,073) | 23,451 | 27,015 |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss) attributable to controlling interest | (95,073) | 23,451 | 27,015 |
Guarantor [Member] | |||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||
Net income | (13,875) | 69,912 | 36,214 |
Currency translation difference on related borrowings | 0 | 0 | 0 |
Currency translation difference on foreign currency net investments | 0 | 0 | 0 |
Total other comprehensive gain (loss), net of tax: | 0 | 0 | 0 |
Comprehensive income | (13,875) | 69,912 | 36,214 |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss) attributable to controlling interest | (13,875) | 69,912 | 36,214 |
Non-Guarantor [Member] | |||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||
Net income | (21,967) | (1,503) | 19,380 |
Currency translation difference on related borrowings | (2,012) | (4,870) | (1,525) |
Currency translation difference on foreign currency net investments | 405 | 2,147 | 3,051 |
Total other comprehensive gain (loss), net of tax: | (1,607) | (2,723) | 1,526 |
Comprehensive income | (23,574) | (4,226) | 20,906 |
Comprehensive (income) loss attributable to noncontrolling interest | 4,606 | (673) | 198 |
Comprehensive income (loss) attributable to controlling interest | (18,968) | (4,899) | 21,104 |
Eliminations [Member] | |||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||
Net income | 36,631 | (67,399) | (55,430) |
Currency translation difference on related borrowings | 0 | 0 | 0 |
Currency translation difference on foreign currency net investments | 0 | 0 | 0 |
Total other comprehensive gain (loss), net of tax: | 0 | 0 | 0 |
Comprehensive income | 36,631 | (67,399) | (55,430) |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss) attributable to controlling interest | $ 36,631 | $ (67,399) | $ (55,430) |
Parent, Guarantor, Non-Guaran84
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidated Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ (94,284) | $ 24,461 | $ 27,179 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 156,194 | 145,121 | 134,053 | ||||
Accretion Expense | 826 | 0 | 0 | ||||
Loss on extinguishment of debt | 0 | 30,152 | 5,218 | ||||
Gain on disposition of assets | (1,643) | (1,054) | (3,994) | ||||
Deferred income tax expense | 2,709 | 1,509 | 12,699 | ||||
Provision for reduction in carrying value of certain assets | $ (4,300) | $ 4,800 | $ (3,200) | (12,490) | 0 | (2,544) | |
Expenses not requiring cash | 5,103 | 19,331 | 17,764 | ||||
Equity In Net Earnings Of Subsidiaries | 0 | 0 | 0 | ||||
Change in accounts receivable | 103,995 | (12,238) | (33,512) | ||||
Increase (Decrease) in Materials and Supplies | 2,722 | (2,878) | 1,754 | ||||
Change in other assets | 12,548 | 26,032 | (11,715) | ||||
Increase (Decrease) in Income Taxes Payable | (7,957) | (7,657) | 10,454 | ||||
Increase (Decrease) in Other Noncurrent Assets | (3,156) | (47,543) | (661) | ||||
Accounts payable and accrued liabilities | (27,425) | 27,231 | (286) | ||||
Net cash provided by operating activities | 162,122 | 202,467 | 161,497 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | (88,197) | (179,513) | (155,645) | ||||
Proceeds from the sale of assets | $ 3,500 | 830 | 5,938 | 8,218 | |||
Proceeds from Insurance Settlement, Investing Activities | 2,500 | 0 | 0 | ||||
Acquisition of ITS, net of cash acquired | (13,806) | 0 | (117,991) | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | (2,570) | 0 | 0 | ||||
Cash Acquired from Acquisition | (117,991) | ||||||
Net cash used in investing activities | (101,243) | (173,575) | (265,418) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from debt issuance | 0 | 400,000 | 350,000 | ||||
Proceeds from Issuance of Debt | 400,000 | 350,000 | |||||
Repayments of long-term debt | (30,000) | (435,000) | (175,000) | ||||
Paydown on term note | (435,000) | (175,000) | |||||
Payment of debt issuance costs | (1,996) | (7,630) | (11,172) | ||||
Payments of debt extinguishment costs | 0 | (26,214) | 0 | ||||
Excess tax benefit (expense) from stock-based compensation | (1,045) | (281) | 896 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,000) | 0 | 0 | ||||
Payments For Proceeds From Inter Company Advances | 0 | 0 | 0 | ||||
Net cash provided by (used in) financing activities | (35,041) | (69,125) | 164,724 | ||||
Cash and cash equivalents at beginning of year | 108,456 | 108,456 | 148,689 | 87,886 | |||
Cash and cash equivalents at end of year | 134,294 | 108,456 | 134,294 | 108,456 | 148,689 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 25,838 | (40,233) | 60,803 | ||||
Parent [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | (95,073) | 23,451 | 27,015 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 0 | 0 | 0 | ||||
Accretion Expense | 0 | ||||||
Loss on extinguishment of debt | 30,152 | 5,218 | |||||
Gain on disposition of assets | 0 | 79 | 0 | ||||
Deferred income tax expense | (18,715) | (13,932) | (3,137) | ||||
Expenses not requiring cash | 6,311 | 11,978 | 13,173 | ||||
Equity In Net Earnings Of Subsidiaries | (36,631) | 67,399 | 55,430 | ||||
Change in accounts receivable | (33) | 32 | (7) | ||||
Increase (Decrease) in Materials and Supplies | 0 | 0 | 0 | ||||
Change in other assets | 19,885 | 34,639 | (8,275) | ||||
Change in liabilities | 10,228 | 2,336 | 6,934 | ||||
Increase (Decrease) in Income Taxes Payable | 15,368 | (12,474) | 6,617 | ||||
Increase (Decrease) in Other Noncurrent Assets | 198,955 | (799) | 82,686 | ||||
Net cash provided by operating activities | (224,353) | 9,661 | 74,794 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | 0 | 0 | 0 | ||||
Proceeds from the sale of assets | 0 | 0 | 0 | ||||
Proceeds from Insurance Settlement, Investing Activities | 0 | ||||||
Acquisition of ITS, net of cash acquired | (3,375) | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | ||||||
Cash Acquired from Acquisition | 0 | ||||||
Net cash used in investing activities | (3,375) | 0 | 0 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from Issuance of Debt | 400,000 | 350,000 | |||||
Repayments of long-term debt | (30,000) | ||||||
Paydown on term note | (435,000) | (175,000) | |||||
Payment of debt issuance costs | (1,996) | (7,630) | (11,172) | ||||
Payments of debt extinguishment costs | 26,214 | ||||||
Excess tax benefit (expense) from stock-based compensation | (1,045) | (281) | 896 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | ||||||
Payments For Proceeds From Inter Company Advances | 298,026 | 7,495 | (193,072) | ||||
Net cash provided by (used in) financing activities | 264,985 | (61,630) | (28,348) | ||||
Cash and cash equivalents at beginning of year | 36,728 | 36,728 | 88,697 | 42,251 | |||
Cash and cash equivalents at end of year | 73,985 | 36,728 | 73,985 | 36,728 | 88,697 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 37,257 | (51,969) | 46,446 | ||||
Guarantor [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | (13,875) | 69,912 | 36,214 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 95,071 | 87,248 | 77,416 | ||||
Accretion Expense | 826 | ||||||
Loss on extinguishment of debt | 0 | 0 | |||||
Gain on disposition of assets | (439) | (1,156) | (1,759) | ||||
Deferred income tax expense | 11,718 | 16,949 | 19,454 | ||||
Provision for reduction in carrying value of certain assets | (2,088) | ||||||
Expenses not requiring cash | 854 | (710) | 12 | ||||
Equity In Net Earnings Of Subsidiaries | 0 | 0 | 0 | ||||
Change in accounts receivable | 61,818 | 11,937 | (12,888) | ||||
Increase (Decrease) in Materials and Supplies | 51 | 2,990 | (1,323) | ||||
Change in other assets | (16,257) | (27,404) | 15,297 | ||||
Change in liabilities | (21,396) | (20,492) | (877) | ||||
Increase (Decrease) in Income Taxes Payable | (9,405) | 11,107 | (1,052) | ||||
Increase (Decrease) in Other Noncurrent Assets | (186,591) | 32,259 | 99,494 | ||||
Net cash provided by operating activities | 297,645 | 118,122 | 31,000 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | (58,817) | (125,260) | (94,269) | ||||
Proceeds from the sale of assets | 500 | 2,594 | 3,725 | ||||
Proceeds from Insurance Settlement, Investing Activities | 0 | ||||||
Acquisition of ITS, net of cash acquired | (10,431) | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | ||||||
Cash Acquired from Acquisition | (6,903) | ||||||
Net cash used in investing activities | (68,748) | (122,666) | (97,447) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from Issuance of Debt | 0 | 0 | |||||
Repayments of long-term debt | 0 | ||||||
Paydown on term note | 0 | 0 | |||||
Payment of debt issuance costs | 0 | 0 | 0 | ||||
Payments of debt extinguishment costs | 0 | ||||||
Excess tax benefit (expense) from stock-based compensation | 0 | 0 | 0 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,000) | ||||||
Payments For Proceeds From Inter Company Advances | (226,589) | 9,780 | 63,734 | ||||
Net cash provided by (used in) financing activities | (228,589) | 9,780 | 63,734 | ||||
Cash and cash equivalents at beginning of year | 13,546 | 13,546 | 8,310 | 11,023 | |||
Cash and cash equivalents at end of year | 13,854 | 13,546 | 13,854 | 13,546 | 8,310 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 308 | 5,236 | (2,713) | ||||
Non-Guarantor [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | (21,967) | (1,503) | 19,380 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 61,123 | 57,873 | 56,637 | ||||
Accretion Expense | 0 | ||||||
Loss on extinguishment of debt | 0 | 0 | |||||
Gain on disposition of assets | (1,204) | 23 | (2,235) | ||||
Deferred income tax expense | 9,706 | (1,508) | (3,618) | ||||
Provision for reduction in carrying value of certain assets | (10,402) | (2,544) | |||||
Expenses not requiring cash | (2,062) | 8,063 | 4,579 | ||||
Equity In Net Earnings Of Subsidiaries | 0 | 0 | 0 | ||||
Change in accounts receivable | 42,210 | (24,207) | (20,617) | ||||
Increase (Decrease) in Materials and Supplies | 2,671 | (5,868) | 3,077 | ||||
Change in other assets | 8,920 | 18,797 | (18,737) | ||||
Change in liabilities | (16,257) | 45,387 | (6,343) | ||||
Increase (Decrease) in Income Taxes Payable | (13,920) | (6,290) | 4,889 | ||||
Increase (Decrease) in Other Noncurrent Assets | (9,208) | 16,083 | (16,147) | ||||
Net cash provided by operating activities | 88,830 | 74,684 | 55,703 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | (29,380) | (54,253) | (61,376) | ||||
Proceeds from the sale of assets | 330 | 3,344 | 4,493 | ||||
Proceeds from Insurance Settlement, Investing Activities | 2,500 | ||||||
Acquisition of ITS, net of cash acquired | 0 | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | (2,570) | ||||||
Cash Acquired from Acquisition | (111,088) | ||||||
Net cash used in investing activities | (29,120) | (50,909) | (167,971) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from Issuance of Debt | 0 | 0 | |||||
Repayments of long-term debt | 0 | ||||||
Paydown on term note | 0 | 0 | |||||
Payment of debt issuance costs | 0 | 0 | 0 | ||||
Payments of debt extinguishment costs | 0 | ||||||
Excess tax benefit (expense) from stock-based compensation | 0 | 0 | 0 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | ||||||
Payments For Proceeds From Inter Company Advances | (71,437) | (17,275) | 129,338 | ||||
Net cash provided by (used in) financing activities | (71,437) | (17,275) | 129,338 | ||||
Cash and cash equivalents at beginning of year | 58,182 | 58,182 | 51,682 | 34,612 | |||
Cash and cash equivalents at end of year | 46,455 | 58,182 | 46,455 | 58,182 | 51,682 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (11,727) | 6,500 | 17,070 | ||||
Eliminations [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | 36,631 | (67,399) | (55,430) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 0 | 0 | 0 | ||||
Accretion Expense | 0 | ||||||
Loss on extinguishment of debt | 0 | 0 | |||||
Gain on disposition of assets | 0 | 0 | 0 | ||||
Deferred income tax expense | 0 | 0 | 0 | ||||
Expenses not requiring cash | 0 | 0 | 0 | ||||
Equity In Net Earnings Of Subsidiaries | 36,631 | (67,399) | (55,430) | ||||
Change in accounts receivable | 0 | 0 | 0 | ||||
Increase (Decrease) in Materials and Supplies | 0 | 0 | 0 | ||||
Change in other assets | 0 | 0 | 0 | ||||
Change in liabilities | 0 | 0 | 0 | ||||
Increase (Decrease) in Income Taxes Payable | 0 | 0 | 0 | ||||
Increase (Decrease) in Other Noncurrent Assets | 0 | 0 | 0 | ||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | 0 | 0 | 0 | ||||
Proceeds from the sale of assets | 0 | 0 | 0 | ||||
Proceeds from Insurance Settlement, Investing Activities | 0 | ||||||
Acquisition of ITS, net of cash acquired | 0 | ||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | ||||||
Cash Acquired from Acquisition | 0 | ||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from Issuance of Debt | 0 | 0 | |||||
Repayments of long-term debt | 0 | ||||||
Paydown on term note | 0 | 0 | |||||
Payment of debt issuance costs | 0 | 0 | 0 | ||||
Payments of debt extinguishment costs | 0 | ||||||
Excess tax benefit (expense) from stock-based compensation | 0 | 0 | 0 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | ||||||
Payments For Proceeds From Inter Company Advances | 0 | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | ||||
Cash and cash equivalents at beginning of year | $ 0 | 0 | 0 | 0 | |||
Cash and cash equivalents at end of year | $ 0 | $ 0 | 0 | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | $ 0 | $ 0 | $ 0 |
Selected Quarterly Financial 85
Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 148,748,000 | $ 173,418,000 | $ 185,941,000 | $ 204,076,000 | $ 243,213,000 | $ 242,012,000 | $ 254,234,000 | $ 229,225,000 | $ 712,183,000 | $ 968,684,000 | $ 874,172,000 |
Operating gross margin | (3,460,000) | 4,871,000 | 4,021,000 | 24,267,000 | 36,768,000 | 45,066,000 | 43,485,000 | 28,863,000 | 29,699,000 | 154,182,000 | 168,447,000 |
Operating income | (20,718,000) | (4,547,000) | (7,944,000) | 15,871,000 | 27,714,000 | 35,239,000 | 37,497,000 | 19,770,000 | (17,338,000) | 120,220,000 | 101,872,000 |
Net income (loss) attributable to controlling interest | $ (35,646,000) | $ (48,620,000) | $ (14,029,000) | $ 3,222,000 | $ 7,753,000 | $ 12,566,000 | $ 15,681,000 | $ (12,549,000) | $ (95,073,000) | $ 23,451,000 | $ 27,015,000 |
Basic earnings per share - net income (loss) | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ 0.06 | $ 0.10 | $ 0.13 | $ (0.10) | $ (0.78) | $ 0.19 | $ 0.23 |
Diluted earnings per share - net income (loss) | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ 0.06 | $ 0.10 | $ 0.13 | $ (0.10) | $ (0.78) | $ 0.19 | $ 0.22 |
Schedule II - Valuation and Q86
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts and notes [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 11,188 | $ 12,853 | $ 8,117 |
Charged to cost and expenses | 341 | 5,248 | 5,092 |
Charged to other accounts | (825) | 0 | 5,861 |
Deductions | (2,010) | (6,913) | (6,217) |
Balance at end of year | 8,694 | 11,188 | 12,853 |
Allowance for obsolete rig materials and supplies [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 530 | 3,445 | 312 |
Charged to cost and expenses | 0 | 0 | 0 |
Charged to other accounts | 236 | 1 | 3,586 |
Deductions | (140) | (2,916) | (453) |
Balance at end of year | 626 | 530 | 3,445 |
Deferred tax valuation allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 9,922 | 6,827 | 4,805 |
Charged to cost and expenses | 40,676 | 2,800 | 2,010 |
Charged to other accounts | 507 | 295 | 12 |
Deductions | 0 | 0 | 0 |
Balance at end of year | $ 51,105 | $ 9,922 | $ 6,827 |