2.2.0.7 false Impairment Charge 0203 - Disclosure - Impairment Charge true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Impairment Charge [Abstract] 0 us-gaap_ImpairmentOfLongLivedAssetsHeldAndUsedAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 IMPAIRMENT CHARGE 1 us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: 'Times New Roman',Times,serif"> <div align="justify" style="font-size: 12pt; margin-top: 12pt"><b>(3) IMPAIRMENT CHARGE</b> </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt"><i>Goodwill</i> </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     At September 30, 2010, our goodwill consists of $31.7 million related to acquisitions in the North Sea region. The determination of impairment of all long-lived assets, goodwill, and intangibles is conducted when indicators of impairment are present and at least annually for goodwill. Impairment testing for goodwill is performed on a reporting segment basis. </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     In the second quarter of 2010, we assessed our Americas region goodwill, which totaled $97.7 million prior to June 30, 2010, for impairment. In our assessment, we evaluated the impact on the segment’s fair value due to the recent events in the U.S. Gulf of Mexico relating to the April 20, 2010 explosion and fire on a deepwater drilling rig, the resulting oil spill and the U.S. Department of Interior moratorium on deepwater drilling. This moratorium was lifted on October 12, 2010, subject to new standards, requirements and regulations for offshore drilling. The ramifications of the events in the Gulf of Mexico were not considered in our first quarter analysis and disclosure, but were considered to have a material effect in our second quarter analysis. </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     Based on the factors discussed above, which were incorporated into our evaluations and testing as prescribed under U.S. GAAP, we determined that an impairment of our Americas region goodwill existed, and accordingly we recorded a $97.7 million impairment charge as of June 30, 2010, reflecting all of our Americas region goodwill. The non-cash charge does not impact our liquidity or debt covenant compliance. </div> <div align="left" style="font-size: 12pt; margin-top: 12pt"><i>Vessels Under Construction</i> </div> <div align="justify" style="font-size: 12pt; margin-top: 10pt">     In March 2009, we notified a shipyard building three of the vessels in our new build program that they were in default under the construction contract. The default arose as a result of non-performance under the terms of the contract caused by financial difficulties of the shipyard. Construction on these vessels was stopped. We determined that we had a material impairment and recognized a pre-tax charge of $46.2 million in the first quarter of 2009 pertaining to the construction in progress related to this contract. That charge represented the full amount of our investment in these vessels. The shipyard building the three vessels is in Chapter 11 bankruptcy proceedings. We are pursuing our claims and remedies in the bankruptcy proceedings. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock For long-lived assets to be held and used by an entity, disclosures may include a description of the impaired long-lived asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section CC -Subsection 3 false 1 2 false UnKnown UnKnown UnKnown false true