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Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued Operations

Assets held for sale

(In thousands)		September 30, 2012			December 31, 2011
Assets Held for Sale
Oil and Gas		$	394,710		$	385,414
Other Rig Services		9,524			16,086
Assets Held for Sale		$	404,234		$	401,500

Condensed Statements of Income

		Three Months Ended September 30,						Nine Months Ended September 30,
		2012			2011			2012			2011
		(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates
Oil and Gas (1)		$	12,859		$	10,630		$	19,079		$	116,046
Other Rig Services (2)		$	8,334		$	9,341		$	18,750		$	21,180

Income (loss) from Oil and Gas discontinued operations:
Income (loss) from discontinued operations		$	5,826		$	(20,167	)	$	(2,095	)	$	42,746
Gain (loss) on sale of wholly owned assets		3,662			—			39,772			39,944
Less: income tax expense (benefit)		(1,604		)	(6,189		)	2,623			(14,752		)
Income (loss) from Oil and Gas discontinued operations, net of tax		$	11,092		$	(13,978	)	$	35,054		$	97,442

Income (loss) from Other Rig Services discontinued operations: (2)
Income (loss) from discontinued operations		$	2,199		$	2,336		$	(3,320	)	$	(1,197	)
Gain (loss) on sale of assets		(2,554		)	—			(7,796		)	—
Less: income tax expense (benefit)		(89		)	584			(2,783		)	(300		)
Income (loss) from Other Rig Services discontinued operations, net of tax		$	(266	)	$	1,752		$	(8,333	)	$	(897	)

(1) Includes approximately $85 million of equity in earnings during the nine months ended September 30, 2011 for our proportionate share of Remora’s net income, inclusive of the gains recognized for asset sales during the first nine months of 2011.

(2) Represents our aircraft logistics operations in Canada included in our Other Rig Services operating segment.

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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