Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2012

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

Note 10 Investments in Unconsolidated Affiliates

Our principal investment in unconsolidated affiliates accounted for using the equity method include drilling and workover operations located in Saudi Arabia (51% ownership).  This unconsolidated affiliate is integral to our operations. See Note 17 — Related-Party Transactions for additional information.  On December 15, 2012, we sold our equity interests in NFR Energy and at December 31, 2012 have no active oil and gas joint ventures.

As of December 31, 2012 and 2011, our consolidated balance sheets reflect our investments in unconsolidated affiliates accounted for using the equity method totaling $61.7 million and $371.0 million, respectively. Assets held for sale include an investment in unconsolidated affiliates accounted for using the equity method and represents a receivable from dissolution of an oil and gas joint venture in 2011, which totaled $4.1 million and  $13.7 million at December 31, 2012 and 2011, respectively.

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

	December 31,
	2012		2011
	(In thousands)
Current assets	$	174,977	$	311,972
Long-term assets	$	161,207	$	1,728,399
Current liabilities	$	195,504	$	275,171
Long-term liabilities	$	3,389	$	800,444

	Year Ended December 31,
	2012			2011		2010
	(In thousands)
Gross revenues	$	758,140		$	832,774	$	901,742
Gross margin	$	207,813		$	278,019	$	241,831
Net income (loss)	$	(619,591	)	$	270,161	$	48,426
Nabors’ earnings (losses) from unconsolidated affiliates (1)	$	(301,320	)	$	56,647	$	33,267

(1) Nabors’ earnings (losses) from unconsolidated affiliates included in discontinued operations, net of tax was $76.5 million and $(10.6) million, respectively, for the years ended December 31, 2011 and 2010.