Assets Held-for-Sale and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Assets Held-for-Sale and Discontinued Operations

	June 30,			December 31,
Assets Held-for-Sale	2013			2012
	(In thousands)
Oil and Gas (1)	$	351,263	(2)	$	377,625
Rig Services	—		(3)	6,232
	$	351,263		$	383,857

(1) Oil and Gas represents a former operating segment of the Company. We began marketing efforts during 2010 to sell our oil and gas investments. As of December 2012, all remaining assets relating to oil and gas are classified as held-for-sale.

(2) During the six months ended June 30, 2013, the carrying value of these assets was adjusted by $34.4 million to reflect the sales price or current fair value. In July 2013, we sold some of our gas and oil assets and received initial proceeds of $90 million, subject to customary post-closing adjustments.

(3) On April 1, 2013, we sold our business that provides logistics services for onshore drilling using helicopter and fixed-wing aircraft for a price of $9.3 million.

Condensed statements of income (loss) from discontinued operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
	(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates
Oil and Gas	$	12,050		$	2,919		$	22,039		$	6,220
Rig Services	$	934		$	5,554		$	4,971		$	10,416

Income (loss) from Oil and Gas discontinued operations:
Income (loss) from discontinued operations	$	(4,742	)	$	(2,791	)	$	(2,672	)	$	(8,279	)
Impairment charges or other gains and losses on sale of wholly owned assets	(40,193		)(1)	41,597			(42,193		)(1)	36,468
Less: income tax expense (benefit)	(10,715		)	7,042			(10,692		)	4,227
Income (loss) from Oil and Gas discontinued operations, net of tax	$	(34,220	)	$	31,764		$	(34,173	)	$	23,962

Income (loss) from Rig Services discontinued operations:
Income (loss) from discontinued operations	$	6,905		$	(4,149	)	$	9,823		$	(5,505	)
Impairment charges or other gains and losses on sale of long-lived assets	1,382			(5,283		)	1,129			(5,256		)
Less: income tax expense (benefit)	2,071			(2,358		)	2,737			(2,694		)
Income (loss) from Rig Services discontinued operations, net of tax	$	6,216		$	(7,074	)	$	8,215		$	(8,067	)

(1) The carrying value of some assets was adjusted. Refer to discussion above.

- Definition

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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- Definition

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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