Related Parties

12 Months Ended

Dec. 31, 2011

Related Parties [Abstract]

Related Parties

20.    Related Parties

The Company engages in transactions in the ordinary course of business with entities with whom certain of our directors or members of management have a relationship. The Company has determined that these transactions were carried out on an arm’s-length basis and are not material individually or in the aggregate. All of these transactions were approved in accordance with the Company’s Policy on Covered Transactions with Related Persons. The following provides a brief description of these relationships.

• The Company’s Chairman of the Board of Directors is a Senior Advisor to Lime Rock Partners, who owns a controlling interest in IDM Group, Ltd. (Cyprus) who purchased Louisiana Electric Rig Services, Inc., an equipment manufacturing and service company, and Southwest Oilfield Products, Inc., an oilfield equipment manufacturing company, in December 2008 and June 2008, respectively, and who holds an investment interest in Tesco Corporation, an oilfield equipment and services company.

• Another member of the Company’s Board of Directors serves on the Board of Directors for Peregrine Oil & Gas LP, an exploration and production company.

• Another member of the Company’s Board of Directors serves as Chief Executive Officer and Chairman of Technip, a project management, engineering and construction company.

• A member of the Company’s Board of Directors is a member of the Board of Directors of HCC Insurance Holdings, a specialty insurance group.

• A member of the Company’s Board of Directors is a member of the Board of Directors of Bristow Group, Inc.

• The Company holds a three percent investment in each of Hall-Houston Exploration II, L.P., Hall-Houston Exploration III, L.P. and Hall-Houston Exploration IV, L.P., exploration and production funds.

• The Company has an investment in approximately 28% of the total outstanding equity of Discovery Offshore. Two of the Company’s officers are on the Board of Directors of Discovery Offshore (See Note 5).