Drilling rigs, machinery and equipment, net

6 Months Ended

Jun. 30, 2012

Drilling Rigs, Machinery And Equipment Net (Abstract)

Drilling rigs, machinery and equipment, net

7. Drilling rigs, machinery and equipment, net:
The amounts in the accompanying consolidated balance sheets are analyzed as follows:
		Cost	Accumulated Depreciation		Net Book Value
Balance at December 31, 2011	$	4,889,606	(350,768)	$	4,538,838
Additions		51,010	-		51,010
Disposal		(3)	-		(3)
Depreciation		-	(110,248)		(110,248)
Balance at June 30, 2012	$	4,940,613	(461,016)	$	4,479,597

As of June 30, 2012, all of the Company's drilling rigs and drillships have been pledged as collateral to secure the bank loans (Note 9).