Subsequent Events (Notes)

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

The following is a summary of our drilling rig counts as of December 31, 2014 and February 1, 2015.

	Drilling Rigs Owned	Drilling Rigs Held for Sale		Drilling Rig Fleet Count
As of December 31, 2014	62	(9	)	53
As of February 1, 2015	59	(12	)	47

In January, we sold three drilling rigs and placed an additional six drilling rigs as held for sale. In February, we sold another three drilling rigs and we expect to place an additional nine drilling rigs as held for sale before the end of the first quarter of 2015. Excluding the drilling rigs which we expect to sell, we expect to have 38 drilling rigs in our fleet at March 31, 2015.

The net book value of the nine drilling rigs held for sale at December 31, 2014 is $9.1 million, which is classified as current assets held for sale in our consolidated balance sheet. The net book value as of December 31, 2014 of the 15 additional rigs which we expect to place as held for sale during the first quarter of 2015 is $17.5 million.

In addition to the six drilling rigs which we sold in January and February 2015, we sold one real estate property, for a combined total of $17.8 million. We did not incur any additional loss upon the sale of these assets.