XML 42 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Schedule of Segment Information
Segment results are presented below (in millions):
 
Three months ended June 30,
 
Deepwater
 
Jack-ups
 
ARO
 
Unallocated and other
 
Reportable segments total
 
Eliminations and adjustments
 
Consolidated
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
$
65.8

 
$
166.6

 
$
70.8

 
$
8.9

 
$
312.1

 
$
(70.8
)
 
$
241.3

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct operating costs (excluding items below)
40.8

 
135.5

 
35.9

 
—

 
212.2

 
(35.9
)
 
176.3

Depreciation and amortization
27.0

 
69.9

 
16.8

 
0.5

 
114.2

 
(16.8
)
 
97.4

Selling, general and administrative
—

 
—

 
6.8

 
25.2

 
32.0

 
(6.8
)
 
25.2

Other operating items - expense
—

 
2.2

 
0.9

 
—

 
3.1

 
(0.9
)
 
2.2

Equity in earnings of unconsolidated subsidiary
—

 
—

 
—

 
—

 
—

 
1.6

 
1.6

Income (loss) from operations
$
(2.0
)
 
$
(41.0
)
 
$
10.4

 
$
(16.8
)
 
$
(49.4
)
 
$
(8.8
)
 
$
(58.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
Revenue
$
122.7

 
$
197.5

 
$
—

 
$
—

 
$
320.2

 
$
—

 
$
320.2

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct operating costs (excluding items below)
39.0

 
129.8

 
—

 
—

 
168.8

 
—

 
168.8

Depreciation and amortization
28.4

 
72.4

 
—

 
0.7

 
101.5

 
—

 
101.5

Selling, general and administrative
—

 
—

 
—

 
22.2

 
22.2

 
—

 
22.2

Other operating items - (income) expense
—

 
3.2

 
—

 
(0.1
)
 
3.1

 
—

 
3.1

Income (loss) from operations
$
55.3

 
$
(7.9
)
 
$
—

 
$
(22.8
)
 
$
24.6

 
$
—

 
$
24.6

 
Six months ended June 30,
 
Deepwater
 
Jack-ups
 
ARO
 
Unallocated and other
 
Reportable segments total
 
Eliminations and adjustments
 
Consolidated
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
$
117.9

 
$
316.7

 
$
129.1

 
$
17.9

 
$
581.6

 
$
(129.1
)
 
$
452.5

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct operating costs (excluding items below)
69.8

 
263.9

 
69.3

 
—

 
403.0

 
(69.3
)
 
333.7

Depreciation and amortization
53.9

 
140.2

 
33.4

 
1.2

 
228.7

 
(33.4
)
 
195.3

Selling, general and administrative
—

 
—

 
13.2

 
50.8

 
64.0

 
(13.2
)
 
50.8

Other operating items - expense
—

 
3.5

 
1.0

 
—

 
4.5

 
(1.0
)
 
3.5

Equity in earnings of unconsolidated subsidiary
—

 
—

 
—

 
—

 
—

 
0.3

 
0.3

Income (loss) from operations
$
(5.8
)
 
$
(90.9
)
 
$
12.2

 
$
(34.1
)
 
$
(118.6
)
 
$
(11.9
)
 
$
(130.5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
Revenue
$
283.4

 
$
411.1

 
$
—

 
$
—

 
$
694.5

 
$
—

 
$
694.5

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct operating costs (excluding items below)
83.9

 
256.2

 
—

 
—

 
340.1

 
—

 
340.1

Depreciation and amortization
56.7

 
142.5

 
—

 
1.4

 
200.6

 
—

 
200.6

Selling, general and administrative
—

 
—

 
—

 
46.4

 
46.4

 
—

 
46.4

Other operating items - (income) expense
—

 
6.6

 
—

 
(0.1
)
 
6.5

 
—

 
6.5

Income (loss) from operations
$
142.8

 
$
5.8

 
$
—

 
$
(47.7
)
 
$
100.9

 
$
—

 
$
100.9
Revenue from External Customers by Products and Services [Table Text Block]
The classifications of revenue among geographic areas in the tables which follow (in millions) were determined based on segment and physical location of assets. Because the Company evaluates performance primarily based on income from operations and the Company’s offshore drilling rigs are mobile, classifications by area are dependent on the rigs’ location at the time revenue is earned and may vary from one period to the next.
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Deepwater Revenue:
 
 
 
 
 
 
 
United States
$
65.8

 
$
120.3

 
$
117.9

 
$
281.0

Other
—

 
2.4

 
—

 
2.4

Total
$
65.8

 
$
122.7

 
$
117.9

 
$
283.4

 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Jack-ups Revenue:
 
 
 
 
 
 
 
Saudi Arabia
$
94.1

 
$
93.3

 
$
182.0

 
$
187.5

Norway
24.6

 
43.9

 
63.4

 
95.1

Trinidad
31.7

 
34.6

 
43.3

 
76.0

United Kingdom
11.5

 
13.7

 
21.9

 
29.2

United States
4.7

 
11.9

 
6.1

 
23.2

Other
—

 
0.1

 
—

 
0.1

Total
$
166.6

 
$
197.5

 
$
316.7

 
$
411.1

 
Three months ended June 30,
 
Six months ended June 30,
 
2018
 
2017
 
2018
 
2017
Unallocated and Other Revenue:
 
 
 
 
 
 
 
Saudi Arabia
$
8.9

 
$
—

 
$
17.9

 
$
—

Total
$
8.9

 
$
—

 
$
17.9

 
$
—