Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Amounts Recognized in Our Consolidated Statements of Operations Related to Our FOREX Contracts Designated as Accounting Hedges

The following table presents the amounts recognized in our Consolidated Statements of Operations related to our FOREX contracts designated as hedging instruments for the years ended December 31, 2012, 2011 and 2010.

	Amount of (Loss) Gain Recognized in Income
	For the Years Ended December 31,
Location of (Loss) Gain Recognized in Income	2012			2011		2010
	(In thousands)
Contract drilling expense	$	(4,302	)	$	7,206	$	3,307

Fair Values of Our Derivative Financial Instruments

The following table presents the fair values of our derivative financial instruments at December 31, 2012 and 2011.

Balance Sheet Location	Fair Value				Balance Sheet Location	Fair Value
	December 31, 2012		December 31, 2011			December 31, 2012			December 31, 2011
	(In thousands)					(In thousands)
Prepaid expenses and other current assets	$	3,627	$	1,262	Accrued liabilities	$	(29	)	$	(8,454)

Amounts Recognized in Our Consolidated Balance Sheets and Consolidated Statements of Operations Related to Our FOREX Contracts Designated as Cash Flow Hedges

The following table presents the amounts recognized in our Consolidated Balance Sheets and Consolidated Statements of Operations related to our FOREX contracts designated as cash flow hedges for the years ended December 31, 2012, 2011 and 2010.

	For the years ended December 31,
	2012			2011			2010
	(In thousands)
Amount of gain (loss) recognized in AOCGL on derivative (effective portion)	$	6,519		$	(962	)	$	3,591
Location of (loss) gain reclassified from AOCGL into income (effective portion)		Contract drilling, excluding depreciation			Contract drilling, excluding depreciation			Contract drilling, excluding depreciation
Amount of (loss) gain reclassified from AOCGL into income (effective portion)	$	(4,205	)	$	10,351		$	1,790
Location of loss recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)		Foreign currency transaction gain (loss)			Foreign currency transaction gain (loss)			Foreign currency transaction gain (loss)
Amount of loss recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	$	(17	)	$	(85	)	$	--