View Filing Data

Interest rate swap

Interest expense, net

Hedged item – debt

Interest expense, net

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2012	Apr. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	SUPERIOR ENERGY SERVICES INC
Entity Central Index Key	0000886835
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		157,536,434

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 135,758	$ 80,274	$ 71,082	$ 50,727
Accounts receivable, net of allowance for doubtful accounts of $17,392 and $17,484 at March 31, 2012 and December 31, 2011, respectively	1,035,985	540,602
Prepaid expenses	72,792	34,037
Inventory and other current assets	278,229	228,309
Total current assets	1,522,764	883,222
Property, plant and equipment, net of accumulated depreciation and depletion of $984,221 and $970,137 at March 31, 2012 and December 31, 2011, respectively	2,766,310	1,507,368
Goodwill	2,504,670	581,379
Notes receivable	74,750	73,568
Equity-method investments	69,552	72,472
Intangible and other long-term assets, net of accumulated amortization of $26,755 and $20,620 at March 31, 2012 and December 31, 2011, respectively	530,312	930,136
Total assets	7,468,358	4,048,145
Current liabilities:
Accounts payable	312,985	178,645
Accrued expenses	284,760	197,574
Income taxes payable	40,864	717
Deferred income taxes	16,721	831
Current portion of decommissioning liabilities	15,678	14,956	17,063
Current maturities of long-term debt	20,000	810
Total current liabilities	691,008	393,533
Deferred income taxes	684,894	297,458
Decommissioning liabilities	110,151	108,220	$ 102,321
Long-term debt, net	1,978,508	1,685,087
Other long-term liabilities	104,943	110,248
Stockholders' equity:
Preferred stock of $0.01 par value. Authorized, 5,000,000 shares; none issued
Common stock of $0.001 par value. Authorized - 250,000,000, Issued - 156,920,904, Outstanding - 157, 516,128 at March 31, 2012 Authorized - 125,000,000, Issued and Outstanding, 82,425,443 at December 31, 2011	157	80
Additional paid in capital	2,832,360	447,007
Accumulated other comprehensive income (loss), net	(21,031)	(26,936)
Retained earnings	1,087,368	1,033,448
Total stockholders' equity	3,898,854	1,453,599
Total liabilities and stockholders' equity	$ 7,468,358	$ 4,048,145

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts	$ 17,392	$ 17,484
Accumulated depreciation and depletion on Property, plant and equipment	984,221	970,137
Accumulated amortization of Intangible and other long-term assets	$ 26,174	$ 20,123
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	125,000,000
Common stock, shares issued	156,920,904	80,425,443
Common stock, shares outstanding	157,516,128	80,425,443

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements of Operations [Abstract]
Revenues	$ 966,837	$ 384,997
Costs and expenses:
Cost of services (exclusive of items shown separately below)	546,767	217,022
Depreciation, depletion, amortization and accretion	102,596	55,824
General and administrative expenses	176,021	84,615
Income from operations	141,453	27,536
Other income (expense):
Interest expense, net	(29,806)	(12,152)
Earnings (losses) from equity-method investments, net	(287)	27
Income from continuing operations before income taxes	111,360	15,411
Income taxes	41,203	5,534
Net income from continuing operations	70,157	9,877
Discontinued operations, net of income tax	(16,237)	5,626
Net income	$ 53,920	$ 15,503
Earnings per share information:
Continuing operations	$ 0.56	$ 0.13
Discontinued operations	(0.13)	0.07
Basic earnings per share	0.43	0.20
Continuing operations	0.55	0.12
Discontinued operations	(0.13)	0.07
Diluted earnings per share	$ 0.42	$ 0.19
Weighted average common shares used in computing earnings per share:
Basic	125,542	79,021
Incremental common shares from stock based compensation	1,802	1,738
Diluted	127,344	80,759

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Consolidated Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 53,920	$ 15,503
Change in cumulative translation adjustment	5,905	7,855
Comprehensive income (loss)	$ 59,825	$ 23,358

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
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-Name Accounting Research Bulletin (ARB)
-Number 51
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income (loss)	$ 53,920	$ 15,503
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	103,841	59,363
Deferred income taxes	(10,979)	2,773
Excess tax benefit from stock-based compensation	(843)	(5,078)
Stock based and performance share unit compensation expense	10,591	3,686
Retirement and deferred compensation plan expense	621	123
(Earnings) losses from equity-method investments, net of cash received	2,921	(27)
Amortization of debt acquisition costs and note discount	2,210	6,255
(Gain) loss sale of business	6,649	(2,674)
Other reconciling items, net	3,481	(1,482)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(64,163)	78,834
Inventory and other current assets	(15,868)	(3,015)
Accounts payable	28,436	(2,305)
Accrued expenses	(56,346)	(13,145)
Decommissioning liabilities	(2,661)
Income taxes	38,809	(2,558)
Other, net	(6,562)	1,692
Net cash provided by operating activities from continuing operations	94,057	137,945
Cash flows from investing activities:
Payments for capital expenditures	(273,245)	(108,579)
Change in restricted cash held for acquisition of business	785,280
Acquisitions of businesses, net of cash acquired	(1,038,241)
Cash proceeds from sale of businesses	185,912	5,762
Other	3,305	(1,974)
Net cash used in investing activities from continuing operations	(336,989)	(104,791)
Cash flows from financing activities:
Net payments on revolving line of credit	(75,000)	(19,000)
Proceeds from issuance of long-term debt	400,000
Principal payments of long-term debt	(12,546)
Payment of debt acquisition costs	(25,011)
Proceeds from exercise of stock options	12,256	6,147
Excess tax benefit from stock-based compensation	843	5,078
Proceeds from issuance of stock through employee benefit plans	819	634
Other	(3,610)	(6,551)
Net cash provided by (used in) financing activities from continuing operations	297,751	(13,692)
Effect of exchange rate changes on cash	665	893
Net increase in cash and cash equivalents	55,484	20,355
Cash and cash equivalents at beginning of period	80,274	50,727
Cash and cash equivalents at end of period	$ 135,758	$ 71,082

Basis of Presentation

3 Months Ended

Mar. 31, 2012

Basis of Presentation [Abstract]

Basis of Presentation

(1) Basis of Presentation

Certain information and footnote disclosures normally in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission; however, management believes the disclosures which are made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Superior Energy Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2011 and Management’s Discussion and Analysis of Financial Condition and Results of Operations herein.

The financial information of Superior Energy Services, Inc. and subsidiaries (the Company) for the three months ended March 31, 2012 and 2011 has not been audited. However, in the opinion of management, all adjustments necessary to present fairly the results of operations for the periods presented have been included therein. The results of operations for the first three months of the year are not necessarily indicative of the results of operations that might be expected for the entire year. Certain previously reported amounts have been reclassified to conform to the 2012 presentation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 94-6
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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2012

Acquisitions [Abstract]

Acquisitions

(2) Acquisitions

Complete Production Services

On February 7, 2012, the Company acquired Complete Production Services, Inc. (Complete) in a cash and stock merger transaction valued at approximately $2,914.8 million. Complete focuses on providing specialized completion and production services and products that help oil and gas companies develop hydrocarbon reserves, reduce costs and enhance production. Complete’s operations are located throughout the United States and Mexico. The acquisition of Complete substantially expanded the size and scope of services of the Company. Management believes that the acquisition positions the combined company to be better equipped to compete with the larger oilfield service companies and to expand internationally. All of Complete’s operations have been reported in the subsea and well enhancement segment.

Pursuant to the merger agreement, Complete stockholders received 0.945 of a share of the Company’s common stock and $7.00 cash for each share of Complete’s common stock outstanding at the time of the acquisition. In total, the Company paid approximately $553.3 million in cash and issued approximately 74.7 million shares valued at approximately $2,308.2 million (based on the closing price of the Company’s common stock on the acquisition date of $30.90). Additionally, the Company paid $676.0 million, inclusive of a $26.0 million prepayment premium, to redeem Complete’s $650 million 8.0% senior notes. The Company also assumed all outstanding stock options and shares of non-vested restricted stock held by Complete’s employees and directors at the time of acquisition.

Complete’s stock options and shares of restricted stock outstanding at closing were converted into the Company’s options and restricted stock using a conversion ratio of 1.1999. The estimated fair value associated with the Company’s options issued in exchange for Complete’s options was approximately $58.1 million based on a Black-Scholes valuation model. $56.6 million of this value was attributable to service rendered prior to the date of acquisition, of which $52.7 million was recorded as part of the consideration transferred and $3.9 million was recorded as an expense. The remaining $1.5 million will be expensed over the remaining service term of the replacement stock option awards. In addition, $0.6 million of replacement restricted stock awards was attributable to service rendered prior to the date of acquisition and recorded as part of the consideration transferred. An additional $18.2 million will be expensed over the remaining service term of the replacement restricted stock awards.

The transaction has been accounted for using the acquisition method of accounting which requires that, among other things, assets acquired and liabilities assumed be recorded at their fair values as of the acquisition date. The Company has not finalized the determination of the fair values of the assets acquired and liabilities assumed and, therefore, the fair values set forth are subject to adjustment as the valuations are completed. Under U.S. GAAP, companies have one year following an acquisition to finalize acquisition accounting. The following table summarizes the consideration paid and the provisional fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands):


Assets:
Current assets	$	751,706
Property, plant and equipment		1,223,448
Goodwill		1,922,277
Intangible and other long-term assets		370,377
Liabilities:
Current liabilities		236,986
Deferred income taxes		435,904
Other long-term liabilities		4,125

Net assets acquired	$	3,590,793

Included in current assets acquired is approximately $214.6 million of cash, and accounts receivable with a fair value of approximately $443.7 million. The gross amount due from customers is approximately $449.0 million, of which approximately $5.3 million is deemed to be doubtful.

Property, Plant and Equipment

A step-up adjustment of approximately $45.8 million was recorded to present property, plant and equipment acquired at its estimated fair value. The preliminary weighted average useful life used to calculate depreciation of the step-up related to property, plant and equipment is approximately 5 years.

Goodwill

Goodwill of approximately $1,922.3 million was recognized as a result of this acquisition and was calculated as the excess of the consideration paid over the net assets recognized and represents future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. It includes access to new product and service offerings, an experienced management team and workforce, and other benefits that the Company believes will result from the combination of operations, and any other intangible assets that do not qualify for separate recognition. None of the goodwill related to this acquisition will be deductible for tax purposes. All of the goodwill has been assigned to the subsea and well enhancement segment.

Intangible Assets

The Company identified intangible assets related to trade names and customer relationships. The following table summarizes the fair value estimates recorded for the identifiable intangible assets (in thousands) and their estimated useful lives:


	Estimated Fair Value		Estimated Useful Life
Customer relationships	$	315,000		17 years
Trade names		35,000		10 years

Total identifiable intangible assets	$	350,000

Deferred Income Taxes

The Company provided deferred income taxes and other tax liabilities as part of the acquisition accounting related to the estimated fair value of acquired intangible assets and property, plant and equipment, as well as for uncertain tax positions taken in prior year tax returns. An adjustment of approximately $132.0 million was recorded to present the deferred tax assets and liabilities and other tax liabilities at fair value. The Company is still assessing the factors that impact deferred tax assets and liabilities related to this acquisition. These assets and liabilities will be revised when the assessment is finalized.

Acquisition Related Expenses

Acquisition related expenses totaled approximately $33.2 million, of which approximately $28.7 million was recorded in the three months ended March 31, 2012. The remainder was recorded in the three months ended December 31, 2011. These acquisition related costs include expenses directly related to acquiring Complete, and have been recorded in general and administrative expenses.

Other Acquisitions

In the first quarter of 2012, the Company acquired a water transfer and storage company and disposal wells for a total of approximately $23.5 million, net of cash acquired. Identifiable intangible assets include goodwill of approximately $9.2 million, all of which was assigned to the Company’s subsea and well enhancement segment.

In September 2011, the Company acquired a pressure pumping company based in Brazil in order to expand the breadth of services offered in Brazil. The Company paid approximately $0.5 million at closing, with an additional $5.8 million payable after the settlement of certain liabilities and administrative formalities. Identifiable intangible assets include goodwill of $3.6 million, all of which was assigned to the Company’s subsea and well enhancement segment.

Current Earnings and Pro Forma Impact of Acquisitions

The revenue and earnings related to Complete and certain other acquisitions included in the Company’s consolidated statement of operations for the three months ended March 31, 2012, and the revenue and earnings of the Company on a consolidated basis as if these acquisitions had occurred on January 1, 2011, are as follows (in thousands, except per share amounts). The earnings related to Complete and certain other acquisitions included in the Company’s consolidated statement of operations for the three months ended March 31, 2012 do not include interest expense or other corporate costs. The pro forma results include (i) the amortization associated with the acquired intangible assets, (ii) additional depreciation expense related to adjustments to property, plant and equipment, (iii) additional interest expense associated with debt used to fund a portion of the Complete acquisition (iv) a reduction to interest expense associated with repayment of Complete’s debt, (v) operating results of certain acquisitions of Complete, and (vi) costs directly related to these acquisitions. For the three months ended March 31, 2012, these proforma results exclude approximately $77.1 million of non-recurring expenses, of which $48.4 million was recorded by Complete prior to February 7, 2012. These nonrecurring expenses include banking, legal, consulting and accounting fees, change of control and other acquisition related expenses. The pro forma results do not include any potential synergies, cost savings or other expected benefits of the acquisition. Accordingly, the pro forma results should not be considered indicative of the results that would have occurred if the acquisition and related borrowings had been consummated as of January 1, 2011 nor are they indicative of future results.


	Revenue		Net income from continuing operations		Basic earnings per share		Diluted earnings per share
Actual results from the acquired businesses from date of acquisitions through the period ended March 31, 2012	$	397,455	$	52,220	$	0.42	$	0.41

Supplemental pro forma for the Company:
Three months ended March 31, 2012	$	1,223,783	$	110,648	$	0.71	$	0.70

Three months ended March 31, 2011	$	855,246	$	43,390	$	0.28	$	0.28

The Company has no off-balance sheet financing arrangements other than potential additional consideration that may be payable as a result of the future operating performance of certain acquired businesses. At March 31, 2012, the maximum additional consideration payable was approximately $9.5 million. Of this amount, $3.0 million is attributable to acquisitions that occurred before the Company adopted the revised authoritative guidance for business combinations; therefore, these amounts are not classified as liabilities and are not reflected in the Company’s condensed consolidated financial statements until the amounts are fixed and determinable. When these amounts are determined, they will be capitalized as part of the purchase price of the related acquisition.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

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+ Details

Dispositions

3 Months Ended

Mar. 31, 2012

Dispositions [Abstract]

Dispositions

(3) Dispositions

On February 15, 2012, the Company sold one of its derrick barges and received proceeds of approximately $44.5 million, inclusive of selling costs. The Company recorded a pre-tax loss of approximately $3.1 million, inclusive of approximately $9.7 million of goodwill, during the three months ended March 31, 2012 in connection with this sale. This business was previously reported in the subsea and well enhancement segment. The operating results and the loss on the sale of this disposal have been accounted for as discontinued operations.

On March 30, 2012, the Company sold the 18 liftboats and related assets comprising its marine segment. The Company received cash proceeds of approximately $141.4 million inclusive of estimated working capital, subject to adjustment, and selling costs. In connection with the sale, the Company repaid approximately $12.5 million in U.S. Government guaranteed long-term financing (see note 8). Additionally, the Company paid approximately $4.0 million of make-whole premiums and wrote off approximately $0.7 million of unamortized loan costs as a result of this repayment. The Company’s total pre-tax loss on the disposal of this segment is approximately $56.1 million, which includes a $46.1 million write off of long-lived assets and goodwill that was recorded in the fourth quarter of 2011 in order to approximate the segment’s indicated fair value and an additional loss of $10.0 million recorded in the first quarter of 2012. The loss of $10.0 million in the first quarter of 2012 includes an approximate $3.6 million loss on sale of assets and approximately $6.5 million of additional costs related to the disposition. During the three months ended March 31, 2011, the Company sold three liftboats from the marine segment for approximately $5.8 million and recorded a pre-tax gain of approximately $2.7 million. The segment’s operating results and the loss on the sale of this disposal group have been accounted for as discontinued operations.

The following table summarizes the components of income (loss) from discontinued operations, net of tax for the three months ended March 31, 2012 and 2011 (in thousands):


	2012			2011
Revenues	$	16,235		$	28,985

Income (loss) from discontinued operations before income tax		(6,735	)		6,139
Income tax expense (benefit)		(1,227	)		2,220
Gain (loss) on disposition, net of tax		(10,729	)		1,707

Income (loss) from discontinued operations, net of tax	$	(16,237	)	$	5,626

The following table presents the assets and liabilities of these disposal groups at December 31, 2011 (in thousands):


Accounts receivable, net	$	16,342
Prepaid expenses		1,900
Inventory and other current assets		2,371

Current assets of discontinued operations	$	20,613

Property, plant and equipment, net		170,222
Goodwill		9,740
Intangible and other long-term assets, net		3,875

Long-term assets of discontinued operations	$	183,837

Accounts payable	$	1,231
Accrued expenses		13,421
Current maturities of long-term debt		810

Current liabilities of discontinued operations	$	15,462

Long-term debt	$	11,736

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock Based Compensation and Retirement Plans

3 Months Ended

Mar. 31, 2012

Stock Based Compensation and Retirement Plans [Abstract]

Stock Based Compensation and Retirement Plans

(4) Stock-Based Compensation and Retirement Plans

The Company maintains various stock incentive plans that provide long-term incentives to the Company’s key employees, including officers, directors, consultants and advisors (Eligible Participants). Under the incentive plans, the Company may grant incentive stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards or any combination thereof to Eligible Participants.

Stock Options

The Company has issued non-qualified stock options under its stock incentive plans. The options generally vest in equal installments over three years and expire in ten years. Non-vested options are generally forfeited upon termination of employment. The Company’s compensation expense related to stock options for the three months ended March 31, 2012 and 2011 was approximately $1.8 million and $0.8 million, respectively, which is reflected in general and administrative expenses.

Restricted Stock

The Company has issued shares of restricted stock under its stock incentive plans. Shares of restricted stock generally vest in equal annual installments over three years. Non-vested shares are generally forfeited upon the termination of employment. With the exception of the non-vested shares of restricted stock issued as a result of the Complete acquisition, holders of shares of restricted stock are entitled to all rights of a stockholder of the Company with respect to the restricted stock, including the right to vote the shares and receive any dividends or other distributions. The Company’s compensation expense related to restricted stock for the three months ended March 31, 2012 and 2011 was approximately $5.7 million and $1.4 million, respectively, which is reflected in general and administrative expenses.

Restricted Stock Units

The Company has issued restricted stock units (RSUs) to its non-employee directors under its stock incentive plans. Annually, each non-employee director is issued a number of RSUs having an aggregate dollar value determined by the Company’s Board of Directors. An RSU represents the right to receive from the Company, within 30 days of the date the director ceases to serve on the Board, one share of the Company’s common stock. The Company’s expense related to RSUs for the three months ended March 31, 2012 and 2011 was approximately $0.8 million and $0.3 million, respectively, which is reflected in general and administrative expenses.

Performance Share Units

The Company has issued performance share units (PSUs) to its employees as part of the Company’s long-term incentive program. There is a three-year performance period associated with each PSU grant. The two performance measures applicable to all participants are the Company’s return on invested capital and total stockholder return relative to those of the Company’s pre-defined “peer group.” If the participant has met specified continued service requirements, the PSUs will settle in cash or a combination of cash and up to 50% of equivalent value in the Company’s common stock, at the discretion of the compensation committee. The Company’s compensation expense related to all outstanding PSUs for the three months ended March 31, 2012 and 2011 was approximately $2.0 million and $1.1 million, respectively, which is reflected in general and administrative expenses. The Company has recorded a current liability of approximately $7.2 million and $3.8 million at March 31, 2012 and December 31, 2011, respectively, for outstanding PSUs, which is reflected in accrued expenses. Additionally, the Company has recorded a long-term liability of approximately $4.3 million and $6.8 million at March 31, 2012 and December 31, 2011, respectively, for outstanding PSUs, which is reflected in other long-term liabilities. On March 31, 2012, the Company issued approximately 43,259 shares of its common stock related to the three year performance period ended December 31, 2011.

Employee Stock Purchase Plan

The Company has an employee stock purchase plan under which an aggregate of 1,250,000 shares of common stock were reserved for issuance. Under this stock purchase plan, eligible employees can purchase shares of the Company’s common stock at a discount. The Company received approximately $0.8 million and $0.6 million related to shares issued under this plan for the three month periods ended March 31, 2012 and 2011, respectively. For each three month period ended March 31, 2012 and 2011, the Company recorded compensation expense of approximately $0.1 million which is reflected in general and administrative expenses. Additionally, the Company issued approximately 34,000 shares and 20,000 shares in the three month periods ended March 31, 2012 and 2011, respectively, related to this stock purchase plan.

Deferred Compensation Plans

The Company has a non-qualified deferred compensation plan which allows certain highly compensated employees to defer up to 75% of their base salary, up to 100% of their bonus, and up to 100% of the cash portion of their PSU compensation to the plan. The Company also has a non-qualified deferred compensation plan for its non-employee directors which allows each director to defer up to 100% of their cash compensation paid by the Company to the plan. Additionally, participating directors may defer up to 100% of the shares of common stock they are entitled to receive in connection with the payout of RSUs. Under each plan, payments are made to participants based on their annual enrollment elections and plan balance. Participants earn a return on their deferred compensation that is based on hypothetical investments in certain mutual funds. Changes in market value of these hypothetical participant investments are reflected as an adjustment to the deferred compensation liability of the Company with an offset to compensation expense (see note 14).

Supplemental Executive Retirement Plan

The Company has a supplemental executive retirement plan (SERP). The SERP provides retirement benefits to the Company’s executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Under the SERP, the Company will generally make annual contributions to a retirement account based on age and years of service. The Company may also make discretionary contributions to a participant’s account. The Company recorded compensation expense of approximately $1.2 million and $0.4 million in general and administrative expenses for the three month periods ended March 31, 2012 and 2011, respectively.

Inventory and Other Current Assets

3 Months Ended

Mar. 31, 2012

Inventory and Other Current Assets [Abstract]

Inventory and Other Current Assets

(5) Inventory and Other Current Assets

Inventory and other current assets includes approximately $133.2 million and $83.1 million of inventory at March 31, 2012 and December 31, 2011, respectively. Our inventory balance at March 31, 2012 consisted of approximately $58.5 million of finished goods, $4.7 million of work-in-process, $4.5 million of raw materials and $65.5 million of supplies and consumables. Our inventory balance at December 31, 2011 consisted of approximately $39.0 million of finished goods, $2.3 million of work-in-process, $5.4 million of raw materials and $36.4 million of supplies and consumables. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in our services provided to customers.

Additionally, inventory and other current assets include approximately $132.4 million and $133.4 million of costs incurred and estimated earnings in excess of billings on uncompleted contracts at March 31, 2012 and December 31, 2011, respectively. The Company follows the percentage-of-completion method of accounting for applicable contracts.

Equity-Method Investments

3 Months Ended

Mar. 31, 2012

Equity-Method Investments [Abstract]

Equity-Method Investments

(6) Equity-Method Investments

Investments in entities that are not controlled by the Company, but where the Company has the ability to exercise influence over the operations, are accounted for using the equity-method. The Company’s share of the income or losses of these entities is reflected as earnings (losses) from equity-method investments on its condensed consolidated statements of operations.

In March 2011, the Company contributed all of its equity interests in SPN Resources, LLC (SPN Resources) and DBH, LLC (DBH) to Dynamic Offshore, the majority owner of both SPN Resources and DBH, in exchange for a 10% interest in Dynamic Offshore. The Company’s equity interest in Dynamic Offshore is accounted for as an equity-method investment with a balance of approximately $67.8 million and $70.6 million at March 31, 2012 and December 31, 2011, respectively. The Company recorded losses from its equity-method investment in Dynamic Offshore of approximately $0.3 million and $1.1 million for three and one month periods, respectively, ended March 31, 2012 and 2011.

The Company recorded earnings from its equity-method investment in SPN Resources of approximately $0.2 million and recorded earnings from its equity-method investment in DBH of approximately $0.9 million for the two months ended February 28, 2011. The Company also recorded revenue from SPN Resources of approximately $0.3 million and from DBH of approximately $0.9 million for the two months ended February 28, 2011.

The Company, where possible and at competitive rates, provides its products and services to assist Dynamic Offshore in producing and developing its oil and gas properties. The Company had a receivable from Dynamic Offshore of approximately $12.3 million and $9.8 million at March 31, 2012 and December 31, 2011. The Company also recorded revenue from Dynamic Offshore of approximately $15.5 million and $2.2 million for the three and one month periods, respectively, ended March 31, 2012 and 2011. Additionally, the Company has a receivable from Dynamic Offshore of approximately $13.6 million and $14.0 million, respectively, as of March 31, 2012 and December 31, 2011 related to its share of oil and natural gas commodity sales and production handling arrangement fees.

Subsequent Event

On April 17, 2012, SandRidge Energy Inc. (NYSE: SD) (SandRidge) completed its acquisition of Dynamic Offshore, at which time the Company received approximately $34.1 million in cash and approximately 7.0 million shares of SandRidge stock in consideration for its 10% interest in Dynamic Offshore. The Company expects to record a gain in the second quarter of 2012 of approximately $19.0 million as a result of this transaction. In accordance with authoritative guidance related to equity securities, the Company will account for the shares received through this transaction as available-for-sale securities. The shares will be recorded at their fair market value and any unrealized gains or losses will be excluded from earnings and reported as a net amount within accumulated other comprehensive income (loss) within stockholders’ equity and would also be reflected in the consolidated statement of comprehensive income.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References + Details

Long-Term Contracts

3 Months Ended

Mar. 31, 2012

Long-Term Contracts [Abstract]

Long-Term Contracts

(7) Long-Term Contracts

In 2010, the Company’s wholly owned subsidiary, Wild Well Control, Inc. (Wild Well) acquired 100% ownership of Shell Offshore, Inc.’s Gulf of Mexico Bullwinkle platform and its related assets, and assumed the related decommissioning obligations. As part of the asset purchase agreement with Shell Offshore, Inc., Wild Well was required to obtain a $50.0 million performance bond, as well as fund $50.0 million into an escrow account. Included in intangible and other long-term assets, net is escrowed cash of $50.3 million and $50.2 million at March 31, 2012 and December 31, 2011, respectively.

In December 2007, Wild Well entered into contractual arrangements pursuant to which it is decommissioning seven downed oil and gas platforms and related well facilities located in the Gulf of Mexico for a fixed sum of $750 million. The contract contains certain covenants primarily related to Wild Well’s performance of the work. As of March 31, 2012, the work on this project was substantially complete. At March 31, 2012 and December 31, 2011, there were $129.7 million of costs and estimated earnings in excess of billings related to this contract included in other current assets.

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 11
-Section A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 45
-Paragraph 12, 15, 16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 81-1
-Paragraph 94
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 6
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 11
-Section B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 11
-Section C
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3(c))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 912
-SubTopic 275
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6471736&loc=d3e54651-109401

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 605
-SubTopic 35
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6407836&loc=d3e58033-111643

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(d))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 912
-SubTopic 405
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6471944&loc=d3e56414-109416

+ Details

Debt

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Debt

(8) Debt

On February 7, 2012, in connection with the Complete acquisition, the Company amended its bank credit facility to increase the revolving borrowing capacity to $600.0 million from $400.0 million, and to include a $400.0 million term loan. The principal balance of the term loan is payable in installments of $5.0 million on the last day of each fiscal quarter, commencing on June 30, 2012. Any amounts outstanding on the revolving credit facility and the term loan are due on February 7, 2017. Costs associated with the amended credit facility totaled approximately $24.5 million. These costs have been capitalized and will be amortized over the term of the credit facility.

At March 31, 2012, the Company had no amounts outstanding under the revolving credit facility. The Company had approximately $35.8 million of letters of credit outstanding, which reduce the Company’s borrowing availability under this credit facility. Amounts borrowed under the credit facility bear interest at LIBOR plus margins that depend on the Company’s leverage ratio. Indebtedness under the credit facility is secured by substantially all of the Company’s assets, including the pledge of the stock of the Company’s principal domestic subsidiaries. The credit facility contains customary events of default and requires that the Company satisfy various financial covenants. It also limits the Company’s ability to pay dividends or make other distributions, make acquisitions, make changes to the Company’s capital structure, create liens or incur additional indebtedness. At March 31, 2012, the Company was in compliance with all such covenants.

The Company has outstanding $300 million of 6 7/8% unsecured senior notes due 2014. The indenture governing the senior notes requires semi-annual interest payments on June 1^st and December 1^st of each year through the maturity date of June 1, 2014. The indenture contains certain covenants that, among other things, limit the Company from incurring additional debt, repurchasing capital stock, paying dividends or making other distributions, incurring liens, selling assets or entering into certain mergers or acquisitions. At March 31, 2012, the Company was in compliance with all such covenants.

The Company has outstanding $500 million of 6 3/8% unsecured senior notes due 2019. The indenture governing the 6 3/8% senior notes requires semi-annual interest payments on May 1 ^st and November 1 ^stof each year through the maturity date of May 1, 2019. The indenture contains certain covenants that, among other things, limit the Company from incurring additional debt, repurchasing capital stock, paying dividends or making other distributions, incurring liens, selling assets or entering into certain mergers or acquisitions. At March 31, 2012, the Company was in compliance with all such covenants.

The Company also has outstanding $800 million of 7 1/8% unsecured senior notes due 2021. The indenture governing the 7 1/8% senior notes requires semi-annual interest payments on June 15^th and December 15^thof each year through the maturity date of December 15, 2021. The indenture contains certain covenants that, among other things, limit the Company from incurring additional debt, repurchasing capital stock, paying dividends or making other distributions, incurring liens, selling assets or entering into certain mergers or acquisitions. At March 31, 2012, the Company was in compliance with all such covenants.

In connection with the sale of the marine segment, in March 2012 the Company repaid $12.5 million of U.S. Government guaranteed long-term financing (see note 3). The Company paid approximately $4.0 million of make- whole premiums and wrote off approximately $0.7 million of unamortized loan costs as a result of this repayment. These expenses have been reported in discontinued operations, net of income tax in the condensed consolidated statement of operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings per Share

(9) Earnings per Share

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. The weighted average number of common shares outstanding excludes the shares of non-vested restricted stock that were assumed by the Company as a result of the Complete acquisition. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that could have been outstanding assuming the exercise of stock options, conversion of restricted stock units and the vesting of outstanding restricted stock issued in the acquisition of Complete.

Stock options for approximately 850,000 and 180,000 shares were excluded in the computation of diluted earnings per share for the three months ended March 31, 2012 and 2011, respectively, as the effect would have been anti-dilutive.

Decommissioning Liabilities

3 Months Ended

Mar. 31, 2012

Decommissioning Liabilities [Abstract]

Decommissioning Liabilities

(10) Decommissioning Liabilities

The Company records estimated future decommissioning liabilities in accordance with the authoritative guidance related to asset retirement obligations (decommissioning liabilities), which requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, with a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the decommissioning liability is required to be accreted each period to present value.

The Company’s decommissioning liabilities associated with the Bullwinkle platform and its related assets consist of costs related to the plugging of wells, the removal of the related facilities and equipment, and site restoration. Whenever practical, the Company utilizes its own equipment and labor services to perform well abandonment and decommissioning work. When the Company performs these services, all recorded intercompany revenues and related costs of services are eliminated in the consolidated financial statements. The recorded decommissioning liability associated with a specific property is fully extinguished when the property is abandoned. The recorded liability is first reduced by all cash expenses incurred to abandon and decommission the property. If the recorded liability exceeds (or is less than) the Company’s total costs, then the difference is reported as income (or loss) within revenue during the period in which the work is performed.

The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows needed to satisfy the liability have changed materially. The Company reviews its estimates for the timing of these expenditures on a quarterly basis.

In connection with the acquisition of Complete in February 2012, the Company assumed approximately $3.6 million of decommissioning liabilities associated with costs to plug saltwater disposal wells at the end of the service lives of the assets, as well as other retirement commitments.

The following table summarizes the activity for the Company’s decommissioning liabilities for the three month periods ended March 31, 2012 and 2011 (in thousands):


	2012			2011
Decommissioning liabilities, December 31, 2011 and 2010, respectively	$	123,176		$	117,716
Liabilities acquired and incurred		3,573			—
Liabilities settled		(2,661	)		—
Accretion		1,741			1,668

Total decommissioning liabilities, March 31, 2012 and 2011, respectively		125,829			119,384
Less: current portion of decommissioning liabilities at March 31, 2012 and 2011, respectively		15,678			17,063

Long-term decommissioning liabilities, March 31, 2012 and 2011, respectively	$	110,151		$	102,321

Notes Receivable

3 Months Ended

Mar. 31, 2012

Notes Receivable [Abstract]

Notes Receivable

(11) Notes Receivable

Notes receivable consist of a commitment from the seller of oil and gas properties towards the abandonment of the acquired property. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totaled $115.0 million and is recorded at present value using an effective interest rate of 6.58%. The related discount is amortized to interest income based on the expected timing of the platform’s removal. The Company recorded interest income related to notes receivable of $1.2 million and $1.1 million for three months ended March 31, 2012 and 2011, respectively.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

(12) Segment Information

Business Segments

Prior to the sale of the liftboats and related assets during the first quarter of 2012, the Company had three reportable segments: subsea and well enhancement, drilling products and services, and marine. On March 30, 2012, the Company sold the assets of its marine segment, and the segment’s business has been accounted for as discontinued operations. The subsea and well enhancement segment provides production-related services used to enhance, extend and maintain oil and gas production, which includes hydraulic fracturing, high pressure pumping, cementing, fluid handling and well servicing rigs, coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and specialized pressure control tools and services; stimulation and sand control tools and services, integrated subsea construction and technical engineering solutions, and end-of-life services. The subsea and well enhancement segment also includes production handling arrangements, as well as the production and sale of oil and gas. The drilling products and services segment rents and sells stabilizers, drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and bolting and machining services.

Certain previously reported segment information has been adjusted due to the disposal of the marine segment and the derrick barge from the subsea and well enhancement segment. The operating results and the loss on the sale of the marine segment and the derrick barge have been accounted for as discontinued operations. Summarized financial information for the Company’s segments for the three months ended March 31, 2012 and 2011 is shown in the following tables (in thousands):

Three Months Ended March 31, 2012


	Subsea and		Drilling
	Well		Products and					Consolidated
	Enhancement		Services		Unallocated			Total
Revenues	$	777,480	$	189,357	$	—		$	966,837
Cost of services (exclusive of items shown separately below)		484,201		62,566		—			546,767
Depreciation, depletion, amortization and accretion		66,436		36,160		—			102,596
General and administrative expenses		142,619		33,402		—			176,021

Income from operations		84,224		57,229		—			141,453
Interest income (expense), net		1,181		—		(30,987	)		(29,806	)
Losses from equity-method investments, net		—		—		(287	)		(287	)

Income (loss) from continuing operations before income taxes	$	85,405	$	57,229	$	(31,274	)	$	111,360

Three Months Ended March 31, 2011


	Subsea and		Drilling
	Well		Products and					Consolidated
	Enhancement		Services		Unallocated			Total
Revenues	$	256,727	$	128,270	$	—		$	384,997
Cost of services (exclusive of items shown separately below)		170,325		46,697		—			217,022
Depreciation, depletion, amortization and accretion		25,261		30,563		—			55,824
General and administrative expenses		54,983		29,632		—			84,615

Income from operations		6,158		21,378		—			27,536
Interest income (expense), net		1,109		—		(13,261	)		(12,152	)
Earnings from equity-method investments, net		—		—		27			27

Income (loss) from continuing operations before income taxes	$	7,267	$	21,378	$	(13,234	)	$	15,411

Identifiable Assets


	Subsea and		Drilling
	Well		Products and						Consolidated
	Enhancement		Services		Marine		Unallocated		Total
March 31, 2012	$	6,399,545	$	999,262	$	—	$	69,551	$	7,468,358

December 31, 2011	$	2,863,550	$	947,679	$	164,444	$	72,472	$	4,048,145

Geographic Segments

The Company attributes revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or leased. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. The Company’s information by geographic area is as follows (in thousands):

Revenues:


	Three Months Ended March 31,
	2012		2011
United States	$	795,771	$	288,957
Other Countries		171,066		96,040

Total	$	966,837	$	384,997

Long-Lived Assets:


	March 31, 2012		December 31, 2011
United States	$	2,318,773	$	1,060,483
Other Countries		447,537		446,885

Total, net	$	2,766,310	$	1,507,368

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Guarantee

3 Months Ended

Mar. 31, 2012

Guarantee [Abstract]

Guarantee

(13) Guarantee

In accordance with authoritative guidance related to guarantees, the Company has assigned an estimated value of $2.6 million at March 31, 2012 and December 31, 2011, which is reflected in other long-term liabilities, related to decommissioning activities in connection with oil and gas properties acquired by SPN Resources prior to its sale to Dynamic Offshore. The Company believes that the likelihood of being required to perform these guarantees is remote. In the unlikely event that Dynamic Offshore defaults on the decommissioning liabilities existing at the closing date, the total maximum potential obligation under these guarantees is estimated to be approximately $148.4 million, net of the contractual right to receive payments from third parties, which is approximately $24.6 million, as of March 31, 2012. The total maximum potential obligation will decrease over time as the underlying obligations are fulfilled.

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

(14) Fair Value Measurements

The Company follows the authoritative guidance for fair value measurements relating to financial and nonfinancial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

Level 1:

Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2:

Observable inputs other than those included in Level 1 such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets; or model-derived valuations or other inputs that can be corroborated by observable market data.

Level 3:

Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis at March 31, 2012 and December 31, 2011 (in thousands):


			Fair Value Measurements at Reporting Date Using
	March 31, 2012		Level 1		Level 2		Level 3
Intangible and other long-term assets
Non-qualified deferred compensation assets	$	11,183	$	820	$	10,363		—
Accounts Payable
Non-qualified deferred compensation liabilities	$	2,727		—	$	2,727		—
Contingent consideration	$	6,251		—	$	—	$	6,251
Other long-term liabilities
Non-qualified deferred compensation liabilities	$	12,875		—	$	12,875		—

	December 31, 2011		Level 1		Level 2		Level 3
Intangible and other long-term assets
Non-qualified deferred compensation assets	$	10,597	$	815	$	9,782		—
Interest rate swap	$	1,904		—	$	1,904		—
Accounts Payable
Non-qualified deferred compensation liabilities	$	2,790	$	—	$	2,790		—
Other long-term liabilities
Non-qualified deferred compensation liabilities	$	12,975		—	$	12,975		—

The Company’s non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds (see note 4). The Company entered into separate trust agreements, subject to general creditors, to segregate assets of each plan and reports the accounts of the trusts in its condensed consolidated financial statements. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy. The realized and unrealized holding gains and losses related to non-qualified deferred compensation assets are recorded in interest expense, net. The realized and unrealized holding gains and losses related to non-qualified deferred compensation liabilities are recorded in general and administrative expenses.

The Company had an interest rate swap agreement for a notional amount of $150 million that was designated as a fair value hedge. In February 2012, the Company sold this interest rate swap to the counterparty for approximately $1.2 million.

Included in the liabilities assumed in the acquisition of Complete was $6.2 million of contingent consideration related to the purchase of a hydraulic fracturing and cementing company in 2011. The fair value of the contingent consideration was determined using a probability-weighted discounted cash flow approach at the acquisition date and reporting date. The approach is based on significant inputs that are not observable in the market, which are referred to as Level 3 inputs. The fair value is based on the acquired company reaching specific performance metrics over the next two years of operations.

In accordance with authoritative guidance, non-financial assets and non-financial liabilities are remeasured at fair value on a non-recurring basis. In determining estimated fair value of acquired goodwill, we use various sources and types of information, including, but not limited to, quoted market prices, replacement cost estimates, accepted valuation techniques such as discounted cash flows, and existing carrying value of acquired assets. As necessary, we utilize third-party appraisal firms to assist us in determining fair value of inventory, identifiable intangible assets, and any other significant assets or liabilities. During the measurement period and as necessary, we adjust the preliminary purchase price allocation if we obtain more information regarding asset valuations and liabilities assumed.

The fair value of the Company’s cash equivalents, accounts receivable and current maturities of long-term debt approximates their carrying amounts. The fair value of the Company’s long-term debt was approximately $2,089.8 million and $1,749.8 million at March 31, 2012 and December 31, 2011, respectively. The fair value of these debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
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+ Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2012

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

(15) Derivative Financial Instruments

From time to time, the Company may employ interest rate swaps in an attempt to achieve a more balanced debt portfolio. The Company does not use derivative financial instruments for trading or speculative purposes.

The Company had an interest rate swap agreement for a notional amount of $150 million related to its fixed rate debt maturing in 2014. This transaction was designated as a fair value hedge since the swap hedges against the change in fair value of fixed rate debt resulting from changes in interest rates. The Company recorded a derivative asset of $1.9 million within intangible and other long-term assets in the condensed consolidated balance sheet as of December 31, 2011. The change in fair value of the interest rate swap is included in the adjustments to reconcile net income to net cash provided by operating activities in the condensed consolidated statement of cash flows. In February 2012, the Company sold this interest rate swap to the counterparty for $1.2 million.

The location and effect of the derivative instrument on the condensed consolidated statement of operations for the three months ended March 31, 2011, presented on a pre-tax basis, is as follows (in thousands):

For the three months ended March 31, 2011, approximately $0.4 million of interest income was related to the ineffectiveness associated with this fair value hedge. Hedge ineffectiveness represents the difference between the changes in fair value of the derivative instruments and the changes in fair value of the fixed rate debt attributable to changes in the benchmark interest rate.

Subsequent Event

On April 2, 2012, the Company entered into an interest rate swap for a notional amount of $100 million, whereby the Company is entitled to receive semi-annual interest payments at a fixed rate of 7 1/8% per annum and is obligated to make semi-annual interest payments at a variable rate. The variable interest rate, which is adjusted every 90 days, is based on LIBOR plus a fixed margin and is scheduled to terminate on December 15, 2021.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

Income Taxes

(16) Income Taxes

The Company follows authoritative guidance surrounding accounting for uncertainty in income taxes. It is the Company’s policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. The Company had approximately $22.3 million and $21.7 million of unrecorded tax benefits at March 31, 2012 and December 31, 2011, respectively, all of which would impact the Company’s effective tax rate if recognized.

In addition to its U.S. federal tax return, the Company files income tax returns in various state and foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. The Company remains subject to U.S. federal tax examinations for years after 2007.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(17) Commitments and Contingencies

The Company’s wholly owned subsidiary, Hallin Marine, is the lessee of a dynamically positioned subsea vessel under a capital lease expiring in 2019 with a 2 year renewal option. Hallin Marine owns a 5% equity interest in the entity that owns this leased asset. The lessor’s debt is non-recourse to the Company. The amount of the asset and liability under this capital lease is recorded at the present value of the lease payments. The vessel’s gross asset value under the capital lease was approximately $37.6 million at inception and accumulated depreciation through March 31, 2012 and December 31, 2011 was approximately $13.2 million and $12.2 million, respectively. At March 31, 2012 and December 31, 2011, the Company had approximately $28.6 million and $29.5 million, respectively, included in other long-term liabilities, and approximately $3.6 million included in accounts payable related to the obligations under this capital lease. The future minimum lease payments under this capital lease are approximately $2.7 million, $3.9 million, $4.2 million, $4.6 million, $5.0 million and $5.4 million for the nine months ending December 31, 2012 and the years ending December 31, 2013, 2014, 2015, 2016 and 2017, respectively, exclusive of interest at an annual rate of 8.5%. For the three months ended March 31, 2012 and 2011, the Company recorded interest expense of approximately $0.7 million and $0.8 million, respectively, in connection with this capital lease.

Due to the nature of the Company’s business, the Company is involved, from time to time, in routine litigation or subject to disputes or claims regarding our business activities. Legal costs related to these matters are expensed as incurred. In management’s opinion, none of the pending litigation, disputes or claims is expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

Related Party Disclosures

3 Months Ended

Mar. 31, 2012

Related Party Disclosures

(18) Related Party Disclosures

The Company believes all transactions with related parties have terms and conditions no less favorable than transactions with unaffiliated parties. Subsequent to the acquisition of Complete, the Company purchases services from companies majority-owned by an officer of one of its subsidiaries. For the three months ended March 31, 2012, these purchases totaled approximately $71.4 million, of which approximately $39.6 million was purchased from ORTEQ Energy Services, a heavy equipment construction company which also manufactures pressuring pumping equipment, approximately $0.1 million was purchased from Ortowski Construction, primarily related to the manufacture of pressure pumping units, approximately $1.9 million was purchased from Resource Transport, approximately $25.3 million was purchased from Texas Specialty Sands, LLC primarily for the purchase of sand used for pressure pumping activities, and approximately $4.5 million was purchased from ProFuel, LLC. As of March 31, 2012, the Company’s trade accounts payable includes amounts due to these companies totaling approximately $37.6 million, of which approximately $21.6 million was due ORTEQ Energy Services, approximately $0.1 was due Ortowski Construction, approximately $1.1 million was due Resource Transport, approximately $12.9 million was due Texas Specialty Sands and approximately $1.9 million was due ProFuel, LLC.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-Article 4
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-Paragraph k

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

(19) Subsequent Events

In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued.

Financial Information Related to Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2012

Financial Information Related to Guarantor Subsidiaries [Abstract]

Financial Information Related to Guarantor Subsidiaries

(20) Financial Information Related to Guarantor Subsidiaries

SESI, L.L.C. (Issuer), a 100% owned subsidiary of Superior Energy Services, Inc. (Parent), has $500 million of unsecured 6 3/8% senior notes due 2019 and $800 million of unsecured 7 1/8% senior notes due 2021. The Parent, along with certain of its 100% owned domestic subsidiaries, fully and unconditionally guaranteed the senior notes, and such guarantees are joint and several. Domestic income taxes are paid by the Parent through a consolidated tax return and are accounted for by the Parent. The Company has revised the comparative condensed consolidating financial information to reflect the Parent’s and Issuer’s investments in subsidiaries using the equity method. The following tables present the condensed consolidating balance sheets as of March 31, 2012 and December 31, 2011, and the condensed consolidating statements of operations and cash flows for the three months ended March 31, 2012 and 2011.

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Balance Sheets

March 31, 2012

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non— Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	50,257		$	31,562		$	53,939		$	—		$	135,758
Accounts receivable, net		—			352			886,632			203,570			(54,569	)		1,035,985
Prepaid expenses		141			7,543			34,713			30,395			—			72,792
Inventory and other current assets		—			1,799			257,364			19,066			—			278,229

Total current assets		141			59,951			1,210,271			306,970			(54,569	)		1,522,764

Property, plant and equipment, net		—			7,305			2,194,197			564,808			—			2,766,310
Goodwill		—			—			2,119,476			385,194			—			2,504,670
Notes receivable		—			—			74,750			—			—			74,750
Intercompany notes receivable		—			—			—			15,000			(15,000	)		—
Investments in subsidiaries		1,743,595			3,872,497			195,970			—			(5,812,062	)		—
Equity-method investments		—			67,828			—			1,724			—			69,552
Intangible and other long-term assets, net		—			64,843			400,822			64,647			—			530,312

Total assets	$	1,743,736		$	4,072,424		$	6,195,486		$	1,338,343		$	(5,881,631	)	$	7,468,358

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—		$	6,383		$	244,427		$	111,070		$	(48,895	)	$	312,985
Accrued expenses		95			82,143			158,532			50,427			(6,437	)		284,760
Income taxes payable		38,559			—			—			2,305			—			40,864
Deferred income taxes		16,721			—			—			—			—			16,721
Current portion of decommissioning liabilities		—			—			15,678			—			—			15,678
Current maturities of long-term debt		—			20,000			—			—			—			20,000

Total current liabilities		55,375			108,526			418,637			163,802			(55,332	)		691,008

Deferred income taxes		672,752			—			—			12,142			—			684,894
Decommissioning liabilities		—			—			107,878			2,273			—			110,151
Long-term debt, net		—			1,978,508			—			—			—			1,978,508
Intercompany notes payable		—			15,000			—			—			(15,000	)		—
Intercompany payables/(receivables)		(2,889,199	)		197,441			2,529,678			324,982			(162,902	)		—
Other long-term liabilities		5,954			29,358			24,574			45,057			—			104,943

Stockholders’ equity:
Preferred stock of $.01 par value		—			—			—			—			—			—
Common stock of $.001 par value		157			—			782			4,212			(4,994	)		157
Additional paid in capital		2,832,360			124,271			687,939			680,871			(1,493,081	)		2,832,360
Accumulated other comprehensive
income (loss), net		(21,031	)		(21,031	)		(165	)		(21,031	)		42,227			(21,031	)
Retained earnings (accumulated deficit)		1,087,368			1,640,351			2,426,163			126,035			(4,192,549	)		1,087,368

Total stockholders’ equity (deficit)		3,898,854			1,743,591			3,114,719			790,087			(5,648,397	)		3,898,854

Total liabilities and stockholders’ equity	$	1,743,736		$	4,072,424		$	6,195,486		$	1,338,343		$	(5,881,631	)	$	7,468,358

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Balance Sheets

December 31, 2011

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	29,057		$	6,272		$	44,945		$	—		$	80,274
Accounts receivable, net		—			531			437,963			143,444			(41,336	)		540,602
Income taxes receivable		—			—			—			698			(698	)		—
Prepaid expenses		34			3,893			9,796			20,314			—			34,037
Inventory and other current assets		—			1,796			214,381			12,132			—			228,309

Total current assets		34			35,277			668,412			221,533			(42,034	)		883,222

Property, plant and equipment, net		—			2,758			1,096,036			408,574			—			1,507,368
Goodwill		—			—			437,614			143,765			—			581,379
Notes receivable		—			—			73,568			—			—			73,568
Investments in subsidiaries		1,650,049			2,833,659			20,062			—			(4,503,770	)		—
Equity-method investments		—			70,614			—			1,858			—			72,472
Intangible and other long-term assets, net		—			828,447			71,625			30,064			—			930,136

Total assets	$	1,650,083		$	3,770,755		$	2,367,317		$	805,794		$	(4,545,804	)	$	4,048,145

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—		$	4,307		$	128,996		$	86,723		$	(41,381	)	$	178,645
Accrued expenses		164			54,000			105,512			38,503			(605	)		197,574
Income taxes payable		1,415			—			—			—			(698	)		717
Deferred income taxes		831			—			—			—			—			831
Current portion of decommissioning liabilities		—			—			14,956			—			—			14,956
Current maturities of long-term debt		—			—			—			810			—			810

Total current liabilities		2,410			58,307			249,464			126,036			(42,684	)		393,533

Deferred income taxes		285,871			—			—			11,587			—			297,458
Decommissioning liabilities		—			—			108,220			—			—			108,220
Long-term debt, net		—			1,673,351			—			11,736			—			1,685,087
Intercompany payables/(receivables)		(96,989	)		356,668			(253,053	)		(7,276	)		650			—
Other long-term liabilities		5,192			32,380			26,704			45,972			—			110,248
Stockholders’ equity:
Preferred stock of $.01 par value		—			—			—			—			—			—
Common stock of $.001 par value		80			—			—			4,212			(4,212	)		80
Additional paid in capital		447,007			124,271			—			517,209			(641,480	)		447,007
Accumulated other comprehensive income (loss), net		(26,936	)		(26,936	)		—			(26,936	)		53,872			(26,936	)
Retained earnings (accumulated deficit)		1,033,448			1,552,714			2,235,982			123,254			(3,911,950	)		1,033,448

Total stockholders’ equity (deficit)		1,453,599			1,650,049			2,235,982			617,739			(4,503,770	)		1,453,599

Total liabilities and stockholders’ equity	$	1,650,083		$	3,770,755		$	2,367,317		$	805,794		$	(4,545,804	)	$	4,048,145

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Operations

Three Months Ended March 31, 2012

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	835,172		$	175,052		$	(43,387	)	$	966,837

Cost of services (exclusive of items shown separately below)		—			—			466,413			123,699			(43,345	)		546,767
Depreciation, depletion, amortization and accretion		—			191			85,940			16,465			—			102,596
General and administrative expenses		96			59,978			93,209			22,780			(42	)		176,021

Income (loss) from operations		(96	)		(60,169	)		189,610			12,108			—			141,453

Other income (expense):
Interest expense, net		—			(30,483	)		1,339			(662	)		—			(29,806	)
Earnings (losses) from consolidated subsidiaires		87,637			180,551			12,411			—			(280,599	)		—
Earnings (losses) from equity-method investments, net		—			(287	)		—			—			—			(287	)

Income (loss) from continuing operations before income taxes		87,541			89,612			203,360			11,446			(280,599	)		111,360

Income taxes		35,547			—			—			5,656			—			41,203

Net income (loss) from continuing operations		51,994			89,612			203,360			5,790			(280,599	)		70,157

Discontinued operations, net of income tax		1,926			(1,975	)		(13,179	)		(3,009	)		—			(16,237	)


Net income (loss)	$	53,920		$	87,637		$	190,181		$	2,781		$	(280,599	)	$	53,920

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2012

(in thousands)

(unaudited)


	Parent		Issuer		Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income (loss)	$	53,920	$	87,637	$	190,181		$	2,781	$	(280,599	)	$	53,920
Change in cumulative translation adjustment		5,905		5,905		(165	)		5,905		(11,645	)		5,905


Comprehensive income (loss)	$	59,825	$	93,542	$	190,016		$	8,686	$	(292,244)		$	59,825

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Operations

Three Months Ended March 31, 2011 *

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	322,655	$	77,701		$	(15,359	)	$	384,997

Cost of services (exclusive of items shown separately below)		—			—			176,845		55,472			(15,295	)		217,022
Depreciation, depletion, amortization and accretion		—			128			45,425		10,271			—			55,824
General and administrative expenses		325			18,553			50,270		15,531			(64	)		84,615

Income (loss) from operations		(325	)		(18,681	)		50,115		(3,573	)		—			27,536

Other income (expense):
Interest expense, net		—			(12,561	)		1,080		(671	)		—			(12,152	)
Intercompany interest income (expense)		—			6,206			—		(6,206	)		—			—
Earnings (losses) from consolidated subsidiaires		23,427			49,706			634		—			(73,767	)		—
Earnings (losses) from equity-method investments, net		—			(878	)		—		905			—			27

Income (loss) from continuing operations before income taxes		23,102			23,792			51,829		(9,545	)		(73,767	)		15,411

Income taxes		4,387			—			—		1,147			—			5,534

Net income (loss) from continuing operations		18,715			23,792			51,829		(10,692	)		(73,767	)		9,877

Discontinued operations, net of income tax		(3,212	)		(365	)		9,249		(46	)		—			5,626

Net income (loss)	$	15,503		$	23,427		$	61,078	$	(10,738	)	$	(73,767	)	$	15,503

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2011 *

(in thousands)

(unaudited)


	Parent		Issuer		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	15,503	$	23,427	$	61,078	$	(10,738	)	$	(73,767	)	$	15,503
Change in cumulative translation adjustment		7,855		7,855		—		7,855			(15,710	)		7,855

Comprehensive income (loss)	$	23,358	$	31,282	$	61,078	$	(2,883	)	$	(89,477	)	$	23,358

*	As adjusted for discontinued operations

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2012

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net income (loss)	$	53,920		$	87,637		$	190,181		$	2,781		$	(280,599	)	$	53,920
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		—			191			87,047			16,603			—			103,841
Deferred income taxes		(12,133	)		—			—			1,154			—			(10,979	)
Excess tax benefit from stock-based compensation		(843	)		—			—			—			—			(843	)
Stock-based and performance share unit compensation expense		—			10,591			—			—			—			10,591
Retirement and deferred compensation plan expense		—			621			—			—			—			621
(Earnings) losses from consolidated subsidiaries		(87,637	)		(180,551	)		(12,411	)		—			280,599			—
(Earnings) losses from equity-method investments, net of cash received		—			2,787			—			134			—			2,921
Amortization of debt acquisition costs and note discount		—			2,210			—			—			—			2,210
Loss on sale of businesses		—			—			6,649			—			—			6,649
Other reconciling items, net		—			5,373			(2,288	)		396			—			3,481
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		—			179			(63,263	)		(1,079	)		—			(64,163	)
Inventory and other current assets		—			(3	)		(13,150	)		(2,715	)		—			(15,868	)
Accounts payable		—			2,076			13,060			13,300			—			28,436
Accrued expenses		(69	)		22,717			(74,489	)		(4,505	)		—			(56,346	)
Decommissioning liabilities		—			—			(2,661	)		—			—			(2,661	)
Income taxes		39,080			—			—			(271	)		—			38,809
Other, net		(108	)		(3,749	)		1,903			(4,608	)		—			(6,562	)

Net cash provided by (used in) operating activities		(7,790	)		(49,921	)		130,578			21,190			—			94,057

Cash flows from investing activities:
Payments for capital expenditures		—			(4,738	)		(238,448	)		(30,059	)		—			(273,245	)
Acquisitions of businesses, net of cash acquired		—			(1,229,327	)		106,952			84,134			—			(1,038,241	)
Change in restricted cash held for acquisition of business		—			785,280			—			—			—			785,280
Cash proceeds from sale of businesses		—			185,912			—			—			—			185,912
Other		—			—			2,603			702			—			3,305
Intercompany receivables/payables		(5,739	)		36,370			23,605			(54,236	)		—			—

Net cash used in investing activities		(5,739	)		(226,503	)		(105,288	)		541			—			(336,989	)

Cash flows from financing activities:
Net (payments) borrowings from revolving line of credit		—			(75,000	)		—			—			—			(75,000	)
Proceeds from long-term debt		—			400,000			—			—			—			400,000
Principal payments on long-term debt		—			—			—			(12,546	)		—			(12,546	)
Payment of debt acquisition costs		—			(25,011	)		—			—			—			(25,011	)
Proceeds from exercise of stock options		12,256			—			—			—			—			12,256
Excess tax benefit from stock-based compensation		843			—			—			—			—			843
Proceeds from issuance of stock through employee benefit plans		819			—			—			—			—			819
Other		(389	)		(2,365	)		—			(856	)		—			(3,610	)

Net cash provided by (used in) financing activities		13,529			297,624			—			(13,402	)		—			297,751

Effect of exchange rate changes on cash		—			—			—			665			—			665

Net increase in cash and cash equivalents		—			21,200			25,290			8,994			—			55,484
Cash and cash equivalents at beginning of period		—			29,057			6,272			44,945			—			80,274

Cash and cash equivalents at end of period	$	—		$	50,257		$	31,562		$	53,939			—		$	135,758

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2011

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net income (loss)	$	15,503		$	23,427		$	61,078		$	(10,738	)	$	(73,767	)	$	15,503
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		—			128			48,691			10,544			—			59,363
Deferred income taxes		2,967			—			—			(194	)		—			2,773
Excess tax benefit from stock-based compensation		(5,078	)		—			—			—			—			(5,078	)
Stock-based and performance share unit compensation expense		—			3,686			—			—			—			3,686
Retirement and deferred compensation plan expense		—			123			—			—			—			123
(Earnings) losses from consolidated subsidiaries		(23,427	)		(49,706	)		(634	)		—			73,767			—
(Earnings) losses from equity-method investments, net of cash received		—			878			—			(905)			—			(27	)
Amortization of debt acquisition costs and note discount		—			6,255			—			—			—			6,255
Gain on sale of businesses		—			—			(2,674	)		—			—			(2,674	)
Other reconciling items, net		—			(374	)		(1,108	)		—			—			(1,482	)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		—			(3,043	)		67,549			14,328			—			78,834
Inventory and other current assets		—			(17	)		(3,096	)		98			—			(3,015	)
Accounts payable		—			(219	)		1,930			(4,016	)		—			(2,305	)
Accrued expenses		12			(6,365	)		(4,670	)		(2,122	)		—			(13,145	)
Income taxes		(2,436	)		—			—			(122	)		—			(2,558	)
Other, net		(46	)		859			1,705			(826	)		—			1,692

Net cash provided by (used in) operating activities		(12,505	)		(24,368	)		168,771			6,047			—			137,945
Cash flows from investing activities:
Payments for capital expenditures		—			—			(78,773	)		(29,806	)		—			(108,579	)
Cash proceeds from sale of businesses		—			—			5,762			—			—			5,762
Other		—			—			(1,974	)		—			—			(1,974	)
Intercompany receivables/payables		646			66,043			(97,368	)		30,679			—			—

Net cash provided by (used in) investing activities		646			66,043			(172,353	)		873			—			(104,791	)
Cash flows from financing activities:
Net (payments) borrowings from revolving line of credit		—			(19,000	)		—			—			—			(19,000	)
Proceeds from exercise of stock options		6,147			—			—			—			—			6,147
Excess tax benefit from stock-based compensation		5,078			—			—			—			—			5,078
Proceeds from issuance of stock through employee benefit plans		634			—			—			—			—			634
Other		—			(5,830	)		—			(721	)		—			(6,551	)

Net cash provided by (used in) financing activities		11,859			(24,830	)		—			(721	)		—			(13,692	)
Effect of exchange rate changes on cash		—			—			—			893			—			893

Net increase (decrease) in cash and cash equivalents		—			16,845			(3,582	)		7,092			—			20,355
Cash and cash equivalents at beginning of period		—			—			5,493			45,234			—			50,727

Cash and cash equivalents at end of period	$	—		$	16,845		$	1,911		$	52,326		$	—		$	71,082

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2012

Acquisitions [Abstract]

Consideration paid and the provisional fair value of the assets acquired and liabilities


Assets:
Current assets	$	751,706
Property, plant and equipment		1,223,448
Goodwill		1,922,277
Intangible and other long-term assets		370,377
Liabilities:
Current liabilities		236,986
Deferred income taxes		435,904
Other long-term liabilities		4,125

Net assets acquired	$	3,590,793

Fair value estimates recorded for the identifiable intangible assets


	Estimated Fair Value		Estimated Useful Life
Customer relationships	$	315,000		17 years
Trade names		35,000		10 years

Total identifiable intangible assets	$	350,000

Supplemental pro forma results


	Revenue		Net income from continuing operations		Basic earnings per share		Diluted earnings per share
Actual results from the acquired businesses from date of acquisitions through the period ended March 31, 2012	$	397,455	$	52,220	$	0.42	$	0.41

Supplemental pro forma for the Company:
Three months ended March 31, 2012	$	1,223,783	$	110,648	$	0.71	$	0.70

Three months ended March 31, 2011	$	855,246	$	43,390	$	0.28	$	0.28

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Dispositions (Tables)

3 Months Ended

Mar. 31, 2012

Dispositions [Abstract]

Components of income (loss) from discontinued operations


	2012			2011
Revenues	$	16,235		$	28,985

Income (loss) from discontinued operations before income tax		(6,735	)		6,139
Income tax expense (benefit)		(1,227	)		2,220
Gain (loss) on disposition, net of tax		(10,729	)		1,707

Income (loss) from discontinued operations, net of tax	$	(16,237	)	$	5,626

Assets and liabilities of disposal groups


Accounts receivable, net	$	16,342
Prepaid expenses		1,900
Inventory and other current assets		2,371

Current assets of discontinued operations	$	20,613

Property, plant and equipment, net		170,222
Goodwill		9,740
Intangible and other long-term assets, net		3,875

Long-term assets of discontinued operations	$	183,837

Accounts payable	$	1,231
Accrued expenses		13,421
Current maturities of long-term debt		810

Current liabilities of discontinued operations	$	15,462

Long-term debt	$	11,736

Decommissioning Liabilities (Tables)

3 Months Ended

Mar. 31, 2012

Decommissioning Liabilities [Abstract]

Summary the activity for company's decommissioning liabilities


	2012			2011
Decommissioning liabilities, December 31, 2011 and 2010, respectively	$	123,176		$	117,716
Liabilities acquired and incurred		3,573			—
Liabilities settled		(2,661	)		—
Accretion		1,741			1,668

Total decommissioning liabilities, March 31, 2012 and 2011, respectively		125,829			119,384
Less: current portion of decommissioning liabilities at March 31, 2012 and 2011, respectively		15,678			17,063

Long-term decommissioning liabilities, March 31, 2012 and 2011, respectively	$	110,151		$	102,321

Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Summary of financial information for the Company's segments


	Subsea and		Drilling
	Well		Products and					Consolidated
	Enhancement		Services		Unallocated			Total
Revenues	$	777,480	$	189,357	$	—		$	966,837
Cost of services (exclusive of items shown separately below)		484,201		62,566		—			546,767
Depreciation, depletion, amortization and accretion		66,436		36,160		—			102,596
General and administrative expenses		142,619		33,402		—			176,021

Income from operations		84,224		57,229		—			141,453
Interest income (expense), net		1,181		—		(30,987	)		(29,806	)
Losses from equity-method investments, net		—		—		(287	)		(287	)

Income (loss) from continuing operations before income taxes	$	85,405	$	57,229	$	(31,274	)	$	111,360

Three Months Ended March 31, 2011


	Subsea and		Drilling
	Well		Products and					Consolidated
	Enhancement		Services		Unallocated			Total
Revenues	$	256,727	$	128,270	$	—		$	384,997
Cost of services (exclusive of items shown separately below)		170,325		46,697		—			217,022
Depreciation, depletion, amortization and accretion		25,261		30,563		—			55,824
General and administrative expenses		54,983		29,632		—			84,615

Income from operations		6,158		21,378		—			27,536
Interest income (expense), net		1,109		—		(13,261	)		(12,152	)
Earnings from equity-method investments, net		—		—		27			27

Income (loss) from continuing operations before income taxes	$	7,267	$	21,378	$	(13,234	)	$	15,411

Identifiable Assets


	Subsea and		Drilling
	Well		Products and						Consolidated
	Enhancement		Services		Marine		Unallocated		Total
March 31, 2012	$	6,399,545	$	999,262	$	—	$	69,551	$	7,468,358

December 31, 2011	$	2,863,550	$	947,679	$	164,444	$	72,472	$	4,048,145

Company's information by geographic area


	Three Months Ended March 31,
	2012		2011
United States	$	795,771	$	288,957
Other Countries		171,066		96,040

Total	$	966,837	$	384,997

Long-Lived Assets:


	March 31, 2012		December 31, 2011
United States	$	2,318,773	$	1,060,483
Other Countries		447,537		446,885

Total, net	$	2,766,310	$	1,507,368

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements [Abstract]

Summary of financial assets and liabilities measured at fair value on recurring basis


			Fair Value Measurements at Reporting Date Using
	March 31, 2012		Level 1		Level 2		Level 3
Intangible and other long-term assets
Non-qualified deferred compensation assets	$	11,183	$	820	$	10,363		—
Accounts Payable
Non-qualified deferred compensation liabilities	$	2,727		—	$	2,727		—
Contingent consideration	$	6,251		—	$	—	$	6,251
Other long-term liabilities
Non-qualified deferred compensation liabilities	$	12,875		—	$	12,875		—

	December 31, 2011		Level 1		Level 2		Level 3
Intangible and other long-term assets
Non-qualified deferred compensation assets	$	10,597	$	815	$	9,782		—
Interest rate swap	$	1,904		—	$	1,904		—
Accounts Payable
Non-qualified deferred compensation liabilities	$	2,790	$	—	$	2,790		—
Other long-term liabilities
Non-qualified deferred compensation liabilities	$	12,975		—	$	12,975		—

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Derivative Financial Instruments [Abstract]

Location and effect of the derivative instrument on the statements of operations

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Financial Information Related to Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2012

Financial Information Related to Guarantor Subsidiaries [Abstract]

Financial Information Related to Subsidiaries

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Balance Sheets

March 31, 2012

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non— Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	50,257		$	31,562		$	53,939		$	—		$	135,758
Accounts receivable, net		—			352			886,632			203,570			(54,569	)		1,035,985
Prepaid expenses		141			7,543			34,713			30,395			—			72,792
Inventory and other current assets		—			1,799			257,364			19,066			—			278,229

Total current assets		141			59,951			1,210,271			306,970			(54,569	)		1,522,764

Property, plant and equipment, net		—			7,305			2,194,197			564,808			—			2,766,310
Goodwill		—			—			2,119,476			385,194			—			2,504,670
Notes receivable		—			—			74,750			—			—			74,750
Intercompany notes receivable		—			—			—			15,000			(15,000	)		—
Investments in subsidiaries		1,743,595			3,872,497			195,970			—			(5,812,062	)		—
Equity-method investments		—			67,828			—			1,724			—			69,552
Intangible and other long-term assets, net		—			64,843			400,822			64,647			—			530,312

Total assets	$	1,743,736		$	4,072,424		$	6,195,486		$	1,338,343		$	(5,881,631	)	$	7,468,358

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—		$	6,383		$	244,427		$	111,070		$	(48,895	)	$	312,985
Accrued expenses		95			82,143			158,532			50,427			(6,437	)		284,760
Income taxes payable		38,559			—			—			2,305			—			40,864
Deferred income taxes		16,721			—			—			—			—			16,721
Current portion of decommissioning liabilities		—			—			15,678			—			—			15,678
Current maturities of long-term debt		—			20,000			—			—			—			20,000

Total current liabilities		55,375			108,526			418,637			163,802			(55,332	)		691,008

Deferred income taxes		672,752			—			—			12,142			—			684,894
Decommissioning liabilities		—			—			107,878			2,273			—			110,151
Long-term debt, net		—			1,978,508			—			—			—			1,978,508
Intercompany notes payable		—			15,000			—			—			(15,000	)		—
Intercompany payables/(receivables)		(2,889,199	)		197,441			2,529,678			324,982			(162,902	)		—
Other long-term liabilities		5,954			29,358			24,574			45,057			—			104,943

Stockholders’ equity:
Preferred stock of $.01 par value		—			—			—			—			—			—
Common stock of $.001 par value		157			—			782			4,212			(4,994	)		157
Additional paid in capital		2,832,360			124,271			687,939			680,871			(1,493,081	)		2,832,360
Accumulated other comprehensive
income (loss), net		(21,031	)		(21,031	)		(165	)		(21,031	)		42,227			(21,031	)
Retained earnings (accumulated deficit)		1,087,368			1,640,351			2,426,163			126,035			(4,192,549	)		1,087,368

Total stockholders’ equity (deficit)		3,898,854			1,743,591			3,114,719			790,087			(5,648,397	)		3,898,854

Total liabilities and stockholders’ equity	$	1,743,736		$	4,072,424		$	6,195,486		$	1,338,343		$	(5,881,631	)	$	7,468,358

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Balance Sheets

December 31, 2011

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	29,057		$	6,272		$	44,945		$	—		$	80,274
Accounts receivable, net		—			531			437,963			143,444			(41,336	)		540,602
Income taxes receivable		—			—			—			698			(698	)		—
Prepaid expenses		34			3,893			9,796			20,314			—			34,037
Inventory and other current assets		—			1,796			214,381			12,132			—			228,309

Total current assets		34			35,277			668,412			221,533			(42,034	)		883,222

Property, plant and equipment, net		—			2,758			1,096,036			408,574			—			1,507,368
Goodwill		—			—			437,614			143,765			—			581,379
Notes receivable		—			—			73,568			—			—			73,568
Investments in subsidiaries		1,650,049			2,833,659			20,062			—			(4,503,770	)		—
Equity-method investments		—			70,614			—			1,858			—			72,472
Intangible and other long-term assets, net		—			828,447			71,625			30,064			—			930,136

Total assets	$	1,650,083		$	3,770,755		$	2,367,317		$	805,794		$	(4,545,804	)	$	4,048,145

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—		$	4,307		$	128,996		$	86,723		$	(41,381	)	$	178,645
Accrued expenses		164			54,000			105,512			38,503			(605	)		197,574
Income taxes payable		1,415			—			—			—			(698	)		717
Deferred income taxes		831			—			—			—			—			831
Current portion of decommissioning liabilities		—			—			14,956			—			—			14,956
Current maturities of long-term debt		—			—			—			810			—			810

Total current liabilities		2,410			58,307			249,464			126,036			(42,684	)		393,533

Deferred income taxes		285,871			—			—			11,587			—			297,458
Decommissioning liabilities		—			—			108,220			—			—			108,220
Long-term debt, net		—			1,673,351			—			11,736			—			1,685,087
Intercompany payables/(receivables)		(96,989	)		356,668			(253,053	)		(7,276	)		650			—
Other long-term liabilities		5,192			32,380			26,704			45,972			—			110,248
Stockholders’ equity:
Preferred stock of $.01 par value		—			—			—			—			—			—
Common stock of $.001 par value		80			—			—			4,212			(4,212	)		80
Additional paid in capital		447,007			124,271			—			517,209			(641,480	)		447,007
Accumulated other comprehensive income (loss), net		(26,936	)		(26,936	)		—			(26,936	)		53,872			(26,936	)
Retained earnings (accumulated deficit)		1,033,448			1,552,714			2,235,982			123,254			(3,911,950	)		1,033,448

Total stockholders’ equity (deficit)		1,453,599			1,650,049			2,235,982			617,739			(4,503,770	)		1,453,599

Total liabilities and stockholders’ equity	$	1,650,083		$	3,770,755		$	2,367,317		$	805,794		$	(4,545,804	)	$	4,048,145

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Operations

Three Months Ended March 31, 2012

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	835,172		$	175,052		$	(43,387	)	$	966,837

Cost of services (exclusive of items shown separately below)		—			—			466,413			123,699			(43,345	)		546,767
Depreciation, depletion, amortization and accretion		—			191			85,940			16,465			—			102,596
General and administrative expenses		96			59,978			93,209			22,780			(42	)		176,021

Income (loss) from operations		(96	)		(60,169	)		189,610			12,108			—			141,453

Other income (expense):
Interest expense, net		—			(30,483	)		1,339			(662	)		—			(29,806	)
Earnings (losses) from consolidated subsidiaires		87,637			180,551			12,411			—			(280,599	)		—
Earnings (losses) from equity-method investments, net		—			(287	)		—			—			—			(287	)

Income (loss) from continuing operations before income taxes		87,541			89,612			203,360			11,446			(280,599	)		111,360

Income taxes		35,547			—			—			5,656			—			41,203

Net income (loss) from continuing operations		51,994			89,612			203,360			5,790			(280,599	)		70,157

Discontinued operations, net of income tax		1,926			(1,975	)		(13,179	)		(3,009	)		—			(16,237	)


Net income (loss)	$	53,920		$	87,637		$	190,181		$	2,781		$	(280,599	)	$	53,920

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2012

(in thousands)

(unaudited)


	Parent		Issuer		Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income (loss)	$	53,920	$	87,637	$	190,181		$	2,781	$	(280,599	)	$	53,920
Change in cumulative translation adjustment		5,905		5,905		(165	)		5,905		(11,645	)		5,905


Comprehensive income (loss)	$	59,825	$	93,542	$	190,016		$	8,686	$	(292,244)		$	59,825

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Operations

Three Months Ended March 31, 2011 *

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	322,655	$	77,701		$	(15,359	)	$	384,997

Cost of services (exclusive of items shown separately below)		—			—			176,845		55,472			(15,295	)		217,022
Depreciation, depletion, amortization and accretion		—			128			45,425		10,271			—			55,824
General and administrative expenses		325			18,553			50,270		15,531			(64	)		84,615

Income (loss) from operations		(325	)		(18,681	)		50,115		(3,573	)		—			27,536

Other income (expense):
Interest expense, net		—			(12,561	)		1,080		(671	)		—			(12,152	)
Intercompany interest income (expense)		—			6,206			—		(6,206	)		—			—
Earnings (losses) from consolidated subsidiaires		23,427			49,706			634		—			(73,767	)		—
Earnings (losses) from equity-method investments, net		—			(878	)		—		905			—			27

Income (loss) from continuing operations before income taxes		23,102			23,792			51,829		(9,545	)		(73,767	)		15,411

Income taxes		4,387			—			—		1,147			—			5,534

Net income (loss) from continuing operations		18,715			23,792			51,829		(10,692	)		(73,767	)		9,877

Discontinued operations, net of income tax		(3,212	)		(365	)		9,249		(46	)		—			5,626

Net income (loss)	$	15,503		$	23,427		$	61,078	$	(10,738	)	$	(73,767	)	$	15,503

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2011 *

(in thousands)

(unaudited)


	Parent		Issuer		Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	15,503	$	23,427	$	61,078	$	(10,738	)	$	(73,767	)	$	15,503
Change in cumulative translation adjustment		7,855		7,855		—		7,855			(15,710	)		7,855

Comprehensive income (loss)	$	23,358	$	31,282	$	61,078	$	(2,883	)	$	(89,477	)	$	23,358

*	As adjusted for discontinued operations

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2012

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net income (loss)	$	53,920		$	87,637		$	190,181		$	2,781		$	(280,599	)	$	53,920
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		—			191			87,047			16,603			—			103,841
Deferred income taxes		(12,133	)		—			—			1,154			—			(10,979	)
Excess tax benefit from stock-based compensation		(843	)		—			—			—			—			(843	)
Stock-based and performance share unit compensation expense		—			10,591			—			—			—			10,591
Retirement and deferred compensation plan expense		—			621			—			—			—			621
(Earnings) losses from consolidated subsidiaries		(87,637	)		(180,551	)		(12,411	)		—			280,599			—
(Earnings) losses from equity-method investments, net of cash received		—			2,787			—			134			—			2,921
Amortization of debt acquisition costs and note discount		—			2,210			—			—			—			2,210
Loss on sale of businesses		—			—			6,649			—			—			6,649
Other reconciling items, net		—			5,373			(2,288	)		396			—			3,481
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		—			179			(63,263	)		(1,079	)		—			(64,163	)
Inventory and other current assets		—			(3	)		(13,150	)		(2,715	)		—			(15,868	)
Accounts payable		—			2,076			13,060			13,300			—			28,436
Accrued expenses		(69	)		22,717			(74,489	)		(4,505	)		—			(56,346	)
Decommissioning liabilities		—			—			(2,661	)		—			—			(2,661	)
Income taxes		39,080			—			—			(271	)		—			38,809
Other, net		(108	)		(3,749	)		1,903			(4,608	)		—			(6,562	)

Net cash provided by (used in) operating activities		(7,790	)		(49,921	)		130,578			21,190			—			94,057

Cash flows from investing activities:
Payments for capital expenditures		—			(4,738	)		(238,448	)		(30,059	)		—			(273,245	)
Acquisitions of businesses, net of cash acquired		—			(1,229,327	)		106,952			84,134			—			(1,038,241	)
Change in restricted cash held for acquisition of business		—			785,280			—			—			—			785,280
Cash proceeds from sale of businesses		—			185,912			—			—			—			185,912
Other		—			—			2,603			702			—			3,305
Intercompany receivables/payables		(5,739	)		36,370			23,605			(54,236	)		—			—

Net cash used in investing activities		(5,739	)		(226,503	)		(105,288	)		541			—			(336,989	)

Cash flows from financing activities:
Net (payments) borrowings from revolving line of credit		—			(75,000	)		—			—			—			(75,000	)
Proceeds from long-term debt		—			400,000			—			—			—			400,000
Principal payments on long-term debt		—			—			—			(12,546	)		—			(12,546	)
Payment of debt acquisition costs		—			(25,011	)		—			—			—			(25,011	)
Proceeds from exercise of stock options		12,256			—			—			—			—			12,256
Excess tax benefit from stock-based compensation		843			—			—			—			—			843
Proceeds from issuance of stock through employee benefit plans		819			—			—			—			—			819
Other		(389	)		(2,365	)		—			(856	)		—			(3,610	)

Net cash provided by (used in) financing activities		13,529			297,624			—			(13,402	)		—			297,751

Effect of exchange rate changes on cash		—			—			—			665			—			665

Net increase in cash and cash equivalents		—			21,200			25,290			8,994			—			55,484
Cash and cash equivalents at beginning of period		—			29,057			6,272			44,945			—			80,274

Cash and cash equivalents at end of period	$	—		$	50,257		$	31,562		$	53,939			—		$	135,758

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2011

(in thousands)

(unaudited)


	Parent			Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net income (loss)	$	15,503		$	23,427		$	61,078		$	(10,738	)	$	(73,767	)	$	15,503
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		—			128			48,691			10,544			—			59,363
Deferred income taxes		2,967			—			—			(194	)		—			2,773
Excess tax benefit from stock-based compensation		(5,078	)		—			—			—			—			(5,078	)
Stock-based and performance share unit compensation expense		—			3,686			—			—			—			3,686
Retirement and deferred compensation plan expense		—			123			—			—			—			123
(Earnings) losses from consolidated subsidiaries		(23,427	)		(49,706	)		(634	)		—			73,767			—
(Earnings) losses from equity-method investments, net of cash received		—			878			—			(905)			—			(27	)
Amortization of debt acquisition costs and note discount		—			6,255			—			—			—			6,255
Gain on sale of businesses		—			—			(2,674	)		—			—			(2,674	)
Other reconciling items, net		—			(374	)		(1,108	)		—			—			(1,482	)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		—			(3,043	)		67,549			14,328			—			78,834
Inventory and other current assets		—			(17	)		(3,096	)		98			—			(3,015	)
Accounts payable		—			(219	)		1,930			(4,016	)		—			(2,305	)
Accrued expenses		12			(6,365	)		(4,670	)		(2,122	)		—			(13,145	)
Income taxes		(2,436	)		—			—			(122	)		—			(2,558	)
Other, net		(46	)		859			1,705			(826	)		—			1,692

Net cash provided by (used in) operating activities		(12,505	)		(24,368	)		168,771			6,047			—			137,945
Cash flows from investing activities:
Payments for capital expenditures		—			—			(78,773	)		(29,806	)		—			(108,579	)
Cash proceeds from sale of businesses		—			—			5,762			—			—			5,762
Other		—			—			(1,974	)		—			—			(1,974	)
Intercompany receivables/payables		646			66,043			(97,368	)		30,679			—			—

Net cash provided by (used in) investing activities		646			66,043			(172,353	)		873			—			(104,791	)
Cash flows from financing activities:
Net (payments) borrowings from revolving line of credit		—			(19,000	)		—			—			—			(19,000	)
Proceeds from exercise of stock options		6,147			—			—			—			—			6,147
Excess tax benefit from stock-based compensation		5,078			—			—			—			—			5,078
Proceeds from issuance of stock through employee benefit plans		634			—			—			—			—			634
Other		—			(5,830	)		—			(721	)		—			(6,551	)

Net cash provided by (used in) financing activities		11,859			(24,830	)		—			(721	)		—			(13,692	)
Effect of exchange rate changes on cash		—			—			—			893			—			893

Net increase (decrease) in cash and cash equivalents		—			16,845			(3,582	)		7,092			—			20,355
Cash and cash equivalents at beginning of period		—			—			5,493			45,234			—			50,727

Cash and cash equivalents at end of period	$	—		$	16,845		$	1,911		$	52,326		$	—		$	71,082

Acquisitions (Details) $ in Thousands	Mar. 31, 2012 USD ($)
ASSETS
Current assets	$ 751,706
Property, plant and equipment	1,223,448
Goodwill	1,922,277
Intangible and other long-term assets	370,377
Liabilities:
Current liabilities	236,986
Deferred income taxes	435,904
Other long-term liabilities	4,125
Total consideration paid	$ 3,590,793

Acquisitions (Details 1) $ in Thousands	3 Months Ended
Acquisitions (Details 1) $ in Thousands	Mar. 31, 2012 USD ($) yr
Fair Value Estimates Recorded for the Identifiable Intangible Assets
Estimated Fair Value	$ 350,000
Customer relationships [Member]
Fair Value Estimates Recorded for the Identifiable Intangible Assets
Estimated Fair Value	$ 315,000
Estimated Useful Life \| yr	17
Trade names [Member]
Fair Value Estimates Recorded for the Identifiable Intangible Assets
Estimated Fair Value	$ 35,000
Estimated Useful Life \| yr	10

Acquisitions (Details 2) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2012	Mar. 31, 2011
Supplemental pro forma results
Revenue	$ 397,455	$ 1,223,783	$ 855,246
Net income from continuing operations	$ 52,220	$ 110,648	$ 43,390
Basic earnings per share	$ 0.42	$ 0.71	$ 0.28
Diluted earnings per share	$ 0.41	$ 0.75	$ 0.28

- Definition

The pro forma basic net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

- Definition

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

Acquisitions (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2012 USD ($) yr shares	Mar. 31, 2012 USD ($)	Feb. 07, 2012 USD ($) $ / shares	Sep. 30, 2011 USD ($)
Business Acquisitions (Textual) [Abstract]
Approximate asset acquired		$ 214,600
Goodwill recognized from this acquisition		1,922,300
Goodwill		1,922,277
Additional consideration attributable to acquisition		3,000
Acquisitions (Textual) [Abstract]
Minimum amount of acquisition at market capitalization		3,000,000
Maximum amount of acquisition at market capitalization			$ 10,000,000
Maximum additional consideration for acquisitions payable through 2012		9,500
Non-recurring Expenses	$ 48,400	77,100
Pressure Pumping Company [Member]
Business Acquisitions (Textual) [Abstract]
Approximately cash paid out of the whole amount				$ 500
Goodwill				3,600
Additional consideration payment after the settlement of certain liabilities and administrative formalities				$ 5,800
Equity interest acquired				100.00%
Complete Production Services [Member]
Business Acquisitions (Textual) [Abstract]
Cash paid to acquire equity interest			$ 2,914,800
Complete stockholders received of a share of the company's common stock			0.945
Business acquisition cost of acquired entity cash paid per share \| $ / shares			$ 7.00
Approximately cash paid out of the whole amount			$ 553,300
Business acquisition Equity consideration paid number of shares \| shares	74.7
Approximately cash acquisition			$ 2,308,200
Closing price of our common stock on the merger date \| $ / shares			$ 30.90
Company will repay of complete debt	$ 676,000
Estimated Fair Value of Option Issued for Due to Conversion			1.999
Estimated Fair Value of Option and Restricted Stock Issued as Consideration			$ 58,100
Fair value of options and restricted stock capitalized as part of total consideration			56,600
Estimated Fair Value of Option Recorded as Part of Consideration Transferred			52,700
Amount expensed over remaining service term of replacement stock option awards	1,500
Estimated fair value of options and restricted stock related to pre-combination service recorded as expense			3,900
Additional amount of expensed over remaining service term of replacement restricted stock awards	$ 18,200
Additional replacement restricted stock awards			$ 600
Fair value of the current assets acquired includes trade receivables		443,700
Gross amount due from customers		449,000
Customers deemed to be doubtful		5,300
Adjustment to present property, plant and equipment acquired at its estimated fair value		45,800
Property, Plant and Equipment, Useful Life, Average \| yr	5
Overall adjustment to deferred tax liability		132,000
Total acquisition cost		33,200
Current year acquisition related expenses		28,700
Complete Production Services [Member] \| Senior Notes Due 2016 [Member]
Business Acquisitions (Textual) [Abstract]
Company will repay of complete debt		$ 650,000
Stated interest rate on unsecured senior notes		8.50%
Water Transfer and Storage Company [Member]
Business Acquisitions (Textual) [Abstract]
Approximately cash paid out of the whole amount		$ 23,500
Goodwill		$ 9,200
Equity interest acquired		100.00%

Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Mar. 31, 2011
Components of income from discontinued operations
Income (loss) from discontinued operations, net of tax	$ (16,237)	$ 5,626
Segment Discontinued Operations [Member]
Components of income from discontinued operations
Revenues	16,235	28,985
Income (loss) from discontinued operations before income tax	(6,735)	6,139
Income tax expense (benefit)	(1,227)	2,220
Gain (loss) on disposition, net of tax	(10,729)	1,707
Income (loss) from discontinued operations, net of tax	$ (16,237)	$ 5,626

- Definition

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References + Details

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6909487&loc=d3e38679-109324

+ Details

- Definition

This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 15

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Dispositions (Details 1) $ in Thousands	Dec. 31, 2011 USD ($)
Assets and liabilities of disposal groups
Accounts receivable, net	$ 16,342
Prepaid expenses	1,900
Inventory and other current assets	2,371
Current assets of discontinued operations	20,613
Property, plant and equipment, net	170,222
Goodwill	9,740
Intangible and other long-term assets, net	3,875
Long-term assets of discontinued operations	183,837
Accounts payable	1,231
Accrued expenses	13,421
Current maturities of long-term debt	810
Current liabilities of discontinued operations	15,462
Long term debt	$ 11,736

Dispositions (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended
Dispositions (Details Textual) $ in Thousands	Mar. 31, 2012 USD ($) Liftboat	Feb. 29, 2012 USD ($)	Mar. 31, 2012 USD ($)	Mar. 31, 2011 USD ($) Liftboat	Dec. 31, 2011 USD ($)
Dispositions (Additional Textual) [Abstract]
Pre-tax gain loss after sale				$ 2,700
Carrying value of goodwill					$ 9,740
Wrote off amount of unamortized loans costs.			$ 700
Cash proceeds from sale of businesses			185,912	$ 5,762
Write off long lived assets			10,000
Dispositions (Textual) [Abstract]
Numbers of liftboats sold \| Liftboat				3
Loss on disposition			56,100
Disposition cost			6,500
Loss on sale of assets			3,600
Marine [Member]
Dispositions (Additional Textual) [Abstract]
Agreement to sell number of liftboats \| Liftboat	18
Outstanding guaranteed long-term financing			12,500
Make whole premiums associated with early extinguishment of disposal group debt			4,000
Wrote off amount of unamortized loans costs.			700
Cash proceeds from sale of businesses	$ 141,400
Write off long lived assets			46,100
DB Superior Pride [Member]
Dispositions (Additional Textual) [Abstract]
Pre-tax gain loss after sale			$ 3,100
Carrying value of goodwill		$ 9,700
Cash proceeds from sale of businesses		$ 44,500

Stock-Based Compensation and Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Apr. 04, 2012	Dec. 31, 2011
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Employee deferral to non qualified deferred compensation plan	up to 75% of their base salary, up to 100% of their bonus, and up to 100% of the cash portion of their PSU compensation to the plan
Proceed from issue of shares under employee stock purchase plans	$ 819	$ 634
Stock Options [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Option vested, Period	Over 3 years
Option expires, years	In 10 years
Compensation expense	$ 1,800	800
Restricted Stock [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Option vested, Period	Over 3 years
Compensation expense	$ 5,700	1,400
Restricted Stock Units [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Option vested, Period	Within 30 days
Compensation expense	$ 800	300
Performance Share Units [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Compensation expense	$ 2,000	1,100
Performance period of PSU grant, years	3 year
Performance measures for participants	PSUs will settle in cash or a combination of cash and up to 50% of equivalent value in the Company’s common stock, at the discretion of the compensation committee.
Portion of equivalent value in common stock of company after meeting service requirements, at discretion of compensation committee	50.00%
Current liability	$ 7,200			$ 3,800
Long-term liability	$ 4,300			$ 6,800
Issue of common stock to employees	43,259
Amount paid to employees for settlement			$ 2,700
Employee Stock Purchase Plan [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Compensation expense	$ 100	100
Common stock reserved for issuance	1,250,000
Proceed from issue of shares under employee stock purchase plans	$ 800	$ 600
Shares issued under Employee Stock Purchase Plan, shares	34,000	20,000
Deferred Compensation [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Maximum portion of base salary to defer under non-qualified deferred compensation plan	75.00%
Maximum portion of bonus to defer under non-qualified deferred compensation plan	100.00%
Maximum of cash portion of PSU compensation to defer under non-qualified deferred compensation plan	100.00%
Non employee deferral to non-qualified deferred compensation plan	Defer up to 100% of their cash compensation paid by the Company to the plan. Additionally, participating directors may defer up to 100% of the shares of common stock
Non-employee cash deferred to non-qualified compensation plan	100.00%
Non-employee RSU deferred to non-qualified compensation plan	100.00%
Supplemental Executive Retirement Plan [Member]
Stock Based Compensation and Retirement Plans (Textual) [Abstract]
Compensation expense	$ 1,200	$ 400

Inventory and Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Inventory and Other Current Assets (Textual) [Abstract]
Finished Goods	$ 58.4	$ 39.0
Work in progress	4.7	2.3
Raw materials	4.5	5.4
Supplies and consumables	65.5	36.4
Inventory	133.2	83.1
Costs incurred	$ 132.4	$ 133.4

- Definition

Carrying amount as of the balance sheet date of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods.

+ References + Details

Equity-Method Investments (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		2 Months Ended	3 Months Ended
	Apr. 30, 2012	Mar. 31, 2011	Feb. 28, 2011	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Equity-Method Investments (Textual) [Abstract]
Equity-method investments				$ 69,552		$ 72,472
Earnings (losses) from equity-method investments, net				(287)	$ 27
SPN Resources [Member]
Equity-Method Investments (Textual) [Abstract]
Earnings (losses) from equity-method investments, net			$ 200
Revenue from equity-method investment			300
DBH [Member]
Equity-Method Investments (Textual) [Abstract]
Earnings (losses) from equity-method investments, net			900
Revenue from equity-method investment			$ 900
Dynamic Offshore [Member]
Equity-Method Investments (Textual) [Abstract]
Percentage of limited partnership interest		10.00%
Equity-method investments				67,800		70,600
Earnings (losses) from equity-method investments, net		$ 1,100		300
Revenue from equity-method investment		$ 2,200		15,500
Receivable from Dynamic Offshore				12,300		9,800
Receivable from Dynamic Offshore related to oil and natural gas commodity sales and production				$ 13,600		$ 14,000
Dynamic Offshore acquired by SandRidge Energy Inc. [member]
Equity-Method Investments (Additional Textual) [Abstract]
Cash Consideration to be Paid for Dynamic Offshore	$ 34,100
Share Issuable in Acquisition of Dynamic Offshore	7.0
SandRidge [Member]
Equity-Method Investments (Additional Textual) [Abstract]
Gain loss from Equity method investment	$ 19,000

Long-Term Contracts (Details) $ in Millions	1 Months Ended
Long-Term Contracts (Details) $ in Millions	Dec. 31, 2007 USD ($) Well	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2010 USD ($)	Jan. 30, 2010
Long-Term Contracts (Textual) [Abstract]
Costs and estimated earnings in excess of billings included in other current assets		$ 132.4	$ 133.4
Shell Offshore Inc. Gulf of Mexico Bullwinkle Platform [Member]
Long-Term Contracts (Textual) [Abstract]
Percentage of ownership acquired by Wild Well in Shell Offshore Inc.'s Gulf of Mexico Bullwinkle platform					100.00%
Wild Well [Member]
Long-Term Contracts (Textual) [Abstract]
Performance bonds required to be obtained by Wild Well				$ 50.0
Amounts to be funded in Escrow account by Wild Well				$ 50.0
Escrowed cash included in intangible and other long-term assets, net		50.3	50.2
Contractual arrangements fixed sum	$ 750.0
Number of downed oil and gas platforms and related well facilities decommissioned \| Well	7
Costs and estimated earnings in excess of billings included in other current assets		$ 129.7	$ 129.7

Debt (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Details) - USD ($) $ in Millions	Mar. 31, 2012	Jun. 30, 2012	Apr. 02, 2012	Feb. 07, 2012	Mar. 31, 2010
Debt (Textual) [Abstract]
Wrote off amount of unamortized loans costs.	$ 0.7
Debt (Additional Textual) [Abstract]
Interest payments at a fixed rate					6.875%
Notional amount of interest rate swap			$ 100.0		$ 150.0
Revolving credit facility, Outstanding	0.0
Marine [Member]
Debt (Textual) [Abstract]
Outstanding guaranteed long-term financing	12.5
Make whole premiums associated with early extinguishment of disposal group debt	4.0
Wrote off amount of unamortized loans costs.	$ 0.7
Unsecured senior notes due 2014 [Member]
Debt (Textual) [Abstract]
Debt Maturity Date	Jun. 01, 2014
Stated interest rate on unsecured senior notes	6.875%
Debt instrument, outstanding	$ 300.0
Unsecured senior notes due 2019 [Member]
Debt (Textual) [Abstract]
Debt Maturity Date	May 01, 2019
Stated interest rate on unsecured senior notes	6.375%
Debt instrument, outstanding	$ 500.0
Unsecured senior notes due 2021 [Member]
Debt (Textual) [Abstract]
Debt Maturity Date	Dec. 15, 2021
Stated interest rate on unsecured senior notes	7.125%
Debt instrument, outstanding	$ 800.0
U.S. Government guaranteed long-term financing - interest payable semiannually at 6.45%, due in semiannual installments through June 2027 [Member] \| Marine [Member]
Debt (Textual) [Abstract]
Outstanding guaranteed long-term financing	12.5
Revolving Credit Facility [Member]
Line of credit facility (Textual) [Abstract]
Line of credit letters of credit outstanding	$ 35.8
Revolving Credit Facility [Member] \| Complete Merger [Member]
Line of credit facility (Textual) [Abstract]
Line of credit facility maximum borrowing capacity before amendment				$ 400.0
Line of credit facility maximum borrowing capacity after amendment				600.0
Line of credit facility amendments cost				$ 24.5
March 31, 2012 Credit Facility Term Loan [Member]
Line of credit facility (Textual) [Abstract]
Maturity date of additional bank revolving credit facility				Feb. 07, 2017
March 31, 2012 Credit Facility Term Loan [Member] \| Complete Merger [Member]
Line of credit facility (Textual) [Abstract]
Aggregate principal amount of term loan				$ 400.0
Repayment installment of term loan		$ 5.0

Earnings per Share (Details Textual) - shares	3 Months Ended
Earnings per Share (Details Textual) - shares	Mar. 31, 2012	Mar. 31, 2011
Earnings Per Share (Textual) [Abstract]
Stock options	850,000	180,000

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Decommissioning Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Feb. 29, 2012	Dec. 31, 2011
Summary of the activity for the Company's decommissioning liabilities
Decommissioning liabilities, December 31, 2011 and 2010, respectively	$ 123,176	$ 117,716
Liabilities acquired and incurred	3,573
Liabilities settled	(2,661)
Accretion	1,741	1,668
Total decommissioning liabilities, March 31, 2012 and 2011, respectively	125,829	119,384
Less: current portion of decommissioning liabilities at March 31, 2012 and 2011, respectively	15,678	17,063		$ 14,956
Long-term decommissioning liabilities, March 31, 2012 and 2011, respectively	$ 110,151	$ 102,321		$ 108,220
Decommissioning Liabilities (Textual) [Abstract]
Decommissioning liabilities			$ 3,600

Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended
Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011
Notes Receivable (Textual) [Abstract]
Amount of notes receivable net	$ 115.0
Interest rate percentage to record present value of notes receivable	6.58%
Company recorded interest income	$ 1.2	$ 1.1

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Summary of financial information for the Company's segments
Revenues	$ 966,837	$ 384,997
Cost of services (exclusive of items shown separately below)	546,767	217,022
Depreciation, depletion, amortization and accretion	102,596	55,824
General and administrative expenses	176,021	84,615
Income from operations	141,453	27,536
Interest income (expense), net	(29,806)	(12,152)
Earnings (Losses) from equity-method investments, net	(287)	27
Income (loss) from continuing operations before income taxes	111,360	15,411
Identifiable Assets	7,468,358		$ 4,048,145
Marine [Member]
Summary of financial information for the Company's segments
Identifiable Assets			164,444
Subsea and Well Enhancement [Member]
Summary of financial information for the Company's segments
Revenues	777,480	256,727
Cost of services (exclusive of items shown separately below)	484,201	170,325
Depreciation, depletion, amortization and accretion	66,436	25,261
General and administrative expenses	142,619	54,983
Income from operations	84,224	6,158
Interest income (expense), net	1,181	1,109
Income (loss) from continuing operations before income taxes	85,405	7,267
Identifiable Assets	6,399,545		2,863,550
Drilling Products and Services [Member]
Summary of financial information for the Company's segments
Revenues	189,357	128,270
Cost of services (exclusive of items shown separately below)	62,566	46,697
Depreciation, depletion, amortization and accretion	36,160	30,563
General and administrative expenses	33,402	29,632
Income from operations	57,229	21,378
Income (loss) from continuing operations before income taxes	57,229	21,378
Identifiable Assets	999,262		947,679
Unallocated [Member]
Summary of financial information for the Company's segments
Interest income (expense), net	(30,987)	(13,261)
Earnings (Losses) from equity-method investments, net	(287)	27
Income (loss) from continuing operations before income taxes	(31,274)	$ (13,234)
Identifiable Assets	$ 69,551		$ 72,472

Segment Information (Details 1) $ in Thousands	3 Months Ended
Segment Information (Details 1) $ in Thousands	Mar. 31, 2012 USD ($) Segment	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)
Company's information by geographic area
United States, Revenue	$ 795,771	$ 288,957
Other Countries, Revenue	171,066	96,040
Total, Revenues	966,837	$ 384,997
United States, Long-lived assets	2,318,773		$ 1,060,483
Other Countries, Long-lived assets	447,537		446,885
Total, Long-lived assets	$ 2,766,310		$ 1,507,368
Segment Reporting (Textual) [Abstract]
Number of reportable segment \| Segment	3

Guarantee (Details Textual) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Guarantee (Textual) [Abstract]
Decommissioning performance guarantees, estimated value	$ 2.6	$ 2.6
Maximum potential obligation under Decommissioning performance guarantees	148.4
Contractual right to receive payments from third parties	$ 24.6

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Interest Rate Swap [Member]
Summary of financial assets measured at fair value on recurring basis
Intangible and other long-term assets		$ 1,904
Non-qualified deferred compensation assets [Member]
Summary of financial assets measured at fair value on recurring basis
Intangible and other long-term assets	$ 11,183	10,597
Non-qualified deferred compensation liabilities [Member]
Summary of financial assets measured at fair value on recurring basis
Accounts payable	2,727	2,790
Other long-term liabilities	12,875	12,975
Contingent Consideration [Member]
Summary of financial assets measured at fair value on recurring basis
Accounts payable	6,251
Level 1 [Member] \| Non-qualified deferred compensation assets [Member]
Summary of financial assets measured at fair value on recurring basis
Intangible and other long-term assets	820	815
Level 2 [Member] \| Interest Rate Swap [Member]
Summary of financial assets measured at fair value on recurring basis
Intangible and other long-term assets		1,904
Level 2 [Member] \| Non-qualified deferred compensation assets [Member]
Summary of financial assets measured at fair value on recurring basis
Intangible and other long-term assets	10,363	9,782
Level 2 [Member] \| Non-qualified deferred compensation liabilities [Member]
Summary of financial assets measured at fair value on recurring basis
Accounts payable	2,727	2,790
Other long-term liabilities	12,875	$ 12,975
Level 3 [Member] \| Contingent Consideration [Member]
Summary of financial assets measured at fair value on recurring basis
Accounts payable	$ 6,251

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Apr. 02, 2012	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2010
Fair Value Measurements (Textual) [Abstract]
Interest rate swap agreement for notional amount	$ 100.0			$ 150.0
Selling of interest rate swap		$ 1.2
Liabilities assumed in acquisition		6.2
Fair value of long term debt		$ 2,089.8	$ 1,749.8

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Location and effect of the derivative instrument on the statements of operations
Amount of gain (loss) recognized	$ 0	$ (375)
Hedged Item - Debt [Member] \| Interest Expense, Net [Member]
Location and effect of the derivative instrument on the statements of operations
Amount of gain (loss) recognized	0	(891)
Interest Rate Swap [Member] \| Interest Expense, Net [Member]
Location and effect of the derivative instrument on the statements of operations
Amount of gain (loss) recognized	$ 0	$ 516

- Definition

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References + Details

Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Apr. 02, 2012	Dec. 31, 2011	Mar. 31, 2010
Derivative Financial Instruments (Textual) [Abstract]
Interest income (expense) related to the ineffectiveness associated with the fair value hedge		$ 0.4
Selling of interest rate swap	$ 1.2
Derivative Financial Instruments (Additional Textual) [Abstract]
Interest rate swap agreement for notional amount			$ 100.0		$ 150.0
Adjusted time of variable interest	90 days
Termination date of instrument.	Dec. 15, 2021
Semi annual interest payments at fixed rate			7.125%
Interest Rate Swap [Member]
Derivative Financial Instruments (Textual) [Abstract]
Selling of interest rate swap	$ 0.9
Intangible and other long-term assets [Member]
Derivative Financial Instruments (Textual) [Abstract]
Derivative asset				$ 1.9

Income Taxes (Details Textual) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Income Taxes (Textual) [Abstract]
Unrecorded tax benefits	$ 22.3	$ 21.7

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Commitments and Contingencies (Textual) [Abstract]
Period for Lease Renewal	2 years
Interest of Subsidiary in Lease Assets Owned Entity	5.00%
Vessel's gross asset value under the capital lease at inception	$ 37.6
Vessel's gross asset value under the capital lease at depreciation	13.2		$ 12.2
Other long-term liabilities	28.6	$ 29.5
Accounts Payable Related to Obligations Under Capital Lease	3.6
2012	2.7
2013	3.9
2014	4.2
2015	4.6
2016	5.0
2017	$ 5.4
Capital Leases of Lessee Variable Rate of Interest	8.50%
Interest Expense	$ 0.7	$ 0.8

Related Party Disclosure (Details) $ in Millions	3 Months Ended
Related Party Disclosure (Details) $ in Millions	Mar. 31, 2012 USD ($)
Related Party Disclosures (Textual) [Abstract]
Purchase of services	$ 71.4
Trade Accounts Payable	37.6
Ortowski Construction [Member]
Related Party Disclosures (Textual) [Abstract]
Purchase of services	0.1
Trade Accounts Payable	0.1
ORTEQ Energy Services [Member]
Related Party Disclosures (Textual) [Abstract]
Purchase of services	39.6
Trade Accounts Payable	21.6
Resource transport [Member]
Related Party Disclosures (Textual) [Abstract]
Purchase of services	1.9
Trade Accounts Payable	1.1
Texas specialty sands [Member]
Related Party Disclosures (Textual) [Abstract]
Purchase of services	25.3
Trade Accounts Payable	12.9
ProFuel LLC [Member]
Related Party Disclosures (Textual) [Abstract]
Purchase of services	4.5
Trade Accounts Payable	$ 1.9

- Definition

Amount for accounts payable to related parties.

+ References + Details

Financial Information Related to Guarantor Subsidiaries (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 135,758	$ 80,274	$ 71,082	$ 50,727
Accounts receivable, net	1,035,985	540,602
Prepaid expenses	72,792	34,037
Inventory and other current assets	278,229	228,309
Total current assets	1,522,764	883,222
Property, plant and equipment, net	2,766,310	1,507,368
Goodwill	2,504,670	581,379
Notes receivable	74,750	73,568
Equity-method investments	69,552	72,472
Intangible and other long-term assets, net	530,312	930,136
Total assets	7,468,358	4,048,145
Current liabilities:
Accounts payable	312,985	178,645
Accrued expenses	284,760	197,574
Income taxes payable	40,864	717
Deferred income taxes	16,721	831
Current portion of decommissioning liabilities	15,678	14,956	17,063
Current maturities of long-term debt	20,000	810
Total current liabilities	691,008	393,533
Deferred income taxes	684,894	297,458
Decommissioning liabilities	110,151	108,220	102,321
Long-term debt, net	1,978,508	1,685,087
Other long-term liabilities	104,943	110,248
Stockholders' equity:
Preferred stock of $.01 par value
Common stock of $.001 par value	157	80
Additional paid in capital	2,832,360	447,007
Accumulated other comprehensive income (loss), net	(21,031)	(26,936)
Retained earnings (accumulated deficit)	1,087,368	1,033,448
Total stockholders' equity	3,898,854	1,453,599
Total liabilities and stockholders' equity	7,468,358	4,048,145
Parent [Member]
Current assets:
Prepaid expenses	141	34
Total current assets	141	34
Investments in subsidiaries	1,743,595	1,650,049
Total assets	1,743,736	1,650,083
Current liabilities:
Accrued expenses	95	164
Income taxes payable	38,559	1,415
Deferred income taxes	16,721	831
Total current liabilities	55,375	2,410
Deferred income taxes	672,752	285,871
Intercompany payables/(receivables)	(2,889,199)	(96,989)
Other long-term liabilities	5,954	5,192
Stockholders' equity:
Preferred stock of $.01 par value
Common stock of $.001 par value	157	80
Additional paid in capital	2,832,360	447,007
Accumulated other comprehensive income (loss), net	(21,031)	(26,936)
Retained earnings (accumulated deficit)	1,087,368	1,033,448
Total stockholders' equity	3,898,854	1,453,599
Total liabilities and stockholders' equity	1,743,736	1,650,083
Issuer [Member]
Current assets:
Cash and cash equivalents	50,257	29,057	16,845
Accounts receivable, net	352	531
Prepaid expenses	7,543	3,893
Inventory and other current assets	1,799	1,796
Total current assets	59,951	35,277
Property, plant and equipment, net	7,305	2,758
Investments in subsidiaries	3,872,497	2,833,659
Equity-method investments	67,828	70,614
Intangible and other long-term assets, net	64,843	828,447
Total assets	4,072,424	3,770,755
Current liabilities:
Accounts payable	6,383	4,307
Accrued expenses	82,413	54,000
Current maturities of long-term debt	20,000
Total current liabilities	108,526	58,307
Long-term debt, net	1,978,508	1,673,351
Intercompany interest payable	15,000
Intercompany payables/(receivables)	197,441	356,668
Other long-term liabilities	29,358	32,380
Stockholders' equity:
Preferred stock of $.01 par value
Additional paid in capital	124,721	124,271
Accumulated other comprehensive income (loss), net	(21,031)	(26,936)
Retained earnings (accumulated deficit)	1,640,351	1,552,714
Total stockholders' equity	1,743,591	1,650,049
Total liabilities and stockholders' equity	4,072,424	3,770,755
Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	31,562	6,272	1,911	5,493
Accounts receivable, net	886,632	437,963
Prepaid expenses	34,713	9,796
Inventory and other current assets	257,364	214,381
Total current assets	1,210,271	668,412
Property, plant and equipment, net	2,194,197	1,096,036
Goodwill	2,119,476	437,614
Notes receivable	74,750	73,568
Investments in subsidiaries	195,970	20,062
Intangible and other long-term assets, net	400,822	71,625
Total assets	6,195,486	2,367,317
Current liabilities:
Accounts payable	244,427	128,996
Accrued expenses	158,532	105,512
Current portion of decommissioning liabilities	15,678	14,956
Total current liabilities	418,637	249,464
Decommissioning liabilities	107,878	108,220
Intercompany payables/(receivables)	2,529,678	(253,053)
Other long-term liabilities	24,574	26,704
Stockholders' equity:
Preferred stock of $.01 par value
Common stock of $.001 par value	782
Additional paid in capital	687,939
Accumulated other comprehensive income (loss), net	(165)
Retained earnings (accumulated deficit)	2,426,163	2,235,982
Total stockholders' equity	3,114,719	2,235,982
Total liabilities and stockholders' equity	6,195,486	2,367,317
Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	53,939	44,945	$ 52,326	$ 45,234
Accounts receivable, net	203,570	143,444
Income taxes receivable		698
Prepaid expenses	30,395	20,314
Inventory and other current assets	19,066	12,132
Total current assets	306,970	221,533
Property, plant and equipment, net	564,808	408,574
Goodwill	385,194	143,765
Intercompany notes receivable	15,000
Equity-method investments	1,724	1,858
Intangible and other long-term assets, net	64,647	30,064
Total assets	1,338,343	805,794
Current liabilities:
Accounts payable	111,070	86,723
Accrued expenses	50,427	38,503
Income taxes payable	2,305
Current maturities of long-term debt		810
Total current liabilities	163,802	126,036
Deferred income taxes	12,142	11,587
Decommissioning liabilities	2,273
Long-term debt, net		11,736
Intercompany payables/(receivables)	324,982	(7,276)
Other long-term liabilities	45,057	45,972
Stockholders' equity:
Preferred stock of $.01 par value
Common stock of $.001 par value	4,212	4,212
Additional paid in capital	680,871	517,209
Accumulated other comprehensive income (loss), net	(21,031)	(26,936)
Retained earnings (accumulated deficit)	126,035	123,254
Total stockholders' equity	790,087	617,739
Total liabilities and stockholders' equity	1,338,343	805,794
Eliminations [Member]
Current assets:
Accounts receivable, net	(54,569)	(41,336)
Income taxes receivable		(698)
Total current assets	(54,569)	(42,034)
Intercompany notes receivable	(15,000)
Investments in subsidiaries	(5,812,062)	(4,503,770)
Total assets	(5,881,631)	(4,545,804)
Current liabilities:
Accounts payable	(48,895)	(41,381)
Accrued expenses	(6,437)	(605)
Income taxes payable		(698)
Total current liabilities	(55,332)	(42,684)
Intercompany interest payable	(15,000)
Intercompany payables/(receivables)	(162,902)	650
Other long-term liabilities		0
Stockholders' equity:
Preferred stock of $.01 par value
Common stock of $.001 par value	(4,994)	(4,212)
Additional paid in capital	(1,493,081)	(641,480)
Accumulated other comprehensive income (loss), net	42,227	53,872
Retained earnings (accumulated deficit)	(4,192,549)	(3,911,950)
Total stockholders' equity	(5,648,397)	(4,503,770)
Total liabilities and stockholders' equity	$ (5,881,631)	$ (4,545,804)

Financial Information Related to Guarantor Subsidaries (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Financial Information Related to Subsidiaries
Revenues	$ 966,837	$ 384,997
Cost of services (exclusive of items shown separately below)	546,767	217,022
Depreciation, depletion, amortization and accretion	102,596	55,824
General and administrative expenses	176,021	84,615
Income (loss) from operations	141,453	27,536
Other income (expense):
Interest expense, net	(29,806)	(12,152)
Earnings (Losses) from equity-method investments, net	(287)	27
Income (loss) from continuing operations before income taxes	111,360	15,411
Income taxes	41,203	5,534
Net income (loss) from continuing operations	70,157	9,877
Discontinued operations, net of income tax	(16,237)	5,626
Net income (loss)	53,920	15,503
Parent [Member]
Financial Information Related to Subsidiaries
General and administrative expenses	96	325
Income (loss) from operations	(96)	(325)
Other income (expense):
Earnings (losses) from consolidated subsidiaries	87,637	23,427
Income (loss) from continuing operations before income taxes	87,541	23,102
Income taxes	35,547	4,387
Net income (loss) from continuing operations	51,954	18,715
Discontinued operations, net of income tax	1,926	(3,212)
Net income (loss)	53,920	15,503
Issuer [Member]
Financial Information Related to Subsidiaries
Depreciation, depletion, amortization and accretion	191	128
General and administrative expenses	59,978	18,553
Income (loss) from operations	(60,169)	(18,681)
Other income (expense):
Interest expense, net	(30,483)	(12,561)
Intercompany interest income (expense)		6,206
Earnings (losses) from consolidated subsidiaries	180,551	49,706
Earnings (Losses) from equity-method investments, net	(287)	(878)
Income (loss) from continuing operations before income taxes	89,612	23,792
Net income (loss) from continuing operations	89,612	23,792
Discontinued operations, net of income tax	(1,975)	(365)
Net income (loss)	87,637	23,427
Guarantor Subsidiaries [Member]
Financial Information Related to Subsidiaries
Revenues	835,172	322,655
Cost of services (exclusive of items shown separately below)	466,413	176,845
Depreciation, depletion, amortization and accretion	85,940	45,425
General and administrative expenses	93,209	50,270
Income (loss) from operations	189,610	50,115
Other income (expense):
Interest expense, net	1,339	1,080
Earnings (losses) from consolidated subsidiaries	12,411	634
Income (loss) from continuing operations before income taxes	203,360	51,829
Net income (loss) from continuing operations	203,360	51,829
Discontinued operations, net of income tax	(13,179)	9,249
Net income (loss)	190,181	61,078
Non-Guarantor Subsidiaries [Member]
Financial Information Related to Subsidiaries
Revenues	175,052	77,701
Cost of services (exclusive of items shown separately below)	123,699	55,472
Depreciation, depletion, amortization and accretion	16,465	10,271
General and administrative expenses	22,780	15,531
Income (loss) from operations	12,108	(3,573)
Other income (expense):
Interest expense, net	(662)	(671)
Intercompany interest income (expense)		(6,206)
Earnings (Losses) from equity-method investments, net		905
Income (loss) from continuing operations before income taxes	11,446	(9,545)
Income taxes	5,656	1,147
Net income (loss) from continuing operations	5,790	(10,692)
Discontinued operations, net of income tax	(3,009)	(46)
Net income (loss)	2,781	(10,738)
Eliminations [Member]
Financial Information Related to Subsidiaries
Revenues	(43,387)	(15,359)
Cost of services (exclusive of items shown separately below)	(43,345)	(15,295)
General and administrative expenses	(42)	(64)
Other income (expense):
Earnings (losses) from consolidated subsidiaries	(280,599)	(73,767)
Income (loss) from continuing operations before income taxes	(280,599)	(73,767)
Net income (loss) from continuing operations	(280,599)	(73,767)
Net income (loss)	$ (280,599)	$ (73,767)

Financial Information Related to Guarantor Subsidiaries (Details 2) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Cash flows from operating activities:
Net income (loss)	$ 53,920	$ 15,503
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	103,841	59,363
Deferred income taxes	(10,979)	2,773
Excess tax benefit from stock-based compensation	(843)	(5,078)
Stock based and performance share unit compensation expense	10,591	3,686
Retirement and deferred compensation plan expense	621	123
(Earnings) losses from equity-method investments, net of cash received	2,921	(27)
Amortization of debt acquisition costs and note discount	2,210	6,255
(Gain) loss sale of business	6,649	(2,674)
Other reconciling items, net	3,481	(1,482)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(64,163)	78,834
Inventory and other current assets	(15,868)	(3,015)
Accounts payable	28,436	(2,305)
Accrued expenses	(56,346)	(13,145)
Decommissioning liabilities	(2,661)		$ (2,661)
Income taxes	38,809	(2,558)
Other, net	(6,562)	1,692
Net cash provided by (used in) operating activities	94,057	137,945
Cash flows from investing activities:
Payments for capital expenditures	(273,245)	(108,579)
Acquisitions of businesses, net of cash acquired	(1,038,241)
Change in restricted cash held for acquisition of business	785,280
Cash proceeds from sale of businesses	185,912	5,762
Other	3,305	(1,974)
Net cash provided by (used in) investing activities	(336,989)	(104,791)
Cash flows from financing activities:
Net payments on revolving line of credit	(75,000)	(19,000)
Proceeds from long-term debt	400,000
Principal payments of long-term debt	(12,546)
Payment of debt acquisition costs	(25,011)
Proceeds from exercise of stock options	12,256	6,147
Excess tax benefit from stock-based compensation	843	5,078
Proceeds from issuance of stock through employee benefit plans	819	634
Other	(3,610)	(6,551)
Net cash provided by (used in) financing activities	297,751	(13,692)
Effect of exchange rate changes on cash	665	893
Net increase (decrease) in cash and cash equivalents	55,484	20,355
Cash and cash equivalents at beginning of period	80,274	50,727	71,082
Cash and cash equivalents at end of period	135,758	71,082	135,758
Parent [Member]
Cash flows from operating activities:
Net income (loss)	53,920	15,503
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	(12,133)	2,967
Excess tax benefit from stock-based compensation	(843)	(5,078)
(Earnings) losses from consolidated subsidiaries	(87,637)	(23,427)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accrued expenses	(69)	12
Income taxes	39,080	(2,436)
Other, net	(108)	(46)
Net cash provided by (used in) operating activities	(7,790)	(12,505)
Cash flows from investing activities:
Intercompany receivables/payables	(5,739)	646
Net cash provided by (used in) investing activities	(5,739)	646
Cash flows from financing activities:
Proceeds from exercise of stock options	12,256	6,147
Excess tax benefit from stock-based compensation	843	5,078
Proceeds from issuance of stock through employee benefit plans	819	634
Other	(389)
Net cash provided by (used in) financing activities	13,529	11,859
Issuer [Member]
Cash flows from operating activities:
Net income (loss)	87,637	23,427
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	191	128
Stock based and performance share unit compensation expense	10,591	3,686
Retirement and deferred compensation plan expense	621	123
(Earnings) losses from consolidated subsidiaries	(180,551)	(49,706)
(Earnings) losses from equity-method investments, net of cash received	2,787	878
Amortization of debt acquisition costs and note discount	2,210	6,255
Other reconciling items, net	5,373	(374)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	179	3,043
Inventory and other current assets	(3)	(17)
Accounts payable	2,076	(219)
Accrued expenses	22,717	(6,365)
Other, net	(3,749)	859
Net cash provided by (used in) operating activities	(49,921)	(24,368)
Cash flows from investing activities:
Payments for capital expenditures	(4,738)
Acquisitions of businesses, net of cash acquired	(1,229,327)
Change in restricted cash held for acquisition of business	785,280
Cash proceeds from sale of businesses	185,912
Intercompany receivables/payables	36,370	66,043
Net cash provided by (used in) investing activities	(226,503)	66,043
Cash flows from financing activities:
Net payments on revolving line of credit	(75,000)	(19,000)
Proceeds from long-term debt	400,000
Payment of debt acquisition costs	(25,011)
Other	(2,365)	(5,830)
Net cash provided by (used in) financing activities	297,624	(24,830)
Net increase (decrease) in cash and cash equivalents	21,200	16,845
Cash and cash equivalents at beginning of period	29,057		16,845
Cash and cash equivalents at end of period	50,257	16,845	50,257
Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net income (loss)	190,181	61,078
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	87,047	48,691
(Earnings) losses from consolidated subsidiaries	(12,411)	(634)
(Gain) loss sale of business	6,649	(2,674)
Other reconciling items, net	(2,288)	(1,108)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(63,263)	67,549
Inventory and other current assets	(13,150)	(3,096)
Accounts payable	13,060	1,930
Accrued expenses	(74,489)	(4,670)
Decommissioning liabilities	(2,661)
Other, net	1,903	1,705
Net cash provided by (used in) operating activities	130,578	168,771
Cash flows from investing activities:
Payments for capital expenditures	(238,448)	(78,773)
Acquisitions of businesses, net of cash acquired	106,952
Cash proceeds from sale of businesses		5,762
Other	2,603	(1,974)
Intercompany receivables/payables	23,605	(97,368)
Net cash provided by (used in) investing activities	(105,288)	(172,353)
Cash flows from financing activities:
Net increase (decrease) in cash and cash equivalents	25,290	(3,582)
Cash and cash equivalents at beginning of period	6,272	5,493	1,911
Cash and cash equivalents at end of period	31,562	1,911	31,562
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net income (loss)	2,781	(10,738)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	16,603	10,544
Deferred income taxes	1,154	(194)
(Earnings) losses from equity-method investments, net of cash received	134	(905)
Other reconciling items, net	396
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(1,079)	14,328
Inventory and other current assets	(2,715)	98
Accounts payable	13,300	(4,016)
Accrued expenses	(4,505)	(2,122)
Income taxes	(271)	(122)
Other, net	(4,608)	(826)
Net cash provided by (used in) operating activities	21,190	6,047
Cash flows from investing activities:
Payments for capital expenditures	(30,059)	(29,806)
Acquisitions of businesses, net of cash acquired	84,134
Other	702
Intercompany receivables/payables	(54,236)	30,679
Net cash provided by (used in) investing activities	541	873
Cash flows from financing activities:
Principal payments of long-term debt	(12,546)
Other	(856)	(721)
Net cash provided by (used in) financing activities	(13,402)	(721)
Effect of exchange rate changes on cash	665	893
Net increase (decrease) in cash and cash equivalents	8,994	7,092
Cash and cash equivalents at beginning of period	44,945	45,234	52,326
Cash and cash equivalents at end of period	53,939	52,326	$ 53,939
Eliminations [Member]
Cash flows from operating activities:
Net income (loss)	(280,599)	(73,767)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Earnings) losses from consolidated subsidiaries	$ 280,599	$ 73,767

Financial Information Related to Guarantor Subsidiaries (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Financial Information Related to Subsidiaries
Net income (loss)	$ 53,920	$ 15,503
Change in cumulative translation adjustment	5,905	7,855
Comprehensive income (loss)	59,825	23,358
Parent [Member]
Financial Information Related to Subsidiaries
Net income (loss)	53,920	15,503
Change in cumulative translation adjustment	5,905	7,855
Comprehensive income (loss)	$ 59,825	23,358
Wholly owned subsidiary of Parent company	100.00%
Issuer [Member]
Financial Information Related to Subsidiaries
Net income (loss)	$ 87,637	23,427
Change in cumulative translation adjustment	5,905	7,855
Comprehensive income (loss)	93,542	31,282
Guarantor Subsidiaries [Member]
Financial Information Related to Subsidiaries
Net income (loss)	190,181	61,078
Change in cumulative translation adjustment	(165)
Comprehensive income (loss)	190,016	61,078
Non-Guarantor Subsidiaries [Member]
Financial Information Related to Subsidiaries
Net income (loss)	2,781	(10,738)
Change in cumulative translation adjustment	5,905	7,855
Comprehensive income (loss)	8,686	(2,883)
Eliminations [Member]
Financial Information Related to Subsidiaries
Net income (loss)	(280,599)	(73,767)
Change in cumulative translation adjustment	(11,645)	(15,710)
Comprehensive income (loss)	$ (292,244)	$ (89,477)

Financial Information Related to Guarantor Subsidiaries (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Preferred stock, par value	0.01	0.01
Parent [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Common stock, par value	0.001	0.001
Preferred stock, par value	0.01	0.01
Issuer [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Common stock, par value	0.001	0.001
Preferred stock, par value	0.01	0.01
Guarantor Subsidiaries [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Common stock, par value	0.001	0.001
Preferred stock, par value	0.01	0.01
Non-Guarantor Subsidiaries [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Common stock, par value	0.001	0.001
Preferred stock, par value	0.01	0.01
Eliminations [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Common stock, par value	0.001	0.001
Preferred stock, par value	$ 0.01	$ 0.01
Unsecured senior notes due 2019 [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Unsecured senior notes, issued	$ 500
Stated interest rate on unsecured senior notes	6.375%
Unsecured senior notes due 2021 [Member]
Financial Information Related to Guarantor Subsidiaries (Textual) [Abstract]
Unsecured senior notes, issued	$ 800
Stated interest rate on unsecured senior notes	7.125%