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This excerpt taken from the PDE 10-Q filed Apr 30, 2009. NOTE 3. PROPERTY AND
EQUIPMENT
Property
and equipment consisted of the following:
This excerpt taken from the PDE 10-Q filed Nov 2, 2007. Property
and Equipment
We evaluate our estimates of remaining useful lives and salvage
value for our rigs when changes in market or economic conditions
occur that may impact our estimates of the carrying value of
these assets. During the three
Table of Contents
Pride
International, Inc.
Notes to
Unaudited Consolidated Financial
Statements — (Continued)
months ended September 30, 2007, we completed a technical
evaluation of our offshore fleet. As a result of this
evaluation, remaining useful lives and estimated salvage values
were adjusted on certain rigs in the fleet. These changes were
primarily a result of changing market conditions, the
significant capital investment in certain rigs and revisions to,
and standardization of, maintenance practices. As a result of
our evaluation, effective July 1, 2007, we increased our
estimates of the remaining lives on certain semisubmersible and
jackup rigs in our fleet between four and eight years, increased
the expected useful lives of our drillships from 25 years
to 35 years and our semisubmersibles from 25 years to
30 years, and updated our estimated salvage value for all
of our offshore drilling rig fleet to 10% of the historical cost
of the rig. The effect of these changes in estimates was a
reduction to depreciation expense of approximately
$14.5 million and an after-tax increase to diluted earnings
per share of $0.07 for the three-month period ended
September 30, 2007.
This excerpt taken from the PDE 10-K filed Mar 1, 2007. Property
and Equipment
Property and equipment are carried at original cost or adjusted
net realizable value, as applicable. Major renewals and
improvements are capitalized and depreciated over the respective
asset’s remaining useful life. Maintenance and repair costs
are charged to expense as incurred. When assets are sold or
retired, the remaining costs and related accumulated
depreciation are removed from the accounts and any resulting
gain or loss is included in results of operations.
Table of Contents
Pride
International, Inc.
Notes to
Consolidated Financial
Statements — (Continued)
For financial reporting purposes, depreciation of property and
equipment is provided using the straight-line method based upon
expected useful lives of each class of assets. Expected useful
lives of the assets for financial reporting purposes are as
follows:
Rigs and rig equipment have salvage values not exceeding 20% of
the cost of the rig or rig equipment.
Interest is capitalized on
construction-in-progress
at the weighted average cost of debt outstanding during the
period of construction or at the interest rate on debt incurred
for construction.
We assess the recoverability of the carrying amount of property
and equipment if certain events or changes occur, such as
significant decrease in market value of the assets or a
significant change in the business conditions in a particular
market. In 2006, we recognized an impairment charge of
$3.9 million related to two platform rigs and three land
workover rigs. In 2005, we recognized an impairment charge of
$1.0 million related to damage a platform rig sustained in
2004. In 2004, we recognized an impairment charge of
$24.9 million related to retiring 16 stacked land rigs and
nine shallow water platform rigs and a loss on impairment of an
inactive land rig and other equipment.
This excerpt taken from the PDE 10-K filed Jun 30, 2006. Property
and Equipment
Property and equipment are carried at original cost or adjusted
net realizable value, as applicable. Major renewals and
improvements are capitalized and depreciated over the respective
asset’s remaining useful life. Maintenance and repair costs
are charged to expense as incurred. When assets are sold or
retired, the remaining costs and related accumulated
depreciation are removed from the accounts and any resulting
gain or loss is included in results of operations.
For financial reporting purposes, depreciation of property and
equipment is provided using the straight-line method based upon
expected useful lives of each class of assets. Expected useful
lives of the assets for financial reporting purposes are as
follows:
Rigs and rig equipment have salvage values not exceeding 20% of
the cost of the rig or rig equipment.
Interest is capitalized on
construction-in-progress
at the weighted average cost of debt outstanding during the
period of construction or at the interest rate on debt incurred
for construction.
We assess the recoverability of the carrying amount of property
and equipment if certain events or changes occur, such as
significant decrease in market value of the assets or a
significant change in the business conditions in a particular
market. In 2005, we recognized an impairment charge of
$1.0 million related to damage a platform rig sustained in
2004. In 2004, we recognized an impairment charge of
$24.9 million related to retiring 16 stacked land rigs and
nine shallow water platform rigs and a loss on impairment of an
inactive land rig and other equipment.
Table of Contents
Pride
International, Inc.
Notes to
Consolidated Financial
Statements — (Continued)
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