content_image/42351.jpg
## NOTE 16 SUBSEQUENT EVENT 

In November 2004, the Company sold two conventional 2,000 horsepower rigs from its U.S. land fleet for a total of $23.9 million. 

## NOTE 17 SELECTED QUARTERL FINANCIAL DATA (UNAUDITED) 

<img src='content_image/42351.jpg'>

Gross profit (loss) represents total revenues less operating costs and depreciation. 

The sum of earnings per share for the four quarters may not equal the total earnings per share for the year due to changes in the average number of common shar es outstanding. 

Net income in the first quarter of 2004 has been adjusted upward from amounts previously reported by approximately $1.0 million ($0.02 per share, on a diluted basis) to reflect a non-monetary gain on the conversion of shares of common stock of a company investee pursuant to that investee being acquired. All future public filings will reflect this change. 

In the fourth quarter of fiscal 2004, the net loss includes an after-tax gain on sale of available-for-sale securities of $8.1 million, $0.16 per share, on a diluted basis. 

In the fourth quarter of fiscal 2004, the net loss includes an after-tax asset impairment charge of approximately $32 million, $0.63 per share, on a diluted basis. 

Net income in the fourth quarter of 2003 includes after-tax gains on sale of available-for-sale securities of $3.2 million, $0.06 per share, on a diluted basis. 

Net income in the fourth quarter of 2003 includes an after-tax equity loss in loss from affiliates of $2.0 million, $0.04 per share, on a diluted basis. 

