NABORS INDUSTRIES LTD | 2013 | FY | 3


Note 11 Investments in Unconsolidated Affiliates

        Our principal investment in unconsolidated affiliates accounted for using the equity method include drilling and workover operations located in Saudi Arabia (51% ownership). This unconsolidated affiliate is integral to our operations. See Note 18—Related-Party Transactions for additional information. During 2011 and 2012, we sold our equity interests in unconsolidated oil and gas joint ventures.

        Combined condensed financial data for investments in unconsolidated affiliates, including assets classified as held for sale, are summarized as follows:

 
  December 31,  
 
  2013   2012  
 
  (In thousands)
 

Current assets

  $ 442,703   $ 174,977  

Long-term assets

  $ 138,222   $ 161,207  

Current liabilities

  $ 440,585   $ 194,504  

Long-term liabilities

  $ 4,169   $ 3,389  


 

 
  Year Ended December 31,  
 
  2013   2012   2011  
 
   
  Revised
  Revised
 
 
  (In thousands)
 

Gross revenues

  $ 562,101   $ 657,362   $ 760,257  

Gross margin

  $ 46,446   $ 107,035   $ 205,502  

Net income (loss)

  $ 1,088   $ (624,172 ) $ 327,760  

Nabors' earnings (losses) from unconsolidated affiliates(1)(2)

  $ 39   $ (288,718 ) $ 85,448  

(1)
Nabors' earnings (losses) from unconsolidated affiliates included in discontinued operations, net of tax was $76.5 million for the year ended December 31, 2011.

(2)
As more fully described in Note 2, our earnings (losses) from affiliates was revised by $12.6 million and $28.8 million, respectively, for the years ended December 31, 2012 and 2011.

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