ROWAN COMPANIES PLC | 2013 | FY | 3

DISCONTINUED OPERATIONS

In 2011 the Company completed the sales of its manufacturing and land drilling operations.  Discontinued operations for 2012 included a $3.9 million asset impairment charge on a land rig that the Company retained in the sale of the land drilling operations and sold in February 2014, write-offs of receivables assumed, a working capital adjustment to the sale price of the land drilling business, and a prior year return-to-provision tax adjustment, among other items. The following table sets forth the components of “Discontinued operations, net of tax” (in thousands):

 
 

 
2012
 
 

 
Manufacturing
 
Drilling
 
Total
Revenues
$
—

 
$
—

 
$
—

 
 
 
 
 
 
Pretax income (loss)
$
(7,599
)
 
$
(3,603
)
 
$
(11,202
)
Provision (benefit) for taxes on income
15,751

 
(4,256
)
 
11,495

Discontinued operations, net of tax
(23,350
)
 
653

 
(22,697
)
 
 
 
 
 
 
 
 

 
2011
 
 

 
Manufacturing
 
Drilling
 
Total
Revenues
$
224,488

 
$
126,957

 
$
351,445

 
 
 
 
 
 
Pretax income (loss)
$
(8,583
)
 
$
16,623

 
$
8,040

Provision (benefit) for taxes on income
1,507

 
3,426

 
4,933

Income (loss) from discontinued operations, net of tax
$
(10,090
)
 
$
13,197

 
$
3,107

 
 
 
 
 
 
Pretax gain on sale of discontinued operations
670,614

 
212,891

 
883,505

Provision for tax on gain on sale
226,965

 
58,545

 
285,510

Gain on sale of discontinued operations, net of tax
443,649

 
154,346

 
597,995

Discontinued operations, net of tax
$
433,559

 
$
167,543

 
$
601,102

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