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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
December
15, 2010
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ALLIS-CHALMERS
ENERGY INC.
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(Exact
name of registrant as specified in its charter)
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Delaware
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001-02199
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39-0126090
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File
Number)
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(I.R.S.
Employer Identification
No.)
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5075
Westheimer
Suite
890
Houston,
Texas
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77056
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (713) 369-0550
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Item 2.06.
Material Impairments.
On
December 15, 2010, the Board of Directors of Allis-Chalmers Energy Inc. (the
“Company”), after consultation with management, concluded that it will be
required to record in its financial statements a non-cash asset impairment
charge of approximately $10.6 million in the fourth quarter of 2010. The
impairment charge results from the Company's sale of two land drilling rigs
originally purchased in 2009. Both rigs encountered design or engineering
problems and were sold back to the original manufacturer. The impairment
charge includes the write-off of certain other assets that were acquired in
connection with the start-up of operations for the two rigs. The proceeds
from the sale will be used to pay down $21.1 million of debt related to the
purchase of the rigs and $3.9 million will be used for working capital
purposes.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ALLIS-CHALMERS
ENERGY INC.
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Date: December
17, 2010
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By:
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/s/ Victor M. Perez |
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Name:
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Victor
M. Perez
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Title:
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Chief
Financial
Officer
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