As a result of the economic collapse, the government stopped the  outflow of dollars from the countr and required that former dollar obligations be paid in Argentina pesos, resulting in the Company recording an estimated loss of $1.2 million in 2002. The Company was able to reduce this estimated loss by approximately $1.0 million during 2003 by securing agreements with its customers that limited the portion of the accounts receivable that was paid in pesos with the balance of such accounts receivable paid in U.S. dollars. At the present time, the Company has one rig wor king in Argentina. The Company is exposed to risks of currency devaluation in Venezuela primarily as a result of bolivar receiv able balances and bolivar cash  balances. In Venezuela, approximately 60% of the Company's invoice billings to the Venezuelan state oil company, PDVSA, are in U.S. dollars and 40% are in the local currency the bolivar. PDVSA typically pays all amounts owed in bolivars. The Company, historically, has usually been able to convert the bolivars received in payment of the dollar-based billings into dollars in a timely manner and thus avoid, in large measure, devaluation losses pertaining to these dollar-based invoices. In compliance with applicable regulations the Company on October 1, 2003, submitted a request to the Venezuelan government seeking permission to convert existing bolivar balances into U.S. dollars. In January 2004, the Venezuelan government approved the conversion of bolivar cash balances to U.S. dollars and the remittance of $8.8 million U.S. dollars as  dividends by the Company’s V enezuelan subsidiary to the U.S. based  parent. As a consequence, the Company’s exposure to currency  devaluation was reduced by this amount. 50