Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segment Information

v3.10.0.1
Note 15 - Segment Information
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
15
.    SEGMENT INFORMATION
 
The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the Company’s Annual Report on Form
10
-K for the year ended
December 31, 2017.
The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments (in thousands).
 
   
United States (primarily Gulf of Mexico)
   
Africa (primarily West Africa)
   
Middle East and Asia
   
Brazil, Mexico, Central and South America
   
Europe (primarily North Sea)
   
Total
 
For the Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
10,503
    $
9,509
    $
8,226
    $
19,127
    $
4,823
    $
7,324
 
Fleet Utilization
   
23
%    
88
%    
82
%    
57
%    
76
%    
62
%
Fleet Available Days
   
3,710
     
1,331
     
2,005
     
416
     
5,066
     
12,528
 
Operating Revenues:
                                               
Time charter
  $
9,052
    $
11,122
    $
13,591
    $
4,556
    $
18,505
    $
56,826
 
Bareboat charter
   
     
     
     
1,156
     
     
1,156
 
Other marine services
   
1,676
     
350
     
(792
)    
845
     
640
     
2,719
 
     
10,728
     
11,472
     
12,799
     
6,557
     
19,145
     
60,701
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
4,636
     
4,314
     
4,069
     
1,219
     
10,495
     
24,733
 
Repairs and maintenance
   
1,529
     
1,663
     
3,576
     
32
     
2,270
     
9,070
 
Drydocking
   
910
     
910
     
72
     
11
     
1,209
     
3,112
 
Insurance and loss reserves
   
902
     
248
     
361
     
169
     
254
     
1,934
 
Fuel, lubes and supplies
   
900
     
900
     
922
     
349
     
1,051
     
4,122
 
Other
   
29
     
1,402
     
836
     
488
     
254
     
3,009
 
     
8,906
     
9,437
     
9,836
     
2,268
     
15,533
     
45,980
 
Direct Vessel Profit
  $
1,822
    $
2,035
    $
2,963
    $
4,289
    $
3,612
     
14,721
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
1,856
    $
962
    $
    $
    $
22
     
2,840
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
15,532
 
Depreciation and amortization
  $
5,915
    $
2,924
    $
4,311
    $
2,280
    $
2,976
     
18,406
 
     
 
     
 
     
 
     
 
     
 
     
36,778
 
Gains on Asset Dispositions and Impairments
   
 
     
 
     
 
     
 
     
 
     
1,055
 
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(21,002
)
   
United States (primarily Gulf of Mexico)
   
Africa (primarily West Africa)
   
Middle East and Asia
   
Brazil, Mexico, Central and South America
   
Europe (primarily North Sea)
   
Total
 
For the Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
9,740
    $
9,482
    $
8,155
    $
18,069
    $
4,984
    $
7,174
 
Fleet Utilization
   
20
%    
89
%    
74
%    
52
%    
72
%    
58
%
Fleet Available Days
   
7,760
     
2,591
     
4,137
     
635
     
10,006
     
25,129
 
Operating Revenues:
                                               
Time charter
  $
15,034
    $
21,916
    $
24,965
    $
5,930
    $
36,123
    $
103,968
 
Bareboat charter
   
     
     
     
2,299
     
     
2,299
 
Other marine services
   
3,331
     
1,637
     
(922
)    
955
     
1,154
     
6,155
 
     
18,365
     
23,553
     
24,043
     
9,184
     
37,277
     
112,422
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
8,628
     
8,387
     
8,091
     
1,595
     
19,708
     
46,409
 
Repairs and maintenance
   
2,223
     
3,019
     
6,004
     
337
     
4,560
     
16,143
 
Drydocking
   
1,435
     
912
     
61
     
11
     
2,950
     
5,369
 
Insurance and loss reserves
   
1,336
     
466
     
597
     
236
     
489
     
3,124
 
Fuel, lubes and supplies
   
1,393
     
1,569
     
1,956
     
414
     
2,335
     
7,667
 
Other
   
54
     
2,438
     
2,044
     
548
     
532
     
5,616
 
     
15,069
     
16,791
     
18,753
     
3,141
     
30,574
     
84,328
 
Direct Vessel Profit
  $
3,296
    $
6,762
    $
5,290
    $
6,043
    $
6,703
     
28,094
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
3,718
    $
1,925
    $
    $
    $
22
     
5,665
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
28,339
 
Depreciation and amortization
  $
12,450
    $
5,731
    $
10,401
    $
3,499
    $
5,837
     
37,918
 
     
 
     
 
     
 
     
 
     
 
     
71,922
 
Losses on Asset Dispositions and Impairment
   
 
     
 
     
 
     
 
     
 
     
(1,588
)
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(45,416
)
                                                 
As of June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
                                               
Historical cost
  $
439,026
    $
184,037
    $
317,536
    $
165,145
    $
182,111
    $
1,287,855
 
Accumulated depreciation
   
(225,116
)    
(57,909
)    
(86,239
)    
(58,078
)    
(137,135
)    
(564,477
)
    $
213,910
    $
126,128
    $
231,297
    $
107,067
    $
44,976
    $
723,378
 
   
United States (primarily Gulf of Mexico)
   
Africa (primarily West Africa)
   
Middle East and Asia
   
Brazil, Mexico, Central and South America
   
Europe (primarily North Sea)
   
Total
 
For the Three Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
9,619
    $
10,348
    $
6,580
    $
    $
4,176
    $
5,649
 
Fleet Utilization
   
13
%    
67
%    
55
%    
%    
90
%    
56
%
Fleet Available Days
   
4,063
     
1,123
     
2,067
     
105
     
5,005
     
12,363
 
Operating Revenues:
                                               
Time charter
  $
4,889
    $
7,786
    $
7,415
    $
    $
18,713
    $
38,803
 
Bareboat charter
   
     
     
     
1,156
     
     
1,156
 
Other marine services
   
1,198
     
215
     
109
     
162
     
680
     
2,364
 
     
6,087
     
8,001
     
7,524
     
1,318
     
19,393
     
42,323
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
4,183
     
3,428
     
4,147
     
148
     
8,671
     
20,577
 
Repairs and maintenance
   
937
     
3,234
     
3,947
     
116
     
2,191
     
10,425
 
Drydocking
   
310
     
683
     
358
     
     
900
     
2,251
 
Insurance and loss reserves
   
1,205
     
357
     
353
     
4
     
207
     
2,126
 
Fuel, lubes and supplies
   
545
     
704
     
908
     
27
     
1,006
     
3,190
 
Other
   
51
     
871
     
1,061
     
3
     
237
     
2,223
 
     
7,231
     
9,277
     
10,774
     
298
     
13,212
     
40,792
 
Direct Vessel (Loss) Profit
  $
(1,144
)   $
(1,276
)   $
(3,250
)   $
1,020
    $
6,181
     
1,531
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
2,205
    $
969
    $
516
    $
    $
     
3,690
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
21,705
 
Depreciation and amortization
  $
5,749
    $
2,059
    $
3,979
    $
784
    $
2,062
     
14,633
 
     
 
     
 
     
 
     
 
     
 
     
40,028
 
Losses on Asset Dispositions and Impairments
   
 
     
 
     
 
     
 
     
 
     
(6,318
)
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(44,815
)
   
United States (primarily Gulf of Mexico)
   
Africa (primarily West Africa)
   
Middle East and Asia
   
Brazil, Mexico, Central and South America
   
Europe (primarily North Sea)
   
Total
 
For the Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
9,808
    $
9,913
    $
6,765
    $
    $
4,294
    $
5,683
 
Fleet Utilization
   
10
%    
64
%    
52
%    
%    
81
%    
51
%
Fleet Available Days
   
8,061
     
2,142
     
3,777
     
195
     
9,955
     
24,130
 
Operating Revenues:
                                               
Time charter
  $
7,884
    $
13,633
    $
13,238
    $
    $
34,778
    $
69,533
 
Bareboat charter
   
     
     
     
2,299
     
     
2,299
 
Other marine services
   
2,024
     
407
     
986
     
237
     
1,141
     
4,795
 
     
9,908
     
14,040
     
14,224
     
2,536
     
35,919
     
76,627
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
7,313
     
6,036
     
7,270
     
161
     
16,588
     
37,368
 
Repairs and maintenance
   
1,674
     
3,778
     
4,523
     
120
     
3,925
     
14,020
 
Drydocking
   
883
     
1,740
     
516
     
     
2,179
     
5,318
 
Insurance and loss reserves
   
2,010
     
539
     
699
     
11
     
426
     
3,685
 
Fuel, lubes and supplies
   
855
     
1,263
     
1,432
     
27
     
1,955
     
5,532
 
Other
   
123
     
1,517
     
2,526
     
4
     
487
     
4,657
 
     
12,858
     
14,873
     
16,966
     
323
     
25,560
     
70,580
 
Direct Vessel (Loss) Profit
  $
(2,950
)   $
(833
)   $
(2,742
)   $
2,213
    $
10,359
     
6,047
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
4,416
    $
1,939
    $
862
    $
    $
64
     
7,281
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
33,531
 
Depreciation and amortization
  $
11,349
    $
3,649
    $
6,506
    $
1,449
    $
4,183
     
27,136
 
     
 
     
 
     
 
     
 
     
 
     
67,948
 
Losses on Asset Dispositions and Impairment
   
 
     
 
     
 
     
 
     
 
     
(1,499
)
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(63,400
)
                                                 
As of June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
                                               
Historical cost
  $
417,675
    $
183,661
    $
302,892
    $
78,976
    $
171,951
    $
1,155,155
 
Accumulated depreciation
   
(233,758
)    
(59,300
)    
(83,880
)    
(41,565
)    
(125,319
)    
(543,822
)
    $
183,917
    $
124,361
    $
219,012
    $
37,411
    $
46,632
    $
611,333
 
 
 
The Company’s investments in
50%
or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of
June 30, 2018,
the Company’s investments, at equity, and advances to
50%
or less owned companies in MexMar and its other
50%
or less owned companies were
$63.7
million and
$51.7
million, respectively. Equity in (losses) earnings of
50%
or less owned companies, net of tax for the
six
months ended
June 30
were as follows (in thousands):
 
   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2018
   
2017
   
2018
   
2017
 
MexMar
  $
1,076
    $
1,222
    $
2,508
    $
2,589
 
Other
   
(1,797
)    
349
     
(3,021
)    
(580
)
    $
(721
)   $
1,571
    $
(513
)   $
2,009