Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segment Information

v3.10.0.1
Note 15 - Segment Information
9 Months Ended
Sep. 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 September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
12,476
    $
9,315
    $
8,156
    $
17,604
    $
4,287
    $
7,323
 
Fleet Utilization
   
30
%    
82
%    
76
%    
80
%    
85
%    
68
%
Fleet Available Days
   
3,433
     
1,475
     
2,024
     
531
     
5,154
     
12,617
 
Operating Revenues:
                                               
Time charter
  $
12,800
    $
11,201
    $
12,590
    $
7,479
    $
18,832
    $
62,902
 
Bareboat charter
   
     
     
     
1,168
     
     
1,168
 
Other marine services
   
2,722
     
1,777
     
(83
)    
416
     
1,353
     
6,185
 
     
15,522
     
12,978
     
12,507
     
9,063
     
20,185
     
70,255
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
4,853
     
4,486
     
4,361
     
1,662
     
9,659
     
25,021
 
Repairs and maintenance
   
1,801
     
2,438
     
2,091
     
312
     
2,566
     
9,208
 
Drydocking
   
375
     
1,201
     
352
     
103
     
2,791
     
4,822
 
Insurance and loss reserves
   
612
     
323
     
385
     
163
     
374
     
1,857
 
Fuel, lubes and supplies
   
1,120
     
1,081
     
892
     
427
     
1,170
     
4,690
 
Other
   
154
     
1,103
     
952
     
350
     
441
     
3,000
 
     
8,915
     
10,632
     
9,033
     
3,017
     
17,001
     
48,598
 
Direct Vessel Profit
  $
6,607
    $
2,346
    $
3,474
    $
6,046
    $
3,184
     
21,657
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
1,853
    $
960
    $
    $
    $
12
     
2,825
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
12,234
 
Depreciation and amortization
  $
5,227
    $
2,381
    $
4,207
    $
2,521
    $
3,006
     
17,342
 
     
 
     
 
     
 
     
 
     
 
     
32,401
 
Gains on Asset Dispositions and Impairments
   
 
     
 
     
 
     
 
     
 
     
586
 
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(10,158
)
   
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 Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
10,832
    $
9,425
    $
8,156
    $
17,807
    $
4,721
    $
7,229
 
Fleet Utilization
   
23
%    
86
%    
75
%    
65
%    
77
%    
61
%
Fleet Available Days
   
11,193
     
4,066
     
6,161
     
1,166
     
15,159
     
37,746
 
Operating Revenues:
                                               
Time charter
  $
27,834
    $
33,117
    $
37,555
    $
13,409
    $
54,955
    $
166,870
 
Bareboat charter
   
     
     
     
3,467
     
     
3,467
 
Other marine services
   
6,053
     
3,414
     
(1,005
)    
1,371
     
2,507
     
12,340
 
     
33,887
     
36,531
     
36,550
     
18,247
     
57,462
     
182,677
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
13,481
     
12,873
     
12,452
     
3,257
     
29,367
     
71,430
 
Repairs and maintenance
   
4,024
     
5,457
     
8,095
     
649
     
7,126
     
25,351
 
Drydocking
   
1,810
     
2,113
     
413
     
114
     
5,741
     
10,191
 
Insurance and loss reserves
   
1,948
     
789
     
982
     
399
     
863
     
4,981
 
Fuel, lubes and supplies
   
2,513
     
2,650
     
2,848
     
841
     
3,505
     
12,357
 
Other
   
208
     
3,541
     
2,996
     
898
     
973
     
8,616
 
     
23,984
     
27,423
     
27,786
     
6,158
     
47,575
     
132,926
 
Direct Vessel Profit
  $
9,903
    $
9,108
    $
8,764
    $
12,089
    $
9,887
     
49,751
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
5,571
    $
2,885
    $
    $
    $
34
     
8,490
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
40,573
 
Depreciation and amortization
  $
17,677
    $
8,112
    $
14,608
    $
6,020
    $
8,843
     
55,260
 
     
 
     
 
     
 
     
 
     
 
     
104,323
 
Losses on Asset Dispositions and Impairment
   
 
     
 
     
 
     
 
     
 
     
(1,002
)
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(55,574
)
                                                 
As of September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
                                               
Historical cost
  $
479,303
    $
186,729
    $
310,110
    $
102,776
    $
200,082
    $
1,279,000
 
Accumulated depreciation
   
(242,364
)    
(53,498
)    
(81,121
)    
(47,374
)    
(144,395
)    
(568,752
)
    $
236,939
    $
133,231
    $
228,989
    $
55,402
    $
55,687
    $
710,248
 
   
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 September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
7,212
    $
10,611
    $
7,138
    $
16,060
    $
4,390
    $
6,006
 
Fleet Utilization
   
16
%    
71
%    
61
%    
49
%    
90
%    
60
%
Fleet Available Days
   
3,859
     
1,283
     
2,194
     
184
     
5,060
     
12,580
 
Operating Revenues:
                                               
Time charter
  $
4,587
    $
9,700
    $
9,490
    $
1,439
    $
20,051
    $
45,267
 
Bareboat charter
   
     
     
     
1,168
     
     
1,168
 
Other marine services
   
1,116
     
(310
)    
(341
)    
159
     
754
     
1,378
 
     
5,703
     
9,390
     
9,149
     
2,766
     
20,805
     
47,813
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
4,455
     
3,588
     
4,731
     
326
     
9,079
     
22,179
 
Repairs and maintenance
   
1,289
     
1,324
     
2,309
     
110
     
2,378
     
7,410
 
Drydocking
   
1,109
     
311
     
(102
)    
     
961
     
2,279
 
Insurance and loss reserves
   
598
     
157
     
363
     
75
     
203
     
1,396
 
Fuel, lubes and supplies
   
249
     
693
     
1,115
     
33
     
790
     
2,880
 
Other
   
123
     
704
     
1,192
     
69
     
190
     
2,278
 
     
7,823
     
6,777
     
9,608
     
613
     
13,601
     
38,422
 
Direct Vessel (Loss) Profit
  $
(2,120
)   $
2,613
    $
(459
)   $
2,153
    $
7,204
     
9,391
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
1,870
    $
966
    $
    $
    $
     
2,836
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
10,318
 
Depreciation and amortization
  $
5,224
    $
2,456
    $
4,320
    $
1,025
    $
2,597
     
15,622
 
     
 
     
 
     
 
     
 
     
 
     
28,776
 
Losses on Asset Dispositions and Impairments
   
 
     
 
     
 
     
 
     
 
     
(9,744
)
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(29,129
)
   
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 Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Charter Statistics:
                                               
Average Rates Per Day
  $
8,661
    $
10,192
    $
6,916
    $
16,060
    $
4,328
    $
5,806
 
Fleet Utilization
   
12
%    
67
%    
55
%    
24
%    
84
%    
54
%
Fleet Available Days
   
11,920
     
3,425
     
5,970
     
379
     
15,015
     
36,709
 
Operating Revenues:
                                               
Time charter
  $
12,471
     
23,333
    $
22,728
    $
1,439
    $
54,829
    $
114,800
 
Bareboat charter
   
     
     
     
3,467
     
     
3,467
 
Other marine services
   
3,140
     
97
     
645
     
396
     
1,895
     
6,173
 
     
15,611
     
23,430
     
23,373
     
5,302
     
56,724
     
124,440
 
Direct Costs and Expenses:
                                               
Operating:
                                               
Personnel
   
11,768
     
9,624
     
12,001
     
487
     
25,667
     
59,547
 
Repairs and maintenance
   
2,963
     
5,102
     
6,832
     
230
     
6,303
     
21,430
 
Drydocking
   
1,992
     
2,051
     
414
     
     
3,140
     
7,597
 
Insurance and loss reserves
   
2,608
     
696
     
1,062
     
86
     
629
     
5,081
 
Fuel, lubes and supplies
   
1,104
     
1,956
     
2,547
     
60
     
2,745
     
8,412
 
Other
   
246
     
2,221
     
3,718
     
73
     
677
     
6,935
 
     
20,681
     
21,650
     
26,574
     
936
     
39,161
     
109,002
 
Direct Vessel (Loss) Profit
  $
(5,070
)   $
1,780
    $
(3,201
)   $
4,366
    $
17,563
     
15,438
 
Other Costs and Expenses:
                                               
Operating:
                                               
Leased-in equipment
  $
6,286
    $
2,905
    $
862
    $
    $
64
     
10,117
 
Administrative and general
   
 
     
 
     
 
     
 
     
 
     
43,849
 
Depreciation and amortization
  $
16,573
    $
6,105
    $
10,826
    $
2,474
    $
6,780
     
42,758
 
     
 
     
 
     
 
     
 
     
 
     
96,724
 
Losses on Asset Dispositions and Impairment
   
 
     
 
     
 
     
 
     
 
     
(11,243
)
Operating Loss
   
 
     
 
     
 
     
 
     
 
    $
(92,529
)
                                                 
As of September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and Equipment:
                                               
Historical cost
  $
429,500
    $
189,845
    $
328,263
    $
78,976
    $
177,825
    $
1,204,409
 
Accumulated depreciation
   
(237,210
)    
(54,052
)    
(93,535
)    
(42,590
)    
(131,532
)    
(558,919
)
    $
192,290
    $
135,793
    $
234,728
    $
36,386
    $
46,293
    $
645,490
 
 
 
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
September 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
$63.8
million and
$56.5
million, respectively. Equity in (losses) earnings of
50%
or less owned companies, net of tax for the
nine
months ended
September 30
were as follows (in thousands):
 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
MexMar
  $
137
    $
793
    $
2,644
    $
3,382
 
Other
   
(1,164
)    
(8,099
)    
(4,184
)    
(8,679
)
    $
(1,027
)   $
(7,306
)   $
(1,540
)   $
(5,297
)