Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.19.1
Segment Information (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):

 

 

United

States

(primarily

Gulf of

Mexico)

 

 

Africa

(primarily

West

Africa)

 

 

Middle

East

and Asia

 

 

Latin America

 

 

Europe

(primarily

North

Sea)

 

 

Total

 

For the three months ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

8,005

 

 

$

10,773

 

 

$

12,499

 

 

$

4,922

 

 

$

15,928

 

 

$

52,127

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

1,143

 

 

 

 

 

 

1,143

 

Other marine services

 

 

1,132

 

 

 

(637

)

 

 

228

 

 

 

635

 

 

 

1,621

 

 

 

2,979

 

 

 

 

9,137

 

 

 

10,136

 

 

 

12,727

 

 

 

6,700

 

 

 

17,549

 

 

 

56,249

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,503

 

 

 

3,867

 

 

 

4,254

 

 

 

1,556

 

 

 

8,576

 

 

 

22,756

 

Repairs and maintenance

 

 

2,778

 

 

 

1,184

 

 

 

2,193

 

 

 

335

 

 

 

2,516

 

 

 

9,006

 

Drydocking

 

 

1,994

 

 

 

338

 

 

 

159

 

 

 

79

 

 

 

309

 

 

 

2,879

 

Insurance and loss reserves

 

 

592

 

 

 

213

 

 

 

327

 

 

 

135

 

 

 

207

 

 

 

1,474

 

Fuel, lubes and supplies

 

 

683

 

 

 

754

 

 

 

709

 

 

 

428

 

 

 

1,179

 

 

 

3,753

 

Other

 

 

90

 

 

 

2,106

 

 

 

1,100

 

 

 

521

 

 

 

592

 

 

 

4,409

 

 

 

 

10,640

 

 

 

8,462

 

 

 

8,742

 

 

 

3,054

 

 

 

13,379

 

 

 

44,277

 

Direct Vessel (Loss) Profit

 

$

(1,503

)

 

$

1,674

 

 

$

3,985

 

 

$

3,646

 

 

$

4,170

 

 

 

11,972

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

2,897

 

 

$

665

 

 

$

6

 

 

$

1

 

 

$

362

 

 

 

3,931

 

Administrative and general (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,217

 

Depreciation and amortization

 

 

5,498

 

 

 

2,356

 

 

 

4,249

 

 

 

1,936

 

 

 

3,154

 

 

 

17,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,341

 

Gains on Asset Dispositions, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

359

 

Operating Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(21,010

)

As of March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

$

416,559

 

 

$

207,167

 

 

$

310,297

 

 

$

119,699

 

 

$

241,223

 

 

$

1,294,945

 

Accumulated depreciation

 

 

(223,720

)

 

 

(59,652

)

 

 

(85,627

)

 

 

(60,444

)

 

 

(149,998

)

 

 

(579,441

)

 

 

$

192,839

 

 

$

147,515

 

 

$

224,670

 

 

$

59,255

 

 

$

91,225

 

 

$

715,504

 

Total Assets (2)

 

$

330,938

 

 

$

160,624

 

 

$

266,007

 

 

$

128,421

 

 

$

133,019

 

 

$

1,019,009

 

 

 

 

(1)

Includes $217 facility lease expense.

 

(2)

Total assets by region does not include corporate assets of $93,340 as of March 31, 2019.

 

 

 

United

States

(primarily

Gulf of

Mexico)

 

 

Africa

(primarily

West

Africa)

 

 

Middle

East

and Asia

 

 

Latin America

 

 

Europe

(primarily

North

Sea)

 

 

Total

 

For the three months ended March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

5,982

 

 

$

10,794

 

 

$

11,374

 

 

$

1,374

 

 

$

17,618

 

 

$

47,142

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

1,143

 

 

 

 

 

 

1,143

 

Other

 

 

1,655

 

 

 

1,287

 

 

 

(130

)

 

 

110

 

 

 

514

 

 

 

3,436

 

 

 

 

7,637

 

 

 

12,081

 

 

 

11,244

 

 

 

2,627

 

 

 

18,132

 

 

 

51,721

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

3,992

 

 

 

4,073

 

 

 

4,022

 

 

 

376

 

 

 

9,213

 

 

 

21,676

 

Repairs and maintenance

 

 

694

 

 

 

1,356

 

 

 

2,428

 

 

 

305

 

 

 

2,290

 

 

 

7,073

 

Drydocking

 

 

525

 

 

 

2

 

 

 

(11

)

 

 

 

 

 

1,741

 

 

 

2,257

 

Insurance and loss reserves

 

 

434

 

 

 

218

 

 

 

236

 

 

 

67

 

 

 

235

 

 

 

1,190

 

Fuel, lubes and supplies

 

 

493

 

 

 

669

 

 

 

1,034

 

 

 

65

 

 

 

1,284

 

 

 

3,545

 

Other

 

 

25

 

 

 

1,036

 

 

 

1,208

 

 

 

60

 

 

 

278

 

 

 

2,607

 

 

 

 

6,163

 

 

 

7,354

 

 

 

8,917

 

 

 

873

 

 

 

15,041

 

 

 

38,348

 

Direct Vessel Profit

 

$

1,474

 

 

$

4,727

 

 

$

2,327

 

 

$

1,754

 

 

$

3,091

 

 

 

13,373

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

1,862

 

 

$

963

 

 

$

 

 

$

 

 

$

 

 

 

2,825

 

Administrative and general (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,807

 

Depreciation and amortization

 

 

6,535

 

 

 

2,807

 

 

 

6,090

 

 

 

1,219

 

 

 

2,861

 

 

 

19,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,144

 

Losses on Asset Dispositions and

   Impairments, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,643

)

Operating Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(24,414

)

As of March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

$

526,986

 

 

$

168,317

 

 

$

349,047

 

 

$

93,223

 

 

$

182,923

 

 

$

1,320,496

 

Accumulated depreciation

 

 

(236,120

)

 

 

(54,349

)

 

 

(109,601

)

 

 

(39,551

)

 

 

(140,840

)

 

 

(580,461

)

 

 

$

290,866

 

 

$

113,968

 

 

$

239,446

 

 

$

53,672

 

 

$

42,083

 

 

$

740,035

 

Total Assets (2)

 

$

423,328

 

 

$

117,298

 

 

$

270,293

 

 

$

123,679

 

 

$

53,077

 

 

$

987,675

 

 

 

(1)

Includes $433 facility lease expense.

 

(2)

Total assets by region does not include corporate assets of $129,703 as of March 31, 2018.