Segment and Geographic Distribution Of Operations (Tables)

6 Months Ended

Sep. 30, 2014

Segment Information, Geographical Data and Major Customers

The following table provides a comparison of segment revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the quarters and six-month periods ended September 30, 2014 and 2013. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards (the remainder of which the company disposed of in the quarter ended June 30, 2013), remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses.


		Quarter Ended September 30,					Six Months Ended September 30,
(In thousands)		2014			2013		2014			2013
Revenues:
Vessel revenues:
Americas	$		134,013			101,929		253,996			192,173
Asia/Pacific			45,989			37,430		86,238			80,386
Middle East/North Africa			48,837			45,370		104,376			86,583
Sub-Saharan Africa/Europe			162,113			178,939		327,852			336,156
			390,952			363,668		772,462			695,298
Other operating revenues			6,572			4,269		10,739			6,724
	$		397,524			367,937		783,201			702,022

Vessel operating profit:
Americas	$		36,778			23,675		66,986			43,976
Asia/Pacific			7,414			4,807		6,443			15,096
Middle East/North Africa			7,367			13,446		19,160			23,569
Sub-Saharan Africa/Europe			41,446			47,261		79,048			64,780
			93,005			89,189		171,637			147,421
Other operating profit (loss)			(2,093	)		218		(4,516	)		(174)
			90,912			89,407		167,121			147,247
Corporate general and administrative expenses			(8,943	)		(12,102)		(21,275	)		(27,947)
Corporate depreciation			(836	)		(789)		(1,652	)		(1,499)
Corporate expenses			(9,779	)		(12,891)		(22,927	)		(29,446)

Gain on asset dispositions, net			3,590			49		6,533			2,189
Operating income	$		84,723			76,565		150,727			119,990
Foreign exchange gain			5,408			3,017		4,119			2,928
Equity in net earnings of unconsolidated companies			3,821			3,781		9,104			8,201
Interest income and other, net			499			538		1,121			1,278
Loss on early extinguishment of debt			---			(4,144)		---			(4,144)
Interest and other debt costs, net			(12,559	)		(9,918)		(25,688	)		(18,831)
Earnings before income taxes	$		81,892			69,839		139,383			109,422

Depreciation and amortization:
Americas	$		12,390			10,833		23,798			20,943
Asia/Pacific			4,421			4,122		8,807			8,647
Middle East/North Africa			6,785			5,731		13,367			11,337
Sub-Saharan Africa/Europe			18,378			20,581		37,427			39,736
			41,974			41,267		83,399			80,663
Other			898			---		1,768			2
Corporate			836			789		1,652			1,499
	$		43,708			42,056		86,819			82,164

Additions to properties and equipment:
Americas	$		15,397			8,845		31,635			12,039
Asia/Pacific			23,138			453		23,211			968
Middle East/North Africa			805			770		1,235			909
Sub-Saharan Africa/Europe (A)			11,339			8,086		13,914			344,557
			50,679			18,154		69,995			358,473
Other			4,689			---		8,725			---
Corporate (B)			31,733			49,747		53,479			111,597
	$		87,101			67,901		132,199			470,070

(A)	Included in Sub-Saharan Africa/Europe for the six months ended September 30, 2013 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore.

(B)	Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented.

Comparison of Total Assets

The following table provides a comparison of total assets at September 30, 2014 and March 31, 2014:


	September 30,		March 31,
(In thousands)	2014		2014
Total assets:
Americas	$	1,127,132		1,017,736
Asia/Pacific		471,702		421,379
Middle East/North Africa		620,638		613,303
Sub-Saharan Africa/Europe		2,210,363		2,383,507
		4,429,835		4,435,925
Other		40,747		31,545
		4,470,582		4,467,470
Investments in, at equity, and advances to unconsolidated companies		70,803		63,928
		4,541,385		4,531,398
Corporate (A)		461,080		354,431
	$	5,002,465		4,885,829

Note A: Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel’s construction costs are reported in Corporate until the earlier of the date the vessels is assigned to a non-corporate reporting segment or the date it is delivered. At September 30, 2014 and March 31, 2014, $250.0 million and $228.9 million, respectively, of vessel construction costs are included in Corporate.

Schedule of Segment Reporting Information, Revenue by Vessel Class

The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the quarters and six-month periods ended September 30, 2014 and 2013:


	Quarter Ended								Six Months Ended
Revenue by vessel class	September 30,								September 30,
(In thousands)	2014		%		2013		%		2014		%		2013		%
Americas fleet:
Deepwater	$	91,403		23%		61,811		17%		173,685		23%		116,843		17%
Towing-supply		34,387		9%		30,861		8%		63,904		8%		58,531		8%
Other		8,223		2%		9,257		3%		16,407		2%		16,799		3%
Total	$	134,013		34%		101,929		28%		253,996		33%		192,173		28%
Asia/Pacific fleet:
Deepwater	$	27,675		7%		19,923		5%		51,917		7%		44,215		6%
Towing-supply		17,338		5%		16,559		5%		32,375		4%		34,281		5%
Other		976		<1%		948		<1%		1,946		<1%		1,890		<1%
Total	$	45,989		12%		37,430		10%		86,238		11%		80,386		11%
Middle East/North Africa fleet:
Deepwater	$	19,254		5%		15,732		5%		38,721		5%		31,584		5%
Towing-supply		28,715		7%		28,763		8%		63,994		9%		53,260		8%
Other		868		<1%		875		<1%		1,661		<1%		1,739		<1%
Total	$	48,837		12%		45,370		13%		104,376		14%		86,583		13%
Sub-Saharan Africa/Europe fleet:
Deepwater	$	89,193		23%		106,541		29%		180,884		23%		193,792		28%
Towing-supply		54,617		14%		56,772		16%		110,053		14%		111,632		16%
Other		18,303		5%		15,626		4%		36,915		5%		30,732		4%
Total	$	162,113		42%		178,939		49%		327,852		42%		336,156		48%
Worldwide fleet:
Deepwater	$	227,525		58%		204,007		56%		445,207		58%		386,434		56%
Towing-supply		135,057		35%		132,955		37%		270,326		35%		257,704		37%
Other		28,370		7%		26,706		7%		56,929		7%		51,160		7%
Total	$	390,952		100%		363,668		100%		772,462		100%		695,298		100%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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