Segment and Geographic Distribution Of Operations (Tables)

9 Months Ended

Dec. 31, 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 nine-month periods ended December 31, 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						Nine Months Ended
	December 31,						December 31,
(In thousands)	2014			2013			2014			2013
Revenues:
Vessel revenues:
Americas	$	134,554			109,848			388,550			302,021
Asia/Pacific		35,046			36,325			121,284			116,711
Middle East/North Africa		55,925			51,158			160,301			137,741
Sub-Saharan Africa/Europe		152,601			163,382			480,453			499,538
		378,126			360,713			1,150,588			1,056,011
Other operating revenues		9,428			4,535			20,167			11,259
	$	387,554			365,248			1,170,755			1,067,270

Vessel operating profit:
Americas	$	33,784			25,579			100,770			69,555
Asia/Pacific		2,621			5,932			9,064			21,028
Middle East/North Africa		12,408			10,927			31,568			34,496
Sub-Saharan Africa/Europe		34,120			38,502			113,168			103,282
		82,933			80,940			254,570			228,361
Other operating profit (loss)		(1,032	)		(233	)		(5,548	)		(407	)
		81,901			80,707			249,022			227,954

Corporate general and administrative expenses		(9,411	)		(10,323	)		(30,686	)		(38,269	)
Corporate depreciation		(834	)		(783	)		(2,486	)		(2,283	)
Corporate expenses		(10,245	)		(11,106	)		(33,172	)		(40,552	)

(Loss) gain on asset dispositions, net		(1,537	)		7,170			4,996			9,359
Goodwill impairment		(283,699	)		(56,283	)		(283,699	)		(56,283	)
Operating income (loss)	$	(213,580	)		20,488			(62,853	)		140,478
Foreign exchange gain		4,334			1,341			8,453			4,269
Equity in net earnings of unconsolidated companies		—			2,671			9,104			10,872
Interest income and other, net		434			137			1,555			1,415
Loss on early extinguishment of debt		—			—			—			(4,144	)
Interest and other debt costs, net		(12,239	)		(12,250	)		(37,927	)		(31,081	)
Earnings (loss) before income taxes	$	(221,051	)		12,387			(81,668	)		121,809

Depreciation and amortization:
Americas	$	11,825			11,311			35,623			32,253
Asia/Pacific		4,731			4,231			13,538			12,878
Middle East/North Africa		7,016			6,405			20,383			17,742
Sub-Saharan Africa/Europe		18,067			19,661			55,494			59,397
		41,639			41,608			125,038			122,270
Other		858			—			2,626			2
Corporate		834			783			2,486			2,283
	$	43,331			42,391			130,150			124,555

Additions to properties and equipment:
Americas	$	32,421			45,580			64,057			57,619
Asia/Pacific		44,983			652			68,193			1,620
Middle East/North Africa		424			805			1,659			1,714
Sub-Saharan Africa/Europe (A)		823			52,695			14,736			397,252
		78,651			99,732			148,645			458,205
Other		10,206			22,267			18,931			31,780
Corporate (B)		14,198			60,562			67,678			162,646
	$	103,055			182,561			235,254			652,631

(A)	Included in Sub-Saharan Africa/Europe for the nine months ended December 31, 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 December 31, 2014 and March 31, 2014:


(In thousands)	December 31, 2014		March 31, 2014
Total assets:
Americas	$	1,030,511		1,017,736
Asia/Pacific		434,398		421,379
Middle East/North Africa		652,806		613,303
Sub-Saharan Africa/Europe		2,013,246		2,383,507
		4,130,961		4,435,925
Other		52,728		31,545
		4,183,689		4,467,470
Investments in, at equity, and advances to unconsolidated companies		65,478		63,928
		4,249,167		4,531,398
Corporate (A)		467,459		354,431
	$	4,716,626		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 December 31, 2014 and March 31, 2014, $327.5 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 nine-month periods ended December 31, 2014 and 2013:


	Quarter Ended										Nine Months Ended
Revenue by vessel class	December 31,										December 31,
(In thousands)	2014		%			2013		%			2014		%			2013		%
Americas fleet:
Deepwater	$	94,298		25	%		72,048		20	%		267,983		23	%		188,891		18	%
Towing-supply		33,607		9	%		30,451		9	%		97,511		9	%		88,982		9	%
Other		6,649		2	%		7,349		2	%		23,056		2	%		24,148		2	%
Total	$	134,554		36	%		109,848		31	%		388,550		34	%		302,021		29	%
Asia/Pacific fleet:
Deepwater	$	20,575		5	%		20,142		6	%		72,492		6	%		64,357		6	%
Towing-supply		13,487		4	%		15,235		4	%		45,862		4	%		49,516		5	%
Other		984		<1	%		948		<1	%		2,930		<1	%		2,838		<1	%
Total	$	35,046		9	%		36,325		10	%		121,284		10	%		116,711		11	%
Middle East/North Africa fleet:
Deepwater	$	25,615		7	%		18,805		5	%		64,336		6	%		50,389		5	%
Towing-supply		29,441		8	%		31,481		9	%		93,435		8	%		84,741		8	%
Other		869		<1	%		872		<1	%		2,530		<1	%		2,611		<1	%
Total	$	55,925		15	%		51,158		14	%		160,301		14	%		137,741		13	%
Sub-Saharan Africa/Europe fleet:
Deepwater	$	81,129		21	%		84,866		23	%		262,013		23	%		278,658		26	%
Towing-supply		52,532		14	%		59,789		17	%		162,585		14	%		171,421		16	%
Other		18,940		5	%		18,727		5	%		55,855		5	%		49,459		5	%
Total	$	152,601		40	%		163,382		45	%		480,453		42	%		499,538		47	%
Worldwide fleet:
Deepwater	$	221,617		58	%		195,861		54	%		666,824		58	%		582,295		55	%
Towing-supply		129,067		35	%		136,956		39	%		399,393		35	%		394,660		38	%
Other		27,442		7	%		27,896		7	%		84,371		7	%		79,056		7	%
Total	$	378,126		100	%		360,713		100	%		1,150,588		100	%		1,056,011		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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