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SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables) | 6 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segment Information, Geographical Data and Major Customers | The following tables provide a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses. In conjunction with the company’s emergence from bankruptcy on July 31, 2017 the company combined operations in its legacy Middle East and Asia/Pacific segments into a single Middle East/Asia Pacific segment. The company’s Americas and Africa/Europe segments are not affected by this change. This new segment alignment is consistent with how the company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. The Predecessor period from April 1, 2017 through July 31, 2017, and the three and six month periods ended September 30, 2016 have been recast to conform to the new segment alignment.
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | July 1, 2017 |  |  | Three Months |
|  | through |  |  |  | through |  |  | Ended |
(In thousands) |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 17,449 |  |  |  |  | 8,961 |  |  |  | 53,125 |
Middle East/Asia Pacific |  |  | 16,669 |  |  |  |  | 8,547 |  |  |  | 29,584 |
Africa/Europe |  |  | 36,453 |  |  |  |  | 16,832 |  |  |  | 56,652 |
|  |  | 70,571 |  |  |  |  | 34,340 |  |  |  | 139,361 |
Other operating revenues |  |  | 3,729 |  |  |  |  | 1,923 |  |  |  | 4,361 |
|  | $ | 74,300 |  |  |  |  | 36,263 |  |  |  | 143,722 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (2,651 | ) |  |  |  | (6,850 | ) |  |  | (1,177 | )
Middle East/Asia Pacific |  |  | 944 |  |  |  |  | (118 | ) |  |  | (5,171 | )
Africa/Europe |  |  | (24 | ) |  |  |  | (8,571 | ) |  |  | (14,072 | )
|  |  | (1,731 | ) |  |  |  | (15,539 | ) |  |  | (20,420 | )
Other operating profit (loss) |  |  | 809 |  |  |  |  | 821 |  |  |  | (1,012 | )
|  |  | (922 | ) |  |  |  | (14,718 | ) |  |  | (21,432 | )
Corporate general and administrative expenses |  |  | (4,797 | ) |  |  |  | (2,840 | ) |  |  | (10,006 | )
Corporate depreciation |  |  | (67 | ) |  |  |  | (163 | ) |  |  | (597 | )
Corporate expenses |  |  | (4,864 | ) |  |  |  | (3,003 | ) |  |  | (10,603 | )
Gain on asset dispositions, net |  |  | 4 |  |  |  |  | 372 |  |  |  | 6,253 |
Asset impairments (A) |  |  | — |  |  |  |  | (21,325 | ) |  |  | (129,562 | )
Operating loss |  | $ | (5,782 | ) |  |  |  | (38,674 | ) |  |  | (155,344 | )
Foreign exchange loss |  |  | (58 | ) |  |  |  | (2,024 | ) |  |  | (2,539 | )
Equity in net earnings of unconsolidated companies |  |  | 1,305 |  |  |  |  | 269 |  |  |  | 1,313 |
Interest income and other |  |  | 873 |  |  |  |  | 704 |  |  |  | 992 |
Reorganization items (B) |  |  | (1,880 | ) |  |  |  | (1,083,729 | ) |  |  | — |
Interest and other debt costs |  |  | (5,240 | ) |  |  |  | (574 | ) |  |  | (18,477 | )
Loss before income taxes |  | $ | (10,782 | ) |  |  |  | (1,124,028 | ) |  |  | (174,055 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2,295 |  |  |  |  | 3,197 |  |  |  | 12,700 |
Middle East/Asia Pacific |  |  | 1,807 |  |  |  |  | 2,221 |  |  |  | 10,779 |
Africa/Europe |  |  | 3,561 |  |  |  |  | 5,294 |  |  |  | 18,430 |
|  |  | 7,663 |  |  |  |  | 10,712 |  |  |  | 41,909 |
Other |  |  | 412 |  |  |  |  | 285 |  |  |  | 1,339 |
Corporate |  |  | 67 |  |  |  |  | 163 |  |  |  | 597 |
|  | $ | 8,142 |  |  |  |  | 11,160 |  |  |  | 43,845 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | — |  |  |  |  | — |  |  |  | — |
Middle East/Asia Pacific |  |  | 377 |  |  |  |  | 394 |  |  |  | 34 |
Africa/Europe |  |  | 159 |  |  |  |  | 101 |  |  |  | 392 |
|  |  | 536 |  |  |  |  | 495 |  |  |  | 426 |
Other |  |  | — |  |  |  |  | — |  |  |  | — |
Corporate (C) |  |  | 53 |  |  |  |  | 143 |  |  |  | 9,445 |
|  | $ | 589 |  |  |  |  | 638 |  |  |  | 9,871 |
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Six Months |
|  | through |  |  |  | through |  |  | Ended |
(In thousands) |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 17,449 |  |  |  |  | 40,848 |  |  |  | 113,733 |
Middle East/Asia Pacific |  |  | 16,669 |  |  |  |  | 36,313 |  |  |  | 61,707 |
Africa/Europe |  |  | 36,453 |  |  |  |  | 69,436 |  |  |  | 126,351 |
|  |  | 70,571 |  |  |  |  | 146,597 |  |  |  | 301,791 |
Other operating revenues |  |  | 3,729 |  |  |  |  | 4,772 |  |  |  | 9,856 |
|  | $ | 74,300 |  |  |  |  | 151,369 |  |  |  | 311,647 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (2,651 | ) |  |  |  | (22,549 | ) |  |  | (5,503 | )
Middle East/Asia Pacific |  |  | 944 |  |  |  |  | (1,434 | ) |  |  | (10,778 | )
Africa/Europe |  |  | (24 | ) |  |  |  | (21,508 | ) |  |  | (27,381 | )
|  |  | (1,731 | ) |  |  |  | (45,491 | ) |  |  | (43,662 | )
Other operating profit (loss) |  |  | 809 |  |  |  |  | 876 |  |  |  | (1,439 | )
|  |  | (922 | ) |  |  |  | (44,615 | ) |  |  | (45,101 | )
Corporate general and administrative expenses |  |  | (4,797 | ) |  |  |  | (17,542 | ) |  |  | (20,499 | )
Corporate depreciation |  |  | (67 | ) |  |  |  | (704 | ) |  |  | (1,327 | )
Corporate expenses |  |  | (4,864 | ) |  |  |  | (18,246 | ) |  |  | (21,826 | )
Gain on asset dispositions, net |  |  | 4 |  |  |  |  | 3,561 |  |  |  | 11,896 |
Asset impairments (A) |  |  | — |  |  |  |  | (184,748 | ) |  |  | (166,448 | )
Operating loss |  | $ | (5,782 | ) |  |  |  | (244,048 | ) |  |  | (221,479 | )
Foreign exchange loss |  |  | (58 | ) |  |  |  | (3,181 | ) |  |  | (5,272 | )
Equity in net earnings of unconsolidated companies |  |  | 1,305 |  |  |  |  | 4,786 |  |  |  | 1,312 |
Interest income and other |  |  | 873 |  |  |  |  | 2,384 |  |  |  | 2,168 |
Reorganization items (B) |  |  | (1,880 | ) |  |  |  | (1,396,905 | ) |  |  | — |
Interest and other debt costs |  |  | (5,240 | ) |  |  |  | (11,179 | ) |  |  | (35,431 | )
Loss before income taxes |  | $ | (10,782 | ) |  |  |  | (1,648,143 | ) |  |  | (258,702 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2,295 |  |  |  |  | 13,945 |  |  |  | 25,478 |
Middle East/Asia Pacific |  |  | 1,807 |  |  |  |  | 9,967 |  |  |  | 21,673 |
Africa/Europe |  |  | 3,561 |  |  |  |  | 21,692 |  |  |  | 37,199 |
|  |  | 7,663 |  |  |  |  | 45,604 |  |  |  | 84,350 |
Other |  |  | 412 |  |  |  |  | 1,139 |  |  |  | 2,720 |
Corporate |  |  | 67 |  |  |  |  | 704 |  |  |  | 1,327 |
|  | $ | 8,142 |  |  |  |  | 47,447 |  |  |  | 88,397 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | — |  |  |  |  | 27 |  |  |  | 75 |
Middle East/Asia Pacific |  |  | 377 |  |  |  |  | 1,042 |  |  |  | 314 |
Africa/Europe |  |  | 159 |  |  |  |  | 375 |  |  |  | 459 |
|  |  | 536 |  |  |  |  | 1,444 |  |  |  | 848 |
Other |  |  | — |  |  |  |  | — |  |  |  | — |
Corporate (C) |  |  | 53 |  |  |  |  | 821 |  |  |  | 19,138 |
|  | $ | 589 |  |  |  |  | 2,265 |  |  |  | 19,986 |
| (A) | Refer to Note (16) for additional information regarding asset impairment charges.
| (B) | Refer to Note (4) for additional information regarding reorganization items.
| (C) | 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, 2017 and March 31, 2017:
|  | Successor |  |  |  | Predecessor |
|  | September 30, |  |  |  | March 31, |
(In thousands) |  | 2017 |  |  |  | 2017 |
Total assets: |  |  |  |  |  |  |  |  |
Americas |  | $ | 189,908 |  |  |  |  | 779,778 |
Middle East/Asia Pacific |  |  | 67,491 |  |  |  |  | 583,385 |
Africa/Europe |  |  | 1,035,109 |  |  |  |  | 1,897,355 |
|  |  | 1,292,508 |  |  |  |  | 3,260,518 |
Other |  |  | 19,026 |  |  |  |  | 21,580 |
|  |  | 1,311,534 |  |  |  |  | 3,282,098 |
Investments in, at equity, and advances to unconsolidated companies |  |  | 25,729 |  |  |  |  | 45,115 |
|  |  | 1,337,263 |  |  |  |  | 3,327,213 |
Corporate (A) |  |  | 475,589 |  |  |  |  | 863,486 |
|  | $ | 1,812,852 |  |  |  |  | 4,190,699 |
(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 vessel is assigned to a non-corporate reporting segment or the date it is delivered. At September 30, 2017 and March 31, 2017, $7.0 million and $52.4 million, respectively, of vessel construction costs are included in Corporate.
Schedule of Segment Reporting Information, Revenue by Vessel Class | The following tables disclose the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |
|  | August 1, 2017 |  |  |  | July 1, 2017 |  |  | Three Months |
|  | through |  |  |  | through |  |  | Ended |
Revenue by vessel class |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |
(In thousands) |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 9,798 |  |  |  | 14 | % |  |  |  | 4,304 |  |  |  | 12 | % |  |  | 37,270 |  |  |  | 27 | %
Towing-supply |  |  | 5,572 |  |  |  | 8 | % |  |  |  | 3,747 |  |  |  | 11 | % |  |  | 13,039 |  |  |  | 9 | %
Other |  |  | 2,079 |  |  |  | 3 | % |  |  |  | 910 |  |  |  | 3 | % |  |  | 2,816 |  |  |  | 2 | %
Total |  | $ | 17,449 |  |  |  | 25 | % |  |  |  | 8,961 |  |  |  | 26 | % |  |  | 53,125 |  |  |  | 38 | %
Middle East/Asia Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 5,726 |  |  |  | 8 | % |  |  |  | 2,667 |  |  |  | 8 | % |  |  | 8,860 |  |  |  | 6 | %
Towing-supply |  |  | 10,943 |  |  |  | 16 | % |  |  |  | 5,880 |  |  |  | 17 | % |  |  | 20,724 |  |  |  | 15 | %
Other |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 16,669 |  |  |  | 24 | % |  |  |  | 8,547 |  |  |  | 25 | % |  |  | 29,584 |  |  |  | 21 | %
Africa/Europe fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 17,582 |  |  |  | 25 | % |  |  |  | 7,588 |  |  |  | 22 | % |  |  | 24,305 |  |  |  | 17 | %
Towing-supply |  |  | 15,049 |  |  |  | 21 | % |  |  |  | 8,124 |  |  |  | 24 | % |  |  | 25,934 |  |  |  | 19 | %
Other |  |  | 3,822 |  |  |  | 5 | % |  |  |  | 1,120 |  |  |  | 3 | % |  |  | 6,413 |  |  |  | 5 | %
Total |  | $ | 36,453 |  |  |  | 51 | % |  |  |  | 16,832 |  |  |  | 49 | % |  |  | 56,652 |  |  |  | 41 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 33,106 |  |  |  | 47 | % |  |  |  | 14,559 |  |  |  | 42 | % |  |  | 70,435 |  |  |  | 50 | %
Towing-supply |  |  | 31,564 |  |  |  | 45 | % |  |  |  | 17,751 |  |  |  | 52 | % |  |  | 59,697 |  |  |  | 43 | %
Other |  |  | 5,901 |  |  |  | 8 | % |  |  |  | 2,030 |  |  |  | 6 | % |  |  | 9,229 |  |  |  | 7 | %
Total |  | $ | 70,571 |  |  |  | 100 | % |  |  |  | 34,340 |  |  |  | 100 | % |  |  | 139,361 |  |  |  | 100 | %
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |
|  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Six Months |
|  | through |  |  |  | through |  |  | Ended |
Revenue by vessel class |  | September 30, 2017 |  |  |  | July 31, 2017 |  |  | September 30, 2016 |
(In thousands) |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 9,798 |  |  |  | 14 | % |  |  |  | 21,617 |  |  |  | 15 | % |  |  | 77,657 |  |  |  | 26 | %
Towing-supply |  |  | 5,572 |  |  |  | 8 | % |  |  |  | 15,021 |  |  |  | 10 | % |  |  | 29,918 |  |  |  | 10 | %
Other |  |  | 2,079 |  |  |  | 3 | % |  |  |  | 4,210 |  |  |  | 3 | % |  |  | 6,158 |  |  |  | 2 | %
Total |  | $ | 17,449 |  |  |  | 25 | % |  |  |  | 40,848 |  |  |  | 28 | % |  |  | 113,733 |  |  |  | 38 | %
Middle East/Asia Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 5,726 |  |  |  | 8 | % |  |  |  | 13,368 |  |  |  | 9 | % |  |  | 17,488 |  |  |  | 6 | %
Towing-supply |  |  | 10,943 |  |  |  | 16 | % |  |  |  | 22,945 |  |  |  | 16 | % |  |  | 44,219 |  |  |  | 14 | %
Other |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 16,669 |  |  |  | 24 | % |  |  |  | 36,313 |  |  |  | 25 | % |  |  | 61,707 |  |  |  | 20 | %
Africa/Europe fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 17,582 |  |  |  | 25 | % |  |  |  | 29,746 |  |  |  | 20 | % |  |  | 57,594 |  |  |  | 19 | %
Towing-supply |  |  | 15,049 |  |  |  | 21 | % |  |  |  | 35,143 |  |  |  | 24 | % |  |  | 53,851 |  |  |  | 18 | %
Other |  |  | 3,822 |  |  |  | 5 | % |  |  |  | 4,547 |  |  |  | 3 | % |  |  | 14,906 |  |  |  | 5 | %
Total |  | $ | 36,453 |  |  |  | 51 | % |  |  |  | 69,436 |  |  |  | 47 | % |  |  | 126,351 |  |  |  | 42 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 33,106 |  |  |  | 47 | % |  |  |  | 64,731 |  |  |  | 44 | % |  |  | 152,739 |  |  |  | 51 | %
Towing-supply |  |  | 31,564 |  |  |  | 45 | % |  |  |  | 73,109 |  |  |  | 50 | % |  |  | 127,988 |  |  |  | 42 | %
Other |  |  | 5,901 |  |  |  | 8 | % |  |  |  | 8,757 |  |  |  | 6 | % |  |  | 21,064 |  |  |  | 7 | %
Total |  | $ | 70,571 |  |  |  | 100 | % |  |  |  | 146,597 |  |  |  | 100 | % |  |  | 301,791 |  |  |  | 100 | %

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