SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables)

6 Months Ended

Sep. 30, 2017

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	%