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INDEBTEDNESS (Tables) | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
Summary of Debt Outstanding | The following is a summary of all debt outstanding at June 30, 2018 and December 31, 2017:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2018 |  |  | 2017 |
New secured notes: |  |  |  |  |  |  |  |
8.00% New secured notes due August 2022 (A) |  |  | 349,954 |  |  |  | 350,000 |
Troms Offshore borrowings (B): |  |  |  |  |  |  |  |
NOK denominated notes due May 2024 |  |  | 13,595 |  |  |  | 14,054 |
NOK denominated notes due January 2026 |  |  | 25,315 |  |  |  | 25,965 |
USD denominated notes due January 2027 |  |  | 22,729 |  |  |  | 23,345 |
USD denominated notes due April 2027 |  |  | 24,810 |  |  |  | 25,463 |
|  | $ | 436,403 |  |  |  | 438,827 |
Debt premiums and discounts, net |  |  | 8,446 |  |  |  | 9,333 |
Less: Current portion of long-term debt |  |  | 6,290 |  |  |  | 5,103 |
Total long-term debt |  | $ | 438,559 |  |  |  | 443,057 |
(A) | As of June 30, 2018 and December 31, 2017, the fair value (Level 2) of the New Secured Notes was $361.5 million and $359.8 million, respectively.
(B) | The company pays principal and interest on these notes semi-annually. As of June 30, 2018 and December 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $86.4 million and $88.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2018, was 5.00%.
Debt Costs | The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and six month periods ended June 30, 2018 and 2017.
|  | Successor |  |  |  | Predecessor |  |  | Successor |  |  |  | Predecessor |
|  | Quarter Ended |  |  |  | Quarter Ended |  |  | Six Months Ended |  |  |  | Six Months Ended |
|  | June 30, |  |  |  | June 30, |  |  | June 30, |  |  |  | June 30, |
(In thousands) |  | 2018 |  |  |  | 2017 |  |  | 2018 |  |  |  | 2017 |
Interest and debt costs incurred, net of interest capitalized |  | $ | 7,547 |  |  |  |  | 10,605 |  |  | $ | 15,146 |  |  |  |  | 31,613 |
Interest costs capitalized |  |  | 194 |  |  |  |  | 601 |  |  |  | 368 |  |  |  |  | 1,818 |
Total interest and debt costs |  | $ | 7,741 |  |  |  |  | 11,206 |  |  | $ | 15,514 |  |  |  |  | 33,431 |

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