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SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 6 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS |
(13) | SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS
During the quarter ended March 31, 2018, the company’s Africa/Europe segment was split as a result of management realignment such that the company’s operations in Europe and Mediterranean Sea regions and the company’s West African regions are now separately reported segments. As such, the company now discloses these new segments as Europe/Mediterranean Sea and West Africa, respectively. The company’s Americas and Middle East/Asia Pacific 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. Prior year amounts have been recast to conform to the new segment alignment. The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the quarters and six month periods ended June 30, 2018 and 2017. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to brokered vessels and other miscellaneous marine-related businesses.
|  | 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 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 32,601 |  |  |  |  | 31,887 |  |  |  | 58,682 |  |  |  |  | 112,420 |
Middle East/Asia Pacific |  |  | 22,406 |  |  |  |  | 27,766 |  |  |  | 40,794 |  |  |  |  | 54,444 |
Europe/Mediterranean Sea |  |  | 13,357 |  |  |  |  | 11,031 |  |  |  | 22,980 |  |  |  |  | 21,197 |
West Africa |  |  | 35,810 |  |  |  |  | 41,573 |  |  |  | 69,212 |  |  |  |  | 81,101 |
|  |  | 104,174 |  |  |  |  | 112,257 |  |  |  | 191,668 |  |  |  |  | 269,162 |
Other operating revenues (A) |  |  | 1,427 |  |  |  |  | 2,849 |  |  |  | 5,426 |  |  |  |  | 6,693 |
|  | $ | 105,601 |  |  |  |  | 115,106 |  |  |  | 197,094 |  |  |  |  | 275,855 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 5,681 |  |  |  |  | (15,699 | ) |  |  | 10,592 |  |  |  |  | 14,919 |
Middle East/Asia Pacific |  |  | 625 |  |  |  |  | (1,316 | ) |  |  | (1,628 | ) |  |  |  | (7,480 | )
Europe/Mediterranean Sea |  |  | (1,142 | ) |  |  |  | (10,163 | ) |  |  | (4,696 | ) |  |  |  | (17,265 | )
West Africa |  |  | 1,705 |  |  |  |  | (2,774 | ) |  |  | (48 | ) |  |  |  | (8,127 | )
|  |  | 6,869 |  |  |  |  | (29,952 | ) |  |  | 4,220 |  |  |  |  | (17,953 | )
Other operating profit (loss) |  |  | 778 |  |  |  |  | 55 |  |  |  | 2,284 |  |  |  |  | (170 | )
|  |  | 7,647 |  |  |  |  | (29,897 | ) |  |  | 6,504 |  |  |  |  | (18,123 | )
Corporate general and administrative expenses |  |  | (7,810 | ) |  |  |  | (14,702 | ) |  |  | (14,494 | ) |  |  |  | (36,459 | )
Corporate depreciation |  |  | (100 | ) |  |  |  | (541 | ) |  |  | (200 | ) |  |  |  | (1,105 | )
Corporate expenses |  |  | (7,910 | ) |  |  |  | (15,243 | ) |  |  | (14,694 | ) |  |  |  | (37,564 | )
Gain on asset dispositions, net |  |  | 1,338 |  |  |  |  | 3,189 |  |  |  | 3,257 |  |  |  |  | 9,253 |
Asset impairments (B) |  |  | (1,215 | ) |  |  |  | (163,423 | ) |  |  | (7,401 | ) |  |  |  | (228,280 | )
Operating loss |  | $ | (140 | ) |  |  |  | (205,374 | ) |  |  | (12,334 | ) |  |  |  | (274,714 | )
Foreign exchange loss |  |  | (1,002 | ) |  |  |  | (1,157 | ) |  |  | (1,350 | ) |  |  |  | (493 | )
Equity in net earnings (losses) of unconsolidated companies |  |  | 390 |  |  |  |  | 4,517 |  |  |  | (15,049 | ) |  |  |  | 7,358 |
Interest income and other, net |  |  | 2,914 |  |  |  |  | 1,680 |  |  |  | 2,786 |  |  |  |  | 3,268 |
Reorganization items |  |  | — |  |  |  |  | (313,176 | ) |  |  | — |  |  |  |  | (313,176 | )
Interest and other debt costs, net |  |  | (7,547 | ) |  |  |  | (10,605 | ) |  |  | (15,146 | ) |  |  |  | (31,613 | )
Loss before income taxes |  | $ | (5,385 | ) |  |  |  | (524,115 | ) |  |  | (41,093 | ) |  |  |  | (609,370 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 3,530 |  |  |  |  | 10,748 |  |  |  | 6,843 |  |  |  |  | 22,045 |
Middle East/Asia Pacific |  |  | 2,844 |  |  |  |  | 7,746 |  |  |  | 5,613 |  |  |  |  | 16,245 |
Europe/Mediterranean Sea |  |  | 2,239 |  |  |  |  | 6,803 |  |  |  | 4,043 |  |  |  |  | 13,364 |
West Africa |  |  | 4,067 |  |  |  |  | 9,595 |  |  |  | 8,093 |  |  |  |  | 19,411 |
|  |  | 12,680 |  |  |  |  | 34,892 |  |  |  | 24,592 |  |  |  |  | 71,065 |
Other |  |  | 5 |  |  |  |  | 854 |  |  |  | 10 |  |  |  |  | 1,709 |
Corporate |  |  | 100 |  |  |  |  | 541 |  |  |  | 200 |  |  |  |  | 1,105 |
|  | $ | 12,785 |  |  |  |  | 36,287 |  |  |  | 24,802 |  |  |  |  | 73,879 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,230 |  |  |  |  | 27 |  |  |  | 2,267 |  |  |  |  | 27 |
Middle East/Asia Pacific |  |  | 1,073 |  |  |  |  | 648 |  |  |  | 1,496 |  |  |  |  | 1,673 |
Europe/Mediterranean Sea |  |  | 135 |  |  |  |  | — |  |  |  | 135 |  |  |  |  | — |
West Africa |  |  | — |  |  |  |  | 274 |  |  |  | 1 |  |  |  |  | 368 |
|  |  | 2,438 |  |  |  |  | 949 |  |  |  | 3,899 |  |  |  |  | 2,068 |
Other |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  |  | — |
Corporate (C) |  |  | 1,659 |  |  |  |  | 678 |  |  |  | 1,876 |  |  |  |  | 7,632 |
|  | $ | 4,097 |  |  |  |  | 1,627 |  |  |  | 5,775 |  |  |  |  | 9,700 |
| (A) | Included in other operating revenues for the quarter and six months ended June 30, 2017, were $0.5 million and $0.8 million, respectively, of revenues related to the company’s subsea business. The eight ROVs representing substantially all of the company’s subsea assets were sold in December 2017.
| (B) | Refer to Note (14) for additional information regarding asset impairment.
| (C) | Included in Corporate are additions to properties and equipment relating to a vessel under construction which has not yet been assigned to a non-corporate reporting segment as of the dates presented.
The following table provides a comparison of total assets at June 30, 2018 and December 31, 2017:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2018 |  |  | 2017 |
Total assets (A): |  |  |  |  |  |  |  |
Americas (B) |  | $ | 310,121 |  |  |  | 164,958 |
Middle East/Asia Pacific |  |  | 215,105 |  |  |  | 48,268 |
Europe/Mediterranean Sea |  |  | 167,695 |  |  |  | 171,157 |
West Africa (C) |  |  | 486,333 |  |  |  | 864,299 |
|  |  | 1,179,254 |  |  |  | 1,248,682 |
Other |  |  | 363 |  |  |  | 2,443 |
|  |  | 1,179,617 |  |  |  | 1,251,125 |
Investments in, at equity, and advances to unconsolidated companies |  |  | 1,335 |  |  |  | 29,216 |
|  |  | 1,180,953 |  |  |  | 1,280,341 |
Corporate (D) |  |  | 462,589 |  |  |  | 465,839 |
|  | $ | 1,643,542 |  |  |  | 1,746,180 |
(A) | The company’s segment level assets as of June 30, 2018, reflect the elimination of certain intersegment balances.
(B) | Americas segment assets include cash held by non-corporate subsidiaries of $94.6 million and 95.1 million, as of June 30, 2018 and December 31, 2017, respectively.
(C) | West Africa segment assets include due from related parties of $197.1 million and $263.7 million as of June 30, 2018 and December 31, 2017, respectively.
(D) | Corporate includes cash (including restricted cash) of $353.2 million and $336.4 million as of June 30, 2018 and December 31. 2017, respectively. Also included in Corporate is a vessel under construction which has 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 June 30, 2018 and December 31, 2017, $11.2 million and $9.3 million, respectively, of vessel construction costs are included in Corporate.
The following table compares 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 June 30, 2018 (Successor) and June 30, 2017 (Predecessor):
|  | Successor |  |  |  | Predecessor |  |  | Successor |  |  |  | Predecessor |
|  | Quarter Ended |  |  |  | Quarter Ended |  |  | Six Months Ended |  |  |  | Six Months Ended |
|  | June 30, 2018 |  |  |  | June 30, 2017 |  |  | June 30, 2018 |  |  |  | June 30, 2017 |
Vessel revenue by vessel class (In thousands) |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 22,661 |  |  |  | 22 | % |  |  |  | 17,313 |  |  |  | 15 | % |  | $ | 38,866 |  |  |  | 20 | % |  |  |  | 80,144 |  |  |  | 30 | %
Towing-supply |  |  | 7,560 |  |  |  | 7 | % |  |  |  | 11,274 |  |  |  | 10 | % |  |  | 14,406 |  |  |  | 8 | % |  |  |  | 26,012 |  |  |  | 10 | %
Other |  |  | 2,380 |  |  |  | 2 | % |  |  |  | 3,300 |  |  |  | 3 | % |  |  | 5,410 |  |  |  | 3 | % |  |  |  | 6,264 |  |  |  | 2 | %
Total |  | $ | 32,601 |  |  |  | 31 | % |  |  |  | 31,887 |  |  |  | 28 | % |  | $ | 58,682 |  |  |  | 31 | % |  |  |  | 112,420 |  |  |  | 42 | %
Middle East/Asia Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 9,603 |  |  |  | 9 | % |  |  |  | 10,701 |  |  |  | 10 | % |  | $ | 19,167 |  |  |  | 10 | % |  |  |  | 20,134 |  |  |  | 7 | %
Towing-supply |  |  | 12,783 |  |  |  | 12 | % |  |  |  | 17,065 |  |  |  | 15 | % |  |  | 21,607 |  |  |  | 11 | % |  |  |  | 34,310 |  |  |  | 13 | %
Other |  |  | 20 |  |  |  | <1 | % |  |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | <1 | % |  |  |  | — |  |  |  | — |
Total |  | $ | 22,406 |  |  |  | 21 | % |  |  |  | 27,766 |  |  |  | 25 | % |  | $ | 40,794 |  |  |  | 21 | % |  |  |  | 54,444 |  |  |  | 20 | %
Europe/Mediterranean Sea fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 12,596 |  |  |  | 12 | % |  |  |  | 8,237 |  |  |  | 8 | % |  | $ | 21,616 |  |  |  | 11 | % |  |  |  | 18,090 |  |  |  | 7 | %
Towing-supply |  |  | 761 |  |  |  | 1 | % |  |  |  | 2,794 |  |  |  | 2 | % |  |  | 1,364 |  |  |  | 1 | % |  |  |  | 3,116 |  |  |  | 1 | %
Other |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | (9 | ) |  |  | (<1 | %)
Total |  | $ | 13,357 |  |  |  | 13 | % |  |  |  | 11,031 |  |  |  | 10 | % |  | $ | 22,980 |  |  |  | 12 | % |  |  |  | 21,197 |  |  |  | 8 | %
West Africa fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 14,314 |  |  |  | 14 | % |  |  |  | 13,921 |  |  |  | 12 | % |  | $ | 28,252 |  |  |  | 15 | % |  |  |  | 27,100 |  |  |  | 10 | %
Towing-supply |  |  | 17,321 |  |  |  | 17 | % |  |  |  | 24,225 |  |  |  | 22 | % |  |  | 33,460 |  |  |  | 17 | % |  |  |  | 46,697 |  |  |  | 17 | %
Other |  |  | 4,175 |  |  |  | 4 | % |  |  |  | 3,427 |  |  |  | 3 | % |  |  | 7,500 |  |  |  | 4 | % |  |  |  | 7,304 |  |  |  | 3 | %
Total |  | $ | 35,810 |  |  |  | 35 | % |  |  |  | 41,573 |  |  |  | 37 | % |  | $ | 69,212 |  |  |  | 36 | % |  |  |  | 81,101 |  |  |  | 30 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 59,174 |  |  |  | 57 | % |  |  |  | 50,172 |  |  |  | 45 | % |  | $ | 107,901 |  |  |  | 56 | % |  |  |  | 145,468 |  |  |  | 54 | %
Towing-supply |  |  | 38,425 |  |  |  | 37 | % |  |  |  | 55,358 |  |  |  | 49 | % |  |  | 70,837 |  |  |  | 37 | % |  |  |  | 110,135 |  |  |  | 41 | %
Other |  |  | 6,575 |  |  |  | 6 | % |  |  |  | 6,727 |  |  |  | 6 | % |  |  | 12,930 |  |  |  | 7 | % |  |  |  | 13,559 |  |  |  | 5 | %
Total |  | $ | 104,174 |  |  |  | 100 | % |  |  |  | 112,257 |  |  |  | 100 | % |  | $ | 191,668 |  |  |  | 100 | % |  |  |  | 269,162 |  |  |  | 100 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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