SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2018

Segment Information, Geographical Data and Major Customers

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.

Comparison of Total Assets

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.

Schedule of Segment Reporting Information, Revenue by Vessel Class

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	%