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INDEBTEDNESS (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2018

Dec. 31, 2017

Summarizes Debt Outstanding

The following is a summary of all debt outstanding at June 30, 2018 and December 31, 2017:

(In thousands)		June 30, 2018				December 31, 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%.

The following table summarizes debt outstanding based on stated maturities:

		Successor				Predecessor
(In thousands)		December 31, 2017				March 31, 2017
Bank loan agreement:
Bank term loan due July 2019		$	—				300,000
Revolving line of credit due July 2019			—				600,000
September 2010 senior notes:
3.90% September 2010 senior notes due December 2017			—				44,500
3.95% September 2010 senior notes due December 2017			—				25,000
4.12% September 2010 senior notes due December 2018			—				25,000
4.17% September 2010 senior notes due December 2018			—				25,000
4.33% September 2010 senior notes due December 2019			—				50,000
4.51% September 2010 senior notes due December 2020			—				100,000
4.56% September 2010 senior notes due December 2020			—				65,000
4.61% September 2010 senior notes due December 2022			—				48,000
August 2011 senior notes:
4.06% August 2011 senior notes due March 2019			—				50,000
4.54% August 2011 senior notes due June 2021			—				65,000
4.64% August 2011 senior notes due June 2021			—				50,000
September 2013 senior notes:
4.26% September 2013 senior notes due November 2020			—				123,000
5.01% September 2013 senior notes due November 2023			—				250,000
5.16% September 2013 senior notes due November 2025			—				127,000
New secured notes:
8.00% New secured notes due August 2022			350,000				—
New secured notes - premium			14,329				—
Troms Offshore borrowings:
NOK denominated notes due May 2024			14,054				14,864
NOK denominated notes due May 2024 - premium			115				—
NOK denominated notes due January 2026			25,965				26,167
NOK denominated notes due January 2026 - discount			(1,586	)			—
USD denominated notes due January 2027			23,345				24,573
USD denominated notes due January 2027 - discount			(1,678	)			—
USD denominated notes due April 2027			25,463				27,421
USD denominated notes due April 2027 - discount			(1,847	)			—
		$	448,160				2,040,525
Less: Deferred debt issue costs			—				6,401
Less: Current portion of long-term debt			5,103				2,034,124
Total long-term debt		$	443,057				—

Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding

A summary of U.S. dollar denominated Troms Offshore borrowings outstanding is as follows:

		Successor				Predecessor
(In thousands)		December 31, 2017				March 31, 2017
May 2015 notes
Amount outstanding		$	25,463				27,421
Fair value of debt outstanding (Level 2)			25,427				27,395
March 2015 notes
Amount outstanding		$	23,345				24,573
Fair value of debt outstanding (Level 2)			23,251				24,544

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
(In thousands)		Quarter Ended June 30, 2018								Quarter Ended June 30, 2017				Six Months Ended June 30, 2018								Six Months Ended June 30, 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

Interest and debt costs incurred, net of interest capitalized are as follows:

		Successor				Predecessor
(In thousands)		Period from August 1, 2017 through December 31, 2017				Period from April 1, 2017 through March 31, 2017				Year Ended July 31, 2017
Interest and debt costs incurred, net of interest capitalized		$	13,009				11,179				75,026
Interest costs capitalized			101				601				4,829
Total interest and debt costs		$	13,110				11,780				79,855

Troms Offshore Supply AS

Summarizes Debt Outstanding

A summary of NOK denominated Troms Offshore borrowings outstanding and their U.S. dollar equivalents is as follows:

		Successor				Predecessor
(In thousands)		December 31, 2017				March 31, 2017
January 2014 notes:
NOK denominated			212,500				225,000
U.S. dollar equivalent		$	25,965				26,167
Fair value in U.S. dollar equivalent (Level 2)			25,850				26,133
May 2012 notes:
NOK denominated			115,020				127,800
U.S. dollar equivalent		$	14,054				14,864
Fair value in U.S. dollar equivalent (Level 2)			14,013				14,793

Senior Notes Twenty Thirteen [Member]

Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding

A summary of these notes is as follows:

		Successor				Predecessor
(In thousands, except weighted average data)		December 31, 2017				March 31, 2017
Aggregate debt outstanding		$	—				500,000
Weighted average remaining life in years			—				6.4
Weighted average coupon rate on notes outstanding			—				4.86	%
Fair value of debt outstanding			—				280,000

August 2011 Senior Notes

Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding

A summary of these notes is as follows:

		Successor				Predecessor
(In thousands, except weighted average data)		December 31, 2017				March 31, 2017
Aggregate debt outstanding		$	—				165,000
Weighted average remaining life in years			—				3.6
Weighted average coupon rate on notes outstanding			—				4.42	%
Fair value of debt outstanding			—				92,400

September 2010 Senior Notes

Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding

A summary of these notes is as follows:

		Successor				Predecessor
(In thousands, except weighted average data)		December 31, 2017				March 31, 2017
Aggregate debt outstanding		$	—				382,500
Weighted average remaining life in years			—				3.1
Weighted average coupon rate on notes outstanding			—				4.35	%
Fair value of debt outstanding			—				214,200

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