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SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | (18)SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS Operating business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. During calendar year 2018 our Africa/Europe segment was split as a result of management realignment such that our operations in Europe and Mediterranean Sea regions and our West Africa regions are now separately reported segments. As such, we now disclose these new segments as Europe/Mediterranean Sea and West Africa, respectively. Our Americas and Middle East/Asia Pacific segments are not affected by this change. This new segment alignment is consistent with how our chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. Prior year amounts have also been recast to conform to the new segment alignment. The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our brokered vessels and other miscellaneous marine-related businesses.
|  | Successor |  |  |  | Predecessor |
|  |  |  |  |  | Period from |  |  |  | Period from |  |  |  |  |
|  | Twelve Months |  |  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Twelve Months |
|  | Ended |  |  | through |  |  |  | through |  |  | Ended |
(In thousands) |  | December 31, 2018 |  |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 118,534 |  |  |  | 45,784 |  |  |  |  | 40,848 |  |  |  | 239,843 |
Middle East/Asia Pacific |  |  | 80,195 |  |  |  | 39,845 |  |  |  |  | 36,313 |  |  |  | 114,618 |
Europe/Mediterranean Sea |  |  | 56,263 |  |  |  | 19,895 |  |  |  |  | 15,466 |  |  |  | 42,667 |
West Africa |  |  | 142,214 |  |  |  | 66,360 |  |  |  |  | 53,970 |  |  |  | 186,688 |
|  |  | 397,206 |  |  |  | 171,884 |  |  |  |  | 146,597 |  |  |  | 583,816 |
Other operating revenues |  |  | 9,314 |  |  |  | 6,869 |  |  |  |  | 4,772 |  |  |  | 17,795 |
|  | $ | 406,520 |  |  |  | 178,753 |  |  |  |  | 151,369 |  |  |  | 601,611 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 8,860 |  |  |  | (1,599 | ) |  |  |  | (22,549 | ) |  |  | 18,873 |
Middle East/Asia Pacific |  |  | (4,417 | ) |  |  | 451 |  |  |  |  | (1,434 | ) |  |  | (25,310 | )
Europe/Mediterranean Sea |  |  | (9,359 | ) |  |  | (1,497 | ) |  |  |  | (12,680 | ) |  |  | (26,733 | )
West Africa |  |  | 7,240 |  |  |  | 2,308 |  |  |  |  | (8,828 | ) |  |  | (24,662 | )
|  |  | 2,324 |  |  |  | (337 | ) |  |  |  | (45,491 | ) |  |  | (57,832 | )
Other operating profit (loss) |  |  | 3,742 |  |  |  | 1,614 |  |  |  |  | 876 |  |  |  | (1,548 | )
|  |  | 6,066 |  |  |  | 1,277 |  |  |  |  | (44,615 | ) |  |  | (59,380 | )
Corporate expenses |  |  | (42,972 | ) |  |  | (14,989 | ) |  |  |  | (18,246 | ) |  |  | (57,845 | )
Gain on asset dispositions, net |  |  | 10,624 |  |  |  | 6,616 |  |  |  |  | 3,561 |  |  |  | 24,099 |
Impairment of due from affiliate |  |  | (20,083 | ) |  |  |  |  |  |  |  |  |  |  |  |  |
Asset impairments |  |  | (61,132 | ) |  |  | (16,777 | ) |  |  |  | (184,748 | ) |  |  | (484,727 | )
Operating loss |  |  | (107,497 | ) |  |  | (23,873 | ) |  |  |  | (244,048 | ) |  |  | (577,853 | )
Foreign exchange gain (loss) |  |  | 106 |  |  |  | (407 | ) |  |  |  | (3,181 | ) |  |  | (1,638 | )
Equity in net earnings (losses) of unconsolidated companies |  |  | (18,864 | ) |  |  | 2,130 |  |  |  |  | 4,786 |  |  |  | 5,710 |
Interest income and other, net |  |  | 11,294 |  |  |  | 2,771 |  |  |  |  | 2,384 |  |  |  | 5,193 |
Reorganization items |  |  | — |  |  |  | (4,299 | ) |  |  |  | (1,396,905 | ) |  |  | — |
Loss on debt extinguishment |  |  | (8,119 | ) |  |  | — |  |  |  |  | — |  |  |  | — |
Interest and other debt costs |  |  | (30,439 | ) |  |  | (13,009 | ) |  |  |  | (11,179 | ) |  |  | (75,026 | )
Loss before income taxes |  | $ | (153,519 | ) |  |  | (36,687 | ) |  |  |  | (1,648,143 | ) |  |  | (643,614 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 16,047 |  |  |  | 5,767 |  |  |  |  | 13,945 |  |  |  | 48,814 |
Middle East/Asia Pacific |  |  | 11,871 |  |  |  | 4,716 |  |  |  |  | 9,967 |  |  |  | 40,849 |
Europe/Mediterranean Sea |  |  | 11,385 |  |  |  | 2,794 |  |  |  |  | 9,060 |  |  |  | 26,538 |
West Africa |  |  | 16,612 |  |  |  | 6,067 |  |  |  |  | 12,632 |  |  |  | 44,204 |
Other |  |  | 21 |  |  |  | 827 |  |  |  |  | 1,139 |  |  |  | 4,430 |
Corporate |  |  | 2,357 |  |  |  | 166 |  |  |  |  | 704 |  |  |  | 2,456 |
|  | $ | 58,293 |  |  |  | 20,337 |  |  |  |  | 47,447 |  |  |  | 167,291 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 3,771 |  |  |  | 144 |  |  |  |  | 27 |  |  |  | 93 |
Middle East/Asia Pacific |  |  | 2,982 |  |  |  | 2,596 |  |  |  |  | 1,042 |  |  |  | 1,612 |
Europe/Mediterranean Sea |  |  | 185 |  |  |  | — |  |  |  |  | — |  |  |  | — |
West Africa |  |  | 10,135 |  |  |  | 195 |  |  |  |  | 375 |  |  |  | 743 |
Corporate |  |  | 4,318 |  |  |  | 6,899 |  |  |  |  | 821 |  |  |  | 28,099 |
|  | $ | 21,391 |  |  |  | 9,834 |  |  |  |  | 2,265 |  |  |  | 30,547 |
Total assets (B): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 380,168 |  |  |  | 164,958 |  |  |  |  | 714,891 |  |  |  | 779,778 |
Middle East/Asia Pacific |  |  | 233,611 |  |  |  | 48,268 |  |  |  |  | 424,896 |  |  |  | 583,385 |
Europe/Mediterranean Sea |  |  | 316,524 |  |  |  | 171,156 |  |  |  |  | 597,819 |  |  |  | 588,519 |
West Africa |  |  | 483,234 |  |  |  | 864,300 |  |  |  |  | 1,277,552 |  |  |  | 1,308,836 |
Other |  |  | 7,440 |  |  |  | 2,443 |  |  |  |  | 20,392 |  |  |  | 21,580 |
Investments in and advances to unconsolidated companies |  |  | 1,039 |  |  |  | 29,216 |  |  |  |  | 49,367 |  |  |  | 45,115 |
Corporate (C) |  |  | 405,723 |  |  |  | 479,254 |  |  |  |  | 799,752 |  |  |  | 863,486 |
|  | $ | 1,827,739 |  |  |  | 1,759,595 |  |  |  |  | 3,884,669 |  |  |  | 4,190,699 |
(A) | Included in corporate expenses for the twelve months ended December 31, 2018 were $13.2 million of merger and integration costs related to the merger with GulfMark Offshore, Inc. Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 are included in reorganization items. Included in corporate general and administrative expenses for the period four month period April 1, 2017 through July 31, 2017 (Predecessor) and year ended March 31, 2017 (Predecessor) were $6.7 million and $29 million of restructuring-related professional service costs, respectively.
(B) | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to our international marine operations in any one country are not material.
(C) | Included in Corporate are vessels currently under construction which had not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. There were no vessels under construction at December 31, 2018. At December 31, 2017 (Successor), July 31, 2017 (Predecessor) and March 31, 2017 (Predecessor), was $9.3 million, $47.5 million and $52.4 million, respectively, of vessel construction costs were included in Corporate.
The following table discloses 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 |  |  |  |
|  | Twelve Months |  |  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Twelve Months |
|  | Ended |  |  | through |  |  |  | through |  |  | Ended |
|  | December 31, 2018 |  |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Revenue by vessel class: (In thousands): |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 79,791 |  |  |  | 20 | % |  |  | 26,860 |  |  |  | 16 | % |  |  |  | 21,617 |  |  |  | 15 | % |  |  | 171,334 |  |  |  | 29 | %
Towing-supply |  |  | 29,107 |  |  |  | 7 | % |  |  | 13,835 |  |  |  | 8 | % |  |  |  | 15,021 |  |  |  | 10 | % |  |  | 56,561 |  |  |  | 10 | %
Other |  |  | 9,636 |  |  |  | 2 | % |  |  | 5,089 |  |  |  | 3 | % |  |  |  | 4,210 |  |  |  | 3 | % |  |  | 11,948 |  |  |  | 2 | %
Total |  | $ | 118,534 |  |  |  | 30 | % |  |  | 45,784 |  |  |  | 27 | % |  |  |  | 40,848 |  |  |  | 28 | % |  |  | 239,843 |  |  |  | 41 | %
Middle East/Asia Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 35,479 |  |  |  | 9 | % |  |  | 14,792 |  |  |  | 9 | % |  |  |  | 13,368 |  |  |  | 9 | % |  |  | 35,526 |  |  |  | 6 | %
Towing-supply |  |  | 44,722 |  |  |  | 10 | % |  |  | 25,053 |  |  |  | 14 | % |  |  |  | 22,945 |  |  |  | 16 | % |  |  | 79,092 |  |  |  | 13 | %
Other |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 80,195 |  |  |  | 20 | % |  |  | 39,845 |  |  |  | 23 | % |  |  |  | 36,313 |  |  |  | 25 | % |  |  | 114,618 |  |  |  | 19 | %
Europe/Mediterranean Sea fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 53,134 |  |  |  | 12 | % |  |  | 18,204 |  |  |  | 10 | % |  |  |  | 11,620 |  |  |  | 8 | % |  |  | 39,492 |  |  |  | 7 | %
Towing-supply |  |  | 3,129 |  |  |  | 1 | % |  |  | 1,691 |  |  |  | 1 | % |  |  |  | 3,846 |  |  |  | 3 | % |  |  | 2,659 |  |  |  | 1 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 516 |  |  | <1% |
Total |  | $ | 56,263 |  |  |  | 13 | % |  |  | 19,895 |  |  |  | 11 | % |  |  |  | 15,466 |  |  |  | 11 | % |  |  | 42,667 |  |  |  | 8 | %
West Africa fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 58,641 |  |  |  | 14 | % |  |  | 24,131 |  |  |  | 13 | % |  |  |  | 18,126 |  |  |  | 12 | % |  |  | 62,882 |  |  |  | 11 | %
Towing-supply |  |  | 68,072 |  |  |  | 17 | % |  |  | 33,806 |  |  |  | 20 | % |  |  |  | 31,297 |  |  |  | 21 | % |  |  | 100,073 |  |  |  | 17 | %
Other |  |  | 15,501 |  |  |  | 4 | % |  |  | 8,423 |  |  |  | 5 | % |  |  |  | 4,547 |  |  |  | 3 | % |  |  | 23,733 |  |  |  | 4 | %
Total |  | $ | 142,214 |  |  |  | 36 | % |  |  | 66,360 |  |  |  | 39 | % |  |  |  | 53,970 |  |  |  | 36 | % |  |  | 186,688 |  |  |  | 32 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 227,045 |  |  |  | 57 | % |  |  | 83,987 |  |  |  | 49 | % |  |  |  | 64,731 |  |  |  | 44 | % |  |  | 309,234 |  |  |  | 53 | %
Towing-supply |  |  | 145,030 |  |  |  | 37 | % |  |  | 74,385 |  |  |  | 43 | % |  |  |  | 73,109 |  |  |  | 50 | % |  |  | 238,385 |  |  |  | 41 | %
Other |  |  | 25,131 |  |  |  | 6 | % |  |  | 13,512 |  |  |  | 8 | % |  |  |  | 8,757 |  |  |  | 6 | % |  |  | 36,197 |  |  |  | 6 | %
Total |  | $ | 397,206 |  |  |  | 100 | % |  |  | 171,884 |  |  |  | 100 | % |  |  |  | 146,597 |  |  |  | 100 | % |  |  | 583,816 |  |  |  | 100 | %
The following table discloses our customers that accounted for 10% or more of total revenues:
|  | Successor |  |  |  | Predecessor |
|  |  |  |  |  | Period from |  |  |  | Period from |  |  |  |  |
|  | Twelve Months |  |  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Twelve Months |
|  | Ended |  |  | through |  |  |  | through |  |  | Ended |
|  | December 31, 2018 |  |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Chevron Corporation |  |  | 15.0 | % |  |  | 17.4 | % |  |  |  | 17.5 | % |  |  | 16.3 | %
Freeport McMoRan (A) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | 11.3 | %
Saudi Aramco |  |  | 8.3 | % |  |  | 10.1 | % |  |  |  | 11.7 | % |  |  | 10.0 | %
| (A) | A significant portion of this customer’s year ended March 31, 2017 revenue was the result of the early termination of a long-term vessel charter contract.

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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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