SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

3 Months Ended

Mar. 31, 2019

SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

(13)	SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

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 ended March 31, 2019 and 2018. Vessel revenues and operating costs relate to vessels owned and operated by us while other operating revenues relate to brokered vessels and other miscellaneous marine-related businesses.

	Three Months			Three Months
	Ended			Ended
(In thousands)	March 31, 2019			March 31, 2018
Revenues:
Vessel revenues:
Americas	$	35,279			26,081
Middle East/Asia Pacific		20,456			18,388
Europe/Mediterranean Sea		28,558			9,623
West Africa		35,369			33,402
Other operating revenues		2,487			3,999
	$	122,149			91,493
Vessel operating profit (loss) (A):
Americas	$	(1,030	)		4,911
Middle East/Asia Pacific		(1,162	)		(2,253	)
Europe/Mediterranean Sea		(3,317	)		(3,554	)
West Africa		8,115			(1,753	)
Other operating profit		1,704			1,506
		4,310			(1,143	)
Corporate expenses (A) (B)		(15,200	)		(6,784	)
Gain on asset dispositions, net		1,270			1,919
Asset impairments (C)		—			(6,186	)
Operating loss	$	(9,620	)		(12,194	)
Depreciation and amortization:
Americas	$	6,261			3,313
Middle East/Asia Pacific		4,450			2,769
Europe/Mediterranean Sea		7,446			1,804
West Africa		4,444			4,026
Other		5			5
Corporate		326			100
	$	22,932			12,017
Additions to properties and equipment:
Americas	$	398			1,037
Middle East/Asia Pacific		1,459			423
Europe/Mediterranean Sea		121			—
West Africa		243			1
Corporate		895			216
	$	3,116			1,677

(A)

Prior to January 1, 2019, we allocated the costs of certain marine operations related to general and administrative functions, such as marine management, engineering, supply chain management, risk management, fleet human resources and health and safety to the segment general and administrative expenses. Beginning on January 1, 2019 our management elected to modify that process in order to better analyze costs and better align the policies of the two combined companies such that all costs related to those previously allocated functions will remain as corporate general and administrative expenses. This change is reflected in the table above for the three month period ended March 31, 2019.

(B)

Included in corporate expenses for the three months ended March 31, 2019 were $3.7 million of merger and integration costs related to the business combination with GulfMark.

(C)

Refer to Note (14) for additional information regarding asset impairment charges.

The following table provides a comparison of total assets at March 31, 2019 and December 31, 2018:

	March 31,		December 31,
(In thousands)	2019		2018
Total assets:
Americas	$	363,229		380,168
Middle East/Asia Pacific		241,576		233,611
Europe/Mediterranean Sea		413,330		316,524
West Africa		397,923		483,234
Other		3,096		7,440
Investments in, at equity, and advances to unconsolidated companies		774		1,039
Corporate		389,370		405,723
	$	1,809,298	$	1,827,739