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Note 14 - Segment and Geographic Distribution of Operations
 6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(14)

SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

 

Segment Changes

 

In conjunction with the acquisition of SPO discussed in Note 3, the previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

 

Each of our five operating segments is managed by a senior executive reporting directly to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. 

 

The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the three and six months ended June 30, 2022 and 2021. Vessel revenues relate to vessels owned and operated by us while other operating revenues relate to other miscellaneous marine-related businesses.

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2022

  

June 30, 2021

  

June 30, 2022

  

June 30, 2021

 

Revenues:

                

Vessel revenues:

                

Americas

 $37,520  $23,481  $65,964  $49,705 

Asia Pacific

  16,362   4,870   21,259   8,442 

Middle East

  28,396   20,758   48,614   41,600 

Europe/Mediterranean

  32,475   22,467   56,394   37,216 

West Africa

  47,422   16,938   73,820   32,544 

Other operating revenues

  1,272   1,439   3,125   3,950 

Total

 $163,447  $89,953  $269,176  $173,457 

Vessel operating profit (loss):

                

Americas

 $5,930  $(4,940) $5,848  $(6,591)

Asia Pacific

  (899)  1,722   1,274   1,667 

Middle East

  (307)  (1,456)  (2,190)  (3,254)

Europe/Mediterranean

  4,262   (1,986)  1,833   (10,007)

West Africa

  9,270   (5,355)  12,485   (12,122)

Other operating profit

  790   858   2,282   2,302 
   19,046   (11,157)  21,532   (28,005)
                 

Corporate expenses

  (15,909)  (9,070)  (26,412)  (16,575)

Long-lived asset impairment credit

  —   —   500   — 

Affiliate credit loss impairment credit

  —   1,000   —   1,000 

Loss on asset dispositions, net

  (1,297)  (932)  (1,090)  (2,880)

Operating income (loss)

 $1,840  $(20,159) $(5,470) $(46,460)

Depreciation and amortization:

                

Americas

 $7,503  $7,382  $14,619  $15,389 

Asia Pacific

  2,080   1,199   2,929   2,436 

Middle East

  6,421   5,322   11,827   10,965 

Europe/Mediterranean

  6,958   7,225   13,720   14,709 

West Africa

  8,002   6,580   13,743   13,150 

Corporate

  802   841   1,585   1,627 

Total

 $31,766  $28,549  $58,423  $58,276 

Additions to properties and equipment:

                

Americas

 $538  $—  $538  $— 

Asia Pacific

  19   (50)  19   (42)

Middle East

  2,048   —   2,072   — 

Europe/Mediterranean

  169   287   445   593 

West Africa

  340   59   690   554 

Corporate

  1,037   369   1,616   756 

Total

 $4,151  $665  $5,380  $1,861 

 

The following table provides a comparison of total assets at  June 30, 2022 and  December 31, 2021:

 

(In Thousands)

        
  

June 30, 2022

  

December 31, 2021

 

Total assets:

        

Americas

 $312,606  $278,394 

Asia Pacific

  141,841   28,564 

Middle East

  209,336   154,723 

Europe/Mediterranean

  285,910   293,760 

West Africa

  293,536   223,988 

Corporate

  39,506   116,351 
  $1,282,735  $1,095,780