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Note 14 - Segment and Geographic Distribution of Operations
 9 Months Ended
Sep. 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 (see Note 3), we split our Middle East/Asia Pacific segment 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 nine months ended September 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

  

Nine Months Ended

 
  

September 30, 2022

  

September 30, 2021

  

September 30, 2022

  

September 30, 2021

 

Revenues:

                

Vessel revenues:

                

Americas

 $39,122  $24,564  $105,086  $74,269 

Asia Pacific

  23,902   4,786   45,161   13,228 

Middle East

  31,186   20,847   79,800   62,447 

Europe/Mediterranean

  39,702   21,197   96,096   58,413 

West Africa

  56,335   20,240   130,155   52,784 

Other operating revenues

  1,515   767   4,640   4,717 

Total

 $191,762  $92,401  $460,938  $265,858 

Vessel operating profit (loss):

                

Americas

 $2,952  $(1,770) $8,800  $(8,361)

Asia Pacific

  3,260   1,357   4,534   3,023 

Middle East

  605   (2,070)  (1,585)  (5,323)

Europe/Mediterranean

  13,137   (2,866)  14,970   (12,873)

West Africa

  12,322   (3,724)  24,807   (15,846)

Other operating profit

  922   412   3,204   2,714 
   33,198   (8,661)  54,730   (36,666)
                 

Corporate expenses

  (13,188)  (10,662)  (39,600)  (27,237)

Long-lived asset impairment and other

  (1,214)  (2,167)  (714)  (2,167)

Affiliate credit loss impairment credit

  —   —   —   1,000 

Gain (loss) on asset dispositions, net

  264   (74)  (826)  (2,954)

Operating income (loss)

 $19,060  $(21,564) $13,590  $(68,024)

Depreciation and amortization:

                

Americas

 $7,591  $7,290  $22,210  $22,679 

Asia Pacific

  1,518   1,059   4,447   3,495 

Middle East

  6,384   5,311   18,211   16,276 

Europe/Mediterranean

  6,792   6,834   20,512   21,543 

West Africa

  7,720   6,609   21,463   19,759 

Corporate

  851   877   2,436   2,504 

Total

 $30,856  $27,980  $89,279  $86,256 

Additions to properties and equipment:

                

Americas

 $2,386  $—  $2,924  $— 

Asia Pacific

  195   —   214   — 

Middle East

  862   —   2,934   (42)

Europe/Mediterranean

  815   146   1,260   739 

West Africa

  772   99   1,462   653 

Corporate

  1,298   477   2,914   1,233 

Total

 $6,328  $722  $11,708  $2,583 

 

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

 

(In Thousands)

        
  

September 30, 2022

  

December 31, 2021

 

Total assets:

        

Americas

 $308,973  $278,394 

Asia Pacific

  142,833   28,564 

Middle East

  196,034   154,723 

Europe/Mediterranean

  280,494   293,760 

West Africa

  294,735   223,988 

Corporate

  59,992   116,351 
  $1,283,061  $1,095,780