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Note 13 - Segment and Geographic Distribution of Operations
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(13)

SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

 

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, 2023 and 2022. 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, 2023

  

June 30, 2022

  

June 30, 2023

  

June 30, 2022

 

Revenues:

                

Vessel revenues:

                

Americas

 $50,376  $37,520  $98,063  $65,964 

Asia Pacific

  22,585   16,362   44,609   21,259 

Middle East

  31,856   28,396   62,618   48,614 

Europe/Mediterranean

  39,295   32,475   70,545   56,394 

West Africa

  66,211   47,422   125,668   73,820 

Other operating revenues

  4,638   1,272   6,562   3,125 

Total

 $214,961  $163,447  $408,065  $269,176 

Vessel operating profit (loss):

                

Americas

 $6,245  $5,930  $14,207  $5,848 

Asia Pacific

  7,026   (899)  12,594   1,274 

Middle East

  (1,657)  (307)  (2,001)  (2,190)

Europe/Mediterranean

  8,307   4,262   10,343   1,833 

West Africa

  25,474   9,270   42,695   12,485 

Other operating profit

  4,265   790   5,038   2,282 
   49,660   19,046   82,876   21,532 
                 

Corporate expenses

  (12,117)  (15,909)  (23,050)  (26,412)

Long-lived asset impairment credit

  —   —   —   500 

Gain on asset dispositions, net

  1,404   (1,297)  3,620   (1,090)

Operating income (loss)

 $38,947  $1,840  $63,446  $(5,470)

Depreciation and amortization:

                

Americas

 $8,724  $7,503  $16,918  $14,619 

Asia Pacific

  1,824   2,080   3,289   2,929 

Middle East

  6,365   6,421   12,100   11,827 

Europe/Mediterranean

  7,445   6,958   14,795   13,720 

West Africa

  7,813   8,002   15,334   13,743 

Corporate

  597   802   998   1,585 

Total

 $32,768  $31,766  $63,434  $58,423 

Additions to properties and equipment:

                

Americas

 $1,040  $538  $1,561  $538 

Asia Pacific

  1,256   19   5,659   19 

Middle East

  868   2,048   2,418   2,072 

Europe/Mediterranean

  1,948   169   2,180   445 

West Africa

  15,146   340   15,735   690 

Corporate

  762   1,037   2,118   1,616 

Total

 $21,020  $4,151  $29,671  $5,380 

 

The following table provides a comparison of total assets at  June 30, 2023 and  December 31, 2022:

 

(In Thousands)

        
  

June 30, 2023

  

December 31, 2022

 

Total assets:

        

Americas

 $307,964  $309,985 

Asia Pacific

  109,038   148,684 

Middle East

  200,369   197,054 

Europe/Mediterranean

  278,660   282,670 

West Africa

  331,657   285,965 

Corporate

  116,476   73,298 
  $1,344,164  $1,297,656