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Note 13 - Segment and Geographic Distribution of Operations | 9 Months Ended
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Sep. 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 nine months ended September 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 |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 70,717 |  |  | $ | 39,122 |  |  | $ | 168,780 |  |  | $ | 105,086 |
Asia Pacific |  |  | 38,994 |  |  |  | 23,902 |  |  |  | 83,603 |  |  |  | 45,161 |
Middle East |  |  | 34,685 |  |  |  | 31,186 |  |  |  | 97,303 |  |  |  | 79,800 |
Europe/Mediterranean |  |  | 78,929 |  |  |  | 39,702 |  |  |  | 149,474 |  |  |  | 96,096 |
West Africa |  |  | 73,650 |  |  |  | 56,335 |  |  |  | 199,318 |  |  |  | 130,155 |
Other operating revenues |  |  | 2,287 |  |  |  | 1,515 |  |  |  | 8,849 |  |  |  | 4,640 |
Total |  | $ | 299,262 |  |  | $ | 191,762 |  |  | $ | 707,327 |  |  | $ | 460,938 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 12,586 |  |  | $ | 2,952 |  |  | $ | 26,793 |  |  | $ | 8,800 |
Asia Pacific |  |  | 14,555 |  |  |  | 3,260 |  |  |  | 27,149 |  |  |  | 4,534 |
Middle East |  |  | (1,143 | ) |  |  | 605 |  |  |  | (3,144 | ) |  |  | (1,585 | )
Europe/Mediterranean |  |  | 9,576 |  |  |  | 13,137 |  |  |  | 19,919 |  |  |  | 14,970 |
West Africa |  |  | 28,392 |  |  |  | 12,322 |  |  |  | 71,087 |  |  |  | 24,807 |
Other operating profit |  |  | 806 |  |  |  | 922 |  |  |  | 5,844 |  |  |  | 3,204 |
|  |  | 64,772 |  |  |  | 33,198 |  |  |  | 147,648 |  |  |  | 54,730 |
Corporate expenses |  |  | (9,961 | ) |  |  | (13,188 | ) |  |  | (33,011 | ) |  |  | (39,600 | )
Long-lived asset impairment and other |  |  | — |  |  |  | (1,214 | ) |  |  | — |  |  |  | (714 | )
Gain (loss) on asset dispositions, net |  |  | 863 |  |  |  | 264 |  |  |  | 4,483 |  |  |  | (826 | )
Operating income (loss) |  | $ | 55,674 |  |  | $ | 19,060 |  |  | $ | 119,120 |  |  | $ | 13,590 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 11,945 |  |  | $ | 7,591 |  |  | $ | 28,863 |  |  | $ | 22,210 |
Asia Pacific |  |  | 3,570 |  |  |  | 1,518 |  |  |  | 6,859 |  |  |  | 4,447 |
Middle East |  |  | 6,854 |  |  |  | 6,384 |  |  |  | 18,954 |  |  |  | 18,211 |
Europe/Mediterranean |  |  | 24,660 |  |  |  | 6,792 |  |  |  | 39,455 |  |  |  | 20,512 |
West Africa |  |  | 10,113 |  |  |  | 7,720 |  |  |  | 25,447 |  |  |  | 21,463 |
Corporate |  |  | 588 |  |  |  | 851 |  |  |  | 1,586 |  |  |  | 2,436 |
Total |  | $ | 57,730 |  |  | $ | 30,856 |  |  | $ | 121,164 |  |  | $ | 89,279 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 935 |  |  | $ | 2,386 |  |  | $ | 2,496 |  |  | $ | 2,924 |
Asia Pacific |  |  | 1,179 |  |  |  | 195 |  |  |  | 6,838 |  |  |  | 214 |
Middle East |  |  | 728 |  |  |  | 862 |  |  |  | 3,146 |  |  |  | 2,934 |
Europe/Mediterranean |  |  | 1,295 |  |  |  | 815 |  |  |  | 3,475 |  |  |  | 1,260 |
West Africa |  |  | 225 |  |  |  | 772 |  |  |  | 15,960 |  |  |  | 1,462 |
Corporate |  |  | 1,366 |  |  |  | 1,298 |  |  |  | 3,484 |  |  |  | 2,914 |
Total |  | $ | 5,728 |  |  | $ | 6,328 |  |  | $ | 35,399 |  |  | $ | 11,708 |
The following table provides a comparison of total assets at September 30, 2023 and December 31, 2022:
(In Thousands) |  |  |  |  |  |  |  |
|  | September 30, 2023 |  |  | December 31, 2022 |
Total assets: |  |  |  |  |  |  |  |
Americas |  | $ | 432,961 |  |  | $ | 309,985 |
Asia Pacific |  |  | 165,373 |  |  |  | 148,684 |
Middle East |  |  | 195,757 |  |  |  | 197,054 |
Europe/Mediterranean |  |  | 673,419 |  |  |  | 282,670 |
West Africa |  |  | 396,861 |  |  |  | 285,965 |
Corporate |  |  | 207,184 |  |  |  | 73,298 |
|  | $ | 2,071,555 |  |  | $ | 1,297,656 |

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