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Note 13 - Segment and Geographic Distribution of Operations
 9 Months Ended
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