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Note 12 - Segment and Geographic Distribution of Operations

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(12) SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

Each of our five operating segments is led by senior management, the results are reviewed and resources are allocated by 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, 2024 and 2023. 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, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Revenues:
Vessel revenues:
Americas		$	64,606			$	70,717			$	201,689			$	168,780
Asia Pacific			56,283				38,994				159,285				83,603
Middle East			36,947				34,685				111,415				97,303
Europe/Mediterranean			85,325				78,929				248,972				149,474
West Africa			95,324				73,650				272,813				199,318
Other operating revenues			1,871				2,287				6,576				8,849
Total		$	340,356			$	299,262			$	1,000,750			$	707,327
Vessel operating profit (loss):
Americas		$	13,299			$	12,586			$	43,573			$	26,793
Asia Pacific			15,292				14,555				47,070				27,149
Middle East			(900	)			(1,143	)			(1,213	)			(3,144	)
Europe/Mediterranean			12,363				9,576				42,249				19,919
West Africa			43,526				28,392				122,275				71,087
Other operating profit			970				806				3,709				5,844
			84,550				64,772				257,663				147,648
Corporate expenses			(14,655	)			(9,961	)			(40,782	)			(33,011	)
Gain on asset dispositions, net			51				863				13,090				4,483
Operating income		$	69,946			$	55,674			$	229,971			$	119,120
Depreciation and amortization:
Americas		$	11,082			$	11,945			$	33,438			$	28,863
Asia Pacific			4,824				3,570				13,366				6,859
Middle East			7,871				6,854				22,959				18,954
Europe/Mediterranean			23,918				24,660				67,795				39,455
West Africa			13,979				10,113				38,322				25,447
Corporate			761				588				2,270				1,586
Total		$	62,435			$	57,730			$	178,150			$	121,164
Additions to properties and equipment:
Americas		$	594			$	935			$	5,577			$	2,496
Asia Pacific			695				1,179				1,754				6,838
Middle East			(53	)			728				1,253				3,146
Europe/Mediterranean			3,128				1,295				9,850				3,475
West Africa			356				225				1,937				15,960
Corporate			992				1,366				2,675				3,484
Total		$	5,712			$	5,728			$	23,046			$	35,399

The following table provides a comparison of total assets at  September 30, 2024 and  December 31, 2023:

(In Thousands)
		September 30, 2024				December 31, 2023
Total assets:
Americas		$	353,495			$	418,151
Asia Pacific			180,786				167,085
Middle East			176,428				191,927
Europe/Mediterranean			686,748				671,626
West Africa			477,509				421,054
Corporate			172,165				192,931
		$	2,047,131			$	2,062,774

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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