XML 92 R19.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2014
Business Segment Information [Abstract] |
Business Segment Information | Note 12 — Business Segment Information We have four reportable business segments: Well Intervention, Robotics, Production Facilities and Subsea Construction. Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the Gulf of Mexico and North Sea regions. Our well intervention vessels include the Q4000, the Helix 534, the Seawell, the Well Enhancer and the Skandi Constructor, which is a chartered vessel. We are currently constructing two additional well intervention vessels, the Q5000 and the Q7000. We have also contracted to charter two newbuild vessels, which are expected to be delivered in 2016 and used in connection with our contracts to provide well intervention services offshore Brazil. Our Robotics segment currently operates four chartered vessels, and also includes ROVs, trenchers and ROVDrills designed to complement offshore subsea construction and well intervention services. The Production Facilities segment includes the HP I as well as our investments in Deepwater Gateway and Independence Hub that are accounted for under the equity method. Over the past several years, we have sold esse ntially all of the assets associated with our Subsea Construction business, including the sale in January 2014 of our spoolbase located in Ingleside, Texas (Note 2). As mentioned above, our robotics business provides significant direct services to complement the offshore subsea construction industry, and will continue to do so. All material intercompany transactions between the segments have been eliminated. In February 2013, we sold ERT and as a result, the assets and liabilities included in the sale of ERT and the historical operating results of our former Oil and Gas segment are presented as discontinued operations in the accompanying consolidated financial statements. See Note 13 for additional information regarding our discontinued operations. We evaluate our performance based on operating income and income before income taxes of each segment. Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments. Certain financial data by reportable segment are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Net revenues — |  |  |  |  |  |  |
Well Intervention | $ | 667,849 | $ | 452,452 | $ | 378,546 |
Robotics |  | 420,224 |  | 333,246 |  | 328,726 |
Production Facilities |  | 93,175 |  | 88,149 |  | 80,091 |
Subsea Construction |  | 358 |  | 71,321 |  | 192,521 |
Intercompany elimination |  | (74,450) |  | (68,607) |  | (133,775) |
Total | $ | 1,107,156 | $ | 876,561 | $ | 846,109 |
Income (loss) from operations — |  |  |  |  |  |  |
Well Intervention | $ | 204,810 | $ | 131,840 | $ | 85,482 |
Robotics |  | 68,329 |  | 44,132 |  | 55,678 |
Production Facilities |  | 41,138 |  | 49,778 |  | 40,082 |
Subsea Construction (1) |  | 10,923 |  | 33,685 |  | (148,862) |
Corporate and other |  | (62,523) |  | (77,041) |  | (92,985) |
Intercompany elimination |  | (921) |  | (3,360) |  | (7,878) |
Total | $ | 261,756 | $ | 179,034 | $ | (68,483) |
Net interest expense and other — |  |  |  |  |  |  |
Well Intervention | $ | (6,915) | $ | (217) | $ | 2,152 |
Robotics |  | 7,304 |  | (210) |  | (1,203) |
Production Facilities |  | 384 |  | 380 |  | 365 |
Subsea Construction |  | (278) |  | 480 |  | (247) |
Corporate and eliminations (2) |  | (381) |  | 37,978 |  | 64,882 |
Total | $ | 114 | $ | 38,411 | $ | 65,949 |
Equity in earnings of equity investments | $ | 879 | $ | 2,965 | $ | 8,434 |
Income (loss) before income taxes — |  |  |  |  |  |  |
Well Intervention | $ | 211,725 | $ | 132,057 | $ | 83,205 |
Robotics |  | 61,025 |  | 44,342 |  | 56,881 |
Production Facilities |  | 41,633 |  | 52,363 |  | 48,276 |
Subsea Construction |  | 11,201 |  | 33,205 |  | (148,615) |
Corporate and eliminations |  | (63,063) |  | (118,379) |  | (165,745) |
Total | $ | 262,521 | $ | 143,588 | $ | (125,998) |
Income tax provision (benefit) — |  |  |  |  |  |  |
Well Intervention | $ | 50,102 | $ | 26,718 | $ | 15,400 |
Robotics |  | 21,612 |  | 15,530 |  | 20,222 |
Production Facilities |  | 14,395 |  | 17,233 |  | 15,784 |
Subsea Construction |  | 3,881 |  | 11,655 |  | (51,329) |
Corporate and eliminations |  | (23,019) |  | (39,524) |  | (59,235) |
Total | $ | 66,971 | $ | 31,612 | $ | (59,158) |
Identifiable assets — |  |  |  |  |  |  |
Well Intervention | $ | 1,470,349 | $ | 1,245,229 | $ | 936,926 |
Robotics |  | 299,701 |  | 282,373 |  | 258,117 |
Production Facilities |  | 459,427 |  | 495,829 |  | 504,828 |
Subsea Construction |  | 27,547 |  | 38,054 |  | 303,479 |
Corporate and other |  | 443,674 |  | 482,795 |  | 483,003 |
Discontinued operations |  | - |  | - |  | 900,227 |
Total | $ | 2,700,698 | $ | 2,544,280 | $ | 3,386,580 |
Capital expenditures — |  |  |  |  |  |  |
Well Intervention | $ | 283,635 | $ | 283,132 | $ | 274,451 |
Robotics |  | 51,348 |  | 39,655 |  | 44,500 |
Production Facilities |  | 869 |  | 1,252 |  | 823 |
Corporate and other |  | 1,060 |  | 387 |  | 3,265 |
Total | $ | 336,912 | $ | 324,426 | $ | 323,039 |
Depreciation and amortization — |  |  |  |  |  |  |
Well Intervention | $ | 57,570 | $ | 44,619 | $ | 37,736 |
Robotics |  | 24,478 |  | 22,263 |  | 19,933 |
Production Facilities |  | 21,278 |  | 17,193 |  | 16,828 |
Subsea Construction |  | - |  | 8,651 |  | 19,773 |
Corporate and eliminations |  | 6,019 |  | 5,809 |  | 2,931 |
Total | $ | 109,345 | $ | 98,535 | $ | 97,201 |
(1) Amount in 2014 includes the $10.5 million gain on the sale of our Ingleside spoolbase in January 2014. Amount in 2013 includes the $1.1 million loss on the sale of the Caesar in June 2013 and the $15.6 million gain on the sale of the Express in July 2013. A mount in 2012 includes impairment charges of $157.8 million for the Caesar and $14.6 million for the Intrepid (Note 2). (2) Amount in 2014 includes $16.9 million of income with $7.2 million from an insurance reimbursement related to asset retirement work previously performed and the remaining income associated with our overriding royalty interests in ERT’s Wang well, which commenced production in late April 2013. Intercompany segment amounts are derived primarily from equipment and services provided to other business segments at rates consistent with those charged to third parties. Intercompany segment revenues during the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Well Intervention | $ | 29,875 | $ | 22,448 | $ | 36,781 |
Robotics |  | 44,575 |  | 41,169 |  | 46,465 |
Production Facilities |  | - |  | 4,673 |  | 46,057 |
Subsea Construction |  | - |  | 317 |  | 4,472 |
Total | $ | 74,450 | $ | 68,607 | $ | 133,775 |
Intercompany segment profits (losses) (which only relate to intercompany capital projects) during the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Well Intervention | $ | (323) | $ | (141) | $ | 6,203 |
Robotics |  | 1,419 |  | 3,518 |  | 180 |
Production Facilities |  | (175) |  | (175) |  | (175) |
Subsea Construction |  | - |  | 158 |  | 1,670 |
Total | $ | 921 | $ | 3,360 | $ | 7,878 |
Revenues by individually significant region during the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
United States | $ | 403,994 | $ | 345,525 | $ | 281,308 |
North Sea (1) |  | 504,016 |  | 403,816 |  | 345,074 |
Other |  | 199,146 |  | 127,220 |  | 219,727 |
Total | $ | 1,107,156 | $ | 876,561 | $ | 846,109 |
(1) Includes revenues of $362.7 million, $327.1 million and $283.1 million, respectively, which were from the United Kingdom during years ended December 31, 2014, 2013 and 2012. We include the property and equipment, net in the geographic country in which it legally resides. The following table provides our property and equipment, net of accumulated depreciation, by individually significant region (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
United States | $ | 913,422 | $ | 1,119,075 | $ | 1,180,586 |
United Kingdom |  | 355,996 |  | 336,317 |  | 304,062 |
Luxembourg |  | 465,875 |  | 76,749 |  | - |
Other |  | 91 |  | 76 |  | 1,227 |
Total | $ | 1,735,384 | $ | 1,532,217 | $ | 1,485,875 |

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration