XML 49 R20.htm IDEA: XBRL DOCUMENT
v3.8.0.1

QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended
--- | ---
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY OPERATING RESULTS (UNAUDITED) | QUARTERLY OPERATING RESULTS (UNAUDITED) A summary of quarterly results of operations for the years ended December 31, 2017 and 2016 were as follows (in thousands, except per share data):
| March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | December 31, 2017 (1)
Revenue | $ | 37,993 |  |  | $ | 45,868 |  |  | $ | 49,884 |  |  | $ | 37,277 |
Gross profit (loss) | (4,897 | ) |  | (11,620 | ) |  | (494 | ) |  | (25,914 | )
Net income (loss) | (6,454 | ) |  | (10,923 | ) |  | (3,110 | ) |  | (24,279 | )
Basic and fully diluted EPS | $ | (0.44 | ) |  | $ | (0.73 | ) |  | $ | (0.21 | ) |  | $ | (1.63 | )
| March 31, 2016 |  | June 30, 2016 |  | September 30, 2016 |  | December 31, 2016
Revenue | $ | 83,979 |  |  | $ | 81,502 |  |  | $ | 65,384 |  |  | $ | 55,461 |
Gross profit (loss) | 5,701 |  |  | 14,066 |  |  | 5,259 |  |  | (173 | )
Net income (loss) | 989 |  |  | 5,540 |  |  | 541 |  |  | (3,555 | )
Basic and fully diluted EPS | $ | 0.07 |  |  | $ | 0.37 |  |  | $ | 0.04 |  |  | $ | (0.24 | )
(1) | During the fourth quarter of 2017, we incurred $22.5 million in losses related to cost overruns and delays that we encountered in the newbuild construction of two multi-purpose service vessels. The cost overruns relate primarily to complexities with the installation of the power and communications systems. We believe the best course of action for the Company is to perform additional engineering and construction planning to ensure we are meeting the contractual performance requirements for these vessels and mitigating any further construction risk. With the additional electrical engineering, planning and construction estimates, the estimated delivery dates of the vessels will be extended beyond the contractual delivery dates, and we estimate that the maximum amount of liquidated damages of $11.2 million will be incurred in the absence of a signed amendment with the customer. We have included the maximum liquidated damages in our 2017 loss provision above and reduced our estimate of the contract price. Total contract losses for this customer for the year are $34.5 million.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration