Operating Segment Information

3 Months Ended

Mar. 31, 2012

Operating Segment Information [Abstract]

OPERATING SEGMENT INFORMATION

(9) OPERATING SEGMENT INFORMATION

We operate three segments: the North Sea, Southeast Asia and the Americas, each of which is considered a reportable segment under FASB ASC 280, “Segment Reporting”. Our management evaluates segment performance primarily based on operating income. Cash and debt are managed centrally. Because the regions do not manage those items, the gains and losses on foreign currency remeasurements associated with these items are excluded from operating income. Our management considers segment operating income to be a good indicator of each segment’s operating performance from its continuing operations, as it represents the results of the ownership interest in operations without regard to financing methods or capital structures. Each operating segment’s operating income (loss) is summarized in the following table, and detailed discussions below.

Operating Income (Loss) by Operating Segment

	North Sea		Southeast Asia		Americas			Other			Total
	(In thousands)
Quarter Ended March 31, 2012
Revenue	$	37,663	$	14,225	$	35,547		$	—		$	87,435
Direct operating expenses		20,020		3,803		24,986			—			48,809
Drydock expense		3,551		2,290		355			—			6,196
General and administrative		3,667		773		2,601			5,075			12,116
Depreciation expense		4,761		2,510		7,178			580			15,029
Gain on sale of assets		—		—		(1,149	)		—			(1,149	)
Operating income (loss)	$	5,664	$	4,849	$	1,576		$	(5,655	)	$	6,434
Quarter Ended March 31, 2011
Revenue	$	35,399	$	15,535	$	30,355		$	—		$	81,289
Direct operating expenses		20,716		2,861		20,741			—			44,318
Drydock expense		3,070		185		3,269			—			6,524
General and administrative		3,234		674		2,270			5,245			11,423
Depreciation expense		4,786		2,451		7,106			332			14,675
Loss on sale of assets		—		—		10			—			10
Operating income (loss)	$	3,593	$	9,364	$	(3,041	)	$	(5,577	)	$	4,339