Note 10 - Operating Segment Information

3 Months Ended

Mar. 31, 2013

Segment Reporting Disclosure [Text Block]

(10)           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, 2013
Revenue	$	40,622	$	9,738		$	46,528		$	-		$	96,888
Direct operating expenses		23,197		6,145			23,795			-			53,137
Drydock expense		2,583		3,106			2,871			-			8,560
General and administrative		3,304		1,267			2,442			3,937			10,950
Depreciation expense		5,094		2,807			6,673			596			15,170
Operating income (loss)	$	6,444	$	(3,587	)	$	10,747		$	(4,533	)	$	9,071
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