Note 10 - Operating Segment Information

6 Months Ended

Jun. 30, 2013

Segment Reporting Disclosure [Text Block]

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 June 30, 2013
Revenue	$	42,703		$	16,636		$	52,009		$	-		$	111,348
Direct operating expenses		23,676			5,976			23,700			-			53,352
Drydock expense		3,002			3,144			3,028			-			9,174
General and administrative expenses		3,490			1,684			2,781			8,790			16,745
Depreciation and amortization expense		5,015			2,845			6,611			554			15,025
(Gain) loss on sale of assets		(2	)		82			8			38			126
Operating income (loss)	$	7,522		$	2,905		$	15,881		$	(9,382	)	$	16,926
Quarter Ended June 30, 2012
Revenue	$	45,376		$	15,041		$	44,467		$	-		$	104,884
Direct operating expenses		20,659			4,747			23,440			-			48,846
Drydock expense		2,233			(161	)		5,567			-			7,639
General and administrative expenses		3,388			789			2,518			5,301			11,996
Depreciation and amortization expense		4,749			2,680			6,851			570			14,850
Gain on sale of assets		-			-			(3,676	)		-			(3,676	)
Operating income (loss)	$	14,347		$	6,986		$	9,767		$	(5,871	)	$	25,229

	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Six Months Ended June 30, 2013
Revenue	$	83,325		$	26,374		$	98,537		$	-		$	208,236
Direct operating expenses		46,873			12,121			47,495			-			106,489
Drydock expense		5,585			6,250			5,899			-			17,734
General and administrative expenses		6,794			2,951			5,223			12,727			27,695
Depreciation and amortization expense		10,109			5,652			13,284			1,150			30,195
(Gain) loss on sale of assets		(2	)		82			8			38			126
Operating income (loss)	$	13,966		$	(682	)	$	26,628		$	(13,915	)	$	25,997
Six Months Ended June 30, 2012
Revenue	$	83,039		$	29,266		$	80,014		$	-		$	192,319
Direct operating expenses		40,679			8,550			48,426			-			97,655
Drydock expense		5,784			2,129			5,922			-			13,835
General and administrative expenses		7,055			1,562			5,119			10,376			24,112
Depreciation and amortization expense		9,510			5,190			14,029			1,150			29,879
Gain on sale of assets		-			-			(4,825	)		-			(4,825	)
Operating income (loss)	$	20,011		$	11,835		$	11,343		$	(11,526	)	$	31,663