Note 10 - Operating Segment Information

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

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 September 30, 2013
Revenue	$	51,098		$	18,782		$	51,922		$	-		$	121,802
Direct operating expenses		24,225			6,104			24,872			-			55,201
Drydock expense		2,078			(947	)		1,313			-			2,444
General and administrative expenses		3,623			1,505			2,845			5,549			13,522
Depreciation and amortization expense		6,206			2,885			6,605			556			16,252
(Gain) loss on sale of assets		(6,105	)		-			102			2			(6,001	)
Operating income (loss)	$	21,071		$	9,235		$	16,185		$	(6,107	)	$	40,384
Quarter Ended September 30, 2012
Revenue	$	41,757		$	17,633		$	42,477		$	-		$	101,867
Direct operating expenses		20,938			4,147			23,693			-			48,778
Drydock expense		2,095			2,200			5,220			-			9,515
General and administrative expenses		3,743			677			2,581			7,388			14,389
Depreciation and amortization expense		4,742			2,684			6,704			567			14,697
Impairment charge		859			-			-			-			859
Gain on sale of assets		-			-			(3,919	)		-			(3,919	)
Operating income (loss)	$	9,380		$	7,925		$	8,198		$	(7,955	)	$	17,548

	North Sea			Southeast Asia		Americas			Other			Total
	(In thousands)
Nine Months Ended September 30, 2013
Revenue	$	134,423		$	45,156	$	150,459		$	-		$	330,038
Direct operating expenses		71,098			18,225		72,367			-			161,690
Drydock expense		7,663			5,303		7,212			-			20,178
General and administrative expenses		10,417			4,456		8,068			18,276			41,217
Depreciation and amortization expense		16,315			8,537		19,889			1,706			46,447
(Gain) loss on sale of assets		(6,107	)		82		110			40			(5,875	)
Operating income (loss)	$	35,037		$	8,553	$	42,813		$	(20,022	)	$	66,381
Nine Months Ended September 30, 2012
Revenue	$	124,796		$	46,899	$	122,491		$	-		$	294,186
Direct operating expenses		61,617			12,697		72,119			-			146,433
Drydock expense		7,879			4,329		11,142			-			23,350
General and administrative expenses		10,798			2,239		7,700			17,764			38,501
Depreciation and amortization expense		14,252			7,874		20,733			1,717			44,576
Impairment charge		859			-		-			-			859
Gain on sale of assets		-			-		(8,744	)		-			(8,744	)
Operating income (loss)	$	29,391		$	19,760	$	19,541		$	(19,481	)	$	49,211