Note 9 - Operating Segment Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

(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 and, as a result, 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, 2014
Revenue	$	58,254		$	17,431	$	55,680	$	-		$	131,365
Direct operating expenses		29,214			5,395		25,115		-			59,724
Drydock expense		1,381			1,940		1,364		-			4,685
General and administrative expenses		5,762			1,404		3,223		7,014			17,403
Depreciation and amortization expense		8,434			2,899		7,206		665			19,204
Impairment charge		7,015			444		-		-			7,459
Operating income (loss)	$	6,448		$	5,349	$	18,772	$	(7,679	)	$	22,890
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

	North Sea			Southeast Asia			Americas		Other			Total
	(In thousands)
Six Months Ended June 30, 2014
Revenue	$	110,877		$	35,735		$	104,353	$	-		$	250,965
Direct operating expenses		55,943			10,879			49,201		-			116,023
Drydock expense		4,049			3,493			4,354		-			11,896
General and administrative expenses		9,254			2,766			6,340		13,532			31,892
Depreciation and amortization expense		16,257			5,795			14,012		1,497			37,561
Impairment charge		7,015			444			-		-			7,459
Operating income (loss)	$	18,359		$	12,358		$	30,446	$	(15,029	)	$	46,134
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