Note 9 - Operating Segment Information

9 Months Ended

Sep. 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 September 30, 2014
Revenue	$	61,781		$	13,930		$	52,975		$	-		$	128,686
Direct operating expenses		29,557			6,224			26,449			-			62,230
Drydock expense		1,357			554			2,442			-			4,353
General and administrative expenses		3,743			1,434			3,076			6,768			15,021
Depreciation and amortization expense		8,371			2,708			7,403			686			19,168
Gain on sale of assets and other		-			(5,520	)		(1,357	)		-			(6,877	)
Operating income (loss)	$	18,753		$	8,530		$	14,962		$	(7,454	)	$	34,791
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 and other		(6,105	)		-			102			2			(6,001	)
Operating income (loss)	$	21,071		$	9,235		$	16,185		$	(6,107	)	$	40,384

	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Nine Months Ended September 30, 2014
Revenue	$	172,658		$	49,665		$	157,328		$	-		$	379,651
Direct operating expenses		85,500			17,103			75,650			-			178,253
Drydock expense		5,406			4,047			6,796			-			16,249
General and administrative expenses		12,997			4,200			9,416			20,300			46,913
Depreciation and amortization expense		24,628			8,503			21,415			2,183			56,729
Impairment charge		7,015			444			-			-			7,459
Gain on sale of assets and other		-			(5,520	)		(1,357	)		-			(6,877	)
Operating income (loss)	$	37,112		$	20,888		$	45,408		$	(22,483	)	$	80,925
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 and other		(6,107	)		82			110			40			(5,875	)
Operating income (loss)	$	35,037		$	8,553		$	42,813		$	(20,022	)	$	66,381