Note 8 - Operating Segment Information

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(8)           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, 2015
Revenue	$	40,200	$	13,329	$	35,563		$	-		$	89,092
Direct operating expenses		24,165		4,183		22,877			-			51,225
Drydock expense		2,933		659		5,381			-			8,973
General and administrative		2,062		1,123		2,756			5,023			10,964
Depreciation expense		7,222		2,594		7,846			826			18,488
Operating income (loss)	$	3,818	$	4,770	$	(3,297	)	$	(5,849	)	$	(558	)
Quarter Ended March 31, 2014
Revenue	$	52,623	$	18,304	$	48,673		$	-		$	119,600
Direct operating expenses		26,729		5,484		24,086			-			56,299
Drydock expense		2,668		1,553		2,990			-			7,211
General and administrative		3,492		1,362		3,117			6,518			14,489
Depreciation expense		7,823		2,896		6,806			832			18,357
Operating income (loss)	$	11,911	$	7,009	$	11,674		$	(7,350	)	$	23,244