Note 9 - Operating Segment Information

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

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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. 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.

20

Operating Income (Loss) by Operating Segment

	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Quarter Ended September 30, 2015
Revenue	$	33,743		$	7,185		$	19,740		$	-		$	60,668
Direct operating expenses		21,670			4,113			14,726			-			40,509
Drydock expense		1,196			2,697			39			-			3,932
General and administrative expenses		2,632			1,035			2,624			7,024			13,315
Depreciation and amortization expense		7,202			2,612			7,971			889			18,674
Impairment charges		22,919			-			129,184			-			152,103
Gain on sale of assets and other		(715	)		(58	)		(11	)		-			(784	)
Operating income (loss)	$	(21,161	)	$	(3,214	)	$	(134,793	)	$	(7,913	)	$	(167,081	)
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

	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Nine Months Ended September 30, 2015
Revenue	$	110,521		$	31,503		$	82,197		$	-		$	224,221
Direct operating expenses		68,680			13,243			55,757			-			137,680
Drydock expense		4,161			4,262			6,918			-			15,341
General and administrative expenses		7,273			3,423			7,739			17,365			35,800
Depreciation and amortization expense		21,759			7,811			23,758			2,599			55,927
Impairment charges		22,919			-			129,184			-			152,103
Gain on sale of assets and other		(715	)		(58	)		(11	)		-			(784	)
Operating income (loss)	$	(13,556	)	$	2,822		$	(141,148	)	$	(19,964	)	$	(171,846	)
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 charges		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
Total Assets
September 30, 2015	$	626,089		$	240,767		$	545,080		$	17,679		$	1,429,615
December 31, 2014		725,078			263,487			700,558			27,232			1,716,355

At December 31, 2014, we had $519.8 million and at September 30, 2015, we had $426.3 million in long-lived assets attributable to the United States, our country of domicile.