Note 8 - Operating Segment Information

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

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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, 2016
Revenue	$	22,932		$	2,487		$	13,375		$	-		$	38,794
Direct operating expenses		13,691			2,957			7,087			-			23,735
Drydock expense		837			(10	)		-			-			827
General and administrative		2,129			873			2,031			4,755			9,788
Depreciation expense		6,557			2,601			5,968			913			16,039
Impairment charges		1,986			20,169			94,502			-			116,657
Loss on sale of assets		-			-			4			-			4
Operating income (loss)	$	(2,268	)	$	(24,103	)	$	(96,217	)	$	(5,668	)	$	(128,256	)
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	)
Total Assets
March 31, 2016	$	582,354		$	206,981		$	428,104		$	6,530		$	1,223,969
December 31, 2015		589,934			232,356			529,654			9,308			1,361,252

At December 31, 2015, we had $422.7 million and at March 31, 2016, we had $391.1 million in long-lived assets attributable to the United States, our country of domicile.