Note 8 - Operating Segment Information

6 Months Ended

Jun. 30, 2016

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 June 30, 2016
Revenue	$	21,077		$	4,382		$	5,028		$	-		$	30,487
Direct operating expenses		12,328			3,295			5,309			-			20,932
Drydock expense		36			27			-			-			63
General and administrative expenses		1,832			834			1,667			4,521			8,854
Depreciation and amortization expense		6,532			2,346			5,150			883			14,911
Impairment charges		-			30,268			15,883			-			46,151
(Gain) loss on sale of assets		5,923			-			(9	)		-			5,914
Operating income (loss)	$	(5,574	)	$	(32,388	)	$	(22,972	)	$	(5,404	)	$	(66,338	)
Quarter Ended June 30, 2015
Revenue	$	36,578		$	10,989		$	26,894		$	-		$	74,461
Direct operating expenses		22,845			4,947			18,154			-			45,946
Drydock expense		32			906			1,498			-			2,436
General and administrative expenses		2,579			1,265			2,359			5,318			11,521
Depreciation and amortization expense		7,335			2,605			7,941			884			18,765
Operating income (loss)	$	3,787		$	1,266		$	(3,058	)	$	(6,202	)	$	(4,207	)

	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Six Months Ended June 30, 2016
Revenue	$	44,009		$	6,869		$	18,403		$	-		$	69,281
Direct operating expenses		26,019			6,252			12,396			-			44,667
Drydock expense		873			17			-			-			890
General and administrative expenses		3,961			1,707			3,698			9,276			18,642
Depreciation and amortization expense		13,089			4,947			11,118			1,796			30,950
Impairment charges		1,986			50,437			110,385			-			162,808
(Gain) loss on sale of assets		5,923			-			(5	)		-			5,918
Operating income (loss)	$	(7,842	)	$	(56,491	)	$	(119,189	)	$	(11,072	)	$	(194,594	)
Six Months Ended June 30, 2015
Revenue	$	76,778		$	24,318		$	62,457		$	-		$	163,553
Direct operating expenses		47,010			9,130			41,031			-			97,171
Drydock expense		2,965			1,565			6,879			-			11,409
General and administrative expenses		4,641			2,388			5,115			10,341			22,485
Depreciation and amortization expense		14,557			5,199			15,787			1,710			37,253
Operating income (loss)	$	7,605		$	6,036		$	(6,355	)	$	(12,051	)	$	(4,765	)
Total Assets
June 30, 2016	$	541,350		$	174,006		$	405,802		$	6,141		$	1,127,299
December 31, 2015		589,934			232,356			529,654			9,308			1,361,252

At December 31, 2015, we had $431.7 million and at June 30, 2016, we had $365.7 million in long-lived assets attributable to the United States, our country of domicile.