Note 12 - Operating Segment Information

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(1

2

) OPERATING SEGMENT INFORMATION

Business Segments

We operate our business based on geographic locations and maintain

three

operating segments: the North Sea, Southeast Asia and the Americas. Our chief operating decision-maker regularly reviews financial information about each of these operating segments in deciding how to allocate resources and evaluate performance. The business within each of these geographic regions has similar economic characteristics, services, distribution methods and regulatory concerns. All of the operating segments are considered reportable segments under FASB ASC No.

280,

“Segment Reporting

.

”

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. 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. All significant transactions between segments are conducted on an arms-length basis based on prevailing market prices and are accounted for as such.

Operating income and other information regularly provided to our chief operating decision-maker is summarized in the following table (all amounts in thousands):

	North			Southeast
	Sea			Asia			Americas			Other			Total
Year Ended December 31, 2016
Revenue	$	76,759		$	14,069		$	32,891		$	-		$	123,719
Direct operating expenses		45,872			11,308			25,985			-			83,165
Drydock expense		2,549			588			1,525			-			4,662
General and administrative expense		6,961			5,218			6,876			18,608			37,663
Depreciation and amortization		24,157			8,654			22,008			3,363			58,182
Impairment charge		1,986			50,437			110,385			-			162,808
Gain on sale of assets and other		5,920			2,648			(4	)		-			8,564
Operating income (loss)	$	(10,686	)	$	(64,784	)	$	(133,884	)	$	(21,971	)	$	(231,325	)
Cash and cash equivalents	$	5,436		$	3,008		$	364		$	14		$	8,822
Long-lived assets(a)		440,670			149,668			401,425			3,457			995,220
Total assets		465,908			158,671			424,398			4,926			1,053,903
Capital expenditures		12,550			90			2,751			797			16,188
Year Ended December 31, 2015
Revenue	$	142,168		$	35,524		$	97,114		$	-		$	274,806
Direct operating expenses		84,474			16,483			68,880			-			169,837
Drydock expense		4,112			4,356			6,919			-			15,387
General and administrative expense		9,469			4,296			9,906			23,609			47,280
Depreciation and amortization		28,724			10,419			29,827			3,621			72,591
Impairment charge		22,919			-			129,184			-			152,103
Gain on sale of assets and other		1,244			(59	)		(25	)		-			1,160
Operating income (loss)	$	(8,774	)	$	29		$	(147,577	)	$	(27,230	)	$	(183,552	)
Cash and cash equivalents	$	12,930		$	4,911		$	1,221		$	2,877		$	21,939
Long-lived assets(a)		544,904			216,477			499,083			6,022			1,266,486
Total assets		589,934			232,356			529,654			9,308			1,361,252
Capital expenditures		5,992			253			26,602			2,581			35,428
Year Ended December 31, 2014
Revenue	$	225,253		$	64,753		$	205,763		$	-		$	495,769
Direct operating expenses		113,140			22,831			100,273			-			236,244
Drydock expense		9,094			4,400			11,346			-			24,840
General and administrative expense		17,226			5,387			12,837			27,278			62,728
Depreciation and amortization		32,440			11,168			28,789			2,939			75,336
Impairment charge		8,551			444			-			-			8,995
Gain on sale of assets and other		(3,260	)		(9,200	)		(1,579	)		-			(14,039	)
Operating income (loss)	$	48,062		$	29,723		$	54,097		$	(30,217	)	$	101,665
Cash and cash equivalents	$	19,345		$	15,126		$	7,959		$	8,355		$	50,785
Long-lived assets(a)(b)		627,728			226,920			638,706			7,064			1,500,418
Total assets		725,078			263,487			700,558			27,232			1,716,355
Capital expenditures		109,152			459			45,403			3,412			158,426

(a)     Vessels under construction are included in other assets until delivered. Revenue, long-lived assets and capital expenditures presented in the table above are allocated to segments based on the location where the vessel is employed, which in some instances differs from the segment where the vessel is legally owned. In

2016,

we had

$28.5

 

million in revenue and

$371.6

million in long-lived assets attributed to the United States, our country of domicile. In

2015,

we had

$73.4

million in revenue and

$431.7

million in long-lived assets attributed to the United States. In

2014,

we had

$152.0

million in revenue and

$519.8

million in long-lived assets attributed to the United States.

(b)    

Goodwill is included in the North Sea segment.