Note 9 - Operating Segment Information

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

( 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 loss is summarized in the following table.

Operating Income (Loss) by Operating Segment
	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Quarter Ended June 30, 2017
Revenue	$	14,939		$	2,141		$	7,561		$	-		$	24,641
Direct operating expenses		10,212			2,224			6,948			-			19,384
Drydock expense		1,534			(8	)		128			-			1,654
General and administrative expenses		1,883			1,015			1,428			4,478			8,804
Pre-petition restructuring charges		167			6			45			11,715			11,933
Depreciation and amortization expense		5,707			1,783			5,488			600			13,578
(Gain) loss on sale of assets		-			(32	)		-			-			(32	)
Operating income (loss)	$	(4,564	)	$	(2,847	)	$	(6,476	)	$	(16,793	)	$	(30,680	)
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	)

	North Sea			Southeast Asia			Americas			Other			Total
	(In thousands)
Six Months Ended June 30, 2017
Revenue	$	28,934		$	5,309		$	14,757		$	-		$	49,000
Direct operating expenses		20,286			4,468			13,805			-			38,559
Drydock expense		4,414			(8	)		150			-			4,556
General and administrative expenses		3,672			1,775			3,626			9,308			18,381
Pre-petition restructuring charges		167			6			45			17,569			17,787
Depreciation and amortization expense		11,325			3,565			11,053			1,205			27,148
(Gain) loss on sale of assets		-			(32	)		5,273			-			5,241
Operating income (loss)	$	(10,930	)	$	(4,465	)	$	(19,195	)	$	(28,082	)	$	(62,672	)
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	)
Total Assets
June 30, 2017	$	501,587		$	152,374		$	407,560		$	9,972		$	1,071,493
December 31, 2016		465,908			158,671			424,398			4,926			1,053,903

At

December 31, 2016,

we had

$371.6

million and at

June 30, 2017,

we had

$354.8

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