☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 72-1375844 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Large accelerated filer ☐ | Accelerated filer ☒ | |
Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company ☐ | |
Emerging growth company ☐ |
June 30, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 109,065 | $ | 186,849 | |||
Accounts receivable, net of allowance for doubtful accounts of $6,103 and $6,054, respectively | 57,073 | 44,702 | |||||
Other current assets | 16,006 | 16,890 | |||||
Total current assets | 182,144 | 248,441 | |||||
Property, plant and equipment, net | 2,482,733 | 2,501,013 | |||||
Deferred charges, net | 17,846 | 12,812 | |||||
Other assets | 6,436 | 6,612 | |||||
Total assets | $ | 2,689,159 | $ | 2,768,878 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 19,615 | $ | 16,196 | |||
Accrued interest | 15,790 | 14,734 | |||||
Accrued payroll and benefits | 12,364 | 9,475 | |||||
Other accrued liabilities | 13,018 | 8,457 | |||||
Total current liabilities | 60,787 | 48,862 | |||||
Long-term debt, including deferred gain of $17,457 and $18,911, and net of original issue discount of $5,822 and $7,862 and deferred financing costs of $8,452 and $10,134, respectively | 1,083,094 | 1,080,826 | |||||
Deferred tax liabilities, net | 179,124 | 197,465 | |||||
Other liabilities | 2,522 | 3,801 | |||||
Total liabilities | 1,325,527 | 1,330,954 | |||||
Stockholders’ equity: | |||||||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | — | — | |||||
Common stock: $0.01 par value; 100,000 shares authorized; 37,595 and 37,144 shares issued and outstanding, respectively | 376 | 371 | |||||
Additional paid-in-capital | 760,939 | 760,278 | |||||
Retained earnings | 604,855 | 668,598 | |||||
Accumulated other comprehensive income (loss) | (2,538 | ) | 8,677 | ||||
Total stockholders’ equity | 1,363,632 | 1,437,924 | |||||
Total liabilities and stockholders’ equity | $ | 2,689,159 | $ | 2,768,878 |
The accompanying notes are an integral part of these consolidated statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Revenues: | |||||||||||||||
Vessel revenues | $ | 49,481 | $ | 29,339 | $ | 82,615 | $ | 65,188 | |||||||
Non-vessel revenues | 8,950 | 8,087 | 17,403 | 16,317 | |||||||||||
58,431 | 37,426 | 100,018 | 81,505 | ||||||||||||
Costs and expenses: | |||||||||||||||
Operating expenses | 34,858 | 31,368 | 70,827 | 59,303 | |||||||||||
Depreciation | 24,630 | 24,679 | 49,278 | 49,356 | |||||||||||
Amortization | 2,256 | 3,266 | 4,248 | 6,990 | |||||||||||
General and administrative expenses | 12,246 | 9,432 | 25,121 | 23,674 | |||||||||||
73,990 | 68,745 | 149,474 | 139,323 | ||||||||||||
Gain (loss) on sale of assets | (13 | ) | 1 | 30 | 19 | ||||||||||
Operating loss | (15,572 | ) | (31,318 | ) | (49,426 | ) | (57,799 | ) | |||||||
Other income (expense): | |||||||||||||||
Gain on early extinguishment of debt | — | 15,478 | — | 15,478 | |||||||||||
Interest income | 519 | 464 | 1,163 | 865 | |||||||||||
Interest expense | (16,401 | ) | (13,429 | ) | (30,346 | ) | (27,238 | ) | |||||||
Other income (expense), net | (72 | ) | 54 | (63 | ) | (269 | ) | ||||||||
(15,954 | ) | 2,567 | (29,246 | ) | (11,164 | ) | |||||||||
Loss before income taxes | (31,526 | ) | (28,751 | ) | (78,672 | ) | (68,963 | ) | |||||||
Income tax benefit | (6,438 | ) | (9,262 | ) | (14,929 | ) | (21,576 | ) | |||||||
Net loss | $ | (25,088 | ) | $ | (19,489 | ) | $ | (63,743 | ) | $ | (47,387 | ) | |||
Loss per share: | |||||||||||||||
Basic loss per common share | $ | (0.67 | ) | $ | (0.53 | ) | $ | (1.70 | ) | $ | (1.29 | ) | |||
Diluted loss per common share | $ | (0.67 | ) | $ | (0.53 | ) | $ | (1.70 | ) | $ | (1.29 | ) | |||
Weighted average basic shares outstanding | 37,496 | 36,769 | 37,419 | 36,683 | |||||||||||
Weighted average diluted shares outstanding | 37,496 | 36,769 | 37,419 | 36,683 |
The accompanying notes are an integral part of these consolidated statements. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net loss | $ | (25,088 | ) | $ | (19,489 | ) | $ | (63,743 | ) | $ | (47,387 | ) | |||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation loss | (10,916 | ) | (2,976 | ) | (11,215 | ) | (1,207 | ) | |||||||
Total comprehensive loss | $ | (36,004 | ) | $ | (22,465 | ) | $ | (74,958 | ) | $ | (48,594 | ) |
The accompanying notes are an integral part of these consolidated statements. |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(Unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ | (63,743 | ) | $ | (47,387 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation | 49,278 | 49,356 | |||||
Amortization | 4,248 | 6,990 | |||||
Stock-based compensation expense | 4,753 | 3,014 | |||||
Gain on early extinguishment of debt | — | (15,478 | ) | ||||
Provision for bad debts | 49 | 4,032 | |||||
Deferred tax benefit | (15,360 | ) | (24,243 | ) | |||
Amortization of deferred financing costs | 2,217 | 6,137 | |||||
Gain on sale of assets | (30 | ) | (19 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (19,639 | ) | (6,199 | ) | |||
Other current and long-term assets | 1,038 | (3,127 | ) | ||||
Deferred drydocking charges | (3,351 | ) | (5,955 | ) | |||
Accounts payable | 9,427 | 9,124 | |||||
Accrued liabilities and other liabilities | 2,405 | 631 | |||||
Accrued interest | 1,055 | (1,002 | ) | ||||
Net cash used in operating activities | (27,653 | ) | (24,126 | ) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Costs incurred for acquisition of offshore supply vessels | (40,868 | ) | — | ||||
Costs incurred for OSV newbuild program | (2,757 | ) | (7,063 | ) | |||
Net proceeds from sale of assets | 57 | 33 | |||||
Vessel capital expenditures | (5,482 | ) | (485 | ) | |||
Non-vessel capital expenditures | (81 | ) | (548 | ) | |||
Net cash used in investing activities | (49,131 | ) | (8,063 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from Credit Facility | — | 980 | |||||
Repurchase of senior notes due 2020 | — | (5,057 | ) | ||||
Repurchase of convertible notes | — | (49,631 | ) | ||||
Deferred financing costs | — | (5,636 | ) | ||||
Shares withheld for payment of employee withholding taxes | (536 | ) | (573 | ) | |||
Net cash proceeds from other shares issued | 260 | 258 | |||||
Net cash used in financing activities | (276 | ) | (59,659 | ) | |||
Effects of exchange rate changes on cash | (724 | ) | (396 | ) | |||
Net decrease in cash and cash equivalents | (77,784 | ) | (92,244 | ) | |||
Cash and cash equivalents at beginning of period | 186,849 | 217,027 | |||||
Cash and cash equivalents at end of period | $ | 109,065 | $ | 124,783 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||
Cash paid for interest | $ | 29,304 | $ | 26,199 | |||
Cash paid for income taxes | $ | 650 | $ | 710 | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES: | |||||||
Exchange of convertible notes for first-lien term loan | $ | — | $ | 127,096 |
The accompanying notes are an integral part of these consolidated statements. |
Standard | Description | Required Date of Adoption | Effect on the financial statements and other significant matters | |||
Standards that have been adopted | ||||||
ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) | This standard requires entities to recognize revenues in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application. | January 1, 2018 | This ASU replaces most existing revenue recognition guidance in U.S. GAAP. The Company adopted ASU 2014-09 on January 1, 2018 under the modified retrospective method. Based on the Company's review of its open revenue-related contracts on the date of adoption, it was determined that there was no cumulative effect of applying the new standard and therefore no adjustment to the opening retained earnings balance was needed as of January 1, 2018. See Note 3 - Revenues from Contracts with Customers for additional information. | |||
ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business | This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. | January 1, 2018 | The Company adopted ASU No. 2017-01 on January 1, 2018 under the prospective application. This adoption had no impact on its consolidated financial statements. |
Standards that have not been adopted | ||||||
ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" | This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. | January 1, 2020 | The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. | |||
ASU No. 2016-02, "Leases" (Topic 842) | This standard requires lessees to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. ASU 2016-02 requires a modified retrospective application. Early adoption is permitted. | January 1, 2019 | The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements. See further discussion below. | |||
ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" | This standard allows companies to reclassify items in accumulated other comprehensive income to retained earnings for stranded tax effects resulting form The Tax Cuts and Jobs Act. | January 1, 2019 | The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements. | |||
ASU No. 2018-11, "Leases" (Topic 842): Targeted Improvements | This standard provides for the election of transition methods between the modified retrospective method and the optional transition relief method. The modified retrospective method is applied to all prior reporting periods presented with a cumulative-effect adjustment recorded in the earliest comparative period while the optional transition relief method is applied beginning in the period of adoption with a cumulative-effect adjustment recorded in such period. Also, this standard allows lessors to elect to not separate non-lease components from the associated lease components if certain criteria are met. | January 1, 2019 | The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements. See further discussion below. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Vessel revenues | $ | 49,481 | $ | 29,339 | $ | 82,615 | $ | 65,188 | |||||||
Vessel management revenues | 7,974 | 7,320 | 15,733 | 14,773 | |||||||||||
Shore-based facility revenues | 976 | 767 | 1,670 | 1,544 | |||||||||||
$ | 58,431 | $ | 37,426 | $ | 100,018 | $ | 81,505 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net loss | $ | (25,088 | ) | $ | (19,489 | ) | $ | (63,743 | ) | $ | (47,387 | ) | |||
Weighted average number of shares of common stock outstanding | 37,496 | 36,769 | 37,419 | 36,683 | |||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) | — | — | — | — | |||||||||||
Weighted average number of dilutive shares of common stock outstanding | 37,496 | 36,769 | 37,419 | 36,683 | |||||||||||
Loss per common share: | |||||||||||||||
Basic loss per common share | $ | (0.67 | ) | $ | (0.53 | ) | $ | (1.70 | ) | $ | (1.29 | ) | |||
Diluted loss per common share | $ | (0.67 | ) | $ | (0.53 | ) | $ | (1.70 | ) | $ | (1.29 | ) |
(1) | Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 529 and 639 shares of common stock for the three and six months ended June 30, 2018 and 992 and 988 shares of common stock for the three and six months ended June 30, 2017, respectively. |
(2) | For the six months ended June 30, 2018 and 2017, the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. |
(3) | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 7 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
June 30, 2018 | December 31, 2017 | ||||||
5.875% senior notes due 2020, net of deferred financing costs of $1,611 and $2,061 | $ | 365,331 | $ | 364,881 | |||
5.000% senior notes due 2021, net of deferred financing costs of $2,657 and $3,142 | 447,343 | 446,858 | |||||
1.500% convertible senior notes due 2019, net of original issue discount of $4,707 and $6,634 and deferred financing costs of $1,055 and $1,486 | 93,885 | 91,527 | |||||
First-lien credit facility due 2023, including deferred gain of $17,457 and $18,911, and net of original issue discount of $1,115 and $1,228, and deferred financing costs of $3,129 and $3,445 | 176,535 | 177,560 | |||||
$ | 1,083,094 | $ | 1,080,826 |
Cash Interest Payments | Payment Dates | ||||
5.875% senior notes due 2020 | $ | 10,779 | April 1 and October 1 | ||
5.000% senior notes due 2021 | 11,250 | March 1 and September 1 | |||
1.500% convertible senior notes due 2019 | 747 | March 1 and September 1 | |||
First-lien credit facility due 2023 (1) | 1,202 | Variable |
(1) | The interest rate on the Credit Facility is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on June 30, 2018. Please see further discussion of the variable interest rate below. |
June 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
Face Value | Carrying Value | Fair Value | Face Value | Carrying Value | Fair Value | ||||||||||||||||||
5.875% senior notes due 2020 | $ | 366,942 | $ | 365,331 | $ | 274,289 | $ | 366,942 | $ | 364,881 | $ | 244,714 | |||||||||||
5.000% senior notes due 2021 | 450,000 | 447,343 | 295,313 | 450,000 | 446,858 | 236,250 | |||||||||||||||||
1.500% convertible senior notes due 2019 | 99,647 | 93,885 | 77,167 | 99,647 | 91,527 | 74,486 | |||||||||||||||||
First-lien credit facility due 2023 (1) | 163,322 | 176,535 | 162,718 | 163,322 | 177,560 | 162,505 | |||||||||||||||||
$ | 1,079,911 | $ | 1,083,094 | $ | 809,487 | $ | 1,079,911 | $ | 1,080,826 | $ | 717,955 |
(1) | The carrying value of the Credit Facility due 2023 includes a deferred gain of $17,457 less original issue discount and deferred financing costs of $4,244. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Loss before income taxes | $ | 1,885 | $ | 972 | $ | 4,753 | $ | 3,014 | |||||||
Net loss | $ | 1,500 | $ | 659 | $ | 3,850 | $ | 2,071 | |||||||
Earnings per common share: | |||||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.02 | $ | 0.10 | $ | 0.06 | |||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.02 | $ | 0.10 | $ | 0.06 |
June 30, 2018 | December 31, 2017 | ||||||
Accrued lease expense | $ | 5,278 | $ | 5,142 | |||
Deferred revenues | 2,122 | 460 | |||||
Other | 5,618 | 2,855 | |||||
Total | $ | 13,018 | $ | 8,457 |
As of June 30, 2018 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 103,862 | $ | 5,196 | $ | — | $ | 109,065 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $6,103 | — | 51,970 | 5,188 | (85 | ) | 57,073 | |||||||||||||
Other current assets | 53 | 14,866 | 1,087 | — | 16,006 | ||||||||||||||
Total current assets | 60 | 170,698 | 11,471 | (85 | ) | 182,144 | |||||||||||||
Property, plant and equipment, net | — | 2,285,189 | 197,544 | — | 2,482,733 | ||||||||||||||
Deferred charges, net | — | 15,967 | 1,879 | — | 17,846 | ||||||||||||||
Intercompany receivable | 1,782,674 | 758,505 | 220,164 | (2,761,343 | ) | — | |||||||||||||
Investment in subsidiaries | 721,406 | 8,602 | — | (730,008 | ) | — | |||||||||||||
Other assets | — | 5,890 | 546 | — | 6,436 | ||||||||||||||
Total assets | $ | 2,504,140 | $ | 3,244,851 | $ | 431,604 | $ | (3,491,436 | ) | $ | 2,689,159 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 18,657 | $ | 958 | $ | — | $ | 19,615 | |||||||||
Accrued interest | 15,790 | — | — | — | 15,790 | ||||||||||||||
Accrued payroll and benefits | — | 11,712 | 652 | — | 12,364 | ||||||||||||||
Other accrued liabilities | — | 12,555 | 548 | (85 | ) | 13,018 | |||||||||||||
Total current liabilities | 15,790 | 42,924 | 2,158 | (85 | ) | 60,787 | |||||||||||||
Long-term debt, including deferred gain of $17,457, and net of original issue discount of $5,822 and deferred financing costs of $8,452 | 1,083,094 | — | — | — | 1,083,094 | ||||||||||||||
Deferred tax liabilities, net | — | 177,433 | 1,691 | — | 179,124 | ||||||||||||||
Intercompany payables | 39,509 | 2,264,292 | 466,567 | (2,770,368 | ) | — | |||||||||||||
Other liabilities | — | 2,479 | 43 | — | 2,522 | ||||||||||||||
Total liabilities | 1,138,393 | 2,487,128 | 470,459 | (2,770,453 | ) | 1,325,527 | |||||||||||||
Stockholders’ equity: | |||||||||||||||||||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | — | — | — | — | — | ||||||||||||||
Common stock: $0.01 par value; 100,000 shares authorized; 37,595 shares issued and outstanding | 376 | — | — | — | 376 | ||||||||||||||
Additional paid-in capital | 760,939 | 37,978 | 8,602 | (46,580 | ) | 760,939 | |||||||||||||
Retained earnings | 604,432 | 719,745 | (44,919 | ) | (674,403 | ) | 604,855 | ||||||||||||
Accumulated other comprehensive loss | — | — | (2,538 | ) | — | (2,538 | ) | ||||||||||||
Total stockholders’ equity | 1,365,747 | 757,723 | (38,855 | ) | (720,983 | ) | 1,363,632 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,504,140 | $ | 3,244,851 | $ | 431,604 | $ | (3,491,436 | ) | $ | 2,689,159 | ||||||||
As of December 31, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 178,746 | $ | 8,099 | $ | — | $ | 186,849 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $6,054 | — | 40,407 | 4,295 | — | 44,702 | ||||||||||||||
Other current assets | 29 | 16,051 | 810 | — | 16,890 | ||||||||||||||
Total current assets | 33 | 235,204 | 13,204 | — | 248,441 | ||||||||||||||
Property, plant and equipment, net | — | 2,379,097 | 121,916 | — | 2,501,013 | ||||||||||||||
Deferred charges, net | — | 11,408 | 1,404 | — | 12,812 | ||||||||||||||
Intercompany receivable | 1,778,711 | 648,920 | 39,445 | (2,467,076 | ) | — | |||||||||||||
Investment in subsidiaries | 790,734 | 8,602 | — | (799,336 | ) | — | |||||||||||||
Other assets | — | 5,984 | 628 | — | 6,612 | ||||||||||||||
Total assets | $ | 2,569,478 | $ | 3,289,215 | $ | 176,597 | $ | (3,266,412 | ) | $ | 2,768,878 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 15,643 | $ | 553 | $ | — | $ | 16,196 | |||||||||
Accrued interest | 14,734 | — | — | — | 14,734 | ||||||||||||||
Accrued payroll and benefits | — | 8,458 | 1,017 | — | 9,475 | ||||||||||||||
Other accrued liabilities | — | 8,129 | 328 | — | 8,457 | ||||||||||||||
Total current liabilities | 14,734 | 32,230 | 1,898 | — | 48,862 | ||||||||||||||
Long-term debt, including deferred gain of $18,911, and net of original issue discount of $7,862 and deferred financing costs of $10,134 | 1,080,826 | — | — | — | 1,080,826 | ||||||||||||||
Deferred tax liabilities, net | — | 192,793 | 4,672 | — | 197,465 | ||||||||||||||
Intercompany payables | 140,019 | 2,240,832 | 190,177 | (2,571,028 | ) | — | |||||||||||||
Other liabilities | — | 3,802 | (1 | ) | — | 3,801 | |||||||||||||
Total liabilities | 1,235,579 | 2,469,657 | 196,746 | (2,571,028 | ) | 1,330,954 | |||||||||||||
Stockholders’ equity: | |||||||||||||||||||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | — | — | — | — | — | ||||||||||||||
Common stock: $0.01 par value; 100,000 shares authorized; 37,144 shares issued and outstanding | 371 | — | — | — | 371 | ||||||||||||||
Additional paid-in capital | 758,690 | 37,975 | 8,602 | (44,989 | ) | 760,278 | |||||||||||||
Retained earnings | 574,838 | 781,583 | (37,428 | ) | (650,395 | ) | 668,598 | ||||||||||||
Accumulated other comprehensive income | — | — | 8,677 | — | 8,677 | ||||||||||||||
Total stockholders’ equity | 1,333,899 | 819,558 | (20,149 | ) | (695,384 | ) | 1,437,924 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,569,478 | $ | 3,289,215 | $ | 176,597 | $ | (3,266,412 | ) | $ | 2,768,878 | ||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 57,963 | $ | 468 | $ | — | $ | 58,431 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 32,209 | 2,649 | — | 34,858 | ||||||||||||||
Depreciation | — | 22,874 | 1,756 | — | 24,630 | ||||||||||||||
Amortization | — | 1,939 | 317 | — | 2,256 | ||||||||||||||
General and administrative expenses | 82 | 11,456 | 708 | — | 12,246 | ||||||||||||||
82 | 68,478 | 5,430 | — | 73,990 | |||||||||||||||
Loss on sale of assets | — | (13 | ) | — | — | (13 | ) | ||||||||||||
Operating loss | (82 | ) | (10,528 | ) | (4,962 | ) | — | (15,572 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | — | 457 | 62 | — | 519 | ||||||||||||||
Interest expense | (16,401 | ) | — | — | — | (16,401 | ) | ||||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (8,605 | ) | — | — | 8,605 | — | |||||||||||||
Other income (expense), net | — | (2,036 | ) | 1,964 | — | (72 | ) | ||||||||||||
(25,006 | ) | (1,579 | ) | 2,026 | 8,605 | (15,954 | ) | ||||||||||||
Income (loss) before income taxes | (25,088 | ) | (12,107 | ) | (2,936 | ) | 8,605 | (31,526 | ) | ||||||||||
Income tax expense (benefit) | — | (6,555 | ) | 117 | — | (6,438 | ) | ||||||||||||
Net income (loss) | $ | (25,088 | ) | $ | (5,552 | ) | $ | (3,053 | ) | $ | 8,605 | $ | (25,088 | ) |
Three Months Ended June 30, 2018 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (25,088 | ) | $ | (5,552 | ) | $ | (3,053 | ) | $ | 8,605 | $ | (25,088 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation loss | — | — | (10,916 | ) | — | (10,916 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (25,088 | ) | $ | (5,552 | ) | $ | (13,969 | ) | $ | 8,605 | $ | (36,004 | ) |
Six Months Ended June 30, 2018 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 98,278 | $ | 1,797 | $ | (57 | ) | $ | 100,018 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 66,194 | 4,687 | (54 | ) | 70,827 | |||||||||||||
Depreciation | — | 46,180 | 3,098 | — | 49,278 | ||||||||||||||
Amortization | — | 3,738 | 510 | — | 4,248 | ||||||||||||||
General and administrative expenses | 138 | 23,825 | 1,161 | (3 | ) | 25,121 | |||||||||||||
138 | 139,937 | 9,456 | (57 | ) | 149,474 | ||||||||||||||
Gain on sale of assets | — | 30 | — | — | 30 | ||||||||||||||
Operating loss | (138 | ) | (41,629 | ) | (7,659 | ) | — | (49,426 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Interest income | — | 1,026 | 137 | — | 1,163 | ||||||||||||||
Interest expense | (30,346 | ) | — | — | — | (30,346 | ) | ||||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (33,259 | ) | — | — | 33,259 | — | |||||||||||||
Other income (expense), net | — | (20 | ) | (43 | ) | — | (63 | ) | |||||||||||
(63,605 | ) | 1,006 | 94 | 33,259 | (29,246 | ) | |||||||||||||
Income (loss) before income taxes | (63,743 | ) | (40,623 | ) | (7,565 | ) | 33,259 | (78,672 | ) | ||||||||||
Income tax expense (benefit) | — | (14,854 | ) | (75 | ) | — | (14,929 | ) | |||||||||||
Net income (loss) | $ | (63,743 | ) | $ | (25,769 | ) | $ | (7,490 | ) | $ | 33,259 | $ | (63,743 | ) |
Six Months Ended June 30, 2018 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (63,743 | ) | $ | (25,769 | ) | $ | (7,490 | ) | $ | 33,259 | $ | (63,743 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation gain (loss) | — | — | (11,215 | ) | — | (11,215 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (63,743 | ) | $ | (25,769 | ) | $ | (18,705 | ) | $ | 33,259 | $ | (74,958 | ) |
Three Months Ended June 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 36,325 | $ | 1,406 | $ | (305 | ) | $ | 37,426 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 28,337 | 3,338 | (307 | ) | 31,368 | |||||||||||||
Depreciation | — | 23,368 | 1,311 | — | 24,679 | ||||||||||||||
Amortization | — | 2,903 | 363 | — | 3,266 | ||||||||||||||
General and administrative expenses | 74 | 8,734 | 633 | (9 | ) | 9,432 | |||||||||||||
74 | 63,342 | 5,645 | (316 | ) | 68,745 | ||||||||||||||
Gain on sale of assets | — | 1 | — | — | 1 | ||||||||||||||
Operating income (loss) | (74 | ) | (27,016 | ) | (4,239 | ) | 11 | (31,318 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Gain on early extinguishment of debt | 15,478 | — | — | — | 15,478 | ||||||||||||||
Interest income | — | 363 | 101 | — | 464 | ||||||||||||||
Interest expense | (13,429 | ) | — | — | — | (13,429 | ) | ||||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (21,464 | ) | — | — | 21,464 | — | |||||||||||||
Other income (expense), net | — | 1,023 | (958 | ) | (11 | ) | 54 | ||||||||||||
(19,415 | ) | 1,386 | (857 | ) | 21,453 | 2,567 | |||||||||||||
Income (loss) before income taxes | (19,489 | ) | (25,630 | ) | (5,096 | ) | 21,464 | (28,751 | ) | ||||||||||
Income tax expense (benefit) | — | (9,611 | ) | 349 | — | (9,262 | ) | ||||||||||||
Net income (loss) | $ | (19,489 | ) | $ | (16,019 | ) | $ | (5,445 | ) | $ | 21,464 | $ | (19,489 | ) |
Three Months Ended June 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (19,489 | ) | $ | (16,019 | ) | $ | (5,445 | ) | $ | 21,464 | $ | (19,489 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation gain (loss) | — | — | (2,976 | ) | — | (2,976 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (19,489 | ) | $ | (16,019 | ) | $ | (8,421 | ) | $ | 21,464 | $ | (22,465 | ) |
Six Months Ended June 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 70,047 | $ | 11,721 | $ | (263 | ) | $ | 81,505 | ||||||||
Costs and expenses: | |||||||||||||||||||
Operating expenses | — | 52,866 | 6,704 | (267 | ) | 59,303 | |||||||||||||
Depreciation | — | 46,722 | 2,634 | — | 49,356 | ||||||||||||||
Amortization | — | 6,215 | 775 | — | 6,990 | ||||||||||||||
General and administrative expenses | 110 | 22,320 | 1,251 | (7 | ) | 23,674 | |||||||||||||
110 | 128,123 | 11,364 | (274 | ) | 139,323 | ||||||||||||||
Gain on sale of assets | — | 18 | 1 | — | 19 | ||||||||||||||
Operating income (loss) | (110 | ) | (58,058 | ) | 358 | 11 | (57,799 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||
Gain on early extinguishment of debt | 15,478 | — | — | — | 15,478 | ||||||||||||||
Interest income | — | 688 | 177 | — | 865 | ||||||||||||||
Interest expense | (27,238 | ) | — | — | — | (27,238 | ) | ||||||||||||
Equity in earnings (losses) of consolidated subsidiaries | (35,517 | ) | — | — | 35,517 | — | |||||||||||||
Other income(expense), net | — | 3,646 | (3,904 | ) | (11 | ) | (269 | ) | |||||||||||
(47,277 | ) | 4,334 | (3,727 | ) | 35,506 | (11,164 | ) | ||||||||||||
Income (loss) before income taxes | (47,387 | ) | (53,724 | ) | (3,369 | ) | 35,517 | (68,963 | ) | ||||||||||
Income tax expense (benefit) | — | (22,095 | ) | 519 | — | (21,576 | ) | ||||||||||||
Net income (loss) | $ | (47,387 | ) | $ | (31,629 | ) | $ | (3,888 | ) | $ | 35,517 | $ | (47,387 | ) |
Six Months Ended June 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
Net income (loss) | $ | (47,387 | ) | $ | (31,629 | ) | $ | (3,888 | ) | $ | 35,517 | $ | (47,387 | ) | |||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation gain (loss) | — | (149 | ) | (1,058 | ) | — | (1,207 | ) | |||||||||||
Total comprehensive income (loss) | $ | (47,387 | ) | $ | (31,778 | ) | $ | (4,946 | ) | $ | 35,517 | $ | (48,594 | ) |
Six Months Ended June 30, 2018 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 279 | $ | (26,825 | ) | $ | (1,107 | ) | $ | — | $ | (27,653 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Costs incurred for acquisition of offshore supply vessels | — | (40,868 | ) | — | — | (40,868 | ) | ||||||||||||
Costs incurred for OSV newbuild program #5 | — | (2,757 | ) | — | — | (2,757 | ) | ||||||||||||
Net proceeds from sale of assets | — | 57 | — | — | 57 | ||||||||||||||
Vessel capital expenditures | — | (4,394 | ) | (1,088 | ) | — | (5,482 | ) | |||||||||||
Non-vessel capital expenditures | — | (97 | ) | 16 | — | (81 | ) | ||||||||||||
Net cash used in investing activities | — | (48,059 | ) | (1,072 | ) | — | (49,131 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Shares withheld for employee withholding taxes | (536 | ) | — | — | — | (536 | ) | ||||||||||||
Net cash proceeds from other shares issued | 260 | — | — | — | 260 | ||||||||||||||
Net cash used in financing activities | (276 | ) | — | — | — | (276 | ) | ||||||||||||
Effects of exchange rate changes on cash | — | — | (724 | ) | — | (724 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 3 | (74,884 | ) | (2,903 | ) | — | (77,784 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 4 | 178,746 | 8,099 | — | 186,849 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 7 | $ | 103,862 | $ | 5,196 | $ | — | $ | 109,065 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||||||||||||||
Cash paid for interest | $ | 29,304 | $ | — | $ | — | $ | — | $ | 29,304 | |||||||||
Cash paid for income taxes | $ | — | $ | 426 | $ | 224 | $ | — | $ | 650 |
Six Months Ended June 30, 2017 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidating | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 59,666 | $ | (91,432 | ) | $ | 7,640 | $ | — | $ | (24,126 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Costs incurred for OSV newbuild program #5 | — | (7,455 | ) | 392 | — | (7,063 | ) | ||||||||||||
Net proceeds from sale of assets | — | 33 | — | — | 33 | ||||||||||||||
Vessel capital expenditures | — | (243 | ) | (242 | ) | — | (485 | ) | |||||||||||
Non-vessel capital expenditures | — | (531 | ) | (17 | ) | — | (548 | ) | |||||||||||
Net cash provided by (used in) investing activities | — | (8,196 | ) | 133 | — | (8,063 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from Credit Facility | 980 | — | — | — | 980 | ||||||||||||||
Repurchase of senior notes due 2020 | (5,057 | ) | — | — | — | (5,057 | ) | ||||||||||||
Repurchase of convertible notes | (49,631 | ) | — | — | — | (49,631 | ) | ||||||||||||
Deferred financing costs | (5,636 | ) | — | — | — | (5,636 | ) | ||||||||||||
Shares withheld for employee withholding taxes | (573 | ) | — | — | — | (573 | ) | ||||||||||||
Net cash proceeds from other shares issued | 258 | — | — | — | 258 | ||||||||||||||
Net cash used in financing activities | (59,659 | ) | — | — | — | (59,659 | ) | ||||||||||||
Effects of exchange rate changes on cash | — | (150 | ) | (246 | ) | — | (396 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | 7 | (99,778 | ) | 7,527 | — | (92,244 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 9 | 212,196 | 4,822 | — | 217,027 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 16 | $ | 112,418 | $ | 12,349 | $ | — | $ | 124,783 | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||||||||||||||
Cash paid for interest | $ | 26,199 | $ | — | $ | — | $ | — | $ | 26,199 | |||||||||
Cash paid for income taxes | $ | — | $ | 331 | $ | 379 | $ | — | $ | 710 | |||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES: | |||||||||||||||||||
Exchange of convertible notes for first-lien term loan | $ | 127,096 | $ | — | $ | — | $ | — | $ | 127,096 |
Domestic | ||
GoM | 18 | |
Other U.S. coastlines (1) | 8 | |
26 | ||
Foreign | ||
Other Latin America | 5 | |
Trinidad | 4 | |
Brazil | 1 | |
Mexico | 1 | |
11 | ||
Total Vessels (2) | 37 |
(1) | Includes four owned vessels and four managed vessels supporting the military. |
(2) | Excluded from this table are 40 new generation OSVs and one MPSV that were stacked as of June 30, 2018. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Offshore Supply Vessels: | |||||||||||||||
Average number of new generation OSVs (1) | 63.9 | 62.0 | 63.0 | 62.0 | |||||||||||
Average number of active new generation OSVs (2) | 22.7 | 20.7 | 20.4 | 19.4 | |||||||||||
Average new generation OSV fleet capacity (DWT) | 228,925 | 220,172 | 224,498 | 220,172 | |||||||||||
Average new generation OSV capacity (DWT) | 3,583 | 3,551 | 3,566 | 3,551 | |||||||||||
Average new generation OSV utilization rate (3) | 27.0 | % | 22.3 | % | 23.9 | % | 21.0 | % | |||||||
Effective new generation OSV utilization rate (4) | 76.0 | % | 66.6 | % | 73.9 | % | 67.0 | % | |||||||
Average new generation OSV dayrate (5) | $ | 19,566 | $ | 17,202 | $ | 18,895 | $ | 22,129 | |||||||
Effective dayrate (6) | $ | 5,283 | $ | 3,836 | $ | 4,516 | $ | 4,647 |
(1) | We owned 66 new generation OSVs as of June 30, 2018. Excluded from this data are eight MPSVs owned and operated by the Company as well as four non-owned vessels managed for the U.S. Navy. |
(2) | In response to weak market conditions, we elected to stack certain new generation OSVs on various dates since October 1, 2014. Active new generation OSVs represent vessels that are immediately available for service during each respective period. |
(3) | Utilization rates are average rates based on a 365-day year. Vessels are considered utilized when they are generating revenues. |
(4) | Effective utilization rate is based on a denominator comprised only of vessel-days available for service by the active fleet, which excludes the impact of stacked vessel days. |
(5) | Average new generation OSV dayrates represent average revenue per day, which includes charter hire, crewing services, and net brokerage revenues, based on the number of days during the period that the OSVs generated revenues. |
(6) | Effective dayrate represents the average dayrate multiplied by the average utilization rate. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Components of EBITDA: | |||||||||||||||
Net loss | $ | (25,088 | ) | $ | (19,489 | ) | $ | (63,743 | ) | $ | (47,387 | ) | |||
Interest, net | |||||||||||||||
Debt obligations | 16,401 | 13,429 | 30,346 | 27,238 | |||||||||||
Interest income | (519 | ) | (464 | ) | (1,163 | ) | (865 | ) | |||||||
Total interest, net | 15,882 | 12,965 | 29,183 | 26,373 | |||||||||||
Income tax benefit | (6,438 | ) | (9,262 | ) | (14,929 | ) | (21,576 | ) | |||||||
Depreciation | 24,630 | 24,679 | 49,278 | 49,356 | |||||||||||
Amortization | 2,256 | 3,266 | 4,248 | 6,990 | |||||||||||
EBITDA | $ | 11,242 | $ | 12,159 | $ | 4,037 | $ | 13,756 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
EBITDA Reconciliation to GAAP: | |||||||||||||||
EBITDA | $ | 11,242 | $ | 12,159 | $ | 4,037 | $ | 13,756 | |||||||
Cash paid for deferred drydocking charges | (1,381 | ) | (2,826 | ) | (3,351 | ) | (5,955 | ) | |||||||
Cash paid for interest | (14,173 | ) | (12,443 | ) | (29,304 | ) | (26,199 | ) | |||||||
Cash paid for taxes | (201 | ) | (361 | ) | (650 | ) | (710 | ) | |||||||
Changes in working capital | (15,990 | ) | (2,813 | ) | (3,157 | ) | 3,433 | ||||||||
Stock-based compensation expense | 1,885 | 972 | 4,753 | 3,014 | |||||||||||
Gain on early extinguishment of debt | — | (15,478 | ) | — | (15,478 | ) | |||||||||
Gain on sale of assets | 13 | (1 | ) | (30 | ) | (19 | ) | ||||||||
Changes in other, net | (174 | ) | 284 | 49 | 4,032 | ||||||||||
Net cash flows used in operating activities | $ | (18,779 | ) | $ | (20,507 | ) | $ | (27,653 | ) | $ | (24,126 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Gain on early extinguishment of debt | $ | — | $ | 15,478 | $ | — | $ | 15,478 | |||||||
Stock-based compensation expense | 1,885 | 972 | $ | 4,753 | $ | 3,014 | |||||||||
Interest income | 519 | 464 | 1,163 | 865 |
• | EBITDA does not reflect the future capital expenditure requirements that may be necessary to replace our existing vessels as a result of normal wear and tear, |
• | EBITDA does not reflect the interest, future principal payments and other financing-related charges necessary to service the debt that we have incurred in acquiring and constructing our vessels, |
• | EBITDA does not reflect the deferred income taxes that we will eventually have to pay once we are no longer in an overall tax net operating loss carryforward position, as applicable, and |
• | EBITDA does not reflect changes in our net working capital position. |
Three Months Ended June 30, | Increase (Decrease) | ||||||||||||||
2018 | 2017 | $ Change | % Change | ||||||||||||
Revenues: | |||||||||||||||
Vessel revenues | |||||||||||||||
Domestic | $ | 43,536 | $ | 23,646 | $ | 19,890 | 84.1 | % | |||||||
Foreign | 5,945 | 5,693 | 252 | 4.4 | % | ||||||||||
49,481 | 29,339 | 20,142 | 68.7 | % | |||||||||||
Non-vessel revenues | 8,950 | 8,087 | 863 | 10.7 | % | ||||||||||
58,431 | 37,426 | 21,005 | 56.1 | % | |||||||||||
Operating expenses | 34,858 | 31,368 | 3,490 | 11.1 | % | ||||||||||
Depreciation and amortization | 26,886 | 27,945 | (1,059 | ) | (3.8 | ) | % | ||||||||
General and administrative expenses | 12,246 | 9,432 | 2,814 | 29.8 | % | ||||||||||
73,990 | 68,745 | 5,245 | 7.6 | % | |||||||||||
Gain (loss) on sale of assets | (13 | ) | 1 | (14 | ) | >100 | % | ||||||||
Operating loss | (15,572 | ) | (31,318 | ) | 15,746 | (50.3 | ) | % | |||||||
Gain on early extinguishment of debt | — | 15,478 | (15,478 | ) | 100.0 | % | |||||||||
Interest expense | 16,401 | 13,429 | 2,972 | 22.1 | % | ||||||||||
Interest income | 519 | 464 | 55 | 11.9 | % | ||||||||||
Income tax benefit | (6,438 | ) | (9,262 | ) | 2,824 | (30.5 | ) | % | |||||||
Net loss | $ | (25,088 | ) | $ | (19,489 | ) | $ | (5,599 | ) | 28.7 | % |
Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||
2018 | 2017 | $ Change | % Change | ||||||||||||
Revenues: | |||||||||||||||
Vessel revenues | |||||||||||||||
Domestic | $ | 68,760 | $ | 54,566 | $ | 14,194 | 26.0 | % | |||||||
Foreign | 13,855 | 10,622 | 3,233 | 30.4 | % | ||||||||||
82,615 | 65,188 | 17,427 | 26.7 | % | |||||||||||
Non-vessel revenues | 17,403 | 16,317 | 1,086 | 6.7 | % | ||||||||||
100,018 | 81,505 | 18,513 | 22.7 | % | |||||||||||
Operating expenses | 70,827 | 59,303 | 11,524 | 19.4 | % | ||||||||||
Depreciation and amortization | 53,526 | 56,346 | (2,820 | ) | (5.0 | ) | % | ||||||||
General and administrative expenses | 25,121 | 23,674 | 1,447 | 6.1 | % | ||||||||||
149,474 | 139,323 | 10,151 | 7.3 | % | |||||||||||
Gain on sale of assets | 30 | 19 | 11 | 57.9 | % | ||||||||||
Operating loss | (49,426 | ) | (57,799 | ) | 8,373 | (14.5 | ) | % | |||||||
Gain on early extinguishment of debt | — | (15,478 | ) | 15,478 | 100.0 | % | |||||||||
Interest expense | 30,346 | 27,238 | 3,108 | 11.4 | % | ||||||||||
Interest income | 1,163 | 865 | 298 | 34.5 | % | ||||||||||
Income tax benefit | (14,929 | ) | (21,576 | ) | 6,647 | (30.8 | ) | % | |||||||
Net loss | $ | (63,743 | ) | $ | (47,387 | ) | $ | (16,356 | ) | 34.5 | % |
Total Debt | Effective Interest Rate | Cash Interest Payment | Payment Dates | |||||||||
5.875% senior notes due 2020, net of deferred financing costs of $1,611 (1) | $ | 365,331 | 6.08 | % | $ | 10,779 | April 1 and October 1 | |||||
5.000% senior notes due 2021, net of deferred financing costs of $2,657 (1) | 447,343 | 5.21 | % | 11,250 | March 1 and September 1 | |||||||
1.500% convertible senior notes due 2019, net of original issue discount of $4,707 and deferred financing costs of $1,055 | 93,885 | 6.23 | % | 747 | March 1 and September 1 | |||||||
Credit Facility due 2023, plus deferred gain of $17,457, net of original issue discount of $1,115 and deferred financing costs of $3,129 (2) | 176,535 | 8.60 | % | 1,202 | Variable | |||||||
$ | 1,083,094 |
(1) | The senior notes do not require any payments of principal prior to their stated maturity dates, but pursuant to the indentures under which the 2020 and 2021 senior notes were issued, we would be required to make offers to purchase such senior notes upon the occurrence of specified events, such as certain asset sales or a change in control. |
(2) | The interest rate on the Credit Facility is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on June 30, 2018. Please see Note 6 for further discussion of the variable interest rate included within the Credit Facility. |
Six Months Ended June 30, 2018 | Incurred Since Inception | Estimated Program Totals (1) | Projected Delivery Dates (1) | ||||||||||
Growth Capital Expenditures: | |||||||||||||
OSV newbuild program #5 (2) | $ | 0.5 | $ | 1,273.2 | $ | 1,335.0 | 2Q2013-3Q2019 |
(1) | Estimated Program Totals and Projected Delivery Dates are based on internal estimates and are subject to change due to delays and possible cost overruns inherent in any large construction project, including, without limitations, shortages of equipment, lack of shipyard availability, unforeseen engineering problems, work stoppages, weather interference, unanticipated cost increases, the inability to obtain necessary certifications and approvals and shortages of materials, component equipment or skilled labor. All of the above historical and budgeted capital expenditure project amounts for our newbuild program represent estimated cash outlays and do not include any allocation of capitalized construction period interest. Actual and projected delivery dates correspond to the first and last vessels that are contracted with shipyards for construction and delivery under our currently active program, respectively. |
(2) | Our fifth OSV newbuild program consists of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of August 1, 2018, we had placed 22 vessels in service under such program. The remaining two vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service in the second and third quarters of 2019. |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | |||||||||||||||
Actual | Actual | Actual | Actual | Forecast | |||||||||||||||
Maintenance and Other Capital Expenditures: | |||||||||||||||||||
Maintenance Capital Expenditures | |||||||||||||||||||
Deferred drydocking charges (1) | $ | 1.4 | $ | 2.9 | $ | 3.4 | $ | 6.0 | $ | 13.8 | |||||||||
Other vessel capital improvements (2) | 1.5 | 0.2 | 4.1 | 0.3 | 8.4 | ||||||||||||||
2.9 | 3.1 | 7.5 | 6.3 | 22.2 | |||||||||||||||
Other Capital Expenditures | |||||||||||||||||||
Commercial-related capital expenditures (3) | 4.1 | 0.1 | 5.4 | 0.2 | 5.6 | ||||||||||||||
Non-vessel related capital expenditures (4) | 0.1 | 0.4 | 0.1 | 0.5 | 0.3 | ||||||||||||||
4.2 | 0.5 | 5.5 | 0.7 | 5.9 | |||||||||||||||
Total | $ | 7.1 | $ | 3.6 | $ | 13.0 | $ | 7.0 | $ | 28.1 |
(1) | Deferred drydocking charges for 2018 include the projected recertification costs for 11 OSVs and one MPSV. |
(2) | Other vessel capital improvements include costs for discretionary vessel enhancements, which are typically incurred during a planned drydocking event to meet customer specifications. |
(3) | Commercial-related capital expenditures, including vessel improvements such as the addition of cranes, ROVs, helidecks, living quarters and other specialized vessel equipment, or the modification of vessel capacities or capabilities, such as DP upgrades and mid-body extensions, which costs are typically included in and offset, in whole or in part, by higher dayrates charged to customers; and commercial-related intangibles. |
(4) | Non-vessel related capital expenditures are primarily related to information technology and shoreside support initiatives. |
Exhibit Number | Description of Exhibit | ||
3.1 | — | ||
3.2 | — | ||
3.3 | — | ||
3.4 | — | ||
4.1 | — | ||
4.2 | — | ||
4.3 | — | ||
4.4 | — | ||
4.5 | — | ||
4.6 | — | ||
4.7 | — |
Exhibit Number | Description of Exhibit | ||
4.8 | — | ||
4.9 | — | ||
4.10 | — | ||
4.11 | — | ||
4.12 | — | ||
4.13 | — | ||
4.14 | — | ||
4.15 | — | ||
4.16 | — | ||
4.17 | — | ||
4.18 | — |
Exhibit Number | Description of Exhibit | ||
4.19 | — | ||
4.20 | — | ||
4.21 | — | ||
4.22 | — | ||
*4.23 | — | ||
*4.24 | — | ||
*4.25 | — | ||
10.1 | — | ||
10.2 | — | ||
10.3 | — | ||
10.40 | — | ||
*31.1 | — | ||
*31.2 | — | ||
*32.1 | — | ||
*32.2 | — | ||
Exhibit Number | Description of Exhibit | ||
*101 | — | Interactive Data File | |
* Filed herewith. | |||
Hornbeck Offshore Services, Inc. | ||
Date: August 9, 2018 | /s/ JAMES O. HARP, JR. | |
James O. Harp, Jr. | ||
Executive Vice President and Chief Financial Officer |
HORNBECK OFFSHORE SERVICES, INC. | |
By: | /s/ James O. Harp, Jr. |
Name: James O. Harp, Jr. | |
Title: Executive Vice President and Chief Financial Officer |
GUARANTORS: | |
ENERGY SERVICES PUERTO RICO, LLC | |
HORNBECK OFFSHORE SERVICES, LLC | |
HORNBECK OFFSHORE TRANSPORTATION, LLC | |
HORNBECK OFFSHORE OPERATORS, LLC | |
HOS-IV, LLC | |
HORNBECK OFFSHORE TRINIDAD & TOBAGO, LLC | |
HOS PORT, LLC | |
HORNBECK OFFSHORE INTERNATIONAL, LLC | |
HOI HOLDING, LLC | |
HOS HOLDING, LLC | |
By: | /s/ James O. Harp, Jr. |
Name: James O. Harp, Jr. | |
Title: Executive Vice President and Chief Financial Officer | |
WELLS FARGO BANK, NATIONAL ASSOCIATION, | |
as Trustee | |
By: | /s/ Tina D. Gonzalez |
Name: Tina D. Gonzalez | |
Title: Vice President |
HORNBECK OFFSHORE SERVICES, INC. | |
By: | /s/ James O. Harp, Jr. |
Name: James O. Harp, Jr. | |
Title: Executive Vice President and Chief Financial Officer |
GUARANTORS: | |
ENERGY SERVICES PUERTO RICO, LLC | |
HORNBECK OFFSHORE SERVICES, LLC | |
HORNBECK OFFSHORE TRANSPORTATION, LLC | |
HORNBECK OFFSHORE OPERATORS, LLC | |
HOS-IV, LLC | |
HORNBECK OFFSHORE TRINIDAD & TOBAGO, LLC | |
HOS PORT, LLC | |
HORNBECK OFFSHORE INTERNATIONAL, LLC | |
HOI HOLDING, LLC | |
HOS HOLDING, LLC | |
By: | /s/ James O. Harp, Jr. |
Name: James O. Harp, Jr. | |
Title: Executive Vice President and Chief Financial Officer | |
WELLS FARGO BANK, NATIONAL ASSOCIATION, | |
as Trustee | |
By: | /s/ Tina D. Gonzalez |
Name: Tina D. Gonzalez | |
Title: Vice President |
HORNBECK OFFSHORE SERVICES, INC. | |
By: | /s/ James O. Harp, Jr. |
Name: James O. Harp, Jr. | |
Title: Executive Vice President and Chief Financial Officer |
GUARANTORS: | |
ENERGY SERVICES PUERTO RICO, LLC | |
HORNBECK OFFSHORE SERVICES, LLC | |
HORNBECK OFFSHORE TRANSPORTATION, LLC | |
HORNBECK OFFSHORE OPERATORS, LLC | |
HOS-IV, LLC | |
HORNBECK OFFSHORE TRINIDAD & TOBAGO, LLC | |
HOS PORT, LLC | |
HORNBECK OFFSHORE INTERNATIONAL, LLC | |
HOI HOLDING, LLC | |
HOS HOLDING, LLC | |
By: | /s/ James O. Harp, Jr. |
Name: James O. Harp, Jr. | |
Title: Executive Vice President and Chief Financial Officer | |
WELLS FARGO BANK, NATIONAL ASSOCIATION, | |
as Trustee | |
By: | /s/ Tina D. Gonzalez |
Name: Tina D. Gonzalez | |
Title: Vice President |
1. | I have reviewed this Quarterly Report on Form 10-Q of Hornbeck Offshore Services, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 9, 2018 | /s/ Todd M. Hornbeck | |
Todd M. Hornbeck | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of Hornbeck Offshore Services, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 9, 2018 | /s/ James O. Harp, Jr | |
James O. Harp, Jr. | ||
Executive Vice President and | ||
Chief Financial Officer (Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 9, 2018 | /s/ Todd M. Hornbeck |
Todd M. Hornbeck | |
Chairman, President and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 9, 2018 | /s/ James O. Harp, Jr. |
James O. Harp, Jr. | |
Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 31, 2018 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | |
Entity Central Index Key | 0001131227 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HOS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 37,595,348 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts of | $ 6,103 | $ 6,054 |
Debt Instrument, unamortized discount | 5,822 | 7,862 |
Deferred financing costs | 8,452 | 10,134 |
Deferred Gain | $ 18,251 | $ 18,911 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 37,595,000 | 37,144,000 |
Common stock outstanding | 37,595,000 | 37,144,000 |
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenues: | ||||
Vessel revenues | $ 49,481 | $ 29,339 | $ 82,615 | $ 65,188 |
Non-vessel revenues | 8,950 | 8,087 | 17,403 | 16,317 |
Revenues | 58,431 | 37,426 | 100,018 | 81,505 |
Costs and expenses: | ||||
Operating expenses | 34,858 | 31,368 | 70,827 | 59,303 |
Depreciation | 24,630 | 24,679 | 49,278 | 49,356 |
Amortization | 2,256 | 3,266 | 4,248 | 6,990 |
General and administrative expenses | 12,246 | 9,432 | 25,121 | 23,674 |
Costs and Expenses, Total | 73,990 | 68,745 | 149,474 | 139,323 |
Gain (loss) on sale of assets | (13) | 1 | 30 | 19 |
Operating loss | (15,572) | (31,318) | (49,426) | (57,799) |
Gain on Extinguishment of Debt | 0 | 15,478 | 0 | 15,478 |
Other income (expense): | ||||
Interest income | 519 | 464 | 1,163 | 865 |
Interest expense | (16,401) | (13,429) | (30,346) | (27,238) |
Other income (expense), net | (72) | 54 | (63) | (269) |
Nonoperating Income (Expense) | (15,954) | 2,567 | (29,246) | (11,164) |
Loss before income taxes | (31,526) | (28,751) | (78,672) | (68,963) |
Income tax benefit | (6,438) | (9,262) | (14,929) | (21,576) |
Net loss | $ (25,088) | $ (19,489) | $ (63,743) | $ (47,387) |
Loss per share: | ||||
Basic loss per common share | $ (0.67) | $ (0.53) | $ (1.70) | $ (1.29) |
Diluted loss per common share | $ (0.67) | $ (0.53) | $ (1.70) | $ (1.29) |
Weighted average basic shares outstanding | 37,496 | 36,769 | 37,419 | 36,683 |
Weighted average diluted shares outstanding | 37,496 | 36,769 | 37,419 | 36,683 |
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (25,088) | $ (19,489) | $ (63,743) | $ (47,387) |
Other comprehensive income (loss): | ||||
Foreign currency translation loss | (10,916) | (2,976) | (11,215) | (1,207) |
Total comprehensive loss | $ (36,004) | $ (22,465) | $ (74,958) | $ (48,594) |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2017. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The consolidated balance sheet at December 31, 2017 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent Accounting Pronouncements (Notes) |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements
ASC 842, Leases Lessor Accounting In July 2018, the Financial Accounting Standards Board, or FASB, issued ASU 2018-11 that allows for 1) a transition option that will allow companies to not apply the new lease standard in the comparative periods presented in their financial statements in the year of adoption and will allow the Company to continue to apply legacy guidance, ASC 840 Leases, including its disclosure requirements, for comparative periods presented, and 2) an option for lessors to combine lease and non-lease components contained within the same agreement when certain criteria are met. The Company does not expect a change in the timing or amounts of revenues recognized upon the adoption of this standard. Lessee Accounting The primary difference between current accounting standards and ASC 842 is the recognition of right-of-use assets and corresponding liabilities by lessees for those leases classified as operating leases under current accounting standards. The estimated impact of the adoption of this ASC based on the lease arrangements for which the Company is the lessee as of June 30, 2018, will be an increase to assets and liabilities on the Company's financial statements to reflect the right-of-use assets and lease obligations in a range from $27.0 million to $30.0 million. The adoption of the new standard is not expected to result in a change in the amount of lease expense currently being recognized. |
Revenues From Contracts With Customers (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | Revenues from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method. The adoption of this standard did not have a material impact on the Company's financial position or results of operations. Accordingly, the Company did not make an adjustment to the opening balance of retained earnings in order to account for the implementation of the new requirements of this standard, and it did not restate prior period information for the effects of the new standard. The services that are provided by the Company represent a single performance obligation under our contracts that are satisfied at a point in time or over time. Revenues are earned primarily by (1) chartering the Company's vessels, including operation of such vessels, (2) providing vessel management services to third party vessel owners, and (3) providing shore-based port facility services, including rental of land. These revenue streams are provided to customers based upon contracts that include fixed or determinable prices and do not generally include right of return or other significant post-delivery obligations. The Company's vessel revenues, vessel management revenues and port facility revenues are recognized either at a point in time or over the passage of time when the customer has received or is receiving the benefit from the applicable service. Revenues are recognized when the performance obligations are satisfied in accordance with contractual terms and in an amount that reflects the consideration that the Company expects to be entitled to in exchange for the services rendered or rentals provided. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Invoices are typically billed to our customers on a monthly basis and payment terms on customer invoices typically range 30 to 60 days. A performance obligation under contracts with the Company's customers to render services is the unit of account under Topic 606. The Company accounts for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered provided on its own or with other resources that are readily available to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As of June 30, 2018, the Company has certain remaining performance obligations representing contracted vessel revenues for which work has not been performed and such contracts have an original expected duration of more than one year. As of June 30, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations for such contracts was $16.4 million, of which $15.8 million and $0.6 million are expected to be recognized in 2018 and 2019, respectively. The Company has elected to apply the optional exemption for the disclosure of the remaining performance obligations for any of its revenue streams that are expected to have a duration of one year or less and, therefore, such amounts have not been disclosed. Disaggregation of Revenues For the three and six months ended June 30, 2018 and 2017, the Company recognized revenues as follows (in thousands):
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Loss Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Loss Per Share Basic loss per common share was calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share was calculated by dividing net loss by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. When reporting a net loss, the Company uses weighted average basic shares outstanding to calculate diluted earnings per share. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s loss per share (in thousands, except for per share data):
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Property, Plant and Equipment (Notes) |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Asset Impairment Assessment In accordance with ASC 360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows are less than the carrying amounts of the asset group, the assets are written down to their estimated fair values based on the expected discounted future cash flows or appraised values attributable to the assets. The future cash flows are subjective and are based on the Company’s current assumptions regarding future dayrates, utilization, operating expense, G&A expense and recertification costs that could differ from actual results. During the second quarter of 2016, the Company determined that it observed indicators of impairment related to its vessels. This resulted from the rapid deterioration of its second quarter 2016 operating results, as well as the uncertainty regarding future market conditions and the related impact on the Company's projected operating results. For the purposes of calculating the undiscounted cash flows, the Company grouped its vessels into two groups, OSVs and MPSVs, and used a probability-weighted undiscounted cash flow projection to test for recoverability. After reviewing the results of this calculation, the Company determined that each of its asset groups had sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such groups. While the Company has not observed any new impairment indicators since the second quarter of 2016, the Company has reviewed and updated, as necessary, the assumptions used in determining its undiscounted cash flow projections for each asset group to reflect current market conditions. After reviewing the results of these updated projections, the Company determined that each of its asset groups continue to have sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such group. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt As of the dates indicated, the Company had the following outstanding long-term debt (in thousands):
The table below summarizes the Company's cash interest payments (in thousands):
First-Lien Credit Facility The Company's $300 million first-lien credit facility, or Credit Facility, matures in June 2023 and currently provides for $136.7 million of additional available liquidity, $68.0 million of which is required to be drawn by December 31, 2018 with the remaining balance required to be drawn by September 1, 2019. The Company can use draws under the facility for working capital and general corporate purposes, including the acquisition of distressed assets and/or the refinancing of existing debt, subject to, among other things, compliance with certain covenants requiring the Company to maintain access to liquidity (cash and credit availability) of $25.0 million at all times. The minimum liquidity level required for prepayment of the Company’s existing indebtedness and/or certain other restricted payments is $65.0 million. The Credit Facility is collateralized by 55 domestic high-spec OSVs and MPSVs, including a security interest in two pending MPSV newbuilds, and associated personalty, as well as by certain deposit and securities accounts. Borrowings accrue interest, at the Company’s option, at either an adjusted London Interbank Offered Rate (subject to a 1.00% floor) plus an applicable margin or the greatest of (a) the prime rate announced by The Wall Street Journal, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the London Interbank Offered Rate plus, 1%, plus, an applicable a margin. On March 27, 2018, the Company entered into an amendment with its first-lien lenders to clarify various provisions in and made certain technical revisions to the Credit Facility, primarily dealing with the administerial permissabilities regarding vessel reflagging transactions and permitted acquisition indebtedness, among other matters. The agreement governing the Credit Facility and the indentures governing the Company's 2020 senior notes and 2021 senior notes impose certain restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company's ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments. The Company estimates the fair value of its 2020 senior notes, 2021 senior notes, 2019 convertible senior notes and Credit Facility by primarily using quoted market prices. Given the observability of the inputs to these estimates, the Company has assigned a Level 2 of the three-level valuation hierarchy for such outstanding notes. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):
Capitalized Interest During the three months ended June 30, 2018, the Company did not capitalize any of its interest costs. During the six months ended June 30, 2018, the Company capitalized approximately $2.3 million of interest costs related to the construction of vessels. During the three and six months ended June 30, 2017, the Company capitalized approximately $2.5 million and $4.9 million, respectively, of interest costs related to the construction of vessels. |
Incentive Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Compensation | Incentive Compensation Stock-Based Incentive Compensation Plan The Company’s stock-based incentive compensation plan covers a maximum of 4.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to employees and directors. As of June 30, 2018, the Company has granted awards covering 4.68 million shares of common stock under such plan. During the six months ended June 30, 2018, the Company granted 1,527,102 time-based and 939,391 performance-based phantom restricted stock units. The phantom shares to be received under the performance-based phantom restricted stock units are calculated based on the Company's performance compared to two pre-determined criteria, as defined by the phantom restricted stock unit agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 150% of the awards granted depending on the Company's performance. The fair value of the Company’s performance-based phantom restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. All phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the phantom restricted stock units granted in 2018, the Company granted performance-based and time-based restricted stock units and phantom restricted stock units in prior years. During the six months ended June 30, 2018, the Company issued 426,896 shares of common stock due to vestings of restricted stock units and employee purchases under the Company's Employee Stock Purchase Plan. The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data):
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Commitments and Contingencies |
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Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction During the first quarter of 2018, the Company notified the shipyard that it was terminating the construction contracts for the final two vessels in the Company's fifth OSV newbuild program due to performance issues at the shipyard. The Company is working with the issuer of the shipyard's performance bonds in order to complete the construction of the vessels at a completion yard. The cost of this nearly completed 24-vessel newbuild program, before construction period interest, is expected to be approximately $1,335.0 million, of which $17.0 million, and $44.8 million are currently expected to be incurred in the remainder of 2018 and fiscal 2019, respectively. However, the timing of these remaining construction draws remains subject to change commensurate with any potential further delays in the delivery dates of the final two newbuild vessels. From the inception of this program through June 30, 2018, the Company had incurred $1,273.2 million, or 95.4%, of total expected project costs. Vessel Acquisitions On May 18, 2018, the Company completed the acquisition of four high-spec Jones Act-qualified OSVs and related equipment from Aries Marine Corporation and certain of its affiliates for $40.9 million in cash, inclusive of $4.0 million related to a non-compete intangible asset that will be amortized over the life of such asset, or two years. Also included in this transaction was the cost of fuel and lube inventory and transactions fees. The acquired vessels are all U.S.-flagged and are comprised of two 300 class OSVs and two 280 class OSVs. The Company determined that substantially all of the fair value of the assets acquired are concentrated in a group of similar identifiable assets and, therefore, has accounted for such transaction as an asset acquisition under ASU 2017-01. Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management's opinion that the Company's liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. |
Other Accrued Liabilities (Notes) |
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Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure | Other Accrued Liabilities Other accrued liabilities include the following (in thousands):
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Income Taxes (Notes) |
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Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The Tax Cuts and Jobs Act, or the Act, was signed into law on December 22, 2017. The primary impact of this legislation was a reduction of the U.S. federal corporate tax rate from 35% to 21% generally effective January 1, 2018. As of December 31, 2017, the Company included in its income tax benefit rate a preliminary estimate related to executive compensation, alternative minimum tax refundable credits, taxation in its foreign jurisdictions, and re-measurement of its deferred taxes. As of June 30, 2018, the Company has not identified or recorded any revisions to its provisional amounts and has not completed its accounting for the tax effects of enactment of the Act; however, in certain cases, as described below, the Company made reasonable estimates of the effects and recorded provisional amounts. The Company's provisional estimates on Global Intangible Low Taxed Income, Foreign Derived Intangible Income, Base Erosion and Anti-Abuse, and the IRC Section 163(j) interest limitation did not materially impact its effective tax benefit rate for the three months ended June 30, 2018. The Company will continue to refine its calculations as additional tax guidance becomes available and its internal analysis is completed. The accounting for the tax effects of the Act will be completed in 2018 as allowed under Staff Accounting Bulletin 118, which was issued by the Securities and Exchange Commission on December 22, 2017. The effective tax benefit rate for the six months ended June 30, 2018 and 2017 was 19.0% and 31.3%, respectively. The lower benefit rate for the quarter ended June 30, 2018 was primarily due to the reduction of the statutory corporate income tax rate from 35% to 21% resulting from the Act. In addition, the Company established valuation allowances in 2017 for foreign tax credit carryforwards based upon management's conclusion that it is more likely than not such losses and credits will not be realized by their expiration dates. |
Condensed Consolidating Financial Statements of Guarantors (Notes) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements of Guarantors | Condensed Consolidating Financial Statements of Guarantors The following tables present the condensed consolidating balance sheets as of June 30, 2018 and December 31, 2017, the condensed consolidating statements of operations, the condensed consolidating statements of comprehensive income (loss) and condensed consolidating statements of cash flows for the six months ended June 30, 2018 and 2017, respectively, for the domestic subsidiaries of the Company that serve as co-borrower and/or guarantors of the Company's 2019 convertible senior notes, 2020 senior notes, 2021 senior notes and the Credit Facility, as well as the financial results for the Company's subsidiaries that do not serve as guarantors. The co-borrower and/or guarantor subsidiaries of the 2019 convertible senior notes, 2020 senior notes, 2021 senior notes and the Credit Facility are 100% owned, directly or indirectly, by Hornbeck Offshore Services, Inc. The guarantees are full and unconditional and joint and several. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries. Condensed Consolidating Balance Sheet (In thousands, except per share data)
Condensed Consolidating Balance Sheet (In thousands, except per share data)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Cash Flows (In thousands)
Condensed Consolidating Statement of Cash Flows (In thousands)
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Revenues From Contracts With Customers (Tables) |
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Disaggregation of Revenue | For the three and six months ended June 30, 2018 and 2017, the Company recognized revenues as follows (in thousands):
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Loss Per Share (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Earnings Per Share | The table below reconciles the Company’s loss per share (in thousands, except for per share data):
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Long-Term Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Long-Term Debt | As of the dates indicated, the Company had the following outstanding long-term debt (in thousands):
The table below summarizes the Company's cash interest payments (in thousands):
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):
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Incentive Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Impact of Stock-Based Compensation Expense Charges | The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data):
|
Other Accrued Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Other accrued liabilities include the following (in thousands):
|
Condensed Consolidating Financial Statements of Guarantors (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet | Condensed Consolidating Balance Sheet (In thousands, except per share data)
Condensed Consolidating Balance Sheet (In thousands, except per share data)
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Condensed Income Statement | Condensed Consolidating Statement of Operations (In thousands)
Condensed Consolidating Statement of Operations (In thousands)
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Condensed Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands)
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Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows (In thousands)
Condensed Consolidating Statement of Cash Flows (In thousands)
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Recent Accounting Pronouncements (Details) - Accounting Standards Update 2016-02 [Member] $ in Millions |
Jun. 30, 2018
USD ($)
|
---|---|
Minimum | |
OperatingLeaseRightOfUseAssets | $ 27.0 |
Maximum | |
OperatingLeaseRightOfUseAssets | $ 30.0 |
Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 58,431 | $ 37,426 | $ 100,018 | $ 81,505 |
Vessel Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49,481 | 29,339 | 82,615 | 65,188 |
Vessel Management Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,974 | 7,320 | 15,733 | 14,773 |
Shore-based Facility Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 976 | $ 767 | $ 1,670 | $ 1,544 |
Reconciliation of Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||||
Earnings Per Share [Abstract] | ||||||||||
Net loss | $ (25,088) | $ (19,489) | $ (63,743) | $ (47,387) | ||||||
Weighted average number of shares of common stock outstanding | 37,496 | 36,769 | 37,419 | 36,683 | ||||||
Add: Net effect of dilutive stock options and unvested restricted stock | [1],[2],[3] | 0 | 0 | 0 | 0 | |||||
Weighted average number of dilutive shares of common stock outstanding | 37,496 | 36,769 | 37,419 | 36,683 | ||||||
Loss per common share: | ||||||||||
Basic loss per common share | $ (0.67) | $ (0.53) | $ (1.70) | $ (1.29) | ||||||
Diluted loss per common share | $ (0.67) | $ (0.53) | $ (1.70) | $ (1.29) | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 529 | 992 | 639 | 988 | ||||||
|
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) - Subsequent Event - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Oct. 01, 2018 |
Sep. 01, 2018 |
Dec. 31, 2018 |
|||
Senior Notes 5.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | $ 10,779 | ||||
Senior Notes 5.000 Percent Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | $ 11,250 | ||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | $ 747 | ||||
First-Lien Credit Facility Maturing Twenty Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Cash Interest Payments | [1] | $ 1,202 | |||
|
Long-Term Debt (Detail) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Debt Instrument, unamortized discount | $ 5,822 | $ 7,862 | |||
Debt, carrying value | 1,083,094 | 1,080,826 | |||
Debt Instrument, Face Amount | 1,079,911 | 1,079,911 | |||
Long-term Debt, Fair Value | $ 809,487 | $ 717,955 | |||
Senior Notes 5.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||
Senior Notes | $ 365,331 | $ 364,881 | |||
Debt Instrument, Face Amount | 366,942 | 366,942 | |||
Long-term Debt, Fair Value | $ 274,289 | $ 244,714 | |||
Senior Notes 5.000 Percent Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||
Senior Notes | $ 447,343 | $ 446,858 | |||
Debt Instrument, Face Amount | 450,000 | 450,000 | |||
Long-term Debt, Fair Value | $ 295,313 | $ 236,250 | |||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||
Debt Instrument, unamortized discount | $ 4,707 | $ 6,634 | |||
Senior Notes | 93,885 | 91,527 | |||
Debt Instrument, Face Amount | 99,647 | 99,647 | |||
Long-term Debt, Fair Value | 77,167 | 74,486 | |||
First-Lien Credit Facility Maturing Twenty Twenty Three | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, unamortized discount | 1,115 | 1,228 | |||
First-lien credit facility due 2023, including deferred gain of $17,457 and $18,911, and net of original issue discount of $1,115 and $1,228, and deferred financing costs of $3,129 and $3,445 | 176,535 | [1] | 177,560 | ||
Debt Instrument, Face Amount | 163,322 | 163,322 | |||
Long-term Debt, Fair Value | $ 162,718 | $ 162,505 | |||
|
Incentive Compensation - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2018
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based compensation arrangements by share based payment award equity instruments granted | 4,680,295 |
Performance Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Time Based Restricted Stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Amended Maximum number of shares available | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 |
Performance Shares | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 0.00% |
Performance Shares | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 150.00% |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 426,896 |
Time Based Restricted Stock Units | Restricted Stock Units (RSUs) | Cash Settled Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 1,527,102 |
Performance Based Restricted Stock | Restricted Stock Units (RSUs) | Phantom Share Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 939,391 |
Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Loss before income taxes | $ 1,885 | $ 972 | $ 4,753 | $ 3,014 |
Net loss | $ 1,500 | $ 659 | $ 3,850 | $ 2,071 |
Earnings per share: | ||||
Basic earnings per common share, dollars per share | $ 0.04 | $ 0.02 | $ 0.10 | $ 0.06 |
Diluted earnings per common share, dollars per share | $ 0.04 | $ 0.02 | $ 0.10 | $ 0.06 |
Commitments and Contingencies - Additional Information (Detail) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
May 18, 2018
USD ($)
|
Nov. 30, 2011
Program
|
Jun. 30, 2018
USD ($)
Vessel
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of Vessels Purchased | 4 | |||||
Cost Of Vessel Purchase | $ 40,900 | $ 40,868 | $ 0 | |||
Finite-Lived Noncompete Agreements, Gross | $ 4,000 | |||||
Newbuild program #5 | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number Of Ship Construction Programs | Program | 5 | |||||
Number Of Vessels | Vessel | 2 | |||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335,000 | |||||
Cost incurred on OSV newbuild program | $ 1,273,200 | |||||
Percentage of total project cost | 95.40% | |||||
Subsequent Event | Newbuild program #5 | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Estimated Construction Cost, Year Six | $ 17,000 | |||||
Estimated Construction Cost, Year Seven | $ 44,800 |
Other Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 5,278 | $ 5,142 |
Deferred Revenue | 2,122 | 460 |
Other Accrued Liabilities | 5,618 | 2,855 |
Other Accrued Liabilities, Current | $ 13,018 | $ 8,457 |
Income Taxes (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 19.00% | 31.30% |
Condensed Consolidating Financial Statements of Guarantors (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 109,065 | $ 186,849 | $ 124,783 | $ 217,027 |
Accounts Receivable, Net, Current | 57,073 | 44,702 | ||
Other Assets, Current | 16,006 | 16,890 | ||
Assets, Current | 182,144 | 248,441 | ||
Property, Plant and Equipment, Net | 2,482,733 | 2,501,013 | ||
Deferred Costs, Noncurrent | 17,846 | 12,812 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 6,436 | 6,612 | ||
Assets | 2,689,159 | 2,768,878 | ||
Accounts Payable, Current | 19,615 | 16,196 | ||
Interest Payable, Current | 15,790 | 14,734 | ||
Employee-related Liabilities, Current | 12,364 | 9,475 | ||
Other Accrued Liabilities, Current | 13,018 | 8,457 | ||
Liabilities, Current | 60,787 | 48,862 | ||
Long-term Debt, Excluding Current Maturities | 1,083,094 | 1,080,826 | ||
Deferred Tax Liabilities, Net, Noncurrent | 179,124 | 197,465 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 2,522 | 3,801 | ||
Liabilities | 1,325,527 | 1,330,954 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 376 | 371 | ||
Additional Paid in Capital | 760,939 | 760,278 | ||
Retained Earnings (Accumulated Deficit) | 604,855 | 668,598 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,538) | 8,677 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,363,632 | 1,437,924 | ||
Liabilities and Equity | 2,689,159 | 2,768,878 | ||
Consolidation, Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net, Current | (85) | 0 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | (85) | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | (2,761,343) | (2,467,076) | ||
Equity Method Investments | (730,008) | (799,336) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | (3,491,436) | (3,266,412) | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | (85) | 0 | ||
Liabilities, Current | (85) | 0 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (2,770,368) | (2,571,028) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (2,770,453) | (2,571,028) | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | (46,580) | (44,989) | ||
Retained Earnings (Accumulated Deficit) | (674,403) | (650,395) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (720,983) | (695,384) | ||
Liabilities and Equity | (3,491,436) | (3,266,412) | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 7 | 4 | 16 | 9 |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 53 | 29 | ||
Assets, Current | 60 | 33 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | 1,782,674 | 1,778,711 | ||
Equity Method Investments | 721,406 | 790,734 | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | 2,504,140 | 2,569,478 | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 15,790 | 14,734 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 15,790 | 14,734 | ||
Long-term Debt, Excluding Current Maturities | 1,083,094 | 1,080,826 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 39,509 | 140,019 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,138,393 | 1,235,579 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 376 | 371 | ||
Additional Paid in Capital | 760,939 | 758,690 | ||
Retained Earnings (Accumulated Deficit) | 604,432 | 574,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,365,747 | 1,333,899 | ||
Liabilities and Equity | 2,504,140 | 2,569,478 | ||
Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 103,862 | 178,746 | 112,418 | 212,196 |
Accounts Receivable, Net, Current | 51,970 | 40,407 | ||
Other Assets, Current | 14,866 | 16,051 | ||
Assets, Current | 170,698 | 235,204 | ||
Property, Plant and Equipment, Net | 2,285,189 | 2,379,097 | ||
Deferred Costs, Noncurrent | 15,967 | 11,408 | ||
Due from Related Parties, Noncurrent | 758,505 | 648,920 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other Assets, Noncurrent | 5,890 | 5,984 | ||
Assets | 3,244,851 | 3,289,215 | ||
Accounts Payable, Current | 18,657 | 15,643 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 11,712 | 8,458 | ||
Other Accrued Liabilities, Current | 12,555 | 8,129 | ||
Liabilities, Current | 42,924 | 32,230 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 177,433 | 192,793 | ||
Due to Related Parties | 2,264,292 | 2,240,832 | ||
Other Liabilities, Noncurrent | 2,479 | 3,802 | ||
Liabilities | 2,487,128 | 2,469,657 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 37,978 | 37,975 | ||
Retained Earnings (Accumulated Deficit) | 719,745 | 781,583 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 757,723 | 819,558 | ||
Liabilities and Equity | 3,244,851 | 3,289,215 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 5,196 | 8,099 | $ 12,349 | $ 4,822 |
Accounts Receivable, Net, Current | 5,188 | 4,295 | ||
Other Assets, Current | 1,087 | 810 | ||
Assets, Current | 11,471 | 13,204 | ||
Property, Plant and Equipment, Net | 197,544 | 121,916 | ||
Deferred Costs, Noncurrent | 1,879 | 1,404 | ||
Due from Related Parties, Noncurrent | 220,164 | 39,445 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 546 | 628 | ||
Assets | 431,604 | 176,597 | ||
Accounts Payable, Current | 958 | 553 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 652 | 1,017 | ||
Other Accrued Liabilities, Current | 548 | 328 | ||
Liabilities, Current | 2,158 | 1,898 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 1,691 | 4,672 | ||
Due to Related Parties | 466,567 | 190,177 | ||
Other Liabilities, Noncurrent | 43 | (1) | ||
Liabilities | 470,459 | 196,746 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 8,602 | 8,602 | ||
Retained Earnings (Accumulated Deficit) | (44,919) | (37,428) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,538) | 8,677 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (38,855) | (20,149) | ||
Liabilities and Equity | $ 431,604 | $ 176,597 |
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Operations(Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 58,431 | $ 37,426 | $ 100,018 | $ 81,505 |
Operating Costs and Expenses | 34,858 | 31,368 | 70,827 | 59,303 |
Depreciation | 24,630 | 24,679 | 49,278 | 49,356 |
Amortization of Deferred Charges | 2,256 | 3,266 | 4,248 | 6,990 |
General and Administrative Expense | 12,246 | 9,432 | 25,121 | 23,674 |
Costs and Expenses | 73,990 | 68,745 | 149,474 | 139,323 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (13) | 1 | 30 | 19 |
Operating Income (Loss) | (15,572) | (31,318) | (49,426) | (57,799) |
Investment Income, Interest | 519 | 464 | 1,163 | 865 |
Interest Expense | (16,401) | (13,429) | (30,346) | (27,238) |
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | (72) | 54 | (63) | (269) |
Nonoperating Income (Expense) | (15,954) | 2,567 | (29,246) | (11,164) |
Loss from Continuing Operations before Income Taxes, Noncontrolling Interest | (31,526) | (28,751) | (78,672) | (68,963) |
Income Tax Expense (Benefit) | (6,438) | (9,262) | (14,929) | (21,576) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (25,088) | (19,489) | (63,743) | (47,387) |
Gain on Extinguishment of Debt | 0 | 15,478 | 0 | 15,478 |
Consolidation, Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | (305) | (57) | (263) |
Operating Costs and Expenses | 0 | (307) | (54) | (267) |
Depreciation | 0 | 0 | 0 | 0 |
Amortization of Deferred Charges | 0 | 0 | 0 | 0 |
General and Administrative Expense | 0 | (9) | (3) | (7) |
Costs and Expenses | 0 | (316) | (57) | (274) |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | 0 | 0 |
Operating Income (Loss) | 0 | 11 | 0 | 11 |
Investment Income, Interest | 0 | 0 | 0 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
EquityinEarningsofConsolidatedSubsidiaries | 8,605 | 21,464 | 33,259 | 35,517 |
Other Nonoperating Income (Expense) | 0 | (11) | 0 | (11) |
Nonoperating Income (Expense) | 8,605 | 21,453 | 33,259 | 35,506 |
Loss from Continuing Operations before Income Taxes, Noncontrolling Interest | 8,605 | 21,464 | 33,259 | 35,517 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 8,605 | 21,464 | 33,259 | 35,517 |
Gain on Extinguishment of Debt | 0 | 0 | ||
Parent Company | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Costs and Expenses | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Amortization of Deferred Charges | 0 | 0 | 0 | 0 |
General and Administrative Expense | 82 | 74 | 138 | 110 |
Costs and Expenses | 82 | 74 | 138 | 110 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | 0 | 0 |
Operating Income (Loss) | (82) | (74) | (138) | (110) |
Investment Income, Interest | 0 | 0 | 0 | 0 |
Interest Expense | (16,401) | (13,429) | (30,346) | (27,238) |
EquityinEarningsofConsolidatedSubsidiaries | (8,605) | (21,464) | (33,259) | (35,517) |
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 |
Nonoperating Income (Expense) | (25,006) | (19,415) | (63,605) | (47,277) |
Loss from Continuing Operations before Income Taxes, Noncontrolling Interest | (25,088) | (19,489) | (63,743) | (47,387) |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (25,088) | (19,489) | (63,743) | (47,387) |
Gain on Extinguishment of Debt | 15,478 | 15,478 | ||
Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 57,963 | 36,325 | 98,278 | 70,047 |
Operating Costs and Expenses | 32,209 | 28,337 | 66,194 | 52,866 |
Depreciation | 22,874 | 23,368 | 46,180 | 46,722 |
Amortization of Deferred Charges | 1,939 | 2,903 | 3,738 | 6,215 |
General and Administrative Expense | 11,456 | 8,734 | 23,825 | 22,320 |
Costs and Expenses | 68,478 | 63,342 | 139,937 | 128,123 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (13) | 1 | 30 | 18 |
Operating Income (Loss) | (10,528) | (27,016) | (41,629) | (58,058) |
Investment Income, Interest | 457 | 363 | 1,026 | 688 |
Interest Expense | 0 | 0 | 0 | 0 |
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | (2,036) | 1,023 | (20) | 3,646 |
Nonoperating Income (Expense) | (1,579) | 1,386 | 1,006 | 4,334 |
Loss from Continuing Operations before Income Taxes, Noncontrolling Interest | (12,107) | (25,630) | (40,623) | (53,724) |
Income Tax Expense (Benefit) | (6,555) | (9,611) | (14,854) | (22,095) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (5,552) | (16,019) | (25,769) | (31,629) |
Gain on Extinguishment of Debt | 0 | 0 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 468 | 1,406 | 1,797 | 11,721 |
Operating Costs and Expenses | 2,649 | 3,338 | 4,687 | 6,704 |
Depreciation | 1,756 | 1,311 | 3,098 | 2,634 |
Amortization of Deferred Charges | 317 | 363 | 510 | 775 |
General and Administrative Expense | 708 | 633 | 1,161 | 1,251 |
Costs and Expenses | 5,430 | 5,645 | 9,456 | 11,364 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | 0 | 1 |
Operating Income (Loss) | (4,962) | (4,239) | (7,659) | 358 |
Investment Income, Interest | 62 | 101 | 137 | 177 |
Interest Expense | 0 | 0 | 0 | 0 |
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | 0 |
Other Nonoperating Income (Expense) | 1,964 | (958) | (43) | (3,904) |
Nonoperating Income (Expense) | 2,026 | (857) | 94 | (3,727) |
Loss from Continuing Operations before Income Taxes, Noncontrolling Interest | (2,936) | (5,096) | (7,565) | (3,369) |
Income Tax Expense (Benefit) | 117 | 349 | (75) | 519 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (3,053) | (5,445) | $ (7,490) | (3,888) |
Gain on Extinguishment of Debt | $ 0 | $ 0 |
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (25,088) | $ (19,489) | $ (63,743) | $ (47,387) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (10,916) | (2,976) | (11,215) | (1,207) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (36,004) | (22,465) | (74,958) | (48,594) |
Consolidation, Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 8,605 | 21,464 | 33,259 | 35,517 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 8,605 | 21,464 | 33,259 | 35,517 |
Parent Company | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (25,088) | (19,489) | (63,743) | (47,387) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (25,088) | (19,489) | (63,743) | (47,387) |
Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (5,552) | (16,019) | (25,769) | (31,629) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 | (149) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,552) | (16,019) | (25,769) | (31,778) |
Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,053) | (5,445) | (7,490) | (3,888) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (10,916) | (2,976) | (11,215) | (1,058) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (13,969) | $ (8,421) | $ (18,705) | $ (4,946) |
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
May 18, 2018 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | $ (27,653) | $ (24,126) | |||
Cost Of Vessel Purchase | $ (40,900) | (40,868) | 0 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (2,757) | (7,063) | |||
Proceeds from Sale of Property, Plant, and Equipment | 57 | 33 | |||
Payments to Acquire Property, Plant, and Equipment | (5,482) | (485) | |||
Payments to Acquire Other Property, Plant, and Equipment | (81) | (548) | |||
Net cash used in investing activities | (49,131) | (8,063) | |||
Proceeds from Lines of Credit | 0 | 980 | |||
Repurchase of Senior Debt | 0 | (5,057) | |||
Repurchase of Convertible Debt | 0 | 49,631 | |||
Deferred Financing Costs | 0 | 5,636 | |||
Shares withheld for payment of employee withholding taxes | (536) | (573) | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 260 | 258 | |||
Net Cash Provided by (Used in) Financing Activities | (276) | (59,659) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | (724) | (396) | |||
Cash and Cash Equivalents, Period Increase (Decrease) | (77,784) | (92,244) | |||
Cash and Cash Equivalents, at Carrying Value | 109,065 | 124,783 | $ 186,849 | $ 217,027 | |
Cash paid for interest | 29,304 | 26,199 | |||
Income Taxes Paid | 650 | 710 | |||
Notes Reduction | 0 | 127,096 | |||
Consolidation, Eliminations | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | |||
Cost Of Vessel Purchase | 0 | ||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | |||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | |||
Net cash used in investing activities | 0 | 0 | |||
Proceeds from Lines of Credit | 0 | ||||
Repurchase of Senior Debt | 0 | ||||
Repurchase of Convertible Debt | 0 | ||||
Deferred Financing Costs | 0 | ||||
Shares withheld for payment of employee withholding taxes | 0 | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | |||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | |||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 | |
Cash paid for interest | 0 | 0 | |||
Income Taxes Paid | 0 | 0 | |||
Notes Reduction | 0 | ||||
Parent Company | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | 279 | 59,666 | |||
Cost Of Vessel Purchase | 0 | ||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | |||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | |||
Net cash used in investing activities | 0 | 0 | |||
Proceeds from Lines of Credit | 980 | ||||
Repurchase of Senior Debt | (5,057) | ||||
Repurchase of Convertible Debt | 49,631 | ||||
Deferred Financing Costs | 5,636 | ||||
Shares withheld for payment of employee withholding taxes | (536) | (573) | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 260 | 258 | |||
Net Cash Provided by (Used in) Financing Activities | (276) | (59,659) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 3 | 7 | |||
Cash and Cash Equivalents, at Carrying Value | 7 | 16 | 4 | 9 | |
Cash paid for interest | 29,304 | 26,199 | |||
Income Taxes Paid | 0 | 0 | |||
Notes Reduction | 127,096 | ||||
Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | (26,825) | (91,432) | |||
Cost Of Vessel Purchase | (40,868) | ||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (2,757) | (7,455) | |||
Proceeds from Sale of Property, Plant, and Equipment | 57 | 33 | |||
Payments to Acquire Property, Plant, and Equipment | (4,394) | (243) | |||
Payments to Acquire Other Property, Plant, and Equipment | (97) | (531) | |||
Net cash used in investing activities | (48,059) | (8,196) | |||
Proceeds from Lines of Credit | 0 | ||||
Repurchase of Senior Debt | 0 | ||||
Repurchase of Convertible Debt | 0 | ||||
Deferred Financing Costs | 0 | ||||
Shares withheld for payment of employee withholding taxes | 0 | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | |||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | (150) | |||
Cash and Cash Equivalents, Period Increase (Decrease) | (74,884) | (99,778) | |||
Cash and Cash Equivalents, at Carrying Value | 103,862 | 112,418 | 178,746 | 212,196 | |
Cash paid for interest | 0 | 0 | |||
Income Taxes Paid | 426 | 331 | |||
Notes Reduction | 0 | ||||
Non-Guarantor Subsidiaries | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | (1,107) | 7,640 | |||
Cost Of Vessel Purchase | 0 | ||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 392 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |||
Payments to Acquire Property, Plant, and Equipment | (1,088) | (242) | |||
Payments to Acquire Other Property, Plant, and Equipment | 16 | (17) | |||
Net cash used in investing activities | (1,072) | 133 | |||
Proceeds from Lines of Credit | 0 | ||||
Repurchase of Senior Debt | 0 | ||||
Repurchase of Convertible Debt | 0 | ||||
Deferred Financing Costs | 0 | ||||
Shares withheld for payment of employee withholding taxes | 0 | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | |||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | (724) | (246) | |||
Cash and Cash Equivalents, Period Increase (Decrease) | (2,903) | 7,527 | |||
Cash and Cash Equivalents, at Carrying Value | 5,196 | 12,349 | $ 8,099 | $ 4,822 | |
Cash paid for interest | 0 | 0 | |||
Income Taxes Paid | $ 224 | 379 | |||
Notes Reduction | $ 0 |
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