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Segment Information (Tables)
3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):

 

 

United
States
(primarily
Gulf of
Mexico)

 

 

Africa
and Europe

 

 

Middle
East
and Asia

 

 

Latin
America

 

 

Total

 

For the Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

6,564

 

 

$

18,996

 

 

$

16,028

 

 

$

13,827

 

 

$

55,415

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

360

 

 

 

360

 

Other marine services

 

 

3,842

 

 

 

(834

)

 

 

(142

)

 

 

1,332

 

 

 

4,198

 

 

 

10,406

 

 

 

18,162

 

 

 

15,886

 

 

 

15,519

 

 

 

59,973

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

6,535

 

 

 

4,505

 

 

 

4,841

 

 

 

3,922

 

 

 

19,803

 

Repairs and maintenance

 

 

1,194

 

 

 

2,553

 

 

 

677

 

 

 

1,587

 

 

 

6,011

 

Drydocking

 

 

43

 

 

 

1,184

 

 

 

(1,095

)

 

 

(119

)

 

 

13

 

Insurance and loss reserves

 

 

1,041

 

 

 

318

 

 

 

1,185

 

 

 

245

 

 

 

2,789

 

Fuel, lubes and supplies

 

 

783

 

 

 

2,215

 

 

 

1,142

 

 

 

679

 

 

 

4,819

 

Other

 

 

223

 

 

 

1,690

 

 

 

1,327

 

 

 

598

 

 

 

3,838

 

 

 

9,819

 

 

 

12,465

 

 

 

8,077

 

 

 

6,912

 

 

 

37,273

 

Direct Vessel Profit

 

$

587

 

 

$

5,697

 

 

$

7,809

 

 

$

8,607

 

 

 

22,700

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

136

 

 

$

429

 

 

$

76

 

 

$

79

 

 

 

720

 

Administrative and general

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,632

 

Depreciation and amortization

 

 

3,535

 

 

 

3,925

 

 

 

3,688

 

 

 

2,614

 

 

 

13,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,114

 

Gains on asset dispositions and impairments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,599

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

185

 

As of March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical Cost

 

$

208,241

 

 

$

287,168

 

 

$

286,795

 

 

$

187,124

 

 

$

969,328

 

Accumulated Depreciation

 

 

(99,165

)

 

 

(96,086

)

 

 

(93,132

)

 

 

(35,814

)

 

 

(324,197

)

 

 

$

109,076

 

 

$

191,082

 

 

$

193,663

 

 

$

151,310

 

 

$

645,131

 

Total Assets (1)

 

$

146,209

 

 

$

216,899

 

 

$

213,461

 

 

$

172,575

 

 

$

749,144

 

 

(1)
Total assets by region does not include corporate assets of $54.4 million as of March 31, 2023.

 

 

United
States
(primarily
Gulf of
Mexico)

 

 

Africa
and Europe

 

 

Middle
East
and Asia

 

 

Latin
America

 

 

Total

 

For the Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

7,864

 

 

$

12,280

 

 

$

13,660

 

 

$

8,937

 

 

$

42,741

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

618

 

 

 

618

 

Other

 

 

2,052

 

 

 

(616

)

 

 

49

 

 

 

747

 

 

 

2,232

 

 

 

9,916

 

 

 

11,664

 

 

 

13,709

 

 

 

10,302

 

 

 

45,591

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,923

 

 

 

3,536

 

 

 

6,031

 

 

 

3,945

 

 

 

18,435

 

Repairs and maintenance

 

 

1,101

 

 

 

1,579

 

 

 

1,832

 

 

 

2,279

 

 

 

6,791

 

Drydocking

 

 

2,867

 

 

 

1,144

 

 

 

962

 

 

 

 

 

 

4,973

 

Insurance and loss reserves

 

 

229

 

 

 

124

 

 

 

507

 

 

 

326

 

 

 

1,186

 

Fuel, lubes and supplies

 

 

662

 

 

 

1,473

 

 

 

1,010

 

 

 

584

 

 

 

3,729

 

Other

 

 

224

 

 

 

1,828

 

 

 

1,627

 

 

 

703

 

 

 

4,382

 

 

 

10,006

 

 

 

9,684

 

 

 

11,969

 

 

 

7,837

 

 

 

39,496

 

Direct Vessel (Loss) Profit

 

$

(90

)

 

$

1,980

 

 

$

1,740

 

 

$

2,465

 

 

 

6,095

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

287

 

 

$

402

 

 

$

31

 

 

$

340

 

 

 

1,060

 

Administrative and general

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,924

 

Depreciation and amortization

 

 

4,638

 

 

 

3,258

 

 

 

4,345

 

 

 

2,130

 

 

 

14,371

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,355

 

Gains on asset dispositions and impairments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,139

 

Operating loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(17,121

)

As of March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical Cost

 

$

280,472

 

 

$

241,607

 

 

$

335,121

 

 

$

149,673

 

 

$

1,006,873

 

Accumulated Depreciation

 

 

(130,455

)

 

 

(77,502

)

 

 

(86,682

)

 

 

(21,805

)

 

 

(316,444

)

 

 

$

150,017

 

 

$

164,105

 

 

$

248,439

 

 

$

127,868

 

 

$

690,429

 

Total Assets (1)

 

$

173,269

 

 

$

181,526

 

 

$

254,749

 

 

$

208,711

 

 

$

818,255

 

 

(1)
Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022.