Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

11.SEGMENT INFORMATION

The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2020 Annual Report. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of Discontinued Operations (see “Note 12. Discontinued Operations”). In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment. As a result, for purposes of segment reporting European operations are now combined with the Africa segment and reported as a combined segment and prior period information has been conformed to the new consolidated reporting 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, Continuing Operations (2)			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2021
Operating Revenues:
Time charter	$	1,489		$	10,502		$	12,575		$	9,724		$	34,290
Bareboat charter		729			—			—			—			729
Other marine services		546			(269	)		360			856			1,493
		2,764			10,233			12,935			10,580			36,512
Direct Costs and Expenses:
Operating:
Personnel		1,744			3,220			5,208			3,246			13,418
Repairs and maintenance		654			1,191			903			1,092			3,840
Drydocking		875			304			1,066			(28	)		2,217
Insurance and loss reserves		527			433			702			296			1,958
Fuel, lubes and supplies		199			572			559			872			2,202
Other		77			579			1,144			872			2,672
		4,076			6,299			9,582			6,350			26,307
Direct Vessel Profit	$	(1,312	)	$	3,934		$	3,353		$	4,230			10,205
Other Costs and Expenses:
Lease expense	$	664		$	356		$	22		$	36			1,078
Administrative and general														8,611
Depreciation and amortization		4,164			3,307			4,710			2,617			14,798
														24,487
Loss on Asset Dispositions and Impairments														(2,273	)
Operating Loss													$	(16,555	)
As of March 31, 2021
Property and Equipment:
Historical Cost		214,575			240,032			374,979			170,844			1,000,430
Accumulated Depreciation		(128,841	)		(68,254	)		(76,675	)		(24,022	)		(297,792	)
	$	85,734		$	171,778		$	298,304		$	146,822		$	702,638
Total Assets (1)	$	125,479		$	189,370		$	301,381		$	215,408		$	831,638

⁽¹⁾ Total assets by region does not include corporate assets of $142.2 million as of March 31, 2021.

⁽²⁾

In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment.

	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations (2)			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2020
Operating Revenues:
Time charter	$	4,375		$	14,011		$	11,767		$	3,396		$	33,549
Bareboat charter		724			—			—			—			724
Other		642			183			420			149			1,394
		5,741			14,194			12,187			3,545			35,667
Direct Costs and Expenses:
Operating:
Personnel		2,928			3,232			3,811			1,215			11,186
Repairs and maintenance		617			1,585			1,246			392			3,840
Drydocking		1,057			8			414			(114	)		1,365
Insurance and loss reserves		135			297			339			69			840
Fuel, lubes and supplies		524			517			665			135			1,841
Other		79			596			683			305			1,663
		5,340			6,235			7,158			2,002			20,735
Direct Vessel Profit, from Continuing Operations	$	401		$	7,959		$	5,029		$	1,543		$	14,932
Other Costs and Expenses:
Lease expense	$	2,138		$	1,133		$	45		$	9		$	3,325
Administrative and general														9,394
Depreciation and amortization		5,358			3,315			3,790			899			13,362
														26,081
Loss on Asset Dispositions and Impairments														(12,572	)
Operating Loss, for Continuing Operations													$	(23,721	)
As of March 31, 2020
Property and Equipment:
Historical Cost		256,059			244,984			281,767			74,308			857,118
Accumulated Depreciation		(120,599	)		(58,666	)		(67,829	)		(17,271	)		(264,365	)
	$	135,460		$	186,318		$	213,938		$	57,037		$	592,753
Total Assets (1)	$	191,611		$	210,890		$	245,279		$	134,171		$	781,951

⁽¹⁾ Total assets by region does not include corporate assets of $142.0 million, and $42.5 million of discontinued operations as of March 31, 2020.

⁽²⁾ In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment.  As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment.

The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of March 31, 2021 and 2020, the Company’s investments, at equity and advances to 50% or less owned companies in its other 50% or less owned companies were $79.0 million and $121.5 million, respectively. Equity in gains (losses) earnings of 50% or less owned companies for the three months ended March 31, 2021 and 2020 were $4.1 million and less than $0.1 million, respectively.