Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
Operating Revenues:
Time charter	$	17,075	$	17,551	$	11,712		$	10,162	$	56,500
Bareboat charter		—		—		—			332		332
Other marine services		2,161		60		319			419		2,959
		19,236		17,611		12,031			10,913		59,791
Direct Costs and Expenses:
Operating:
Personnel		7,243		4,694		5,384			2,831		20,152
Repairs and maintenance		2,002		2,110		1,776			1,489		7,377
Drydocking		1,549		383		3,113			1		5,046
Insurance and loss reserves		1,382		359		762			347		2,850
Fuel, lubes and supplies		1,143		2,284		1,426			563		5,416
Other		314		1,580		878			393		3,165
		13,633		11,410		13,339			5,624		44,006
Direct Vessel Profit (Loss)	$	5,603	$	6,201	$	(1,308	)	$	5,289		15,785
Other Costs and Expenses:
Lease expense	$	278	$	455	$	35		$	400		1,168
Administrative and general											9,978
Depreciation and amortization		4,332		3,461		3,974			1,987		13,754
											24,900
Losses on Asset Dispositions and Impairments, Net											(1,783	)
Operating Loss										$	(10,898	)

	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Nine Months Ended September 30, 2022
Operating Revenues:
Time charter	$	34,698		$	44,761		$	39,278		$	30,008		$	148,745
Bareboat charter		—			—			—			998			998
Other marine services		6,612			516			828			1,700			9,656
		41,310			45,277			40,106			32,706			159,399
Direct Costs and Expenses:
Operating:
Personnel		17,939			11,756			17,106			10,132			56,933
Repairs and maintenance		4,383			6,327			6,153			5,685			22,548
Drydocking		8,506			1,661			6,325			1			16,493
Insurance and loss reserves		2,809			812			2,017			943			6,581
Fuel, lubes and supplies		2,599			5,247			3,754			1,895			13,495
Other		819			5,279			3,718			1,781			11,597
		37,055			31,082			39,073			20,437			127,647
Direct Vessel Profit	$	4,255		$	14,195		$	1,033		$	12,269			31,752
Other Costs and Expenses:
Lease expense	$	860		$	1,313		$	104		$	959			3,236
Administrative and general														30,112
Depreciation and amortization		13,532			10,025			12,548			6,228			42,333
														75,681
Gains on Asset Dispositions and Impairments, Net														381
Operating Loss													$	(43,548	)
As of September 30, 2022
Property and Equipment:
Historical Cost	$	259,472		$	247,967		$	305,880		$	179,104		$	992,423
Accumulated Depreciation		(122,340	)		(80,069	)		(91,906	)		(27,583	)		(321,898	)
	$	137,132		$	167,898		$	213,974		$	151,521		$	670,525
Total Assets ⁽¹⁾	$	177,463		$	187,495		$	231,165		$	167,021		$	763,144

⁽¹⁾	Total assets by region does not include corporate assets of $79.8 million as of September 30, 2022.

	United States (primarily Gulf of Mexico)		Africa and Europe ⁽²⁾			Middle East and Asia		Latin America			Total
For the Three Months Ended September 30, 2021
Operating Revenues:
Time charter	$	5,289	$	10,446		$	13,417	$	12,630		$	41,782
Other marine services		1,215		(429	)		85		1,010			1,881
		6,504		10,017			13,502		13,640			43,663
Direct Costs and Expenses:
Operating:
Personnel		2,428		3,147			5,849		3,627			15,051
Repairs and maintenance		1,266		1,540			1,610		2,120			6,536
Drydocking		239		337			156		39			771
Insurance and loss reserves		462		323			707		697			2,189
Fuel, lubes and supplies		259		1,631			777		1,017			3,684
Other		147		1,424			2,823		823			5,217
		4,801		8,402			11,922		8,323			33,448
Direct Vessel Profit from Continuing Operations	$	1,703	$	1,615		$	1,580	$	5,317			10,215
Other Costs and Expenses:
Lease expense	$	621	$	284		$	377	$	(173	)		1,109
Administrative and general												9,134
Depreciation and amortization		3,936		3,296			4,456		2,618			14,306
												24,549
Gains on Asset Dispositions and Impairments, Net												56
Operating Loss from Continuing Operations											$	(14,278	)

	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations ⁽²⁾			Middle East and Asia			Latin America			Total
For the Nine Months Ended September 30, 2021
Operating Revenues:
Time charter	$	10,197		$	32,385		$	39,744		$	35,220		$	117,546
Bareboat charter		1,163			—			—			—			1,163
Other		2,488			(922	)		476			2,223			4,265
		13,848			31,463			40,220			37,443			122,974
Direct Costs and Expenses:
Operating:
Personnel		5,700			10,620			16,435			10,067			42,822
Repairs and maintenance		2,309			4,926			5,319			4,781			17,335
Drydocking		1,891			1,015			2,407			467			5,780
Insurance and loss reserves		1,912			1,108			1,870			1,918			6,808
Fuel, lubes and supplies		703			3,090			2,417			2,569			8,779
Other		448			4,075			4,010			2,313			10,846
		12,963			24,834			32,458			22,115			92,370
Direct Vessel Profit from Continuing Operations	$	885		$	6,629		$	7,762		$	15,328			30,604
Other Costs and Expenses:
Lease expense	$	1,988		$	910		$	434		$	89			3,421
Administrative and general														26,897
Depreciation and amortization		11,387			9,908			13,829			8,073			43,197
														73,515
Gains on Asset Dispositions and Impairments, Net														20,436
Operating Loss from Continuing Operations													$	(22,475	)
As of September 30, 2021
Property and Equipment:
Historical Cost	$	248,125		$	212,491		$	358,356		$	170,938		$	989,910
Accumulated Depreciation		(122,437	)		(66,424	)		(85,054	)		(29,263	)		(303,178	)
	$	125,688		$	146,067		$	273,302		$	141,675		$	686,732
Total Assets ⁽¹⁾	$	149,286		$	162,815		$	274,324		$	211,909		$	798,334

⁽¹⁾	Total assets by region does not include corporate assets of $103.7 million as of September 30, 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 and Europe 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.