Business Segment Information

6 Months Ended

Jun. 30, 2013

Business Segment Information [Abstract]

Business Segment Information

Note 12 — Business Segment Information 

In 2012, our operations were conducted through the following lines of business: contracting services and oil and gas.  We have disaggregated our contracting services operations into two reportable segments: Contracting Services and Production Facilities.  Our Contracting Services segment includes well intervention, robotics and subsea construction operations (see Note 2 for disclosures regarding the dispositions of our remaining subsea construction vessels and related assets).  The Production Facilities segment includes our consolidated investment in the HP I and Kommandor LLC as well as our equity investments in Deepwater Gateway and Independence Hub that are accounted for under the equity method.  All material intercompany transactions between the segments have been eliminated.  In February 2013, we sold ERT and as a result, we have presented the assets and liabilities included in the sale of ERT and the historical operating results of our former Oil and Gas segment as discontinued operations in the accompanying condensed consolidated financial statements.  See Note 4 for additional information regarding our discontinued operations.

We evaluate our performance based on operating income and income before income taxes of each segment.  Segment assets are comprised of all assets attributable to the reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
Revenues —
Contracting Services	$	225,356	$	209,557	$	423,410	$	454,101
Production Facilities		24,174		19,963		44,567		39,985
Intercompany elimination		(17,352)		(32,059)		(38,370)		(66,783)
Total	$	232,178	$	197,461	$	429,607	$	427,303
Income (loss) from operations —
Contracting Services	$	47,600	$	19,223	$	86,904	$	78,347
Production Facilities		14,643		9,882		25,828		19,931
Corporate		(14,207)		(22,334)		(47,738)		(38,419)
Intercompany elimination		(839)		98		(2,559)		(2,922)
Total	$	47,197	$	6,869	$	62,435	$	56,937
Equity in earnings of equity investments	$	683	$	5,748	$	1,293	$	6,155

Intercompany segment revenues are as follows (in thousands): 

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
Contracting Services		17,352		20,538	$	33,697	$	43,739
Production Facilities		-		11,521		4,673		23,044
Total	$	17,352	$	32,059	$	38,370	$	66,783

Intercompany segment profits (losses) (which only relate to intercompany capital projects) are as follows (in thousands): 

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
Contracting Services		883		(55)	$	2,647	$	3,009
Production Facilities		(44)		(43)		(88)		(87)
Total	$	839	$	(98)	$	2,559	$	2,922

Segment assets are comprised of all assets attributable to each reportable segment.  The following table reflected total assets by reportable segment (in thousands): 

		June 30,		December 31,
		2013		2012
Contracting Services	$	1,957,299	$	1,974,763
Production Facilities		490,772		503,531
Corporate and Other		26,678		8,059
Discontinued Operations		-		900,227
Total	$	2,474,749	$	3,386,580