Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information [Abstract]

Segment Information

18.

Segment Information

In 2010, we began transitioning the operations of our company from a regional structure to a more centralized structure that focuses on global opportunities for our vessels. As a result, effective January 1, 2011, we have restructured our reporting segments from geographic regions to two new project segments: Construction and Installation and Other Offshore Services. Project work performed on a fixed-price or unit-price basis, where we take responsibility for managing a project scope that may include material procurement or third-party subcontractors and includes a substantial project management effort, will be reported in the Construction and Installation segment. These projects have a risk of loss due to productivity. Our diving operations and day-rate, time and materials, or cost plus projects, will be reported in the Other Offshore Services segment. The risk of loss on these projects is minimal. These changes have been reflected as retrospective changes to the financial information for the three and nine months ended September 30, 2010 presented below. These changes did not affect our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, or Condensed Consolidated Statements of Cash Flows.

The following table presents information about the revenues and profit (or loss) of each of our reportable segments for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2011			2010			2011			2010
				(In thousands)
Total segment revenues
Construction and Installation	$	37,301		$	144,390		$	198,442		$	297,455
Other Offshore Services		29,847			45,111			71,627			120,625
Consolidated revenues	$	67,148		$	189,501		$	270,069		$	418,080
Income (loss) before taxes
Construction and Installation	$	13,808	(1)	$	(38,185	)	$	(18,198	)(1)	$	(61,343	)
Other Offshore Services		1,734			21,848			(10,922	)		13,581
Corporate		(9,579	)		(6,315	)		(22,585	)		(22,615	)
Consolidated income (loss) before taxes	$	5,963		$	(22,652	)	$	(51,705	)	$	(70,377	)

⁽¹⁾ Includes $47.8 million gain related to the sale of our two Malaysian operating subsidiaries.

The following table presents information about the assets of each of our reportable segments as of September 30, 2011 and December 31, 2010.

	September 30		December 31
	2011		2010
	(In thousands)
Segment assets at period end
Construction and Installation	$	797,038	$	780,786
Other Offshore Services		103,052		113,129
Corporate		341,436		449,826
Consolidated segment assets at period end	$	1,241,526	$	1,343,741