Note 14 - Segment and Geographic Distribution of Operations

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(14)     SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS

In conjunction with the acquisition of SPO, the previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

Each of our five operating segments is managed by a senior executive reporting directly to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation.

The following table provides a comparison of revenues, vessel operating profit (loss), depreciation and amortization, additions to properties and equipment and assets by segment and in total. Vessel operating profit (loss) is calculated as vessel revenues less vessel operating costs, segment depreciation expenses, and segment general and administrative costs. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our other miscellaneous marine-related businesses.

(In Thousands)	Year Ended December 31,
	2022			2021			2020
Revenues:
Vessel revenues:
Americas	$	146,871		$	102,151		$	126,676
Asia Pacific		64,231			18,142			14,348
Middle East		110,375			84,395			82,785
Europe/Mediterranean		129,578			80,914			83,602
West Africa		190,349			75,967			78,763
Total vessel revenues		641,404			361,569			386,174
Other operating revenues		6,280			9,464			10,864
Total revenues		647,684			371,033			397,038
Vessel operating profit (loss):
Americas		12,016			(11,270	)		4,944
Asia Pacific		3,726			4,896			2,076
Middle East		(1,093	)		(6,070	)		(8,011	)
Europe/Mediterranean		18,844			(16,968	)		(8,629	)
West Africa		43,112			(16,985	)		(27,508	)
Total vessel operating profit (loss)		76,605			(46,397	)		(37,128	)
Other operating profit		4,150			7,233			7,458
		80,755			(39,164	)		(29,670	)
Corporate expenses		(53,583	)		(36,908	)		(35,633	)
Gain (loss) on asset dispositions, net		250			(2,901	)		7,591
Affiliate credit loss impairment expense		—			(400	)		(52,981	)
Affiliate guarantee obligation		—			—			(2,000	)
Long-lived asset impairments and other		(714	)		(15,643	)		(74,109	)
Operating loss	$	26,708		$	(95,016	)	$	(186,802	)
Depreciation and amortization:
Americas	$	29,920		$	30,856		$	32,079
Asia Pacific		5,960			4,484			4,076
Middle East		24,236			21,508			20,168
Europe/Mediterranean		27,734			28,163			29,222
West Africa		28,534			26,196			27,787
Corporate and other		2,776			3,337			3,377
Total depreciation and amortization	$	119,160		$	114,544		$	116,709
Additions to properties and equipment:
Americas	$	4,468		$	—		$	2,842
Asia Pacific		317			(42	)		1,497
Middle East		3,911			—			1,132
Europe/Mediterranean		1,302			764			1,059
West Africa		2,923			6,341			6,028
Corporate		3,716			1,888			2,342
Total additions to properties and equipment	$	16,637		$	8,951		$	14,900
Total assets:
Americas	$	309,985		$	278,394		$	338,649
Asia Pacific		148,684			28,564			43,222
Middle East		197,054			154,723			183,200
Europe/Mediterranean		282,670			293,760			302,214
West Africa		285,965			223,988			242,825
Corporate		73,298			116,351			141,067
Total assets	$	1,297,656		$	1,095,780		$	1,251,177

The following table discloses our customers that accounted for 10% or more of total revenues:

	Year Ended December 31,
	2022			2021			2020
Chevron Corporation		12.3	%		15.7	%		14.3	%
Saudi Aramco		*			11.8	%		11.5	%

* Less than 10% of total revenues.