Note 13 - Segment and Geographic Distribution of Operations

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(13) SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

Segment Changes

In conjunction with the acquisition of SPO (see Note 3), we split our Middle East/Asia Pacific segment 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 segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the three months ended March 31, 2023 and 2022. Vessel revenues relate to vessels owned and operated by us while other operating revenues relate to other miscellaneous marine-related businesses.

(In Thousands)	Three Months Ended
	March 31, 2023			March 31, 2022
Revenues:
Vessel revenues:
Americas	$	47,687		$	28,444
Asia Pacific		22,024			4,897
Middle East		30,762			20,218
Europe/Mediterranean		31,250			23,919
West Africa		59,457			26,398
Other operating revenues		1,924			1,853
Total	$	193,104		$	105,729
Vessel operating profit (loss):
Americas	$	7,962		$	(82	)
Asia Pacific		5,568			2,173
Middle East		(344	)		(1,883	)
Europe/Mediterranean		2,036			(2,429	)
West Africa		17,221			3,215
Other operating profit		773			1,492
		33,216			2,486
Corporate expenses		(10,933	)		(10,503	)
Long-lived asset impairment and other		—			500
Gain on asset dispositions, net		2,216			207
Operating income (loss)	$	24,499		$	(7,310	)
Depreciation and amortization:
Americas	$	8,194		$	7,116
Asia Pacific		1,465			849
Middle East		5,735			5,406
Europe/Mediterranean		7,350			6,762
West Africa		7,521			5,741
Corporate		401			783
Total	$	30,666		$	26,657
Additions to properties and equipment:
Americas	$	521		$	—
Asia Pacific		4,403			24
Middle East		1,550			—
Europe/Mediterranean		232			276
West Africa		589			350
Corporate		1,356			579
Total	$	8,651		$	1,229

The following table provides a comparison of total assets at  March 31, 2023 and  December 31, 2022:

(In Thousands)
	March 31, 2023		December 31, 2022
Total assets:
Americas	$	310,096	$	309,985
Asia Pacific		127,117		148,684
Middle East		203,625		197,054
Europe/Mediterranean		268,009		282,670
West Africa		311,191		285,965
Corporate		107,109		73,298
	$	1,327,147	$	1,297,656