Note 14 - Segment and Geographic Distribution of Operations

12 Months Ended

Dec. 31, 2023

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,
	2023			2022			2021
Revenues:
Vessel revenues:
Americas	$	237,205		$	146,871		$	102,151
Asia Pacific		122,235			64,231			18,142
Middle East		135,375			110,375			84,395
Europe/Mediterranean		230,217			129,578			80,914
West Africa		273,961			190,349			75,967
Total vessel revenues		998,993			641,404			361,569
Other operating revenues		10,992			6,280			9,464
Total revenues		1,009,985			647,684			371,033
Vessel operating profit (loss):
Americas		42,964			12,016			(11,270	)
Asia Pacific		38,471			3,726			4,896
Middle East		(1,051	)		(1,093	)		(6,070	)
Europe/Mediterranean		33,687			18,844			(16,968	)
West Africa		98,447			43,112			(16,985	)
Total vessel operating profit (loss)		212,518			76,605			(46,397	)
Other operating profit		6,650			4,150			7,233
		219,168			80,755			(39,164	)
Corporate expenses		(45,654	)		(53,583	)		(36,908	)
Gain (loss) on asset dispositions, net		8,701			250			(2,901	)
Affiliate credit loss impairment expense		—			—			(400	)
Long-lived asset impairments and other		—			(714	)		(15,643	)
Operating income (loss)	$	182,215		$	26,708		$	(95,016	)
Depreciation and amortization:
Americas	$	41,215		$	29,920		$	30,856
Asia Pacific		10,669			5,960			4,484
Middle East		26,566			24,236			21,508
Europe/Mediterranean		63,152			27,734			28,163
West Africa		36,508			28,534			26,196
Corporate and other		2,221			2,776			3,337
Total depreciation and amortization	$	180,331		$	119,160		$	114,544
Additions to properties and equipment:
Americas	$	2,916		$	4,468		$	—
Asia Pacific		7,839			317			(42	)
Middle East		3,016			3,911			—
Europe/Mediterranean		7,320			1,302			764
West Africa		19,593			2,923			6,341
Corporate		5,168			3,716			1,888
Total additions to properties and equipment	$	45,852		$	16,637		$	8,951
Total assets:
Americas	$	418,151		$	309,985		$	278,394
Asia Pacific		167,085			148,684			28,564
Middle East		191,927			197,054			154,723
Europe/Mediterranean		671,626			282,670			293,760
West Africa		421,054			285,965			223,988
Corporate		192,931			73,298			116,351
Total assets	$	2,062,774		$	1,297,656		$	1,095,780

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

	Year Ended December 31,
	2023			2022			2021
Eni S.p.A		10.3	%		*			*
Chevron Corporation		*			12.3	%		15.7	%
Saudi Aramco		*			*			11.8	%

* Less than 10% of total revenues.