Note 14 - Segment Information, Geographical Data and Major Customers

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(14)     SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS

Each of our five operating segments is led by senior management reporting to our Chief Executive Officer, the chief operating decision maker (CODM). Our operating segments comprise the structure used by our CODM to make key operating decisions and assess performance. 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. Our CODM evaluates the segments’ operating performance based on segment operating income. Segment operating income is defined as segment revenues less segment costs and expenses. The CODM primarily considers segment operating income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, additions to properties and equipment and assets by segment and in total. Vessel operating profit 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,
	2024		2023		2022
Americas:
Vessel revenues	$	261,929	$	237,205	$	146,871
Vessel operating costs:
Crew costs		87,545		86,328		56,767
Repair and maintenance		20,677		17,295		12,706
Insurance		2,034		1,891		1,439
Fuel, lube and supplies		13,635		13,175		9,655
Other		24,391		19,232		13,442
Total vessel operating costs		148,282		137,921		94,009
General and administrative expense		14,046		15,105		10,926
Depreciation and amortization		44,822		41,215		29,920
Vessel operating profit		54,779		42,964		12,016
Additions to properties and equipment	$	5,980	$	2,916	$	4,468
Total assets	$	350,126	$	418,151	$	309,985

(In Thousands)	Year Ended December 31,
	2024		2023		2022
Asia Pacific:
Vessel revenues	$	210,328	$	122,235	$	64,231
Vessel operating costs:
Crew costs		88,968		41,940		29,433
Repair and maintenance		13,999		9,212		3,077
Insurance		1,197		794		516
Fuel, lube and supplies		8,834		5,251		4,139
Other		10,311		7,751		5,081
Total vessel operating costs		123,309		64,948		42,246
General and administrative expense		8,544		8,147		12,299
Depreciation and amortization		18,606		10,669		5,960
Vessel operating profit		59,869		38,471		3,726
Additions to properties and equipment	$	2,157	$	7,839	$	317
Total assets	$	173,587	$	167,085	$	148,684

(In Thousands)	Year Ended December 31,
	2024		2023			2022
Middle East:
Vessel revenues	$	152,187	$	135,375		$	110,375
Vessel operating costs:
Crew costs		53,390		53,416			44,944
Repair and maintenance		17,595		16,187			12,210
Insurance		1,882		1,784			1,412
Fuel, lube and supplies		10,019		12,092			10,531
Other		24,076		17,127			9,015
Total vessel operating costs		106,962		100,606			78,112
General and administrative expense		11,320		9,254			9,120
Depreciation and amortization		30,135		26,566			24,236
Vessel operating profit		3,770		(1,051	)		(1,093	)
Additions to properties and equipment	$	1,260	$	3,016		$	3,911
Total assets	$	180,286	$	191,927		$	197,054

(In Thousands)	Year Ended December 31,
	2024		2023		2022
Europe/Mediterranean:
Vessel revenues	$	333,081	$	230,217	$	129,578
Vessel operating costs:
Crew costs		109,178		78,613		49,709
Repair and maintenance		28,288		17,029		9,239
Insurance		3,171		2,218		1,442
Fuel, lube and supplies		14,650		11,697		6,026
Other		18,864		13,758		8,426
Total vessel operating costs		174,151		123,315		74,842
General and administrative expense		12,726		10,063		8,158
Depreciation and amortization		92,331		63,152		27,734
Vessel operating profit		53,873		33,687		18,844
Additions to properties and equipment	$	11,069	$	7,320	$	1,302
Total assets	$	659,158	$	671,626	$	282,670

(In Thousands)	Year Ended December 31,
	2024		2023		2022
West Africa:
Vessel revenues	$	380,112	$	273,961	$	190,349
Vessel operating costs:
Crew costs		77,195		69,176		61,511
Repair and maintenance		17,817		18,993		14,024
Insurance		2,743		2,610		1,956
Fuel, lube and supplies		18,233		18,333		13,378
Other		24,415		20,613		17,223
Total vessel operating costs		140,403		129,725		108,092
General and administrative expense		9,495		9,281		10,611
Depreciation and amortization		53,782		36,508		28,534
Vessel operating profit		176,432		98,447		43,112
Additions to properties and equipment	$	3,300	$	19,593	$	2,923
Total assets	$	512,549	$	421,054	$	285,965

(In Thousands)	Year Ended December 31,
	2024			2023			2022
World Wide:
Revenues:
Vessel revenues	$	1,337,637		$	998,993		$	641,404
Other operating revenues		8,198			10,992			6,280
Total revenue		1,345,835			1,009,985			647,684
Vessel operating costs:
Crew costs		416,276			329,473			242,364
Repair and maintenance		98,376			78,716			51,256
Insurance		11,027			9,297			6,765
Fuel, lube and supplies		65,371			60,548			43,729
Other		102,057			78,481			53,187
Total vessel operating costs		693,107			556,515			397,301
Costs of other operating revenues		3,555			4,342			2,130
General and administrative expense		56,131			51,850			51,114
Depreciation and amortization		239,676			178,110			116,384
Operating profit		353,366			219,168			80,755
Corporate expenses		(57,780	)		(45,654	)		(53,583	)
Gain on asset dispositions, net		15,762			8,701			250
Long-lived asset impairments and other		—			—			(714	)
Operating income	$	311,348		$	182,215		$	26,708
Segment additions to properties and equipment	$	23,766		$	40,684		$	12,921
Corporate additions to properties and equipment		3,814			5,168			3,716
Total additions to properties and equipment	$	27,580		$	45,852		$	16,637
Segment assets	$	1,875,706		$	1,869,843		$	1,224,358
Corporate assets		199,198			192,931			73,298
Total assets	$	2,074,904		$	2,062,774		$	1,297,656

The Company attributes revenue to various countries based on the location where services are actually performed. Revenues by country for the year ended December 31, 2024 are as follows:

(In Thousands)	Year Ended December 31,
	2024
Countries:
United Kingdom	$	147,175
Angola		144,566
Australia		130,788
Saudi Arabia		129,333
Norway		112,167
United Sates		81,547
Other (includes more than 30 countries)		600,259
Total revenues	$	1,345,835

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

	Year Ended December 31,
	2024			2023			2022
Eni S.p.A		12.3	%		10.3	%		*
Chevron Corporation		*			*			12.3	%

* Less than 10% of total revenues.