SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables)

6 Months Ended

Sep. 30, 2016

Segment Information, Geographical Data and Major Customers

At the beginning of fiscal 2017 the company’s operations in the Mediterranean Sea (based in Egypt) were transitioned from the company’s previously disclosed Middle East/North Africa operations and included with the company’s previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company’s Americas and Asia/Pacific segments are not affected by this change. This new segment alignment is consistent with how the company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment.

The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the quarters and six-month periods ended September 30, 2016 and 2015. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses.

	Quarter Ended						Six Months Ended
	September 30,						September 30,
(In thousands)	2016			2015			2016			2015
Revenues:
Vessel revenues:
Americas	$	53,125			89,210			113,733			203,382
Asia/Pacific		6,110			32,173			14,031			60,110
Middle East		23,474			28,684			47,676			60,937
Africa/Europe		56,652			114,064			126,351			238,015
		139,361			264,131			301,791			562,444
Other operating revenues		4,361			7,792			9,856			14,253
	$	143,722			271,923			311,647			576,697
Vessel operating profit (loss):
Americas	$	(1,177	)		8,812			(5,503	)		32,651
Asia/Pacific		(6,096	)		6,168			(11,670	)		7,918
Middle East		925			244			892			4,248
Africa/Europe		(14,072	)		10,518			(27,381	)		15,965
		(20,420	)		25,742			(43,662	)		60,782
Other operating loss		(1,012	)		(658	)		(1,439	)		(2,494	)
		(21,432	)		25,084			(45,101	)		58,288

Corporate general and administrative expenses		(10,006	)		(7,932	)		(20,499	)		(17,946	)
Corporate depreciation		(597	)		(1,649	)		(1,327	)		(3,143	)
Corporate expenses		(10,603	)		(9,581	)		(21,826	)		(21,089	)

Gain on asset dispositions, net		6,253			6,111			11,896			13,462
Asset impairments (A)		(129,562	)		(31,672	)		(166,448	)		(46,630	)
Restructuring charge (B)		—			(7,586	)		—			(7,586	)
Operating loss	$	(155,344	)		(17,644	)		(221,479	)		(3,555	)
Foreign exchange gain (loss)		(2,539	)		844			(5,272	)		(3,289	)
Equity in net earnings (losses) of unconsolidated companies		1,313			(2,919	)		1,312			(5,360	)
Interest income and other, net		992			355			2,168			1,145
Interest and other debt costs, net		(18,477	)		(13,247	)		(35,431	)		(26,429	)
Loss before income taxes	$	(174,055	)		(32,611	)		(258,702	)		(37,488	)
Depreciation and amortization:
Americas	$	12,700			12,232			25,478			24,282
Asia/Pacific		5,538			5,311			11,320			10,700
Middle East		5,241			4,802			10,353			9,601
Africa/Europe		18,430			20,483			37,199			40,994
		41,909			42,828			84,350			85,577
Other		1,339			1,502			2,720			2,916
Corporate		597			1,649			1,327			3,143
	$	43,845			45,979			88,397			91,636
Additions to properties and equipment:
Americas	$	—			20,000			75			42,054
Asia/Pacific		—			1,075			—			1,710
Middle East		34			357			314			649
Africa/Europe		392			1,094			459			1,367
		426			22,526			848			45,780
Other		—			86			—			86
Corporate (C)		9,445			24,830			19,138			94,595
	$	9,871			47,442			19,986			140,461

(A)	Refer to Note (15) for additional information regarding asset impairment charges.

(B)	Refer to Note (14) for additional information regarding the restructuring charge.

(C)	Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented.

Comparison of Total Assets

The following table provides a comparison of total assets at September 30, 2016 and March 31, 2016:

	September 30,		March 31,
(In thousands)	2016		2016
Total assets:
Americas	$	1,060,391		1,101,699
Asia/Pacific		461,858		514,948
Middle East		436,583		405,420
Africa/Europe		1,797,674		1,999,543
		3,756,506		4,021,610
Other		24,673		42,191
		3,781,179		4,063,801
Investments in, at equity, and advances to unconsolidated companies		38,200		37,502
		3,819,379		4,101,303
Corporate (A) (B)		868,883		882,490
	$	4,688,262		4,983,793

(A)	At September 30, 2016 and March 31, 2016, $641.8 million and $651.2 million, respectively, of cash are included in Corporate.

(B)

Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel’s construction costs are reported in Corporate until the earlier of the date the vessel is assigned to a non-corporate reporting segment or the date it is delivered. At September 30, 2016 and March 31, 2016, $115.7 million and $136.8 million, respectively, of vessel construction costs are included in Corporate.

Schedule of Segment Reporting Information, Revenue by Vessel Class

The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the quarters and six-month periods ended September 30, 2016 and 2015:

			Quarter Ended										Six Months Ended
Revenue by vessel class			September 30,										September 30,
(In thousands)	2016		% of Vessel Revenue			2015		% of Vessel Revenue			2016		% of Vessel Revenue			2015		% of Vessel Revenue
Americas fleet:
Deepwater	$	37,270		27	%		61,776		24	%		77,657		26	%		141,928		25	%
Towing-supply		13,039		9	%		24,121		9	%		29,918		10	%		53,636		9	%
Other		2,816		2	%		3,313		1	%		6,158		2	%		7,818		2	%
Total	$	53,125		38	%		89,210		34	%		113,733		38	%		203,382		36	%
Asia/Pacific fleet:
Deepwater	$	1,872		1	%		23,435		9	%		4,462		2	%		43,268		8	%
Towing-supply		4,238		3	%		8,738		3	%		9,569		3	%		16,842		3	%
Other		—		—			—		—			—		—			—		—
Total	$	6,110		4	%		32,173		12	%		14,031		5	%		60,110		11	%
Middle East fleet:
Deepwater	$	6,988		5	%		5,750		2	%		13,026		4	%		12,441		2	%
Towing-supply		16,486		12	%		22,934		9	%		34,650		11	%		48,496		9	%
Other		—		—			—		—			—		—			—		—
Total	$	23,474		17	%		28,684		11	%		47,676		15	%		60,937		11	%
Africa/Europe fleet:
Deepwater	$	24,305		17	%		54,974		21	%		57,594		19	%		122,635		22	%
Towing-supply		25,934		19	%		43,086		16	%		53,851		18	%		84,911		15	%
Other		6,413		5	%		16,004		6	%		14,906		5	%		30,469		5	%
Total	$	56,652		41	%		114,064		43	%		126,351		42	%		238,015		42	%
Worldwide fleet:
Deepwater	$	70,435		50	%		145,935		56	%		152,739		51	%		320,272		57	%
Towing-supply		59,697		43	%		98,879		37	%		127,988		42	%		203,885		36	%
Other		9,229		7	%		19,317		7	%		21,064		7	%		38,287		7	%
Total	$	139,361		100	%		264,131		100	%		301,791		100	%		562,444		100	%