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SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS
3 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

(14)

SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

 

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 ended June 30, 2017 and 2016. 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

 

 

 

June 30,

 

(In thousands)

 

2017

 

 

2016

 

Revenues:

 

 

 

 

 

 

 

 

Vessel revenues:

 

 

 

 

 

 

 

 

Americas

 

$

31,887

 

 

 

60,608

 

Asia/Pacific

 

 

4,627

 

 

 

7,921

 

Middle East

 

 

23,139

 

 

 

24,202

 

Africa/Europe

 

 

52,604

 

 

 

69,699

 

 

 

 

112,257

 

 

 

162,430

 

Other operating revenues

 

 

2,849

 

 

 

5,495

 

 

 

$

115,106

 

 

 

167,925

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

Americas

 

$

(15,699

)

 

 

(4,326

)

Asia/Pacific

 

 

(4,782

)

 

 

(5,574

)

Middle East

 

 

3,466

 

 

 

(33

)

Africa/Europe

 

 

(12,937

)

 

 

(13,309

)

 

 

 

(29,952

)

 

 

(23,242

)

Other operating profit (loss)

 

 

55

 

 

 

(427

)

 

 

 

(29,897

)

 

 

(23,669

)

 

 

 

 

 

 

 

 

 

Corporate general and administrative expenses

 

 

(14,702

)

 

 

(10,493

)

Corporate depreciation

 

 

(541

)

 

 

(730

)

Corporate expenses

 

 

(15,243

)

 

 

(11,223

)

 

 

 

 

 

 

 

 

 

Gain on asset dispositions, net

 

 

3,189

 

 

 

5,643

 

Asset impairments (A)

 

 

(163,423

)

 

 

(36,886

)

Operating loss

 

$

(205,374

)

 

 

(66,135

)

Foreign exchange loss

 

 

(1,157

)

 

 

(2,733

)

Equity in net earnings (losses) of unconsolidated companies

 

 

4,517

 

 

 

(1

)

Interest income and other, net

 

 

1,680

 

 

 

1,176

 

Reorganization items (B)

 

 

(313,176

)

 

 

 

Interest and other debt costs, net

 

 

(10,605

)

 

 

(16,954

)

Loss before income taxes

 

$

(524,115

)

 

 

(84,647

)

Depreciation and amortization:

 

 

 

 

 

 

 

 

Americas

 

$

10,748

 

 

 

12,778

 

Asia/Pacific

 

 

3,897

 

 

 

5,782

 

Middle East

 

 

3,849

 

 

 

5,112

 

Africa/Europe

 

 

16,398

 

 

 

18,769

 

 

 

 

34,892

 

 

 

42,441

 

Other

 

 

854

 

 

 

1,381

 

Corporate

 

 

541

 

 

 

730

 

 

 

$

36,287

 

 

 

44,552

 

Additions to properties and equipment:

 

 

 

 

 

 

 

 

Americas

 

$

27

 

 

 

75

 

Asia/Pacific

 

 

32

 

 

 

 

Middle East

 

 

616

 

 

 

280

 

Africa/Europe

 

 

274

 

 

 

67

 

 

 

 

949

 

 

 

422

 

Other

 

 

 

 

 

 

Corporate (C)

 

 

678

 

 

 

9,693

 

 

 

$

1,627

 

 

 

10,115

 

 

 

(A)

Refer to Note (16) for additional information regarding asset impairment charges.

 

(B)

Refer to Note (4) for additional information regarding reorganization items.

 

(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.

The following table provides a comparison of total assets at June 30, 2017 and March 31, 2017:

 

 

 

June 30,

 

 

March 31,

 

(In thousands)

 

2017

 

 

2017

 

Total assets:

 

 

 

 

 

 

 

 

Americas

 

$

744,038

 

 

 

779,778

 

Asia/Pacific

 

 

210,154

 

 

 

321,967

 

Middle East

 

 

237,514

 

 

 

261,418

 

Africa/Europe

 

 

1,854,367

 

 

 

1,897,355

 

 

 

 

3,046,073

 

 

 

3,260,518

 

Other

 

 

20,876

 

 

 

21,580

 

 

 

 

3,066,949

 

 

 

3,282,098

 

Investments in, at equity, and advances to unconsolidated companies

 

 

49,216

 

 

 

45,115

 

 

 

 

3,116,165

 

 

 

3,327,213

 

Corporate (A)

 

 

803,415

 

 

 

863,486

 

 

 

$

3,919,580

 

 

 

4,190,699

 

 

(A)

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 vessels is assigned to a non-corporate reporting segment or the date it is delivered. At June 30, 2017 and March 31, 2017, $47.5 million and $52.4 million, respectively, of vessel construction costs are included in Corporate.

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 ended June 30, 2017 and 2016:

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

Revenue by vessel class

 

 

 

 

 

June 30,

 

 

 

 

 

(In thousands)

 

2017

 

 

% of Vessel Revenue

 

 

2016

 

 

% of Vessel Revenue

 

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

17,313

 

 

 

15

%

 

 

40,387

 

 

 

25

%

Towing-supply

 

 

11,274

 

 

 

10

%

 

 

16,879

 

 

 

10

%

Other

 

 

3,300

 

 

 

3

%

 

 

3,342

 

 

 

2

%

Total

 

$

31,887

 

 

 

28

%

 

 

60,608

 

 

 

37

%

Asia/Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

1,154

 

 

 

1

%

 

 

2,590

 

 

 

2

%

Towing-supply

 

 

3,473

 

 

 

3

%

 

 

5,331

 

 

 

3

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

4,627

 

 

 

4

%

 

 

7,921

 

 

 

5

%

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

9,547

 

 

 

9

%

 

 

6,038

 

 

 

4

%

Towing-supply

 

 

13,592

 

 

 

12

%

 

 

18,164

 

 

 

11

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

23,139

 

 

 

21

%

 

 

24,202

 

 

 

15

%

Africa/Europe fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

22,158

 

 

 

20

%

 

 

33,289

 

 

 

20

%

Towing-supply

 

 

27,019

 

 

 

24

%

 

 

27,917

 

 

 

18

%

Other

 

 

3,427

 

 

 

3

%

 

 

8,493

 

 

 

5

%

Total

 

$

52,604

 

 

 

47

%

 

 

69,699

 

 

 

43

%

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

50,172

 

 

 

45

%

 

 

82,304

 

 

 

51

%

Towing-supply

 

 

55,358

 

 

 

49

%

 

 

68,291

 

 

 

42

%

Other

 

 

6,727

 

 

 

6

%

 

 

11,835

 

 

 

7

%

Total

 

$

112,257

 

 

 

100

%

 

 

162,430

 

 

 

100

%