INDEBTEDNESS (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of Debt Outstanding

The following is a summary of all debt outstanding at June 30, 2018 and December 31, 2017:

	June 30,		December 31,
(In thousands)	2018		2017
New secured notes:
8.00% New secured notes due August 2022 (A)		349,954		350,000
Troms Offshore borrowings (B):
NOK denominated notes due May 2024		13,595		14,054
NOK denominated notes due January 2026		25,315		25,965
USD denominated notes due January 2027		22,729		23,345
USD denominated notes due April 2027		24,810		25,463
	$	436,403		438,827
Debt premiums and discounts, net		8,446		9,333
Less: Current portion of long-term debt		6,290		5,103
Total long-term debt	$	438,559		443,057

(A)   As of June 30, 2018 and December 31, 2017, the fair value (Level 2) of the New Secured Notes was $361.5 million and $359.8 million, respectively.  

(B) The company pays principal and interest on these notes semi-annually.  As of June 30, 2018 and December 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $86.4 million and $88.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2018, was 5.00%.

Debt Costs

The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and six month periods ended June 30, 2018 and 2017.

	Successor		Predecessor		Successor		Predecessor
	Quarter Ended		Quarter Ended		Six Months Ended		Six Months Ended
	June 30,		June 30,		June 30,		June 30,
(In thousands)	2018		2017		2018		2017
Interest and debt costs incurred, net of interest capitalized	$	7,547		10,605	$	15,146		31,613
Interest costs capitalized		194		601		368		1,818
Total interest and debt costs	$	7,741		11,206	$	15,514		33,431