DEBT (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Summary of Debt Outstanding

The following is a summary of all debt outstanding:

	June 30,			December 31,
(In thousands)	2019			2018
Secured notes:
8.00% Senior secured notes due August 2022 (Secured Notes) (A) (B)	$	349,794			349,954
Troms Offshore borrowings (C):
NOK denominated notes due May 2024		11,497			12,241
NOK denominated notes due January 2026		22,734			22,988
USD denominated notes due January 2027		21,502			22,116
USD denominated notes due April 2027		22,851			24,157
	$	428,378			431,456
Debt premiums and discounts, net		6,535			7,548
Less: Current portion of long-term debt		(10,002	)		(8,568	)
Total long-term debt	$	424,911			430,436

(A) As of June 30, 2019 and December 31, 2018 the fair value (Level 2) of the Secured Notes was $362.1 million and $359.4 million, respectively.   

(B) In December 2018, we commenced an offer to repurchase up to $25.4 million of the Secured Notes. In January 2019, we repurchased $160,000 of the Secured Notes in accordance with this tender offer obligation. On June 14, 2019, we commenced an offer to repurchase $13.6 million of the Secured Notes with an expiration of July 12, 2019. In July 2019, we repurchased $747 of the Secured Notes in accordance with this tender obligation. The $13.6 million restricted cash on the balance sheet at June 30, 2019, represents proceeds from asset sales since the date of the December 2018 tender offer and is restricted as of that date by the terms of the Indenture.

(C) We pay principal and interest on these notes semi-annually.  As of June 30, 2019 and December 31, 2018, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $78.6 million and $81.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2019 was 4.99%.