DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of Debt Outstanding

The following is a summary of all debt outstanding:

	September 30,			December 31,
(In thousands)	2019			2018
Secured notes:
8.00% Senior secured notes due August 2022 (Secured Notes) (A) (B)	$	349,793			349,954
Troms Offshore borrowings (C):
NOK denominated notes due May 2024		10,751			12,241
NOK denominated notes due January 2026		19,934			22,988
USD denominated notes due January 2027		20,273			22,116
USD denominated notes due April 2027		22,851			24,157
	$	423,602			431,456
Debt premiums and discounts, net		5,992			7,548
Less: Current portion of long-term debt		(9,689	)		(8,568	)
Total long-term debt	$	419,905			430,436

(A) As of September 30, 2019 and December 31, 2018 the fair value (Level 2) of the Secured Notes was $357.9 million and $359.4 million, respectively.  

(B) In January 2019 and July 2019, we repurchased $160,000 and $747, respectively, of the Secured Notes in accordance with a tender offer obligation under our Indenture. The $3.3 million restricted cash on the balance sheet at September 30, 2019, represents proceeds from asset sales since the date of the July 2019 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 September 30, 2019 and December 31, 2018, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $73.7 million and $81.5  million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of September 30, 2019 was 5.0%.