DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of Debt Outstanding

The following is a summary of all debt outstanding:

	June 30,			December 31,
(In thousands)	2020			2019
Secured notes:
8.00% Senior secured notes due August 2022 (A) (B)	$	224,793		$	224,793
Troms Offshore borrowings (C):
NOK denominated notes due May 2024		8,410			10,260
NOK denominated notes due January 2026		17,533			20,788
USD denominated notes due January 2027		19,044			20,273
USD denominated notes due April 2027		20,239			21,545
	$	290,019		$	297,659
Debt premiums and discounts, net		(7,367	)		(8,725	)
Less: Current portion of long-term debt		(9,437	)		(9,890	)
Total long-term debt	$	273,215		$	279,044

(A) As of June 30, 2020 and December 31, 2019 the fair value (Level 2) of the Secured Notes was $202.3 million and $237.6 million, respectively.  

(B) The $19.9 million restricted cash on the balance sheet at June 30, 2020, represents approximately 65% of net proceeds from asset dispositions since the date of the last tender offer and is restricted by the terms of the Indenture.

(C) We pay principal and interest on these notes semi-annually.  As of June 30, 2020 and December 31, 2019, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $65.2 million and $72.9 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2020 was 5.0%.