SEGMENT REPORTING

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 11—SEGMENT REPORTING

We report our financial results under a geographic-based reporting structure, which coincides with how our financial information is reviewed and evaluated on a regular basis by our chief operating decision maker. We operate in four primary operating segments, which consist of Asia Pacific, Atlantic, Caspian and the Middle East. The Caspian and Middle East operating segments are aggregated into the Middle East reporting segment due to the proximity of regions and similarities in the nature of services provided, economic characteristics and oversight responsibilities. Accordingly, we have three reporting segments consisting of Asia Pacific, Atlantic and the Middle East. We also report certain corporate and other non-operating activities under the heading “Corporate and Other.” Corporate and Other primarily reflects corporate personnel and activities, incentive compensation programs and other costs, which are generally fully allocated to our operating segments.

We account for intersegment sales at prices that we generally establish by reference to similar transactions with unaffiliated customers. Reporting segments are measured based on operating income, which is defined as revenues reduced by total costs and expenses and equity in loss of unconsolidated affiliates.

1. Information about Operations:

	Year Ended December 31,
	2013			2012			2011
Revenues:
Asia Pacific	$	953,838		$	1,575,682		$	1,898,033
Atlantic		534,431			474,061			267,019
Middle East		1,170,663			1,591,881			1,280,058
Total revenues(1)	$	2,658,932		$	3,641,624		$	3,445,110
Operating income:
Asia Pacific	$	(75,513	)	$	242,148		$	202,969
Atlantic		(177,025	)		(66,883	)		(174,152	)
Middle East		(212,252	)		144,062			221,906
Total operating income	$	(464,790	)	$	319,327		$	250,723
Capital expenditures:
Asia Pacific	$	117,060		$	219,920		$	86,081
Atlantic		21,757			32,699			147,062
Middle East		127,918			29,736			35,762
Corporate and Other		17,227			3,955			13,716
Total capital expenditures	$	283,962		$	286,310		$	282,621
Depreciation and amortization:
Asia Pacific	$	18,693		$	23,797		$	25,698
Atlantic		26,674			24,589			15,348
Middle East		31,813			31,119			28,740
Corporate and Other		7,400			6,935			12,605
Total depreciation and amortization	$	84,580		$	86,440		$	82,391
Drydock amortization:
Asia Pacific	$	8,917		$	9,487		$	10,831
Atlantic		7,417			13,569			11,165
Middle East		2,133			2,489			2,571
Total drydock amortization	$	18,467		$	25,545		$	24,567

(1) Intercompany transactions were not significant for the years ended December 31, 2013, 2012 and 2011.

(2) Total capital expenditures represent expenditures for which cash payments were made during the period. These amounts exclude approximately $48.3 million in accrued capital expenditures for the year ended December 31, 2013. There were no accrued capital expenditures for the year ended December 31, 2012.

2. Information about our most significant Customers

Our customers, which significantly impacted our segments during the years ended December 31, 2013, 2012 and 2011 were as follows:

	% of Consolidated Revenues			Reportable Segment
Year Ended December 31, 2013:
Saudi Aramco		25	%	Middle East
Azerbaijan International Oil Company		13	%	Middle East
Year Ended December 31, 2012:
Exxon Mobil Corporation		24	%	Asia Pacific
Saudi Aramco		22	%	Middle East
BHP Billiton Petroleum Pty Ltd.		10	%	Asia Pacific
Year Ended December 31, 2011:
Exxon Mobil Corporation		36	%	Asia Pacific
Saudi Aramco		24	%	Middle East
Chevron Corporation		10	%	Asia Pacific

3. Information about our Service Lines and Operations in Different Geographic Areas:

	Year Ended December 31,
	2013		2012		2011
	(In thousands)
Service line revenues:
Installation Operations	$	1,155,516	$	1,885,143	$	1,907,512
Fabrication Operations		370,854		487,215		446,426
Project Services and Engineering Operations		341,084		337,774		343,357
Procurement Activities		791,478		931,492		747,815
	$	2,658,932	$	3,641,624	$	3,445,110
Geographic revenues:
Saudi Arabia	$	720,879	$	1,057,930	$	955,929
Australia		481,123		1,485,503		1,398,868
Azerbaijan		345,742		268,419		5,022
Malaysia		329,689		67,553		2,876
Brazil		176,475		87,597		53,263
Indonesia		144,538		—		—
United States		126,986		119,785		57,472
Mexico		117,813		55,974		52,350
India		73,867		98,305		94,503
Trinidad		65,917		63,367		24,863
Equatorial Guinea		22,561		146,912		80,196
United Arab Emirates		19,528		156,395		139,400
Qatar		6,798		9,910		83,028
Thailand		248		7,580		261,040
Vietnam		—		11,771		127,954
Other Countries		26,768		4,623		108,346
	$	2,658,932	$	3,641,624	$	3,445,110

4. Information about our Segment Assets and Property, Plant and Equipment by Country:

	December 31,
	2013		2012		2011
	(In thousands)
Segment assets:
Asia Pacific	$	1,030,823	$	1,402,923	$	934,134
Atlantic		522,713		536,734		419,258
Middle East		1,129,529		1,006,284		1,065,478
Corporate and Other		124,306		387,686		515,176
Total continuing operations		2,807,371		3,333,627		2,934,046
Total assets attributable to discontinued operations		—		—		58,768
Total assets	$	2,807,371	$	3,333,627	$	2,992,814
Property, plant and equipment, net(1):
Singapore	$	306,948	$	324,106
Malaysia		240,042		—
Brazil		192,101		52,955
Saudi Arabia		191,400		102,334
Indonesia		154,630		144,322
United Arab Emirates		145,635		110,292
Mexico		96,830		61,390
Spain		94,917		15,159
United States		54,647		201,815
Australia		14		212,955
Other Countries		1,513		56,463
Total property, plant and equipment, net	$	1,478,677	$	1,281,791

(1) Our marine vessels are included in the country in which they were located as of year-end.

5. Information about our Unconsolidated Affiliates:

	Year Ended December 31,
	2013			2012			2011
	(In thousands)
Equity in loss of unconsolidated affiliates:
Asia Pacific	$	(10,738	)	$	(10,123	)	$	(4,432	)
Atlantic		(4,275	)		(6,016	)		(23	)
Corporate and Other		(1,103	)		(580	)		(530	)
Total Equity in loss of unconsolidated affiliates	$	(16,116	)	$	(16,719	)	$	(4,985	)
Investments in unconsolidated affiliates:
Asia Pacific	$	49,423		$	31,377
Atlantic		120			3,909
Corporate and Other		993			2,149
Total Investments in unconsolidated affiliates	$	50,536		$	37,435

Our consolidated balance sheets include accounts receivables attributable to our unconsolidated affiliates of approximately $36.2 million and $15.2 million as of December 31, 2013 and 2012, respectively.