SEGMENT REPORTING

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 9—SEGMENT REPORTING

In March 2014, we changed our organizational structure to orient around our offshore and subsea business activities through four primary geographic regions. The four geographic regions, which we consider to be our operating segments, consist of Asia Pacific, Americas, Middle East, and North Sea and Africa. The Caspian is no longer considered an operating segment and will continue to be aggregated in the Middle East reporting segment. The North Sea and Africa operating segment is also 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 continue to report financial results under reporting segments consisting of Asia Pacific, Americas 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. The only corporate costs currently not being allocated to our operating segments are the restructuring costs associated with our corporate reorganization.

Reporting segments are measured based on operating income, which is defined as revenues reduced by total costs and expenses and equity in income (loss) of unconsolidated affiliates. Summarized financial information is shown in the following tables:

	Three Months Ended March 31,
	2014			2013
	(Unaudited)
	(In thousands)
Revenues(1):
Asia Pacific	$	161,825		$	326,062
Americas		181,625			148,184
Middle East		260,361			333,242
Total revenues	$	603,811		$	807,488
Operating income:
Asia Pacific	$	2,091		$	87,952
Americas		(31,811	)		(16,410	)
Middle East		(9,428	)		(18,509	)
Corporate		(2,494	)		—
Total operating income	$	(41,642	)	$	53,033
Capital expenditures(2):
Asia Pacific	$	4,068		$	3,755
Americas		7,405			22,010
Middle East		22,579			10,552
Corporate and other		3,841			1,332
Total capital expenditures	$	37,893		$	37,649
Depreciation and amortization:
Asia Pacific	$	5,032		$	5,030
Americas		8,297			6,805
Middle East		9,575			6,510
Corporate and Other		1,698			1,877
Total depreciation and amortization	$	24,602		$	20,222
Drydock amortization:
Asia Pacific	$	1,955		$	2,961
Americas		4,562			1,908
Middle East		429			681
Total drydock amortization	$	6,946		$	5,550

(1) Intersegment transactions included in revenues were not significant for either of the periods presented.

(2) Total capital expenditures presents expenditures for which cash payments were made during the period. Capital expenditures for the three months ended March 31, 2014 include $8.3 million of cash payments for accrued capital expenditures outstanding as of December 31, 2013. Capital expenditures for the three months ended March 31, 2013 exclude approximately $34.0 million in accrued liabilities related to capital expenditures.

	March 31, 2014		December 31, 2013
	(Unaudited)
	(In thousands)
Segment assets:
Asia Pacific	$	740,507	$	1,030,823
Americas		795,598		522,713
Middle East		1,148,041		1,129,529
Corporate and other		339,783		124,306
Total assets	$	3,023,929	$	2,807,371