Equity Method Investments

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

The following table reflects the change in the Company’s equity method investments during the six months ended June 30, 2014 (in thousands):

	INOVA Geophysical			OceanGeo			Total
Investments at December 31, 2013	$	51,065		$	2,800		$	53,865
Equity in earnings (losses) of investments	(4,207		)	738			(3,469		)
Advances to OceanGeo (prior to consolidation)	—			3,683			3,683
Acquisition of controlling interest (consolidation) of OceanGeo	—			(7,221		)	(7,221		)
Equity interest in investees' other comprehensive loss	(1,863		)	—			(1,863		)
Investments at June 30, 2014	$	44,995		$	—		$	44,995

INOVA Geophysical — The Company accounts for its 49% interest in INOVA Geophysical as an equity method investment and records its share of earnings and losses of INOVA Geophysical on a one fiscal quarter lag basis. For the three and six months ended June 30, 2014, the Company recorded its share of losses from INOVA Geophysical of $(1.8) million and $(4.2) million, respectively, compared to its share of losses for the corresponding periods in 2013, of $(4.7) million and $(2.9) million, respectively. The following table reflects the summarized financial information for INOVA Geophysical for the three months ended March 31, 2014 and 2013 and the six-month periods from October 1, 2013 to March 31, 2014 and 2013 (in thousands):

	Three Months Ended March 31,						Six-Month Period from October 1 through March 31,
	2014			2013			2014			2013
Net revenues	$	26,506		$	22,095		$	66,682		$	81,706
Gross profit	$	5,236		$	1,808		$	10,184		$	14,135
Loss from operations	$	(2,576	)	$	(8,511	)	$	(6,243	)	$	(8,761	)
Net loss	$	(3,634	)	$	(9,772	)	$	(8,585	)	$	(6,030	)

Related Party Transactions

For information regarding transactions between the Company and its equity method investees, see Note 14 “Related Party Transactions.”