Quarterly Financial Information

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information [Abstract]

Quarterly Financial Information

Note 21 — Quarterly Financial Information (Unaudited)

The offshore marine construction industry in the Gulf of Mexico is highly seasonal as a result of weather conditions and the timing of capital expenditures by oil and gas companies. Historically, a substantial portion of our services has been performed during the summer and fall months. As a result, historically a disproportionate portion of our revenues and net income is earned during such period. The following is a summary of consolidated quarterly financial information for 2010 and 2009 (in thousands, except per share data):

		Quarter Ended
		March 31,			June 30,			September 30,		December 31,
2011
Net revenues	$	291,607		$	338,319		$	372,496	$	396,185
Gross profit (1)		77,076			100,198			122,295		31,023
Net income (2)		25,867			41,323			46,026		16,763
Net income applicable to common shareholders		25,857			41,313			46,016		16,753
Basic earnings per common share		0.24			0.39			0.43		0.16
Diluted earnings per common share		0.24			0.39			0.43		0.16
		Quarter Ended
		March 31,			June 30,			September 30,		December 31,
2010
Net revenues	$	201,570		$	299,262		$	392,669	$	306,337
Gross profit (loss) (3)		25,856			(94,818	)		86,552		16,082
Net income (loss) (4)		(17,831	)		(85,517	)		26,171		(49,811	)
Net income (loss) applicable to common shareholders		(17,891	)		(85,551	)		26,161		(49,821	)
Basic earnings (loss) per common share		(0.17	)		(0.82	)		0.25		(0.48	)
Diluted earnings (loss) per common share		(0.17	)		(0.82	)		0.25		(0.48	)

(1)   Includes oil and gas property impairment charges totaling $22.7 million in the second quarter of 2011 and $2.4 million in the third quarter of 2011. Our fourth quarter of 2011 includes a total of $107.5 million of impairment charges, including $79.3 million related to eight oil and gas properties to reduce them to their estimated fair value at December 31, 2011 and $28.2 million to increase certain non-producing properties estimated asset retirement obligations, including $15.9 million related to our one U.K. oil and gas property (Note 5).  The fourth quarter also includes a $6.6 million impairment charge to reduce our Australian well intervention equipment to is estimated fair value at December 31, 2011.  There were no asset impairment charges in the first quarter of 2011.

(2)   Our fourth quarter 2011 includes a $10.6 million other than temporary impairment loss on our equity investment in our Australian joint venture (Note 7).   The fourth quarter also includes a $31.3 million tax benefit related to reorganization of our Australian well intervention business.

(3)   Includes oil and gas property impairment charges totaled $11.1 in the first quarter of 2010, $159.9 million in the second quarter of 2010, $0.9 million in the third quarter of 2010 and $9.2 million in the fourth quarter of 2010.

(4)   Includes an impairment charges of $16.7 million to reduce goodwill associated with our Australia well intervention business in the fourth quarter of 2010 (Note 2).