Business Segment Information

3 Months Ended

Mar. 31, 2012

Business Segment Information [Abstract]

Business Segment Information

Note 12 – Business Segment Information

Our operations are conducted through the following lines of business: contracting services and oil and gas. We have disaggregated our contracting services operations into two reportable segments. As a result, our reportable segments consist of the following: Contracting Services, Production Facilities and Oil and Gas. Contracting Services operations include well operations, robotics and subsea construction. The Production Facilities segment includes our consolidated investment in the HP I and Kommandor LLC as well as our equity investments in Deepwater Gateway and Independence Hub that are accounted for under the equity method of accounting.

We evaluate our performance based on income before income taxes of each segment. Segment assets are comprised of all assets attributable to the reportable segment. All material intercompany transactions between the segments have been eliminated.

		Three Months Ended
		March 31,
		2012						2011
		(in thousands)
Revenues ─
Contracting Services.............................................	$	244,544					$	131,537
Production Facilities..............................................		20,022						15,570
Oil and Gas...........................................................		178,085						168,859
Intercompany elimination.......................................		(34,724			)			(24,359			)
Total...............................................................	$	407,927					$	291,607
Income (loss) from operations ─
Contracting Services..............................................			$	59,124					$	3,266
Production Facilities..............................................				10,049						5,956
Oil and Gas...........................................................				76,942						53,240
Corporate..............................................................				(10,898		)				(10,441		)
Intercompany elimination........................................				(3,020		)				90
Total...............................................................			$	132,197					$	52,111
Equity in earnings of equity investments.......................			$	407					$	5,650

	March 31, 2012		December 31, 2011
		(in thousands)
Identifiable Assets ─
Contracting Services..............................................	$	2,128,639	$	2,006,065
Production Facilities...............................................		534,155		534,776
Oil and Gas...........................................................		1,002,149		1,041,506
Total................................................................	$	3,664,943	$	3,582,347

Intercompany segment revenues during the three-month periods ended March 31, 2012 and 2011 were as follows:

		Three Months Ended
		March 31,
		2012		2011
		(in thousands)
Contracting Services...........................................	$	23,201	$	12,869
Production Facilities...........................................		11,523		11,490
Total......................................................	$	34,724	$	24,359

Intercompany segment profits during the three-month periods ended March 31, 2012 and 2011 were as follows:

		Three Months Ended
		March 31,
		2012			2011
		(in thousands)
Contracting Services..........................................	$	3,064		$	(24	)
Production Facilities...........................................		(44	)		(66	)
Total......................................................	$	3,020		$	(90	)