Business Segment Information

6 Months Ended

Jun. 30, 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.All material intercompany transactions between the segments have been eliminated.

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
		(in thousands)
Revenues -
Contracting Services	$	209,557	$	171,353	$	454,101	$	302,890
Production Facilities		19,963		20,545		39,985		36,115
Oil and Gas		149,933		172,458		328,018		341,317
Intercompany elimination		(32,059)		(26,037)		(66,783)		(50,396)
Total	$	347,394	$	338,319	$	755,321	$	629,926
Income (loss) from operations -
Contracting Services	$	19,223	$	30,565	$	78,347	$	33,831
Production Facilities		9,882		11,920		19,931		17,876
Oil and Gas		60,442		43,064		137,384		96,304
Corporate		(11,158)		(9,112)		(22,056)		(19,553)
Intercompany elimination		98		(19)		(2,922)		71
Total	$	78,487	$	76,418	$	210,684	$	128,529
Equity in earnings of equity investments	$	5,748	$	5,887	$	6,155	$	11,537

Intercompany segment revenues during the three- and six-month periods ended June 30, 2012 and 2011 were as follows:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
		(in thousands)
Contracting Services		20,538		14,295		43,739		27,164
Production Facilities		11,521		11,742		23,044		23,232
Total	$	32,059	$	26,037	$	66,783	$	50,396

Intercompany segment profits (losses) during the three- and six-month periods ended June 30, 2012 and 2011 were as follows:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
		(in thousands)
Contracting Services		(55)		63		3,009		39
Production Facilities		(43)		(44)		(87)		(110)
Total	$	(98)	$	19	$	2,922	$	(71)

Segment assets are comprised of all assets attributable to the reportable segment.The following table reflects total assets by reportable segment as of June 30, 2012 and December 31, 2011:

	June 30, 2012		December 31, 2011
		(in thousands)
Contracting Services.....................................................	$	2,176,796	$	2,006,065
Production Facilities.....................................................		534,714		534,776
Oil and Gas..................................................................		977,295		1,041,506
Total......................................................................	$	3,688,805	$	3,582,347