Business Segment Information

3 Months Ended

Mar. 31, 2013

Business Segment Information [Abstract]

Business Segment Information

Note 12 — Business Segment Information 

In 2012, our operations were conducted through the following lines of business: contracting services and oil and gas.  We have disaggregated our contracting services operations into two reportable segments: Contracting Services and Production Facilities.  Our Contracting Services segment includes well intervention, robotics and subsea construction operations (see Note 2 for disclosures regarding the planned dispositions of our remaining subsea construction vessels and related assets).  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.  All material intercompany transactions between the segments have been eliminated.  In February 2013, we sold ERT and as a result, we have presented the assets and liabilities included in the sale of ERT and the historical operating results of our former Oil and Gas segment as discontinued operations in the accompanying condensed consolidated financial statements.  See Note 4 for additional information regarding our discontinued operations.

We evaluate our performance based on operating income and income before income taxes of each segment.  Segment assets are comprised of all assets attributable to the reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands):

		Three Months Ended
		March 31,
		2013		2012
Revenues —
Contracting Services	$	198,054	$	244,544
Production Facilities		20,393		20,022
Intercompany elimination		(21,018)		(34,724)
Total	$	197,429	$	229,842
Income (loss) from operations —
Contracting Services	$	39,304	$	59,124
Production Facilities		11,185		10,049
Corporate		(33,531)		(16,085)
Intercompany elimination		(1,720)		(3,020)
Total	$	15,238	$	50,068
Equity in earnings of equity investments	$	610	$	407

Intercompany segment revenues are as follows (in thousands): 

		Three Months Ended
		March 31,
		2013		2012
Contracting Services	$	16,345	$	23,201
Production Facilities		4,673		11,523
Total	$	21,018	$	34,724

Intercompany segment profits (losses) (which only relate to intercompany capital projects) are as follows (in thousands): 

		Three Months Ended
		March 31,
		2013		2012
Contracting Services	$	1,764	$	3,064
Production Facilities		(44)		(44)
Total	$	1,720	$	3,020

Segment assets are comprised of all assets attributable to each reportable segment.  The following table reflected total assets by reportable segment (in thousands): 

		March 31,		December 31,
		2013		2012
Contracting Services	$	2,141,930	$	1,974,763
Production Facilities		496,986		503,531
Corporate and other		27,415		8,059
Discontinued operations		-		900,227
Total	$	2,666,331	$	3,386,580