Business Segment Information

3 Months Ended

Mar. 31, 2014

Business Segment Information [Abstract]

Business Segment Information

Note 11 — Business Segment Information 

We have four business segments: Well Intervention, Robotics, Subsea Construction and Production Facilities.  Our Well Intervention segment includes our vessels and related equipment that are used to perform both heavy and light well intervention services primarily in the Gulf of Mexico and North Sea regions.  Our well intervention vessels include the Q4000, the Helix 534, the Seawell, the Well Enhancer and the Skandi Constructor, which is a  chartered vessel.  We are currently constructing two additional well intervention vessels, the Q5000 and the Q7000.  We have also contracted for two newbuild chartered vessels, which are expected to be delivered in 2016 and used in connection with our contracts to provide well intervention services offshore Brazil.  Our Robotics segment currently operates five chartered vessels and also includes remotely operated vehicles (“ROVs”), trenchers and ROVDrills designed to complement offshore construction and well intervention services.  We have sold substantially all of the assets associated with our former Subsea Construction operations, including the sale of ourIngleside spoolbase in January2014.  The Production Facilities segment includes the HP I as well as our equity investments in Deepwater Gateway and Independence Hub that are accounted for under the equity method.  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 consolidated financial statements.  See Note 3 to our 2013 Form 10-K 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 each reportable segment.  Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents.  Certain financial data by reportable segment are summarized as follows (in thousands):

		Three Months Ended
		March 31,
		2014		2013
Net revenues —
Well Intervention	$	159,700	$	106,332
Robotics		87,890		64,196
Subsea Construction		358		27,526
Production Facilities		23,140		20,393
Intercompany elimination		(17,516)		(21,018)
Total	$	253,572	$	197,429
Income (loss) from operations —
Well Intervention	$	48,733	$	36,450
Robotics		11,219		(697)
Subsea Construction (1)		10,685		3,551
Production Facilities		11,384		11,185
Corporate and other		(13,875)		(33,531)
Intercompany elimination		(1,198)		(1,720)
Total	$	66,948	$	15,238
Equity in earnings of equity investments	$	708	$	610

(1) Amount in 2014 includes the $10.5 million gain on the sale in January2014 of our Ingleside spoolbase.

Intercompany segment revenues are as follows (inthousands): 

		Three Months Ended
		March 31,
		2014		2013
Well Intervention	$	5,461	$	3,829
Robotics		12,055		12,199
Subsea Construction		-		317
Production Facilities		-		4,673
Total	$	17,516	$	21,018

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

		Three Months Ended
		March 31,
		2014		2013
Well Intervention	$	(62)	$	(19)
Robotics		1,304		1,625
Subsea Construction		-		158
Production Facilities		(44)		(44)
Total	$	1,198	$	1,720

Segment assets are comprised of all assets attributable to each reportable segment.  Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents.  The following table reflects total assets by reportable segment (in thousands): 

		March 31,		December 31,
		2014		2013
Well Intervention	$	1,308,535	$	1,245,229
Robotics		289,806		282,373
Subsea Construction		2,614		38,054
Production Facilities		482,184		495,829
Corporate and other		476,856		482,795
Total	$	2,559,995	$	2,544,280