(14)

SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS

The company follows the disclosure requirements of ASC 280, Segment Reporting. Operating business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

We manage and measure our business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East/North Africa, and Sub-Saharan Africa/Europe. These segments are reflective of how the company’s chief operating decision maker (CODM) reviews operating results for the purposes of allocating resources and assessing performance. The company’s CODM is its Chief Executive Officer.

The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the years ended March 31. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses.


(In thousands)	2013			2012			2011
Revenues:
Vessel revenues (A):
Americas	$	327,059			324,529			362,825
Asia/Pacific		184,014			153,752			176,877
Middle East/N. Africa		149,412			109,489			92,151
Sub-Saharan Africa/Europe		569,513			472,698			419,360
		1,229,998			1,060,468			1,051,213
Other operating revenues		14,167			6,539			4,175
	$	1,244,165			1,067,007			1,055,388

Vessel operating profit:
Americas	$	40,318			56,003			49,341
Asia/Pacific		43,704			16,125			22,308
Middle East/N. Africa		39,069			805			18,990
Sub-Saharan Africa/Europe		129,460			97,142			82,993
		252,551			170,075			173,632
Corporate expenses		(52,095	)		(40,379	)		(46,361	)
Goodwill impairment		—			(30,932	)		—
Gain on asset dispositions, net		6,609			17,657			13,228
Other operating services		(833	)		(2,867	)		(1,163	)
Operating income		206,232			113,554			139,336
Foreign exchange gain (loss)		3,011			3,309			2,278
Equity in net earnings of unconsolidated companies		12,189			13,041			12,185
Interest income and other, net		3,476			3,440			5,065
Interest and other debt costs		(29,745	)		(22,308	)		(10,769	)
Earnings before income taxes	$	195,163			111,036			148,095

Depreciation and amortization:
Americas	$	40,466			38,140			45,442
Asia/Pacific		19,416			20,758			25,453
Middle East/N. Africa		18,784			17,606			14,324
Sub-Saharan Africa/Europe		65,241			58,137			52,871
Corporate		3,392			3,715			2,486
	$	147,299			138,356			140,576

Additions to properties and equipment:
Americas	$	52,299			7,279			12,031
Asia/Pacific		19,858			64,431			5,514
Middle East/N. Africa		3,833			16,828			1,152
Sub-Saharan Africa/Europe		197,534			84,491			3,646
Corporate (B)		179,058			194,931			592,946
	$	452,582			367,960			615,289

Total assets (A):
Marine:
Americas	$	885,470			1,031,962			975,269
Asia/Pacific		607,546			654,357			583,569
Middle East/N. Africa		507,124			405,625			369,122
Sub-Saharan Africa/Europe		1,706,355			1,519,124			1,286,554
		3,706,495			3,611,068			3,214,514
Investments in and advances to unconsolidated Marine companies		46,047			46,077			39,044
		3,752,542			3,657,145			3,253,558
Corporate (C)		415,513			404,473			494,558
	$	4,168,055			4,061,618			3,748,116

(A)

Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material.

(B)	Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented.

(C)

Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. At March 31, 2013, 2012 and 2011, $229.3 million, $249.4 million and $355.3 million, respectively, of vessel construction costs are included in Corporate.

The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue:


Revenue by vessel class: (In thousands):	2013		% of Vessel Revenue			2012		% of Vessel Revenue			2011		% of Vessel Revenue
Americas fleet:
Deepwater vessels	$	179,032		15	%		146,950		14	%		181,244		17	%
Towing-supply/supply		120,817		10	%		143,796		14	%		149,151		14	%
Other		27,210		2	%		33,783		3	%		32,430		3	%
Total	$	327,059		27	%		324,529		31	%		362,825		34	%
Asia/Pacific fleet:
Deepwater vessels	$	96,118		8	%		75,495		7	%		82,919		8	%
Towing-supply/supply		84,217		7	%		73,845		7	%		89,517		9	%
Other		3,679		<1	%		4,412		<1	%		4,441		0	%
Total	$	184,014		15	%		153,752		14	%		176,877		17	%
Middle East/N. Africa fleet:
Deepwater vessels	$	55,945		5	%		46,511		4	%		28,460		3	%
Towing-supply/supply		89,902		7	%		56,902		5	%		56,869		5	%
Other		3,565		<1	%		6,076		1	%		6,822		1	%
Total	$	149,412		12	%		109,489		10	%		92,151		9	%
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	273,544		22	%		199,697		19	%		123,707		12	%
Towing-supply/supply		226,357		18	%		201,463		19	%		221,595		21	%
Other		69,612		6	%		71,538		7	%		74,058		7	%
Total	$	569,513		46	%		472,698		45	%		419,360		40	%
Worldwide fleet:
Deepwater vessels	$	604,639		50	%		468,653		44	%		416,330		40	%
Towing-supply/supply		521,293		42	%		476,006		45	%		517,132		49	%
Other		104,066		8	%		115,809		11	%		117,751		11	%
Total	$	1,229,998		100	%		1,060,468		100	%		1,051,213		100	%

The following table discloses our customers that accounted for 10% or more of total revenues during the years ended March 31:


	2013			2012			2011
Chevron Corporation		17.8	%		17.4	%		16.2	%
Petroleo Brasileiro SA		8.6	%		14.6	%		15.4	%