Segment and Geographic Distribution of Operations (Tables)

9 Months Ended

Dec. 31, 2013

Segment Information, Geographical Data and Major Customers

The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the quarters and nine-month periods ended December 31, 2013 and 2012. 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 (the remainder of which the company disposed of in the quarter ended June 30, 2013), remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses.

	Quarter Ended December 31,						Nine Months Ended December 31,
(In thousands)	2013			2012			2013			2012
Revenues:
Vessel revenues:
Americas	$	109,848			84,532			302,021			244,498
Asia/Pacific		36,325			42,057			116,711			139,537
Middle East/N. Africa		51,158			42,027			137,741			106,528
Sub-Saharan Africa/Europe		163,382			136,427			499,538			414,396
		360,713			305,043			1,056,011			904,959
Other operating revenues		4,535			4,423			11,259			10,873
	$	365,248			309,466			1,067,270			915,832
Vessel operating profit:
Americas	$	25,579			14,442			69,555			34,140
Asia/Pacific		5,932			8,695			21,028			31,429
Middle East/N. Africa		10,927			13,720			34,496			26,282
Sub-Saharan Africa/Europe		38,502			21,171			103,282			92,597
		80,940			58,028			228,361			184,448
Corporate expenses		(11,106	)		(16,712	)		(40,552	)		(39,663	)
Gain on asset dispositions, net		7,170			99			9,359			2,770
Other operating expense		(233	)		(441	)		(407	)		103
Goodwill impairment		(56,283	)		---			(56,283	)		---
Operating income	$	20,488			40,974			140,478			147,658
Foreign exchange gain (loss)		1,341			52			4,269			(1,170	)
Equity in net earnings of unconsolidated companies		2,671			2,639			10,872			8,359
Interest income and other, net		137			936			1,415			2,783
Loss on early extinguishment of debt		---			---			(4,144	)		---
Interest and other debt costs		(12,250	)		(7,183	)		(31,081	)		(21,918	)
Earnings before income taxes	$	12,387			37,418			121,809			135,712
Depreciation and amortization:
Americas	$	11,310			10,110			32,255			30,831
Asia/Pacific		4,231			4,899			12,878			14,845
Middle East/N. Africa		6,405			4,996			17,742			13,463
Sub-Saharan Africa/Europe		19,661			16,396			59,397			47,198
Corporate		784			780			2,283			2,675
	$	42,391			37,181			124,555			109,012
Additions to properties and equipment:
Americas	$	45,580			9,210			57,619			51,106
Asia/Pacific		652			14,178			1,620			19,343
Middle East/N. Africa		805			1,448			1,714			3,243
Sub-Saharan Africa/Europe (A)		52,695			50,623			397,252			99,157
Corporate (B)		82,829			57,036			194,426			145,321
	$	182,561			132,495			652,631			318,170

(A) Included in Sub-Saharan Africa/Europe for the nine months ended December 31, 2013 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore.

(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.

Comparison of Total Assets

The following table provides a comparison of total assets at December 31, 2013 and March 31, 2013:

(In thousands)	December 31, 2013		March 31, 2013
Total assets:
Americas	$	1,008,964		885,470
Asia/Pacific		424,772		607,546
Middle East/North Africa		625,024		507,124
Sub-Saharan Africa/Europe		2,257,206		1,706,355
		4,315,966		3,706,495
Investments in, at equity, and advances to unconsolidated companies		60,099		46,047
		4,376,065		3,752,542
Corporate (A)		471,380		415,513
	$	4,847,445		4,168,055

Note A: Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel’s construction costs are reported in Corporate until the earlier of the date the vessels is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2013 and March 31, 2013, $224.4 million and $229.3 million, respectively, of vessel construction costs are included in Corporate.

Schedule of Segment Reporting Information, Revenue by Vessel Class

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 for the quarters and nine-month periods ended December 31, 2013 and 2012:

Revenue by vessel class	Quarter Ended December 31,								Nine Months Ended December 31,
(In thousands)	2013		%		2012		%		2013		%		2012		%
Americas fleet:
Deepwater vessels	$	72,048		20%		48,089		16%		188,891		18%		129,116		14%
Towing-supply/supply		30,451		9%		29,418		10%		88,982		9%		94,879		10%
Other		7,349		2%		7,025		2%		24,148		2%		20,503		2%
Total	$	109,848		31%		84,532		28%		302,021		29%		244,498		27%
Asia/Pacific fleet:
Deepwater vessels	$	20,142		6%		21,862		7%		64,357		6%		71,791		8%
Towing-supply/supply		15,235		4%		19,277		6%		49,516		5%		65,006		7%
Other		948		<1%		918		<1%		2,838		<1%		2,740		<1%
Total	$	36,325		10%		42,057		14%		116,711		11%		139,537		15%
Middle East/N. Africa fleet:
Deepwater vessels	$	18,805		5%		15,407		5%		50,389		5%		38,966		4%
Towing-supply/supply		31,481		9%		25,870		8%		84,741		8%		64,729		7%
Other		872		<1%		750		<1%		2,611		<1%		2,833		<1%
Total	$	51,158		14%		42,027		14%		137,741		13%		106,528		12%
Sub-Saharan Africa/Europe fleet:
Deepwater vessels	$	84,866		23%		64,509		21%		278,658		26%		194,820		22%
Towing-supply/supply		59,789		17%		54,816		18%		171,421		16%		167,376		18%
Other		18,727		5%		17,102		6%		49,459		5%		52,200		6%
Total	$	163,382		45%		136,427		45%		499,538		47%		414,396		46%
Worldwide fleet:
Deepwater vessels	$	195,861		54%		149,867		49%		582,295		55%		434,693		48%
Towing-supply/supply		136,956		39%		129,381		42%		394,660		38%		391,990		43%
Other		27,896		7%		25,795		8%		79,056		7%		78,276		9%
Total	$	360,713		100%		305,043		100%		1,056,011		100%		904,959		100%