Segment Information, Geographical Data and Major Customers |
The following table provides a comparison of
segment revenues, vessel operating profit, depreciation and
amortization, and additions to properties and equipment for the
quarters and six-month periods ended September 30, 2015 and
2014. Vessel revenues and operating costs relate to vessels owned
and operated by the company while other operating revenues relate
to the activities of the remotely operated vehicles (ROVs),
brokered vessels and other miscellaneous marine-related
businesses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30,
|
|
|
Six Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
89,210 |
|
|
|
134,013 |
|
|
|
203,382 |
|
|
|
253,996 |
|
Asia/Pacific
|
|
|
32,173 |
|
|
|
45,989 |
|
|
|
60,110 |
|
|
|
86,238 |
|
Middle East/North Africa
|
|
|
45,336 |
|
|
|
48,837 |
|
|
|
92,602 |
|
|
|
104,376 |
|
Sub-Saharan Africa/Europe
|
|
|
97,412 |
|
|
|
162,113 |
|
|
|
206,350 |
|
|
|
327,852 |
|
|
|
|
|
|
264,131 |
|
|
|
390,952 |
|
|
|
562,444 |
|
|
|
772,462 |
|
Other operating revenues
|
|
|
7,792 |
|
|
|
6,572 |
|
|
|
14,253 |
|
|
|
10,739 |
|
|
|
|
|
$ |
271,923 |
|
|
|
397,524 |
|
|
|
576,697 |
|
|
|
783,201 |
|
|
|
Vessel operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
8,812 |
|
|
|
36,778 |
|
|
|
32,651 |
|
|
|
66,986 |
|
Asia/Pacific
|
|
|
6,168 |
|
|
|
7,414 |
|
|
|
7,918 |
|
|
|
6,443 |
|
Middle East/North Africa
|
|
|
7,515 |
|
|
|
7,367 |
|
|
|
15,675 |
|
|
|
19,160 |
|
Sub-Saharan Africa/Europe
|
|
|
3,247 |
|
|
|
41,446 |
|
|
|
4,538 |
|
|
|
79,048 |
|
|
|
|
|
|
25,742 |
|
|
|
93,005 |
|
|
|
60,782 |
|
|
|
171,637 |
|
Other operating loss
|
|
|
(658) |
|
|
|
(2,093) |
|
|
|
(2,494) |
|
|
|
(4,516) |
|
|
|
|
|
|
25,084 |
|
|
|
90,912 |
|
|
|
58,288 |
|
|
|
167,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expenses
|
|
|
(7,932) |
|
|
|
(8,943) |
|
|
|
(17,946) |
|
|
|
(21,275) |
|
Corporate depreciation
|
|
|
(1,649) |
|
|
|
(836) |
|
|
|
(3,143) |
|
|
|
(1,652) |
|
|
|
Corporate expenses
|
|
|
(9,581) |
|
|
|
(9,779) |
|
|
|
(21,089) |
|
|
|
(22,927) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on asset dispositions, net
|
|
|
6,111 |
|
|
|
4,500 |
|
|
|
13,462 |
|
|
|
8,393 |
|
Asset impairments (A)
|
|
|
(31,672) |
|
|
|
(910) |
|
|
|
(46,630) |
|
|
|
(1,860) |
|
Restructuring charge (B)
|
|
|
(7,586) |
|
|
|
--- |
|
|
|
(7,586) |
|
|
|
--- |
|
|
|
Operating income
|
|
$ |
(17,644) |
|
|
|
84,723 |
|
|
|
(3,555) |
|
|
|
150,727 |
|
|
|
Foreign exchange gain (loss)
|
|
|
844 |
|
|
|
5,408 |
|
|
|
(3,289) |
|
|
|
4,119 |
|
Equity in net earnings/(losses) of unconsolidated companies
|
|
|
(2,919) |
|
|
|
3,821 |
|
|
|
(5,360) |
|
|
|
9,104 |
|
Interest income and other, net
|
|
|
355 |
|
|
|
499 |
|
|
|
1,145 |
|
|
|
1,121 |
|
Interest and other debt costs, net
|
|
|
(13,247) |
|
|
|
(12,559) |
|
|
|
(26,429) |
|
|
|
(25,688) |
|
|
|
Earnings (loss) before income taxes
|
|
$ |
(32,611) |
|
|
|
81,892 |
|
|
|
(37,488) |
|
|
|
139,383 |
|
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
12,232 |
|
|
|
12,390 |
|
|
|
24,282 |
|
|
|
23,798 |
|
Asia/Pacific
|
|
|
5,311 |
|
|
|
4,421 |
|
|
|
10,700 |
|
|
|
8,807 |
|
Middle East/North Africa
|
|
|
7,036 |
|
|
|
6,785 |
|
|
|
14,111 |
|
|
|
13,367 |
|
Sub-Saharan Africa/Europe
|
|
|
18,249 |
|
|
|
18,378 |
|
|
|
36,484 |
|
|
|
37,427 |
|
|
|
|
|
|
42,828 |
|
|
|
41,974 |
|
|
|
85,577 |
|
|
|
83,399 |
|
Other
|
|
|
1,502 |
|
|
|
898 |
|
|
|
2,916 |
|
|
|
1,768 |
|
Corporate
|
|
|
1,649 |
|
|
|
836 |
|
|
|
3,143 |
|
|
|
1,652 |
|
|
|
|
|
$ |
45,979 |
|
|
|
43,708 |
|
|
|
91,636 |
|
|
|
86,819 |
|
|
|
Additions to properties and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
20,000 |
|
|
|
15,397 |
|
|
|
42,054 |
|
|
|
31,635 |
|
Asia/Pacific
|
|
|
1,075 |
|
|
|
23,138 |
|
|
|
1,710 |
|
|
|
23,211 |
|
Middle East/North Africa
|
|
|
357 |
|
|
|
805 |
|
|
|
649 |
|
|
|
1,235 |
|
Sub-Saharan Africa/Europe
|
|
|
1,094 |
|
|
|
11,339 |
|
|
|
1,367 |
|
|
|
13,914 |
|
|
|
|
|
|
22,526 |
|
|
|
50,679 |
|
|
|
45,780 |
|
|
|
69,995 |
|
Other
|
|
|
86 |
|
|
|
4,689 |
|
|
|
86 |
|
|
|
8,725 |
|
Corporate (C)
|
|
|
24,830 |
|
|
|
31,733 |
|
|
|
94,595 |
|
|
|
53,479 |
|
|
|
|
|
$ |
47,442 |
|
|
|
87,101 |
|
|
|
140,461 |
|
|
|
132,199 |
|
|
|
|
(A) |
Refer
to Note (15) for additional information regarding asset
impairment charges.
|
|
(B) |
Refer
to Note (14) for additional information regarding the
restructuring charge.
|
|
(C) |
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 September 30, 2015 and March 31, 2015:
|
|
|
|
|
|
|
|
|
(In thousands) |
|
September 30,
2015 |
|
|
March 31,
2015
|
|
|
|
Total assets:
|
|
|
|
|
|
|
|
|
Americas
|
|
$ |
1,167,189 |
|
|
|
1,016,133 |
|
Asia/Pacific
|
|
|
505,317 |
|
|
|
506,265 |
|
Middle East/North Africa
|
|
|
606,105 |
|
|
|
666,983 |
|
Sub-Saharan Africa/Europe
|
|
|
1,925,076 |
|
|
|
2,064,010 |
|
|
|
|
|
|
4,203,687 |
|
|
|
4,253,391 |
|
Other
|
|
|
47,824 |
|
|
|
49,554 |
|
|
|
|
|
|
4,251,511 |
|
|
|
4,302,945 |
|
Investments in, at equity, and advances to unconsolidated
companies
|
|
|
59,420 |
|
|
|
65,844 |
|
|
|
|
|
|
4,310,931 |
|
|
|
4,368,789 |
|
Corporate (A)
|
|
|
296,734 |
|
|
|
387,373 |
|
|
|
|
|
$ |
4,607,665 |
|
|
|
4,756,162 |
|
|
|
(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 September 30, 2015 and
March 31, 2015, $133 million and $235.2 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
six-month periods ended September 30, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by vessel class |
|
Quarter Ended
September 30,
|
|
|
Six Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
2015 |
|
|
|
% |
|
|
|
2014 |
|
|
|
% |
|
|
|
2015 |
|
|
|
% |
|
|
|
2014 |
|
|
|
% |
|
|
|
Americas fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$ |
61,776 |
|
|
|
24% |
|
|
|
91,403 |
|
|
|
23% |
|
|
|
141,928 |
|
|
|
25% |
|
|
|
173,685 |
|
|
|
23% |
|
Towing-supply
|
|
|
24,121 |
|
|
|
9% |
|
|
|
34,387 |
|
|
|
9% |
|
|
|
53,636 |
|
|
|
9% |
|
|
|
63,904 |
|
|
|
8% |
|
Other
|
|
|
3,313 |
|
|
|
1% |
|
|
|
8,223 |
|
|
|
2% |
|
|
|
7,818 |
|
|
|
2% |
|
|
|
16,407 |
|
|
|
2% |
|
Total
|
|
$ |
89,210 |
|
|
|
34% |
|
|
|
134,013 |
|
|
|
34% |
|
|
|
203,382 |
|
|
|
36% |
|
|
|
253,996 |
|
|
|
33% |
|
Asia/Pacific fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$ |
23,435 |
|
|
|
9% |
|
|
|
27,675 |
|
|
|
7% |
|
|
|
43,268 |
|
|
|
8% |
|
|
|
51,917 |
|
|
|
7% |
|
Towing-supply
|
|
|
8,738 |
|
|
|
3% |
|
|
|
17,338 |
|
|
|
5% |
|
|
|
16,842 |
|
|
|
3% |
|
|
|
32,375 |
|
|
|
4% |
|
Other
|
|
|
--- |
|
|
|
--- |
|
|
|
976 |
|
|
|
<1% |
|
|
|
--- |
|
|
|
--- |
|
|
|
1,946 |
|
|
|
<1% |
|
Total
|
|
$ |
32,173 |
|
|
|
12% |
|
|
|
45,989 |
|
|
|
12% |
|
|
|
60,110 |
|
|
|
11% |
|
|
|
86,238 |
|
|
|
11% |
|
Middle East/North Africa fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$ |
20,769 |
|
|
|
8% |
|
|
|
19,254 |
|
|
|
5% |
|
|
|
41,155 |
|
|
|
7% |
|
|
|
38,721 |
|
|
|
5% |
|
Towing-supply
|
|
|
23,914 |
|
|
|
9% |
|
|
|
28,715 |
|
|
|
7% |
|
|
|
50,103 |
|
|
|
9% |
|
|
|
63,994 |
|
|
|
9% |
|
Other
|
|
|
653 |
|
|
|
<1% |
|
|
|
868 |
|
|
|
<1% |
|
|
|
1,344 |
|
|
|
<1% |
|
|
|
1,661 |
|
|
|
<1% |
|
Total
|
|
$ |
45,336 |
|
|
|
17% |
|
|
|
48,837 |
|
|
|
12% |
|
|
|
92,602 |
|
|
|
16% |
|
|
|
104,376 |
|
|
|
14% |
|
Sub-Saharan Africa/Europe fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$ |
39,955 |
|
|
|
15% |
|
|
|
89,193 |
|
|
|
23% |
|
|
|
93,921 |
|
|
|
17% |
|
|
|
180,884 |
|
|
|
23% |
|
Towing-supply
|
|
|
42,106 |
|
|
|
16% |
|
|
|
54,617 |
|
|
|
14% |
|
|
|
83,304 |
|
|
|
15% |
|
|
|
110,053 |
|
|
|
14% |
|
Other
|
|
|
15,351 |
|
|
|
6% |
|
|
|
18,303 |
|
|
|
5% |
|
|
|
29,125 |
|
|
|
5% |
|
|
|
36,915 |
|
|
|
5% |
|
Total
|
|
$ |
97,412 |
|
|
|
37% |
|
|
|
162,113 |
|
|
|
42% |
|
|
|
206,350 |
|
|
|
37% |
|
|
|
327,852 |
|
|
|
42% |
|
Worldwide fleet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deepwater
|
|
$ |
145,935 |
|
|
|
56% |
|
|
|
227,525 |
|
|
|
58% |
|
|
|
320,272 |
|
|
|
57% |
|
|
|
445,207 |
|
|
|
58% |
|
Towing-supply
|
|
|
98,879 |
|
|
|
37% |
|
|
|
135,057 |
|
|
|
35% |
|
|
|
203,885 |
|
|
|
36% |
|
|
|
270,326 |
|
|
|
35% |
|
Other
|
|
|
19,317 |
|
|
|
7% |
|
|
|
28,370 |
|
|
|
7% |
|
|
|
38,287 |
|
|
|
7% |
|
|
|
56,929 |
|
|
|
7% |
|
Total
|
|
$ |
264,131 |
|
|
|
100% |
|
|
|
390,952 |
|
|
|
100% |
|
|
|
562,444 |
|
|
|
100% |
|
|
|
772,462 |
|
|
|
100% |
|
|
|
|