XML 44 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables)
9 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information, Geographical Data and Major Customers

 

At the beginning of fiscal 2017 the company’s operations in the Mediterranean Sea (based in Egypt) were transitioned from the company’s previously disclosed Middle East/North Africa operations and included with the company’s previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company’s Americas and Asia/Pacific segments are not affected by this change. This new segment alignment is consistent with the company’s chief operating decision maker’s review of operating results for the purposes of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment.

 


The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the quarters and nine-month periods ended December 31, 2016 and 2015. 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

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

(In thousands)

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

45,577

 

 

 

75,963

 

 

 

159,310

 

 

 

279,345

 

Asia/Pacific

 

 

5,586

 

 

 

19,144

 

 

 

19,617

 

 

 

79,254

 

Middle East

 

 

20,647

 

 

 

26,256

 

 

 

68,323

 

 

 

87,193

 

Africa/Europe

 

 

53,310

 

 

 

91,545

 

 

 

179,661

 

 

 

329,560

 

 

 

 

125,120

 

 

 

212,908

 

 

 

426,911

 

 

 

775,352

 

Other operating revenues

 

 

4,095

 

 

 

5,283

 

 

 

13,951

 

 

 

19,536

 

 

 

$

129,215

 

 

 

218,191

 

 

 

440,862

 

 

 

794,888

 

Vessel operating profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

(6,242

)

 

 

9,289

 

 

 

(11,745

)

 

 

41,940

 

Asia/Pacific

 

 

(5,586

)

 

 

(3,796

)

 

 

(17,256

)

 

 

4,122

 

Middle East

 

 

(2,782

)

 

 

650

 

 

 

(1,890

)

 

 

4,898

 

Africa/Europe

 

 

(11,559

)

 

 

3,120

 

 

 

(38,940

)

 

 

19,085

 

 

 

 

(26,169

)

 

 

9,263

 

 

 

(69,831

)

 

 

70,045

 

Other operating profit (loss)

 

 

116

 

 

 

(626

)

 

 

(1,323

)

 

 

(3,120

)

 

 

 

(26,053

)

 

 

8,637

 

 

 

(71,154

)

 

 

66,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate general and administrative expenses

 

 

(13,133

)

 

 

(7,150

)

 

 

(33,632

)

 

 

(25,096

)

Corporate depreciation

 

 

(565

)

 

 

(1,629

)

 

 

(1,892

)

 

 

(4,772

)

Corporate expenses

 

 

(13,698

)

 

 

(8,779

)

 

 

(35,524

)

 

 

(29,868

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on asset dispositions, net

 

 

6,139

 

 

 

5,883

 

 

 

18,035

 

 

 

19,345

 

Asset impairments (A)

 

 

(253,422

)

 

 

(15,141

)

 

 

(419,870

)

 

 

(61,771

)

Restructuring charge (B)

 

 

 

 

 

 

 

 

 

 

 

(7,586

)

Operating loss

 

$

(287,034

)

 

 

(9,400

)

 

 

(508,513

)

 

 

(12,955

)

Foreign exchange gain (loss)

 

 

2,970

 

 

 

(469

)

 

 

(2,302

)

 

 

(3,758

)

Equity in net earnings (losses) of unconsolidated companies

 

 

1,557

 

 

 

(1,710

)

 

 

2,869

 

 

 

(7,070

)

Interest income and other, net

 

 

1,437

 

 

 

609

 

 

 

3,605

 

 

 

1,754

 

Interest and other debt costs, net

 

 

(18,587

)

 

 

(13,312

)

 

 

(54,018

)

 

 

(39,741

)

Loss before income taxes

 

$

(299,657

)

 

 

(24,282

)

 

 

(558,359

)

 

 

(61,770

)

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

12,039

 

 

 

12,029

 

 

 

37,517

 

 

 

36,311

 

Asia/Pacific

 

 

5,266

 

 

 

5,803

 

 

 

16,586

 

 

 

16,503

 

Middle East

 

 

5,411

 

 

 

4,780

 

 

 

15,764

 

 

 

14,381

 

Africa/Europe

 

 

17,166

 

 

 

19,812

 

 

 

54,365

 

 

 

60,806

 

 

 

 

39,882

 

 

 

42,424

 

 

 

124,232

 

 

 

128,001

 

Other

 

 

855

 

 

 

1,369

 

 

 

3,575

 

 

 

4,285

 

Corporate

 

 

565

 

 

 

1,629

 

 

 

1,892

 

 

 

4,772

 

 

 

$

41,302

 

 

 

45,422

 

 

 

129,699

 

 

 

137,058

 

Additions to properties and equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

18

 

 

 

2,064

 

 

 

93

 

 

 

44,118

 

Asia/Pacific

 

 

 

 

 

360

 

 

 

 

 

 

2,069

 

Middle East

 

 

273

 

 

 

127

 

 

 

587

 

 

 

776

 

Africa/Europe

 

 

190

 

 

 

460

 

 

 

649

 

 

 

1,827

 

 

 

 

481

 

 

 

3,011

 

 

 

1,329

 

 

 

48,790

 

Other

 

 

 

 

 

26

 

 

 

 

 

 

113

 

Corporate (C)

 

 

2,008

 

 

 

8,872

 

 

 

21,145

 

 

 

103,467

 

 

 

$

2,489

 

 

 

11,909

 

 

 

22,474

 

 

 

152,370

 

 

 

(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 December 31, 2016 and March 31, 2016:

 

 

 

December 31,

 

 

March 31,

 

(In thousands)

 

2016

 

 

2016

 

Total assets:

 

 

 

 

 

 

 

 

Americas

 

$

832,628

 

 

 

1,101,699

 

Asia/Pacific

 

 

346,385

 

 

 

514,948

 

Middle East

 

 

284,767

 

 

 

405,420

 

Africa/Europe

 

 

1,965,423

 

 

 

1,999,543

 

 

 

 

3,429,203

 

 

 

4,021,610

 

Other

 

 

23,120

 

 

 

42,191

 

 

 

 

3,452,323

 

 

 

4,063,801

 

Investments in, at equity, and advances to unconsolidated companies

 

 

42,516

 

 

 

37,502

 

 

 

 

3,494,839

 

 

 

4,101,303

 

Corporate (A) (B)

 

 

820,360

 

 

 

882,490

 

 

 

$

4,315,199

 

 

 

4,983,793

 

 

 

(A)

At December 31, 2016 and March 31, 2016, $610.7 million and $651.2 million, respectively, of cash are included in Corporate.

 

 

(B)

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 vessel is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2016 and March 31, 2016, $94.6 million and $136.8 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, 2016 and 2015:

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

Revenue by vessel class

 

 

 

 

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

(In thousands)

 

2016

 

 

% of Vessel Revenue

 

2015

 

 

% of Vessel Revenue

 

2016

 

 

% of Vessel Revenue

 

2015

 

 

% of Vessel Revenue

Americas fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

30,846

 

 

 

25

%

 

 

 

49,792

 

 

 

23

%

 

 

 

108,503

 

 

 

25

%

 

 

 

191,720

 

 

 

25

%

 

Towing-supply

 

 

11,905

 

 

 

9

%

 

 

 

22,254

 

 

 

11

%

 

 

 

41,823

 

 

 

10

%

 

 

 

75,890

 

 

 

10

%

 

Other

 

 

2,826

 

 

 

2

%

 

 

 

3,917

 

 

 

2

%

 

 

 

8,984

 

 

 

2

%

 

 

 

11,735

 

 

 

1

%

 

Total

 

$

45,577

 

 

 

36

%

 

 

 

75,963

 

 

 

36

%

 

 

 

159,310

 

 

 

37

%

 

 

 

279,345

 

 

 

36

%

 

Asia/Pacific fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

1,652

 

 

 

1

%

 

 

 

13,267

 

 

 

6

%

 

 

 

6,114

 

 

 

2

%

 

 

 

56,535

 

 

 

7

%

 

Towing-supply

 

 

3,934

 

 

 

3

%

 

 

 

5,877

 

 

 

3

%

 

 

 

13,503

 

 

 

3

%

 

 

 

22,719

 

 

 

3

%

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

5,586

 

 

 

4

%

 

 

 

19,144

 

 

 

9

%

 

 

 

19,617

 

 

 

5

%

 

 

 

79,254

 

 

 

10

%

 

Middle East fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

6,953

 

 

 

6

%

 

 

 

5,359

 

 

 

3

%

 

 

 

19,979

 

 

 

5

%

 

 

 

17,800

 

 

 

2

%

 

Towing-supply

 

 

13,694

 

 

 

11

%

 

 

 

20,897

 

 

 

9

%

 

 

 

48,344

 

 

 

11

%

 

 

 

69,393

 

 

 

9

%

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

20,647

 

 

 

17

%

 

 

 

26,256

 

 

 

12

%

 

 

 

68,323

 

 

 

16

%

 

 

 

87,193

 

 

 

11

%

 

Africa/Europe fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

21,748

 

 

 

17

%

 

 

 

42,692

 

 

 

20

%

 

 

 

79,342

 

 

 

18

%

 

 

 

165,327

 

 

 

22

%

 

Towing-supply

 

 

26,087

 

 

 

21

%

 

 

 

36,084

 

 

 

17

%

 

 

 

79,938

 

 

 

19

%

 

 

 

120,995

 

 

 

15

%

 

Other

 

 

5,475

 

 

 

5

%

 

 

 

12,769

 

 

 

6

%

 

 

 

20,381

 

 

 

5

%

 

 

 

43,238

 

 

 

6

%

 

Total

 

$

53,310

 

 

 

43

%

 

 

 

91,545

 

 

 

43

%

 

 

 

179,661

 

 

 

42

%

 

 

 

329,560

 

 

 

43

%

 

Worldwide fleet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deepwater

 

$

61,199

 

 

 

49

%

 

 

 

111,110

 

 

 

52

%

 

 

 

213,938

 

 

 

50

%

 

 

 

431,382

 

 

 

56

%

 

Towing-supply

 

 

55,620

 

 

 

44

%

 

 

 

85,112

 

 

 

40

%

 

 

 

183,608

 

 

 

43

%

 

 

 

288,997

 

 

 

37

%

 

Other

 

 

8,301

 

 

 

7

%

 

 

 

16,686

 

 

 

8

%

 

 

 

29,365

 

 

 

7

%

 

 

 

54,973

 

 

 

7

%

 

Total

 

$

125,120

 

 

 

100

%

 

 

 

212,908

 

 

 

100

%

 

 

 

426,911

 

 

 

100

%

 

 

 

775,352

 

 

 

100

%