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INDEBTEDNESS (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Summary of Debt Outstanding

The following is a summary of all debt outstanding at September 30, 2018 and December 31, 2017:

 

 

 

September 30,

 

 

December 31,

 

(In thousands)

 

2018

 

 

2017

 

Secured notes:

 

 

 

 

 

 

 

 

8.00% Secured notes due August 2022 (A)

 

 

349,954

 

 

 

350,000

 

Troms Offshore borrowings (B):

 

 

 

 

 

 

 

 

NOK denominated notes due May 2024

 

 

13,593

 

 

 

14,054

 

NOK denominated notes due January 2026

 

 

24,545

 

 

 

25,965

 

USD denominated notes due January 2027

 

 

22,116

 

 

 

23,345

 

USD denominated notes due April 2027

 

 

24,810

 

 

 

25,463

 

 

 

$

435,018

 

 

 

438,827

 

Debt premiums and discounts, net

 

 

7,954

 

 

 

9,333

 

Less: Current portion of long-term debt

 

 

(7,671

)

 

 

(5,103

)

Total long-term debt

 

$

435,301

 

 

 

443,057

 

 

(A)  

As of September 30, 2018 and December 31, 2017, the fair value (Level 2) of the Secured Notes was $369.2 million and $359.8 million, respectively.   

 

(B)

The company pays principal and interest on these notes semi-annually.  As of September 30, 2018 and December 31, 2017, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $85.0 million and $88.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of September 30, 2018, was 5.01%. 

Debt Costs

The following is a summary of interest and debt costs incurred, net of interest capitalized.

 

 

 

Successor

 

 

 

Predecessor

 

 

 

 

 

 

 

Period from

 

 

 

Period from

 

 

 

Three Months

 

 

August 1, 2017

 

 

 

July 1, 2017

 

 

 

Ended

 

 

through

 

 

 

through

 

(In thousands)

 

September 30, 2018

 

 

September 30, 2017

 

 

 

July 31, 2017

 

Interest and debt costs incurred, net of interest capitalized

 

$

7,585

 

 

$

5,240

 

 

 

 

574

 

Interest costs capitalized

 

 

153

 

 

 

 

 

 

 

 

Total interest and debt costs

 

$

7,738

 

 

$

5,240

 

 

 

 

574

 

 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

 

 

 

 

Period from

 

 

 

Period from

 

 

 

Nine Months

 

 

August 1, 2017

 

 

 

January 1, 2017

 

 

 

Ended

 

 

through

 

 

 

through

 

(In thousands)

 

September 30, 2018

 

 

September 30, 2017

 

 

 

July 31, 2017

 

Interest and debt costs incurred, net of interest capitalized

 

$

22,731

 

 

$

5,240

 

 

 

 

32,188

 

Interest costs capitalized

 

 

521

 

 

 

 

 

 

 

1,817

 

Total interest and debt costs

 

$

23,252

 

 

$

5,240

 

 

 

 

34,005