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SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS
6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

 


(13)

SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS

 

The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the three and six months ended June 30, 2019 and 2018. Vessel revenues and operating costs relate to vessels owned and operated by us while other operating revenues relate to brokered vessels and other miscellaneous marine-related businesses.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(In thousands)

 

June 30, 2019

 

 

June 30, 2018

 

 

June 30, 2019

 

 

June 30, 2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessel revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

35,199

 

 

 

32,601

 

 

 

70,477

 

 

 

58,682

 

Middle East/Asia Pacific

 

 

20,449

 

 

 

22,406

 

 

 

40,905

 

 

 

40,794

 

Europe/Mediterranean Sea

 

 

35,027

 

 

 

13,357

 

 

 

63,585

 

 

 

22,980

 

West Africa

 

 

32,966

 

 

 

35,810

 

 

 

68,336

 

 

 

69,212

 

Other operating revenues

 

 

2,218

 

 

 

1,427

 

 

 

4,705

 

 

 

5,426

 

 

 

$

125,859

 

 

 

105,601

 

 

 

248,008

 

 

 

197,094

 

Vessel operating profit (loss) (A):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

2,900

 

 

 

5,681

 

 

 

1,870

 

 

 

10,592

 

Middle East/Asia Pacific

 

 

(2,127

)

 

 

625

 

 

 

(3,289

)

 

 

(1,628

)

Europe/Mediterranean Sea

 

 

2,824

 

 

 

(1,142

)

 

 

(493

)

 

 

(4,696

)

West Africa

 

 

3,099

 

 

 

1,705

 

 

 

11,214

 

 

 

(48

)

Other operating profit

 

 

1,625

 

 

 

778

 

 

 

3,330

 

 

 

2,284

 

 

 

 

8,321

 

 

 

7,647

 

 

 

12,632

 

 

 

6,504

 

Corporate expenses (A) (B)

 

 

(12,221

)

 

 

(7,910

)

 

 

(27,422

)

 

 

(14,694

)

Gain (loss) on asset dispositions, net

 

 

(494

)

 

 

1,338

 

 

 

776

 

 

 

3,257

 

Asset impairments (C)

 

 

 

 

 

(1,215

)

 

 

 

 

 

(7,401

)

Operating loss

 

$

(4,394

)

 

 

(140

)

 

 

(14,014

)

 

 

(12,334

)

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

6,515

 

 

 

3,530

 

 

 

12,776

 

 

 

6,843

 

Middle East/Asia Pacific

 

 

5,319

 

 

 

2,844

 

 

 

9,769

 

 

 

5,613

 

Europe/Mediterranean Sea

 

 

7,741

 

 

 

2,239

 

 

 

15,187

 

 

 

4,043

 

West Africa

 

 

5,100

 

 

 

4,067

 

 

 

9,543

 

 

 

8,093

 

Other

 

 

5

 

 

 

5

 

 

 

10

 

 

 

10

 

Corporate

 

 

358

 

 

 

100

 

 

 

685

 

 

 

200

 

 

 

$

25,038

 

 

 

12,785

 

 

 

47,970

 

 

 

24,802

 

Additions to properties and equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

206

 

 

 

1,230

 

 

 

604

 

 

 

2,267

 

Middle East/Asia Pacific

 

 

2,180

 

 

 

1,073

 

 

 

3,639

 

 

 

1,496

 

Europe/Mediterranean Sea

 

 

601

 

 

 

135

 

 

 

722

 

 

 

135

 

West Africa

 

 

1,340

 

 

 

 

 

 

1,583

 

 

 

1

 

Corporate

 

 

1,430

 

 

 

1,659

 

 

 

2,325

 

 

 

1,876

 

 

 

$

5,757

 

 

 

4,097

 

 

 

8,873

 

 

 

5,775

 

 

 

(A)

Prior to January 1, 2019, we allocated the costs of certain marine operations related to general and administrative functions, such as marine management, engineering, supply chain management, risk management, fleet human resources and health and safety to the segment general and administrative expenses.  Beginning on January 1, 2019 our management elected to modify that process in order to better analyze costs and better align the policies of the two combined companies such that all costs related to those previously allocated functions will remain as corporate general and administrative expenses. This explains the significant increase in corporate expenses that is reflected in the table above for the three and six months ended June 30, 2019.   

 

 

(B)

Included in corporate expenses for both the three and six months ended June 30, 2019 was $0.5 million and $4.2 million, respectively, of integration costs related to the business combination with GulfMark. 

 

 

(C)

Refer to Note (14) for additional information regarding asset impairment charges.

 

The following table provides a comparison of total assets at June 30, 2019 and December 31, 2018:

 

 

 

June 30,

 

 

December 31,

 

(In thousands)

 

2019

 

 

2018

 

Total assets:

 

 

 

 

 

 

 

 

Americas

 

$

375,087

 

 

 

380,168

 

Middle East/Asia Pacific

 

 

238,283

 

 

 

233,611

 

Europe/Mediterranean Sea

 

 

415,409

 

 

 

316,524

 

West Africa

 

 

400,876

 

 

 

483,234

 

Other

 

 

4,960

 

 

 

7,440

 

Investments in, at equity, and advances to unconsolidated companies

 

 

658

 

 

 

1,039

 

Corporate

 

 

356,997

 

 

 

405,723

 

 

 

$

1,792,270

 

 

$

1,827,739