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 |
|
|