Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TDW | |
Entity Registrant Name | TIDEWATER INC | |
Entity Central Index Key | 0000098222 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 38,298,540 | |
Entity File Number | 1-6311 | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 720487776 | |
Entity Address, Address Line One | 6002 Rogerdale Road | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | Texas | |
Entity Address, Postal Zip Code | 77072 | |
City Area Code | 713 | |
Local Phone Number | 470-5300 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 369,549 | $ 371,791 |
Restricted cash | 13,614 | 25,953 |
Trade and other receivables, net | 121,155 | 111,266 |
Due from affiliates | 121,959 | 132,951 |
Marine operating supplies | 29,141 | 29,505 |
Other current assets | 14,460 | 11,836 |
Total current assets | 669,878 | 683,302 |
Investments in, at equity, and advances to unconsolidated companies | 658 | 1,039 |
Properties and equipment, net | 1,041,054 | 1,089,857 |
Deferred drydocking and survey costs | 41,029 | 22,215 |
Other assets | 39,651 | 31,326 |
Total assets | 1,792,270 | 1,827,739 |
Current liabilities: | ||
Accounts payable | 24,170 | 31,939 |
Accrued costs and expenses | 56,675 | 61,784 |
Due to affiliates | 39,060 | 34,972 |
Current portion of long-term debt | 10,002 | 8,568 |
Other current liabilities | 24,442 | 21,092 |
Total current liabilities | 154,349 | 158,355 |
Long-term debt | 424,911 | 430,436 |
Other liabilities | 97,471 | 94,025 |
Contingencies (Note 9) | ||
Equity: | ||
Common stock of $0.001 par value, 125,000,000 shares authorized, 37,845,158 and 36,978,280 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 38 | 37 |
Additional paid-in capital | 1,359,842 | 1,352,388 |
Accumulated deficit | (248,473) | (210,783) |
Accumulated other comprehensive income | 2,194 | 2,194 |
Total stockholders’ equity | 1,113,601 | 1,143,836 |
Noncontrolling interests | 1,938 | 1,087 |
Total equity | 1,115,539 | 1,144,923 |
Total liabilities and equity | $ 1,792,270 | $ 1,827,739 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 37,845,158 | 36,978,280 |
Common stock, shares outstanding | 37,845,158 | 36,978,280 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Revenues: | ||||||
Total revenues | $ 125,859,000 | $ 105,601,000 | $ 248,008,000 | $ 197,094,000 | ||
Costs and expenses: | ||||||
Vessel operating costs | 80,439,000 | 68,012,000 | 162,642,000 | 129,376,000 | ||
Costs of other operating revenues | 586,000 | 642,000 | 1,350,000 | 3,116,000 | ||
General and administrative | 23,696,000 | 24,425,000 | 50,836,000 | 47,990,000 | ||
Depreciation and amortization | 25,038,000 | 12,785,000 | 47,970,000 | 24,802,000 | ||
Loss (gain) on asset dispositions, net | 494,000 | (1,338,000) | (776,000) | (3,257,000) | ||
Asset impairments | 0 | 1,215,000 | [1] | 0 | 7,401,000 | [1] |
Total operating costs and expenses | 130,253,000 | 105,741,000 | 262,022,000 | 209,428,000 | ||
Operating loss | (4,394,000) | (140,000) | (14,014,000) | (12,334,000) | ||
Other income (expense): | ||||||
Foreign exchange gain (loss) | 11,000 | (1,002,000) | (497,000) | (1,350,000) | ||
Equity in net earnings (losses) of unconsolidated companies | 95,000 | 390,000 | 33,000 | (15,049,000) | ||
Interest income and other, net | 1,859,000 | 2,914,000 | 4,329,000 | 2,786,000 | ||
Interest and other debt costs, net | (7,582,000) | (7,547,000) | (15,318,000) | (15,146,000) | ||
Total other expense | (5,617,000) | (5,245,000) | (11,453,000) | (28,759,000) | ||
Loss before income taxes | (10,011,000) | (5,385,000) | (25,467,000) | (41,093,000) | ||
Income tax expense | 5,542,000 | 5,797,000 | 11,372,000 | 9,118,000 | ||
Net loss | (15,553,000) | (11,182,000) | (36,839,000) | (50,211,000) | ||
Less: Net income attributable to noncontrolling interests | 406,000 | (242,000) | 851,000 | (99,000) | ||
Net loss attributable to Tidewater Inc. | $ (15,959,000) | $ (10,940,000) | $ (37,690,000) | $ (50,112,000) | ||
Basic loss per common share | $ (0.42) | $ (0.44) | $ (1.01) | $ (2.09) | ||
Diluted loss per common share | $ (0.42) | $ (0.44) | $ (1.01) | $ (2.09) | ||
Weighted average common shares outstanding | 37,571 | 25,654 | 37,369 | 23,989 | ||
Adjusted weighted average common shares | 37,571 | 25,654 | 37,369 | 23,989 | ||
Vessel Revenues | ||||||
Revenues: | ||||||
Total revenues | $ 123,641,000 | $ 104,174,000 | $ 243,303,000 | $ 191,668,000 | ||
Other Operating Revenues | ||||||
Revenues: | ||||||
Total revenues | $ 2,218,000 | $ 1,427,000 | $ 4,705,000 | $ 5,426,000 | ||
[1] | Refer to Note (14) for additional information regarding asset impairment charges. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (11,182) | $ (50,211) |
Other comprehensive income: | ||
Unrealized losses on available for sale securities, net of tax of $0, $0, $0 and $0 | 43 | (256) |
Total comprehensive loss | $ (11,139) | $ (50,467) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized losses on available-for-sale securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Operating activities: | |||
Net loss | $ (36,839,000) | $ (50,211,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 38,582,000 | 22,572,000 | |
Amortization of deferred drydocking and survey costs | 9,388,000 | 2,230,000 | |
Amortization of debt premium and discounts | (1,019,000) | (900,000) | |
Provision for deferred income taxes | 6,000 | ||
Loss (gain) on asset dispositions, net | (776,000) | (3,257,000) | |
Asset impairments | 0 | 7,401,000 | [1] |
Changes in investments in, at equity, and advances to unconsolidated companies | 381,000 | 27,881,000 | |
Compensation expense - stock-based | 9,215,000 | 6,139,000 | |
Changes in assets and liabilities, net: | |||
Trade and other receivables | (10,921,000) | (15,097,000) | |
Changes in due to/from affiliate, net | 15,080,000 | 19,869,000 | |
Accounts payable | (7,769,000) | 1,709,000 | |
Accrued costs and expenses | (4,977,000) | (6,652,000) | |
Cash paid for deferred drydocking and survey costs | (28,688,000) | (13,394,000) | |
Other, net | (2,386,000) | 18,693,000 | |
Net cash provided by (used in) operating activities | (20,723,000) | 16,983,000 | |
Cash flows from investing activities: | |||
Proceeds from sales of assets | 20,566,000 | 12,968,000 | |
Additions to properties and equipment | (8,873,000) | (5,775,000) | |
Net cash provided by investing activities | 11,693,000 | 7,193,000 | |
Cash flows from financing activities: | |||
Principal payments on long-term debt | (3,792,000) | (2,637,000) | |
Payments to General Unsecured Creditors | (8,377,000) | ||
Taxes on share based awards | (1,760,000) | ||
Other | 1,000 | (1,998,000) | |
Net cash used in financing activities | (5,551,000) | (13,012,000) | |
Net change in cash, cash equivalents and restricted cash | (14,581,000) | 11,164,000 | |
Cash, cash equivalents and restricted cash at beginning of period | 397,744,000 | 453,335,000 | |
Cash, cash equivalents and restricted cash at end of period | 383,163,000 | 464,499,000 | |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 16,293,000 | 16,134,000 | |
Income taxes | $ 7,754,000 | $ 10,083,000 | |
[1] | Refer to Note (14) for additional information regarding asset impairment charges. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Non controlling interest |
Balance at Dec. 31, 2017 | $ 1,021,944 | $ 22 | $ 1,059,120 | $ (39,266) | $ (147) | $ 2,215 |
Total comprehensive loss | (50,467) | (50,112) | (256) | (99) | ||
Issuance of common stock | 2 | 4 | (2) | |||
Amortization of restricted stock units | 6,047 | 6,047 | ||||
Acquisition of non-controlling interests | (2,000) | (1,126) | (874) | |||
Balance at Jun. 30, 2018 | 975,526 | 26 | 1,064,039 | (89,378) | (403) | 1,242 |
Balance at Mar. 31, 2018 | 985,481 | 24 | 1,061,983 | (78,438) | (446) | 2,358 |
Total comprehensive loss | (11,139) | (10,940) | 43 | (242) | ||
Issuance of common stock | 2 | (2) | ||||
Amortization of restricted stock units | 3,184 | 3,184 | ||||
Acquisition of non-controlling interests | (2,000) | (1,126) | (874) | |||
Balance at Jun. 30, 2018 | 975,526 | 26 | 1,064,039 | (89,378) | (403) | 1,242 |
Balance at Dec. 31, 2018 | 1,144,923 | 37 | 1,352,388 | (210,783) | 2,194 | 1,087 |
Total comprehensive loss | (36,839) | (37,690) | 851 | |||
Issuance of common stock from exercise of warrants | 2 | 1 | 1 | |||
Amortization/cancellation of restricted stock units | 7,453 | 7,453 | ||||
Balance at Jun. 30, 2019 | 1,115,539 | 38 | 1,359,842 | (248,473) | 2,194 | 1,938 |
Balance at Mar. 31, 2019 | 1,127,685 | 37 | 1,356,436 | (232,514) | 2,194 | 1,532 |
Total comprehensive loss | (15,553) | (15,959) | 406 | |||
Issuance of common stock from exercise of warrants | 1 | 1 | ||||
Amortization/cancellation of restricted stock units | 3,406 | 3,406 | ||||
Balance at Jun. 30, 2019 | $ 1,115,539 | $ 38 | $ 1,359,842 | $ (248,473) | $ 2,194 | $ 1,938 |
INTERIM FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
INTERIM FINANCIAL STATEMENTS | (1) INTERIM FINANCIAL STATEMENTS The unaudited condensed consolidated financial statements for the interim periods presented herein have been prepared in conformity with United States generally accepted accounting principles and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the unaudited condensed consolidated financial statements at the dates and for the periods indicated as required by Rule 10-01 of Regulation S‑X of the Securities and Exchange Commission (SEC). Results of operations for interim periods are not necessarily indicative of results of operations for the respective full years. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. The unaudited condensed consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. We use the equity method to account for equity investments over which we exercise significant influence but do not exercise control and are not the primary beneficiary. Unless otherwise specified, all per share information included in this document is on a diluted earnings per share basis. On November 15, 2018 (the Merger Date), we completed our business combination with GulfMark Offshore, Inc. (GulfMark) pursuant to the Agreement and Plan of the Merger dated July 15, 2018. GulfMark’s balances and results are included in our consolidated financial statements and disclosures beginning on the Merger Date. Therefore, our balances and results for the three and six months ended June 30, 2019 include GulfMark’s operations while our balances and results for the three and six months ended June 30, 2018 do not include GulfMark’s operations. |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | (2) ACCOUNTING PRONOUNCEMENTS We adopted Accounting Standards Update (ASU) No. 2016-02 - Leases (Topic 842), as amended, as of January 1, 2019. We adopted this guidance retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. We applied the practical expedient available in this guidance, which allows us not to restate prior year balances. Adoption of the new standard resulted in the recording of right of use assets and lease liabilities as of January 1, 2019 of approximately $5.0 million and $5.4 million, respectively. The adoption of the new standard did not result in an adjustment to retained earnings. The standard did not impact our consolidated net earnings and had no impact on cash flows. We elected not to reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing lease and (iii) initial direct costs for existing leases. Refer to Note (4) for further details. As a lessor our recognition of vessel and other operating revenues remains consistent with previous guidance under Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606). In July 2018, the FASB issued guidance codified in Accounting Standards Update 2018-11, Leases – Targeted Improvements (ASU 2018-11). ASU 2018-11 provides a practical expedient, which allows lessors to combine the lease component with the related non-lease component if both the timing and pattern of transfer are the same for the lease and non-lease component and if the lease component would be classified as an operating lease. The single combined component is accounted for under the leasing standard if the lease component is the predominant component and is accounted for under ASC 606 if the non-lease component is the predominant component. We elected this practical expedient to combine our lease and non-lease components for all classes of underlying assets and expect to account for the combined component under ASC 606 for revenue contracts qualifying for this practical expedient because we have concluded that the non-lease component is the predominant component in our current revenue contracts. The lease components are the vessels leased to our customers. The non-lease components consist of the services provided by the crews manning the vessels. These initial conclusions will continue to be assessed on an ongoing basis for future revenue contracts with customers. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | (3) REVENUE RECOGNITION Refer to Note (13) for the amount of revenue by segment and in total for the worldwide fleet. Contract Balances At June 30, 2019, we had $2.6 million and $0.6 million of deferred mobilization costs included within other current assets and other assets, respectively. At June 30, 2019 we had $0.1 million of deferred mobilization revenue related to unsatisfied performance obligations included within other current liabilities, all of which is expected to be recognized during the quarter ended September 30, 2019. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Disclosure [Abstract] | |
LEASES | (4) LEASES We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. We combine the lease and non-lease components for all of our lease agreements. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. The exercise of lease renewal options is at our sole discretion, and lease renewal options are not included in our lease terms if they are not reasonably certain to be exercised. Our lease agreements do not contain any residual value guarantees or restrictive covenants or options to purchase the leased property. Leases (In thousands) Classification June 30, 2019 Assets: Operating Other assets $ 4,651 Liabilities: Current Operating Other current liabilities 710 Noncurrent Operating Other liabilities 4,420 Total lease liabilities $ 5,130 Maturity of lease liabilities (In thousands) Operating leases 2019 $ 794 2020 1,221 2021 1,182 2022 990 2023 740 After 2023 1,187 Total lease payments $ 6,114 Less: Interest 984 Present value of lease liabilities $ 5,130 As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019 for operating leases that began prior to that date. Three Months Ended Six Months Ended Lease costs (In thousands) Classification June 30, 2019 June 30, 2019 Operating lease costs General and administrative $ 528 1,190 Short-term leases General and administrative 629 1,083 Variable lease costs General and administrative 270 604 Sublease income General and administrative (1 ) (3 ) Net lease cost $ 1,426 2,874 Our variable lease payments consist primarily of shared operating costs recognized over the term of the lease. Lease term and discount rate June 30, 2019 Weighted average remaining lease term in years 4.2 Weighted average discount rate 7.0 % The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the three and six months ended June 30, 2019 was $0.2 million and $0.5 million, respectively. Right-of-use assets obtained in exchange for operating lease obligations were $0.0 million and $0.5 million, for the three and six months ended June 30, 2019, respectively. Future minimum rental commitments under these leases as of December 31, 2018 are as follows: Minimum Year ending (In thousands) rental commitments 2019 $ 3,511 2020 2,804 2021 2,501 2022 2,455 2023 1,734 After 2023 2,495 Total lease payments $ 15,500 |
STOCKHOLDERS' EQUITY AND DILUTI
STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS | ( 5 ) STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS Accumulated Other Comprehensive Income (Loss) The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of operations for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended Affected line item in the (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 consolidated statements of operations Balance at beginning of period $ 2,194 (446 ) 2,194 (147 ) Losses recognized in OCI (660 ) Realized gains on available for sale securities — 43 — 404 Interest income and other, net Net period OCI — 43 — (256 ) Tax effect — — — — Total gains for the period, net of tax — 43 — (256 ) Balance at end of period $ 2,194 (403 ) 2,194 (403 ) Dilutive Equity Instruments We had 3,997,084 and 4,521,727 incremental "in-the-money" warrants and restricted stock awards and units at June 30, 2019 and 2018, respectively. Basic weighted average shares outstanding includes 0 and 108,044 shares issuable upon the exercise of New Creditor Warrants if such New Creditor Warrants had been held by U.S. citizens at June 30, 2019 and 2018, respectively. Common shares and creditor warrants and the sum of common shares and creditor warrants outstanding at June 30, 2019 and 2018 were as follows: Total shares outstanding including warrants June 30, 2019 June 30, 2018 Common shares outstanding 37,845,158 26,085,274 New Creditor Warrants (strike price $0.001 per common share) 2,034,235 3,924,441 GulfMark Creditor Warrants (strike price $0.01 per common share) 1,683,147 — Total 41,562,540 30,009,715 We also had 5,923,399 and 5,062,089 “out-of-the-money” warrants outstanding at June 30, 2019 and 2018, respectively. Included in these “out-of-the-money” warrants are Series A Warrants, Series B Warrants and GLF Equity Warrants which have exercise prices of $57.06, $62.28 and $100, respectively |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (6 ) INCOME TAXES We use a discrete effective tax rate method to calculate taxes for interim periods instead of applying the annual effective tax rate to an estimate of the full fiscal year due to the level of volatility and unpredictability of earnings in our industry, both overall and by jurisdiction. Income tax expense for the three and six months ended June 30, 2019, reflects tax liabilities in various jurisdictions that are either based on revenue (deemed profit regimes) or pre-tax profits. The tax liabilities for uncertain tax positions are primarily attributable to permanent establishment issues related to a foreign joint venture, subpart F income inclusions and withholding taxes on foreign services. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. As of December 31, 2018, our balance sheet reflected approximately $104.9 million of net deferred tax assets with a valuation allowance of $106.4 million. As of June 30, 2019, we had net deferred tax assets of approximately $112.1 million prior to a valuation allowance analysis of $113.6 million. Management assesses all available positive and negative evidence to estimate the company’s ability to generate sufficient future taxable income of the appropriate character, and in the appropriate taxing jurisdictions, to permit use of existing deferred tax assets. A significant piece of objective negative evidence is a cumulative loss incurred over a three-year period in a taxing jurisdiction. Prevailing accounting practice is that such objective evidence would limit the ability to consider other subjective evidence, such as projections for future growth. On the basis of this evaluation, a valuation allowance of $113.6 million has been recorded against net deferred tax assets which are more likely than not to be unrealized. The amount of deferred tax assets considered realizable could be adjusted if future estimates of U.S. taxable income change, or if objective negative evidence in the form of cumulative losses is no longer present and subjective evidence, such as financial projections for future growth and tax planning strategies, are given additional weight. With limited exceptions, we are no longer subject to tax audits by U.S. federal, state, local or foreign taxing authorities for years prior to 2013. We are subject to ongoing examinations by various foreign tax authorities and do not believe that the results of these examinations will have a material adverse effect on our financial position, results of operations, or cash flows. |
AFFILIATES BALANCES
AFFILIATES BALANCES | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
AFFILIATES BALANCES | (7) AFFILIATES BALANCES We maintained the following balances with our unconsolidated affiliates: (In thousands) June 30, 2019 December 31, 2018 Due from related parties: Sonatide (Angola) $ 94,140 109,176 DTDW (Nigeria) 27,819 23,775 Due to related parties: Sonatide (Angola) $ 27,450 29,347 DTDW (Nigeria) 11,610 5,625 Due from related parties, net of due to related parties $ 82,899 97,979 Amounts due from Sonatide Amounts due from Sonatide represent cash received by Sonatide from customers and due to us, amounts due from customers that are expected to be remitted to us by Sonatide and costs incurred by us on behalf of Sonatide. Six Months Ended (In thousands) June 30, 2019 Due from Sonatide at December 31, 2018 $ 109,176 Revenue earned by the company through Sonatide 29,650 Less amounts received from Sonatide (35,699 ) Less amounts used to offset Due to Sonatide obligations (A) (7,982 ) Other (1,005 ) Total due from Sonatide at June 30, 2019 $ 94,140 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. The amounts due from Sonatide is denominated in U.S. dollars; however, the underlying third-party customer payments to Sonatide were satisfied, in part, in Angolan kwanzas. We and Sonangol, our partner in Sonatide, have had discussions regarding how the net losses from the devaluation of certain Angolan kwanza denominated accounts should be shared. After offsetting the amounts due to Sonatide, the net amount due from Sonatide at June 30, 2019 was approximately $67.0 million. Sonatide had approximately $51.0 million of cash on hand (approximately $15.0 million denominated in Angolan kwanzas) at June 30, 2019 plus approximately $19.0 million of net trade accounts receivable to satisfy the net due from Sonatide. Given prior discussions with our partner regarding how the net losses from the devaluation of certain Angolan kwanza denominated accounts should be shared, we continue to evaluate our net amount due from Sonatide balance for potential impairment based on available liquidity held by Sonatide. Amounts due to Sonatide Amounts due to Sonatide represent commissions payable and other costs paid by Sonatide on behalf of us. Six Months Ended (In thousands) June 30, 2019 Due to Sonatide at December 31, 2018 $ 29,347 Plus additional commissions payable to Sonatide 2,828 Plus amounts paid by Sonatide on behalf of the company 5,093 Less commissions paid to Sonatide during the period (5,961 ) Less amounts used to offset Due from Sonatide obligations (A) (7,982 ) Other 4,125 Total due to Sonatide at June 30, 2019 $ 27,450 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. Sonatide Operations Sonatide’s principal earnings are from the commissions paid by us to the joint venture for company vessels chartered in Angola. In addition, Sonatide owns three vessels (one of which is currently stacked) that may generate operating income and cash flow. Company operations in Angola Vessel revenues generated by our Angolan operations, percent of consolidated vessel revenues, average number of company owned vessels and average number of stacked company owned vessels of our Angolan operations for the periods indicated were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenues of Angolan operations (in thousands) $ 14,272 14,550 29,670 28,719 Percent of consolidated vessel revenues 12 % 14 % 12 % 15 % Number of company owned vessels in Angola 32 37 34 38 Number of stacked company owned vessels in Angola 13 16 14 17 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | (8 ) EMPLOYEE BENEFIT PLANS U.S. Defined Benefit Pension Plan We have a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Benefits are based on years of service and employee compensation. The Board of Directors amended the pension plan to discontinue the accrual of benefits once the plan was frozen on December 31, 2010. We did not contribute to the pension plan during the three and six months ended June 30, 2019 and 2018, and are not required to contribute to the pension plan during the remaining quarters of calendar year 2019; however, we may, at our discretion, make contributions to the plan in order to manage our plan expenses. Supplemental Executive Retirement Plan We also support a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provided pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. Effective March 4, 2010, the supplemental plan was closed to new participants. The supplemental plan is a non-qualified plan. We contributed $0.4 million and $0.8 million during the three and six months ended June 30, 2019, respectively. We contributed an immaterial amount to the supplemental plan during the three and six months ended June 30, 2018. We Other Defined Benefit Pension Plans We also have defined benefit pension plans that cover certain Norwegian citizen employees and other employees who are permanent residents of Norway. Benefits are based on years of service and employee compensation. We did not contribute to the Norwegian defined benefit pension plans during the three and six months ended June 30, 2019 and 2018 and we do not expect to make any contributions during the remainder of calendar year 2019. Net Periodic Benefit Costs The net periodic benefit cost for our defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) is comprised of the following components: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Pension Benefits: Service cost $ (44 ) 41 12 71 Interest cost 914 882 1,847 1,784 Expected return on plan assets (513 ) (482 ) (1,076 ) (964 ) Administrative expenses (3 ) 2 7 3 Settlement loss recognized 21 335 92 335 Net periodic pension cost $ 375 778 $ 882 1,229 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | (9) The following is a summary of all debt outstanding: June 30, December 31, (In thousands) 2019 2018 Secured notes: 8.00% Senior secured notes due August 2022 (Secured Notes) (A) (B) $ 349,794 349,954 Troms Offshore borrowings (C): NOK denominated notes due May 2024 11,497 12,241 NOK denominated notes due January 2026 22,734 22,988 USD denominated notes due January 2027 21,502 22,116 USD denominated notes due April 2027 22,851 24,157 $ 428,378 431,456 Debt premiums and discounts, net 6,535 7,548 Less: Current portion of long-term debt (10,002 ) (8,568 ) Total long-term debt $ 424,911 430,436 (A) As of June 30, 2019 and December 31, 2018 the fair value (Level 2) of the Secured Notes was $362.1 million and $359.4 million, respectively. (B) In December 2018, we commenced an offer to repurchase up to $25.4 million of the Secured Notes. In January 2019, we repurchased $160,000 of the Secured Notes in accordance with this tender offer obligation. On June 14, 2019, we commenced an offer to repurchase $ (C ) We pay principal and interest on these notes semi-annually. As of June 30, 2019 and December 31, 2018, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $78.6 million and $81.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2019 was 4.99%. We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions, one or more additional offers, or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (10 ) COMMITMENTS AND CONTINGENCIES Currency Devaluation and Fluctuation Risk Due to our international operations, we are exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk for changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, we attempt to contract a significant majority of our services in U.S. dollars. In addition, we attempt to minimize the financial impact of these risks by matching the currency of our operating costs with the currency of our revenue streams when considered appropriate. We continually monitor the currency exchange risks associated with all contracts not denominated in U.S. dollars. Arbitral Award for the Taking of Our Venezuelan Operations Committees formed under the rules of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) have awarded two of our subsidiaries compensation for the expropriation of the investments of the two subsidiaries by the Bolivarian Republic of Venezuela. The nature of the investments expropriated and the progress of the ICSID proceeding were previously reported by us in prior filings. The final aggregate award is $ 59.3 million as of June 30 , 201 9 and accrues interest at approximately $ 0.6 million per quarter. The committees’ decisions are not subject to any further ICSID review, appeal or other substantive proceeding or any stay of enforcement. We are committed to taking appropriate steps to enforce and collect the award, which is enforceable in any of the 150 member states that are party to the ICSID Convention. As initial steps, we have had the award recognized and entered as a judgment by each of (a) the United States District Court for the District of Columbia and (b) the High Court of Justice of England and Wales. In April 2019, we had the District of Columbia judgment entered in the United States District Court for the District of Delaware. Even with the recognition by the courts in the United States and the United Kingdom, we recognize that collection of the award presents significant practical challenges. We are accounting for this matter as a gain contingency, and will record any such gain in future periods if and when the contingency is resolved. Legal Proceedings Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on our financial position, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | (1 1 ) FAIR VALUE MEASUREMENTS Other Financial Instruments Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. We periodically utilize derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce our exposure to foreign currency exchange risk and interest rate risk. We enter into derivative instruments only to the extent considered necessary to address our risk management objectives and do not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments. Cash Equivalents . Our cash equivalents, which are securities with maturities less than 90 days, are held in money market funds, commercial paper or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. As of June 30, 2019 and December 31, 2018, we had $322.1 and $327.5 million of cash equivalents. Spot Derivatives . Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized. We had no material spot derivatives outstanding as of June 30, 2019 or December 31, 2018. |
OTHER CURRENT ASSETS, PROPERTIE
OTHER CURRENT ASSETS, PROPERTIES AND EQUIPMENT, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES | 6 Months Ended |
Jun. 30, 2019 | |
Other Current Assets Properties And Equipment Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
OTHER CURRENT ASSETS, PROPERTIES AND EQUIPMENT, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES | (1 2 ) OTHER CURRENT ASSETS, PROPERTIES AND EQUIPMENT, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES A summary of other current assets is as follows: June 30, December 31, (In thousands) 2019 2018 Deposits $ 1,303 1,413 Prepaid expenses and other 13,157 10,423 $ 14,460 11,836 A summary of properties and equipment is as follows: June 30, December 31, (In thousands) 2019 2018 Properties and equipment: Vessels and related equipment $ 1,131,893 1,144,028 Other properties and equipment 8,110 7,455 1,140,003 1,151,483 Less accumulated depreciation and amortization 98,949 61,626 Properties and equipment, net $ 1,041,054 1,089,857 A summary of other assets is as follows: June 30, December 31, (In thousands) 2019 2018 Recoverable insurance losses $ 5,088 4,056 Investments held for supplemental savings plan accounts 5,035 4,807 Long-term deposits 18,594 16,848 Deferred tax asset 395 395 Right of use asset (A) 4,651 — Other 5,888 5,220 $ 39,651 31,326 (A) Refer to Note (4). A summary of accrued cost and expenses is as follows: June 30, December 31, (In thousands) 2019 2018 Payroll and related payables $ 18,204 17,447 Commissions payable (B) 2,375 1,990 Accrued vessel expenses 27,050 29,534 Accrued interest expense 5,610 5,985 Other accrued expenses 3,436 6,828 $ 56,675 61,784 (B) Excludes $24.8 million and $28.0 million of commissions due to Sonatide at June 30, 2019 and December 31, 2018, respectively. These amounts are included in amounts due to affiliate. A summary of other current liabilities is as follows: June 30, December 31, (In thousands) 2019 2018 Taxes payable $ 17,802 13,167 Lease liability - operating (C) 710 — Accrued property and liability losses 583 2,726 Other 5,347 5,199 $ 24,442 21,092 (C) Refer to Note (4). A summary of other liabilities is as follows: June 30, December 31, (In thousands) 2019 2018 Pension liabilities $ 33,295 33,124 Liability for uncertain tax positions 44,676 43,790 Deferred tax liability 1,919 1,913 Lease liability - operating (D) 4,420 — Accrued property and liability losses 3,500 4,123 Other 9,661 11,075 $ 97,471 94,025 (D) Refer to Note (4). |
SEGMENT AND GEOGRAPHIC DISTRIBU
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | (1 3 ) 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 |
ASSET IMPAIRMENTS
ASSET IMPAIRMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
ASSET IMPAIRMENTS | (1 4 ) ASSET IMPAIRMENTS The below table summarizes impairments during the three and six months ended June 30, 2019 and 2018, along with the amount of impairment. Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Number of vessels impaired in the period — 2 — 15 Amount of impairment incurred $ — 1,215 $ — 7,401 As of June 30, 2019, we performed an evaluation to determine whether conditions existed that would indicate potential impairment in the value of our assets. Our evaluation did not indicate any indicators of impairment that would require us to perform additional analyses and, consequently, we have recorded no impairment charges in the three and six months ended June 30, 2019. |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
RESTRUCTURING CHARGES | (15) RESTRUCTURING CHARGES In the fourth quarter of 2018, we finalized plans to abandon duplicate office facilities with lease terms expiring between 2023 and 2026 in St. Rose and New Orleans, Louisiana, Houston, Texas and Aberdeen, Scotland. These closures resulted in a $5.5 million lease exit charge in the fourth quarter of 2018 and $1.8 million and $3.8 million, respectively, severance charges for employees at these duplicate locations in the fourth quarter of 2018 and the first quarter of 2019. These charges are included in general and administrative expense in our consolidated statements of operations. Activity for the lease exit and severance liabilities for the six months ended June 30, 2019 was as follows: Lease Exit Costs Severance (In thousands) Europe/ Mediterranean Corporate Europe/ Mediterranean Corporate Total Balance at December 31, 2018 $ 2,005 4,463 — 285 6,753 Charges 11 98 868 2,968 3,945 Cash payments (158 ) (1,268 ) (663 ) (3,253 ) (5,342 ) Balance at June 30 2019 $ 1,858 3,293 205 — 5,356 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Summary of Operating Lease Assets and Liabilities | Leases (In thousands) Classification June 30, 2019 Assets: Operating Other assets $ 4,651 Liabilities: Current Operating Other current liabilities 710 Noncurrent Operating Other liabilities 4,420 Total lease liabilities $ 5,130 |
Summary of Maturity of Operating Lease Liabilities | Maturity of lease liabilities (In thousands) Operating leases 2019 $ 794 2020 1,221 2021 1,182 2022 990 2023 740 After 2023 1,187 Total lease payments $ 6,114 Less: Interest 984 Present value of lease liabilities $ 5,130 |
Summary of Lease Costs | Three Months Ended Six Months Ended Lease costs (In thousands) Classification June 30, 2019 June 30, 2019 Operating lease costs General and administrative $ 528 1,190 Short-term leases General and administrative 629 1,083 Variable lease costs General and administrative 270 604 Sublease income General and administrative (1 ) (3 ) Net lease cost $ 1,426 2,874 |
Summary of Lease Term and Discount Rate | Lease term and discount rate June 30, 2019 Weighted average remaining lease term in years 4.2 Weighted average discount rate 7.0 % |
Summary Future Minimum Rental Commitments | Future minimum rental commitments under these leases as of December 31, 2018 are as follows: Minimum Year ending (In thousands) rental commitments 2019 $ 3,511 2020 2,804 2021 2,501 2022 2,455 2023 1,734 After 2023 2,495 Total lease payments $ 15,500 |
STOCKHOLDERS' EQUITY AND DILU_2
STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Condensed Consolidated Statement of Operations | The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of operations for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended Affected line item in the (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 consolidated statements of operations Balance at beginning of period $ 2,194 (446 ) 2,194 (147 ) Losses recognized in OCI (660 ) Realized gains on available for sale securities — 43 — 404 Interest income and other, net Net period OCI — 43 — (256 ) Tax effect — — — — Total gains for the period, net of tax — 43 — (256 ) Balance at end of period $ 2,194 (403 ) 2,194 (403 ) |
Summary of Common Shares and Creditor Warrants and Sum of Common Shares and Creditor Warrants Outstanding | Common shares and creditor warrants and the sum of common shares and creditor warrants outstanding at June 30, 2019 and 2018 were as follows: Total shares outstanding including warrants June 30, 2019 June 30, 2018 Common shares outstanding 37,845,158 26,085,274 New Creditor Warrants (strike price $0.001 per common share) 2,034,235 3,924,441 GulfMark Creditor Warrants (strike price $0.01 per common share) 1,683,147 — Total 41,562,540 30,009,715 |
AFFILIATES BALANCES (Tables)
AFFILIATES BALANCES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Balances with Unconsolidated Affiliates | We maintained the following balances with our unconsolidated affiliates: (In thousands) June 30, 2019 December 31, 2018 Due from related parties: Sonatide (Angola) $ 94,140 109,176 DTDW (Nigeria) 27,819 23,775 Due to related parties: Sonatide (Angola) $ 27,450 29,347 DTDW (Nigeria) 11,610 5,625 Due from related parties, net of due to related parties $ 82,899 97,979 |
Schedule of Amounts Due from Affiliate | Six Months Ended (In thousands) June 30, 2019 Due from Sonatide at December 31, 2018 $ 109,176 Revenue earned by the company through Sonatide 29,650 Less amounts received from Sonatide (35,699 ) Less amounts used to offset Due to Sonatide obligations (A) (7,982 ) Other (1,005 ) Total due from Sonatide at June 30, 2019 $ 94,140 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Schedule of Amounts Due to Affiliate | Six Months Ended (In thousands) June 30, 2019 Due to Sonatide at December 31, 2018 $ 29,347 Plus additional commissions payable to Sonatide 2,828 Plus amounts paid by Sonatide on behalf of the company 5,093 Less commissions paid to Sonatide during the period (5,961 ) Less amounts used to offset Due from Sonatide obligations (A) (7,982 ) Other 4,125 Total due to Sonatide at June 30, 2019 $ 27,450 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Summary of Operations in Angola | Vessel revenues generated by our Angolan operations, percent of consolidated vessel revenues, average number of company owned vessels and average number of stacked company owned vessels of our Angolan operations for the periods indicated were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenues of Angolan operations (in thousands) $ 14,272 14,550 29,670 28,719 Percent of consolidated vessel revenues 12 % 14 % 12 % 15 % Number of company owned vessels in Angola 32 37 34 38 Number of stacked company owned vessels in Angola 13 16 14 17 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Costs | The net periodic benefit cost for our defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) is comprised of the following components: Three Months Ended Six Months Ended (In thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Pension Benefits: Service cost $ (44 ) 41 12 71 Interest cost 914 882 1,847 1,784 Expected return on plan assets (513 ) (482 ) (1,076 ) (964 ) Administrative expenses (3 ) 2 7 3 Settlement loss recognized 21 335 92 335 Net periodic pension cost $ 375 778 $ 882 1,229 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt Outstanding | The following is a summary of all debt outstanding: June 30, December 31, (In thousands) 2019 2018 Secured notes: 8.00% Senior secured notes due August 2022 (Secured Notes) (A) (B) $ 349,794 349,954 Troms Offshore borrowings (C): NOK denominated notes due May 2024 11,497 12,241 NOK denominated notes due January 2026 22,734 22,988 USD denominated notes due January 2027 21,502 22,116 USD denominated notes due April 2027 22,851 24,157 $ 428,378 431,456 Debt premiums and discounts, net 6,535 7,548 Less: Current portion of long-term debt (10,002 ) (8,568 ) Total long-term debt $ 424,911 430,436 (A) As of June 30, 2019 and December 31, 2018 the fair value (Level 2) of the Secured Notes was $362.1 million and $359.4 million, respectively. (B) In December 2018, we commenced an offer to repurchase up to $25.4 million of the Secured Notes. In January 2019, we repurchased $160,000 of the Secured Notes in accordance with this tender offer obligation. On June 14, 2019, we commenced an offer to repurchase $ (C ) We pay principal and interest on these notes semi-annually. As of June 30, 2019 and December 31, 2018, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $78.6 million and $81.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2019 was 4.99%. |
OTHER CURRENT ASSETS, PROPERT_2
OTHER CURRENT ASSETS, PROPERTIES AND EQUIPMENT, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Current Assets Properties And Equipment Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
Schedule of Other Current Assets | A summary of other current assets is as follows: June 30, December 31, (In thousands) 2019 2018 Deposits $ 1,303 1,413 Prepaid expenses and other 13,157 10,423 $ 14,460 11,836 |
Summary of Properties and Equipment | A summary of properties and equipment is as follows: June 30, December 31, (In thousands) 2019 2018 Properties and equipment: Vessels and related equipment $ 1,131,893 1,144,028 Other properties and equipment 8,110 7,455 1,140,003 1,151,483 Less accumulated depreciation and amortization 98,949 61,626 Properties and equipment, net $ 1,041,054 1,089,857 |
Schedule of Other Assets | A summary of other assets is as follows: June 30, December 31, (In thousands) 2019 2018 Recoverable insurance losses $ 5,088 4,056 Investments held for supplemental savings plan accounts 5,035 4,807 Long-term deposits 18,594 16,848 Deferred tax asset 395 395 Right of use asset (A) 4,651 — Other 5,888 5,220 $ 39,651 31,326 (A) Refer to Note (4). |
Schedule of Accrued Cost and Expenses | A summary of accrued cost and expenses is as follows: June 30, December 31, (In thousands) 2019 2018 Payroll and related payables $ 18,204 17,447 Commissions payable (B) 2,375 1,990 Accrued vessel expenses 27,050 29,534 Accrued interest expense 5,610 5,985 Other accrued expenses 3,436 6,828 $ 56,675 61,784 (B) Excludes $24.8 million and $28.0 million of commissions due to Sonatide at June 30, 2019 and December 31, 2018, respectively. These amounts are included in amounts due to affiliate. |
Schedule of Other Current Liabilities | A summary of other current liabilities is as follows: June 30, December 31, (In thousands) 2019 2018 Taxes payable $ 17,802 13,167 Lease liability - operating (C) 710 — Accrued property and liability losses 583 2,726 Other 5,347 5,199 $ 24,442 21,092 (C) Refer to Note (4). |
Schedule of Other Liabilities and Deferred Credits | A summary of other liabilities is as follows: June 30, December 31, (In thousands) 2019 2018 Pension liabilities $ 33,295 33,124 Liability for uncertain tax positions 44,676 43,790 Deferred tax liability 1,919 1,913 Lease liability - operating (D) 4,420 — Accrued property and liability losses 3,500 4,123 Other 9,661 11,075 $ 97,471 94,025 (D) Refer to Note (4). |
SEGMENT AND GEOGRAPHIC DISTRI_2
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information, Geographical Data and Major Customers | 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. |
Comparison of Total Assets | 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 |
ASSET IMPAIRMENTS (Tables)
ASSET IMPAIRMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Summary of Impairments | The below table summarizes impairments during the three and six months ended June 30, 2019 and 2018, along with the amount of impairment. Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Number of vessels impaired in the period — 2 — 15 Amount of impairment incurred $ — 1,215 $ — 7,401 |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Summary of Lease Exit and Severance Liabilities | Activity for the lease exit and severance liabilities for the six months ended June 30, 2019 was as follows: Lease Exit Costs Severance (In thousands) Europe/ Mediterranean Corporate Europe/ Mediterranean Corporate Total Balance at December 31, 2018 $ 2,005 4,463 — 285 6,753 Charges 11 98 868 2,968 3,945 Cash payments (158 ) (1,268 ) (663 ) (3,253 ) (5,342 ) Balance at June 30 2019 $ 1,858 3,293 205 — 5,356 |
Interim Financial Statements -
Interim Financial Statements - Additional Information (Detail) - GulfMark | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Interim Financial Statements [Line Items] | ||
Business acquisition, name of acquired entity | GulfMark Offshore, Inc. | GulfMark Offshore, Inc. |
Business acquisition, effective date of acquisition | Nov. 15, 2018 | Nov. 15, 2018 |
Business acquisition, date of acquisition agreement | Jul. 15, 2018 | Jul. 15, 2018 |
Accounting Pronouncements - Add
Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Right of use assets | $ 4,651 | |
Lease liabilities | $ 5,130 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Right of use assets | $ 5,000 | |
Lease liabilities | $ 5,400 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - Vessel Mobilization - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 |
Disaggregation of Revenue [Line Items] | ||
Deferred costs included within other current assets and other assets | $ 2.6 | |
Other Assets | ||
Disaggregation of Revenue [Line Items] | ||
Deferred costs included within other current assets and other assets | $ 0.6 | |
Unsatisfied Performance Obligations | Scenario, Forecast | ||
Disaggregation of Revenue [Line Items] | ||
Deferred mobilization revenue included within other current liabilities | $ 0.1 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, existence of option to extend | true | |
Cash paid for operating leases | $ 0.2 | $ 0.5 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 0 | $ 0.5 |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, renewal term | 1 year | 1 year |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, renewal term | 10 years | 10 years |
Summary of Operating Lease Asse
Summary of Operating Lease Assets and Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Assets And Liabilities Lessee [Abstract] | |
Operating lease assets | $ 4,651 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember |
Operating lease liabilities, current | $ 710 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentLiabilitiesMember |
Operating lease liabilities, noncurrent | $ 4,420 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentLiabilitiesMember |
Total lease liabilities | $ 5,130 |
Summary of Maturity of Operatin
Summary of Maturity of Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2019 | $ 794 |
2020 | 1,221 |
2021 | 1,182 |
2022 | 990 |
2023 | 740 |
After 2023 | 1,187 |
Total lease payments | 6,114 |
Less: Interest | 984 |
Present value of lease liabilities | $ 5,130 |
Summary of Lease Costs (Detail)
Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease Cost [Abstract] | ||
Operating lease costs | $ 528 | $ 1,190 |
Short-term leases | 629 | 1,083 |
Variable lease costs | 270 | 604 |
Sublease income | (1) | (3) |
Net lease cost | $ 1,426 | $ 2,874 |
Summary of Lease Term and Disco
Summary of Lease Term and Discount Rate (Detail) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term in years | 4 years 2 months 12 days |
Weighted average discount rate | 7.00% |
Summary of Future Minimum Renta
Summary of Future Minimum Rental Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Lessee Minimum Rental Commitments Payments Due [Abstract] | |
2019 | $ 3,511 |
2020 | 2,804 |
2021 | 2,501 |
2022 | 2,455 |
2023 | 1,734 |
After 2023 | 2,495 |
Total lease payments | $ 15,500 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balance | $ 1,127,685 | $ 985,481 | $ 1,144,923 | $ 1,021,944 |
Interest income and other, net | 1,859 | 2,914 | 4,329 | 2,786 |
Tax effect | 5,542 | 5,797 | 11,372 | 9,118 |
Total gains for the period, net of tax | (15,959) | (10,940) | (37,690) | (50,112) |
Balance | 1,115,539 | 975,526 | 1,115,539 | 975,526 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balance | 2,194 | (446) | 2,194 | (147) |
Losses recognized in OCI | (660) | |||
Net period OCI | 43 | (256) | ||
Total gains for the period, net of tax | 43 | (256) | ||
Balance | $ 2,194 | (403) | $ 2,194 | (403) |
Reclassification out of Accumulated Other Comprehensive Income | Realized Gains on Available for Sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income and other, net | $ 43 | $ 404 |
Stockholders' Equity and Dilu_3
Stockholders' Equity and Dilutive Equity Instruments - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stockholders Equity Note [Line Items] | ||
Shares issuable upon exercise of warrants | 0 | 108,044 |
In-the-money Warrants and Restricted Stock Awards and Units | ||
Stockholders Equity Note [Line Items] | ||
Incremental "in-the-money" warrants, and restricted stock awards and units | 3,997,084 | 4,521,727 |
Out-of-the-money Warrants | ||
Stockholders Equity Note [Line Items] | ||
Warrants outstanding | 5,923,399 | 5,062,089 |
Out-of-the-money Warrants | Series A Warrants | ||
Stockholders Equity Note [Line Items] | ||
Warrants exercise prices | $ 57.06 | $ 57.06 |
Out-of-the-money Warrants | Series B Warrants | ||
Stockholders Equity Note [Line Items] | ||
Warrants exercise prices | 62.28 | 62.28 |
Out-of-the-money Warrants | GLF Equity Warrants | ||
Stockholders Equity Note [Line Items] | ||
Warrants exercise prices | $ 100 | $ 100 |
Stockholders' Equity and Dilu_4
Stockholders' Equity and Dilutive Equity Instruments - Summary of Common Shares and Creditor Warrants and Sum of Common Shares and Creditor Warrants Outstanding (Details) - shares | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Stockholders Equity Note [Line Items] | |||
Common stock, shares outstanding | 37,845,158 | 36,978,280 | 26,085,274 |
Total | 41,562,540 | 30,009,715 | |
New Creditor Warrants (Strike Price $0.001 Per Common Share) | |||
Stockholders Equity Note [Line Items] | |||
Creditor Warrants | 2,034,235 | 3,924,441 | |
GulfMark Creditor Warrants (Strike Price $0.01 Per Common Share) | |||
Stockholders Equity Note [Line Items] | |||
Creditor Warrants | 1,683,147 |
Stockholders' Equity and Dilu_5
Stockholders' Equity and Dilutive Equity Instruments - Summary of Common Shares and Creditor Warrants and Sum of Common Shares and Creditor Warrants Outstanding (Parenthetical) (Details) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
New Creditor Warrants (Strike Price $0.001 Per Common Share) | ||
Stockholders Equity Note [Line Items] | ||
Strike price per common share | $ 0.001 | $ 0.001 |
GulfMark Creditor Warrants (Strike Price $0.01 Per Common Share) | ||
Stockholders Equity Note [Line Items] | ||
Strike price per common share | $ 0.01 | $ 0.01 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 112.1 | $ 104.9 |
Valuation allowance | $ 113.6 | $ 106.4 |
Schedule of Balances with Uncon
Schedule of Balances with Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Due to related parties: | ||
Due from related parties, net of due to related parties | $ 82,899 | $ 97,979 |
Sonatide Marine, Ltd. | ANGOLA | ||
Due from related parties: | ||
Total due from related parties | 94,140 | 109,176 |
Due to related parties: | ||
Total due to related parties | 27,450 | 29,347 |
DTDW Holdings, Ltd. | NIGERIA | ||
Due from related parties: | ||
Total due from related parties | 27,819 | 23,775 |
Due to related parties: | ||
Total due to related parties | $ 11,610 | $ 5,625 |
Schedule of Amounts Due from Af
Schedule of Amounts Due from Affiliate (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | ||
Begining balance | $ 132,951 | |
Ending balance | 121,959 | |
Sonatide Marine, Ltd. | ||
Schedule Of Equity Method Investments [Line Items] | ||
Begining balance | 109,176 | |
Revenue earned by the company through Sonatide | 29,650 | |
Less amounts received from Sonatide | (35,699) | |
Less amounts used to offset Due to Sonatide obligations | (7,982) | [1] |
Other | (1,005) | |
Ending balance | $ 94,140 | |
[1] | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Affiliates Balances - Additiona
Affiliates Balances - Additional Information (Detail) - Sonatide Marine, Ltd. $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)Vessel | |
Schedule Of Equity Method Investments [Line Items] | |
Due from affiliate current net after offsetting due to affiliate | $ 67 |
Cash | $ 51 |
Number of vessels operating | Vessel | 3 |
Number of vessels stacked | Vessel | 1 |
Angola, Kwanza | |
Schedule Of Equity Method Investments [Line Items] | |
Cash | $ 15 |
Trade Accounts Receivable | |
Schedule Of Equity Method Investments [Line Items] | |
Net trade accounts receivable | $ 19 |
Schedule of Amounts Due to Affi
Schedule of Amounts Due to Affiliate (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | ||
Begining balance | $ 34,972 | |
Ending balance | 39,060 | |
Sonatide Marine, Ltd. | ||
Schedule Of Equity Method Investments [Line Items] | ||
Begining balance | 29,347 | |
Plus additional commissions payable to Sonatide | 2,828 | |
Plus amounts paid by Sonatide on behalf of the company | 5,093 | |
Less commissions paid to Sonatide during the period | (5,961) | |
Less amounts used to offset Due from Sonatide obligations | (7,982) | [1] |
Other | 4,125 | |
Ending balance | $ 27,450 | |
[1] | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Summary of Operations in Angola
Summary of Operations in Angola (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Vessel | Jun. 30, 2018USD ($)Vessel | Jun. 30, 2019USD ($)Vessel | Jun. 30, 2018USD ($)Vessel | |
Schedule Of Equity Method Investments [Line Items] | ||||
Revenues of Angolan operations (in thousands) | $ | $ 125,859 | $ 105,601 | $ 248,008 | $ 197,094 |
ANGOLA | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Revenues of Angolan operations (in thousands) | $ | $ 14,272 | $ 14,550 | $ 29,670 | $ 28,719 |
Percent of consolidated vessel revenues | 12.00% | 14.00% | 12.00% | 15.00% |
Number of company owned vessels in Angola | Vessel | 32 | 37 | 34 | 38 |
Number of stacked company owned vessels in Angola | Vessel | 13 | 16 | 14 | 17 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Pension Plans, Defined Benefit | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, employer contributions | $ 0 | $ 0 | $ 0 | $ 0 | ||
Supplemental Executive Retirement Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, employer contributions | 400,000 | 800,000 | ||||
Obligations under the supplemental plan | $ 20,500,000 | $ 20,500,000 | $ 21,400,000 | |||
Supplemental Executive Retirement Plan | Scenario, Forecast | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, employer contributions | $ 2,300,000 |
Schedule of Net Periodic Benefi
Schedule of Net Periodic Benefit Costs (Detail) - Pension Benefits - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ (44) | $ 41 | $ 12 | $ 71 |
Interest cost | 914 | 882 | 1,847 | 1,784 |
Expected return on plan assets | (513) | (482) | (1,076) | (964) |
Administrative expenses | (3) | 2 | 7 | 3 |
Settlement loss recognized | 21 | 335 | 92 | 335 |
Net periodic pension cost | $ 375 | $ 778 | $ 882 | $ 1,229 |
Summary of Debt Outstanding (De
Summary of Debt Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt [Line Items] | |||
Amount outstanding | [1] | $ 428,378 | $ 431,456 |
Debt premiums and discounts, net | 6,535 | 7,548 | |
Less: Current portion of long-term debt | (10,002) | (8,568) | |
Total long-term debt | 424,911 | 430,436 | |
8.00% Senior Secured Notes Due August 2022 | |||
Debt [Line Items] | |||
Secured notes | [2],[3] | 349,794 | 349,954 |
Norwegian Kroner Denominated Notes Due May 2024 | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Amount outstanding | [1] | 11,497 | 12,241 |
Norwegian Kroner Denominated Notes Due January 2026 | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Amount outstanding | [1] | 22,734 | 22,988 |
United States Dollar Denominated Notes Due January 2027 | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Amount outstanding | [1] | 21,502 | 22,116 |
United States Dollar Denominated Notes Due April 2027 | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Amount outstanding | [1] | $ 22,851 | $ 24,157 |
[1] | We pay principal and interest on these notes semi-annually.  As of June 30, 2019 and December 31, 2018, the aggregate fair value (Level 2) of the Troms Offshore borrowings was $78.6 million and $81.5 million, respectively. The weighted average interest rate of the Troms Offshore borrowings as of June 30, 2019 was 4.99%. | ||
[2] | As of June 30, 2019 and December 31, 2018 the fair value (Level 2) of the Secured Notes was $362.1 million and $359.4 million, respectively. | ||
[3] | In December 2018, we commenced an offer to repurchase up to $25.4 million of the Secured Notes. In January 2019, we repurchased $160,000 of the Secured Notes in accordance with this tender offer obligation. On June 14, 2019, we commenced an offer to repurchase $ |
Summary of Debt Outstanding (Pa
Summary of Debt Outstanding (Parenthetical) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Jul. 31, 2019 | Jun. 14, 2019 | Jan. 31, 2019 | |
Debt [Line Items] | |||||
Restricted cash | $ 13,614,000 | $ 25,953,000 | |||
Troms Offshore Supply AS | |||||
Debt [Line Items] | |||||
Description of frequency of periodic payments on notes | semi-annually | ||||
Weighted average interest rate of debt borrowings | 4.99% | ||||
Troms Offshore Supply AS | Level 2 | |||||
Debt [Line Items] | |||||
Fair value of debt outstanding | $ 78,600,000 | $ 81,500,000 | |||
8.00% Senior Secured Notes Due August 2022 | |||||
Debt [Line Items] | |||||
Debt instrument interest rate | 8.00% | 8.00% | |||
Debt Instrument Maturity Period | August 2022 | August 2022 | |||
8.00% Senior Secured Notes Due August 2022 | Offer | |||||
Debt [Line Items] | |||||
Aggregate principal amount | $ 13,600,000 | ||||
8.00% Senior Secured Notes Due August 2022 | Offer | Maximum | |||||
Debt [Line Items] | |||||
Aggregate principal amount | $ 25,400,000 | ||||
8.00% Senior Secured Notes Due August 2022 | Level 2 | |||||
Debt [Line Items] | |||||
Fair value of debt outstanding | $ 362,100,000 | $ 359,400,000 | |||
Norwegian Kroner Denominated Notes Due May 2024 | Troms Offshore Supply AS | |||||
Debt [Line Items] | |||||
Debt Instrument Maturity Period | May 2024 | May 2024 | |||
Norwegian Kroner Denominated Notes Due January 2026 | Troms Offshore Supply AS | |||||
Debt [Line Items] | |||||
Debt Instrument Maturity Period | January 2026 | January 2026 | |||
United States Dollar Denominated Notes Due January 2027 | Troms Offshore Supply AS | |||||
Debt [Line Items] | |||||
Debt Instrument Maturity Period | January 2027 | January 2027 | |||
United States Dollar Denominated Notes Due April 2027 | Troms Offshore Supply AS | |||||
Debt [Line Items] | |||||
Debt Instrument Maturity Period | April 2027 | April 2027 | |||
Tendered Notes | |||||
Debt [Line Items] | |||||
Aggregate principal amount | $ 747 | $ 160,000 |
Commitment and Contingencies (A
Commitment and Contingencies (Arbitral Award for the Taking of the Company's Venezuelan Operations) - Additional Information (Detail) - Compensatory Purposes - VENEZUELA $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)Subsidiary | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of subsidiaries awarded grant | Subsidiary | 2 |
Compensation awarded to the claimants | $ 59.3 |
Litigation settlement accrual interest | $ 0.6 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Cash equivalents maturity period, days | 90 days | |
Cash equivalents | $ 322,100,000 | $ 327,500,000 |
Spot derivatives outstanding | $ 0 | $ 0 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Current Assets, Properties and Equipment, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | ||
Deposits | $ 1,303 | $ 1,413 |
Prepaid expenses and other | 13,157 | 10,423 |
Total other current assets | $ 14,460 | $ 11,836 |
Summary of Properties and Equip
Summary of Properties and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Abstract] | ||
Vessels and related equipment | $ 1,131,893 | $ 1,144,028 |
Other properties and equipment | 8,110 | 7,455 |
Properties and equipment, gross | 1,140,003 | 1,151,483 |
Less accumulated depreciation and amortization | 98,949 | 61,626 |
Properties and equipment, net | $ 1,041,054 | $ 1,089,857 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets, Noncurrent [Abstract] | ||
Recoverable insurance losses | $ 5,088 | $ 4,056 |
Investments held for supplemental savings plan accounts | 5,035 | 4,807 |
Long-term deposits | 18,594 | 16,848 |
Deferred tax asset | 395 | 395 |
Right of use asset | 4,651 | |
Other | 5,888 | 5,220 |
Total other assets | $ 39,651 | $ 31,326 |
Schedule of Accrued Cost and Ex
Schedule of Accrued Cost and Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts Payable and Accrued Liabilities Current [Abstract] | |||
Payroll and related payables | $ 18,204 | $ 17,447 | |
Commissions payable | [1] | 2,375 | 1,990 |
Accrued vessel expenses | 27,050 | 29,534 | |
Accrued interest expense | 5,610 | 5,985 | |
Other accrued expenses | 3,436 | 6,828 | |
Accrued cost and expenses | $ 56,675 | $ 61,784 | |
[1] | Excludes $24.8 million and $28.0 million of commissions due to Sonatide at June 30, 2019 and December 31, 2018, respectively. These amounts are included in amounts due to affiliate. |
Schedule of Accrued Cost and _2
Schedule of Accrued Cost and Expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Accrued Liabilities [Line Items] | |||
Commissions payable | [1] | $ 2,375 | $ 1,990 |
Sonatide joint venture | |||
Schedule Of Accrued Liabilities [Line Items] | |||
Commissions payable | $ 24,800 | $ 28,000 | |
[1] | Excludes $24.8 million and $28.0 million of commissions due to Sonatide at June 30, 2019 and December 31, 2018, respectively. These amounts are included in amounts due to affiliate. |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Current [Abstract] | ||
Taxes payable | $ 17,802 | $ 13,167 |
Lease liability - operating | 710 | |
Accrued property and liability losses | 583 | 2,726 |
Other | 5,347 | 5,199 |
Other current liabilities | $ 24,442 | $ 21,092 |
Schedule of Other Liabilities a
Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Credits and Other Liabilities [Abstract] | ||
Pension liabilities | $ 33,295 | $ 33,124 |
Liability for uncertain tax positions | 44,676 | 43,790 |
Deferred tax liability | 1,919 | 1,913 |
Lease liability - operating | 4,420 | |
Accrued property and liability losses | 3,500 | 4,123 |
Other | 9,661 | 11,075 |
Other liabilities and deferred credits | $ 97,471 | $ 94,025 |
Segment Information, Geographic
Segment Information, Geographical Data and Major Customers (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | $ 125,859,000 | $ 105,601,000 | $ 248,008,000 | $ 197,094,000 | |||
Operating profit (loss) | [1] | 8,321,000 | 7,647,000 | 12,632,000 | 6,504,000 | ||
Corporate expenses | [1],[2] | (12,221,000) | (7,910,000) | (27,422,000) | (14,694,000) | ||
Gain (loss) on asset dispositions, net | (494,000) | 1,338,000 | 776,000 | 3,257,000 | |||
Asset impairments | 0 | (1,215,000) | [3] | 0 | (7,401,000) | [3] | |
Operating loss | (4,394,000) | (140,000) | (14,014,000) | (12,334,000) | |||
Depreciation and amortization | 25,038,000 | 12,785,000 | 47,970,000 | 24,802,000 | |||
Additions to properties and equipment | 5,757,000 | 4,097,000 | 8,873,000 | 5,775,000 | |||
All Other Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | [1] | 1,625,000 | 778,000 | 3,330,000 | 2,284,000 | ||
Depreciation and amortization | 5,000 | 5,000 | 10,000 | 10,000 | |||
Operating Segments | Americas | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | [1] | 2,900,000 | 5,681,000 | 1,870,000 | 10,592,000 | ||
Depreciation and amortization | 6,515,000 | 3,530,000 | 12,776,000 | 6,843,000 | |||
Additions to properties and equipment | 206,000 | 1,230,000 | 604,000 | 2,267,000 | |||
Operating Segments | Middle East/Asia Pacific | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | [1] | (2,127,000) | 625,000 | (3,289,000) | (1,628,000) | ||
Depreciation and amortization | 5,319,000 | 2,844,000 | 9,769,000 | 5,613,000 | |||
Additions to properties and equipment | 2,180,000 | 1,073,000 | 3,639,000 | 1,496,000 | |||
Operating Segments | Europe/Mediterranean Sea | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | [1] | 2,824,000 | (1,142,000) | (493,000) | (4,696,000) | ||
Depreciation and amortization | 7,741,000 | 2,239,000 | 15,187,000 | 4,043,000 | |||
Additions to properties and equipment | 601,000 | 135,000 | 722,000 | 135,000 | |||
Operating Segments | West Africa Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | [1] | 3,099,000 | 1,705,000 | 11,214,000 | (48,000) | ||
Depreciation and amortization | 5,100,000 | 4,067,000 | 9,543,000 | 8,093,000 | |||
Additions to properties and equipment | 1,340,000 | 1,583,000 | 1,000 | ||||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Depreciation and amortization | 358,000 | 100,000 | 685,000 | 200,000 | |||
Additions to properties and equipment | 1,430,000 | 1,659,000 | 2,325,000 | 1,876,000 | |||
Service | Operating Segments | Americas | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 35,199,000 | 32,601,000 | 70,477,000 | 58,682,000 | |||
Service | Operating Segments | Middle East/Asia Pacific | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 20,449,000 | 22,406,000 | 40,905,000 | 40,794,000 | |||
Service | Operating Segments | Europe/Mediterranean Sea | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 35,027,000 | 13,357,000 | 63,585,000 | 22,980,000 | |||
Service | Operating Segments | West Africa Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 32,966,000 | 35,810,000 | 68,336,000 | 69,212,000 | |||
Other Operating Revenues | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | $ 2,218,000 | $ 1,427,000 | $ 4,705,000 | $ 5,426,000 | |||
[1] | 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. | ||||||
[2] | Included in corporate expenses for both the three and six months ended June 30, 2019 was $0.5 million and $4.2 million, respectively, of integration costs related to the business combination with GulfMark. | ||||||
[3] | Refer to Note (14) for additional information regarding asset impairment charges. |
Segment Information, Geograph_2
Segment Information, Geographical Data and Major Customers (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Corporate | GulfMark | ||
Segment Reporting Information [Line Items] | ||
Merger and integration costs | $ 0.5 | $ 4.2 |
Comparison of Total Assets (Det
Comparison of Total Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | $ 1,792,270 | $ 1,827,739 |
Investments in, at equity, and advances to unconsolidated companies | 658 | 1,039 |
All Other Segments | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | 4,960 | 7,440 |
Operating Segments | Americas | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | 375,087 | 380,168 |
Operating Segments | Middle East/Asia Pacific | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | 238,283 | 233,611 |
Operating Segments | Europe/Mediterranean Sea | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | 415,409 | 316,524 |
Operating Segments | West Africa | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | 400,876 | 483,234 |
Corporate | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Assets | $ 356,997 | $ 405,723 |
Summary of Impairments (Detail)
Summary of Impairments (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)Vessel | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)Vessel | |||
Asset Impairment Charges [Abstract] | ||||||
Number of vessels impaired in the period | Vessel | 2 | 15 | ||||
Amount of impairment incurred | $ | $ 0 | $ 1,215,000 | [1] | $ 0 | $ 7,401,000 | [1] |
[1] | Refer to Note (14) for additional information regarding asset impairment charges. |
Asset Impairments - Additional
Asset Impairments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Asset Impairment Charges [Abstract] | ||||||
Asset impairments | $ 0 | $ 1,215,000 | [1] | $ 0 | $ 7,401,000 | [1] |
[1] | Refer to Note (14) for additional information regarding asset impairment charges. |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |||
Lease term expiration | lease terms expiring between 2023 and 2026 | ||
Lease exit charge | $ 5.5 | ||
severance charge | $ 3.8 | $ 1.8 |
Summary of Lease Exit and Sever
Summary of Lease Exit and Severance Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | $ 6,753 |
Charges | 3,945 |
Cash payments | (5,342) |
Ending balance | 5,356 |
Lease Exit Costs | Europe/Mediterranean Sea | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | 2,005 |
Charges | 11 |
Cash payments | (158) |
Ending balance | 1,858 |
Lease Exit Costs | Corporate | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | 4,463 |
Charges | 98 |
Cash payments | (1,268) |
Ending balance | 3,293 |
Severance | Europe/Mediterranean Sea | |
Restructuring Cost And Reserve [Line Items] | |
Charges | 868 |
Cash payments | (663) |
Ending balance | 205 |
Severance | Corporate | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | 285 |
Charges | 2,968 |
Cash payments | $ (3,253) |