Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HORNBECK OFFSHORE SERVICES INC /LA | ' |
Entity Central Index Key | '0001131227 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'HOS | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 36,330,800 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $243,794 | $439,291 |
Accounts receivable, net of allowance for doubtful accounts of $2,936 and $3,411, respectively | 124,695 | 93,512 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 28,483 | 72,470 |
Prepaid and other current assets | 18,644 | 13,779 |
Current assets from discontinued operations | 608 | 1,578 |
Total current assets | 416,224 | 620,630 |
Property, plant and equipment, net | 2,398,159 | 2,125,374 |
Deferred charges, net | 77,554 | 74,075 |
Other assets | 13,356 | 13,442 |
Disposal Group, Including Discontinued Operation, Long Lived Assets | 137 | 759 |
Total assets | 2,905,430 | 2,834,280 |
Current liabilities: | ' | ' |
Accounts payable | 50,334 | 52,930 |
Accrued interest | 13,648 | 14,890 |
Accrued payroll and benefits | 17,753 | 13,451 |
Deferred revenue | 1,531 | 8,786 |
Other accrued liabilities | 13,732 | 11,497 |
Current liabilities from discontinued operations | 4 | 117 |
Total current liabilities | 97,002 | 101,671 |
Long-term debt, net of original issue discount of $53,928 and $60,908, respectively | 1,071,072 | 1,064,092 |
Deferred tax liabilities, net | 363,588 | 368,416 |
Other liabilities | 1,747 | 4,367 |
Liabilities of Disposal Group, Including Discontinued Operation, Noncurrent | 527 | 306 |
Total liabilities | 1,533,936 | 1,538,852 |
Stockholders’ equity: | ' | ' |
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock: $0.01 par value; 100,000 shares authorized; 36,322 and 36,095 shares issued and | 363 | 361 |
Additional paid-in-capital | 731,045 | 724,379 |
Retained earnings | 640,837 | 571,483 |
Accumulated other comprehensive loss | -751 | -795 |
Total stockholders’ equity | 1,371,494 | 1,295,428 |
Total liabilities and stockholders’ equity | $2,905,430 | $2,834,280 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | $2,936 | $3,411 |
Long-term debt, net of original issue discount | $53,928 | $60,908 |
Preferred stock par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $0.01 | $0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 36,322,000 | 36,095,000 |
Common stock outstanding | 36,322,000 | 36,095,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenues | $166,890 | $132,915 | $474,574 | $403,252 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Operating expenses | 76,425 | 59,180 | 216,411 | 174,175 | ||||
Depreciation | 18,201 | 13,854 | 51,998 | 40,498 | ||||
Amortization | 10,810 | 8,582 | 33,916 | 22,265 | ||||
General and administrative expenses | 11,220 | 14,114 | 40,392 | 40,433 | ||||
Costs and Expenses, Total | 116,656 | 95,730 | 342,717 | 277,371 | ||||
Gain on sale of assets | 0 | 3 | 161 | 1,572 | ||||
Operating income | 50,234 | 37,188 | 132,018 | 127,453 | ||||
Other income (expense): | ' | ' | ' | ' | ||||
Loss on early extinguishment of debt | 0 | 0 | 0 | -25,776 | ||||
Interest income | 233 | 681 | 880 | 1,926 | ||||
Interest expense | -7,808 | -11,708 | -22,056 | -38,672 | ||||
Other income (expense), net | 52 | -137 | 15 | -153 | ||||
Nonoperating Income (Expense), Total | -7,523 | -11,164 | -21,161 | -62,675 | ||||
Income before income taxes | 42,711 | 26,024 | 110,857 | 64,778 | ||||
Income tax expense | 16,152 | 8,228 | 41,719 | 22,787 | ||||
Income from continuing operations | 26,559 | 17,796 | 69,138 | 41,991 | ||||
Income (loss) from discontinued operations, net of tax | -204 | [1] | 41,368 | [1] | 216 | [1] | 47,162 | [1] |
Net income | $26,355 | $59,164 | $69,354 | $89,153 | ||||
Earnings per share: | ' | ' | ' | ' | ||||
Basic earnings per common share from continuing operations | $0.73 | $0.49 | $1.91 | $1.17 | ||||
Basic earnings (loss) per common share from discontinued operations | ($0.01) | $1.15 | $0 | $1.32 | ||||
Basic earnings per common share | $0.72 | $1.64 | $1.91 | $2.49 | ||||
Diluted earnings per common share from continuing operations | $0.72 | $0.49 | $1.89 | $1.15 | ||||
Diluted earnings per common share from continuing operations | ($0.01) | $1.12 | $0 | $1.29 | ||||
Diluted earnings per common share, Dollars per Share | $0.71 | $1.61 | $1.89 | $2.44 | ||||
Weighted average basic shares outstanding | 36,318 | 36,038 | 36,247 | 35,841 | ||||
Weighted average diluted shares outstanding | 36,857 | 36,663 | 36,778 | 36,511 | ||||
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 7 for further discussion of this transaction. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $26,355 | $59,164 | $69,354 | $89,153 |
Other comprehensive income: | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -181 | 5 | 44 | -318 |
Total comprehensive income | $26,174 | $59,169 | $69,398 | $88,835 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Income from continuing operations | $69,138 | $41,991 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' |
Depreciation | 51,998 | 40,498 |
Amortization | 33,916 | 22,265 |
Stock-based compensation expense | 8,417 | 9,603 |
Loss on early extinguishment of debt | 0 | 25,776 |
Provision for bad debts | -475 | 121 |
Deferred tax expense | 41,018 | 15,285 |
Amortization of deferred financing costs | 5,971 | 14,134 |
Gain on sale of assets | -161 | -1,572 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -30,537 | 15,433 |
Other receivables and current assets | -6,979 | 6,805 |
Deferred drydocking charges | -39,648 | -25,444 |
Accounts payable | -2,080 | -11,114 |
Accrued liabilities and other liabilities | -9,635 | 13,038 |
Accrued interest | -1,242 | 382 |
Net cash provided by operating activities | 119,701 | 167,201 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Costs incurred for OSV newbuild program | -275,150 | -344,909 |
Net proceeds from sale of assets | 103 | 16,118 |
Vessel capital expenditures | -41,862 | -46,372 |
Non-vessel capital expenditures | -2,814 | -3,459 |
Net cash used in investing activities | -319,723 | -378,622 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Tax benefit from share-based payments | 0 | 5,127 |
Repayment of senior notes | 0 | -250,000 |
Proceeds from the issuance of senior notes | 0 | 450,000 |
Redemption premium on the retirement of debt | 0 | -17,658 |
Deferred financing costs | 0 | -7,771 |
Net cash proceeds from other shares issued | 2,403 | 7,840 |
Net cash provided by financing activities | 2,403 | 187,538 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' |
Net cash provided by operating activities | 790 | 16,731 |
Net cash provided by investing activities | 1,288 | 228,576 |
Net cash provided by discontinued operations | 2,078 | 245,307 |
Effects of exchange rate changes on cash | 44 | -318 |
Net increase (decrease) in cash and cash equivalents | -195,497 | 221,106 |
Cash and cash equivalents at beginning of period | 439,291 | 576,678 |
Cash and cash equivalents at end of period | 243,794 | 797,784 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ' | ' |
Cash paid for interest | 39,150 | 40,216 |
Cash paid for income taxes | $4,111 | $3,319 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2013. The results of operations for the nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Certain reclassifications have been made to prior period results to conform to current year presentation. The most significant of these reclassifications are associated with the Company's discontinued operations. As discussed further in Note 7, the Company sold substantially all of its Downstream assets in August 2013. | |
The consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
On May 28, 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which supersedes the revenue recognition requirements in FASB Accounting Standard Codification (ASC) Topic 605, "Revenue Recognition." ASU No. 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application and will be effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early application is not permitted. The Company is evaluating the effect of this new standard on its financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per common share was calculated by dividing income from continuing operations and income from discontinued operations by the weighted average number of common shares outstanding during the period. Diluted earnings per common share was calculated by dividing income from continuing operations and income from discontinued operations by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s earnings per share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations (1) | $ | 26,559 | $ | 17,796 | $ | 69,138 | $ | 41,991 | ||||||||
Income (loss) from discontinued operations, net of tax (2) | (204 | ) | 41,368 | 216 | 47,162 | |||||||||||
Net income | $ | 26,355 | $ | 59,164 | $ | 69,354 | $ | 89,153 | ||||||||
Weighted average number of shares of common stock outstanding | 36,318 | 36,038 | 36,247 | 35,841 | ||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 539 | 625 | 531 | 670 | ||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,857 | 36,663 | 36,778 | 36,511 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.73 | $ | 0.49 | $ | 1.91 | $ | 1.17 | ||||||||
Basic earnings (loss) per common share from discontinued operations | (0.01 | ) | 1.15 | — | 1.32 | |||||||||||
Basic earnings per common share | $ | 0.72 | $ | 1.64 | $ | 1.91 | $ | 2.49 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.72 | $ | 0.49 | $ | 1.89 | $ | 1.15 | ||||||||
Diluted earnings (loss) per common share from discontinued operations | (0.01 | ) | 1.12 | — | 1.29 | |||||||||||
Diluted earnings per common share | $ | 0.71 | $ | 1.61 | $ | 1.89 | $ | 2.44 | ||||||||
-1 | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. See Note 4 for further information regarding the Company’s debt. | |||||||||||||||
-2 | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 7 for further discussion of this transaction. | |||||||||||||||
-3 | For the three and nine months ended September 30, 2014 and 2013, the Company had no anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||||||||||
-4 | For the three and nine months ended September 30, 2014 and 2013, the 2019 convertible senior notes were not dilutive and for the three and nine months ended September 30, 2013, the 2026 convertible senior notes retired in November 2013 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. | |||||||||||||||
-5 | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 5 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
5.875% senior notes due 2020 | $ | 375,000 | $ | 375,000 | ||||
5.000% senior notes due 2021 | 450,000 | 450,000 | ||||||
1.500% convertible senior notes due 2019, net of original issue discount of $53,928 and $60,908 | 246,072 | 239,092 | ||||||
Revolving credit facility due 2016 | — | — | ||||||
1,071,072 | 1,064,092 | |||||||
Less current maturities | — | — | ||||||
$ | 1,071,072 | $ | 1,064,092 | |||||
The table below summarizes the Company's cash interest payments (in thousands): | ||||||||
Semi-Annual Cash Interest Payment | Payment Dates | |||||||
5.875% senior notes due 2020 | $ | 11,000 | April 1 and October 1 | |||||
5.000% senior notes due 2021 | 11,300 | March 1 and September 1 | ||||||
1.500% convertible senior notes due 2019 | 2,300 | March 1 and September 1 | ||||||
Revolving Credit Facility | ||||||||
The Company has an undrawn senior secured revolving credit facility with a borrowing base of $300.0 million and an accordion feature that allows for the potential expansion of the facility up to an aggregate of $500.0 million. The facility matures in November 2016. | ||||||||
Under the Company’s revolving credit facility, it has the option of borrowing at a variable rate of interest equal to either (i) the London Interbank Offered Rate, or LIBOR, plus an applicable margin, or (ii) the greatest of the Prime Rate, the Federal Funds Effective Rate plus 1/2 of 1% and the one-month LIBOR plus 1%, plus in each case an applicable margin. The applicable margin for each base rate is determined by a pricing grid, which is based on the Company’s leverage ratio, as defined in the credit agreement governing the amended revolving credit facility. Unused commitment fees are payable quarterly at the annual rate ranging from 37.5 basis points to 50.0 basis points as determined by a pricing grid. | ||||||||
As of September 30, 2014, there were no amounts drawn under the Company’s $300.0 million revolving credit facility and $0.9 million posted as letters of credit. As of September 30, 2014, the Company was in compliance with all financial covenants required by its revolving credit facility and the full amount of the undrawn borrowing base under the facility was available to the Company for all permissible uses of proceeds, including working capital, if necessary. | ||||||||
The Company estimates the fair value of its 2020 senior notes, 2021 senior notes and 2019 convertible senior notes by primarily using quoted market prices. The fair value of the Company’s revolving credit facility, when there are outstanding balances, approximates its carrying value. The face value, carrying value and fair value of the Company’s total debt was $1,125.0 million, $1,071.1 million and $1,097.1 million, respectively, as of September 30, 2014. Given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2, of the three-level valuation hierarchy. | ||||||||
Capitalized Interest | ||||||||
During the three and nine months ended September 30, 2014, the Company capitalized approximately $8.2 million and $25.9 million, respectively, of interest costs related to the construction of vessels. During the three and nine months ended September 30, 2013, the Company capitalized approximately $8.8 million and $22.2 million, respectively, of interest costs related to the construction of vessels. |
Incentive_Compensation
Incentive Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Incentive Compensation | ' | |||||||||||||||
Incentive Compensation | ||||||||||||||||
Stock-Based Incentive Compensation Plan | ||||||||||||||||
The Company’s stock-based incentive compensation plan covers a maximum of 4.2 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to employees and directors. As of September 30, 2014, the Company has granted 3.8 million shares of common stock under such plan. | ||||||||||||||||
During the nine months ended September 30, 2014, the Company granted cash-settled phantom restricted stock units, time-based restricted stock units, performance-based restricted stock units and fully-vested common stock as noted in the table below. | ||||||||||||||||
Directors | Executive Officers | Certain Managers | ||||||||||||||
Cash-settled phantom restricted stock units | X | X | ||||||||||||||
Time-based restricted stock units | X | |||||||||||||||
Performance-based restricted stock units | X | |||||||||||||||
Fully-vested common stock | X | |||||||||||||||
The shares to be received under the performance-based restricted stock units are calculated based on the Company’s performance compared to three pre-determined criteria, as defined by the restricted stock agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 150% of the Company’s awards depending on the Company’s performance. During the nine months ended September 30, 2014, the Company granted 203,262 time-based and performance-based restricted stock units, 34,454 cash-settled phantom restricted stock units and 17,370 shares of fully-vested common stock. | ||||||||||||||||
Compensation expense related to 2014 restricted stock unit grants is recognized over the three-year service period. The fair value of the Company’s performance-based restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based restricted stock units and cash-settled phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. The cash-settled phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the restricted stock units granted in 2014, the Company granted performance-based and time-based restricted stock units in 2011, 2012 and 2013. During the nine months ended September 30, 2014, the Company issued 226,689 shares, in the aggregate, of stock due to: 1) employees exercising previously vested stock options, 2) vestings of restricted stock units, 3) employee purchases under the Company's Employee Stock Purchase Plan and 4) the issuance of fully-vested common stock. | ||||||||||||||||
Stock-based compensation expense charges from previously issued equity grants and the financial impact such grants have on the Company’s operating results are reflected in the table below (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income before taxes | $ | 2,101 | $ | 3,185 | $ | 8,417 | $ | 9,603 | ||||||||
Net income | $ | 1,306 | $ | 2,178 | $ | 5,249 | $ | 6,225 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.06 | $ | 0.14 | $ | 0.17 | ||||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.06 | $ | 0.14 | $ | 0.17 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Vessel Construction | |
In November 2011, the Company announced, and has since expanded, its fifth OSV newbuild program. This program now consists of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs and five 310 class MPSVs. As of September 30, 2014, the Company had placed 11 vessels in service under such program. Subsequent to quarter-end, one additional vessel was placed in service under such program. The 12 remaining vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service as follows: four in the fourth quarter of 2014, six in 2015 and two in 2016. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,250.0 million, of which $117.6 million, $134.1 million and $28.6 million are expected to be incurred in the fourth quarter 2014, fiscal 2015 and fiscal 2016, respectively. From the inception of this program through September 30, 2014, the Company had incurred construction costs of approximately $969.7 million, or 77.6%, of total expected project costs. | |
OSV-to-MPSV Flotel Conversion | |
In October 2014, the Company announced that it has finalized plans to convert one of its newbuild HOSMAX 300 class OSVs that was previously placed in service under its ongoing newbuild program, the HOS Riverbend, into a 300 class MPSV flotel vessel. The project costs and commercial downtime for this vessel conversion are expected to be approximately $40.0 million and 140 days out of service, respectively. | |
Contingencies | |
In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although revisions to such estimates historically have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. | |
Vessel charters with Petrobras include limitations regarding fuel consumption. Petrobras has asserted claims against the Company relating to excess fuel consumption. The Company’s exposure for these assessments, net of amounts accrued, is in the range of approximately $0.5 million to $3.0 million. The Company disagrees with these assessments. While the Company cannot currently estimate the amounts or timing of the resolution of these matters, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact on its interim or annual results of operations. | |
During 2013, the Company commenced the process of assigning the vessel management services for its four vessels operating in Brazil from a third-party provider to a wholly-owned subsidiary of the Company. This assignment has been interpreted by local authorities as a new importation of these vessels which may result in an assessment of taxes and duties of approximately $3.0 million, in the aggregate. The Company asserts that these vessels did not require re-importation and a court-ordered injunction is currently in place to preclude the local tax authorities from collecting any importation taxes and duties from the Company. Furthermore, on September 11, 2014, the Federal Supreme Court of Brazil issued a general ruling that international leasing contracts are not subject to these importation taxes and duties on the basis that the importation is temporary and a transfer of ownership does not occur. Thus, as of September 30, 2014, any potential re-importation duties have not been recorded in the Company's financial statements. | |
In addition, the Company has a dispute with the third-party provider relating to past services in Brazil. The Company's claim is presently estimated to be in the range of $0.5 million to $5.5 million. The third-party provider has asserted claims against the Company, which are estimated to be in the range of $0.5 million to $4.0 million, net of amounts accrued. While the Company cannot estimate the amounts or timing of the resolution of these matters relating to operations in Brazil, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact on its interim or annual results of operations. | |
During 2012, an Upstream customer, ATP Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code. During the second quarter of 2014, this case has been converted to liquidation under Chapter 7 of the United States Bankruptcy Code. Pre-petition receivables from ATP were $4.8 million, of which the Company has recorded $0.9 million in reserves. While the Company believes that the net receivables are collectible, it will continue to monitor the proceedings, which may result in actual collections that may differ materially from the current estimate. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On August 29, 2013, the Company closed the sale of substantially all of the assets and business of its Downstream segment's tug and tank barge fleet to Genesis Marine, LLC, an affiliate of Genesis Energy L.P. (NYSE:GEL), for net cash proceeds of approximately of $227.5 million, after deal costs. The sale resulted in a gain of $60.0 million ($38.1 million after-tax or $1.04 per diluted share). Excluded from the sale were three older, lower-horsepower tugs considered to be non-core assets. During the nine months ended September 30, 2014, two of these tugs were sold for net cash proceeds of $1.3 million. These sales resulted in a pre-tax gain of approximately $0.7 million ($0.4 million after-tax or $0.01 per diluted share.) The historical results for the Downstream segment and the gains on the sales thereof have been presented as discontinued operations for all periods in the accompanying consolidated financial statements. | ||||||||||||||||
Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | — | $ | 11,383 | $ | 12 | $ | 42,885 | ||||||||
Gain on sale of assets | — | 60,046 | 655 | 60,076 | ||||||||||||
Operating income (loss) | (318 | ) | 65,181 | 338 | 74,485 | |||||||||||
Income (loss) before income taxes | (318 | ) | 65,181 | 338 | 74,487 | |||||||||||
Income tax expense (benefit) | (114 | ) | 23,813 | 122 | 27,325 | |||||||||||
Income (loss) from discontinued operations | (204 | ) | 41,368 | 216 | 47,162 | |||||||||||
As of September 30, 2014 and December 31, 2013, the aggregate components of assets and liabilities classified as discontinued operations consisted of the following (in thousands): | ||||||||||||||||
As of | As of | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Other current assets | $ | 608 | $ | 1,578 | ||||||||||||
Total current assets | 608 | 1,578 | ||||||||||||||
Property, plant and equipment, net | 137 | 759 | ||||||||||||||
Total assets | $ | 745 | $ | 2,337 | ||||||||||||
Liabilities: | ||||||||||||||||
Accrued payroll and benefits | $ | — | $ | 2 | ||||||||||||
Other accrued liabilities | 4 | 115 | ||||||||||||||
Total current liabilities | 4 | 117 | ||||||||||||||
Other liabilities | 527 | 306 | ||||||||||||||
Total liabilities | $ | 531 | $ | 423 | ||||||||||||
At the closing of the sale, the Company entered into transition service agreements with Genesis to facilitate the transition of the sale of the business, including ship management agreements and a crew management agreement, pursuant to which the Company provides services related to the operation and management of the vessels as well as supplying some of the marine crews for those vessels during the transition period. As of September 30, 2014, the Company has terminated all of the transition service agreements. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Event [Line Items] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
On October 29, 2014, the Company announced that its Board of Directors has authorized the Company to repurchase up to $150 million in shares of its common stock from time to time. The repurchase program will be funded from the Company's cash on-hand, cash flow from operations and/or cash proceeds from the divestiture of non-core assets. The Company is authorized to use different methods and plans to make the repurchases, including, but not limited to, open-market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The timing and amount of the repurchases will depend on several factors, such as market conditions, applicable legal requirements, available liquidity, the discretion of management and other appropriate factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Earnings Per Share | ' | |||||||||||||||
The table below reconciles the Company’s earnings per share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations (1) | $ | 26,559 | $ | 17,796 | $ | 69,138 | $ | 41,991 | ||||||||
Income (loss) from discontinued operations, net of tax (2) | (204 | ) | 41,368 | 216 | 47,162 | |||||||||||
Net income | $ | 26,355 | $ | 59,164 | $ | 69,354 | $ | 89,153 | ||||||||
Weighted average number of shares of common stock outstanding | 36,318 | 36,038 | 36,247 | 35,841 | ||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 539 | 625 | 531 | 670 | ||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,857 | 36,663 | 36,778 | 36,511 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.73 | $ | 0.49 | $ | 1.91 | $ | 1.17 | ||||||||
Basic earnings (loss) per common share from discontinued operations | (0.01 | ) | 1.15 | — | 1.32 | |||||||||||
Basic earnings per common share | $ | 0.72 | $ | 1.64 | $ | 1.91 | $ | 2.49 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.72 | $ | 0.49 | $ | 1.89 | $ | 1.15 | ||||||||
Diluted earnings (loss) per common share from discontinued operations | (0.01 | ) | 1.12 | — | 1.29 | |||||||||||
Diluted earnings per common share | $ | 0.71 | $ | 1.61 | $ | 1.89 | $ | 2.44 | ||||||||
-1 | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. See Note 4 for further information regarding the Company’s debt. | |||||||||||||||
-2 | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 7 for further discussion of this transaction. | |||||||||||||||
-3 | For the three and nine months ended September 30, 2014 and 2013, the Company had no anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||||||||||
-4 | For the three and nine months ended September 30, 2014 and 2013, the 2019 convertible senior notes were not dilutive and for the three and nine months ended September 30, 2013, the 2026 convertible senior notes retired in November 2013 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. | |||||||||||||||
-5 | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 5 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding Long-Term Debt | ' | |||||||
As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
5.875% senior notes due 2020 | $ | 375,000 | $ | 375,000 | ||||
5.000% senior notes due 2021 | 450,000 | 450,000 | ||||||
1.500% convertible senior notes due 2019, net of original issue discount of $53,928 and $60,908 | 246,072 | 239,092 | ||||||
Revolving credit facility due 2016 | — | — | ||||||
1,071,072 | 1,064,092 | |||||||
Less current maturities | — | — | ||||||
$ | 1,071,072 | $ | 1,064,092 | |||||
The table below summarizes the Company's cash interest payments (in thousands): | ||||||||
Semi-Annual Cash Interest Payment | Payment Dates | |||||||
5.875% senior notes due 2020 | $ | 11,000 | April 1 and October 1 | |||||
5.000% senior notes due 2021 | 11,300 | March 1 and September 1 | ||||||
1.500% convertible senior notes due 2019 | 2,300 | March 1 and September 1 | ||||||
Incentive_Compensation_Tables
Incentive Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Financial Impact of Stock-Based Compensation Expense Charges | ' | |||||||||||||||
tock-based compensation expense charges from previously issued equity grants and the financial impact such grants have on the Company’s operating results are reflected in the table below (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income before taxes | $ | 2,101 | $ | 3,185 | $ | 8,417 | $ | 9,603 | ||||||||
Net income | $ | 1,306 | $ | 2,178 | $ | 5,249 | $ | 6,225 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.06 | $ | 0.14 | $ | 0.17 | ||||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.06 | $ | 0.14 | $ | 0.17 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Discontinued Operations, Income Statement and Balance Sheet | ' | |||||||||||||||
Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue | $ | — | $ | 11,383 | $ | 12 | $ | 42,885 | ||||||||
Gain on sale of assets | — | 60,046 | 655 | 60,076 | ||||||||||||
Operating income (loss) | (318 | ) | 65,181 | 338 | 74,485 | |||||||||||
Income (loss) before income taxes | (318 | ) | 65,181 | 338 | 74,487 | |||||||||||
Income tax expense (benefit) | (114 | ) | 23,813 | 122 | 27,325 | |||||||||||
Income (loss) from discontinued operations | (204 | ) | 41,368 | 216 | 47,162 | |||||||||||
As of September 30, 2014 and December 31, 2013, the aggregate components of assets and liabilities classified as discontinued operations consisted of the following (in thousands): | ||||||||||||||||
As of | As of | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Other current assets | $ | 608 | $ | 1,578 | ||||||||||||
Total current assets | 608 | 1,578 | ||||||||||||||
Property, plant and equipment, net | 137 | 759 | ||||||||||||||
Total assets | $ | 745 | $ | 2,337 | ||||||||||||
Liabilities: | ||||||||||||||||
Accrued payroll and benefits | $ | — | $ | 2 | ||||||||||||
Other accrued liabilities | 4 | 115 | ||||||||||||||
Total current liabilities | 4 | 117 | ||||||||||||||
Other liabilities | 527 | 306 | ||||||||||||||
Total liabilities | $ | 531 | $ | 423 | ||||||||||||
Reconciliation_of_Earnings_Per
Reconciliation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Income from continuing operations | $26,559 | $17,796 | $69,138 | $41,991 | ||||
Income (loss) from discontinued operations, net of tax | -204 | [1] | 41,368 | [1] | 216 | [1] | 47,162 | [1] |
Net income | 26,355 | 59,164 | 69,354 | 89,153 | ||||
Weighted average number of shares of common stock outstanding | 36,318,000 | 36,038,000 | 36,247,000 | 35,841,000 | ||||
Add: Net effect of dilutive stock options and unvested restricted stock | 539,000 | [2],[3],[4] | 625,000 | [2],[3],[4] | 531,000 | [2],[3],[4] | 670,000 | [2],[3],[4] |
Weighted average number of dilutive shares of common stock outstanding | 36,857,000 | 36,663,000 | 36,778,000 | 36,511,000 | ||||
Earnings per common share: | ' | ' | ' | ' | ||||
Basic earnings per common share from continuing operations | $0.73 | $0.49 | $1.91 | $1.17 | ||||
Basic earnings (loss) per common share from discontinued operations | ($0.01) | $1.15 | $0 | $1.32 | ||||
Basic earnings per common share, Dollars per Share | $0.72 | $1.64 | $1.91 | $2.49 | ||||
Diluted earnings per common share from continuing operations | $0.72 | $0.49 | $1.89 | $1.15 | ||||
Diluted earnings per common share from continuing operations | ($0.01) | $1.12 | $0 | $1.29 | ||||
Diluted earnings per common share, Dollars per Share | $0.71 | $1.61 | $1.89 | $2.44 | ||||
Loss on early extinguishment of debt | $0 | $0 | $0 | ($25,776) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 | ||||
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 7 for further discussion of this transaction. | |||||||
[2] | For the three and nine months ended September 30, 2014 and 2013, the 2019 convertible senior notes were not dilutive and for the three and nine months ended September 30, 2013, the 2026 convertible senior notes retired in November 2013 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. | |||||||
[3] | For the three and nine months ended September 30, 2014 and 2013, the Company had no anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||
[4] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 5 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Outstanding_LongTerm_Debt_Deta
Outstanding Long-Term Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Debt, carrying value | $1,071,072,000 | $1,064,092,000 |
Less current maturities | 0 | 0 |
Long-term Debt, Excluding Current Maturities | 1,071,072,000 | 1,064,092,000 |
Long-term debt, net of original issue discount | 53,928,000 | 60,908,000 |
Senior Notes 5.875 Percent Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 375,000,000 | 375,000,000 |
Interest Rate | 5.88% | 5.88% |
Maturity | '2020 | '2020 |
Senior Notes 5.000 Percent Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 450,000,000 | 450,000,000 |
Interest Rate | 5.00% | 5.00% |
Maturity | '2021 | '2021 |
Convertible 1.500 Percent Senior Notes Due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 246,072,000 | 239,092,000 |
Interest Rate | 1.50% | 1.50% |
Maturity | '2019 | '2019 |
Long-term debt, net of original issue discount | 53,928,000 | 60,908,000 |
Revolving Credit Facility Due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility due 2016 | $0 | $0 |
Maturity | '2016 | '2016 |
LongTerm_Debt_Cash_Interest_Pa
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 02, 2015 | Mar. 02, 2015 | Mar. 02, 2015 |
In Thousands, unless otherwise specified | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.000 Percent Due 2021 | Senior Notes 5.000 Percent Due 2021 | Convertible 1.500 Percent Senior Notes Due 2019 | Convertible 1.500 Percent Senior Notes Due 2019 | Subsequent Event | Subsequent Event | Subsequent Event |
Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.000 Percent Due 2021 | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | 5.88% | 5.88% | 5.00% | 5.00% | 1.50% | 1.50% | ' | ' | ' |
Semi-Annual Cash Interest Payment | ' | ' | ' | ' | ' | ' | $11,000 | $11,300 | $2,300 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Letter of Credit | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.875 Percent Due 2020 | Senior Notes 5.000 Percent Due 2021 | Senior Notes 5.000 Percent Due 2021 | Undrawn senior secured revolving credit facility | Amended and Restated Credit Agreement | Amended and Restated Credit Agreement | Amended Line of Credit Facility | Amended Line of Credit Facility | Convertible 1.500 Percent Senior Notes Due 2019 | Convertible 1.500 Percent Senior Notes Due 2019 | Revolving Credit Facility Maturing Twenty Sixteen [Member] | Revolving Credit Facility Maturing Twenty Sixteen [Member] | ||||||
One Month LIBOR | Federal Funds Effective Rate | Minimum | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Maturity Year | ' | ' | ' | ' | ' | ' | '2020 | '2020 | '2021 | '2021 | ' | ' | ' | ' | ' | '2019 | '2019 | '2016 | '2016 |
Long-term debt, net of original issue discount | 53,928,000 | ' | 53,928,000 | ' | 60,908,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,928,000 | 60,908,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 5.88% | 5.88% | 5.00% | 5.00% | ' | ' | ' | ' | ' | 1.50% | 1.50% | ' | ' |
Senior notes, cash tender offer commenced | ' | ' | ' | ' | ' | ' | 375,000,000 | 375,000,000 | 450,000,000 | 450,000,000 | ' | ' | ' | ' | ' | 246,072,000 | 239,092,000 | ' | ' |
Debt instrument, principal amount | 1,125,000,000 | ' | 1,125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, margin rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | ' | ' | ' | ' | ' | ' |
Line of credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' |
Letter of credit | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Debt, carrying value | 1,071,072,000 | ' | 1,071,072,000 | ' | 1,064,092,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, fair value | 1,097,100,000 | ' | 1,097,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest, approximate amount | $8,200,000 | $8,800,000 | $25,900,000 | $22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive_Compensation_Additio
Incentive Compensation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock-based incentive compensation plan, maximum number of shares covered | 4,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 3,800,000 |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards depending on the performance goals | 0.00% |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards depending on the performance goals | 150.00% |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards granted in period | 203,262 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 17,370 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 226,689 |
Performance Based Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period (in years) | '3 years |
Time Based Restricted Stock | Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period (in years) | '3 years |
Cash Settled Restricted Stock Units [Member] | Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards granted in period | 34,454 |
Financial_Impact_of_StockBased
Financial Impact of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Income before taxes | $2,101 | $3,185 | $8,417 | $9,603 |
Net income | $1,306 | $2,178 | $5,249 | $6,225 |
Earnings per share: | ' | ' | ' | ' |
Basic earnings per common share, dollars per share | $0.04 | $0.06 | $0.14 | $0.17 |
Diluted earnings per common share, dollars per share | $0.04 | $0.06 | $0.14 | $0.17 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Nov. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Sep. 30, 2014 | Oct. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Unfavorable Regulatory Action | Unfavorable Regulatory Action | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | OSV-to-MPSV Flotel Conversion [Member] | Offshore Supply Vessel Class 300 | Offshore Supply Vessel Class 310 | Offshore Supply Vessel Class 320 | Multi Purpose Supply Vessel Class 310 Vessel | Multi Purpose Supply Vessel Class 310 Vessel | Subsequent Event | Minimum | Minimum | Maximum | Maximum | Petrobas [Member] | |
Brazil | Brazil | Vessel | Vessel | Fiscal Year 2014 | Fiscal Year 2015 | Fiscal Year 2016 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Multi Purpose Supply Vessel Class 310 Vessel | Brazil | Brazil | Brazil | |||||
Vessel | Shipyard | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Newbuild program #5 | ||||||||||
Program | Vessel | |||||||||||||||||||
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Construction Shipyards, Domestic | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels to be constructed | ' | ' | ' | ' | 12 | ' | ' | ' | ' | 4 | 5 | 10 | 5 | ' | ' | ' | ' | ' | ' | ' |
Number of Vessels Placed in Service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' |
Additional Vessels placed in-service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Number Of Vessels | ' | ' | ' | 24 | ' | 4 | 6 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cost of OSV newbuild program excluding construction period interest | ' | ' | ' | ' | $1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost incurred on OSV newbuild program | ' | ' | ' | ' | 969.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total project cost | ' | ' | ' | ' | 77.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Vessels Days Of Commercial Downtime Per Vessel | ' | ' | ' | ' | ' | ' | ' | ' | '140 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated OSV-to-MPSV Flotel Conversion Project Cost | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's exposure to claims, net of amount accrued, low range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | 0.5 |
Company's exposure to claims, net of amount accrued, high range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 |
Gain Contingency, Unrecorded Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | 5.5 | ' | ' |
Amount owed by ATP | 4.8 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount owed by ATP, reserves | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Ship Construction Programs | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Construction Cost, Remainder of Fiscal Year | ' | ' | ' | ' | 117.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Vessels operating in Brazil | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Construction Cost, Remainder of Fiscal Year Two | ' | ' | ' | ' | 134.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Construction Cost, Remainder of Fiscal Year Three | ' | ' | ' | ' | $28.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 29, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Number of Contracts Terminated | ' | ' | ' | 9 | ' |
Number of Service Agreements | ' | ' | ' | 9 | ' |
Gain (Loss) on Disposition of Assets, net of tax per share | ' | ' | ' | $0.01 | ' |
Net proceeds from sale of business | $227,500,000 | ' | ' | ' | ' |
Gain on sale of business | 60,000,000 | 0 | 60,046,000 | 655,000 | 60,076,000 |
Gain on sale of business, net of tax | 38,100,000 | ' | ' | ' | ' |
Gain on sale of business in dollars per share | $1.04 | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | 1,300,000 | ' |
Gain (Loss) on Disposition of Other Assets | ' | ' | ' | 700,000 | ' |
Gain (Loss) on Disposition of Assets | ' | ' | ' | $400,000 | ' |
Assets | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Number of Assets Excluded from Sale | 3 | ' | ' | ' | ' |
Number of assets sold in period | ' | ' | ' | 2 | ' |
Discontinued_Operations_Income
Discontinued Operations - Income Statement from Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Aug. 29, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ||||
Revenue | ' | $0 | $11,383 | $12 | $42,885 | ||||
Gain on sale of assets | 60,000 | 0 | 60,046 | 655 | 60,076 | ||||
Operating income (loss) | ' | -318 | 65,181 | 338 | 74,485 | ||||
Income (loss) before income taxes | ' | -318 | 65,181 | 338 | 74,487 | ||||
Income tax expense (benefit) | ' | -114 | 23,813 | 122 | 27,325 | ||||
Income (loss) from discontinued operations, net of tax | ' | ($204) | [1] | $41,368 | [1] | $216 | [1] | $47,162 | [1] |
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 7 for further discussion of this transaction. |
Discontinued_Operations_Balanc
Discontinued Operations - Balance Sheet from Discontinued Operations (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Other current assets | $608 | $1,578 |
Total current assets | 608 | 1,578 |
Property, plant and equipment, net | 137 | 759 |
Total assets | 745 | 2,337 |
Accrued payroll and benefits | 0 | 2 |
Other accrued liabilities | 4 | 115 |
Current liabilities from discontinued operations | 4 | 117 |
Disposal Group, Including Discontinued Operation, Other Noncurrent Liabilities | 527 | 306 |
Liabilities of Disposal Group, Including Discontinued Operation | $531 | $423 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | Nov. 03, 2014 |
In Millions, unless otherwise specified | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Stock Repurchase Program, Authorized Amount | $150 |