Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HOS | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | ||
Entity Central Index Key | 1131227 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 35,556,990 | ||
Entity Public Float | $1,628,299,575 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $185,123 | $439,291 |
Accounts receivable, net of allowance for doubtful accounts of $3,693 and $3,411 respectively | 130,969 | 93,512 |
Deferred tax assets, net | 45,531 | 72,470 |
Other current assets | 20,049 | 13,779 |
Current assets from discontinued operations | 470 | 1,578 |
Total current assets | 382,142 | 620,630 |
Property, plant and equipment, net | 2,459,486 | 2,125,374 |
Deferred charges, net | 68,953 | 74,075 |
Other assets | 11,870 | 13,442 |
Long-term assets from discontinued operations | 0 | 759 |
Total assets | 2,922,451 | 2,834,280 |
Current liabilities: | ||
Accounts payable | 42,404 | 52,930 |
Accrued interest | 14,890 | 14,890 |
Accrued payroll and benefits | 14,830 | 13,451 |
Deferred revenue | 1,561 | 8,786 |
Other accrued liabilities | 9,359 | 11,497 |
Current liabilities from discontinued operations | 1 | 117 |
Total current liabilities | 83,045 | 101,671 |
Long-term debt, net of original issue discount of $51,528 and $60,908, respectively | 1,073,472 | 1,064,092 |
Deferred tax liabilities, net | 392,492 | 368,416 |
Other liabilities | 1,117 | 4,367 |
Long-term liabilities of discontinued operations | 1,560 | 306 |
Total liabilities | 1,551,686 | 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; 35,557 and 36,095 shares issued and outstanding, respectively | 356 | 361 |
Additional paid-in capital | 736,294 | 724,379 |
Retained earnings | 635,017 | 571,483 |
Accumulated other comprehensive loss | -902 | -795 |
Total stockholders’ equity | 1,370,765 | 1,295,428 |
Total liabilities and stockholders’ equity | $2,922,451 | $2,834,280 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $3,693 | $3,411 |
Current portion of long-term debt, original issue discount | 0 | 0 |
Long-term debt, original issue discount | $51,528 | $60,908 |
Preferred stock, par value | $0.01 | $0.01 |
Shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,557,000 | 36,095,000 |
Common stock, shares outstanding | 35,557,000 | 36,095,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues | $634,793 | $548,145 | $463,309 | |||
Costs and expenses: | ||||||
Operating expenses | 296,500 | 239,239 | 226,462 | |||
Depreciation | 71,301 | 55,332 | 52,005 | |||
Amortization | 44,149 | 30,630 | 21,670 | |||
General and administrative expenses | 54,245 | 53,428 | 45,178 | |||
Costs and Expenses, Total | 466,195 | 378,629 | 345,315 | |||
Gain (loss) on sale of assets | 822 | 1,587 | -350 | |||
Operating income | 169,420 | 171,103 | 117,644 | |||
Other income (expense): | ||||||
Loss on early extinguishment of debt | 0 | -25,776 | -6,048 | |||
Interest income | 1,086 | 2,515 | 2,167 | |||
Interest expense | -30,733 | -47,352 | -57,869 | |||
Other income (expense), net | 501 | -92 | 185 | |||
Nonoperating Income (Expense), Total | -29,146 | -70,705 | -61,565 | |||
Income before income taxes | 140,274 | 100,398 | 56,079 | |||
Income tax expense | 52,367 | 36,320 | 21,384 | |||
Income (loss) from continuing operations | 87,907 | 64,078 | [1] | 34,695 | [1] | |
Income from discontinued operations, net of tax | 618 | [2] | 47,315 | [2] | 2,322 | [2] |
Net income | $88,525 | $111,393 | $37,017 | |||
Basic earnings (loss) per common share from continuing operations, in dollars per share | $2.43 | $1.79 | $0.98 | |||
Basic earnings per common share from discontinued operations, in dollars per share | $0.02 | $1.31 | $0.07 | |||
Basic earnings (loss) per common share, in dollars per share | $2.45 | $3.10 | $1.05 | |||
Diluted earnings (loss) per common share from continuing operations, in dollars per share | $2.40 | $1.76 | $0.97 | |||
Diluted earnings per common share from discontinued operations, in dollars per share | $0.01 | $1.29 | $0.06 | |||
Diluted earnings (loss) per common share, in dollars per share | $2.41 | $3.05 | $1.03 | |||
Weighted average basic shares outstanding | 36,172 | 35,895 | 35,311 | |||
Weighted average diluted shares outstanding | 36,692 | 36,548 | 36,080 | |||
[1] | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the year ended December 31, 2012 includes a pre-tax loss on early extinguishment of debt of $6.0 million. See Note 6 for further information regarding the Company’s debt. | |||||
[2] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $88,525 | $111,393 | $37,017 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation loss | -107 | -537 | -179 |
Total comprehensive income | $88,418 | $110,856 | $36,838 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $1,072,988 | $350 | $649,644 | $423,073 | ($79) |
Beginning Balance (in shares) at Dec. 31, 2011 | 35,013,000 | ||||
Shares issued under employee benefit programs | 737 | 5 | 732 | ||
Stock-based compensation expense | 9,688 | 9,688 | 0 | ||
Excess tax shortfall from sharebased payments | -46 | -46 | |||
Equity offering costs | -180 | -180 | |||
Purchase of hedge on convertible senior notes | -73,032 | -73,032 | |||
Sale of common stock warrants | 48,237 | 48,237 | |||
Allocation of fair value of equity component of convertible notes, net of allocated issuance costs | 70,615 | 70,615 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 466,000 | ||||
Net income | 37,017 | 37,017 | |||
Foreign currency translation loss | -179 | -179 | |||
Ending Balance at Dec. 31, 2012 | 1,165,845 | 355 | 705,658 | 460,090 | -258 |
Ending Balance (in shares) at Dec. 31, 2012 | 35,479,000 | ||||
Shares issued under employee benefit programs | 5,406 | 6 | 5,400 | ||
Stock-based compensation expense | 8,820 | 8,820 | |||
Excess tax shortfall from sharebased payments | 4,501 | 4,501 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 616,000 | ||||
Net income | 111,393 | 111,393 | |||
Foreign currency translation loss | -537 | -537 | |||
Ending Balance at Dec. 31, 2013 | 1,295,428 | 361 | 724,379 | 571,483 | -795 |
Ending Balance (in shares) at Dec. 31, 2013 | 36,095,000 | ||||
Shares issued under employee benefit programs | 2,186 | 4 | 2,182 | ||
Stock-based compensation expense | 9,441 | 9,441 | |||
Excess tax shortfall from sharebased payments | 292 | 292 | |||
Stock Repurchased and Retired During Period, Shares | -891,396 | -891,000 | |||
Stock Repurchased and Retired During Period, Value | -25,000 | -9 | -24,991 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 353,000 | ||||
Net income | 88,525 | 88,525 | |||
Foreign currency translation loss | -107 | -107 | |||
Ending Balance at Dec. 31, 2014 | $1,370,765 | $356 | $736,294 | $635,017 | ($902) |
Ending Balance (in shares) at Dec. 31, 2014 | 35,557,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 345 | 405 | 737 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $27.98 | $27.16 | $23.30 | ||
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term 3 | 3 years 8 months 12 days | 4 years 2 months 12 days | 3 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $59 | $8,951 | $8,144 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0 | $0 | $0 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Income from continuing operations | 87,907 | 64,078 | [1] | 34,695 | [1] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation | 71,301 | 55,332 | 52,005 | ||
Amortization | 44,149 | 30,630 | 21,670 | ||
Stock-based compensation expense | 10,324 | 11,888 | 10,805 | ||
Loss on early extinguishment of debt | 0 | 25,776 | 6,048 | ||
Provision for bad debts | 282 | 383 | 1,775 | ||
Deferred tax expense | 50,440 | 32,320 | 20,368 | ||
Amortization of deferred financing costs | 8,154 | 16,826 | 17,192 | ||
Gain on sale of assets | -822 | -1,587 | 350 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | -38,500 | 9,793 | -18,830 | ||
Other receivables and current assets | -8,393 | 8,956 | -110 | ||
Deferred drydocking charges | -43,609 | -35,875 | -39,211 | ||
Accounts payable | -4,146 | 1,073 | 2,230 | ||
Accrued liabilities and other liabilities | -13,981 | -12,626 | 14,043 | ||
Accrued interest | 0 | 100 | 5,835 | ||
Net cash provided by operating activities | 163,106 | 207,067 | 128,865 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Costs incurred for OSV newbuild program | -343,989 | -465,165 | -240,526 | ||
Net proceeds from sale of assets | 7,178 | 16,021 | 3,002 | ||
Vessel capital expenditures | -55,089 | -73,593 | -14,549 | ||
Non-vessel capital expenditures | -9,615 | -3,893 | -3,250 | ||
Net cash used in investing activities | -401,515 | -526,630 | -255,323 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Tax shortfall from share-based payments | 292 | 4,501 | 0 | ||
Repayment of senior notes | 0 | -250,000 | -300,000 | ||
Proceeds from the issuance of senior notes | 0 | 450,000 | 375,000 | ||
Redemption premium on the retirement of debt | 0 | -17,658 | -3,692 | ||
Payments for Repurchase of Common Stock | -25,000 | 0 | 0 | ||
Payments for public offerings of common stock | 0 | 0 | -180 | ||
Cost of convertible note hedge transactions | 0 | 0 | -73,032 | ||
Sale of common stock warrants | 0 | 0 | 48,237 | ||
Repayments of Convertible Debt | 0 | -250,000 | 0 | ||
Proceeds from the issuance of convertible senior notes | 0 | 0 | 300,000 | ||
Deferred financing costs | 0 | -7,807 | -16,186 | ||
Net cash proceeds from other shares issued | 5,044 | 9,620 | 4,244 | ||
Net cash provided by (used in) financing activities | -19,664 | -61,344 | 334,391 | ||
Net cash provided by operating activities | 2,374 | 15,368 | 13,847 | ||
Net cash provided by (used in) investing activities | 1,638 | 228,689 | -1,772 | ||
Net cash provided by discontinued operations | 4,012 | 244,057 | 12,075 | ||
Effects of exchange rate changes on cash | -107 | -537 | -179 | ||
Net increase in cash and cash equivalents | -254,168 | -137,387 | 219,829 | ||
Cash and cash equivalents at beginning of period | 439,291 | 576,678 | 356,849 | ||
Cash and cash equivalents at end of period | 185,123 | 439,291 | 576,678 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||
Cash paid for interest | 50,548 | 53,636 | 38,597 | ||
Cash paid for income taxes | 5,679 | 4,537 | 1,332 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -60 | -331 | -129 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $22.49 | $18.57 | $14.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 684 | 10,119 | 3,194 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | -1 | -22 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $0 | $27.90 | $25.16 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 345 | 342 | 610 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $27.98 | $27.59 | $22.98 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months 12 days | 3 years 7 months 6 days | 2 years 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $59 | $7,405 | $6,942 | ||
[1] | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the year ended December 31, 2012 includes a pre-tax loss on early extinguishment of debt of $6.0 million. See Note 6 for further information regarding the Company’s debt. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Organization | Organization |
Nature of Operations | |
Hornbeck Offshore Services, Inc., or the Company, was incorporated in the state of Delaware in 1997. The Company, through its subsidiaries, operates offshore supply vessels, or OSVs, multi-purpose support vessels, or MPSVs, and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the U.S. Gulf of Mexico, or GoM, Latin America and select international markets. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications associated with discontinued operations have been made to prior period results to conform to current year presentation. As discussed further in Note 13, the Company sold substantially all of its Downstream assets in August 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||
Revenue Recognition | ||||||||||||
The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. | ||||||||||||
Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less. | ||||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable consists of trade receivables net of reserves and amounts to be rebilled to customers. | ||||||||||||
Property, Plant and Equipment | ||||||||||||
Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost. | ||||||||||||
The estimated useful lives by classification are as follows: | ||||||||||||
Offshore supply vessels | 25 years | |||||||||||
Multi-purpose support vessels | 25 years | |||||||||||
Non-vessel related property, plant and equipment | 3-28 years | |||||||||||
See “Impairment of Long-Lived Assets” below for more information. | ||||||||||||
Deferred Charges | ||||||||||||
The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. | ||||||||||||
Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease. | ||||||||||||
Mobilization Costs | ||||||||||||
The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes. The Company incurred mobilization costs of $1.5 million, $2.7 million and $1.4 million during 2014, 2013 and 2012, respectively, associated with the mobilization and pre-positioning of vessels to or from different geographic locations. | ||||||||||||
Income Taxes | ||||||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | ||||||||||||
Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As a result of the sale of the Downstream segment during the third quarter of 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During the third quarter of 2014, the Company recorded an additional $0.1 million related to these state operating losses. No valuation allowances were recorded for the year ended December 31, 2012. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||
Legal Liabilities | ||||||||||||
In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. | ||||||||||||
Concentration of Credit Risk | ||||||||||||
Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. | ||||||||||||
The following table represents the allowance for doubtful accounts (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,411 | $ | 3,028 | $ | 1,253 | ||||||
Changes to provision | 282 | 383 | 1,775 | |||||||||
Balance, end of year | $ | 3,693 | $ | 3,411 | $ | 3,028 | ||||||
Impairment of Long-Lived Assets | ||||||||||||
When events or circumstances indicate that the carrying amount of long-lived assets to be held and used or intangible assets might not be recoverable, the expected future undiscounted cash flows from the assets are estimated and compared with the carrying amount of the assets. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Fair value is determined based on discounted cash flow or appraised values, as appropriate. No triggering events occurred in 2014, 2013 or 2012 and the Company did not record any impairment losses related to its long-lived assets during these periods. The Company's review gave consideration to the current market conditions, which include the recent commodity price decline and reduction in certain projected 2015 capital budgets for its customers. While the Company expects this environment to have a negative impact on vessel utilization and dayrates, the Company views the deepwater and ultra deepwater projects of its customers, which is the principal market for its vessel fleet, to be somewhat insulated from commodity price cycles compared to onshore shale and shallow shelf offshore exploration and production activities. However, continued commodity price declines or protracted extensions of the current price cycle could result in additional delays or cancellations of deepwater projects, which is a major indicator of fleet utilization. Should this occur, the Company will update its analysis of whether a triggering event has occurred. | ||||||||||||
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 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_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings (Loss) Per Share | Earnings Per Share | |||||||||||
Basic earnings per common share was calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share was calculated by dividing net income by the weighted average number of common shares outstanding during the year plus the effect of dilutive securities. 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): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations (1) | $ | 87,907 | $ | 64,078 | $ | 34,695 | ||||||
Income from discontinued operations, net of tax (2) | 618 | 47,315 | 2,322 | |||||||||
Net income | $ | 88,525 | $ | 111,393 | $ | 37,017 | ||||||
Weighted average number of shares of common stock outstanding | 36,172 | 35,895 | 35,311 | |||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 520 | 653 | 769 | |||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,692 | 36,548 | 36,080 | |||||||||
Earnings per common share: | ||||||||||||
Basic earnings per common share from continuing operations | $ | 2.43 | $ | 1.79 | $ | 0.98 | ||||||
Basic earnings per common share from discontinued operations | 0.02 | 1.31 | 0.07 | |||||||||
Basic earnings per common share | $ | 2.45 | $ | 3.1 | $ | 1.05 | ||||||
Diluted earnings per common share from continuing operations | $ | 2.4 | $ | 1.76 | $ | 0.97 | ||||||
Diluted earnings per common share from discontinued operations | 0.01 | 1.29 | 0.06 | |||||||||
Diluted earnings per common share | $ | 2.41 | $ | 3.05 | $ | 1.03 | ||||||
(1) | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the year ended December 31, 2012 includes a pre-tax loss on early extinguishment of debt of $6.0 million. See Note 6 for further information regarding the Company’s debt. | |||||||||||
(2) | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. | |||||||||||
(3) | The Company had no anti-dilutive stock options for the years ended December 31, 2014, 2013 and 2012. 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 year ended December 31, 2012, the 2026 convertible senior notes retired in November 2013 were not dilutive and for the years ended December 31, 2014, 2013 and 2012 the 2019 convertible senior notes issued in August 2012 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 our 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. See Note 6 for further information. | |||||||||||
(5) | Dilutive restricted stock is expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock awards. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2014 | |
Defined Contribution Plan | Defined Contribution Plan |
The Company offers a 401(k) plan to all full-time employees. Employees must be at least eighteen years of age and have completed three months of service to be eligible for participation. Participants may elect to defer up to 60% of their compensation, subject to certain statutorily established limits. The Company may elect to make annual matching and profit sharing contributions to the 401(k) plan. During the years ended December 31, 2014, 2013 and 2012, the Company made contributions to the 401(k) plan of approximately $6.0 million, $5.2 million, and $4.0 million, respectively. In response to weak market conditions, the Company temporarily ceased matching contributions to the 401(k) plan effective January 1, 2015. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Offshore supply vessels and multi-purpose support vessels | $ | 2,283,883 | $ | 1,754,412 | ||||
Non-vessel related property, plant and equipment | 104,789 | 102,136 | ||||||
Less: Accumulated depreciation | (390,774 | ) | (324,630 | ) | ||||
1,997,898 | 1,531,918 | |||||||
Construction in progress | 461,588 | 593,456 | ||||||
$ | 2,459,486 | $ | 2,125,374 | |||||
In November 2011, the Company announced, and has since expanded, its fifth OSV newbuild program. The program 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 December 31, 2014, the Company has placed 14 vessels in-service under its fifth newbuild program. Subsequent to year-end, the Company placed in service two additional vessels under such program. The eight remaining vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service as follows: five in the remainder of 2015 and three 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 $1,265.0 million. From the inception of this program through December 31, 2014, the Company has incurred $1,032.4 million, or 81.6%, of total expected project costs. | ||||||||
In February 2015, the Company agreed to sell four of its 250EDF class OSVs currently chartered to the U.S. Navy and to subsequently operate such vessels for the Navy under an operations and maintenance (O&M) contract, which contains an initial term and annual renewal options spanning a 10-year operating period. These arrangements are subject to final documentation. In order for the Navy to continue receiving the unique capabilities of these vessels, Congress has required their purchase from the Company, provided an agreement could be reached. The details of this transaction are currently being finalized and are expected to be completed in late-February with the O&M contract beginning immediately upon closing of each respective vessel sale. However, the currently negotiated sales price for the vessels is greater than their gross book values as of December 31, 2014. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-Term Debt | |||||||
As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands): | ||||||||
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 $51,528 and $60,908 | 248,472 | 239,092 | ||||||
Revolving credit facility due 2020 | — | — | ||||||
$ | 1,073,472 | $ | 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 | ||||||
Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): | ||||||||
2015 | $ | — | ||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | — | |||||||
2019 | 248,472 | |||||||
Thereafter | 825,000 | |||||||
$ | 1,073,472 | |||||||
2020 Senior Notes | ||||||||
On March 2, 2012, the Company issued $375.0 million in aggregate principal amount of 2020 senior notes, governed by an indenture, or the 2012 indenture. The net proceeds to the Company from the offering were approximately $367.4 million, net of transaction costs. The Company used $259.9 million of proceeds on March 16, 2012 to repurchase approximately 84% of its outstanding 2014 senior notes pursuant to its tender offer for such notes. The Company used $49.5 million of proceeds on April 30, 2012 to redeem the remaining 16% of the outstanding 2014 senior notes. The repurchase and redemption of the 2014 senior notes resulted in a loss on early extinguishment of debt of approximately $6.0 million in 2012. The remaining proceeds were used for the construction of vessels under our fifth OSV newbuild program. The 2020 senior notes mature on April 1, 2020 and require semi-annual interest payments at a fixed annual rate of 5.875%, or $11.0 million semi-annually, on April 1 and October 1 of each year until maturity. The effective interest rate on the 2020 senior notes is 6.08%. No principal payments are due until maturity. Pursuant to a registered exchange offer, the 2020 senior notes issued in March 2012 that were initially sold pursuant to a private placement were exchanged by the holders for 2020 senior notes with substantially the same terms, except that the issuance of the 2020 senior notes in the exchange offer was registered under the Securities Act. The original 2020 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of the same 2012 indenture. | ||||||||
2021 Senior Notes | ||||||||
On March 14, 2013, the Company issued $450.0 million in aggregate principal amount of 2021 senior notes, governed by an indenture, or the 2013 indenture. The net proceeds to the Company from the offering were approximately $442.4 million, net of estimated transaction costs. The Company used $252.7 million of such proceeds to repurchase approximately 94% of the outstanding 2017 senior notes pursuant to its tender offer for such notes. The Company used approximately $16.6 million of proceeds on May 13, 2013 to redeem the remaining 6% of the outstanding 2017 senior notes. The repurchase and redemption of the 2017 senior notes resulted in a loss on early extinguishment of debt of approximately $25.8 million in 2013. The remaining proceeds have been available for general corporate purposes, which may include funding for the acquisition, construction or retrofit of vessels. The 2021 senior notes mature on March 1, 2021 and require semi-annual interest payments at a fixed annual rate of 5.000%, or $11.3 million due and payable each March 1 and September 1 of each year until maturity, commencing September 1, 2013. The effective interest rate on the new senior notes is 5.21%. No principal payments are due until maturity. Pursuant to a registered exchange offer, the 2021 senior notes issued in March 2013 that were initially sold pursuant to a private placement were exchanged by the holders for 2021 senior notes with substantially the same terms, except that the issuance of the 2021 senior notes in the exchange offer was registered under the Securities Act. The original 2021 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of the same 2013 indenture. | ||||||||
The 2020 senior notes and 2021 senior notes are senior unsecured obligations and rank equally in right of payment with other existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness that may be incurred by the Company in the future. The 2020 senior notes and the 2021 senior notes are guaranteed by certain of the Company’s subsidiaries. The guarantees are full and unconditional, joint and several, and all of the Company’s non-guarantor subsidiaries are minor as defined in the Securities and Exchange Commission regulations. Hornbeck Offshore Services, Inc., as the parent company issuer of the 2020 senior notes and the 2021 senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability, or the ability of any guarantor, to obtain funds from its subsidiaries by such means as a dividend or loan. The Company may, at its option, redeem all or part of the 2020 senior notes or 2021 senior notes from time to time at specified redemption prices and subject to certain conditions required by the indentures. The Company is permitted under the terms of the indentures to incur additional indebtedness in the future, provided that certain financial conditions set forth in the indentures are satisfied by the Company. | ||||||||
2019 Convertible Senior Notes | ||||||||
On August 13, 2012, the Company issued $300.0 million of 2019 convertible senior notes. The 2019 convertible senior notes bear interest at a fixed annual rate of 1.500%, or $2.3 million semi-annually, which started accruing from August 13, 2012, and are payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2013. The 2019 convertible senior notes mature on September 1, 2019. | ||||||||
Because the 2019 convertible senior notes are considered to be cash convertible debt, the Company has separately accounted for the liability and equity components of the 2019 convertible senior notes by allocating the $300.0 million in proceeds from the issuance between the liability component and the embedded conversion option, or the equity component. The allocation was conducted by estimating an interest rate at the time of issuance of the 2019 convertible senior notes for similar debt instruments that do not include an embedded conversion feature. A non-convertible interest rate of 5.75% was used to compute the initial fair value of the liability component of $227.6 million. For purposes of the fair value measurement, the Company determined that the valuation of the 2019 convertible senior notes falls under Level 2 of the fair value hierarchy. The excess of the $300.0 million of proceeds from the issuance of the 2019 convertible senior notes over the $227.6 million initial amount allocated to the liability component, or $72.4 million, was allocated to the embedded conversion option, or equity component. This excess was treated as an imputed original issue discount and is being amortized through interest expense, using the effective interest method, over the seven-year term of the 2019 convertible senior notes, which runs through September 1, 2019. The effective interest rate for these notes is 6.23%. | ||||||||
The initial conversion rate of the 2019 convertible senior notes is 18.5718 shares per $1,000 principal amount of notes, which equates to a conversion price of approximately $53.85 per share. The conversion rate was based on the last reported sale price of the Company’s common shares on the New York Stock Exchange of $39.16 on August 7, 2012. The conversion rate will be subject to adjustment in some events but will not be adjusted for accrued interest. In addition, | ||||||||
following certain corporate transactions that constitute “fundamental changes” (as defined in the indenture for the 2019 convertible senior notes), the conversion rate will be increased for holders who elect to convert notes in connection with | ||||||||
such corporate transactions in certain circumstances. | ||||||||
The 2019 convertible senior notes are convertible based on the applicable conversion rate only under the following circumstances: | ||||||||
• | prior to June 1, 2019, during any fiscal quarter (and only during that fiscal quarter) commencing after December 31, 2012, if the last reported sale price of the Company’s common stock is greater than or equal to 135% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; or | |||||||
• | prior to June 1, 2019, during the 5 business-day period after any 10 consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day in the measurement period was less than 95% of the product of the last reported sale price of the Company’s common stock and the conversion rate on such trading day; or | |||||||
• | upon the occurrence of specified corporate transactions, as defined in the indenture governing the 2019 convertible senior notes; or | |||||||
• | beginning on June 1, 2019 until the close of business on the second scheduled trading day preceding the maturity date. | |||||||
Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. | ||||||||
If the holders of the 2019 convertible senior notes exercise the conversion provisions of the 2019 convertible senior notes and the Company elects to settle such conversions partially in cash (which it presently intends to do at least up to the principal amount of the notes), the Company will need to remit such cash amount to the converting holders. For that reason, in any period during which the 2019 convertible senior notes are convertible as provided above, the Company would classify the entire principal amount of the outstanding 2019 convertible senior notes as a current liability in the respective quarter. This evaluation of the classification of amounts outstanding associated with the 2019 convertible senior notes will occur every calendar quarter. | ||||||||
The 2019 convertible senior notes are not redeemable at the option of the Company prior to their maturity. No sinking fund is provided for the 2019 convertible senior notes and the 2019 convertible senior notes are not subject to legal defeasance. If the Company experiences specified types of corporate transactions, including certain change of control events or a de-listing of the Company’s common stock, holders of the 2019 convertible senior notes may require the Company to purchase all or a portion of their 2019 convertible senior notes. Any repurchase of the convertible senior notes pursuant to these provisions will be for cash at a price equal to 100% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. | ||||||||
In connection with the sale of the 2019 convertible senior notes, the Company entered into convertible senior note hedge transactions with respect to its common stock with affiliates of the initial purchasers of the notes, Barclays, Inc., JP Morgan Chase and Wells Fargo Bank, or the counterparties. Each of the 2019 convertible senior note hedge transactions is a privately-negotiated transaction that is economically equivalent to the purchase of call options on the Company’s common stock with strike prices equal to the conversion price of the 2019 convertible senior notes, and is intended to mitigate dilution to the Company’s stockholders and/or offset cash payment due upon the potential future conversion of the 2019 convertible senior notes. Under the 2019 convertible senior note hedge transactions, subject to customary anti-dilution provisions, the counterparties are required to deliver to the Company the approximate number of shares of the Company’s common stock and/or an amount of cash that the Company is obligated to deliver to the holders of the 2019 convertible senior notes assuming the conversion of such notes. | ||||||||
The Company also entered into separate privately-negotiated warrant transactions, whereby the Company sold to each of the counterparties call options to acquire approximately the same number of shares of its common stock underlying the convertible senior note hedge transactions, subject to customary anti-dilution adjustments, at a strike price of $68.53 per share of common stock, which represented a 75.0% premium over the closing price of the Company’s shares of common stock on August 7, 2012. Upon the exercise of the warrants, if the market price of the common stock exceeds the strike price of the warrants on any day within the valuation period, the Company will be required to deliver the corresponding value to the counterparties, at its option in cash or shares of its common stock. The 2019 convertible senior note hedge and warrant transactions are separate and legally distinct instruments that bind the Company and the counterparties and have no binding effect on the holders of the 2019 convertible senior notes. | ||||||||
For income tax reporting purposes, the Company has elected to integrate the 2019 convertible senior notes and the note hedge transactions. Integration of the 2019 convertible senior note hedge with the 2019 convertible senior notes creates an in-substance original issue debt discount for income tax reporting purposes and, therefore, the cost of the 2019 convertible senior note hedge is accounted for as interest expense over the term of the 2019 convertible senior notes for income tax reporting purposes. The associated income tax deductions will be recognized in the period that the deduction is taken for income tax reporting purposes. The Company has also treated the proceeds from the sale of warrants as a non-taxable increase in additional paid-in capital in stockholders’ equity. | ||||||||
The Company used a portion of the $290.8 million in net proceeds of the 2019 convertible senior notes offering, along with a portion of the $48.2 million in proceeds from the sale of warrants, to fund the $73.0 million cost of convertible senior note hedge transactions. The Company used a portion of the remaining net proceeds of approximately $266.0 million from the sale of the 2019 convertible senior notes and the sale of the warrants to retire its 2026 convertible senior notes, which were converted or redeemed by the Company in November 2013. | ||||||||
The Company incurred $9.3 million of fees and other costs related to the issuance of the 2019 convertible senior notes. These fees and other origination costs have been allocated to the liability and equity components of the 2019 convertible senior notes in proportion to their allocated values. Approximately $2.2 million of these fees and other origination costs were recorded as a reduction in additional paid-in capital. The remaining $7.1 million of fees and other costs are being amortized as interest expense over the seven-year term of the 2019 convertible senior notes, which runs through September 1, 2019. | ||||||||
The 2019 convertible senior notes are guaranteed by certain of the Company’s subsidiaries. The guarantees are full and unconditional, joint and several, and all of the Company’s non-guarantor subsidiaries are minor as defined in the Securities and Exchange Commission, or Commission, regulations. Hornbeck Offshore Services, Inc., as the parent company issuer of the 2019 convertible senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability or the ability of any guarantor to obtain funds from its subsidiaries by such means as a dividend or loan. The 2019 convertible senior notes are general unsecured, senior obligations of the Company, ranking equally in right of payment with all of its existing and future senior indebtedness, including its 2020 and 2021 senior notes. | ||||||||
Revolving Credit Facility | ||||||||
On February 6, 2015, the Company amended and restated its revolving credit facility. The key changes to the Company’s revolving credit facility were effective commencing with the fiscal quarter ended December 31, 2014 and are noted below: | ||||||||
• | extend the maturity from November 2016 to February 2020, unless the Company’s 2020 senior notes remain outstanding on October 1, 2019, in which case the facility would mature on such date; | |||||||
• | provide that, if the Company's 2019 convertible senior notes remain outstanding on March 1, 2019, the Company is required to maintain a specified minimum liquidity until after redemption or refinancing of the convertible senior notes; | |||||||
• | substitute new vessels as collateral and reduce the number of vessels pledged from 23 OSVs valued in excess of $600 million to 10 OSVs valued in excess $450 million, in accordance with a reduction in the minimum collateral-to-loan value ratio from 200% of the borrowing base to 150% of the borrowing base; | |||||||
• | replace the prior debt-to-EBITDA leverage ratios with a new total debt-to-capitalization ratio, as defined, as a financial covenant and for pricing determination; | |||||||
• | set the maximum total debt-to-capitalization ratio, as defined, at 55% for the first nine fiscal quarters beginning with the quarter ended December 31, 2014 and stepping down to 50% for each fiscal quarter thereafter; | |||||||
• | increase the aggregate amount of restricted payments, as defined, that may be made by the Company from $37.5 million to $125.0 million plus 50% of the Company’s cumulative consolidated net income from January 1, 2006 to the end of the most recently ended fiscal quarter for which internal financial statements are available at the time of such restricted payment, as defined, subject to cash or cash equivalents or availability maintenance requirements. | |||||||
Other than these key changes, all other definitions and substantive terms in the Company’s credit agreement governing its revolving credit facility were unchanged with the February 2015 amendment and remain in effect through the remaining life of the facility. | ||||||||
As of December 31, 2014, there were no amounts drawn under the Company’s $300.0 million revolving credit facility and $0.8 million posted in letters of credit. As of December 31, 2014, the Company was in compliance with all financial covenants contained in its amended revolving credit facility. | ||||||||
The credit agreement governing the amended revolving credit facility and the indentures governing the Company’s 2020 senior notes and 2021 senior notes impose certain operating and financial restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company’s ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments. | ||||||||
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, $1,073.5 million and $955.0 million, respectively, as of December 31, 2014. Given the observable nature 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 | ||||||||
Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate amount of $33.2 million, $31.2 million, and $11.0 million, for the years ended December 31, 2014, 2013, and 2012, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||
Preferred Stock | ||||||||||||||
The Company’s certificate of incorporation authorizes 5.0 million shares of preferred stock. The Board of Directors has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the Company’s stockholders. | ||||||||||||||
Stockholder Rights Plan | ||||||||||||||
On July 1, 2013, the Company’s Board of Directors implemented a stockholder rights plan establishing one right for each outstanding share of common stock. The rights become exercisable, and transferable apart from the Company’s common stock, 10 business days following a public announcement that a person or group has acquired beneficial ownership of, or has commenced a tender or exchange offer for, 10% or more of the Company’s common stock. This stockholder rights plan is substantially similar to the Company's prior stockholder rights plan that expired on June 17, 2013. | ||||||||||||||
Repurchases of Common Stock | ||||||||||||||
On October 28, 2014, the Company's Board of Directors authorized the Company to repurchase up to $150.0 million in shares of its common stock using different methods 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. As of December 31, 2014, the Company had repurchased and retired 891,396 shares at an average price of $28.05 per share. The repurchased shares cost a total of $25 million and represent roughly 2.5% of the Company's total shares outstanding prior to the commencement of the program.The following table provides information with respect to purchases of common stock under the repurchase program during the year ended December 31, 2014 (in thousands, except for per share data): | ||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
October 1, 2014 - October 31, 2014 | — | — | — | $ | 150,000 | |||||||||
November 1, 2014 - November 30, 2014 | 618 | $ | 28.92 | 618 | $ | 132,117 | ||||||||
December 1, 2014 - December 31, 2014 | 273 | $ | 26.06 | 891 | $ | 125,000 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||
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 and stock appreciation rights to employees and directors. As of December 31, 2014, there were 424,587 shares available for future issuance to employees under the incentive compensation plan. The issuance of shares of common stock under the incentive compensation plan has been registered on Form S-8 with the Securities and Exchange Commission. | ||||||||||||||
The financial impact of stock-based compensation expense related to the Company’s incentive compensation plan on its operating results are reflected in the table below (in thousands, except for per share data): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Income before taxes | $ | 10,324 | $ | 11,888 | $ | 10,805 | ||||||||
Net income | $ | 6,471 | $ | 7,581 | $ | 6,695 | ||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | 0.18 | $ | 0.21 | $ | 0.19 | ||||||||
Diluted | $ | 0.18 | $ | 0.21 | $ | 0.19 | ||||||||
The accounting rules also require the benefits of tax deductions in excess of recognized compensation expense to be reported as financing cash flows, rather than as operating cash flows. The Company recorded financing cash flows for such excess tax deductions of approximately $0.0 million, $2.7 million, and $0.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. Net cash proceeds from the exercise of stock options were $1.4 million, $6.2 million, and $1.8 million for the years ended December 31, 2014, 2013, and 2012, respectively. The income tax benefit from stock option exercises and restricted stock vesting was $0.4 million, $4.8 million, and $3.0 million for the respective periods. | ||||||||||||||
Stock Options | ||||||||||||||
The Company is authorized to grant stock options under its incentive compensation plan in which the purchase price of the stock subject to each option is established as the closing price on the New York Stock Exchange of the Company’s common stock on the date of grant and accordingly is not less than the fair market value of the stock on the date of grant. All options granted expire ten years after the date of grant, have an exercise price equal to or greater than the actual or estimated market price of the Company’s stock on the date of grant and vest over a three-year period. The Company has not granted stock options to any directors, executive officers or employees since 2011. | ||||||||||||||
The following table represents the Company’s stock option activity for the year ended December 31, 2014 (in thousands, except per share data and years): | ||||||||||||||
Number of | Weighted | Weighted- | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual | ||||||||||||||
Term (years) | ||||||||||||||
Options outstanding at January 1, 2014 | 405 | $ | 27.16 | 4.2 | $ | 8,951 | ||||||||
Grants | — | — | — | — | ||||||||||
Exercised | (60 | ) | 22.49 | n/a | 684 | |||||||||
Forfeited or expired | — | — | n/a | n/a | ||||||||||
Options outstanding at December 31, 2014 | 345 | $ | 27.98 | 3.7 | $ | 59 | ||||||||
Exercisable options outstanding at December 31, 2014 | 345 | $ | 27.98 | 3.7 | $ | 59 | ||||||||
The following table represents the Company’s stock option activity for the year ended December 31, 2013 (in thousands, except per share data and years): | ||||||||||||||
Number of | Weighted | Weighted- | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual | ||||||||||||||
Term (years) | ||||||||||||||
Options outstanding at January 1, 2013 | 737 | $ | 23.3 | 3.6 | $ | 8,144 | ||||||||
Grants | — | — | — | — | ||||||||||
Exercised | (331 | ) | 18.57 | n/a | 10,119 | |||||||||
Forfeited or expired | (1 | ) | 27.9 | n/a | n/a | |||||||||
Options outstanding at December 31, 2013 | 405 | $ | 27.16 | 4.2 | $ | 8,951 | ||||||||
Exercisable options outstanding at December 31, 2013 | 342 | $ | 27.59 | 3.6 | $ | 7,405 | ||||||||
The following table represents the Company’s stock option activity for the year ended December 31, 2012 (in thousands, except per share data and years): | ||||||||||||||
Number of | Weighted | Weighted- | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual | ||||||||||||||
Term (years) | ||||||||||||||
Options outstanding at January 1, 2012 | 888 | $ | 21.96 | 4.2 | $ | 8,411 | ||||||||
Grants | — | — | — | — | ||||||||||
Exercised | (129 | ) | 14.25 | n/a | 3,194 | |||||||||
Forfeited or expired | (22 | ) | 25.16 | n/a | n/a | |||||||||
Options outstanding at December 31, 2012 | 737 | $ | 23.3 | 3.6 | $ | 8,144 | ||||||||
Exercisable options outstanding at December 31, 2012 | 610 | $ | 22.98 | 2.7 | $ | 6,942 | ||||||||
The following table represents the Company’s nonvested stock option activity for the year ended December 31, 2014 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant-Date Fair Value | |||||||||||||
Nonvested stock options at January 1, 2014 | 63 | $ | 12.21 | |||||||||||
Grants | — | — | ||||||||||||
Vested | (63 | ) | 12.21 | |||||||||||
Forfeited | — | — | ||||||||||||
Nonvested stock options at December 31, 2014 | — | $ | — | |||||||||||
As of December 31, 2014, the Company had no unamortized stock-based compensation expense and had recorded approximately $0.1 million of compensation expense during 2014, associated with stock options. | ||||||||||||||
Restricted Stock | ||||||||||||||
Equity-Settled Restricted Stock | ||||||||||||||
The Company’s incentive compensation plan allows the Company to issue restricted stock units, with either performance-based or time-based vesting provisions. The Company has issued two types of performance-based restricted stock unit awards whose vesting is determined by achieving either external or internal performance criteria. For the first type of performance-based restricted stock unit award, or market based award, the number of shares that will ultimately be received by the award recipients at the end of the performance period is dependent upon the Company’s stock price performance relative to a peer group, as defined by the restricted stock unit agreements governing such awards. Compensation expense for such types of awards has historically been measured using a Monte Carlo simulation to project the change in the Company's stock price against a peer group to determine fair value, which is amortized over the vesting period of three years. The actual number of shares that could be received by the award recipients can range from 0% to 200% of the Company’s base share awards depending on the Company’s performance ranking relative to the peer group. This type of performance-based restricted stock unit was granted prior to 2012. The second type of performance-based restricted stock unit award, calculates the shares to be received based on the Company’s achievement of certain internal performance criteria over a three-year period as defined by the restricted stock unit agreement governing such awards. Performance for these types of awards has historically been measured by a number of factors that may differ from year to year, including such examples as the Company achieving a targeted return on invested capital, Upstream operating profit margin, and safety record. The actual number of shares that could be received by the award recipients for the years in question can range from 0% to 150% of the Company’s base share awards depending on the number and/or extent of performance goals attained by the Company. This type of performance-based restricted stock unit was granted in 2012, 2013 and 2014. Compensation expense related to performance-based restricted stock unit awards, which use internal performance criteria, is recognized over the period the restrictions lapse, from one to three years, based on the market price of the Company's stock on the date of grant applied to the shares that are expected to vest. The compensation expense related to time-based restricted stock awards, which is amortized over a one to three-year vesting period, 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. As of December 31, 2014, the Company had unamortized stock-based compensation expense of $10.6 million, which will be recognized on a straight-line basis over the remaining vesting period, or 1.6 years. In addition, the Company has recorded approximately $9.0 million of compensation expense during the year ended December 31, 2014 associated with restricted stock-based unit awards. | ||||||||||||||
The following table summarizes the equity-settled restricted stock awards activity during the year ended December 31, 2014 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted Avg. | |||||||||||||
Shares | Fair Value Per Share | |||||||||||||
Restricted stock awards: | ||||||||||||||
Restricted stock awards as of January 1, 2014 | 570 | $ | 31.61 | |||||||||||
Granted during the period | 238 | 42.57 | ||||||||||||
Cancellations during the period | — | — | ||||||||||||
Vested | (254 | ) | 30.68 | |||||||||||
Outstanding, as of December 31, 2014 | 554 | $ | 36.76 | |||||||||||
The following table summarizes the equity-settled restricted stock awards activity during the year ended December 31, 2013 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted Avg. | |||||||||||||
Shares | Fair Value Per Share | |||||||||||||
Restricted stock awards: | ||||||||||||||
Restricted stock awards as of January 1, 2013 | 660 | $ | 25.83 | |||||||||||
Granted during the period | 206 | 40.11 | ||||||||||||
Cancellations during the period | (6 | ) | 29.86 | |||||||||||
Vested | (290 | ) | 24.51 | |||||||||||
Outstanding, as of December 31, 2013 | 570 | $ | 31.61 | |||||||||||
The following table summarizes the equity-settled restricted stock awards activity during the year ended December 31, 2012 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted Avg. | |||||||||||||
Shares | Fair Value Per Share | |||||||||||||
Restricted stock awards: | ||||||||||||||
Restricted stock awards as of January 1, 2012 | 800 | $ | 20.72 | |||||||||||
Granted during the period | 251 | 25.94 | ||||||||||||
Cancellations during the period(1) | (51 | ) | 25.11 | |||||||||||
Vested | (340 | ) | 22.47 | |||||||||||
Outstanding, as of December 31, 2012 | 660 | $ | 25.83 | |||||||||||
(1) | Includes the full amount of both base and bonus share awards granted or cancelled during the period, which represents up to 200% of the aggregate total of the base share awards. | |||||||||||||
Cash-Settled Restricted Stock | ||||||||||||||
The Company’s incentive compensation plan allows the Company to issue restricted stock units with cash-settled vesting provisions. The compensation expense related to cash-settled phantom restricted stock awards is 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 based on the period-end market price of the Company's common stock and are classified as a liability, due to the settlement of these awards in cash. This type of phantom time-based restricted stock unit was granted in 2014 and 2013. As of December 31, 2014, the Company had unamortized cash-settled phantom compensation expense of $0.9 million, which will be recognized on a straight-line basis over the remaining vesting period, or 1.5 years. In addition, as a result of its stock price decline in 2014, the Company recorded a reduction to compensation expense of approximately $0.1 million during the year ended December 31, 2014 associated with cash-settled phantom awards. | ||||||||||||||
The following table summarizes the phantom cash-settled restricted stock awards activity during the year ended December 31, 2014 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted Avg. | |||||||||||||
Shares | Fair Value Per Share(1) | |||||||||||||
Cash-settled restricted stock awards: | ||||||||||||||
Phantom cash-settled restricted stock awards as of January 1, 2014 | 139 | $ | 37.25 | |||||||||||
Granted during the period | 35 | 43 | ||||||||||||
Cancellations during the period | (3 | ) | 39.14 | |||||||||||
Vested | (18 | ) | 37.88 | |||||||||||
Outstanding, as of December 31, 2014 | 153 | $ | 38.43 | |||||||||||
(1) | The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. | |||||||||||||
The following table summarizes the phantom cash-settled restricted stock awards activity during the year ended December 31, 2013 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted Avg. | |||||||||||||
Shares | Fair Value Per Share(1) | |||||||||||||
Cash-Settled restricted stock awards: | ||||||||||||||
Phantom cash-settled restricted stock awards as of January 1, 2013 | 135 | $ | 36.92 | |||||||||||
Granted during the period | 22 | 39.31 | ||||||||||||
Cancellations during the period | (6 | ) | 37.77 | |||||||||||
Vested | (12 | ) | 36.98 | |||||||||||
Outstanding, as of December 31, 2013 | 139 | $ | 37.25 | |||||||||||
(1) | The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. | |||||||||||||
The following table summarizes the phantom cash-settled restricted stock awards activity during the year ended December 31, 2012 (in thousands, except per share data): | ||||||||||||||
Number of | Weighted Avg. | |||||||||||||
Shares | Fair Value Per Share(1) | |||||||||||||
Cash-Settled restricted stock awards: | ||||||||||||||
Phantom cash-settled restricted stock awards as of January 1, 2012 | — | $ | — | |||||||||||
Granted during the period | 140 | 36.92 | ||||||||||||
Cancellations during the period | (5 | ) | 36.9 | |||||||||||
Vested | — | — | ||||||||||||
Outstanding, as of December 31, 2012 | 135 | $ | 36.92 | |||||||||||
(1) | The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. | |||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
On May 3, 2005, the Company established the Hornbeck Offshore Services, Inc. 2005 Employee Stock Purchase Plan, or ESPP, which was adopted by the Company’s Board of Directors and approved by the Company’s stockholders. Under the ESPP, the Company is authorized to issue up to 700,000 shares of common stock to eligible employees of the Company and its designated subsidiaries. Employees have the opportunity to purchase shares of the Company’s common stock at periodic intervals through accumulated payroll deductions that will be applied at semi-annual intervals to purchase shares of common stock at a discount from the market price as defined by the ESPP. The ESPP is designed to satisfy the requirements of Section 423 of the Internal Revenue Code of 1986, as amended, and thereby allows participating employees to defer recognition of taxes when purchasing the shares of common stock at a 15% discount under the ESPP. The Company has an effective Registration Statement on Form S-8 with the Commission registering the issuance of shares of common stock under the ESPP. As of December 31, 2014, there were 45,899 shares available for future issuance to employees under the ESPP. The Company has recorded approximately $1.2 million of compensation expense during the year ended December 31, 2014 associated with the ESPP. | ||||||||||||||
The fair value of the employees’ stock purchase rights granted under the ESPP was estimated using the Black-Scholes model with the following assumptions for years ended December 31, 2014 and 2013: | ||||||||||||||
2014 | 2013 | |||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||
Expected volatility | 38.3 | % | 32.4 | % | ||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | ||||||||||
Expected term (months) | 6 | 6 | ||||||||||||
Weighted-average grant-date fair value per share | $ | 9.43 | $ | 9.94 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following components (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Fixed assets | $ | 489,060 | $ | 418,614 | $ | 444,733 | ||||||
Deferred charges and other liabilities | 18,013 | 18,501 | 17,346 | |||||||||
Total deferred tax liabilities | 507,073 | 437,115 | 462,079 | |||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | (116,676 | ) | (97,817 | ) | (181,445 | ) | ||||||
Allowance for doubtful accounts | (1,330 | ) | (1,228 | ) | (1,099 | ) | ||||||
Stock-based compensation expense | (4,246 | ) | (4,128 | ) | (4,763 | ) | ||||||
Alternative minimum tax credit carryforward | (20,863 | ) | (21,437 | ) | (20,863 | ) | ||||||
Foreign tax credit carryforward | (12,332 | ) | (10,404 | ) | (6,426 | ) | ||||||
Other | (5,676 | ) | (7,067 | ) | (5,725 | ) | ||||||
Total deferred tax assets | (161,123 | ) | (142,081 | ) | (220,321 | ) | ||||||
Valuation allowance | 1,011 | 912 | — | |||||||||
Total deferred tax liabilities, net | $ | 346,961 | $ | 295,946 | $ | 241,758 | ||||||
Current deferred tax assets, net | $ | 45,531 | $ | 72,470 | $ | 28,720 | ||||||
Long-term deferred tax liabilities, net | 392,492 | 368,416 | 270,478 | |||||||||
Total deferred tax liabilities, net | $ | 346,961 | $ | 295,946 | $ | 241,758 | ||||||
The components of the income tax expense follow (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current tax expense: | ||||||||||||
U.S. | $ | — | $ | — | $ | — | ||||||
Foreign | 1,927 | 4,000 | 1,016 | |||||||||
Total current tax expense | 1,927 | 4,000 | 1,016 | |||||||||
Deferred tax expense: | ||||||||||||
U.S. | 50,440 | 32,320 | 20,368 | |||||||||
Total tax expense | $ | 52,367 | $ | 36,320 | $ | 21,384 | ||||||
Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | 105,066 | $ | 84,591 | $ | 40,175 | ||||||
Foreign | 35,208 | 15,807 | 15,904 | |||||||||
Total income from continuing operations before income taxes | $ | 140,274 | $ | 100,398 | $ | 56,079 | ||||||
At December 31, 2014, the Company had federal tax net operating loss carryforwards of approximately $329.4 million, which will expire in 2030 through 2032 and foreign tax credit carryforwards of approximately $12.3 million, which will expire in 2019 through 2024. The amount of net operating loss carryforwards expected to be used in 2015 have been included as a current deferred tax asset as of December 31, 2014. The Company has state tax net operating loss carryforwards of approximately $96.0 million, which will expire in 2025 through 2032 and can only be utilized if the Company generates taxable income in particular tax jurisdictions. | ||||||||||||
Based on historical and projected operating results, the Company believed that no valuation allowance was necessary for its deferred tax assets prior to 2013. As a result of the sale of the Downstream segment during the third quarter of 2013, the Company believes that certain state operating loss carryforwards may not be realizable and thus recorded a valuation allowance of $0.9 million as of December 31, 2013. During the third quarter of 2014, the Company recorded an additional $0.1 million related to these state operating losses. In the third quarter of 2013, the Company changed its deferred tax rate to reflect that it will not have future operations in certain states where the Downstream segment operated, resulting in a favorable tax adjustment of $2.8 million. | ||||||||||||
The Company is no longer subject to tax audits by federal, state or local taxing authorities for years prior to 2010. The Company has ongoing examinations by various foreign tax authorities but does not believe that the results of these examinations will have a material adverse effect on the Company’s financial position or results of operations. | ||||||||||||
The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | $ | 49,096 | $ | 35,140 | $ | 19,627 | ||||||
State taxes, net | 1,403 | 1,183 | 729 | |||||||||
Non-deductible expense | 1,927 | 1,688 | 1,043 | |||||||||
Valuation allowance | 99 | 912 | — | |||||||||
Change in deferred tax rate | — | (2,802 | ) | — | ||||||||
Foreign taxes and other | (158 | ) | 199 | (15 | ) | |||||||
$ | 52,367 | $ | 36,320 | $ | 21,384 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Vessel Construction | ||||
In November 2011, the Company announced, and has since expanded, its fifth OSV newbuild program. The 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 December 31, 2014, the Company had placed 14 vessels in service under such program. Subsequent to year-end, two additional vessels were placed in service under such program. The eight remaining vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service as follows: five in the remainder of 2015 and three 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 $1,265.0 million. From the inception of this program through December 31, 2014, the Company has incurred construction costs of approximately $1,032.4 million, or 81.6%, of total expected project costs. | ||||
Operating Leases | ||||
The Company is obligated under certain operating leases for office space and shore-base facilities. The Covington facility lease commenced on July 1, 2012 and provides for an initial term expiring in September 2025 with three additional five-year renewal period options. A shore-base facility lease in Port Fourchon commenced on December 20, 2005 and provides for an initial term of seven years with four additional five-year periods upon the terms and conditions contained in the lease agreement. On January 30, 2008, the Company purchased a leasehold interest in a parcel of improved real estate as an adjacent addition to HOS Port, its existing shore-base facility located in Port Fourchon, Louisiana. At December 31, 2014, this latter facility lease had approximately four years remaining on its first renewal option term, with three additional five-year renewal periods. Rent expense related to operating leases was approximately $3.9 million, $3.6 million and $2.6 million for the years ending December 31, 2014, 2013 and 2012, respectively. | ||||
Future minimum payments under noncancelable leases for years subsequent to 2014 are as follows (in thousands): | ||||
Year Ended December 31, | ||||
2015 | $ | 2,928 | ||
2016 | 2,289 | |||
2017 | 2,334 | |||
2018 | 2,359 | |||
2019 | 2,406 | |||
Thereafter | 29,642 | |||
Total | $ | 41,958 | ||
Contingencies | ||||
In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management’s opinion that the Company’s liability, if any, under such claims or proceedings would not materially affect its financial position or results of operations. 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 historically revisions to such estimates 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 a majority of 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 in-country vessel management services for its four vessels operating in Brazil from a third party provider to a wholly-owned subsidiary of the Company. As a result, this assignment may be interpreted by local authorities as a new importation of these vessels resulting in an importation assessment ranging from $0.5 million to $3.5 million. The Company disagrees with this interpretation and, as of December 31, 2014, these potential duties have not been assessed or recorded in its financial statements. While the Company cannot estimate the amounts or timing of the resolution of this matter, 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. Pre-petition receivables from ATP were $4.8 million and 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 from the current estimate. |
Deferred_Charges
Deferred Charges | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Charges | Deferred Charges | |||||||
Deferred charges include the following (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Deferred financing costs, net of accumulated amortization of $9,586 and $5,805, respectively | $ | 17,884 | $ | 21,763 | ||||
Deferred drydocking costs, net of accumulated amortization of $38,429 and $36,408, respectively | 48,064 | 49,149 | ||||||
Prepaid lease expense, net of amortization of $1,384 and $1,226, respectively | 3,005 | 3,163 | ||||||
Total | $ | 68,953 | $ | 74,075 | ||||
Major_Customers
Major Customers | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Major Customers | Major Customers | |||||||||||
In the years ended December 31, 2014, 2013, and 2012, revenues from the following customers represent 10% or more of consolidated revenues: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Customer A | 14 | % | 12 | % | n/a | (1) | ||||||
Customer B | n/a | (1) | 16 | % | n/a | (1) | ||||||
Customer C | n/a | (1) | 10 | % | n/a | (1) | ||||||
Customer D | n/a | (1) | n/a | (1) | 19 | % | ||||||
Customer E | n/a | (1) | n/a | (1) | 14 | % | ||||||
(1) | Customers represent less than 10% of consolidated revenue in each such year. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 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 twelve months ended December 31, 2014, the remaining tugs were sold for net cash proceeds of $1.6 million. These sales resulted in a pre-tax gain of approximately $0.9 million ($0.6 million after-tax or $0.02 per diluted share.) The historical results for the Downstream segment and the gain on the sale thereof have been presented as discontinued operations for all periods in the accompanying condensed consolidated financial statements. | ||||||||||||
Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 12 | $ | 43,318 | $ | 49,429 | ||||||
Gain on sale of assets | 867 | 60,076 | 624 | |||||||||
Operating Income | 555 | 74,278 | 3,663 | |||||||||
Income before income taxes | 966 | 74,280 | 3,664 | |||||||||
Income tax expense | 348 | 26,965 | 1,342 | |||||||||
Income from discontinued operations | 618 | 47,315 | 2,322 | |||||||||
As of December 31, 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 | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Other current assets | $ | 470 | $ | 1,578 | ||||||||
Total current assets | 470 | 1,578 | ||||||||||
Property, plant and equipment, net | — | 759 | ||||||||||
Total assets | $ | 470 | $ | 2,337 | ||||||||
Liabilities: | ||||||||||||
Accrued payroll and benefits | $ | — | $ | 2 | ||||||||
Other accrued liabilities | 1 | 115 | ||||||||||
Total current liabilities | 1 | 117 | ||||||||||
Other liabilities | 1,560 | 306 | ||||||||||
Total liabilities | $ | 1,561 | $ | 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 December 31, 2014, all of the transition service agreements had terminated. |
Employment_Agreements
Employment Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Employment Agreements | Employment Agreements |
The Company has employment agreements with certain members of its executive management team. These agreements include, among other things, contractually stated base level salaries and a structured cash incentive compensation program dependent upon the Company achieving certain targeted financial results. The agreements contain an EBITDA target, an Operating Margin target and a Safety target, as well as a discretionary component, established by the Compensation Committee of the Company’s Board of Directors, in setting the cash incentive compensation for such executives under this program. In the event such a member of the executive management team is terminated due to certain events as defined in such officer’s agreement, the employee will continue to receive salary, bonus and other payments for the full remaining term of the agreement. The current term of these employment agreements expires on December 31, 2017 and automatically extends each year thereafter on January 1st, for an additional year. |
Supplemental_Selected_Quarterl
Supplemental Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Supplemental Selected Quarterly Financial Data | Supplemental Selected Quarterly Financial Data (Unaudited) (in thousands, except per share data): | |||||||||||||||
The following table contains selected unaudited quarterly financial data from the consolidated statements of operations for each quarter of fiscal years 2014 and 2013. The operating results for any quarter are not necessarily indicative of results for any future period. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Fiscal Year 2014(1) | ||||||||||||||||
Revenues | $ | 136,585 | $ | 171,099 | $ | 166,890 | $ | 160,219 | ||||||||
Operating income (2) | 25,028 | 56,756 | 50,234 | 37,402 | ||||||||||||
Income from continuing operations | 11,354 | 31,225 | 26,559 | 18,769 | ||||||||||||
Income from discontinued operations, net of tax | 412 | 8 | (204 | ) | 402 | |||||||||||
Net income | 11,766 | 31,233 | 26,355 | 19,171 | ||||||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.32 | $ | 0.86 | $ | 0.73 | $ | 0.52 | ||||||||
Basic earnings per common share from discontinued operations | 0.01 | — | (0.01 | ) | 0.02 | |||||||||||
Basic earnings per common share | $ | 0.33 | $ | 0.86 | $ | 0.72 | $ | 0.54 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.31 | $ | 0.85 | $ | 0.72 | $ | 0.52 | ||||||||
Diluted earnings per common share from discontinued operations | 0.01 | — | (0.01 | ) | 0.01 | |||||||||||
Diluted earnings per common share | $ | 0.32 | $ | 0.85 | $ | 0.71 | $ | 0.53 | ||||||||
Fiscal Year 2013(1)(3) | ||||||||||||||||
Revenues | $ | 132,526 | $ | 137,811 | $ | 132,915 | $ | 144,893 | ||||||||
Operating income | 43,817 | 46,448 | 37,188 | 43,650 | ||||||||||||
Income from continuing operations(4) | 3,928 | 20,266 | 17,796 | 22,087 | ||||||||||||
Income from discontinued operations, net of tax(5) | 2,231 | 3,564 | 41,368 | 153 | ||||||||||||
Net income | 6,159 | 23,830 | 59,164 | 22,240 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.11 | $ | 0.56 | $ | 0.49 | $ | 0.62 | ||||||||
Basic earnings per common share from discontinued operations | 0.06 | 0.1 | 1.15 | — | ||||||||||||
Basic earnings per common share | $ | 0.17 | $ | 0.66 | $ | 1.64 | $ | 0.62 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.11 | $ | 0.55 | $ | 0.49 | $ | 0.61 | ||||||||
Diluted earnings per common share from discontinued operations | 0.06 | 0.1 | 1.12 | — | ||||||||||||
Diluted earnings per common share | $ | 0.17 | $ | 0.65 | $ | 1.61 | $ | 0.61 | ||||||||
(1) | The sum of the four quarters may not equal annual results due to rounding. | |||||||||||||||
(2) | Results for the quarter ended June 30, 2014 were favorably impacted by record effective dayrates achieved by the Company's MPSV fleet and contributions from vessels delivered under the Company's fifth OSV newbuild program. The results for the quarter ended December 31, 2014 were unfavorably impacted by soft market conditions for OSVs in the GoM. | |||||||||||||||
(3) | Results for the quarter ended September 30, 2013 were unfavorably impacted by the mobilization of four 240 class vessels from Brazil to the GoM. During the third quarter of 2013, the Company recorded mobilization expenses of approximately $2.3 million for such vessels. Results for the quarter ended December 31, 2013 were favorably impacted by then improved market conditions for the Company's MPSVs and three vessels working in Latin America. Also, the results for the quarter ended December 31, 2013 includes deliveries of three vessels under the Company's fifth OSV newbuild program. | |||||||||||||||
(4) | During the first quarter of 2013, the Company recorded a loss on early extinguishment of debt of approximately $24.3 million ($15.2 million after-tax or $0.42 per diluted share) due to the tender offer purchase of approximately 94% of its 2017 senior notes. See Note 6 for further discussion. | |||||||||||||||
(5) | 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). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Revenue Recognition | Revenue Recognition |
The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. | |
Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less. | |
Accounts Receivable | Accounts Receivable |
Accounts receivable consists of trade receivables net of reserves and amounts to be rebilled to customers. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost. | |
Deferred Charges | Deferred Charges |
The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. | |
Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease. | |
Mobilization Costs | Mobilization Costs |
The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes. The Company incurred mobilization costs of $1.5 million, $2.7 million and $1.4 million during 2014, 2013 and 2012, respectively, associated with the mobilization and pre-positioning of vessels to or from different geographic locations. | |
Income Taxes | Income Taxes |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | |
Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As a result of the sale of the Downstream segment during the third quarter of 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During the third quarter of 2014, the Company recorded an additional $0.1 million related to these state operating losses. No valuation allowances were recorded for the year ended December 31, 2012. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Legal Liabilities | Legal Liabilities |
In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. | |
Concentration of Credit Risk | Concentration of Credit Risk |
Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
When events or circumstances indicate that the carrying amount of long-lived assets to be held and used or intangible assets might not be recoverable, the expected future undiscounted cash flows from the assets are estimated and compared with the carrying amount of the assets. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Fair value is determined based on discounted cash flow or appraised values, as appropriate. No triggering events occurred in 2014, 2013 or 2012 and the Company did not record any impairment losses related to its long-lived assets during these periods. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Estimated Useful Lives by Classification | The estimated useful lives by classification are as follows: | |||||||||||
Offshore supply vessels | 25 years | |||||||||||
Multi-purpose support vessels | 25 years | |||||||||||
Non-vessel related property, plant and equipment | 3-28 years | |||||||||||
Allowance for Doubtful Accounts | The following table represents the allowance for doubtful accounts (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 3,411 | $ | 3,028 | $ | 1,253 | ||||||
Changes to provision | 282 | 383 | 1,775 | |||||||||
Balance, end of year | $ | 3,693 | $ | 3,411 | $ | 3,028 | ||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Reconciliation of Earnings Per Share | The table below reconciles the company’s earnings per share (in thousands, except for per share data): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations (1) | $ | 87,907 | $ | 64,078 | $ | 34,695 | ||||||
Income from discontinued operations, net of tax (2) | 618 | 47,315 | 2,322 | |||||||||
Net income | $ | 88,525 | $ | 111,393 | $ | 37,017 | ||||||
Weighted average number of shares of common stock outstanding | 36,172 | 35,895 | 35,311 | |||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 520 | 653 | 769 | |||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,692 | 36,548 | 36,080 | |||||||||
Earnings per common share: | ||||||||||||
Basic earnings per common share from continuing operations | $ | 2.43 | $ | 1.79 | $ | 0.98 | ||||||
Basic earnings per common share from discontinued operations | 0.02 | 1.31 | 0.07 | |||||||||
Basic earnings per common share | $ | 2.45 | $ | 3.1 | $ | 1.05 | ||||||
Diluted earnings per common share from continuing operations | $ | 2.4 | $ | 1.76 | $ | 0.97 | ||||||
Diluted earnings per common share from discontinued operations | 0.01 | 1.29 | 0.06 | |||||||||
Diluted earnings per common share | $ | 2.41 | $ | 3.05 | $ | 1.03 | ||||||
(1) | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the year ended December 31, 2012 includes a pre-tax loss on early extinguishment of debt of $6.0 million. See Note 6 for further information regarding the Company’s debt. | |||||||||||
(2) | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. | |||||||||||
(3) | The Company had no anti-dilutive stock options for the years ended December 31, 2014, 2013 and 2012. 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 year ended December 31, 2012, the 2026 convertible senior notes retired in November 2013 were not dilutive and for the years ended December 31, 2014, 2013 and 2012 the 2019 convertible senior notes issued in August 2012 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 our 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. See Note 6 for further information. | |||||||||||
(5) | Dilutive restricted stock is expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock awards. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Offshore supply vessels and multi-purpose support vessels | $ | 2,283,883 | $ | 1,754,412 | ||||
Non-vessel related property, plant and equipment | 104,789 | 102,136 | ||||||
Less: Accumulated depreciation | (390,774 | ) | (324,630 | ) | ||||
1,997,898 | 1,531,918 | |||||||
Construction in progress | 461,588 | 593,456 | ||||||
$ | 2,459,486 | $ | 2,125,374 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Outstanding Long-Term Debt | As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands): | |||||||
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 $51,528 and $60,908 | 248,472 | 239,092 | ||||||
Revolving credit facility due 2020 | — | — | ||||||
$ | 1,073,472 | $ | 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 | ||||||
Annual Maturities of Debt | Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): | |||||||
2015 | $ | — | ||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | — | |||||||
2019 | 248,472 | |||||||
Thereafter | 825,000 | |||||||
$ | 1,073,472 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Shares Repurchased and Retired [Table Text Block] | The following table provides information with respect to purchases of common stock under the repurchase program during the year ended December 31, 2014 (in thousands, except for per share data): | |||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
October 1, 2014 - October 31, 2014 | — | — | — | $ | 150,000 | |||||||||
November 1, 2014 - November 30, 2014 | 618 | $ | 28.92 | 618 | $ | 132,117 | ||||||||
December 1, 2014 - December 31, 2014 | 273 | $ | 26.06 | 891 | $ | 125,000 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Other Share-based Compensation, Activity [Table Text Block] | The following table summarizes the phantom cash-settled restricted stock awards activity during the year ended December 31, 2014 (in thousands, except per share data): | The following table summarizes the phantom cash-settled restricted stock awards activity during the year ended December 31, 2013 (in thousands, except per share data): | The following table summarizes the phantom cash-settled restricted stock awards activity during the year ended December 31, 2012 (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||
Number of | Weighted Avg. | Number of | Weighted Avg. | Number of | Weighted Avg. | |||||||||||||||||||||||||||||||||||||
Shares | Fair Value Per Share(1) | Shares | Fair Value Per Share(1) | Shares | Fair Value Per Share(1) | |||||||||||||||||||||||||||||||||||||
Cash-settled restricted stock awards: | Cash-Settled restricted stock awards: | Cash-Settled restricted stock awards: | ||||||||||||||||||||||||||||||||||||||||
Phantom cash-settled restricted stock awards as of January 1, 2014 | 139 | $ | 37.25 | Phantom cash-settled restricted stock awards as of January 1, 2013 | 135 | $ | 36.92 | Phantom cash-settled restricted stock awards as of January 1, 2012 | — | $ | — | |||||||||||||||||||||||||||||||
Granted during the period | 35 | 43 | Granted during the period | 22 | 39.31 | Granted during the period | 140 | 36.92 | ||||||||||||||||||||||||||||||||||
Cancellations during the period | (3 | ) | 39.14 | Cancellations during the period | (6 | ) | 37.77 | Cancellations during the period | (5 | ) | 36.9 | |||||||||||||||||||||||||||||||
Vested | (18 | ) | 37.88 | Vested | (12 | ) | 36.98 | Vested | — | — | ||||||||||||||||||||||||||||||||
Outstanding, as of December 31, 2014 | 153 | $ | 38.43 | Outstanding, as of December 31, 2013 | 139 | $ | 37.25 | Outstanding, as of December 31, 2012 | 135 | $ | 36.92 | |||||||||||||||||||||||||||||||
(1) | The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. | (1) | The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. | (1) | The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. | |||||||||||||||||||||||||||||||||||||
Financial Impact of Stock-Based Compensation Expense Charges | The financial impact of stock-based compensation expense related to the Company’s incentive compensation plan on its operating results are reflected in the table below (in thousands, except for per share data): | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Income before taxes | $ | 10,324 | $ | 11,888 | $ | 10,805 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 6,471 | $ | 7,581 | $ | 6,695 | ||||||||||||||||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.21 | $ | 0.19 | ||||||||||||||||||||||||||||||||||||
Diluted | $ | 0.18 | $ | 0.21 | $ | 0.19 | ||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following table represents the Company’s stock option activity for the year ended December 31, 2014 (in thousands, except per share data and years): | The following table represents the Company’s stock option activity for the year ended December 31, 2013 (in thousands, except per share data and years): | The following table represents the Company’s stock option activity for the year ended December 31, 2012 (in thousands, except per share data and years): | |||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted- | Aggregate | Number of | Weighted | Weighted- | Aggregate | Number of | Weighted | Weighted- | Aggregate | |||||||||||||||||||||||||||||||
Shares | Average | Average | Intrinsic | Shares | Average | Average | Intrinsic | Shares | Average | Average | Intrinsic | |||||||||||||||||||||||||||||||
Exercise Price | Remaining | Value | Exercise Price | Remaining | Value | Exercise Price | Remaining | Value | ||||||||||||||||||||||||||||||||||
Contractual | Contractual | Contractual | ||||||||||||||||||||||||||||||||||||||||
Term (years) | Term (years) | Term (years) | ||||||||||||||||||||||||||||||||||||||||
Options outstanding at January 1, 2014 | 405 | $ | 27.16 | 4.2 | $ | 8,951 | Options outstanding at January 1, 2013 | 737 | $ | 23.3 | 3.6 | $ | 8,144 | Options outstanding at January 1, 2012 | 888 | $ | 21.96 | 4.2 | $ | 8,411 | ||||||||||||||||||||||
Grants | — | — | — | — | Grants | — | — | — | — | Grants | — | — | — | — | ||||||||||||||||||||||||||||
Exercised | (60 | ) | 22.49 | n/a | 684 | Exercised | (331 | ) | 18.57 | n/a | 10,119 | Exercised | (129 | ) | 14.25 | n/a | 3,194 | |||||||||||||||||||||||||
Forfeited or expired | — | — | n/a | n/a | Forfeited or expired | (1 | ) | 27.9 | n/a | n/a | Forfeited or expired | (22 | ) | 25.16 | n/a | n/a | ||||||||||||||||||||||||||
Options outstanding at December 31, 2014 | 345 | $ | 27.98 | 3.7 | $ | 59 | Options outstanding at December 31, 2013 | 405 | $ | 27.16 | 4.2 | $ | 8,951 | Options outstanding at December 31, 2012 | 737 | $ | 23.3 | 3.6 | $ | 8,144 | ||||||||||||||||||||||
Exercisable options outstanding at December 31, 2014 | 345 | $ | 27.98 | 3.7 | $ | 59 | Exercisable options outstanding at December 31, 2013 | 342 | $ | 27.59 | 3.6 | $ | 7,405 | Exercisable options outstanding at December 31, 2012 | 610 | $ | 22.98 | 2.7 | $ | 6,942 | ||||||||||||||||||||||
Summary of Nonvested Stock Option Activity | The following table represents the Company’s nonvested stock option activity for the year ended December 31, 2014 (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||||||||||||||||||||||||||
Shares | Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||||
Nonvested stock options at January 1, 2014 | 63 | $ | 12.21 | |||||||||||||||||||||||||||||||||||||||
Grants | — | — | ||||||||||||||||||||||||||||||||||||||||
Vested | (63 | ) | 12.21 | |||||||||||||||||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||||||||||||||||||
Nonvested stock options at December 31, 2014 | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Award Activity | The following table summarizes the equity-settled restricted stock awards activity during the year ended December 31, 2014 (in thousands, except per share data): | The following table summarizes the equity-settled restricted stock awards activity during the year ended December 31, 2013 (in thousands, except per share data): | The following table summarizes the equity-settled restricted stock awards activity during the year ended December 31, 2012 (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||
Number of | Weighted Avg. | Number of | Weighted Avg. | Number of | Weighted Avg. | |||||||||||||||||||||||||||||||||||||
Shares | Fair Value Per Share | Shares | Fair Value Per Share | Shares | Fair Value Per Share | |||||||||||||||||||||||||||||||||||||
Restricted stock awards: | Restricted stock awards: | Restricted stock awards: | ||||||||||||||||||||||||||||||||||||||||
Restricted stock awards as of January 1, 2014 | 570 | $ | 31.61 | Restricted stock awards as of January 1, 2013 | 660 | $ | 25.83 | Restricted stock awards as of January 1, 2012 | 800 | $ | 20.72 | |||||||||||||||||||||||||||||||
Granted during the period | 238 | 42.57 | Granted during the period | 206 | 40.11 | Granted during the period | 251 | 25.94 | ||||||||||||||||||||||||||||||||||
Cancellations during the period | — | — | Cancellations during the period | (6 | ) | 29.86 | Cancellations during the period(1) | (51 | ) | 25.11 | ||||||||||||||||||||||||||||||||
Vested | (254 | ) | 30.68 | Vested | (290 | ) | 24.51 | Vested | (340 | ) | 22.47 | |||||||||||||||||||||||||||||||
Outstanding, as of December 31, 2014 | 554 | $ | 36.76 | Outstanding, as of December 31, 2013 | 570 | $ | 31.61 | Outstanding, as of December 31, 2012 | 660 | $ | 25.83 | |||||||||||||||||||||||||||||||
(1) | Includes the full amount of both base and bonus share awards granted or cancelled during the period, which represents up to 200% of the aggregate total of the base share awards. | |||||||||||||||||||||||||||||||||||||||||
Summary of Weighted Average Assumptions and Fair Value of Options under ESPP | The fair value of the employees’ stock purchase rights granted under the ESPP was estimated using the Black-Scholes model with the following assumptions for years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||||||||
Expected volatility | 38.3 | % | 32.4 | % | ||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Expected term (months) | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||
Weighted-average grant-date fair value per share | $ | 9.43 | $ | 9.94 | ||||||||||||||||||||||||||||||||||||||
Phantom Share Units (PSUs) | ||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Award Activity | The Company’s incentive compensation plan allows the Company to issue restricted stock units with cash-settled vesting provisions. The compensation expense related to cash-settled phantom restricted stock awards is 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. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Components of Long Term Deferred Tax Liabilities Net | The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following components (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Fixed assets | $ | 489,060 | $ | 418,614 | $ | 444,733 | ||||||
Deferred charges and other liabilities | 18,013 | 18,501 | 17,346 | |||||||||
Total deferred tax liabilities | 507,073 | 437,115 | 462,079 | |||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | (116,676 | ) | (97,817 | ) | (181,445 | ) | ||||||
Allowance for doubtful accounts | (1,330 | ) | (1,228 | ) | (1,099 | ) | ||||||
Stock-based compensation expense | (4,246 | ) | (4,128 | ) | (4,763 | ) | ||||||
Alternative minimum tax credit carryforward | (20,863 | ) | (21,437 | ) | (20,863 | ) | ||||||
Foreign tax credit carryforward | (12,332 | ) | (10,404 | ) | (6,426 | ) | ||||||
Other | (5,676 | ) | (7,067 | ) | (5,725 | ) | ||||||
Total deferred tax assets | (161,123 | ) | (142,081 | ) | (220,321 | ) | ||||||
Valuation allowance | 1,011 | 912 | — | |||||||||
Total deferred tax liabilities, net | $ | 346,961 | $ | 295,946 | $ | 241,758 | ||||||
Current deferred tax assets, net | $ | 45,531 | $ | 72,470 | $ | 28,720 | ||||||
Long-term deferred tax liabilities, net | 392,492 | 368,416 | 270,478 | |||||||||
Total deferred tax liabilities, net | $ | 346,961 | $ | 295,946 | $ | 241,758 | ||||||
Components of Income Tax Expenses | The components of the income tax expense follow (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current tax expense: | ||||||||||||
U.S. | $ | — | $ | — | $ | — | ||||||
Foreign | 1,927 | 4,000 | 1,016 | |||||||||
Total current tax expense | 1,927 | 4,000 | 1,016 | |||||||||
Deferred tax expense: | ||||||||||||
U.S. | 50,440 | 32,320 | 20,368 | |||||||||
Total tax expense | $ | 52,367 | $ | 36,320 | $ | 21,384 | ||||||
Income (Loss) Before Income Taxes Based on Jurisdiction Earned | Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. | $ | 105,066 | $ | 84,591 | $ | 40,175 | ||||||
Foreign | 35,208 | 15,807 | 15,904 | |||||||||
Total income from continuing operations before income taxes | $ | 140,274 | $ | 100,398 | $ | 56,079 | ||||||
Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision | The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | $ | 49,096 | $ | 35,140 | $ | 19,627 | ||||||
State taxes, net | 1,403 | 1,183 | 729 | |||||||||
Non-deductible expense | 1,927 | 1,688 | 1,043 | |||||||||
Valuation allowance | 99 | 912 | — | |||||||||
Change in deferred tax rate | — | (2,802 | ) | — | ||||||||
Foreign taxes and other | (158 | ) | 199 | (15 | ) | |||||||
$ | 52,367 | $ | 36,320 | $ | 21,384 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Future Minimum Payments Under Noncancelable Leases | Future minimum payments under noncancelable leases for years subsequent to 2014 are as follows (in thousands): | |||
Year Ended December 31, | ||||
2015 | $ | 2,928 | ||
2016 | 2,289 | |||
2017 | 2,334 | |||
2018 | 2,359 | |||
2019 | 2,406 | |||
Thereafter | 29,642 | |||
Total | $ | 41,958 | ||
Deferred_Charges_Tables
Deferred Charges (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Charges | Deferred charges include the following (in thousands): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Deferred financing costs, net of accumulated amortization of $9,586 and $5,805, respectively | $ | 17,884 | $ | 21,763 | ||||
Deferred drydocking costs, net of accumulated amortization of $38,429 and $36,408, respectively | 48,064 | 49,149 | ||||||
Prepaid lease expense, net of amortization of $1,384 and $1,226, respectively | 3,005 | 3,163 | ||||||
Total | $ | 68,953 | $ | 74,075 | ||||
Major_Customers_Tables
Major Customers (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Revenues from Customer Exceeding 10% | In the years ended December 31, 2014, 2013, and 2012, revenues from the following customers represent 10% or more of consolidated revenues: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Customer A | 14 | % | 12 | % | n/a | (1) | ||||||
Customer B | n/a | (1) | 16 | % | n/a | (1) | ||||||
Customer C | n/a | (1) | 10 | % | n/a | (1) | ||||||
Customer D | n/a | (1) | n/a | (1) | 19 | % | ||||||
Customer E | n/a | (1) | n/a | (1) | 14 | % | ||||||
(1) | Customers represent less than 10% of consolidated revenue in each such year. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 12 | $ | 43,318 | $ | 49,429 | ||||||
Gain on sale of assets | 867 | 60,076 | 624 | |||||||||
Operating Income | 555 | 74,278 | 3,663 | |||||||||
Income before income taxes | 966 | 74,280 | 3,664 | |||||||||
Income tax expense | 348 | 26,965 | 1,342 | |||||||||
Income from discontinued operations | 618 | 47,315 | 2,322 | |||||||||
As of December 31, 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 | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Other current assets | $ | 470 | $ | 1,578 | ||||||||
Total current assets | 470 | 1,578 | ||||||||||
Property, plant and equipment, net | — | 759 | ||||||||||
Total assets | $ | 470 | $ | 2,337 | ||||||||
Liabilities: | ||||||||||||
Accrued payroll and benefits | $ | — | $ | 2 | ||||||||
Other accrued liabilities | 1 | 115 | ||||||||||
Total current liabilities | 1 | 117 | ||||||||||
Other liabilities | 1,560 | 306 | ||||||||||
Total liabilities | $ | 1,561 | $ | 423 | ||||||||
Supplemental_Selected_Quarterl1
Supplemental Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Unaudited Quarterly Financial Data | The following table contains selected unaudited quarterly financial data from the consolidated statements of operations for each quarter of fiscal years 2014 and 2013. The operating results for any quarter are not necessarily indicative of results for any future period. | |||||||||||||||
Quarter Ended | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Fiscal Year 2014(1) | ||||||||||||||||
Revenues | $ | 136,585 | $ | 171,099 | $ | 166,890 | $ | 160,219 | ||||||||
Operating income (2) | 25,028 | 56,756 | 50,234 | 37,402 | ||||||||||||
Income from continuing operations | 11,354 | 31,225 | 26,559 | 18,769 | ||||||||||||
Income from discontinued operations, net of tax | 412 | 8 | (204 | ) | 402 | |||||||||||
Net income | 11,766 | 31,233 | 26,355 | 19,171 | ||||||||||||
Earnings (loss) per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.32 | $ | 0.86 | $ | 0.73 | $ | 0.52 | ||||||||
Basic earnings per common share from discontinued operations | 0.01 | — | (0.01 | ) | 0.02 | |||||||||||
Basic earnings per common share | $ | 0.33 | $ | 0.86 | $ | 0.72 | $ | 0.54 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.31 | $ | 0.85 | $ | 0.72 | $ | 0.52 | ||||||||
Diluted earnings per common share from discontinued operations | 0.01 | — | (0.01 | ) | 0.01 | |||||||||||
Diluted earnings per common share | $ | 0.32 | $ | 0.85 | $ | 0.71 | $ | 0.53 | ||||||||
Fiscal Year 2013(1)(3) | ||||||||||||||||
Revenues | $ | 132,526 | $ | 137,811 | $ | 132,915 | $ | 144,893 | ||||||||
Operating income | 43,817 | 46,448 | 37,188 | 43,650 | ||||||||||||
Income from continuing operations(4) | 3,928 | 20,266 | 17,796 | 22,087 | ||||||||||||
Income from discontinued operations, net of tax(5) | 2,231 | 3,564 | 41,368 | 153 | ||||||||||||
Net income | 6,159 | 23,830 | 59,164 | 22,240 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.11 | $ | 0.56 | $ | 0.49 | $ | 0.62 | ||||||||
Basic earnings per common share from discontinued operations | 0.06 | 0.1 | 1.15 | — | ||||||||||||
Basic earnings per common share | $ | 0.17 | $ | 0.66 | $ | 1.64 | $ | 0.62 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.11 | $ | 0.55 | $ | 0.49 | $ | 0.61 | ||||||||
Diluted earnings per common share from discontinued operations | 0.06 | 0.1 | 1.12 | — | ||||||||||||
Diluted earnings per common share | $ | 0.17 | $ | 0.65 | $ | 1.61 | $ | 0.61 | ||||||||
(1) | The sum of the four quarters may not equal annual results due to rounding. | |||||||||||||||
(2) | Results for the quarter ended June 30, 2014 were favorably impacted by record effective dayrates achieved by the Company's MPSV fleet and contributions from vessels delivered under the Company's fifth OSV newbuild program. The results for the quarter ended December 31, 2014 were unfavorably impacted by soft market conditions for OSVs in the GoM. | |||||||||||||||
(3) | Results for the quarter ended September 30, 2013 were unfavorably impacted by the mobilization of four 240 class vessels from Brazil to the GoM. During the third quarter of 2013, the Company recorded mobilization expenses of approximately $2.3 million for such vessels. Results for the quarter ended December 31, 2013 were favorably impacted by then improved market conditions for the Company's MPSVs and three vessels working in Latin America. Also, the results for the quarter ended December 31, 2013 includes deliveries of three vessels under the Company's fifth OSV newbuild program. | |||||||||||||||
(4) | During the first quarter of 2013, the Company recorded a loss on early extinguishment of debt of approximately $24.3 million ($15.2 million after-tax or $0.42 per diluted share) due to the tender offer purchase of approximately 94% of its 2017 senior notes. See Note 6 for further discussion. | |||||||||||||||
(5) | 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). |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Estimated Useful Lives by Classification (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Offshore Supply Vessels | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 25 years |
Multi Purpose Support Vessel | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 25 years |
Non-vessel related property, plant and equipment | Minimum | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 3 years |
Non-vessel related property, plant and equipment | Maximum | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 28 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
M | |||||
Significant Accounting Policies [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $900,000 | $99,000 | $912,000 | ||
Amortization period for deferred charges | 30 | ||||
Mobilization Costs | $2,300,000 | $1,500,000 | $2,700,000 | $1,400,000 | |
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Salvage values for marine equipment | 25.00% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies [Line Items] | |||
Balance, beginning of year | $3,411 | $3,028 | $1,253 |
Changes to provision | 282 | 383 | 1,775 |
Balance, end of year | $3,693 | $3,411 | $3,028 |
Earnings_Loss_Per_Share_Reconc
Earnings (Loss) Per Share - Reconciliation of Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | |||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||||||||||||||
Income from continuing operations (1) | $18,769 | [1],[2],[3] | $26,559 | [1],[2],[3] | $31,225 | [1],[2],[3] | $11,354 | [1],[2],[3] | $22,087 | [1],[4] | $17,796 | [1],[4] | $20,266 | [1],[4] | $3,928 | [1],[4] | $87,907 | $64,078 | [5] | $34,695 | [5] | ||
Income from discontinued operations, net of tax (2) | 402 | [1] | -204 | [1] | 8 | [1] | 412 | [1] | 153 | [1],[4] | 41,368 | [1],[4] | 3,564 | [1],[4] | 2,231 | [1],[4] | 618 | [6] | 47,315 | [6] | 2,322 | [6] | |
Net income | 19,171 | [1],[2] | 26,355 | [1],[2] | 31,233 | [1],[2] | 11,766 | [1],[2] | 22,240 | [1],[4] | 59,164 | [1],[4] | 23,830 | [1],[4] | 6,159 | [1],[4] | 88,525 | 111,393 | 37,017 | ||||
Weighted average number of shares of common stock outstanding | 36,172 | 35,895 | 35,311 | ||||||||||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 520 | [7],[8],[9] | 653 | [7],[8],[9] | 769 | [7],[8],[9] | |||||||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,692 | 36,548 | 36,080 | ||||||||||||||||||||
Basic earnings per common share from continuing operations | $0.52 | [1],[2] | $0.73 | [1],[2] | $0.86 | [1],[2] | $0.32 | [1],[2] | $0.62 | [1],[4] | $0.49 | [1],[4] | $0.56 | [1],[4] | $0.11 | [1],[4] | $2.43 | $1.79 | $0.98 | ||||
Basic earnings per common share | $0.54 | [1],[2] | $0.72 | [1],[2] | $0.86 | [1],[2] | $0.33 | [1],[2] | $0.62 | [1],[4] | $1.64 | [1],[4] | $0.66 | [1],[4] | $0.17 | [1],[4] | $2.45 | $3.10 | $1.05 | ||||
Basic earnings per common share from discontinued operations | $0.02 | [1],[2] | ($0.01) | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[4] | $1.15 | [1],[4] | $0.10 | [1],[4] | $0.06 | [1],[4] | $0.02 | $1.31 | $0.07 | ||||
Diluted earnings per common share from continuing operations | $0.52 | [1],[2] | $0.72 | [1],[2] | $0.85 | [1],[2] | $0.31 | [1],[2] | $0.61 | [1],[4] | $0.49 | [1],[4] | $0.55 | [1],[4] | $0.11 | [1],[4] | $2.40 | $1.76 | $0.97 | ||||
Diluted earnings per common share from discontinued operations | $0.01 | [1],[2] | ($0.01) | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[4] | $1.12 | [1],[4] | $0.10 | [1],[4] | $0.06 | [1],[4] | $0.01 | $1.29 | $0.06 | ||||
Diluted earnings per common share | $0.53 | [1],[2] | $0.71 | [1],[2] | $0.85 | [1],[2] | $0.32 | [1],[2] | $0.61 | [1],[4] | $1.61 | [1],[4] | $0.65 | [1],[4] | $0.17 | [1],[4] | $2.41 | $3.05 | $1.03 | ||||
Loss on early extinguishment of debt | 24,300 | 0 | -25,776 | -6,048 | |||||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||||||||||||||
Loss on early extinguishment of debt | ($25,800) | ($6,000) | |||||||||||||||||||||
[1] | The sum of the four quarters may not equal annual results due to rounding | ||||||||||||||||||||||
[2] | Results for the quarter ended June 30, 2014 were favorably impacted by record effective dayrates achieved by the Company's MPSV fleet and contributions from vessels delivered under the Company's fifth OSV newbuild program. The results for the quarter ended December 31, 2014 were unfavorably impacted by soft market conditions for OSVs in the GoM. | ||||||||||||||||||||||
[3] | Results for the quarter ended September 30, 2013 were unfavorably impacted by the mobilization of four 240 class vessels from Brazil to the GoM. During the third quarter of 2013, the Company recorded mobilization expenses of approximately $2.3 million for such vessels. Results for the quarter ended December 31, 2013 were favorably impacted by then improved market conditions for the Company's MPSVs and three vessels working in Latin America. Also, the results for the quarter ended December 31, 2013 includes deliveries of three vessels under the Company's fifth OSV newbuild program. | ||||||||||||||||||||||
[4] | 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). | ||||||||||||||||||||||
[5] | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the year ended December 31, 2012 includes a pre-tax loss on early extinguishment of debt of $6.0 million. See Note 6 for further information regarding the Company’s debt. | ||||||||||||||||||||||
[6] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. | ||||||||||||||||||||||
[7] | Dilutive restricted stock is expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock awards. | ||||||||||||||||||||||
[8] | For the year ended December 31, 2012, the 2026 convertible senior notes retired in November 2013 were not dilutive and for the years ended December 31, 2014, 2013 and 2012 the 2019 convertible senior notes issued in August 2012 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 our 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. See Note 6 for further information. | ||||||||||||||||||||||
[9] | The Company had no anti-dilutive stock options for the years ended December 31, 2014, 2013 and 2012. 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. |
Earnings_Loss_Per_Share_Reconc1
Earnings (Loss) Per Share - Reconciliation of Earnings (Loss) Per Share (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share Disclosure [Line Items] | |
Anti-dilutive shares excluded from the calculation of diluted earnings per share | 0 |
Defined_Contribution_Plan_Addi
Defined Contribution Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Y | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Minimum age to be eligible for participation | 18 | ||
Period of service to be eligible for participation | 3 months | ||
Percentage of earnings that can be deferred | 60.00% | ||
Employer contribution | $6 | $5.20 | $4 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | ($390,774) | ($324,630) |
Property Plant And Equipment Excluding Construction In Progress Net | 1,997,898 | 1,531,918 |
Construction in progress | 461,588 | 593,456 |
Property, plant and equipment, net | 2,459,486 | 2,125,374 |
Offshore supply vessels and multi-purpose support vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 2,283,883 | 1,754,412 |
Non-vessel related property, plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $104,789 | $102,136 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Nov. 30, 2011 | Dec. 31, 2013 | Feb. 27, 2015 |
Shipyard | Vessel | Vessel | ||
Vessel | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage of total project cost | 81.60% | |||
Aggregate cost of OSV newbuild program excluding construction period interest | $1,265 | |||
Cost incurred on OSV newbuild program | 1,032.40 | |||
Subsequent Event | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Vessels To Be Sold | 4 | |||
Number of Years of Vessel Operation Agreement | 10 | |||
Newbuild program 5 | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage of total project cost | 81.60% | |||
Number Of Construction Shipyards, Domestic | 3 | |||
Number of vessels to be constructed | 8 | |||
Number Of Vessels | 8 | 24 | 3 | |
Number of Vessels Placed in Service | 14 | |||
Aggregate cost of OSV newbuild program excluding construction period interest | 1,265 | |||
Cost incurred on OSV newbuild program | $1,032.40 | |||
Newbuild program 5 | Fiscal Year 2015 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels | 5 | |||
Newbuild program 5 | Fiscal Year 2016 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels | 3 | |||
Newbuild program 5 | Subsequent Event | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Vessels Placed in Service | 2 | |||
Newbuild program 5 | Offshore Supply Vessel Class 300 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 4 | |||
Newbuild program 5 | Offshore Supply Vessel Class 310 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 5 | |||
Newbuild program 5 | Offshore Supply Vessel Class 320 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 10 | |||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 5 |
LongTerm_Debt_Outstanding_Long
Long-Term Debt - Outstanding Long-Term Debt (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2015 | Mar. 01, 2015 | Mar. 02, 2012 | Aug. 13, 2012 |
Debt Instrument [Line Items] | |||||||
Long-term debt, noncurrent | $1,073,472 | $1,064,092 | |||||
Senior notes, original issue discount | 51,528 | 60,908 | |||||
Cash paid for interest | 50,548 | 53,636 | 38,597 | ||||
Senior Notes 5.875 Percent Due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes, Cash tender offer commenced | 375,000 | 375,000 | |||||
Interest Rate | 5.88% | 5.88% | |||||
Senior Notes 5.000 Percent Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes, Cash tender offer commenced | 450,000 | 450,000 | |||||
Interest Rate | 5.00% | ||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes, Cash tender offer commenced | 248,472 | 239,092 | |||||
Interest Rate | 1.50% | 1.50% | |||||
Senior notes, original issue discount | 51,528 | 60,908 | |||||
Revolving Credit Facility Due 2016 | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility due 2020 | 0 | 0 | |||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Cash paid for interest | 11,000 | ||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Cash paid for interest | 11,300 | ||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Cash paid for interest | $2,300 |
LongTerm_Debt_Annual_Maturitie
Long-Term Debt - Annual Maturities of Debt (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 248,472 |
Thereafter | 825,000 |
Debt, carrying value | $1,073,472 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
Aug. 13, 2012 | Aug. 13, 2012 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Apr. 30, 2012 | Mar. 16, 2012 | Mar. 02, 2012 | Nov. 30, 2011 | Nov. 30, 2009 | Nov. 04, 2009 | Dec. 31, 2014 | Apr. 02, 2014 | Oct. 02, 2014 | Aug. 07, 2012 | Nov. 02, 2011 | Feb. 07, 2015 | Dec. 31, 2017 | Feb. 06, 2015 | |
Vessel | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from Convertible Debt | $300,000,000 | $0 | $0 | $300,000,000 | |||||||||||||||||
Proceeds from Issuance of Warrants | 48,237,000 | 0 | 0 | 48,237,000 | |||||||||||||||||
Purchase Of Convertible Note Hedges | 73,000,000 | 0 | 0 | 73,032,000 | |||||||||||||||||
Percentage Of debt outstanding tendered | 94.00% | ||||||||||||||||||||
Loss on early extinguishment of debt | 24,300,000 | 0 | -25,776,000 | -6,048,000 | |||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 450,000,000 | 375,000,000 | ||||||||||||||||||
Repayments of Senior Debt | 0 | 250,000,000 | 300,000,000 | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 18.5718 | ||||||||||||||||||||
Conversion Price per Share | $53.85 | $53.85 | |||||||||||||||||||
Market Price Per Share | $39.16 | ||||||||||||||||||||
Repurchase Price As Percentage Of Principal Amount Of Senior Notes | 100.00% | ||||||||||||||||||||
Capitalized interest, approximate amount | 33,200,000 | 31,200,000 | 11,000,000 | ||||||||||||||||||
Senior notes 6.125 Percent Due 2014 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Percentage Of debt outstanding tendered | 16.00% | 84.00% | |||||||||||||||||||
Senior Notes 8.000 Percent Due 2017 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Percentage Of debt outstanding tendered | 94.00% | ||||||||||||||||||||
Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Principal amount | 375,000,000 | ||||||||||||||||||||
Debt Interest Rate | 5.88% | 5.88% | 5.88% | ||||||||||||||||||
Debt Instrument Maturity Year | 2020 | ||||||||||||||||||||
Debt Instrument, Effective Interest Rate | 6.08% | ||||||||||||||||||||
Debt Instrument, Maturity Date | 1-Apr-20 | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | 11,000,000 | ||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | ||||||||||||||||||||
Senior Notes, Cash tender offer commenced | 375,000,000 | 375,000,000 | 375,000,000 | ||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 367,400,000 | ||||||||||||||||||||
Repayments of Senior Debt | 16,600,000 | 49,500,000 | 259,900,000 | ||||||||||||||||||
Debt, Fair Value | 1,125,000,000 | 1,125,000,000 | |||||||||||||||||||
Debt Instrument, Interest Rate Terms | The 2020 senior notes mature on April 1, 2020 and require semi-annual interest payments at a fixed annual rate of 5.875%, or $11.0 million semi-annually, on April 1 and October 1 of each year until maturity | ||||||||||||||||||||
Convertible 5.000 Percent Senior Notes Due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | ||||||||||||||||||||
Debt Interest Rate | 5.00% | ||||||||||||||||||||
Debt Instrument, Effective Interest Rate | 5.21% | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | 11,300,000 | ||||||||||||||||||||
Percentage Of debt outstanding tendered | 6.00% | ||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 442,400,000 | ||||||||||||||||||||
Repayments of Senior Debt | 252,700,000 | ||||||||||||||||||||
Debt, Fair Value | 1,073,500,000 | 1,073,500,000 | |||||||||||||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Principal amount | 300,000,000 | 300,000,000 | |||||||||||||||||||
Debt Interest Rate | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||||
Debt Instrument Maturity Year | 2019 | ||||||||||||||||||||
Debt Instrument, Effective Interest Rate | 6.23% | 6.23% | |||||||||||||||||||
Debt Instrument, Maturity Date | 1-Sep-19 | ||||||||||||||||||||
Proceeds from Convertible Debt | 300,000,000 | ||||||||||||||||||||
Discount Rate Used To Determine Liability Fair Value | 5.75% | 5.75% | |||||||||||||||||||
Debt Instrument Convertible Carrying Amount Of Liability Component | 227,600,000 | 227,600,000 | |||||||||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 72,400,000 | 72,400,000 | |||||||||||||||||||
Debt Instrument Maturity Period | 7 years | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | 2,300,000 | ||||||||||||||||||||
Debt Instrument First Interest Payment Date | 1-Mar-13 | ||||||||||||||||||||
Senior Notes, Cash tender offer commenced | 248,472,000 | 239,092,000 | 248,472,000 | ||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 266,000,000 | ||||||||||||||||||||
Debt Issuance Cost | 9,300,000 | ||||||||||||||||||||
Decrease In Additional Paid In Capital | 2,200,000 | ||||||||||||||||||||
Amortization Of Deferred Financing Costs To Interest Expense | 7,100,000 | ||||||||||||||||||||
Debt, Fair Value | 955,000,000 | 955,000,000 | |||||||||||||||||||
Convertible Senior Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from Convertible Debt | 290,800,000 | ||||||||||||||||||||
Amended Line Of Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument Maturity Month And Year | 2016-11 | 2013-03 | |||||||||||||||||||
Revolving credit facility, Current Borrowing Capacity | 300,000,000 | 300,000,000 | |||||||||||||||||||
TotalDebtAsPercentageofTotalCapitalization | 55.00% | ||||||||||||||||||||
Period at which plan is fully funded | 1 year | ||||||||||||||||||||
Line of Credit Facility, Unused Capacity, commitment fee Percentage | 0.50% | ||||||||||||||||||||
Before Amendment [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument Maturity Month And Year | 2013-03 | ||||||||||||||||||||
Semi Annual Payment First Payment [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Interest payable date | 3 | ||||||||||||||||||||
Semi Annual Payment Second Payment [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Interest payable date | 9 | ||||||||||||||||||||
Warrant [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal Amount Senior Notes for conversion | 1,000 | 1,000 | |||||||||||||||||||
Debt Instrument Convertible Conversion Premium | 75.00% | ||||||||||||||||||||
Debt Instrument Convertible Conversion Warrant Strike Price | $68.53 | ||||||||||||||||||||
Conversion Condition Two [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal Amount Senior Notes for conversion | 1,000 | 1,000 | |||||||||||||||||||
Trading price per 1000 principal amount of notes, percent | 95.00% | ||||||||||||||||||||
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes | 5 days | ||||||||||||||||||||
Number of consecutive trading days used in conversion analysis | 10 days | ||||||||||||||||||||
Conversion Condition One [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument Conversion Circumstance Percentage Stock Price Of Stock Conversion Threshold | 135.00% | ||||||||||||||||||||
Number of consecutive trading days used in conversion analysis | 30 days | ||||||||||||||||||||
Minimum | Amended Line Of Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate Reduction Basis Points | 0.50% | ||||||||||||||||||||
Line of Credit Facility, Unused Capacity, commitment fee Percentage | 0.38% | ||||||||||||||||||||
Minimum | Conversion Condition One [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes | 20 days | ||||||||||||||||||||
Maximum | Amended Line Of Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Unused Capacity, commitment fee Percentage | 0.50% | ||||||||||||||||||||
Letter of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Letter of Credit | 800,000 | 800,000 | |||||||||||||||||||
Subsequent Event [Member] | Amended Line Of Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument Maturity Month And Year | 2020-02 | ||||||||||||||||||||
Number Of Vessels pledged as collateral | 10 | ||||||||||||||||||||
Debt Instrument, Collateral Amount | 450,000,000 | ||||||||||||||||||||
TotalDebtAsPercentageofTotalCapitalization | 50.00% | ||||||||||||||||||||
PledgedCollateralAsPercentageOfBorrwingBase | 150.00% | ||||||||||||||||||||
Debt Instrument, Covenant, Amount of Restricted Payments | 125,000,000 | ||||||||||||||||||||
Debt Instrument, Covenant, Companys Cumulative Consolidated Net Income, Percent | 50.00% | ||||||||||||||||||||
Subsequent Event [Member] | Before Amendment [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number Of Vessels pledged as collateral | 23 | ||||||||||||||||||||
Debt Instrument, Collateral Amount | 600,000,000 | ||||||||||||||||||||
PledgedCollateralAsPercentageOfBorrwingBase | 200.00% | ||||||||||||||||||||
Debt Instrument, Covenant, Amount of Restricted Payments | $37,500,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Jul. 01, 2013 | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 28, 2014 | Dec. 31, 2013 | |
Right | Right | ||||||
Stockholders Equity Note [Line Items] | |||||||
Shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Stockholder rights plan for each outstanding share of common stock | 1 | 1 | |||||
Business days after public announcement | 10 days | ||||||
Authorized amount | $150,000,000 | ||||||
Total Number of Shares Purchased | 273,000 | 618,000 | 891,396 | ||||
Total Number of Shares Purchased | $26.06 | $28.92 | $28.05 | ||||
Stock Repurchased and Retired During Period, Publicly Announced Plans, Shares | 891,396 | 618,000 | |||||
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | 125,000,000 | 132,117,000 | 125,000,000 | 150,000,000 | |||
Stock repurchased and retired during period, value | 25,000,000 | ||||||
Stock Repurchase Program, Percent of Shares Repurchased to Shares Outstanding | 2.50% | ||||||
Minimum | |||||||
Stockholders Equity Note [Line Items] | |||||||
Percentage of tender offer or exchange for rights to become exercisable | 10.00% | 10.00% | |||||
Common Stock [Member] | |||||||
Stockholders Equity Note [Line Items] | |||||||
Total Number of Shares Purchased | 891,000 | ||||||
Stock repurchased and retired during period, value | $9,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 3-May-05 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based incentive compensation plan, maximum number of shares covered | 4,200,000 | ||||
Number of shares available for grants in future | 424,587 | ||||
Tax deduction benefit, excess of compensation | $0 | $2.70 | $0.90 | ||
Proceeds from stock option exercised | 1.4 | 6.2 | 1.8 | ||
Income tax expense benefit, exercise of stock option and restricted stock vesting | 0.4 | 4.8 | 3 | ||
Stock option expiration period from the date of grant | 10 years | ||||
Stock option vesting period | 3 years | ||||
Share-based performance award measurement criterion | The actual number of shares that could be received by the award recipients can range from 0% to 200% of the Company’s base share awards depending on the Company’s performance ranking relative to the peer group. | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | 0.1 | ||||
Performance Share Plan 2011 | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share awards depending on the performance goals | 0.00% | ||||
Performance Share Plan 2011 | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share awards depending on the performance goals | 200.00% | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance measurement period | 3 years | ||||
Performance Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share awards depending on the performance goals | 0.00% | ||||
Compensation expense, recognition restriction lapse period | 1 year | ||||
Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share awards depending on the performance goals | 150.00% | ||||
Compensation expense, recognition restriction lapse period | 3 years | ||||
Time Based Restricted Stock Units (RSU) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense, recognition restriction lapse period | 1 year | ||||
Time Based Restricted Stock Units (RSU) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense, recognition restriction lapse period | 3 years | ||||
Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unamortized stock based compensation expense | 10.6 | ||||
Unamortized stock based compensation expense, recognition period | 1 year 6 months 24 days | ||||
Compensation expense | 9 | ||||
Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unamortized stock based compensation expense | 0.9 | ||||
Unamortized stock based compensation expense, recognition period | 1 year 5 months 24 days | ||||
Compensation expense | 0.1 | ||||
Vesting Period (in years) | 3 years | ||||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based incentive compensation plan, maximum number of shares covered | 700,000 | ||||
Number of shares available for grants in future | 45,899 | ||||
Compensation expense | $1.20 | ||||
Discount on purchase of common stock | 15.00% |
StockBased_Compensation_Financ
Stock-Based Compensation - Financial Impact of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income before taxes | $10,324 | $11,888 | $10,805 |
Net income | $6,471 | $7,581 | $6,695 |
Basic (usd per share) | 0.18 | 0.21 | 0.19 |
Diluted (usd per share) | 0.18 | 0.21 | 0.19 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of Shares | ||||
Options outstanding at January 1, 2013 | 405 | 737 | 888 | |
Grants | 0 | 0 | 0 | |
Exercised | -60 | -331 | -129 | |
Forfeited or expired | 0 | -1 | -22 | |
Options outstanding at December 31, 2013 | 345 | 405 | 737 | 888 |
Exercisable options outstanding at December 31, 2013 | 345 | 342 | 610 | |
Weighted Average Exercise Price | ||||
Options outstanding at January 1, 2013 | $27.16 | $23.30 | $21.96 | |
Grants | $0 | $0 | $0 | |
Exercised | $22.49 | $18.57 | $14.25 | |
Forfeited or expired | $0 | $27.90 | $25.16 | |
Options outstanding at December 31, 2013 | $27.98 | $27.16 | $23.30 | $21.96 |
Exercisable options outstanding at December 31, 2013 | $27.98 | $27.59 | $22.98 | |
Weighted Average Remaining Contractual Term (years) | ||||
Options outstanding at January 1, 2013 | 3 years 8 months 12 days | 4 years 2 months 12 days | 3 years 7 months 6 days | 4 years 2 months 12 days |
Options outstanding at December 31, 2013 | 3 years 8 months 12 days | 4 years 2 months 12 days | 3 years 7 months 6 days | 4 years 2 months 12 days |
Exercisable options outstanding at December 31, 2013 | 3 years 8 months 12 days | 3 years 7 months 6 days | 2 years 8 months 12 days | |
Aggregate Intrinsic Value | ||||
Options outstanding at January 1, 2013 | $8,951 | $8,144 | $8,411 | |
Grants | 0 | |||
Exercised | 684 | 10,119 | 3,194 | |
Options outstanding at December 31, 2013 | 59 | 8,951 | 8,144 | 8,411 |
Exercisable options outstanding at December 31, 2013 | $59 | $7,405 | $6,942 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Nonvested Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Restricted Stock Cancelled | 200.00% | |||
Number of Shares | ||||
Nonvested stock options at January 1, 2013 | 63 | |||
Grants | 0 | |||
Vested | -63 | |||
Forfeited | 0 | |||
Nonvested stock options at December 31, 2013 | 0 | 63 | ||
Weighted-Average Grant-Date Fair Value | ||||
Nonvested stock options at January 1, 2013 | $12.21 | |||
Grants | $0 | |||
Vested | $12.21 | |||
Forfeited | $0 | |||
Nonvested stock options at December 31, 2013 | $0 | $12.21 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -18 | -12 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $37.88 | $36.98 | $0 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 554 | 570 | 660 | 800 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $36.76 | $31.61 | $25.83 | $20.72 |
Weighted-Average Grant-Date Fair Value | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 238 | 206 | 251 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $42.57 | $40.11 | $25.94 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period | 0 | -6 | -51 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled And Forfeited In Period Weighted Average Grant Date Fair Value | $0 | $29.86 | $25.11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -254 | -290 | -340 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $30.68 | $24.51 | $22.47 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares | |||
Vested | -18 | -12 | 0 |
Weighted Avg. Fair Value Per Share | |||
Vested | $37.88 | $36.98 | $0 |
Restricted Stock | |||
Number of Shares | |||
Restricted stock awards as of January 1, 2013 | 570 | 660 | 800 |
Granted during the period | 238 | 206 | 251 |
Cancellations during the period | 0 | -6 | -51 |
Vested | -254 | -290 | -340 |
Outstanding, as of December 31, 2013 | 554 | 570 | 660 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards as of January 1, 2013 | $31.61 | $25.83 | $20.72 |
Granted during the period | $42.57 | $40.11 | $25.94 |
Cancellations during the period | $0 | $29.86 | $25.11 |
Vested | $30.68 | $24.51 | $22.47 |
Outstanding, as of December 31, 2013 | $36.76 | $31.61 | $25.83 |
Phantom Share Units (PSUs) | |||
Number of Shares | |||
Restricted stock awards as of January 1, 2013 | 139 | 135 | 0 |
Granted during the period | 35 | 22 | 140 |
Cancellations during the period | -3 | -6 | -5 |
Outstanding, as of December 31, 2013 | 153 | 139 | 135 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards as of January 1, 2013 | $37.25 | $36.92 | $0 |
Granted during the period | $43 | $39.31 | $36.92 |
Cancellations during the period | $39.14 | $37.77 | $36.90 |
Outstanding, as of December 31, 2013 | $38.43 | $37.25 | $36.92 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Weighted Average Assumptions and Fair Value of Options under ESPP (Detail) (Employee Stock Purchase Plan, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 38.30% | 32.40% |
Risk-free interest rate | 0.10% | 0.10% |
Expected term (months) | 6 months | 6 months |
Weighted-average grant-date fair value per share | $9.43 | $9.94 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $0 | $2,802,000 | $0 |
Federal tax operating loss carryforwards, net | 329,400,000 | ||
Foreign tax credit carryforward | -12,332,000 | -10,404,000 | -6,426,000 |
State tax operating loss carryforwards, net | $96,000,000 | ||
Federal statutory rate | 35.00% | ||
Internal Revenue Service (IRS) | Minimum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2030 | ||
Internal Revenue Service (IRS) | Maximum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2032 | ||
Foreign markets | Minimum | |||
Income Taxes [Line Items] | |||
Tax credit carry forward, expiration year | 2019 | ||
Foreign markets | Maximum | |||
Income Taxes [Line Items] | |||
Tax credit carry forward, expiration year | 2024 | ||
State and Local Jurisdiction | Minimum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2025 | ||
State and Local Jurisdiction | Maximum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2032 |
Income_Taxes_Components_of_Lon
Income Taxes - Components of Long Term Deferred Tax Liabilities Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax liabilities: | |||
Fixed assets | $489,060 | $418,614 | $444,733 |
Deferred charges and other liabilities | 18,013 | 18,501 | 17,346 |
Total deferred tax liabilities | 507,073 | 437,115 | 462,079 |
Deferred tax assets: | |||
Net operating loss carryforwards | -116,676 | -97,817 | -181,445 |
Allowance for doubtful accounts | -1,330 | -1,228 | -1,099 |
Stock-based compensation expense | -4,246 | -4,128 | -4,763 |
Alternative minimum tax credit carryforward | -20,863 | -21,437 | -20,863 |
Foreign tax credit carryforward | -12,332 | -10,404 | -6,426 |
Other | -5,676 | -7,067 | -5,725 |
Total deferred tax assets | -161,123 | -142,081 | -220,321 |
Valuation allowance | 1,011 | 912 | 0 |
Total deferred tax liabilities, net | 346,961 | 295,946 | 241,758 |
Deferred tax liabilities, net | |||
Current deferred tax assets, net | 45,531 | 72,470 | 28,720 |
Long-term deferred tax liabilities, net | 392,492 | 368,416 | 270,478 |
Total deferred tax liabilities, net | $346,961 | $295,946 | $241,758 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. | $0 | $0 | $0 |
Foreign | 1,927 | 4,000 | 1,016 |
Total current tax expense | 1,927 | 4,000 | 1,016 |
U.S. | 50,440 | 32,320 | 20,368 |
Total tax expense | $52,367 | $36,320 | $21,384 |
Income_Taxes_Income_Loss_Befor
Income Taxes - Income (Loss) Before Income Taxes Based on Jurisdiction Earned (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
U.S. | $105,066 | $84,591 | $40,175 |
Foreign | 35,208 | 15,807 | 15,904 |
Income before income taxes | $140,274 | $100,398 | $56,079 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Provision of Income Taxes [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $0 | ($2,802) | $0 | |
Statutory rate | 49,096 | 35,140 | 19,627 | |
State taxes, net | 1,403 | 1,183 | 729 | |
Non-deductible expense | 1,927 | 1,688 | 1,043 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 900 | 99 | 912 | |
Foreign taxes and other | -158 | 199 | -15 | |
Total tax expense | $52,367 | $36,320 | $21,384 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 20, 2005 | Nov. 30, 2011 | Dec. 31, 2013 | Feb. 27, 2015 | Jun. 30, 2012 | |
Contract | Shipyard | Vessel | Vessel | Contract | |||||
Vessel | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $1,265,000,000 | ||||||||
Cost incurred on OSV newbuild program | 1,032,400,000 | ||||||||
Percentage of total project cost | 81.60% | ||||||||
Operating leases rent expense | 3,900,000 | 3,600,000 | 2,600,000 | ||||||
Amount owed by ATP, net of reserves | 4,800,000 | ||||||||
Amount owed by ATP, reserves | 900,000 | ||||||||
Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Company's exposure to claims, net of amount accrued, low range | 500,000 | ||||||||
Company's exposure to claims, net of amount accrued, high range | 3,000,000 | ||||||||
Covington facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Lease expiring date | 2025-09 | ||||||||
Number of lease renewal option | 3 | ||||||||
Operating lease, renewal option term | 5 years | ||||||||
Shore-base facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of lease renewal option | 4 | ||||||||
Operating lease, renewal option term | 5 years | ||||||||
Operating lease, initial term | 7 years | ||||||||
New facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of lease renewal option | 3 | 3 | |||||||
Operating lease, renewal option term | 5 years | ||||||||
Operating lease, remaining term | 4 years | ||||||||
Importation assessment | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Company's exposure to claims, net of amount accrued, low range | 500,000 | ||||||||
Company's exposure to claims, net of amount accrued, high range | 3,500,000 | ||||||||
Newbuild program 5 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number Of Construction Shipyards, Domestic | 3 | ||||||||
Number of vessels to be constructed | 8 | ||||||||
Number of Vessels Placed in Service | 14 | ||||||||
Number Of Vessels | 8 | 24 | 3 | ||||||
Aggregate cost of OSV newbuild program excluding construction period interest | 1,265,000,000 | ||||||||
Cost incurred on OSV newbuild program | $1,032,400,000 | ||||||||
Percentage of total project cost | 81.60% | ||||||||
Newbuild program 5 | Subsequent Event | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of Vessels Placed in Service | 2 | ||||||||
Newbuild program 5 | Fiscal Year 2015 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number Of Vessels | 5 | ||||||||
Newbuild program 5 | Fiscal Year 2016 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number Of Vessels | 3 | ||||||||
Newbuild program 5 | Offshore Supply Vessel Class 300 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 4 | ||||||||
Newbuild program 5 | Offshore Supply Vessel Class 310 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 5 | ||||||||
Newbuild program 5 | Offshore Supply Vessel Class 320 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 10 | ||||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 5 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Payments Under Noncancelable Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2014 | $2,928 |
2015 | 2,289 |
2016 | 2,334 |
2017 | 2,359 |
2018 | 2,406 |
Thereafter | 29,642 |
Total | $41,958 |
Deferred_Charges_Detail
Deferred Charges (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred financing costs, net of accumulated amortization of $5,805 and $10,254, respectively | $17,884 | $21,763 |
Deferred drydocking costs, net of accumulated amortization of $36,408 and $18,779 respectively | 48,064 | 49,149 |
Prepaid lease expense, net of amortization of $1,226 and $1,067 respectively | 3,005 | 3,163 |
Total | $68,953 | $74,075 |
Deferred_Charges_Detail2
Deferred Charges (Detail-2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred financing costs, accumulated amortization | $9,586 | $5,805 |
Deferred drydocking costs, accumulated amortization | 38,429 | 36,408 |
Prepaid lease expense, amortization | $1,384 | $1,226 |
Major_Customers_Revenues_from_
Major Customers - Revenues from Customer Exceeding 10% (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Customer A | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 14.00% | 12.00% | |
Customer B | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 16.00% | ||
Customer C | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 10.00% | ||
Customer D | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 19.00% | ||
Customer E | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 14.00% |
Discontinued_Operations_Income
Discontinued Operations - Income Statement from Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Aug. 29, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||
Proceeds from Divestiture of Businesses | $227,500,000 | ||||||||||||||||||||||
Gain on sale of assets | 60,000,000 | 867,000 | 60,076,000 | 624,000 | |||||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 38,100,000 | ||||||||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Share | $1.04 | ||||||||||||||||||||||
Revenue | 12,000 | 43,318,000 | 49,429,000 | ||||||||||||||||||||
Operating Income | 555,000 | 74,278,000 | 3,663,000 | ||||||||||||||||||||
Income before income taxes | 966,000 | 74,280,000 | 3,664,000 | ||||||||||||||||||||
Income tax expense | 348,000 | 26,965,000 | 1,342,000 | ||||||||||||||||||||
Income from discontinued operations | 402,000 | [1] | -204,000 | [1] | 8,000 | [1] | 412,000 | [1] | 153,000 | [1],[2] | 41,368,000 | [1],[2] | 3,564,000 | [1],[2] | 2,231,000 | [1],[2] | 618,000 | [3] | 47,315,000 | [3] | 2,322,000 | [3] | |
Proceeds from Sale of Other Property, Plant, and Equipment | 0 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Other Assets | 0 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | $0 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Assets, net of tax per share | $0.02 | ||||||||||||||||||||||
[1] | The sum of the four quarters may not equal annual results due to rounding | ||||||||||||||||||||||
[2] | 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). | ||||||||||||||||||||||
[3] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. |
Discontinued_Operations_Balanc
Discontinued Operations - Balance Sheet from Discontinued Operations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Other current assets | $470 | $1,578 |
Total current assets | 470 | 1,578 |
Property, plant and equipment, net | 0 | 759 |
Total assets | 470 | 2,337 |
Accrued payroll and benefits | 0 | 2 |
Other accrued liabilities | 1 | 115 |
Total current liabilities | 1 | 117 |
Other liabilities | 1,560 | 306 |
Other liabilities | $1,561 | $423 |
Employment_Agreements_Addition
Employment Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation Plan [Line Items] | |
Expiration date of employment agreements with certain members of executive management team | 31-Dec-17 |
Supplemental_Selected_Quarterl2
Supplemental Selected Quarterly Financial Data - Unaudited Quarterly Financial Data (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||
Aug. 29, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | ||||||||||||
Vessel | ||||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||||
Revenues | $160,219,000 | [1],[2] | $166,890,000 | [1],[2] | $171,099,000 | [1],[2] | $136,585,000 | [1],[2] | $144,893,000 | [1],[3] | $132,915,000 | [1],[3] | $137,811,000 | [1],[3] | $132,526,000 | [1],[3] | $634,793,000 | $548,145,000 | $463,309,000 | |||||
Operating income | 37,402,000 | [1],[2] | 50,234,000 | [1],[2] | 56,756,000 | [1],[2] | 25,028,000 | [1],[2] | 43,650,000 | [1],[3] | 37,188,000 | [1],[3] | 46,448,000 | [1],[3] | 43,817,000 | [1],[3] | 169,420,000 | 171,103,000 | 117,644,000 | |||||
Income from continuing operations (1) | 18,769,000 | [1],[2],[4] | 26,559,000 | [1],[2],[4] | 31,225,000 | [1],[2],[4] | 11,354,000 | [1],[2],[4] | 22,087,000 | [1],[3] | 17,796,000 | [1],[3] | 20,266,000 | [1],[3] | 3,928,000 | [1],[3] | 87,907,000 | 64,078,000 | [5] | 34,695,000 | [5] | |||
Net income | 19,171,000 | [1],[2] | 26,355,000 | [1],[2] | 31,233,000 | [1],[2] | 11,766,000 | [1],[2] | 22,240,000 | [1],[3] | 59,164,000 | [1],[3] | 23,830,000 | [1],[3] | 6,159,000 | [1],[3] | 88,525,000 | 111,393,000 | 37,017,000 | |||||
Income from discontinued operations, net of tax (2) | 402,000 | [1] | -204,000 | [1] | 8,000 | [1] | 412,000 | [1] | 153,000 | [1],[3] | 41,368,000 | [1],[3] | 3,564,000 | [1],[3] | 2,231,000 | [1],[3] | 618,000 | [6] | 47,315,000 | [6] | 2,322,000 | [6] | ||
Earnings (loss) per common share: | ||||||||||||||||||||||||
Basic earnings per common share from continuing operations | $0.52 | [1],[2] | $0.73 | [1],[2] | $0.86 | [1],[2] | $0.32 | [1],[2] | $0.62 | [1],[3] | $0.49 | [1],[3] | $0.56 | [1],[3] | $0.11 | [1],[3] | $2.43 | $1.79 | $0.98 | |||||
Basic earnings per common share from discontinued operations | $0.02 | [1],[2] | ($0.01) | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[3] | $1.15 | [1],[3] | $0.10 | [1],[3] | $0.06 | [1],[3] | $0.02 | $1.31 | $0.07 | |||||
Basic earnings (loss) per common share, in dollars per share | $0.54 | [1],[2] | $0.72 | [1],[2] | $0.86 | [1],[2] | $0.33 | [1],[2] | $0.62 | [1],[3] | $1.64 | [1],[3] | $0.66 | [1],[3] | $0.17 | [1],[3] | $2.45 | $3.10 | $1.05 | |||||
Diluted earnings per common share from continuing operations | $0.52 | [1],[2] | $0.72 | [1],[2] | $0.85 | [1],[2] | $0.31 | [1],[2] | $0.61 | [1],[3] | $0.49 | [1],[3] | $0.55 | [1],[3] | $0.11 | [1],[3] | $2.40 | $1.76 | $0.97 | |||||
Diluted earnings per common share from discontinued operations | $0.01 | [1],[2] | ($0.01) | [1],[2] | $0 | [1],[2] | $0.01 | [1],[2] | $0 | [1],[3] | $1.12 | [1],[3] | $0.10 | [1],[3] | $0.06 | [1],[3] | $0.01 | $1.29 | $0.06 | |||||
Diluted earnings (loss) per common share, in dollars per share | $0.53 | [1],[2] | $0.71 | [1],[2] | $0.85 | [1],[2] | $0.32 | [1],[2] | $0.61 | [1],[3] | $1.61 | [1],[3] | $0.65 | [1],[3] | $0.17 | [1],[3] | $2.41 | $3.05 | $1.03 | |||||
Mobilization Costs | 2,300,000 | 1,500,000 | 2,700,000 | 1,400,000 | ||||||||||||||||||||
Loss on early extinguishment of debt | 24,300,000 | 0 | -25,776,000 | -6,048,000 | ||||||||||||||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | 15,200,000 | |||||||||||||||||||||||
Extinguishment of debt, net of tax, in dollars per share | $0.42 | |||||||||||||||||||||||
Percentage Of Notes Redeemed | 94.00% | |||||||||||||||||||||||
Proceeds from Divestiture of Businesses | 227,500,000 | |||||||||||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 60,000,000 | 867,000 | 60,076,000 | 624,000 | ||||||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $38,100,000 | |||||||||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Share | $1.04 | |||||||||||||||||||||||
Newbuild program 5 | ||||||||||||||||||||||||
Earnings (loss) per common share: | ||||||||||||||||||||||||
Number Of Vessels | 3 | 8 | 24 | |||||||||||||||||||||
Latin America | ||||||||||||||||||||||||
Earnings (loss) per common share: | ||||||||||||||||||||||||
Number Of Vessels | 3 | |||||||||||||||||||||||
Class 240 Vessel | ||||||||||||||||||||||||
Earnings (loss) per common share: | ||||||||||||||||||||||||
Number Of Vessels | 4 | |||||||||||||||||||||||
[1] | The sum of the four quarters may not equal annual results due to rounding | |||||||||||||||||||||||
[2] | Results for the quarter ended June 30, 2014 were favorably impacted by record effective dayrates achieved by the Company's MPSV fleet and contributions from vessels delivered under the Company's fifth OSV newbuild program. The results for the quarter ended December 31, 2014 were unfavorably impacted by soft market conditions for OSVs in the GoM. | |||||||||||||||||||||||
[3] | 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). | |||||||||||||||||||||||
[4] | Results for the quarter ended September 30, 2013 were unfavorably impacted by the mobilization of four 240 class vessels from Brazil to the GoM. During the third quarter of 2013, the Company recorded mobilization expenses of approximately $2.3 million for such vessels. Results for the quarter ended December 31, 2013 were favorably impacted by then improved market conditions for the Company's MPSVs and three vessels working in Latin America. Also, the results for the quarter ended December 31, 2013 includes deliveries of three vessels under the Company's fifth OSV newbuild program. | |||||||||||||||||||||||
[5] | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the year ended December 31, 2012 includes a pre-tax loss on early extinguishment of debt of $6.0 million. See Note 6 for further information regarding the Company’s debt. | |||||||||||||||||||||||
[6] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. |
Supplemental_Selected_Quarterl3
Supplemental Selected Quarterly Financial Data - Unaudited Quarterly Financial Data (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | ||||
Mobilization Costs | $2.30 | $1.50 | $2.70 | $1.40 |