Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HOS | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | ||
Entity Central Index Key | 1,131,227 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 35,985,010 | ||
Entity Public Float | $ 701,294,925 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 259,801 | $ 185,123 |
Accounts receivable, net of allowance for doubtful accounts of $2,877 and $3,693 respectively | 91,202 | 130,969 |
Other current assets | 13,033 | 20,049 |
Current assets from discontinued operations | 0 | 470 |
Total current assets | 364,036 | 336,611 |
Property, plant and equipment, net | 2,574,661 | 2,459,486 |
Deferred charges, net | 35,273 | 52,968 |
Other assets | 10,446 | 11,870 |
Total assets | 2,984,416 | 2,860,935 |
Current liabilities: | ||
Accounts payable | 35,916 | 42,404 |
Accrued interest | 14,795 | 14,890 |
Accrued payroll and benefits | 11,222 | 14,830 |
Deferred revenue | 5,734 | 1,561 |
Other accrued liabilities | 17,878 | 9,360 |
Total current liabilities | 85,545 | 83,045 |
Long-term debt, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $13,119 and $15,985, respectively | 1,070,281 | 1,057,487 |
Deferred tax liabilities, net | 381,619 | 346,961 |
Other liabilities | 808 | 1,117 |
Long-term liabilities of discontinued operations | 0 | 1,560 |
Total liabilities | 1,538,253 | 1,490,170 |
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; 35,985 and 35,557 shares issued and outstanding, respectively | 360 | 356 |
Additional paid-in capital | 748,041 | 736,294 |
Retained earnings | 701,838 | 635,017 |
Accumulated other comprehensive loss | (4,076) | (902) |
Total stockholders’ equity | 1,446,163 | 1,370,765 |
Total liabilities and stockholders’ equity | $ 2,984,416 | $ 2,860,935 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance for doubtful accounts | $ 2,877 | $ 3,693 |
Current portion of long-term debt, original issue discount | 0 | 0 |
Long-term debt, original issue discount | $ 41,600 | $ 51,528 |
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 | 35,985,000 | 35,557,000 |
Common stock, shares outstanding | 35,985,000 | 35,557,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | Aug. 28, 2015 | Feb. 27, 2015 | Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [2] | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues | $ 88,719,000 | $ 116,281,000 | $ 136,446,000 | $ 134,624,000 | $ 160,219,000 | $ 166,890,000 | $ 171,099,000 | $ 136,585,000 | $ 476,070,000 | $ 634,793,000 | $ 548,145,000 | ||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||
Operating expenses | 219,260,000 | 296,500,000 | 239,239,000 | ||||||||||||||||||||||
Depreciation | 82,566,000 | 71,301,000 | 55,332,000 | ||||||||||||||||||||||
Amortization | 26,463,000 | 44,149,000 | 30,630,000 | ||||||||||||||||||||||
General and administrative expenses | 48,297,000 | 54,245,000 | 53,428,000 | ||||||||||||||||||||||
Costs and Expenses, Total | 376,586,000 | 466,195,000 | 378,629,000 | ||||||||||||||||||||||
Gain on sale of assets | $ 11,000,000 | $ 33,100,000 | 44,060,000 | 822,000 | 1,587,000 | ||||||||||||||||||||
Operating income | 4,482,000 | 32,809,000 | 39,355,000 | 66,898,000 | 37,402,000 | 50,234,000 | 56,756,000 | 25,028,000 | 143,544,000 | 169,420,000 | 171,103,000 | ||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Loss on early extinguishment of debt | 0 | 0 | (25,776,000) | $ (6,048,000) | |||||||||||||||||||||
Interest income | 1,525,000 | 1,086,000 | 2,515,000 | ||||||||||||||||||||||
Interest expense | (39,496,000) | (30,733,000) | (47,352,000) | ||||||||||||||||||||||
Other income (expense), net | 1,005,000 | 501,000 | (92,000) | ||||||||||||||||||||||
Nonoperating Income (Expense), Total | (36,966,000) | (29,146,000) | (70,705,000) | ||||||||||||||||||||||
Income before income taxes | 106,578,000 | 140,274,000 | 100,398,000 | ||||||||||||||||||||||
Income tax expense | 39,757,000 | 52,367,000 | 36,320,000 | ||||||||||||||||||||||
Income (loss) from continuing operations | 18,769,000 | 26,559,000 | 31,225,000 | 11,354,000 | 66,821,000 | 87,907,000 | [3] | 64,078,000 | [3] | ||||||||||||||||
Income from discontinued operations, net of tax | 402,000 | (204,000) | 8,000 | 412,000 | 0 | [4] | 618,000 | [4] | 47,315,000 | [4] | |||||||||||||||
Net income | $ (2,671,000) | $ 14,424,000 | $ 19,215,000 | $ 35,853,000 | $ 19,171,000 | $ 26,355,000 | $ 31,233,000 | $ 11,766,000 | $ 66,821,000 | $ 88,525,000 | $ 111,393,000 | ||||||||||||||
Basic earnings (loss) per common share from continuing operations, in dollars per share | $ 0.52 | $ 0.73 | $ 0.86 | $ 0.32 | $ 1.87 | $ 2.43 | $ 1.79 | ||||||||||||||||||
Basic earnings per common share from discontinued operations, in dollars per share | 0.02 | (0.01) | 0 | 0.01 | 0 | 0.02 | 1.31 | ||||||||||||||||||
Basic earnings (loss) per common share, in dollars per share | $ (0.07) | $ 0.40 | $ 0.54 | $ 1.01 | 0.54 | 0.72 | 0.86 | 0.33 | 1.87 | 2.45 | 3.10 | ||||||||||||||
Diluted earnings (loss) per common share from continuing operations, in dollars per share | 0.52 | 0.72 | 0.85 | 0.31 | 1.84 | 2.40 | 1.76 | ||||||||||||||||||
Diluted earnings per common share from discontinued operations, in dollars per share | 0.01 | (0.01) | 0 | 0.01 | 0 | 0.01 | 1.29 | ||||||||||||||||||
Diluted earnings (loss) per common share, in dollars per share | $ (0.07) | $ 0.40 | $ 0.53 | $ 0.99 | $ 0.53 | $ 0.71 | $ 0.85 | $ 0.32 | $ 1.84 | $ 2.41 | $ 3.05 | ||||||||||||||
Weighted average basic shares outstanding | 35,755 | 36,172 | 35,895 | ||||||||||||||||||||||
Weighted average diluted shares outstanding | 36,302 | 36,692 | 36,548 | ||||||||||||||||||||||
[1] | Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. | ||||||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding | ||||||||||||||||||||||||
[3] | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. See Note 6 for further information regarding the Company’s debt. | ||||||||||||||||||||||||
[4] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [2] | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ (2,671) | $ 14,424 | $ 19,215 | $ 35,853 | $ 19,171 | $ 26,355 | $ 31,233 | $ 11,766 | $ 66,821 | $ 88,525 | $ 111,393 | ||||||||
Other comprehensive income: | |||||||||||||||||||
Foreign currency translation loss | (3,174) | (107) | (537) | ||||||||||||||||
Total comprehensive income | $ 63,647 | $ 88,418 | $ 110,856 | ||||||||||||||||
[1] | Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. | ||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning Balance (in shares) at Dec. 31, 2012 | 35,479,000 | ||||
Beginning Balance at Dec. 31, 2012 | $ 1,165,845 | $ 355 | $ 705,658 | $ 460,090 | $ (258) |
Excess tax benefit (shortfall) from sharebased payments | 4,501 | 4,501 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 616,000 | ||||
Shares issued under employee benefit programs | 5,406 | $ 6 | 5,400 | ||
Stock-based compensation expense | 8,820 | 8,820 | 0 | ||
Net income | 111,393 | 111,393 | |||
Foreign currency translation loss | (537) | (537) | |||
Ending Balance (in shares) at Dec. 31, 2013 | 36,095,000 | ||||
Ending Balance at Dec. 31, 2013 | 1,295,428 | $ 361 | 724,379 | 571,483 | (795) |
Excess tax benefit (shortfall) from sharebased payments | 292 | 292 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 353,000 | ||||
Shares issued under employee benefit programs | 2,186 | $ 4 | 2,182 | ||
Stock-based compensation expense | $ 9,441 | 9,441 | |||
Stock Repurchased and Retired During Period, Shares | (891,396) | (891,000) | |||
Stock Repurchased and Retired During Period, Value | $ (25,000) | $ (9) | (24,991) | ||
Net income | 88,525 | 88,525 | |||
Foreign currency translation loss | (107) | (107) | |||
Ending Balance (in shares) at Dec. 31, 2014 | 35,557,000 | ||||
Ending Balance at Dec. 31, 2014 | 1,370,765 | $ 356 | 736,294 | 635,017 | (902) |
Excess tax benefit (shortfall) from sharebased payments | (572) | (572) | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 428,000 | ||||
Shares issued under employee benefit programs | 1,859 | $ 4 | 1,855 | ||
Stock-based compensation expense | $ 10,464 | 10,464 | |||
Stock Repurchased and Retired During Period, Shares | 0 | ||||
Net income | $ 66,821 | 66,821 | |||
Foreign currency translation loss | (3,174) | (3,174) | |||
Ending Balance (in shares) at Dec. 31, 2015 | 35,985,000 | ||||
Ending Balance at Dec. 31, 2015 | $ 1,446,163 | $ 360 | $ 748,041 | $ 701,838 | $ (4,076) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Income from continuing operations | $ 66,821,000 | $ 87,907,000 | [1] | $ 64,078,000 | [1] |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||||
Depreciation | 82,566,000 | 71,301,000 | 55,332,000 | ||
Amortization | 26,463,000 | 44,149,000 | 30,630,000 | ||
Share-based Compensation | 10,293,000 | 10,324,000 | 11,888,000 | ||
Loss on early extinguishment of debt | 0 | 0 | 25,776,000 | ||
Provision for Doubtful Accounts | (816,000) | 282,000 | 383,000 | ||
Deferred tax expense | 34,086,000 | 50,440,000 | 32,320,000 | ||
Amortization of deferred financing costs | 9,675,000 | 8,154,000 | 16,826,000 | ||
Gain on sale of assets | (44,060,000) | (822,000) | (1,587,000) | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 39,743,000 | (38,500,000) | 9,793,000 | ||
Increase (Decrease) in Other Operating Assets | (8,472,000) | 8,393,000 | (8,956,000) | ||
Deferred drydocking charges | (13,267,000) | (43,609,000) | (35,875,000) | ||
Accounts payable | (10,486,000) | (4,146,000) | 1,073,000 | ||
Accrued liabilities and other liabilities | 6,448,000 | (13,981,000) | (12,626,000) | ||
Accrued interest | (95,000) | 0 | 100,000 | ||
Net cash provided by operating activities | 215,843,000 | 163,106,000 | 207,067,000 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Costs incurred for OSV newbuild program | (190,070,000) | (343,989,000) | (465,165,000) | ||
Net proceeds from sale of assets | 152,000,000 | 7,178,000 | 16,021,000 | ||
Vessel capital expenditures | (86,792,000) | (55,089,000) | (73,593,000) | ||
Non-vessel capital expenditures | (16,487,000) | (9,615,000) | (3,893,000) | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (141,349,000) | (401,515,000) | (526,630,000) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Tax benefit from share-based payments | 0 | 292,000 | 4,501,000 | ||
Repayment of senior notes | 0 | 0 | (250,000,000) | ||
Proceeds from the issuance of senior notes | 0 | 0 | 450,000,000 | ||
Redemption premium on the retirement of debt | 0 | 0 | (17,658,000) | ||
Payments for Repurchase of Common Stock | 0 | (25,000,000) | 0 | ||
Repayments of Convertible Debt | 0 | 0 | (250,000,000) | ||
Deferred financing costs | (2,089,000) | 0 | (7,807,000) | ||
Net cash proceeds from other shares issued | 3,112,000 | 5,044,000 | 9,620,000 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 1,023,000 | (19,664,000) | (61,344,000) | ||
Net Cash Provided by (Used in) Discontinued Operations | |||||
Net cash provided by operating activities | 0 | 2,374,000 | 15,368,000 | ||
Net cash provided by investing activities | 0 | 1,638,000 | 228,689,000 | ||
Net cash provided by discontinued operations | 0 | 4,012,000 | 244,057,000 | ||
Effects of exchange rate changes on cash | (839,000) | (107,000) | (537,000) | ||
Net increase (decrease) in cash and cash equivalents | 74,678,000 | (254,168,000) | (137,387,000) | ||
Cash and cash equivalents at beginning of period | 185,123,000 | 439,291,000 | 576,678,000 | ||
Cash and cash equivalents at end of period | 259,801,000 | 185,123,000 | 439,291,000 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||
Cash paid for interest | 50,492,000 | 50,548,000 | 53,636,000 | ||
Cash paid for income taxes | $ 4,808,000 | $ 5,679,000 | $ 4,537,000 | ||
[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. See Note 6 for further information regarding the Company’s debt. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Text Block] | 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 “Considerations Regarding 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 $1.8 million , $1.5 million and $2.7 million during 2015, 2014 and 2013, 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 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million on these state operating losses was reversed since the losses were written off upon ceasing to do business in those particular jurisdictions. If the current market downturn persists for longer than currently expected a valuation allowance may be required for certain foreign tax credits that will begin to expire in 2019. 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. As of December 31, 2015 , one customer represented 25% of the Company's net accounts receivable balance. The following table represents the allowance for doubtful accounts (in thousands): December 31, 2015 2014 2013 Balance, beginning of year $ 3,693 $ 3,411 $ 3,028 Changes to provision (816 ) 282 383 Balance, end of year $ 2,877 $ 3,693 $ 3,411 Considerations Regarding 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. The Company reviewed its long-lived assets giving consideration to the current market conditions, which include the on going commodity price decline, the reduction in certain projected 2016 capital budgets for its customers and recent competitor public filings. 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 are the principal markets 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 additional cancellations of deepwater projects, which may adversely affect long-term fleet utilization. No triggering events occurred in 2015, 2014 or 2013 and the Company did not record any impairment losses related to its long-lived assets during these periods. The Company will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn persists. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that are not yet adopted Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. Standards that were adopted ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs" (Subtopic 835-30). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. October 1, 2015 The adoption of this ASU resulted in reductions in Deferred charges of $13.1 million and $16.0 million and corresponding decreases in Long-term debt as of December 31, 2015 and 2014, respectively. ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes” (Topic 740) ASU No. 2015-17 requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. Also, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowance also will be classified as noncurrent. October 1, 2015 The adoption of this ASU resulted in reductions of current assets of $5.3 million and $45.5 million and corresponding decreases in Deferred tax liabilities as of December 31, 2015 and 2014, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Income from continuing operations (1) $ 66,821 $ 87,907 $ 64,078 Income from discontinued operations, net of tax (2) — 618 47,315 Net income $ 66,821 $ 88,525 $ 111,393 Weighted average number of shares of common stock outstanding 35,755 36,172 35,895 Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) 547 520 653 Weighted average number of dilutive shares of common stock outstanding 36,302 36,692 36,548 Earnings per common share: Basic earnings per common share from continuing operations $ 1.87 $ 2.43 $ 1.79 Basic earnings per common share from discontinued operations — 0.02 1.31 Basic earnings per common share $ 1.87 $ 2.45 $ 3.10 Diluted earnings per common share from continuing operations $ 1.84 $ 2.40 $ 1.76 Diluted earnings per common share from discontinued operations — 0.01 1.29 Diluted earnings per common share $ 1.84 $ 2.41 $ 3.05 (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 . 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 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the years ended December 31, 2014 and 2013. 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 years ended December 31, 2015, 2014 and 2013, 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 unit awards. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2015 | |
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. In response to weak market conditions, the Company temporarily ceased matching contributions to the 401(k) plan effective January 1, 2015. During the years ended December 31, 2014 and 2013 , the Company made contributions to the 401(k) plan of approximately $6.0 million and $5.2 million , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2015 2014 Offshore supply vessels and multi-purpose support vessels $ 2,409,221 $ 2,283,883 Non-vessel related property, plant and equipment 132,034 104,789 Less: Accumulated depreciation (452,134 ) (390,774 ) 2,089,121 1,997,898 Construction in progress 485,540 461,588 $ 2,574,661 $ 2,459,486 In November 2011, the Company announced, and has since expanded, its fifth OSV newbuild program. On January 31, 2016, this program consisted 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, 2015 , the Company had placed 18 vessels in-service under its fifth newbuild program. Subsequent to year-end, the Company placed in service two additional vessels under such program. In February 2016, the Company announced plans to enhance the marketability of the four remaining 310 class MPSVs. The first two of those MPSVs, which are expected to be delivered in the second and third quarters of 2016, will be enhanced by increasing the berthing capacity, expanding the cargo carrying capabilities and expanding the work area for ROVs. The functionality of the second two MPSVs will be increased by adding a 60-foot mid-body plug, installation of an additional crane, increasing the berthing capacity, expanding the cargo-carrying capacities and expanding the work areas for ROVs. These latter two MPSVs have been upgraded to a 400 class designation and are scheduled to be delivered in the second and fourth quarters of 2017, respectively. The aggregate cost of these four conversions will be approximately $70.0 million and will extend the deliveries by an aggregate of 730 additional vessel-days. The Company's fifth OSV newbuild program now consists of four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. Based on current contracts and internal estimates,the aggregate total cost of this program, before construction period interest, is now expected to be approximately $1,335.0 million . From the inception of this program through December 31, 2015 , the Company has incurred $1,201.7 million , or 90.0% , of total expected project costs. During 2015, the Company closed on the sale of four 250EDF class OSVs, the HOS Arrowhead , the HOS Black Powder , the HOS Eagleview and the HOS Westwind , which were previously chartered to the U.S. Navy, for cash consideration of $152.0 million . The sale resulted in a pre-tax gain of approximately $44.1 million ( $27.6 million after-tax or $0.76 per diluted share). These vessels are now managed by the Company for the U.S. Navy. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 5.875% senior notes due 2020, net of deferred financing costs of $3,944 and $4,863 $ 371,056 $ 370,137 5.000% senior notes due 2021, net of deferred financing costs of $5,080 and $6,049 444,920 443,951 1.500% convertible senior notes due 2019, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $4,095 and $5,073 254,305 243,399 Revolving credit facility due 2020 — — $ 1,070,281 $ 1,057,487 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): 2016 $ — 2017 — 2018 — 2019 254,305 2020 371,056 Thereafter 444,920 $ 1,070,281 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 the effective interest rate 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 O n 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 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, including funding for the acquisition, construction or retrofit of vessels. The 2021 senior notes mature on March 1, 2021 and the effective interest rate 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. 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, which 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. 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. The 2019 convertible senior notes, 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 prior to the fourth quarter of 2015, all of the Company's non-guarantor subsidiaries were minor as defined in the Securities and Exchange Commission regulations. 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 of $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, 2015, there were no amounts drawn under the Company’s $300.0 million revolving credit facility and $0.5 million posted in letters of credit. As of December 31, 2015, 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. Given the observable nature of the inputs to these estimates, the fair values presented below for long-term debt have been assigned a Level 2 , of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): December 31, 2015 December 31, 2014 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,056 $ 257,813 $ 375,000 $ 370,137 $ 334,688 5.000% senior notes due 2021 450,000 444,920 308,250 450,000 443,951 369,135 1.500% convertible senior notes due 2019 300,000 254,305 170,340 300,000 243,399 251,130 $ 1,125,000 $ 1,070,281 $ 736,403 $ 1,125,000 $ 1,057,487 $ 954,953 Capitalized Interest Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate amount of $24.7 million , $33.2 million , and $31.2 million , for the years ended December 31, 2015, 2014, and 2013, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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 $25.0 million and represent roughly 2.5% of the Company's total shares outstanding prior to the commencement of the program. The Company has not repurchased any additional shares subsequent to December 31, 2014. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation | Stock-Based Compensation Incentive Compensation Plan In June 2015, the Company received stockholder approval to increase the maximum number of shares available for issuance under its long-term compensation plan by 750,000 . The Company’s stock-based incentive compensation plan now covers a maximum of 4.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to employees and directors. As of December 31, 2015, there were 898,035 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, 2015 2014 2013 Income before taxes $ 10,293 $ 10,324 $ 11,888 Net income $ 6,454 $ 6,471 $ 7,581 Earnings per common share: Basic $ 0.18 $ 0.18 $ 0.21 Diluted $ 0.18 $ 0.18 $ 0.21 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 the impact on cash flows from financing activities for such excess tax deductions of approximately $(0.2) million , $0.0 million , and $2.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. Net cash proceeds from the exercise of stock options were $0.1 million , $1.4 million and $6.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The income tax expense (benefit) from stock option exercises and restricted stock vesting was $(1.3) million , $0.4 million and $4.8 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, 2015 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 345 $ 27.98 3.7 $ 59 Grants — — — — Exercised (1 ) 22.28 n/a 2 Forfeited or expired (40 ) 27.27 n/a n/a Options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — Exercisable options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — 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 Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2014 405 $ 27.16 4.2 $ 8,951 Grants — — — — Exercised (60 ) 22.49 n/a 684 Forfeited or expired — — — — 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 Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2013 737 $ 23.30 3.6 $ 8,144 Grants — — — — Exercised (331 ) 18.57 n/a 10,119 Forfeited or expired (1 ) 27.90 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 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 compared to peers, 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 and in subsequent years. 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 unit 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, 2015, the Company had unamortized stock-based compensation expense of $10.4 million , which will be recognized on a straight-line basis over the remaining vesting period, or 1.4 years. In addition, the Company has recorded approximately $9.3 million of compensation expense during the year ended December 31, 2015 associated with restricted stock-based unit awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2015 590 $ 37.13 Granted during the period (1) 479 21.40 Cancellations during the period (104 ) 21.84 Vested (239 ) 33.60 Outstanding, as of December 31, 2015 726 $ 30.12 (1) Includes the full amount of both base and bonus share awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2014 570 $ 31.61 Granted during the period (1) 274 42.61 Cancellations during the period — — Vested (254 ) 30.68 Outstanding, as of December 31, 2014 590 $ 37.13 (1) Includes the full amount of both base and bonus share awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2013 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit 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 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 restricted stock unit 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 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 time-based restricted stock unit was granted in 2015, 2014 and 2013. As of December 31, 2015, the Company had unamortized cash-settled restricted stock compensation expense of $0.5 million , which will be recognized on a straight-line basis over the remaining vesting period, or 1.7 years. In addition, as a result of its stock price decline in 2015, the Company recorded a reduction to compensation expense of approximately $0.2 million during the year ended December 31, 2015 associated with cash-settled restricted stock unit awards. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2015 153 $ 38.43 Granted during the period 47 21.84 Cancellations during the period (1 ) 30.87 Vested (117 ) 37.25 Outstanding, as of December 31, 2015 82 $ 30.61 (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 cash-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2014 139 $ 37.25 Granted during the period 35 43.00 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 cash-settled restricted stock unit awards activity during the year ended December 31, 2013 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit 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. 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. In June 2015, the Company received stockholder approval to increase the maximum number of shares available under the ESPP by 1,500,000 shares. Under the ESPP, the Company is now authorized to issue up to 2,200,000 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, 2015, there were 1,299,531 shares available for future issuance to employees under the ESPP. The Company recorded approximately $1.2 million of compensation expense during the year ended December 31, 2015 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, 2015 and 2014: 2015 2014 Dividend yield 0 % 0 % Expected volatility 61.3 % 38.3 % Risk-free interest rate 0.3 % 0.1 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 4.86 $ 9.43 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Deferred tax liabilities: Fixed assets $ 472,817 $ 489,060 $ 418,614 Deferred charges and other liabilities 11,317 18,013 18,501 Total deferred tax liabilities 484,134 507,073 437,115 Deferred tax assets: Net operating loss carryforwards (52,374 ) (116,676 ) (97,817 ) Allowance for doubtful accounts (1,036 ) (1,330 ) (1,228 ) Stock-based compensation expense (4,830 ) (4,246 ) (4,128 ) Alternative minimum tax credit carryforward (20,863 ) (20,863 ) (21,437 ) Foreign tax credit carryforward (17,972 ) (12,332 ) (10,404 ) Other (5,440 ) (5,676 ) (7,067 ) Total deferred tax assets (102,515 ) (161,123 ) (142,081 ) Valuation allowance — 1,011 912 Total deferred tax liabilities, net $ 381,619 $ 346,961 $ 295,946 The components of the income tax expense follow (in thousands): Year Ended December 31, 2015 2014 2013 Current tax expense: U.S. $ — $ — $ — Foreign 5,671 1,927 4,000 Total current tax expense 5,671 1,927 4,000 Deferred tax expense: U.S. 34,086 50,440 32,320 Total tax expense $ 39,757 $ 52,367 $ 36,320 Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2015 2014 2013 U.S. $ 65,894 $ 105,066 $ 84,591 Foreign 40,684 35,208 15,807 Total income from continuing operations before income taxes $ 106,578 $ 140,274 $ 100,398 At December 31, 2015 , the Company had federal tax net operating loss carryforwards of approximately $154.1 million , which will expire in 2031 through 2032 and foreign tax credit carryforwards of approximately $17.0 million , which will expire in 2019 through 2025 . The Company has state tax net operating loss carryforwards of approximately $36.1 million , which will expire in 2031 through 2032 and can only be utilized if the Company generates taxable income in that particular jurisdiction. As a result of the sale of the Downstream segment during 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. Additionally, due to such sale, the Company believed that certain state operating loss carryforwards might not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million was reversed as these state operating losses were written off upon ceasing to do business in these particular jurisdictions. The Company is no longer subject to tax audits by federal, state or local taxing authorities for years prior to 2011. 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, 2015 2014 2013 Statutory rate $ 37,302 $ 49,096 $ 35,140 State taxes, net 1,066 1,403 1,183 Non-deductible expense 1,440 1,927 1,688 Valuation allowance (1,011 ) 99 912 Change in deferred tax rate — — (2,802 ) Foreign taxes and other 960 (158 ) 199 $ 39,757 $ 52,367 $ 36,320 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, three 310 class MPSVs and two 400 class MPSVs. As of December 31, 2015 , the Company had placed 18 vessels in service under such program. Subsequent to year-end, two additional vessels were placed in service under such program. The four remaining vessels under this 24 -vessel domestic newbuild program are currently expected to be placed in service as follows: two in the remainder of 2016 and two in 2017. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million . From the inception of this program through December 31, 2015 , the Company has incurred construction costs of approximately $1,201.7 million , or 90.0% , 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 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, 2015 , this latter facility lease had approximately three years remaining on its first renewal option term, with three additional five -year renewal periods. Rent expense related to operating leases was approximately $4.1 million , $3.9 million and $3.6 million for the years ending December 31, 2015, 2014 and 2013, respectively. Future minimum payments under noncancelable leases for years subsequent to 2015 are as follows (in thousands): Year Ended December 31, 2016 $ 3,032 2017 2,351 2018 2,359 2019 2,406 2020 2,456 Thereafter 27,186 Total $ 39,790 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, 2015 , 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, 2015 | |
Deferred Charges | Deferred Charges Deferred charges include the following (in thousands): Year Ended December 31, 2015 2014 Revolving credit facility deferred financing costs, net of accumulated amortization of $4,070 and $3,280, respectively $ 3,198 $ 1,899 Deferred drydocking costs, net of accumulated amortization of $41,784 and $38,429, respectively 29,228 48,064 Prepaid lease expense, net of amortization of $1,542 and $1,384, respectively 2,847 3,005 Total $ 35,273 $ 52,968 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2015 | |
Major Customers | Major Customers In the years ended December 31, 2015 , 2014 , and 2013 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2015 2014 2013 Customer A 20 % 14 % 12 % Customer B 10 % n/a (1) n/a (1) Customer C n/a (1) n/a (1) 16 % Customer D n/a (1) n/a (1) 10 % (1) Customers represent less than 10% of consolidated revenue in each such year. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
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 year 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 Revenue $ 12 $ 43,318 Gain on sale of assets 867 60,076 Operating Income 555 74,278 Income before income taxes 966 74,280 Income tax expense 348 26,965 Income from discontinued operations 618 47,315 As of December 31, 2014 , the aggregate components of assets and liabilities classified as discontinued operations consisted of the following (in thousands): As of December 31, Assets: Other current assets $ 470 Total current assets 470 Total assets $ 470 Liabilities: Other liabilities $ 1,560 Total liabilities $ 1,560 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, 2015 | |
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, 2018 and automatically extends each year thereafter on January 1st, for an additional year. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements [Text Block] | Condensed Consolidating Financial Statements of Guarantors The following tables present the condensed consolidating historical financial statements as of December 31, 2015, and for the twelve months ended December 31, 2015, for the domestic subsidiaries of the Company that serve as guarantors of the Company's 2019 convertible senior notes, 2020 senior notes and 2021 senior notes and the financial results for the Company's subsidiaries that do not serve as guarantors. The guarantor subsidiaries of the 2019 convertible senior notes, 2020 senior notes and 2021 senior notes are 100% owned by the Company. The guarantees are full and unconditional and joint and several. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries. Condensed Consolidating Balance Sheet (In thousands, except per share data) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 10 $ 252,651 $ 7,140 $ — $ 259,801 Accounts receivable, net of allowance for doubtful accounts of $2,877 — 41,962 54,424 (5,184 ) 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,568 61,630 (5,184 ) 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,022 27,361 (51,308 ) 35,273 Intercompany receivable 1,744,880 — — (1,744,880 ) — Investment in subsidiaries 785,472 8,602 — (794,074 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,535,315 $ 2,851,207 $ 193,340 $ (2,595,446 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 97,230 $ 129,840 $ (191,154 ) $ 35,916 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 10,944 278 — 11,222 Deferred revenue — 5,222 512 — 5,734 Other accrued liabilities — 11,767 6,111 — 17,878 Total current liabilities 14,795 125,163 136,741 (191,154 ) 85,545 Long-term debt, net of original issue discount of $41,600 and deferred financing costs of $13,119 1,070,281 — — — 1,070,281 Deferred tax liabilities, net — 381,619 — — 381,619 Intercompany payables — 1,552,758 14,754 (1,567,512 ) — Other liabilities — 808 51,308 (51,308 ) 808 Total liabilities 1,085,076 2,060,348 202,803 (1,809,974 ) 1,538,253 Stockholders’ equity: Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding 360 — — — 360 Additional paid-in capital 748,041 37,978 8,602 (46,580 ) 748,041 Retained earnings 701,838 752,762 (13,870 ) (738,892 ) 701,838 Accumulated other comprehensive loss — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,239 790,859 (9,463 ) (785,472 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,535,315 $ 2,851,207 $ 193,340 $ (2,595,446 ) $ 2,984,416 Condensed Consolidating Statement of Operations (In thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 426,419 $ 50,952 $ (1,301 ) $ 476,070 Costs and expenses: Operating expenses — 178,748 41,514 (1,002 ) 219,260 Depreciation — 81,522 1,044 — 82,566 Amortization — 25,782 681 — 26,463 General and administrative expenses 189 44,398 3,861 (151 ) 48,297 189 330,450 47,100 (1,153 ) 376,586 Gain on sale of assets — 44,060 — — 44,060 Operating income (189 ) 140,029 3,852 (148 ) 143,544 Other income (expense): Interest income — 1,125 400 — 1,525 Interest expense (39,460 ) — (36 ) — (39,496 ) Equity in earnings of consolidated subsidiaries 106,798 — — (106,798 ) — Other income (expense), net — (4,053 ) 5,238 (180 ) 1,005 67,338 (2,928 ) 5,602 (106,978 ) (36,966 ) Income before income taxes 67,149 137,101 9,454 (107,126 ) 106,578 Income tax expense — 35,194 4,563 — 39,757 Net income $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Other comprehensive income: Foreign currency translation loss — (81 ) (3,093 ) — (3,174 ) Total comprehensive income $ 67,149 $ 101,826 $ 1,798 $ (107,126 ) $ 63,647 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (22,390 ) $ 131,185 $ 107,039 $ 9 $ 215,843 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (120,767 ) (69,303 ) — (190,070 ) Net proceeds from sale of assets — 152,000 — — 152,000 Vessel capital expenditures — (55,724 ) (29,729 ) (1,339 ) (86,792 ) Non-vessel capital expenditures — (16,211 ) (276 ) — (16,487 ) Net cash used in investing activities — (40,702 ) (99,308 ) (1,339 ) (141,349 ) CASH FLOWS FROM FINANCING ACTIVITIES: Deferred financing costs (2,089 ) — — — (2,089 ) Net cash proceeds from other shares issued 3,112 — — — 3,112 Intercompany 21,361 (21,198 ) (1,493 ) 1,330 — Net cash provided by (used in) financing activities 22,384 (21,198 ) (1,493 ) 1,330 1,023 Effects of exchange rate changes on cash — (81 ) (758 ) — (839 ) Net increase (decrease) in cash and cash equivalents (6 ) 69,204 5,480 — 74,678 Cash and cash equivalents at beginning of period 16 183,447 1,660 — 185,123 Cash and cash equivalents at end of period $ 10 $ 252,651 $ 7,140 $ — $ 259,801 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,492 $ — $ — $ — $ 50,492 Cash paid for income taxes $ — $ 582 $ 4,226 $ — $ 4,808 |
Supplemental Selected Quarterly
Supplemental Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 . The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Fiscal Year 2015 (1)(2) Revenues $ 134,624 $ 136,446 $ 116,281 $ 88,719 Operating income (3) 66,898 39,355 32,809 4,482 Net income (loss) 35,853 19,215 14,424 (2,671 ) Earnings (loss) per common share: Basic earnings (loss) per common share $ 1.01 $ 0.54 $ 0.40 $ (0.07 ) Diluted earnings (loss) per common share $ 0.99 $ 0.53 $ 0.40 $ (0.07 ) Fiscal Year 2014 (1) Revenues $ 136,585 $ 171,099 $ 166,890 $ 160,219 Operating income (4) 25,028 56,756 50,234 37,402 Income from continuing operations 11,354 31,225 26,559 18,769 Income (loss) 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 (loss) 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 (loss) 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 (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. (3) During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million . The sale resulted in a pre-tax gain of approximately $33.1 million ( $20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million . The sale resulted in a pre-tax gain of approximately $11.0 million ( $6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion. (4) 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. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 $1.8 million , $1.5 million and $2.7 million during 2015, 2014 and 2013, 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 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million on these state operating losses was reversed since the losses were written off upon ceasing to do business in those particular jurisdictions. If the current market downturn persists for longer than currently expected a valuation allowance may be required for certain foreign tax credits that will begin to expire in 2019. |
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. |
Commitments and Contingencies, Policy [Policy Text Block] | 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. As of December 31, 2015 , one customer represented 25% of the Company's net accounts receivable balance. |
Impairment of Long-Lived Assets | December 31, 2015 2014 2013 Balance, beginning of year $ 3,693 $ 3,411 $ 3,028 Changes to provision (816 ) 282 383 Balance, end of year $ 2,877 $ 3,693 $ 3,411 Considerations Regarding 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. The Company reviewed its long-lived assets giving consideration to the current market conditions, which include the on going commodity price decline, the reduction in certain projected 2016 capital budgets for its customers and recent competitor public filings. 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 are the principal markets 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 additional cancellations of deepwater projects, which may adversely affect long-term fleet utilization. No triggering events occurred in 2015, 2014 or 2013 and the Company did not record any impairment losses related to its long-lived assets during these periods. The Company will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn persists. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that are not yet adopted Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. Standards that were adopted ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs" (Subtopic 835-30). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. October 1, 2015 The adoption of this ASU resulted in reductions in Deferred charges of $13.1 million and $16.0 million and corresponding decreases in Long-term debt as of December 31, 2015 and 2014, respectively. ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes” (Topic 740) ASU No. 2015-17 requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. Also, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowance also will be classified as noncurrent. October 1, 2015 The adoption of this ASU resulted in reductions of current assets of $5.3 million and $45.5 million and corresponding decreases in Deferred tax liabilities as of December 31, 2015 and 2014, respectively. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Balance, beginning of year $ 3,693 $ 3,411 $ 3,028 Changes to provision (816 ) 282 383 Balance, end of year $ 2,877 $ 3,693 $ 3,411 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that are not yet adopted Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. Standards that were adopted ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs" (Subtopic 835-30). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. October 1, 2015 The adoption of this ASU resulted in reductions in Deferred charges of $13.1 million and $16.0 million and corresponding decreases in Long-term debt as of December 31, 2015 and 2014, respectively. ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes” (Topic 740) ASU No. 2015-17 requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. Also, companies will no longer allocate valuation allowances between current and noncurrent deferred tax assets because those allowance also will be classified as noncurrent. October 1, 2015 The adoption of this ASU resulted in reductions of current assets of $5.3 million and $45.5 million and corresponding decreases in Deferred tax liabilities as of December 31, 2015 and 2014, respectively. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Income from continuing operations (1) $ 66,821 $ 87,907 $ 64,078 Income from discontinued operations, net of tax (2) — 618 47,315 Net income $ 66,821 $ 88,525 $ 111,393 Weighted average number of shares of common stock outstanding 35,755 36,172 35,895 Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) 547 520 653 Weighted average number of dilutive shares of common stock outstanding 36,302 36,692 36,548 Earnings per common share: Basic earnings per common share from continuing operations $ 1.87 $ 2.43 $ 1.79 Basic earnings per common share from discontinued operations — 0.02 1.31 Basic earnings per common share $ 1.87 $ 2.45 $ 3.10 Diluted earnings per common share from continuing operations $ 1.84 $ 2.40 $ 1.76 Diluted earnings per common share from discontinued operations — 0.01 1.29 Diluted earnings per common share $ 1.84 $ 2.41 $ 3.05 (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 . 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 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the years ended December 31, 2014 and 2013. 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 years ended December 31, 2015, 2014 and 2013, 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 unit awards. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): December 31, 2015 2014 Offshore supply vessels and multi-purpose support vessels $ 2,409,221 $ 2,283,883 Non-vessel related property, plant and equipment 132,034 104,789 Less: Accumulated depreciation (452,134 ) (390,774 ) 2,089,121 1,997,898 Construction in progress 485,540 461,588 $ 2,574,661 $ 2,459,486 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 5.875% senior notes due 2020, net of deferred financing costs of $3,944 and $4,863 $ 371,056 $ 370,137 5.000% senior notes due 2021, net of deferred financing costs of $5,080 and $6,049 444,920 443,951 1.500% convertible senior notes due 2019, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $4,095 and $5,073 254,305 243,399 Revolving credit facility due 2020 — — $ 1,070,281 $ 1,057,487 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): 2016 $ — 2017 — 2018 — 2019 254,305 2020 371,056 Thereafter 444,920 $ 1,070,281 |
Schedule of Face Value, Carrying Value and Fair Value [Line Items] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): December 31, 2015 December 31, 2014 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,056 $ 257,813 $ 375,000 $ 370,137 $ 334,688 5.000% senior notes due 2021 450,000 444,920 308,250 450,000 443,951 369,135 1.500% convertible senior notes due 2019 300,000 254,305 170,340 300,000 243,399 251,130 $ 1,125,000 $ 1,070,281 $ 736,403 $ 1,125,000 $ 1,057,487 $ 954,953 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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, 2015 2014 2013 Income before taxes $ 10,293 $ 10,324 $ 11,888 Net income $ 6,454 $ 6,471 $ 7,581 Earnings per common share: Basic $ 0.18 $ 0.18 $ 0.21 Diluted $ 0.18 $ 0.18 $ 0.21 | ||
Summary of Stock Option Activity | The following table represents the Company’s stock option activity for the year ended December 31, 2015 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 345 $ 27.98 3.7 $ 59 Grants — — — — Exercised (1 ) 22.28 n/a 2 Forfeited or expired (40 ) 27.27 n/a n/a Options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — Exercisable options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — | 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 Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2014 405 $ 27.16 4.2 $ 8,951 Grants — — — — Exercised (60 ) 22.49 n/a 684 Forfeited or expired — — — — 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 Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2013 737 $ 23.30 3.6 $ 8,144 Grants — — — — Exercised (331 ) 18.57 n/a 10,119 Forfeited or expired (1 ) 27.90 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 |
Summary of Restricted Stock Award Activity | The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2015 590 $ 37.13 Granted during the period (1) 479 21.40 Cancellations during the period (104 ) 21.84 Vested (239 ) 33.60 Outstanding, as of December 31, 2015 726 $ 30.12 (1) Includes the full amount of both base and bonus share awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. | The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2014 570 $ 31.61 Granted during the period (1) 274 42.61 Cancellations during the period — — Vested (254 ) 30.68 Outstanding, as of December 31, 2014 590 $ 37.13 (1) Includes the full amount of both base and bonus share awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. | The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2013 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit 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 |
Schedule of Other Share-based Compensation, Activity [Table Text Block] | The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2015 153 $ 38.43 Granted during the period 47 21.84 Cancellations during the period (1 ) 30.87 Vested (117 ) 37.25 Outstanding, as of December 31, 2015 82 $ 30.61 (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 cash-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2014 139 $ 37.25 Granted during the period 35 43.00 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 cash-settled restricted stock unit awards activity during the year ended December 31, 2013 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit 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. |
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, 2015 and 2014: 2015 2014 Dividend yield 0 % 0 % Expected volatility 61.3 % 38.3 % Risk-free interest rate 0.3 % 0.1 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 4.86 $ 9.43 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Deferred tax liabilities: Fixed assets $ 472,817 $ 489,060 $ 418,614 Deferred charges and other liabilities 11,317 18,013 18,501 Total deferred tax liabilities 484,134 507,073 437,115 Deferred tax assets: Net operating loss carryforwards (52,374 ) (116,676 ) (97,817 ) Allowance for doubtful accounts (1,036 ) (1,330 ) (1,228 ) Stock-based compensation expense (4,830 ) (4,246 ) (4,128 ) Alternative minimum tax credit carryforward (20,863 ) (20,863 ) (21,437 ) Foreign tax credit carryforward (17,972 ) (12,332 ) (10,404 ) Other (5,440 ) (5,676 ) (7,067 ) Total deferred tax assets (102,515 ) (161,123 ) (142,081 ) Valuation allowance — 1,011 912 Total deferred tax liabilities, net $ 381,619 $ 346,961 $ 295,946 |
Components of Income Tax Expenses | The components of the income tax expense follow (in thousands): Year Ended December 31, 2015 2014 2013 Current tax expense: U.S. $ — $ — $ — Foreign 5,671 1,927 4,000 Total current tax expense 5,671 1,927 4,000 Deferred tax expense: U.S. 34,086 50,440 32,320 Total tax expense $ 39,757 $ 52,367 $ 36,320 |
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, 2015 2014 2013 U.S. $ 65,894 $ 105,066 $ 84,591 Foreign 40,684 35,208 15,807 Total income from continuing operations before income taxes $ 106,578 $ 140,274 $ 100,398 |
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, 2015 2014 2013 Statutory rate $ 37,302 $ 49,096 $ 35,140 State taxes, net 1,066 1,403 1,183 Non-deductible expense 1,440 1,927 1,688 Valuation allowance (1,011 ) 99 912 Change in deferred tax rate — — (2,802 ) Foreign taxes and other 960 (158 ) 199 $ 39,757 $ 52,367 $ 36,320 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Future Minimum Payments Under Noncancelable Leases | Future minimum payments under noncancelable leases for years subsequent to 2015 are as follows (in thousands): Year Ended December 31, 2016 $ 3,032 2017 2,351 2018 2,359 2019 2,406 2020 2,456 Thereafter 27,186 Total $ 39,790 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Charges | Deferred charges include the following (in thousands): Year Ended December 31, 2015 2014 Revolving credit facility deferred financing costs, net of accumulated amortization of $4,070 and $3,280, respectively $ 3,198 $ 1,899 Deferred drydocking costs, net of accumulated amortization of $41,784 and $38,429, respectively 29,228 48,064 Prepaid lease expense, net of amortization of $1,542 and $1,384, respectively 2,847 3,005 Total $ 35,273 $ 52,968 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Revenues from Customer Exceeding 10% | In the years ended December 31, 2015 , 2014 , and 2013 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2015 2014 2013 Customer A 20 % 14 % 12 % Customer B 10 % n/a (1) n/a (1) Customer C n/a (1) n/a (1) 16 % Customer D n/a (1) n/a (1) 10 % (1) Customers represent less than 10% of consolidated revenue in each such year. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Revenue $ 12 $ 43,318 Gain on sale of assets 867 60,076 Operating Income 555 74,278 Income before income taxes 966 74,280 Income tax expense 348 26,965 Income from discontinued operations 618 47,315 As of December 31, 2014 , the aggregate components of assets and liabilities classified as discontinued operations consisted of the following (in thousands): As of December 31, Assets: Other current assets $ 470 Total current assets 470 Total assets $ 470 Liabilities: Other liabilities $ 1,560 Total liabilities $ 1,560 |
Consolidating Guarantor Finan35
Consolidating Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet (In thousands, except per share data) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 10 $ 252,651 $ 7,140 $ — $ 259,801 Accounts receivable, net of allowance for doubtful accounts of $2,877 — 41,962 54,424 (5,184 ) 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,568 61,630 (5,184 ) 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,022 27,361 (51,308 ) 35,273 Intercompany receivable 1,744,880 — — (1,744,880 ) — Investment in subsidiaries 785,472 8,602 — (794,074 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,535,315 $ 2,851,207 $ 193,340 $ (2,595,446 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 97,230 $ 129,840 $ (191,154 ) $ 35,916 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 10,944 278 — 11,222 Deferred revenue — 5,222 512 — 5,734 Other accrued liabilities — 11,767 6,111 — 17,878 Total current liabilities 14,795 125,163 136,741 (191,154 ) 85,545 Long-term debt, net of original issue discount of $41,600 and deferred financing costs of $13,119 1,070,281 — — — 1,070,281 Deferred tax liabilities, net — 381,619 — — 381,619 Intercompany payables — 1,552,758 14,754 (1,567,512 ) — Other liabilities — 808 51,308 (51,308 ) 808 Total liabilities 1,085,076 2,060,348 202,803 (1,809,974 ) 1,538,253 Stockholders’ equity: Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding 360 — — — 360 Additional paid-in capital 748,041 37,978 8,602 (46,580 ) 748,041 Retained earnings 701,838 752,762 (13,870 ) (738,892 ) 701,838 Accumulated other comprehensive loss — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,239 790,859 (9,463 ) (785,472 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,535,315 $ 2,851,207 $ 193,340 $ (2,595,446 ) $ 2,984,416 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations (In thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 426,419 $ 50,952 $ (1,301 ) $ 476,070 Costs and expenses: Operating expenses — 178,748 41,514 (1,002 ) 219,260 Depreciation — 81,522 1,044 — 82,566 Amortization — 25,782 681 — 26,463 General and administrative expenses 189 44,398 3,861 (151 ) 48,297 189 330,450 47,100 (1,153 ) 376,586 Gain on sale of assets — 44,060 — — 44,060 Operating income (189 ) 140,029 3,852 (148 ) 143,544 Other income (expense): Interest income — 1,125 400 — 1,525 Interest expense (39,460 ) — (36 ) — (39,496 ) Equity in earnings of consolidated subsidiaries 106,798 — — (106,798 ) — Other income (expense), net — (4,053 ) 5,238 (180 ) 1,005 67,338 (2,928 ) 5,602 (106,978 ) (36,966 ) Income before income taxes 67,149 137,101 9,454 (107,126 ) 106,578 Income tax expense — 35,194 4,563 — 39,757 Net income $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 |
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Other comprehensive income: Foreign currency translation loss — (81 ) (3,093 ) — (3,174 ) Total comprehensive income $ 67,149 $ 101,826 $ 1,798 $ (107,126 ) $ 63,647 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (22,390 ) $ 131,185 $ 107,039 $ 9 $ 215,843 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (120,767 ) (69,303 ) — (190,070 ) Net proceeds from sale of assets — 152,000 — — 152,000 Vessel capital expenditures — (55,724 ) (29,729 ) (1,339 ) (86,792 ) Non-vessel capital expenditures — (16,211 ) (276 ) — (16,487 ) Net cash used in investing activities — (40,702 ) (99,308 ) (1,339 ) (141,349 ) CASH FLOWS FROM FINANCING ACTIVITIES: Deferred financing costs (2,089 ) — — — (2,089 ) Net cash proceeds from other shares issued 3,112 — — — 3,112 Intercompany 21,361 (21,198 ) (1,493 ) 1,330 — Net cash provided by (used in) financing activities 22,384 (21,198 ) (1,493 ) 1,330 1,023 Effects of exchange rate changes on cash — (81 ) (758 ) — (839 ) Net increase (decrease) in cash and cash equivalents (6 ) 69,204 5,480 — 74,678 Cash and cash equivalents at beginning of period 16 183,447 1,660 — 185,123 Cash and cash equivalents at end of period $ 10 $ 252,651 $ 7,140 $ — $ 259,801 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,492 $ — $ — $ — $ 50,492 Cash paid for income taxes $ — $ 582 $ 4,226 $ — $ 4,808 |
Supplemental Selected Quarter36
Supplemental Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 . The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Fiscal Year 2015 (1)(2) Revenues $ 134,624 $ 136,446 $ 116,281 $ 88,719 Operating income (3) 66,898 39,355 32,809 4,482 Net income (loss) 35,853 19,215 14,424 (2,671 ) Earnings (loss) per common share: Basic earnings (loss) per common share $ 1.01 $ 0.54 $ 0.40 $ (0.07 ) Diluted earnings (loss) per common share $ 0.99 $ 0.53 $ 0.40 $ (0.07 ) Fiscal Year 2014 (1) Revenues $ 136,585 $ 171,099 $ 166,890 $ 160,219 Operating income (4) 25,028 56,756 50,234 37,402 Income from continuing operations 11,354 31,225 26,559 18,769 Income (loss) 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 (loss) 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 (loss) 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 (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. (3) During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million . The sale resulted in a pre-tax gain of approximately $33.1 million ( $20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million . The sale resulted in a pre-tax gain of approximately $11.0 million ( $6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion. (4) 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. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Estimated Useful Lives by Classification (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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 Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($)mo | Dec. 31, 2015USD ($)mo | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Significant Accounting Policies [Line Items] | ||||
Amortization period for deferred charges | mo | 30 | 30 | ||
Mobilization Costs | $ 1,800 | $ 1,500 | $ 2,700 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | (1,011) | 99 | 912 | |
Number of Customers | 1 | |||
Deferred Finance Costs, Net | $ 3,198 | 3,198 | 1,899 | |
Deferred Tax Assets, Net, Current | $ 5,347 | 5,347 | 45,531 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 0 | 0 | $ 2,802 | |
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Salvage values for marine equipment | 25.00% | 25.00% | ||
Senior Notes [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Deferred Finance Costs, Net | $ 13,119 | $ 13,119 | $ 15,985 | |
Customer B [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | |||
Accounts Receivable [Member] | Customer B [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 25.00% |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Provision for Doubtful Accounts | $ (816) | $ 282 | $ 383 |
Balance, beginning of year | 3,693 | 3,411 | 3,028 |
Balance, end of year | $ 2,877 | $ 3,693 | $ 3,411 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2015 | [1],[4] | Sep. 30, 2015 | [1],[4] | Jun. 30, 2015 | [1],[4] | Mar. 31, 2015 | [1],[4] | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Earnings Per Share Disclosure [Line Items] | ||||||||||||||||||||||||
Income from continuing operations (1) | $ 18,769 | $ 26,559 | $ 31,225 | $ 11,354 | $ 66,821 | $ 87,907 | [2] | $ 64,078 | [2] | |||||||||||||||
Income from discontinued operations, net of tax (2) | 402 | (204) | 8 | 412 | 0 | [3] | 618 | [3] | 47,315 | [3] | ||||||||||||||
Net income | $ (2,671) | $ 14,424 | $ 19,215 | $ 35,853 | $ 19,171 | $ 26,355 | $ 31,233 | $ 11,766 | $ 66,821 | $ 88,525 | $ 111,393 | |||||||||||||
Weighted average number of shares of common stock outstanding | 35,755 | 36,172 | 35,895 | |||||||||||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | [5],[6],[7] | 547 | 520 | 653 | ||||||||||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,302 | 36,692 | 36,548 | |||||||||||||||||||||
Basic earnings per common share from continuing operations | $ 0.52 | $ 0.73 | $ 0.86 | $ 0.32 | $ 1.87 | $ 2.43 | $ 1.79 | |||||||||||||||||
Basic earnings per common share from discontinued operations | 0.02 | (0.01) | 0 | 0.01 | 0 | 0.02 | 1.31 | |||||||||||||||||
Basic earnings per common share | $ (0.07) | $ 0.40 | $ 0.54 | $ 1.01 | 0.54 | 0.72 | 0.86 | 0.33 | 1.87 | 2.45 | 3.10 | |||||||||||||
Diluted earnings per common share from continuing operations | 0.52 | 0.72 | 0.85 | 0.31 | 1.84 | 2.40 | 1.76 | |||||||||||||||||
Diluted earnings per common share from discontinued operations | 0.01 | (0.01) | 0 | 0.01 | 0 | 0.01 | 1.29 | |||||||||||||||||
Diluted earnings per common share | $ (0.07) | $ 0.40 | $ 0.53 | $ 0.99 | $ 0.53 | $ 0.71 | $ 0.85 | $ 0.32 | $ 1.84 | $ 2.41 | $ 3.05 | |||||||||||||
Loss on early extinguishment of debt | $ 0 | $ 0 | $ (25,776) | $ (6,048) | ||||||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||||||||||||||||||
Loss on early extinguishment of debt | $ (25,800) | |||||||||||||||||||||||
[1] | The sum of the four quarters may not equal annual results due to rounding | |||||||||||||||||||||||
[2] | 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. See Note 6 for further information regarding the Company’s debt. | |||||||||||||||||||||||
[3] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. | |||||||||||||||||||||||
[4] | Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. | |||||||||||||||||||||||
[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 unit awards. | |||||||||||||||||||||||
[6] | For the years ended December 31, 2015, 2014 and 2013, 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. | |||||||||||||||||||||||
[7] | The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the years ended December 31, 2014 and 2013. 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 - R41
Earnings (Loss) Per Share - Reconciliation of Earnings (Loss) Per Share (Narrative) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | |||
Anti-dilutive shares excluded from the calculation of diluted earnings per share | 322 | 0 | 0 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)yr | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Minimum age to be eligible for participation | yr | 18 | ||
Period of service to be eligible for participation | 3 months | ||
Percentage of earnings that can be deferred | 60.00% | ||
Employer contribution | $ | $ 0 | $ 6,000,000 | $ 5,200,000 |
Property, Plant and Equipment43
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (452,134) | $ (390,774) |
Property Plant And Equipment Excluding Construction In Progress Net | 2,089,121 | 1,997,898 |
Construction in progress | 485,540 | 461,588 |
Property, plant and equipment, net | 2,574,661 | 2,459,486 |
Offshore supply vessels and multi-purpose support vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 2,409,221 | 2,283,883 |
Non-vessel related property, plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 132,034 | $ 104,789 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) | Feb. 17, 2016Vessel | Aug. 28, 2015USD ($)Vessel$ / shares | Feb. 27, 2015USD ($)Vessel$ / shares | Nov. 30, 2011VesselShipyard | Feb. 26, 2016Vessel | Dec. 31, 2015USD ($)Vesseld$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||
AdditionalConversionDays | d | 730 | |||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000,000 | |||||||
Cost incurred on OSV newbuild program | $ | $ 1,201,700,000 | |||||||
Percentage of total project cost | 90.00% | |||||||
NumberofVesselsSold | 1 | 3 | 4 | |||||
Proceeds from Sale of Other Property, Plant, and Equipment | $ | $ 38,000,000 | $ 114,000,000 | $ 152,000,000 | $ 1,600,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ | 11,000,000 | 33,100,000 | 44,060,000 | 822,000 | $ 1,587,000 | |||
Gain (Loss) on Disposition of Assets | $ | $ 6,700,000 | $ 20,700,000 | $ 27,600,000 | $ 600,000 | ||||
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0.19 | $ 0.57 | $ 0.76 | $ 0.02 | ||||
Newbuild program 5 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number Of Construction Shipyards, Domestic | Shipyard | 3 | |||||||
IncreaseInConstructionCost | $ | $ 70,000,000 | |||||||
Number of Vessels Placed in Service | 18 | |||||||
Number Of Vessels | 24 | 4 | ||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000,000 | |||||||
Cost incurred on OSV newbuild program | $ | $ 1,201,700,000 | |||||||
Percentage of total project cost | 90.00% | |||||||
Newbuild program 5 | Fiscal Year 2016 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number Of Vessels | 2 | |||||||
Newbuild program 5 | Fiscal Year Twenty Seventeen [Member] [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number Of Vessels | 2 | |||||||
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 | 3 | 4 | ||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | Subsequent Event | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | 2 | |||||||
Newbuild program 5 | Multi Purpose Support Vessel | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | 5 | |||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class Four Hundred | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | 2 | |||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class Four Hundred | Subsequent Event | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | 2 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) | Apr. 01, 2016 | Mar. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 14, 2013 | Aug. 13, 2012 | Mar. 02, 2012 |
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Net | $ 3,198,000 | $ 1,899,000 | ||||||
Senior notes, original issue discount | 41,600,000 | 51,528,000 | ||||||
Long-term Debt, Excluding Current Maturities | 1,070,281,000 | 1,057,487,000 | ||||||
Cash paid for interest | 50,492,000 | 50,548,000 | $ 53,636,000 | |||||
Long-term Debt | 1,070,281,000 | 1,057,487,000 | ||||||
Debt Instrument, Face Amount | 1,125,000,000 | 1,125,000,000 | ||||||
Debt, Fair Value | $ 736,403,000 | $ 954,953,000 | ||||||
Senior Notes 5.875 Percent Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.875% | 5.875% | ||||||
Deferred Finance Costs, Net | $ 3,944,000 | $ 4,863,000 | ||||||
Senior Notes | 371,056,000 | 370,137,000 | ||||||
Debt Instrument, Face Amount | 375,000,000 | 375,000,000 | $ 375,000,000 | |||||
Debt, Fair Value | $ 257,813,000 | $ 334,688,000 | ||||||
Senior Notes 5.000 Percent Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.00% | 5.00% | ||||||
Deferred Finance Costs, Net | $ 5,080,000 | $ 6,049,000 | ||||||
Senior Notes | 444,920,000 | 443,951,000 | ||||||
Debt Instrument, Face Amount | 450,000,000 | 450,000,000 | ||||||
Convertible 5.000 Percent Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 450,000,000 | |||||||
Debt, Fair Value | $ 308,250,000 | $ 369,135,000 | ||||||
Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.50% | 1.50% | ||||||
Deferred Finance Costs, Net | $ 4,095,000 | $ 5,073,000 | ||||||
Senior notes, original issue discount | 41,600,000 | 51,528,000 | ||||||
Senior Notes | 254,305,000 | 243,399,000 | ||||||
Debt Instrument, Face Amount | 300,000,000 | 300,000,000 | $ 300,000,000 | |||||
Debt, Fair Value | 170,340,000 | 251,130,000 | ||||||
Revolving Credit Facility Due 2016 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 0 | $ 0 | ||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash paid for interest | $ 11,000,000 | |||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash paid for interest | $ 11,300,000 | |||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash paid for interest | $ 2,300,000 |
Long-Term Debt - Annual Maturit
Long-Term Debt - Annual Maturities of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
2,016 | $ 0 | ||
2,017 | 0 | ||
2,018 | 0 | ||
2,019 | 254,305 | ||
2,020 | 371,056 | ||
Thereafter | 444,920 | ||
Debt, carrying value | $ 1,070,281 | $ 1,057,487 | |
Senior Notes Five Point Zero Zero Zero Percent Due Twenty Twenty One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Maturity Year | 2,021 | ||
Debt Instrument, Maturity Date | Mar. 1, 2021 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Oct. 01, 2015 | Sep. 01, 2015 | Apr. 01, 2015 | Mar. 01, 2015 | Mar. 14, 2013USD ($) | Aug. 13, 2012USD ($)$ / shares | Aug. 13, 2012USD ($)$ / shares | Apr. 30, 2012USD ($) | Mar. 16, 2012USD ($) | Mar. 02, 2012USD ($) | Aug. 07, 2012$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2017 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Feb. 06, 2015USD ($)Vessel |
Debt Instrument [Line Items] | ||||||||||||||||||
Deferred Finance Costs, Net | $ 3,198,000 | $ 3,198,000 | $ 1,899,000 | |||||||||||||||
Debt Instrument, Principal amount | 1,125,000,000 | 1,125,000,000 | 1,125,000,000 | |||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | $ 450,000,000 | |||||||||||||||
Repayments of Senior Debt | 0 | 0 | 250,000,000 | |||||||||||||||
Loss on early extinguishment of debt | $ 0 | 0 | (25,776,000) | $ (6,048,000) | ||||||||||||||
Proceeds from Convertible Debt | $ 300,000,000 | |||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 18.5718 | |||||||||||||||||
Conversion Price per Share | $ / shares | $ 53.85 | $ 53.85 | ||||||||||||||||
Market Price Per Share | $ / shares | $ 39.16 | |||||||||||||||||
Repurchase Price As Percentage Of Principal Amount Of Senior Notes | 100.00% | |||||||||||||||||
Proceeds from Issuance of Warrants | $ 48,237,000 | |||||||||||||||||
Purchase Of Convertible Note Hedges | 73,000,000 | |||||||||||||||||
Debt, Fair Value | $ 736,403,000 | $ 736,403,000 | 954,953,000 | |||||||||||||||
Capitalized interest, approximate amount | $ 24,700,000 | $ 33,200,000 | $ 31,200,000 | |||||||||||||||
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 Interest Rate | 5.875% | 5.875% | 5.875% | |||||||||||||||
Deferred Finance Costs, Net | $ 3,944,000 | $ 3,944,000 | $ 4,863,000 | |||||||||||||||
Debt Instrument, Principal amount | $ 375,000,000 | 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 Instrument Maturity Year | 2,020 | |||||||||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2020 | |||||||||||||||||
Debt Instrument, Effective Interest Rate | 6.08% | |||||||||||||||||
Senior Notes | 371,056,000 | 371,056,000 | 370,137,000 | |||||||||||||||
Debt, Fair Value | $ 257,813,000 | $ 257,813,000 | $ 334,688,000 | |||||||||||||||
Senior Notes 5.000 Percent Due 2021 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Interest Rate | 5.00% | 5.00% | 5.00% | |||||||||||||||
Deferred Finance Costs, Net | $ 5,080,000 | $ 5,080,000 | $ 6,049,000 | |||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | 450,000,000 | 450,000,000 | |||||||||||||||
Debt Instrument Maturity Year | 2,021 | |||||||||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | |||||||||||||||||
Senior Notes | 444,920,000 | 444,920,000 | 443,951,000 | |||||||||||||||
Convertible 5.000 Percent Senior Notes Due 2021 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | |||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 442,400,000 | |||||||||||||||||
Repayments of Senior Debt | $ 252,700,000 | |||||||||||||||||
Percentage Of debt outstanding tendered | 6.00% | |||||||||||||||||
Debt Instrument, Effective Interest Rate | 5.21% | |||||||||||||||||
Debt, Fair Value | $ 308,250,000 | $ 308,250,000 | $ 369,135,000 | |||||||||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Interest Rate | 1.50% | 1.50% | 1.50% | |||||||||||||||
Deferred Finance Costs, Net | $ 4,095,000 | $ 4,095,000 | $ 5,073,000 | |||||||||||||||
Debt Instrument, Principal amount | 300,000,000 | $ 300,000,000 | 300,000,000 | $ 300,000,000 | 300,000,000 | |||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 266,000,000 | |||||||||||||||||
Debt Instrument Maturity Year | 2,019 | |||||||||||||||||
Debt Instrument, Maturity Date | Sep. 1, 2019 | |||||||||||||||||
Debt Instrument, Effective Interest Rate | 6.23% | 6.23% | ||||||||||||||||
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 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 | |||||||||||||||||
Senior Notes | 254,305,000 | 254,305,000 | 243,399,000 | |||||||||||||||
Debt, Fair Value | $ 170,340,000 | 170,340,000 | $ 251,130,000 | |||||||||||||||
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] | ||||||||||||||||||
Number Of Vessels pledged as collateral | Vessel | 10 | |||||||||||||||||
Debt Instrument, Collateral Amount | $ 450,000,000 | |||||||||||||||||
PledgedCollateralAsPercentageOfBorrwingBase | 150.00% | |||||||||||||||||
TotalDebtAsPercentageofTotalCapitalization | 55.00% | |||||||||||||||||
Debt Instrument, Covenant, Amount of Restricted Payments | $ 125,000,000 | |||||||||||||||||
Debt Instrument, Covenant, Companys Cumulative Consolidated Net Income, Percent | 50.00% | |||||||||||||||||
Revolving credit facility, Current Borrowing Capacity | $ 300,000,000 | 300,000,000 | ||||||||||||||||
Before Amendment [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number Of Vessels pledged as collateral | Vessel | 23 | |||||||||||||||||
Debt Instrument, Collateral Amount | $ 600,000,000 | |||||||||||||||||
PledgedCollateralAsPercentageOfBorrwingBase | 200.00% | |||||||||||||||||
Debt Instrument, Covenant, Amount of Restricted Payments | $ 37,500,000 | |||||||||||||||||
Semi Annual Payment First Payment [Member] | Senior Notes 5.875 Percent Due 2020 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest payable date | --04-01 | |||||||||||||||||
Semi Annual Payment First Payment [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest payable date | --03-01 | |||||||||||||||||
Semi Annual Payment Second Payment [Member] | Senior Notes 5.875 Percent Due 2020 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest payable date | --10-01 | |||||||||||||||||
Semi Annual Payment Second Payment [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest payable date | --09-01 | |||||||||||||||||
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 Warrant Strike Price | $ / shares | $ 68.53 | |||||||||||||||||
Debt Instrument Convertible Conversion Premium | 75.00% | |||||||||||||||||
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 | ||||||||||||||||
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 | |||||||||||||||||
Trading price per 1000 principal amount of notes, percent | 95.00% | |||||||||||||||||
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 | 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 | |||||||||||||||||
Letter of Credit [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Letter of Credit | $ 500,000 | $ 500,000 | ||||||||||||||||
Subsequent Event [Member] | Amended Line Of Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
TotalDebtAsPercentageofTotalCapitalization | 50.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Jul. 01, 2013 | Dec. 31, 2015Rightshares | Dec. 31, 2014USD ($)$ / sharesshares | Oct. 28, 2014USD ($) |
Stockholders Equity Note [Line Items] | ||||
Shares authorized | shares | 5,000,000 | 5,000,000 | ||
Stockholder rights plan for each outstanding share of common stock | Right | 1 | |||
Business days after public announcement | 10 days | |||
Authorized amount | $ | $ 150,000,000 | |||
Stock Repurchased and Retired During Period, Shares | shares | 0 | 891,396 | ||
Stock repurchased and retired during period,average price paid per share | $ / shares | $ 28.05 | |||
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% | |||
Common Stock [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Stock Repurchased and Retired During Period, Shares | shares | 891,000 | |||
Stock repurchased and retired during period, value | $ | $ 9,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 | ||||
Number of shares available for grants in future | 898,035 | ||||
Tax deduction (benefit), excess of compensation | $ (200) | $ 0 | $ 2,700 | ||
Proceeds from Stock Options Exercised | 100 | 1,400 | 6,200 | ||
Income tax expense (benefit), exercise of stock option and restricted stock vesting | (1,300) | 400 | 4,800 | ||
Stock option expiration period from the date of grant | 10 years | ||||
Share-based Compensation | $ 10,293 | $ 10,324 | $ 11,888 | ||
Vesting Period (in years) | 3 years | ||||
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] | |||||
Vesting Period (in years) | 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% | ||||
Vesting Period (in years) | 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% | ||||
Vesting Period (in years) | 3 years | ||||
Time Based Restricted Stock Units (RSU) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period (in years) | 1 year | ||||
Time Based Restricted Stock Units (RSU) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Period (in years) | 3 years | ||||
Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unamortized stock based compensation expense | $ 10,400 | ||||
Unamortized stock based compensation expense, recognition period | 1 year 4 months 24 days | ||||
Share-based Compensation | $ 9,300 | ||||
Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unamortized stock based compensation expense | $ 500 | ||||
Unamortized stock based compensation expense, recognition period | 1 year 7 months 27 days | ||||
Share-based Compensation | $ 200 | ||||
Vesting Period (in years) | 3 years | ||||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,500,000 | ||||
Stock-based incentive compensation plan, maximum number of shares covered | 2,200,000 | ||||
Number of shares available for grants in future | 1,299,531 | ||||
Share-based Compensation | $ 1,200 | ||||
Discount on purchase of common stock | 15.00% | ||||
Additional shares to be authorized2 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 750,000 |
Stock-Based Compensation - Fina
Stock-Based Compensation - Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 10,293 | $ 10,324 | $ 11,888 |
Net income | $ 6,454 | $ 6,471 | $ 7,581 |
Earnings per common share: | |||
Basic (usd per share) | 0.18 | 0.18 | 0.21 |
Diluted (usd per share) | 0.18 | 0.18 | 0.21 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Shares | ||||
Options outstanding at Beginning of Year | 345 | 405 | 737 | |
Grants | 0 | 0 | 0 | |
Exercised | (1) | (60) | (331) | |
Forfeited or expired | (40) | 0 | (1) | |
Options outstanding at End of Year | 304 | 345 | 405 | 737 |
Exercisable options outstanding | 304 | 345 | 342 | |
Weighted Average Exercise Price | ||||
Options outstanding at Beginning of Year | $ 27.98 | $ 27.16 | $ 23.30 | |
Grants | 0 | 0 | 0 | |
Exercised | 22.28 | 22.49 | 18.57 | |
Forfeited or expired | 27.27 | 0 | 27.90 | |
Options outstanding at End of Year | 28.11 | 27.98 | 27.16 | $ 23.30 |
Exercisable options outstanding | $ 28.11 | $ 27.98 | $ 27.59 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Remaining Contractual Term (Years) | 0 years | 0 years | 0 years | |
Weighted Average Remaining Contractual Term (years) | ||||
Options outstanding at Beginning of Year | 3 years 2 months 12 days | 3 years 8 months 12 days | 4 years 2 months 12 days | 3 years 7 months 6 days |
Options outstanding at End of Year | 3 years 2 months 12 days | 3 years 8 months 12 days | 4 years 2 months 12 days | 3 years 7 months 6 days |
Exercisable options outstanding | 3 years 2 months 12 days | 3 years 8 months 6 days | 3 years 7 months 6 days | |
Aggregate Intrinsic Value | ||||
Options outstanding at Beginning of Year | $ 59 | $ 8,951 | $ 8,144 | |
Grants | 0 | 0 | 0 | |
Exercised | 2 | $ 684 | 10,119 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ 0 | |||
Options outstanding at End of Year | 0 | $ 59 | 8,951 | $ 8,144 |
Exercisable options outstanding | $ 0 | $ 59 | $ 7,405 |
Stock-Based Compensation - Su52
Stock-Based Compensation - Summary of Nonvested Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Shares | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (117) | (18) | (12) | |
Weighted-Average Grant-Date Fair Value | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 37.25 | $ 37.88 | $ 36.98 | |
Restricted Stock [Member] | ||||
Number of Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested | 726 | 590 | 570 | 660 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 479 | 274 | 206 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period | (104) | 0 | (6) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (239) | (254) | (290) | |
Weighted-Average Grant-Date Fair Value | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 30.12 | $ 37.13 | $ 31.61 | $ 25.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 21.40 | 42.61 | 40.11 | |
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 | 21.84 | 0 | 29.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 33.60 | $ 30.68 | $ 24.51 |
Stock-Based Compensation - Su53
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Vested | (117) | (18) | (12) |
Weighted Avg. Fair Value Per Share | |||
Vested | $ 37.25 | $ 37.88 | $ 36.98 |
Restricted Stock | |||
Number of Shares | |||
Restricted stock awards at Beginning of Year | 590 | 570 | 660 |
Granted during the period | 479 | 274 | 206 |
Cancellations during the period | (104) | 0 | (6) |
Vested | (239) | (254) | (290) |
Outstanding, at End of Year | 726 | 590 | 570 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards at Beginning of Year | $ 37.13 | $ 31.61 | $ 25.83 |
Granted during the period | 21.40 | 42.61 | 40.11 |
Cancellations during the period | 21.84 | 0 | 29.86 |
Vested | 33.60 | 30.68 | 24.51 |
Outstanding, at End of Year | $ 30.12 | $ 37.13 | $ 31.61 |
Phantom Share Units (PSUs) | |||
Number of Shares | |||
Restricted stock awards at Beginning of Year | 153 | 139 | 135 |
Granted during the period | 47 | 35 | 22 |
Cancellations during the period | (1) | (3) | (6) |
Outstanding, at End of Year | 82 | 153 | 139 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards at Beginning of Year | $ 38.43 | $ 37.25 | $ 36.92 |
Granted during the period | 21.84 | 43 | 39.31 |
Cancellations during the period | 30.87 | 39.14 | 37.77 |
Outstanding, at End of Year | $ 30.61 | $ 38.43 | $ 37.25 |
Stock-Based Compensation - Su54
Stock-Based Compensation - Summary of Weighted Average Assumptions and Fair Value of Options under ESPP (Detail) - Employee Stock Purchase Plan - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 61.30% | 38.30% |
Risk-free interest rate | 0.30% | 0.10% |
Expected term (months) | 6 months | 6 months |
Weighted-average grant-date fair value per share | $ 4.86 | $ 9.43 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Federal tax operating loss carryforwards, net | $ 154,100 | ||
Foreign tax credit carryforward | 17,000 | ||
State tax operating loss carryforwards, net | 36,100 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | $ 0 | $ 2,802 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ (1,011) | $ 99 | $ 912 |
Federal statutory rate | 35.00% | ||
Internal Revenue Service (IRS) | Minimum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2,031 | ||
Internal Revenue Service (IRS) | Maximum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2,032 | ||
Foreign markets | Minimum | |||
Income Taxes [Line Items] | |||
Tax credit carry forward, expiration year | 2,019 | ||
Foreign markets | Maximum | |||
Income Taxes [Line Items] | |||
Tax credit carry forward, expiration year | 2,025 | ||
State and Local Jurisdiction | Minimum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2,031 | ||
State and Local Jurisdiction | Maximum | |||
Income Taxes [Line Items] | |||
Operating loss carry forward, expiration year | 2,032 |
Income Taxes - Components of Lo
Income Taxes - Components of Long Term Deferred Tax Liabilities Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax liabilities: | |||
Fixed assets | $ 472,817 | $ 489,060 | $ 418,614 |
Deferred charges and other liabilities | 11,317 | 18,013 | 18,501 |
Deferred Tax Liabilities, Gross, Noncurrent | 484,134 | 507,073 | 437,115 |
Deferred tax assets: | |||
Net operating loss carryforwards | (52,374) | (116,676) | (97,817) |
Allowance for doubtful accounts | (1,036) | (1,330) | (1,228) |
Stock-based compensation expense | (4,830) | (4,246) | (4,128) |
Alternative minimum tax credit carryforward | (20,863) | (20,863) | (21,437) |
Foreign tax credit carryforward | (17,972) | (12,332) | (10,404) |
Other | (5,440) | (5,676) | (7,067) |
Total deferred tax assets | (102,515) | (161,123) | (142,081) |
Valuation allowance | 0 | 1,011 | 912 |
Deferred tax liabilities, net | |||
Total deferred tax liabilities | $ 381,619 | $ 346,961 | $ 295,946 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. | $ 0 | $ 0 | $ 0 |
Foreign | 5,671 | 1,927 | 4,000 |
Total current tax expense | 5,671 | 1,927 | 4,000 |
U.S. | 34,086 | 50,440 | 32,320 |
Total tax expense | $ 39,757 | $ 52,367 | $ 36,320 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes Based on Jurisdiction Earned (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
U.S. | $ 65,894 | $ 105,066 | $ 84,591 |
Foreign | 40,684 | 35,208 | 15,807 |
Income before income taxes | $ 106,578 | $ 140,274 | $ 100,398 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 0 | $ 0 | $ (2,802) |
Statutory rate | 37,302 | 49,096 | 35,140 |
State taxes, net | 1,066 | 1,403 | 1,183 |
Non-deductible expense | 1,440 | 1,927 | 1,688 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | (1,011) | 99 | 912 |
Foreign taxes and other | 960 | (158) | 199 |
Total tax expense | $ 39,757 | $ 52,367 | $ 36,320 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 17, 2016Vessel | Nov. 30, 2011VesselShipyard | Dec. 20, 2005Contract | Feb. 26, 2016Vessel | Jun. 30, 2013 | Dec. 31, 2015USD ($)VesselContract | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Vessel | Jun. 30, 2012Contract |
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000,000 | ||||||||
Cost incurred on OSV newbuild program | $ | $ 1,201,700,000 | ||||||||
Percentage of total project cost | 90.00% | ||||||||
Operating leases rent expense | $ | $ 4,100,000 | $ 3,900,000 | $ 3,600,000 | ||||||
Amount owed by ATP, reserves | $ | $ 900,000 | ||||||||
Covington facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Lease expiration date | 2025-09 | ||||||||
Number of lease renewal options | Contract | 3 | ||||||||
Operating lease, renewal option term | 5 years | ||||||||
Shore-base facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of lease renewal options | Contract | 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 options | Contract | 3 | ||||||||
Operating lease, renewal option term | 5 years | ||||||||
Operating lease, remaining term | 3 years | ||||||||
Importation assessment | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of Vessels operating in Brazil | 4 | ||||||||
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 | Shipyard | 3 | ||||||||
Number of Vessels Placed in Service | 18 | ||||||||
Number Of Vessels | 24 | 4 | |||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000,000 | ||||||||
Cost incurred on OSV newbuild program | $ | $ 1,201,700,000 | ||||||||
Percentage of total project cost | 90.00% | ||||||||
Newbuild program 5 | Subsequent Event | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of Vessels Placed in Service | 2 | ||||||||
Newbuild program 5 | Fiscal Year 2016 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number Of Vessels | 2 | ||||||||
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 | 3 | 4 | |||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | Subsequent Event | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 2 | ||||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class Four Hundred | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 2 | ||||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class Four Hundred | Subsequent Event | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | 2 | ||||||||
Petrobas [Member] | 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 | ||||||||
ATP Oil and Gas, Inc [Member] | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Amount owed by ATP | $ | $ 4,800,000 |
Commitments and Contingencies61
Commitments and Contingencies - Future Minimum Payments Under Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,014 | $ 3,032 |
2,015 | 2,351 |
2,016 | 2,359 |
2,017 | 2,406 |
2,018 | 2,456 |
Thereafter | 27,186 |
Total | $ 39,790 |
Deferred Charges (Detail)
Deferred Charges (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred Finance Costs, Net | $ 3,198 | $ 1,899 |
Deferred drydocking costs, net of accumulated amortization of $41,784 and $38,429 respectively | 29,228 | 48,064 |
Prepaid lease expense, net of amortization of $1,542 and $1,384 respectively | 2,847 | 3,005 |
Total | $ 35,273 | $ 52,968 |
Deferred Charges (Detail-2)
Deferred Charges (Detail-2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred financing costs, accumulated amortization | $ 4,070 | $ 3,280 |
Deferred drydocking costs, accumulated amortization | 41,784 | 38,429 |
Prepaid lease expense, net of amortization | $ 1,542 | $ 1,384 |
Major Customers - Revenues from
Major Customers - Revenues from Customer Exceeding 10% (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer A | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 20.00% | 14.00% | 12.00% |
Customer B | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 10.00% | ||
Customer C | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 16.00% | ||
Customer D | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 10.00% |
Discontinued Operations - Incom
Discontinued Operations - Income Statement from Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 28, 2015 | Feb. 27, 2015 | Aug. 29, 2013 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||
Proceeds from Divestiture of Businesses | $ 227,500 | ||||||||||||||||
Gain on sale of assets | 60,000 | $ 867 | $ 60,076 | ||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 38,100 | ||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Share | $ 1.04 | ||||||||||||||||
Proceeds from Sale of Other Property, Plant, and Equipment | $ 38,000 | $ 114,000 | $ 152,000 | 1,600 | |||||||||||||
Gain (Loss) on Disposition of Other Assets | 900 | ||||||||||||||||
Gain (Loss) on Disposition of Assets, net of tax | $ 6,700 | $ 20,700 | $ 27,600 | $ 600 | |||||||||||||
Gain (Loss) on Disposition of Assets, net of tax per share | $ 0.19 | $ 0.57 | $ 0.76 | $ 0.02 | |||||||||||||
Revenue | $ 12 | 43,318 | |||||||||||||||
Operating Income | 555 | 74,278 | |||||||||||||||
Income before income taxes | 966 | 74,280 | |||||||||||||||
Income tax expense | 348 | 26,965 | |||||||||||||||
Income from discontinued operations | $ 402 | $ (204) | $ 8 | $ 412 | $ 0 | [2] | $ 618 | [2] | $ 47,315 | [2] | |||||||
[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 its Downstream segment. See Note 13 for further discussion of this transaction. |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet from Discontinued Operations (Details) | Aug. 29, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |||
Number of Assets excluded from sale | 3 | ||
Other current assets | $ 470,000 | ||
Total current assets | $ 0 | 470,000 | |
Total assets | 470,000 | ||
Other liabilities | 1,560,000 | ||
Other liabilities | $ 1,560,000 |
Employment Agreements - Additio
Employment Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation Plan [Line Items] | |
Expiration date of employment agreements with certain members of executive management team | Dec. 31, 2018 |
Consolidating Guarantor Finan68
Consolidating Guarantor Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 259,801 | $ 185,123 | $ 439,291 | $ 576,678 |
Accounts receivable, net of allowance for doubtful accounts of $2,877 | 91,202 | 130,969 | ||
Other current assets | 13,033 | 20,049 | ||
Total current assets | 364,036 | 336,611 | ||
Property, plant and equipment, net | 2,574,661 | 2,459,486 | ||
Deferred charges, net | 35,273 | 52,968 | ||
Due from Related Parties, Noncurrent | 0 | |||
Equity Method Investments | 0 | |||
Other assets | 10,446 | 11,870 | ||
Total assets | 2,984,416 | 2,860,935 | ||
Accounts payable | 35,916 | 42,404 | ||
Accrued interest | 14,795 | 14,890 | ||
Accrued payroll and benefits | 11,222 | 14,830 | ||
Deferred Revenue | 5,734 | |||
Other accrued liabilities | 17,878 | 9,360 | ||
Total current liabilities | 85,545 | 83,045 | ||
Long-term debt, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $13,119 and $15,985, respectively | 1,070,281 | 1,057,487 | ||
Deferred tax liabilities, net | 381,619 | 346,961 | ||
Due to Related Parties | 0 | |||
Other liabilities | 808 | 1,117 | ||
Total liabilities | 1,538,253 | 1,490,170 | ||
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; 35,985 shares issued and outstanding | 360 | 356 | ||
Additional paid-in capital | 748,041 | 736,294 | ||
Retained earnings | 701,838 | 635,017 | ||
Accumulated other comprehensive loss | (4,076) | (902) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,446,163 | |||
Liabilities and Equity | 2,984,416 | 2,860,935 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 10 | 16 | ||
Accounts receivable, net of allowance for doubtful accounts of $2,877 | 0 | |||
Other current assets | 12 | |||
Total current assets | 22 | |||
Property, plant and equipment, net | 0 | |||
Deferred charges, net | 3,198 | |||
Due from Related Parties, Noncurrent | 1,744,880 | |||
Equity Method Investments | 785,472 | |||
Other assets | 1,743 | |||
Total assets | 2,535,315 | |||
Accounts payable | 0 | |||
Accrued interest | 14,795 | |||
Accrued payroll and benefits | 0 | |||
Deferred Revenue | 0 | |||
Other accrued liabilities | 0 | |||
Total current liabilities | 14,795 | |||
Long-term debt, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $13,119 and $15,985, respectively | 1,070,281 | |||
Deferred tax liabilities, net | 0 | |||
Due to Related Parties | 0 | |||
Other liabilities | 0 | |||
Total liabilities | 1,085,076 | |||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | |||
Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding | 360 | |||
Additional paid-in capital | 748,041 | |||
Retained earnings | 701,838 | |||
Accumulated other comprehensive loss | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,450,239 | |||
Liabilities and Equity | 2,535,315 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 252,651 | 183,447 | ||
Accounts receivable, net of allowance for doubtful accounts of $2,877 | 41,962 | |||
Other current assets | 12,955 | |||
Total current assets | 307,568 | |||
Property, plant and equipment, net | 2,472,367 | |||
Deferred charges, net | 56,022 | |||
Due from Related Parties, Noncurrent | 0 | |||
Equity Method Investments | 8,602 | |||
Other assets | 6,648 | |||
Total assets | 2,851,207 | |||
Accounts payable | 97,230 | |||
Accrued interest | 0 | |||
Accrued payroll and benefits | 10,944 | |||
Deferred Revenue | 5,222 | |||
Other accrued liabilities | 11,767 | |||
Total current liabilities | 125,163 | |||
Long-term debt, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $13,119 and $15,985, respectively | 0 | |||
Deferred tax liabilities, net | 381,619 | |||
Due to Related Parties | 1,552,758 | |||
Other liabilities | 808 | |||
Total liabilities | 2,060,348 | |||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | |||
Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding | 0 | |||
Additional paid-in capital | 37,978 | |||
Retained earnings | 752,762 | |||
Accumulated other comprehensive loss | 119 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 790,859 | |||
Liabilities and Equity | 2,851,207 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 7,140 | 1,660 | ||
Accounts receivable, net of allowance for doubtful accounts of $2,877 | 54,424 | |||
Other current assets | 66 | |||
Total current assets | 61,630 | |||
Property, plant and equipment, net | 102,294 | |||
Deferred charges, net | 27,361 | |||
Due from Related Parties, Noncurrent | 0 | |||
Equity Method Investments | 0 | |||
Other assets | 2,055 | |||
Total assets | 193,340 | |||
Accounts payable | 129,840 | |||
Accrued interest | 0 | |||
Accrued payroll and benefits | 278 | |||
Deferred Revenue | 512 | |||
Other accrued liabilities | 6,111 | |||
Total current liabilities | 136,741 | |||
Long-term debt, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $13,119 and $15,985, respectively | 0 | |||
Deferred tax liabilities, net | 0 | |||
Due to Related Parties | 14,754 | |||
Other liabilities | 51,308 | |||
Total liabilities | 202,803 | |||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | |||
Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding | 0 | |||
Additional paid-in capital | 8,602 | |||
Retained earnings | (13,870) | |||
Accumulated other comprehensive loss | (4,195) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (9,463) | |||
Liabilities and Equity | 193,340 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | $ 0 | ||
Accounts receivable, net of allowance for doubtful accounts of $2,877 | (5,184) | |||
Other current assets | 0 | |||
Total current assets | (5,184) | |||
Property, plant and equipment, net | 0 | |||
Deferred charges, net | (51,308) | |||
Due from Related Parties, Noncurrent | (1,744,880) | |||
Equity Method Investments | (794,074) | |||
Other assets | 0 | |||
Total assets | (2,595,446) | |||
Accounts payable | (191,154) | |||
Accrued interest | 0 | |||
Accrued payroll and benefits | 0 | |||
Deferred Revenue | 0 | |||
Other accrued liabilities | 0 | |||
Total current liabilities | (191,154) | |||
Long-term debt, net of original issue discount of $41,600 and $51,528 and deferred financing costs of $13,119 and $15,985, respectively | 0 | |||
Deferred tax liabilities, net | 0 | |||
Due to Related Parties | (1,567,512) | |||
Other liabilities | (51,308) | |||
Total liabilities | (1,809,974) | |||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | |||
Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding | 0 | |||
Additional paid-in capital | (46,580) | |||
Retained earnings | (738,892) | |||
Accumulated other comprehensive loss | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (785,472) | |||
Liabilities and Equity | $ (2,595,446) |
Consolidating Guarantor Finan69
Consolidating Guarantor Financial Information Condensed Income Statement (Details) - USD ($) | Aug. 28, 2015 | Feb. 27, 2015 | Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [2] | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | $ 88,719,000 | $ 116,281,000 | $ 136,446,000 | $ 134,624,000 | $ 160,219,000 | $ 166,890,000 | $ 171,099,000 | $ 136,585,000 | $ 476,070,000 | $ 634,793,000 | $ 548,145,000 | ||||||||||
Operating expenses | 219,260,000 | 296,500,000 | 239,239,000 | ||||||||||||||||||
Depreciation | 82,566,000 | 71,301,000 | 55,332,000 | ||||||||||||||||||
Amortization | 26,463,000 | 44,149,000 | 30,630,000 | ||||||||||||||||||
General and administrative expenses | 48,297,000 | 54,245,000 | 53,428,000 | ||||||||||||||||||
Costs and Expenses | 376,586,000 | 466,195,000 | 378,629,000 | ||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 11,000,000 | $ 33,100,000 | 44,060,000 | 822,000 | 1,587,000 | ||||||||||||||||
Operating Income (Loss) | $ 4,482,000 | $ 32,809,000 | $ 39,355,000 | $ 66,898,000 | $ 37,402,000 | $ 50,234,000 | $ 56,756,000 | $ 25,028,000 | 143,544,000 | 169,420,000 | 171,103,000 | ||||||||||
Interest income | 1,525,000 | 1,086,000 | 2,515,000 | ||||||||||||||||||
Interest Expense | (39,496,000) | (30,733,000) | (47,352,000) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 106,578,000 | 140,274,000 | 100,398,000 | ||||||||||||||||||
Other income (expense), net | 1,005,000 | 501,000 | (92,000) | ||||||||||||||||||
Nonoperating Income (Expense) | (36,966,000) | (29,146,000) | (70,705,000) | ||||||||||||||||||
Income tax expense | 39,757,000 | $ 52,367,000 | $ 36,320,000 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 66,821,000 | ||||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 0 | ||||||||||||||||||||
Operating expenses | 0 | ||||||||||||||||||||
Depreciation | 0 | ||||||||||||||||||||
Amortization | 0 | ||||||||||||||||||||
General and administrative expenses | 189,000 | ||||||||||||||||||||
Costs and Expenses | 189,000 | ||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||||||||||||||||||||
Operating Income (Loss) | (189,000) | ||||||||||||||||||||
Interest income | 0 | ||||||||||||||||||||
Interest Expense | 39,460,000 | ||||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 106,798,000 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 67,149,000 | ||||||||||||||||||||
Other income (expense), net | 0 | ||||||||||||||||||||
Nonoperating Income (Expense) | 67,338,000 | ||||||||||||||||||||
Income tax expense | 0 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 67,149,000 | ||||||||||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 426,419,000 | ||||||||||||||||||||
Operating expenses | 178,748,000 | ||||||||||||||||||||
Depreciation | 81,522,000 | ||||||||||||||||||||
Amortization | 25,782,000 | ||||||||||||||||||||
General and administrative expenses | 44,398,000 | ||||||||||||||||||||
Costs and Expenses | 330,450,000 | ||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 44,060,000 | ||||||||||||||||||||
Operating Income (Loss) | 140,029,000 | ||||||||||||||||||||
Interest income | 1,125,000 | ||||||||||||||||||||
Interest Expense | 0 | ||||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 137,101,000 | ||||||||||||||||||||
Other income (expense), net | (4,053,000) | ||||||||||||||||||||
Nonoperating Income (Expense) | (2,928,000) | ||||||||||||||||||||
Income tax expense | 35,194,000 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 101,907,000 | ||||||||||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 50,952,000 | ||||||||||||||||||||
Operating expenses | 41,514,000 | ||||||||||||||||||||
Depreciation | 1,044,000 | ||||||||||||||||||||
Amortization | 681,000 | ||||||||||||||||||||
General and administrative expenses | 3,861,000 | ||||||||||||||||||||
Costs and Expenses | 47,100,000 | ||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||||||||||||||||||||
Operating Income (Loss) | 3,852,000 | ||||||||||||||||||||
Interest income | 400,000 | ||||||||||||||||||||
Interest Expense | 36,000 | ||||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 9,454,000 | ||||||||||||||||||||
Other income (expense), net | 5,238,000 | ||||||||||||||||||||
Nonoperating Income (Expense) | 5,602,000 | ||||||||||||||||||||
Income tax expense | 4,563,000 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,891,000 | ||||||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | (1,301,000) | ||||||||||||||||||||
Operating expenses | (1,002,000) | ||||||||||||||||||||
Depreciation | 0 | ||||||||||||||||||||
Amortization | 0 | ||||||||||||||||||||
General and administrative expenses | (151,000) | ||||||||||||||||||||
Costs and Expenses | (1,153,000) | ||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||||||||||||||||||||
Operating Income (Loss) | (148,000) | ||||||||||||||||||||
Interest income | 0 | ||||||||||||||||||||
Interest Expense | 0 | ||||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | (106,798,000) | ||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (107,126,000) | ||||||||||||||||||||
Other income (expense), net | (180,000) | ||||||||||||||||||||
Nonoperating Income (Expense) | (106,978,000) | ||||||||||||||||||||
Income tax expense | 0 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (107,126,000) | ||||||||||||||||||||
[1] | Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. | ||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding |
Consolidating Guarantor Finan70
Consolidating Guarantor Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 66,821 | ||
Foreign currency translation loss | (3,174) | $ (107) | $ (537) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 63,647 | $ 88,418 | $ 110,856 |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 67,149 | ||
Foreign currency translation loss | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 67,149 | ||
Guarantor Subsidiaries [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 101,907 | ||
Foreign currency translation loss | (81) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 101,826 | ||
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,891 | ||
Foreign currency translation loss | (3,093) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 1,798 | ||
Consolidation, Eliminations [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (107,126) | ||
Foreign currency translation loss | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (107,126) |
Consolidating Guarantor Finan71
Consolidating Guarantor Financial Information Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 215,843 | $ 163,106 | $ 207,067 | |
Costs Incurred For Offshore Supply Vessels Newbuild Program | 190,070 | 343,989 | 465,165 | |
Proceeds from Sale of Property, Plant, and Equipment | 152,000 | 7,178 | 16,021 | |
Payments to Acquire Property, Plant, and Equipment | 86,792 | 55,089 | 73,593 | |
Payments to Acquire Other Property, Plant, and Equipment | 16,487 | 9,615 | 3,893 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (141,349) | (401,515) | (526,630) | |
Payments of Financing Costs | 2,089 | 0 | 7,807 | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 3,112 | 5,044 | 9,620 | |
PaymentsfromRelatedPartyFinancingActivity | 0 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 1,023 | (19,664) | (61,344) | |
Effect of Exchange Rate on Cash and Cash Equivalents | (839) | (107) | (537) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 74,678 | (254,168) | (137,387) | |
Cash and cash equivalents | 259,801 | 185,123 | 439,291 | $ 576,678 |
Interest Paid | 50,492 | 50,548 | 53,636 | |
Income Taxes Paid | 4,808 | 5,679 | $ 4,537 | |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (22,390) | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 0 | |||
Payments to Acquire Other Property, Plant, and Equipment | 0 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | |||
Payments of Financing Costs | 2,089 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 3,112 | |||
PaymentsfromRelatedPartyFinancingActivity | 21,361 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 22,384 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | (6) | |||
Cash and cash equivalents | 10 | 16 | ||
Income Taxes Paid | 0 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 131,185 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 120,767 | |||
Proceeds from Sale of Property, Plant, and Equipment | 152,000 | |||
Payments to Acquire Property, Plant, and Equipment | 55,724 | |||
Payments to Acquire Other Property, Plant, and Equipment | 16,211 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (40,702) | |||
Payments of Financing Costs | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
PaymentsfromRelatedPartyFinancingActivity | (21,198) | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (21,198) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | (81) | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 69,204 | |||
Cash and cash equivalents | 252,651 | 183,447 | ||
Interest Paid | 0 | |||
Income Taxes Paid | 582 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 107,039 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 69,303 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 29,729 | |||
Payments to Acquire Other Property, Plant, and Equipment | 276 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (99,308) | |||
Payments of Financing Costs | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
PaymentsfromRelatedPartyFinancingActivity | (1,493) | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (1,493) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | (758) | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 5,480 | |||
Cash and cash equivalents | 7,140 | 1,660 | ||
Income Taxes Paid | 4,226 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 9 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 1,339 | |||
Payments to Acquire Other Property, Plant, and Equipment | 0 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,339) | |||
Payments of Financing Costs | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
PaymentsfromRelatedPartyFinancingActivity | 1,330 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 1,330 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |||
Cash and cash equivalents | 0 | $ 0 | ||
Interest Paid | 0 | |||
Income Taxes Paid | $ 0 |
Supplemental Selected Quarter72
Supplemental Selected Quarterly Financial Data - Unaudited Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2015 | [1],[2] | Sep. 30, 2015 | [1],[2] | Jun. 30, 2015 | [1],[2] | Mar. 31, 2015 | [1],[2] | Dec. 31, 2014 | [2] | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||
Revenues | $ 88,719,000 | $ 116,281,000 | $ 136,446,000 | $ 134,624,000 | $ 160,219,000 | $ 166,890,000 | $ 171,099,000 | $ 136,585,000 | $ 476,070,000 | $ 634,793,000 | $ 548,145,000 | |||||||||||
Operating Income (Loss) | 4,482,000 | 32,809,000 | 39,355,000 | 66,898,000 | 37,402,000 | 50,234,000 | 56,756,000 | 25,028,000 | 143,544,000 | 169,420,000 | 171,103,000 | |||||||||||
Net income | $ (2,671,000) | $ 14,424,000 | $ 19,215,000 | $ 35,853,000 | 19,171,000 | 26,355,000 | 31,233,000 | 11,766,000 | 66,821,000 | 88,525,000 | 111,393,000 | |||||||||||
Income from continuing operations (1) | 18,769,000 | 26,559,000 | 31,225,000 | 11,354,000 | 66,821,000 | 87,907,000 | [3] | 64,078,000 | [3] | |||||||||||||
Income from discontinued operations, net of tax (2) | $ 402,000 | $ (204,000) | $ 8,000 | $ 412,000 | $ 0 | [4] | $ 618,000 | [4] | $ 47,315,000 | [4] | ||||||||||||
Earnings (loss) per common share: | ||||||||||||||||||||||
Basic earnings (loss) per common share, in dollars per share | $ (0.07) | $ 0.40 | $ 0.54 | $ 1.01 | $ 0.54 | $ 0.72 | $ 0.86 | $ 0.33 | $ 1.87 | $ 2.45 | $ 3.10 | |||||||||||
Diluted earnings (loss) per common share, in dollars per share | $ (0.07) | $ 0.40 | $ 0.53 | $ 0.99 | 0.53 | 0.71 | 0.85 | 0.32 | 1.84 | 2.41 | 3.05 | |||||||||||
Basic earnings per common share from continuing operations | 0.52 | 0.73 | 0.86 | 0.32 | 1.87 | 2.43 | 1.79 | |||||||||||||||
Basic earnings per common share from discontinued operations | 0.02 | (0.01) | 0 | 0.01 | 0 | 0.02 | 1.31 | |||||||||||||||
Diluted earnings per common share from continuing operations | 0.52 | 0.72 | 0.85 | 0.31 | 1.84 | 2.40 | 1.76 | |||||||||||||||
Diluted earnings per common share from discontinued operations | $ 0.01 | $ (0.01) | $ 0 | $ 0.01 | $ 0 | $ 0.01 | $ 1.29 | |||||||||||||||
[1] | Results for the fiscal year 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company stacked 28 OSVs on various dates since October 2014. | |||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding | |||||||||||||||||||||
[3] | Income from continuing operations for the year ended December 31, 2013 includes a pre-tax loss on early extinguishment of debt of $25.8 million. See Note 6 for further information regarding the Company’s debt. | |||||||||||||||||||||
[4] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 13 for further discussion of this transaction. |
Supplemental Selected Quarter73
Supplemental Selected Quarterly Financial Data - Unaudited Quarterly Financial Data (Narrative) (Detail) | Aug. 28, 2015USD ($)Vessel$ / shares | Feb. 27, 2015USD ($)Vessel$ / shares | Dec. 31, 2015USD ($)Vessel$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) |
Quarterly Financial Information [Line Items] | |||||
Number of Vessels Stacked | 28 | ||||
NumberofVesselsSold | Vessel | 1 | 3 | 4 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | $ 38,000,000 | $ 114,000,000 | $ 152,000,000 | $ 1,600,000 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 11,000,000 | 33,100,000 | 44,060,000 | 822,000 | $ 1,587,000 |
Gain (Loss) on Disposition of Assets | $ 6,700,000 | $ 20,700,000 | $ 27,600,000 | $ 600,000 | |
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0.19 | $ 0.57 | $ 0.76 | $ 0.02 |