Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | |
Entity Central Index Key | 1,131,227 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HOS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,336,749 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 224,525 | $ 259,801 |
Accounts receivable, net of allowance for doubtful accounts of $3,731 and $2,877, respectively | 50,502 | 91,202 |
Other current assets | 15,222 | 13,033 |
Total current assets | 290,249 | 364,036 |
Property, plant and equipment, net | 2,615,243 | 2,574,661 |
Deferred charges, net | 25,265 | 35,273 |
Other assets | 10,475 | 10,446 |
Total assets | 2,941,232 | 2,984,416 |
Current liabilities: | ||
Accounts payable | 21,190 | 35,916 |
Accrued interest | 14,792 | 14,795 |
Accrued payroll and benefits | 5,660 | 11,222 |
Other accrued liabilities | 14,301 | 23,612 |
Total current liabilities | 55,943 | 85,545 |
Long-term debt, net of original issue discount of $36,420 and $41,600 and deferred financing costs of $11,665 and $13,119, respectively | 1,076,915 | 1,070,281 |
Deferred tax liabilities, net | 366,887 | 381,619 |
Other liabilities | 1,381 | 808 |
Total liabilities | 1,501,126 | 1,538,253 |
Stockholders’ equity: | ||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock: $0.01 par value; 100,000 shares authorized; 36,314 and 35,985 shares issued and outstanding, respectively | 363 | 360 |
Additional paid-in-capital | 749,403 | 748,041 |
Retained earnings | 673,738 | 701,838 |
Accumulated other comprehensive income (loss) | 16,602 | (4,076) |
Total stockholders’ equity | 1,440,106 | 1,446,163 |
Total liabilities and stockholders’ equity | $ 2,941,232 | $ 2,984,416 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 3,731 | $ 2,877 |
Debt Instrument, unamortized discount | 36,420 | 41,600 |
Deferred financing costs | $ 11,665 | $ 13,119 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 36,314,000 | 35,985,000 |
Common stock outstanding | 36,314,000 | 35,985,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Sales Revenue, Services, Net | $ 45,284,000 | $ 128,071,000 | $ 113,500,000 | $ 258,247,000 |
Other Revenue, Net | 8,389,000 | 8,375,000 | 16,993,000 | 12,823,000 |
Revenues | 53,673,000 | 136,446,000 | 130,493,000 | 271,070,000 |
Costs and expenses: | ||||
Operating expenses | 34,330,000 | 57,542,000 | 74,759,000 | 118,962,000 |
Depreciation | 22,658,000 | 20,172,000 | 44,831,000 | 40,156,000 |
Amortization | 5,816,000 | 6,314,000 | 12,095,000 | 13,800,000 |
General and administrative expenses | 12,379,000 | 13,063,000 | 21,053,000 | 24,955,000 |
Costs and Expenses, Total | 75,183,000 | 97,091,000 | 152,738,000 | 197,873,000 |
Gain (loss) on sale of assets | 0 | 0 | (45,000) | 33,056,000 |
Operating income (loss) | (21,510,000) | 39,355,000 | (22,290,000) | 106,253,000 |
Other income (expense): | ||||
Interest income | 386,000 | 393,000 | 763,000 | 607,000 |
Interest expense | (11,004,000) | (9,921,000) | (22,068,000) | (20,183,000) |
Other income (expense), net | (48,000) | 482,000 | 456,000 | 922,000 |
Nonoperating Income (Expense) | (10,666,000) | (9,046,000) | (20,849,000) | (18,654,000) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (32,176,000) | 30,309,000 | (43,139,000) | 87,599,000 |
Income tax expense (benefit) | (11,590,000) | 11,094,000 | (15,039,000) | 32,531,000 |
Net income (loss) | $ (20,586,000) | $ 19,215,000 | $ (28,100,000) | $ 55,068,000 |
Earnings (loss) per share: | ||||
Basic earnings (loss) per common share, Dollars per Share | $ (0.57) | $ 0.54 | $ (0.78) | $ 1.54 |
Diluted earnings (loss) per common share, Dollars per Share | $ (0.57) | $ 0.53 | $ (0.78) | $ 1.52 |
Weighted average basic shares outstanding | 36,191 | 35,706 | 36,138 | 35,668 |
Weighted average diluted shares outstanding | 36,191 | 36,253 | 36,138 | 36,190 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (20,586) | $ 19,215 | $ (28,100) | $ 55,068 |
Other comprehensive income: | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 10,517 | 48 | 20,678 | (254) |
Total comprehensive income (loss) | $ (10,069) | $ 19,263 | $ (7,422) | $ 54,814 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ (28,100,000) | $ 55,068,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 44,831,000 | 40,156,000 |
Amortization | 12,095,000 | 13,800,000 |
Stock-based compensation expense | 4,216,000 | 4,774,000 |
Provision for Doubtful Accounts | 854,000 | (920,000) |
Deferred tax expense (benefit) | (13,513,000) | 32,535,000 |
Amortization of deferred financing costs | 5,359,000 | 4,850,000 |
(Gain) loss on sale of assets | 45,000 | (33,056,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 42,857,000 | 26,461,000 |
Increase (Decrease) in Other Operating Assets | 1,540,000 | (1,154,000) |
Deferred drydocking charges | (2,317,000) | (6,309,000) |
Accounts payable | (7,721,000) | 440,000 |
Accrued liabilities and other liabilities | (14,817,000) | (4,200,000) |
Accrued interest | (3,000) | (4,000) |
Net Cash Provided by (Used in) Operating Activities | 42,246,000 | 134,749,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Costs incurred for OSV newbuild program | (62,965,000) | (119,332,000) |
Net proceeds from sale of assets | 420,000 | 114,000,000 |
Vessel capital expenditures | (16,558,000) | (36,245,000) |
Non-vessel capital expenditures | (275,000) | (14,605,000) |
Net cash used in investing activities | (79,378,000) | (56,182,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Deferred financing costs | 0 | (1,997,000) |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 727,000 | 1,966,000 |
Net cash provided by (used in) financing activities | 727,000 | (31,000) |
Effects of exchange rate changes on cash | 1,129,000 | (254,000) |
Net increase (decrease) in cash and cash equivalents | (35,276,000) | 78,282,000 |
Cash and cash equivalents at beginning of period | 259,801,000 | 185,123,000 |
Cash and cash equivalents at end of period | 224,525,000 | 263,405,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ||
Cash paid for interest | 25,087,000 | 25,272,000 |
Cash paid for income taxes | $ 2,242,000 | $ 1,884,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2015 . The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The consolidated balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy 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. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" This standard requires measurement and recognition of expected credit losses for financial assets held. Early adoption is permitted as of January 1, 2019. January 1, 2020 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification of related amounts within the statement of cash flows. Early adoption is permitted. January 1, 2017 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-02, "Leases" (Topic 842) This standard requires lessees to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. ASU 2016-02 requires a modified retrospective application. Early adoption is permitted. January 1, 2019 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. 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. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per common share was calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share was calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s earnings per share (in thousands, except for per share data): Three Months Ended Six Months Ended 2016 2015 2016 2015 Net income (loss) $ (20,586 ) $ 19,215 $ (28,100 ) $ 55,068 Weighted average number of shares of common stock outstanding 36,191 35,706 36,138 35,668 Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) — 547 — 522 Weighted average number of dilutive shares of common stock outstanding 36,191 36,253 36,138 36,190 Earnings (loss) per common share: Basic earnings (loss) per common share $ (0.57 ) $ 0.54 $ (0.78 ) $ 1.54 Diluted earnings (loss) per common share $ (0.57 ) $ 0.53 $ (0.78 ) $ 1.52 (1) Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 992 and 966 shares of common stock for the three and six months ended June 30, 2016 . For the three and six months ended June 30, 2015 , the Company had 326 and 332 anti-dilutive stock options, respectively. 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. (2) For the three and six months ended June 30, 2016 and 2015 , the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. (3) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Text Block] | Property, Plant and Equipment Asset Impairment Assessment In accordance with ASC 360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows are less than the carrying amounts of the asset group, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets. The future cash flows are subjective and are based on the Company’s current assumptions regarding future dayrates, utilization, operating expense, G&A expense and recertification costs that could differ from actual results. During the three months ended June 30, 2016, the Company determined that it observed indicators of impairment related to its vessels. This resulted from the rapid deterioration of its second quarter 2016 operating results, as well as the uncertainty regarding future market conditions and the related impact on the Company's projected operating results. For the purposes of calculating the undiscounted cash flows, the Company groups its vessels into two groups, OSVs and MPSVs, and used a probability-weighted cash flow projection to test for recoverability. After reviewing the results of this calculation, the Company determined that each of its asset groups has sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such group. Vessel Sales On March 30, 2016, the Company closed on the sale of its last remaining non-core conventional OSV, the Cape Breton , for cash consideration of $420,000 . The sale resulted in a pre-tax loss of approximately $45,000 ( $31,000 after-tax or $0.00 per diluted share). On February 27, 2015, the Company closed on the sale of three 250EDF class OSVs, the HOS Arrowhead , the HOS Eagleview and the HOS Westwind , which 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). These vessels are now managed by the Company for the U.S. Navy. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): June 30, December 31, 5.875% senior notes due 2020, net of deferred financing costs of $3,484 and $3,944 $ 371,516 $ 371,056 5.000% senior notes due 2021, net of deferred financing costs of $4,595 and $5,080 445,405 444,920 1.500% convertible senior notes due 2019, net of original issue discount of $36,420 and $41,600 and deferred financing costs of $3,586 and $4,095 259,994 254,305 Revolving credit facility due 2020 — — $ 1,076,915 $ 1,070,281 The table below summarizes the Company's cash interest payments (in thousands): Semi-Annual Cash Interest Payment Payment Dates 5.875% senior notes due 2020 $ 11,000 April 1 and October 1 5.000% senior notes due 2021 11,300 March 1 and September 1 1.500% convertible senior notes due 2019 2,300 March 1 and September 1 Revolving Credit Facility On July 29, 2016 , the Company amended its existing revolving credit facility. The amended facility provides continued access to a reduced level of standby liquidity for working capital and general corporate purposes, including acquisitions, newbuild and conversion programs and other capital expenditures. The changes to the Company’s revolving credit facility were effective July 29, 2016, but are generally applicable commencing with the fiscal quarter ending September 30, 2016. The more significant changes to the facility are noted below: • reduce the borrowing base from $300.0 million to $200.0 million ; • increase the unused commitment fee to 50 basis points for all pricing levels; • increase the London Interbank Offered Rate, or LIBOR, spreads on funded borrowings by 25 basis points for all pricing levels; • increase the minimum collateral-to-loan value ratio from 150% of the borrowing base to 200% of the borrowing base, which resulted in an increase in the number of vessels pledged from 10 OSVs valued in excess of $450 million to 12 OSVs valued in excess of $400 million ; • delay the previously scheduled step-down in the total debt-to-capitalization ratio, as defined, from 55% to 50% by six quarters to commence with the fiscal quarter ending September 30, 2018; • reduce the minimum interest coverage ratio from 3.00x to 1.00x with a step-up to 1.25x for the fiscal quarter ending September 30, 2018 and a step-up to 1.50x for the fiscal quarter ending March 31, 2019; • allow the Company the option of making a one-time election to suspend the interest coverage ratio for a holiday period of no more than four quarters, ending no later than December 31, 2017, with a single permitted rescission. If the Company elects to exercise the interest coverage holiday, then the borrowing base will be capped at $75 million during the holiday and the LIBOR spreads for funded borrowings will be increased by an additional 50 basis points during and after the interest coverage holiday; • limit the Company's cash balance to $50 million at any time the revolving credit facility is drawn; • increase minimum liquidity (cash and credit facility availability) required for prepayment of the Company's 2019 convertible senior notes, 2020 senior notes, and 2021 senior notes from $100.0 million to $150.0 million subject to a maximum senior secured leverage ratio of 2 -to-1; • permit the Company to create one or more Investment Entities, as defined. The Investment Entities would be capitalized (i) by the Company, by transferring certain vessels identified in the First Amendment and (ii) by one or more unaffiliated third parties, by depositing cash, with the cash funding being available for acquisitions; • amend the definitions of EBITDA and Pro Forma EBITDA to provide that, commencing with the earlier of (a) the first full fiscal quarter after the expiration of the interest coverage holiday and (b) the fiscal quarter ending March 31, 2018, or the Applicable Period, and until the third immediately following fiscal quarter thereafter, EBITDA and Pro Forma EBITDA, as applicable, shall mean, with respect to the Company and its consolidated subsidiaries, (a) for the Applicable Period, EBITDA, or Pro Forma EBITDA, as applicable, for such fiscal quarter multiplied by four, (b) for the Applicable Period and the immediately following fiscal quarter, EBITDA, or Pro Forma EBITDA, as applicable, for such fiscal quarters multiplied by two, and (c) for the Applicable Period and the two immediately following fiscal quarters, EBITDA, or Pro Forma EBITDA, as applicable, for such fiscal quarters multiplied by one and one-third; • reduce the amount of liens permitted to secure debt (other than the Amended Facility) of any loan party from $50 million at any one time to $15 million , and to prohibit such liens during the interest coverage holiday; • condition Restricted Payments, as defined, on pro forma compliance with the interest coverage ratio and the total debt-to-capitalization ratio and compliance with a maximum senior secured leverage ratio of 2-to-1; • increase the amount of cash or cash equivalents on deposit or unused availability under the Amended Facility or a combination of both from $20 million to $100 million and require a maximum senior secured leverage ratio of 2-to-1 in order to permit a loan party to merge with another person, acquire or form a new subsidiary, make an investment (other than in an Investment Entity) or acquire any vessel or other capital assets; and • limit sales or other dispositions of property or subsidiaries owning properties, other than inventory, certain equipment or investments in the Investment Entities, to (i) less than twenty percent (20%) of the consolidated net tangible assets of the Company if at the time of such sale or disposition the senior secured leverage ratio is less than or equal to 2-to-1, or (ii) less than ten percent (10%) of the consolidated net tangible assets of the Company if at the time of such sale or disposition the senior secured leverage ratio is greater than 2-to-1. As of June 30, 2016 , there were no amounts drawn or letters of credit posted under the Company’s $300.0 million revolving credit facility. As of June 30, 2016 , the Company was in compliance with all financial covenants required by its revolving credit facility and the full amount of the undrawn borrowing base under the facility was available to the Company for all permissible uses of proceeds, including working capital, if necessary. Subsequent to June 30, 2016, the Company has remained in compliance with all of its financial covenants and the Company did not draw on or post any letters of credit under its amended credit facility. 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 observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2 of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): June 30, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,516 $ 236,119 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,405 269,708 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 259,994 173,152 300,000 254,305 170,340 $ 1,125,000 $ 1,076,915 $ 678,979 $ 1,125,000 $ 1,070,281 $ 736,403 Capitalized Interest During the three and six months ended June 30, 2016 , the Company capitalized approximately $5.1 million and $ 10.1 million , respectively, of interest costs related to the construction of vessels. During the three and six months ended June 30, 2015 , the Company capitalized approximately $6.1 million and $11.9 million , respectively, of interest costs related to the construction of vessels. |
Incentive Compensation
Incentive Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Compensation | Incentive Compensation Stock-Based Incentive Compensation Plan The Company’s stock-based incentive compensation plan covers a maximum of 4.95 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 June 30, 2016 , the Company has granted awards covering 4.3 million shares of common stock under such plan. During the six months ended June 30, 2016 , the Company granted phantom restricted stock units, time-based restricted stock units and fully-vested common stock as noted in the table below. Directors Executive Officers Certain Managers Performance-based phantom restricted stock units X Time-based phantom restricted stock units X X Time-based restricted stock units X X Fully-vested common stock X The shares to be received under the performance-based phantom restricted stock units are calculated based on the Company's performance compared to three pre-determined criteria, as defined by the phantom restricted stock agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 150% of the awards granted depending on the Company's performance. During the six months ended June 30, 2016 , the Company granted 396,369 time-based restricted stock units, 989,674 time-based and performance based phantom restricted stock units and 80,030 shares of fully-vested common stock. The fair value of the Company’s performance-based restricted stock units and phantom restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based restricted stock units and phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. In addition, all phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the restricted stock units granted in 2016 , the Company granted performance-based and time-based restricted stock units and phantom stock units in prior years. During the six months ended June 30, 2016 , the Company issued 329,455 shares, in the aggregate, of stock due to: 1) vestings of restricted stock units, 2) employee purchases under the Company's Employee Stock Purchase Plan and 3) the issuance of fully-vested common stock. The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data): Three Months Ended Six Months Ended 2016 2015 2016 2015 Income before taxes $ 3,044 $ 2,802 $ 4,216 $ 4,774 Net income $ 1,948 $ 1,776 $ 2,746 $ 3,001 Earnings per common share: Basic earnings per common share $ 0.05 $ 0.05 $ 0.08 $ 0.08 Diluted earnings per common share $ 0.05 $ 0.05 $ 0.08 $ 0.08 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction 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 third quarter 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. The incremental aggregate cost of these four conversions will be approximately $70.0 million. In August 2016, the Company announced that it has reached an agreement with the shipyard to postpone the delivery of the final two MPSVs to be delivered under this program to the first and second quarters of 2018 without any additional cost to the Company. In addition, the payment terms for the remainder of the contract were adjusted to shift $43.3 million of construction milestone draws from the remainder of 2016 and 2017 into 2018. The Company's fifth OSV newbuild program consists of four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of June 30, 2016 , the Company had placed 20 vessels in service under such program. The aggregate cost of the Company's fifth OSV newbuild program, excluding construction period interest, is expected to be approximately $1,335.0 million , of which $13.2 million , $22.3 million , and $43.3 million are expected to be incurred in the remainder of 2016 , 2017 , and 2018 respectively. From the inception of this program through June 30, 2016 , the Company had incurred $1,256.2 million , or 94.1% , of total expected project costs. 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 the Company's 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 included limitations regarding fuel consumption. Petrobras has asserted claims against the Company relating to excess fuel consumption in 2010 and 2011. 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. During the second quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims. Subsequent to this ruling, Petrobras appealed this decision to another court. 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 has been 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 related assessment. During the third quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims and this decision has been appealed to another court. As of June 30, 2016 , 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, a 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 materially differ from the current estimate. |
Other Accrued Liabilities (Note
Other Accrued Liabilities (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Accrued Liabilities Other accrued liabilities include the following (in thousands): June 30, 2016 December 31, 2015 Accrued lease expense $ 4,554 $ 4,339 Deferred revenue 1,587 5,734 Current taxes payable 892 3,958 Other 7,268 9,581 Total $ 14,301 $ 23,612 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements of Guarantors (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements of Guarantors [Text Block] | The following tables present the condensed consolidating balance sheets as of June 30, 2016 and December 31, 2015 , the condensed consolidating statement of operations and the condensed consolidating statement of comprehensive income (loss) for the three and six months ended June 30, 2016 and the condensed consolidating statement of cash flows for the six months ended June 30, 2016 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 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. 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) As of June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 13 $ 213,854 $ 10,658 $ — $ 224,525 Accounts receivable, net of allowance for doubtful accounts of $3,731 — 42,642 11,201 (3,341 ) 50,502 Other current assets 52 14,598 572 — 15,222 Total current assets 65 271,094 22,431 (3,341 ) 290,249 Property, plant and equipment, net — 2,488,422 126,821 — 2,615,243 Deferred charges, net 2,807 21,469 989 — 25,265 Intercompany receivable 1,731,131 198,782 88,721 (2,018,634 ) — Investment in subsidiaries 779,464 8,602 — (788,066 ) — Other assets 1,743 6,407 2,325 — 10,475 Total assets $ 2,515,210 $ 2,994,776 $ 241,287 $ (2,810,041 ) $ 2,941,232 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 20,146 $ 5,657 $ (4,613 ) $ 21,190 Accrued interest 14,792 — — — 14,792 Accrued payroll and benefits — 5,434 226 — 5,660 Other accrued liabilities — 12,218 2,183 (100 ) 14,301 Total current liabilities 14,792 37,798 8,066 (4,713 ) 55,943 Long-term debt, net of original issue discount of $36,420 and deferred financing costs of $11,665 1,076,915 — — — 1,076,915 Deferred tax liabilities, net — 366,887 — — 366,887 Intercompany payables — 1,798,472 227,392 (2,025,864 ) — Other liabilities — 1,381 — — 1,381 Total liabilities 1,091,707 2,204,538 235,458 (2,030,577 ) 1,501,126 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; 36,314 shares issued and outstanding 363 — — — 363 Additional paid-in capital 749,404 37,977 8,602 (46,580 ) 749,403 Retained earnings 673,736 752,108 (19,222 ) (732,884 ) 673,738 Accumulated other comprehensive loss — 153 16,449 — 16,602 Total stockholders’ equity 1,423,503 790,238 5,829 (779,464 ) 1,440,106 Total liabilities and stockholders’ equity $ 2,515,210 $ 2,994,776 $ 241,287 $ (2,810,041 ) $ 2,941,232 Condensed Consolidating Balance Sheet (In thousands, except per share data) As of 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 — 41,963 54,416 (5,177 ) 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,569 61,622 (5,177 ) 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,022 27,362 (51,309 ) 35,273 Intercompany receivable 1,751,046 186,054 59,413 (1,996,513 ) — Investment in subsidiaries 785,472 8,602 — (794,074 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 34,214 $ 7,693 $ (5,991 ) $ 35,916 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 10,944 278 — 11,222 Other accrued liabilities — 16,989 6,623 — 23,612 Total current liabilities 14,795 62,147 14,594 (5,991 ) 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 6,164 1,801,830 247,615 (2,055,609 ) — Other liabilities — 808 — — 808 Total liabilities 1,091,240 2,246,404 262,209 (2,061,600 ) 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 748,043 37,978 8,602 (46,582 ) 748,041 Retained earnings 701,838 752,761 (13,870 ) (738,891 ) 701,838 Accumulated other comprehensive loss — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,241 790,858 (9,463 ) (785,473 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 Condensed Consolidating Statement of Operations (In thousands) Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 52,173 $ 470 $ 1,030 $ 53,673 Costs and expenses: Operating expenses — 29,726 3,623 981 34,330 Depreciation — 21,568 1,090 — 22,658 Amortization — 5,471 345 — 5,816 General and administrative expenses 76 11,464 790 49 12,379 76 68,229 5,848 1,030 75,183 Operating income (loss) (76 ) (16,056 ) (5,378 ) — (21,510 ) Other income (expense): Interest income — 237 149 — 386 Interest expense (11,004 ) — — — (11,004 ) Equity in earnings of consolidated subsidiaries (9,507 ) — — 9,507 — Other income (expense), net — (40 ) (9 ) 1 (48 ) (20,511 ) 197 140 9,508 (10,666 ) Income (loss) before income taxes (20,587 ) (15,859 ) (5,238 ) 9,508 (32,176 ) Income tax expense (benefit) — (11,832 ) 242 — (11,590 ) Net income (loss) $ (20,587 ) $ (4,027 ) $ (5,480 ) $ 9,508 $ (20,586 ) Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (20,587 ) $ (4,027 ) $ (5,480 ) $ 9,508 $ (20,586 ) Other comprehensive income: Foreign currency translation gain — 20 10,497 — 10,517 Total comprehensive income (loss) $ (20,587 ) $ (4,007 ) $ 5,017 $ 9,508 $ (10,069 ) Condensed Consolidating Statement of Operations (In thousands) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 120,236 $ 7,921 $ 2,336 $ 130,493 Costs and expenses: Operating expenses — 63,384 9,111 2,264 74,759 Depreciation — 42,852 1,979 — 44,831 Amortization — 11,402 693 — 12,095 General and administrative expenses 112 19,436 1,433 72 21,053 112 137,074 13,216 2,336 152,738 Loss on sale of assets — (45 ) — — (45 ) Operating income (loss) (112 ) (16,883 ) (5,295 ) — (22,290 ) Other income (expense): Interest income — 473 290 — 763 Interest expense (22,066 ) — (2 ) — (22,068 ) Equity in earnings of consolidated subsidiaries (6,008 ) — — 6,008 — Other income (expense), net — 230 140 86 456 (28,074 ) 703 428 6,094 (20,849 ) Income (loss) before income taxes (28,186 ) (16,180 ) (4,867 ) 6,094 (43,139 ) Income tax expense (benefit) — (15,524 ) 485 — (15,039 ) Net income (loss) $ (28,186 ) $ (656 ) $ (5,352 ) $ 6,094 $ (28,100 ) Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (28,186 ) $ (656 ) $ (5,352 ) $ 6,094 $ (28,100 ) Other comprehensive income: Foreign currency translation gain — 34 20,644 — 20,678 Total comprehensive income (loss) $ (28,186 ) $ (622 ) $ 15,292 $ 6,094 $ (7,422 ) Condensed Consolidating Statement of Cash Flows (In thousands) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (724 ) $ 39,960 $ 3,010 $ — $ 42,246 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (62,381 ) (584 ) — (62,965 ) Net proceeds from sale of assets — 420 — — 420 Vessel capital expenditures — (16,498 ) (60 ) — (16,558 ) Non-vessel capital expenditures — (332 ) 57 — (275 ) Net cash used in investing activities — (78,791 ) (587 ) — (79,378 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net cash proceeds from other shares issued 727 — — — 727 Net cash provided by financing activities 727 — — — 727 Effects of exchange rate changes on cash — 34 1,095 — 1,129 Net increase (decrease) in cash and cash equivalents 3 (38,797 ) 3,518 — (35,276 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 13 $ 213,854 $ 10,658 $ — $ 224,525 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 25,087 $ — $ — $ — $ 25,087 Cash paid for income taxes $ — $ 353 $ 1,889 $ — $ 2,242 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The table below reconciles the Company’s earnings per share (in thousands, except for per share data): Three Months Ended Six Months Ended 2016 2015 2016 2015 Net income (loss) $ (20,586 ) $ 19,215 $ (28,100 ) $ 55,068 Weighted average number of shares of common stock outstanding 36,191 35,706 36,138 35,668 Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) — 547 — 522 Weighted average number of dilutive shares of common stock outstanding 36,191 36,253 36,138 36,190 Earnings (loss) per common share: Basic earnings (loss) per common share $ (0.57 ) $ 0.54 $ (0.78 ) $ 1.54 Diluted earnings (loss) per common share $ (0.57 ) $ 0.53 $ (0.78 ) $ 1.52 (1) Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 992 and 966 shares of common stock for the three and six months ended June 30, 2016 . For the three and six months ended June 30, 2015 , the Company had 326 and 332 anti-dilutive stock options, respectively. 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. (2) For the three and six months ended June 30, 2016 and 2015 , the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. (3) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Instrument [Line Items] | |
Outstanding Long-Term Debt | As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): June 30, December 31, 5.875% senior notes due 2020, net of deferred financing costs of $3,484 and $3,944 $ 371,516 $ 371,056 5.000% senior notes due 2021, net of deferred financing costs of $4,595 and $5,080 445,405 444,920 1.500% convertible senior notes due 2019, net of original issue discount of $36,420 and $41,600 and deferred financing costs of $3,586 and $4,095 259,994 254,305 Revolving credit facility due 2020 — — $ 1,076,915 $ 1,070,281 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 |
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): June 30, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,516 $ 236,119 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,405 269,708 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 259,994 173,152 300,000 254,305 170,340 $ 1,125,000 $ 1,076,915 $ 678,979 $ 1,125,000 $ 1,070,281 $ 736,403 |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Financial Impact of Stock-Based Compensation Expense Charges | The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data): Three Months Ended Six Months Ended 2016 2015 2016 2015 Income before taxes $ 3,044 $ 2,802 $ 4,216 $ 4,774 Net income $ 1,948 $ 1,776 $ 2,746 $ 3,001 Earnings per common share: Basic earnings per common share $ 0.05 $ 0.05 $ 0.08 $ 0.08 Diluted earnings per common share $ 0.05 $ 0.05 $ 0.08 $ 0.08 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other accrued liabilities include the following (in thousands): June 30, 2016 December 31, 2015 Accrued lease expense $ 4,554 $ 4,339 Deferred revenue 1,587 5,734 Current taxes payable 892 3,958 Other 7,268 9,581 Total $ 14,301 $ 23,612 |
Condensed Consolidating Finan20
Condensed Consolidating Financial Statements of Guarantors (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet (In thousands, except per share data) As of 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 — 41,963 54,416 (5,177 ) 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,569 61,622 (5,177 ) 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,022 27,362 (51,309 ) 35,273 Intercompany receivable 1,751,046 186,054 59,413 (1,996,513 ) — Investment in subsidiaries 785,472 8,602 — (794,074 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 34,214 $ 7,693 $ (5,991 ) $ 35,916 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 10,944 278 — 11,222 Other accrued liabilities — 16,989 6,623 — 23,612 Total current liabilities 14,795 62,147 14,594 (5,991 ) 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 6,164 1,801,830 247,615 (2,055,609 ) — Other liabilities — 808 — — 808 Total liabilities 1,091,240 2,246,404 262,209 (2,061,600 ) 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 748,043 37,978 8,602 (46,582 ) 748,041 Retained earnings 701,838 752,761 (13,870 ) (738,891 ) 701,838 Accumulated other comprehensive loss — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,241 790,858 (9,463 ) (785,473 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 Condensed Consolidating Balance Sheet (In thousands, except per share data) As of June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 13 $ 213,854 $ 10,658 $ — $ 224,525 Accounts receivable, net of allowance for doubtful accounts of $3,731 — 42,642 11,201 (3,341 ) 50,502 Other current assets 52 14,598 572 — 15,222 Total current assets 65 271,094 22,431 (3,341 ) 290,249 Property, plant and equipment, net — 2,488,422 126,821 — 2,615,243 Deferred charges, net 2,807 21,469 989 — 25,265 Intercompany receivable 1,731,131 198,782 88,721 (2,018,634 ) — Investment in subsidiaries 779,464 8,602 — (788,066 ) — Other assets 1,743 6,407 2,325 — 10,475 Total assets $ 2,515,210 $ 2,994,776 $ 241,287 $ (2,810,041 ) $ 2,941,232 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 20,146 $ 5,657 $ (4,613 ) $ 21,190 Accrued interest 14,792 — — — 14,792 Accrued payroll and benefits — 5,434 226 — 5,660 Other accrued liabilities — 12,218 2,183 (100 ) 14,301 Total current liabilities 14,792 37,798 8,066 (4,713 ) 55,943 Long-term debt, net of original issue discount of $36,420 and deferred financing costs of $11,665 1,076,915 — — — 1,076,915 Deferred tax liabilities, net — 366,887 — — 366,887 Intercompany payables — 1,798,472 227,392 (2,025,864 ) — Other liabilities — 1,381 — — 1,381 Total liabilities 1,091,707 2,204,538 235,458 (2,030,577 ) 1,501,126 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; 36,314 shares issued and outstanding 363 — — — 363 Additional paid-in capital 749,404 37,977 8,602 (46,580 ) 749,403 Retained earnings 673,736 752,108 (19,222 ) (732,884 ) 673,738 Accumulated other comprehensive loss — 153 16,449 — 16,602 Total stockholders’ equity 1,423,503 790,238 5,829 (779,464 ) 1,440,106 Total liabilities and stockholders’ equity $ 2,515,210 $ 2,994,776 $ 241,287 $ (2,810,041 ) $ 2,941,232 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations (In thousands) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 120,236 $ 7,921 $ 2,336 $ 130,493 Costs and expenses: Operating expenses — 63,384 9,111 2,264 74,759 Depreciation — 42,852 1,979 — 44,831 Amortization — 11,402 693 — 12,095 General and administrative expenses 112 19,436 1,433 72 21,053 112 137,074 13,216 2,336 152,738 Loss on sale of assets — (45 ) — — (45 ) Operating income (loss) (112 ) (16,883 ) (5,295 ) — (22,290 ) Other income (expense): Interest income — 473 290 — 763 Interest expense (22,066 ) — (2 ) — (22,068 ) Equity in earnings of consolidated subsidiaries (6,008 ) — — 6,008 — Other income (expense), net — 230 140 86 456 (28,074 ) 703 428 6,094 (20,849 ) Income (loss) before income taxes (28,186 ) (16,180 ) (4,867 ) 6,094 (43,139 ) Income tax expense (benefit) — (15,524 ) 485 — (15,039 ) Net income (loss) $ (28,186 ) $ (656 ) $ (5,352 ) $ 6,094 $ (28,100 ) Condensed Consolidating Statement of Operations (In thousands) Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 52,173 $ 470 $ 1,030 $ 53,673 Costs and expenses: Operating expenses — 29,726 3,623 981 34,330 Depreciation — 21,568 1,090 — 22,658 Amortization — 5,471 345 — 5,816 General and administrative expenses 76 11,464 790 49 12,379 76 68,229 5,848 1,030 75,183 Operating income (loss) (76 ) (16,056 ) (5,378 ) — (21,510 ) Other income (expense): Interest income — 237 149 — 386 Interest expense (11,004 ) — — — (11,004 ) Equity in earnings of consolidated subsidiaries (9,507 ) — — 9,507 — Other income (expense), net — (40 ) (9 ) 1 (48 ) (20,511 ) 197 140 9,508 (10,666 ) Income (loss) before income taxes (20,587 ) (15,859 ) (5,238 ) 9,508 (32,176 ) Income tax expense (benefit) — (11,832 ) 242 — (11,590 ) Net income (loss) $ (20,587 ) $ (4,027 ) $ (5,480 ) $ 9,508 $ (20,586 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Three Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (20,587 ) $ (4,027 ) $ (5,480 ) $ 9,508 $ (20,586 ) Other comprehensive income: Foreign currency translation gain — 20 10,497 — 10,517 Total comprehensive income (loss) $ (20,587 ) $ (4,007 ) $ 5,017 $ 9,508 $ (10,069 ) Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (28,186 ) $ (656 ) $ (5,352 ) $ 6,094 $ (28,100 ) Other comprehensive income: Foreign currency translation gain — 34 20,644 — 20,678 Total comprehensive income (loss) $ (28,186 ) $ (622 ) $ 15,292 $ 6,094 $ (7,422 ) |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows (In thousands) Six Months Ended June 30, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (724 ) $ 39,960 $ 3,010 $ — $ 42,246 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (62,381 ) (584 ) — (62,965 ) Net proceeds from sale of assets — 420 — — 420 Vessel capital expenditures — (16,498 ) (60 ) — (16,558 ) Non-vessel capital expenditures — (332 ) 57 — (275 ) Net cash used in investing activities — (78,791 ) (587 ) — (79,378 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net cash proceeds from other shares issued 727 — — — 727 Net cash provided by financing activities 727 — — — 727 Effects of exchange rate changes on cash — 34 1,095 — 1,129 Net increase (decrease) in cash and cash equivalents 3 (38,797 ) 3,518 — (35,276 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 13 $ 213,854 $ 10,658 $ — $ 224,525 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 25,087 $ — $ — $ — $ 25,087 Cash paid for income taxes $ — $ 353 $ 1,889 $ — $ 2,242 |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Earnings Per Share [Abstract] | |||||
Net income (loss) | $ (20,586) | $ 19,215 | $ (28,100) | $ 55,068 | |
Weighted average number of shares of common stock outstanding | 36,191 | 35,706 | 36,138 | 35,668 | |
Add: Net effect of dilutive stock options and unvested restricted stock | [1],[2],[3] | 0 | 547 | 0 | 522 |
Weighted average number of dilutive shares of common stock outstanding | 36,191 | 36,253 | 36,138 | 36,190 | |
Earnings (loss) per common share: | |||||
Basic earnings (loss) per common share, Dollars per Share | $ (0.57) | $ 0.54 | $ (0.78) | $ 1.54 | |
Diluted earnings (loss) per common share, Dollars per Share | $ (0.57) | $ 0.53 | $ (0.78) | $ 1.52 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 992 | 326 | 966 | 332 | |
[1] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. | ||||
[2] | Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 992 and 966 shares of common stock for the three and six months ended June 30, 2016. For the three and six months ended June 30, 2015, the Company had 326 and 332 anti-dilutive stock options, respectively. 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. | ||||
[3] | For the three and six months ended June 30, 2016 and 2015, the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. |
Property, Plant and Equipment22
Property, Plant and Equipment (Details) | Mar. 30, 2016USD ($)Vessel$ / shares | Feb. 27, 2015USD ($)Vessel$ / shares | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Property, Plant and Equipment [Abstract] | ||||||
NumberofVesselsSold | Vessel | 1 | 3 | ||||
Proceeds from Sale of Other Property, Plant, and Equipment | $ 420,000 | $ 114,000,000 | ||||
Gain (loss) on sale of assets | (45,000) | 33,100,000 | $ 0 | $ 0 | $ (45,000) | $ 33,056,000 |
Gain (Loss) on Disposition of Assets | $ (31,000) | $ 20,700,000 | ||||
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0 | $ 0.57 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | Oct. 01, 2016USD ($) | Sep. 01, 2016USD ($) | Sep. 30, 2018 | Jun. 30, 2016USD ($)Vessel | Jun. 30, 2015USD ($) | Dec. 31, 2018 | Jun. 30, 2016USD ($)Vessel | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Feb. 06, 2020 | Dec. 31, 2017 | Jun. 30, 2018 | Feb. 06, 2020USD ($) | Jul. 29, 2016USD ($)Vessel |
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, unamortized discount | $ 36,420 | $ 36,420 | $ 41,600 | |||||||||||
Deferred financing costs | 11,665 | 11,665 | 13,119 | |||||||||||
Debt, carrying value | 1,076,915 | 1,076,915 | 1,070,281 | |||||||||||
Debt instrument, principal amount | 1,125,000 | 1,125,000 | 1,125,000 | |||||||||||
Long-term Debt, Fair Value | 678,979 | 678,979 | $ 736,403 | |||||||||||
Capitalized interest, approximate amount | 5,100 | $ 6,100 | 10,100 | $ 11,900 | ||||||||||
Before Amendment [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000 | $ 300,000 | ||||||||||||
Line of Credit Facility, Covenant, Interest Coverage Ratio | 3 | |||||||||||||
Line of Credit Facility, Covenant, Amount of Cash or Cash Equivalents on Deposit or Unused Availibility | $ 20,000 | |||||||||||||
Pledged Collateral, As Percentage Of Borrowing Base | 150.00% | 150.00% | ||||||||||||
Line of Credit Facility Collateral, Number of Vessels | Vessel | 10 | 10 | ||||||||||||
Debt Instrument, Collateral Amount | $ 450,000 | $ 450,000 | ||||||||||||
Line of Credit Facility, Covenant, Debt to Capitalization, Percent | 55.00% | |||||||||||||
Line of Credit Facility, Covenant, Minimum Liquidity for Prepayment | 100,000 | $ 100,000 | ||||||||||||
Line of Credit Facility, Covenant, Amount Of Liens Permitted To Secure Debt | $ 50,000 | $ 50,000 | ||||||||||||
Senior Notes 5.875 Percent Due 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | 5.875% | |||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2020 | Apr. 1, 2020 | ||||||||||||
Deferred financing costs | $ 3,484 | $ 3,484 | $ 3,944 | |||||||||||
Senior Notes | 371,516 | 371,516 | 371,056 | |||||||||||
Debt instrument, principal amount | 375,000 | 375,000 | 375,000 | |||||||||||
Long-term Debt, Fair Value | $ 236,119 | $ 236,119 | $ 257,813 | |||||||||||
Senior Notes 5.000 Percent Due 2021 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | 5.00% | |||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | Mar. 1, 2021 | ||||||||||||
Deferred financing costs | $ 4,595 | $ 4,595 | $ 5,080 | |||||||||||
Senior Notes | 445,405 | 445,405 | 444,920 | |||||||||||
Debt instrument, principal amount | 450,000 | 450,000 | 450,000 | |||||||||||
Long-term Debt, Fair Value | $ 269,708 | $ 269,708 | $ 308,250 | |||||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | 1.50% | |||||||||||
Debt Instrument, Maturity Date | Sep. 1, 2019 | Sep. 1, 2019 | ||||||||||||
Debt Instrument, unamortized discount | $ 36,420 | $ 36,420 | $ 41,600 | |||||||||||
Deferred financing costs | 3,586 | 3,586 | 4,095 | |||||||||||
Senior Notes | 259,994 | 259,994 | 254,305 | |||||||||||
Debt instrument, principal amount | 300,000 | 300,000 | 300,000 | |||||||||||
Long-term Debt, Fair Value | 173,152 | $ 173,152 | $ 170,340 | |||||||||||
Revolving Credit Facility Maturing Twenty Twenty [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Expiration Date | Feb. 6, 2020 | Feb. 6, 2020 | ||||||||||||
Line of credit | 0 | $ 0 | $ 0 | |||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000 | $ 300,000 | ||||||||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Semi-Annual Cash Interest Payment | $ 11,000 | |||||||||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Semi-Annual Cash Interest Payment | $ 11,300 | |||||||||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Semi-Annual Cash Interest Payment | $ 2,300 | |||||||||||||
Subsequent Event [Member] | Amended Line Of Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000 | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 50.00% | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 50.00% | 25.00% | ||||||||||||
Line of Credit Facility, Covenant, Interest Coverage Ratio | 1.25 | 1.50 | 1 | |||||||||||
Line of Credit Facility, Covenant, Amount of Cash or Cash Equivalents on Deposit or Unused Availibility | $ 100,000 | |||||||||||||
Pledged Collateral, As Percentage Of Borrowing Base | 200.00% | |||||||||||||
Line of Credit Facility Collateral, Number of Vessels | Vessel | 12 | |||||||||||||
Debt Instrument, Collateral Amount | $ 400,000 | |||||||||||||
Line of Credit Facility, Covenant, Debt to Capitalization, Percent | 50.00% | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |||||||||||||
Line of Credit Facility, Covenant, Maximum Cash Balance When Drawn | $ 50,000 | |||||||||||||
Line of Credit Facility, Covenant, Minimum Liquidity for Prepayment | 150,000 | |||||||||||||
Line of Credit Facility, Covenant, Maximum Senior Secured Leverage Ratio | 2 | |||||||||||||
Line of Credit Facility, Covenant, Amount Of Liens Permitted To Secure Debt | $ 15,000 |
Long-Term Debt Cash Interest Pa
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) - Subsequent Event [Member] - USD ($) $ in Thousands | Oct. 01, 2016 | Sep. 01, 2016 |
Senior Notes 5.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 11,000 | |
Senior Notes 5.000 Percent Due 2021 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 11,300 | |
Convertible 1.500 Percent Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 2,300 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt Instrument, unamortized discount | $ 36,420 | $ 41,600 |
Long-term Debt | $ 1,076,915 | 1,070,281 |
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): June 30, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,516 $ 236,119 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,405 269,708 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 259,994 173,152 300,000 254,305 170,340 $ 1,125,000 $ 1,076,915 $ 678,979 $ 1,125,000 $ 1,070,281 $ 736,403 | |
Debt Instrument, Face Amount | $ 1,125,000 | 1,125,000 |
Long-term Debt, Fair Value | $ 678,979 | $ 736,403 |
Senior Notes 5.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.875% | 5.875% |
Senior Notes | $ 371,516 | $ 371,056 |
Debt Instrument, Face Amount | 375,000 | 375,000 |
Long-term Debt, Fair Value | $ 236,119 | $ 257,813 |
Senior Notes 5.000 Percent Due 2021 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.00% | 5.00% |
Senior Notes | $ 445,405 | $ 444,920 |
Debt Instrument, Face Amount | 450,000 | 450,000 |
Long-term Debt, Fair Value | $ 269,708 | $ 308,250 |
Convertible 1.500 Percent Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.50% | 1.50% |
Debt Instrument, unamortized discount | $ 36,420 | $ 41,600 |
Senior Notes | 259,994 | 254,305 |
Debt Instrument, Face Amount | 300,000 | 300,000 |
Long-term Debt, Fair Value | 173,152 | 170,340 |
Revolving Credit Facility Due 2020 | ||
Debt Instrument [Line Items] | ||
Revolving credit facility due 2020 | $ 0 | $ 0 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based compensation arrangements by share based payment award equity instruments granted | 4,347,120 |
Performance Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Time Based Restricted Stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Amended Maximum number of shares available [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 |
Performance Shares [Member] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 0.00% |
Performance Shares [Member] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 150.00% |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 396,369 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 329,455 |
Restricted Stock Units (RSUs) [Member] | Cash Settled Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 989,674 |
Restricted Stock Units (RSUs) [Member] | Fully-VestedCommonStock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 80,030 |
Financial Impact of Stock-Based
Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income before taxes | $ 3,044 | $ 2,802 | $ 4,216 | $ 4,774 |
Net income | $ 1,948 | $ 1,776 | $ 2,746 | $ 3,001 |
Earnings (loss) per share: | ||||
Basic earnings per common share, dollars per share | $ 0.05 | $ 0.05 | $ 0.08 | $ 0.08 |
Diluted earnings per common share, dollars per share | $ 0.05 | $ 0.05 | $ 0.08 | $ 0.08 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Feb. 17, 2016Vessel | Nov. 30, 2011Program | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($)Vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2013Vessel |
Unfavorable Regulatory Action | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of Vessels operating in Brazil | Vessel | 4 | ||||||
Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
IncreaseInConstructionCost | $ 70 | ||||||
Number Of Ship Construction Programs | Program | 5 | ||||||
Number of Vessels Placed in Service | Vessel | 20 | ||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335 | ||||||
Cost incurred on OSV newbuild program | $ 1,256.2 | ||||||
Percentage of total project cost | 94.10% | ||||||
Multi Purpose Supply Vessel [Member] | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 4 | ||||||
Offshore Supply Vessel Class 300 | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 4 | ||||||
Offshore Supply Vessel Class 310 | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 5 | ||||||
Offshore Supply Vessel Class 320 | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 10 | ||||||
Multi Purpose Supply Vessel Class 310 Vessel | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 2 | 3 | |||||
Number of Vessels Placed in Service | Vessel | 20 | ||||||
Multi Purpose Supply Vessel Class Four Hundred [Member] | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 2 | 2 | |||||
Subsequent Event [Member] | Newbuild program #5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Estimated Construction Cost, Remainder of Fiscal Year Three | $ 13.2 | ||||||
Estimated Construction Cost, Year Four | $ 22.3 | ||||||
Estimated Construction Cost, Year Five | $ 43.3 | ||||||
Minimum | Unfavorable Regulatory Action | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 0.5 | ||||||
Maximum | Unfavorable Regulatory Action | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 3.5 | ||||||
Petrobas [Member] | Minimum | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 0.5 | ||||||
Petrobas [Member] | Maximum | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 3 | ||||||
ATP Oil and Gas, Inc [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Amount owed by ATP | 4.8 | ||||||
Amount owed by ATP, reserves | $ 0.9 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 4,554 | $ 4,339 |
Deferred Revenue | 1,587 | 5,734 |
Taxes Payable, Current | 892 | 3,958 |
Other Accrued Liabilities | 7,268 | 9,581 |
Other Accrued Liabilities, Current | $ 14,301 | $ 23,612 |
Condensed Consolidating Finan30
Condensed Consolidating Financial Statements of Guarantors (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 224,525 | $ 259,801 | $ 263,405 | $ 185,123 |
Accounts Receivable, Net, Current | 50,502 | 91,202 | ||
Other Assets, Current | 15,222 | 13,033 | ||
Assets, Current | 290,249 | 364,036 | ||
Property, Plant and Equipment, Net | 2,615,243 | 2,574,661 | ||
Deferred Costs, Noncurrent | 25,265 | 35,273 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 10,475 | 10,446 | ||
Assets | 2,941,232 | 2,984,416 | ||
Accounts Payable, Current | 21,190 | 35,916 | ||
Interest Payable, Current | 14,792 | 14,795 | ||
Employee-related Liabilities, Current | 5,660 | 11,222 | ||
Other Accrued Liabilities, Current | 14,301 | 23,612 | ||
Liabilities, Current | 55,943 | 85,545 | ||
Long-term Debt, Excluding Current Maturities | 1,076,915 | 1,070,281 | ||
Deferred Tax Liabilities, Net, Noncurrent | 366,887 | 381,619 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 1,381 | 808 | ||
Liabilities | 1,501,126 | 1,538,253 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 363 | 360 | ||
Additional Paid in Capital | 749,403 | 748,041 | ||
Retained Earnings (Accumulated Deficit) | 673,738 | 701,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 16,602 | (4,076) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,440,106 | 1,446,163 | ||
Liabilities and Equity | 2,941,232 | 2,984,416 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts Receivable, Net, Current | (3,341) | (5,177) | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | (3,341) | (5,177) | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 0 | (51,309) | ||
Due from Related Parties, Noncurrent | (2,018,634) | (1,996,513) | ||
Equity Method Investments | (788,066) | (794,074) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | (2,810,041) | (2,847,073) | ||
Accounts Payable, Current | (4,613) | (5,991) | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | (100) | 0 | ||
Liabilities, Current | (4,713) | (5,991) | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (2,025,864) | (2,055,609) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (2,030,577) | (2,061,600) | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | (46,580) | (46,582) | ||
Retained Earnings (Accumulated Deficit) | (732,884) | (738,891) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (779,464) | (785,473) | ||
Liabilities and Equity | (2,810,041) | (2,847,073) | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 13 | 10 | ||
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 52 | 12 | ||
Assets, Current | 65 | 22 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 2,807 | 3,198 | ||
Due from Related Parties, Noncurrent | 1,731,131 | 1,751,046 | ||
Equity Method Investments | 779,464 | 785,472 | ||
Other Assets, Noncurrent | 1,743 | 1,743 | ||
Assets | 2,515,210 | 2,541,481 | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 14,792 | 14,795 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 14,792 | 14,795 | ||
Long-term Debt, Excluding Current Maturities | 1,076,915 | 1,070,281 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 0 | 6,164 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,091,707 | 1,091,240 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 363 | 360 | ||
Additional Paid in Capital | 749,404 | 748,043 | ||
Retained Earnings (Accumulated Deficit) | 673,736 | 701,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,423,503 | 1,450,241 | ||
Liabilities and Equity | 2,515,210 | 2,541,481 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 213,854 | 252,651 | ||
Accounts Receivable, Net, Current | 42,642 | 41,963 | ||
Other Assets, Current | 14,598 | 12,955 | ||
Assets, Current | 271,094 | 307,569 | ||
Property, Plant and Equipment, Net | 2,488,422 | 2,472,367 | ||
Deferred Costs, Noncurrent | 21,469 | 56,022 | ||
Due from Related Parties, Noncurrent | 198,782 | 186,054 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other Assets, Noncurrent | 6,407 | 6,648 | ||
Assets | 2,994,776 | 3,037,262 | ||
Accounts Payable, Current | 20,146 | 34,214 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 5,434 | 10,944 | ||
Other Accrued Liabilities, Current | 12,218 | 16,989 | ||
Liabilities, Current | 37,798 | 62,147 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 366,887 | 381,619 | ||
Due to Related Parties | 1,798,472 | 1,801,830 | ||
Other Liabilities, Noncurrent | 1,381 | 808 | ||
Liabilities | 2,204,538 | 2,246,404 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 37,977 | 37,978 | ||
Retained Earnings (Accumulated Deficit) | 752,108 | 752,761 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 153 | 119 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 790,238 | 790,858 | ||
Liabilities and Equity | 2,994,776 | 3,037,262 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 10,658 | 7,140 | ||
Accounts Receivable, Net, Current | 11,201 | 54,416 | ||
Other Assets, Current | 572 | 66 | ||
Assets, Current | 22,431 | 61,622 | ||
Property, Plant and Equipment, Net | 126,821 | 102,294 | ||
Deferred Costs, Noncurrent | 989 | 27,362 | ||
Due from Related Parties, Noncurrent | 88,721 | 59,413 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 2,325 | 2,055 | ||
Assets | 241,287 | 252,746 | ||
Accounts Payable, Current | 5,657 | 7,693 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 226 | 278 | ||
Other Accrued Liabilities, Current | 2,183 | 6,623 | ||
Liabilities, Current | 8,066 | 14,594 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 227,392 | 247,615 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 235,458 | 262,209 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 8,602 | 8,602 | ||
Retained Earnings (Accumulated Deficit) | (19,222) | (13,870) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 16,449 | (4,195) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,829 | (9,463) | ||
Liabilities and Equity | $ 241,287 | $ 252,746 |
Condensed Consolidating Finan31
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Operations(Details) - USD ($) | Mar. 30, 2016 | Feb. 27, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | $ 53,673,000 | $ 136,446,000 | $ 130,493,000 | $ 271,070,000 | ||
Operating Costs and Expenses | 34,330,000 | 57,542,000 | 74,759,000 | 118,962,000 | ||
Depreciation | 22,658,000 | 20,172,000 | 44,831,000 | 40,156,000 | ||
Amortization of Deferred Charges | 5,816,000 | 6,314,000 | 12,095,000 | 13,800,000 | ||
General and Administrative Expense | 12,379,000 | 13,063,000 | 21,053,000 | 24,955,000 | ||
Costs and Expenses | 75,183,000 | 97,091,000 | 152,738,000 | 197,873,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (45,000) | $ 33,100,000 | 0 | 0 | (45,000) | 33,056,000 |
Operating Income (Loss) | (21,510,000) | 39,355,000 | (22,290,000) | 106,253,000 | ||
Investment Income, Interest | 386,000 | 393,000 | 763,000 | 607,000 | ||
Interest Expense | (11,004,000) | (9,921,000) | (22,068,000) | (20,183,000) | ||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | ||||
Other Nonoperating Income (Expense) | (48,000) | 482,000 | 456,000 | 922,000 | ||
Nonoperating Income (Expense) | (10,666,000) | (9,046,000) | (20,849,000) | (18,654,000) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (32,176,000) | 30,309,000 | (43,139,000) | 87,599,000 | ||
Income Tax Expense (Benefit) | (11,590,000) | $ 11,094,000 | (15,039,000) | $ 32,531,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (20,586,000) | (28,100,000) | ||||
Consolidation, Eliminations [Member] | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 1,030,000 | 2,336,000 | ||||
Operating Costs and Expenses | 981,000 | 2,264,000 | ||||
Depreciation | 0 | 0 | ||||
Amortization of Deferred Charges | 0 | 0 | ||||
General and Administrative Expense | 49,000 | 72,000 | ||||
Costs and Expenses | 1,030,000 | 2,336,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | |||||
Operating Income (Loss) | 0 | 0 | ||||
Investment Income, Interest | 0 | 0 | ||||
Interest Expense | 0 | 0 | ||||
EquityinEarningsofConsolidatedSubsidiaries | 9,507,000 | 6,008,000 | ||||
Other Nonoperating Income (Expense) | 1,000 | 86,000 | ||||
Nonoperating Income (Expense) | 9,508,000 | 6,094,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 9,508,000 | 6,094,000 | ||||
Income Tax Expense (Benefit) | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,508,000 | 6,094,000 | ||||
Parent Company [Member] | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 0 | 0 | ||||
Operating Costs and Expenses | 0 | 0 | ||||
Depreciation | 0 | 0 | ||||
Amortization of Deferred Charges | 0 | 0 | ||||
General and Administrative Expense | 76,000 | 112,000 | ||||
Costs and Expenses | 76,000 | 112,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | |||||
Operating Income (Loss) | (76,000) | (112,000) | ||||
Investment Income, Interest | 0 | 0 | ||||
Interest Expense | (11,004,000) | (22,066,000) | ||||
EquityinEarningsofConsolidatedSubsidiaries | (9,507,000) | (6,008,000) | ||||
Other Nonoperating Income (Expense) | 0 | 0 | ||||
Nonoperating Income (Expense) | (20,511,000) | (28,074,000) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (20,587,000) | (28,186,000) | ||||
Income Tax Expense (Benefit) | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (20,587,000) | (28,186,000) | ||||
Guarantor Subsidiaries [Member] | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 52,173,000 | 120,236,000 | ||||
Operating Costs and Expenses | 29,726,000 | 63,384,000 | ||||
Depreciation | 21,568,000 | 42,852,000 | ||||
Amortization of Deferred Charges | 5,471,000 | 11,402,000 | ||||
General and Administrative Expense | 11,464,000 | 19,436,000 | ||||
Costs and Expenses | 68,229,000 | 137,074,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (45,000) | |||||
Operating Income (Loss) | (16,056,000) | (16,883,000) | ||||
Investment Income, Interest | 237,000 | 473,000 | ||||
Interest Expense | 0 | 0 | ||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | ||||
Other Nonoperating Income (Expense) | (40,000) | 230,000 | ||||
Nonoperating Income (Expense) | 197,000 | 703,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (15,859,000) | (16,180,000) | ||||
Income Tax Expense (Benefit) | (11,832,000) | (15,524,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,027,000) | (656,000) | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 470,000 | 7,921,000 | ||||
Operating Costs and Expenses | 3,623,000 | 9,111,000 | ||||
Depreciation | 1,090,000 | 1,979,000 | ||||
Amortization of Deferred Charges | 345,000 | 693,000 | ||||
General and Administrative Expense | 790,000 | 1,433,000 | ||||
Costs and Expenses | 5,848,000 | 13,216,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | |||||
Operating Income (Loss) | (5,378,000) | (5,295,000) | ||||
Investment Income, Interest | 149,000 | 290,000 | ||||
Interest Expense | 0 | (2,000) | ||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | ||||
Other Nonoperating Income (Expense) | (9,000) | 140,000 | ||||
Nonoperating Income (Expense) | 140,000 | 428,000 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (5,238,000) | (4,867,000) | ||||
Income Tax Expense (Benefit) | 242,000 | 485,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (5,480,000) | $ (5,352,000) |
Condensed Consolidating Finan32
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (20,586) | $ (28,100) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 10,517 | 20,678 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (10,069) | $ 19,263 | (7,422) | $ 54,814 |
Consolidation, Eliminations [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,508 | 6,094 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 9,508 | 6,094 | ||
Parent Company [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (20,587) | (28,186) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (20,587) | (28,186) | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,027) | (656) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 20 | 34 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (4,007) | (622) | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (5,480) | (5,352) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 10,497 | 20,644 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 5,017 | $ 15,292 |
Condensed Consolidating Finan33
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 42,246 | $ 134,749 | ||
Net Cash Provided by (Used in) Investing Activities | (79,378) | (56,182) | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (62,965) | (119,332) | ||
Proceeds from Sale of Property, Plant, and Equipment | 420 | 114,000 | ||
Payments to Acquire Property, Plant, and Equipment | (16,558) | (36,245) | ||
Payments to Acquire Other Property, Plant, and Equipment | (275) | (14,605) | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 727 | |||
PaymentsfromRelatedPartyFinancingActivity | 727 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 1,129 | (254) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (35,276) | 78,282 | ||
Cash and Cash Equivalents, at Carrying Value | 224,525 | 263,405 | $ 259,801 | $ 185,123 |
Cash paid for interest | 25,087 | 25,272 | ||
Income Taxes Paid | 2,242 | $ 1,884 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | |||
Net Cash Provided by (Used in) Investing Activities | 0 | |||
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) Financing Activities, Continuing Operations | 0 | |||
PaymentsfromRelatedPartyFinancingActivity | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | ||
Cash paid for interest | 0 | |||
Income Taxes Paid | 0 | |||
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (724) | |||
Net Cash Provided by (Used in) Investing Activities | 0 | |||
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) Financing Activities, Continuing Operations | 727 | |||
PaymentsfromRelatedPartyFinancingActivity | 727 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 3 | |||
Cash and Cash Equivalents, at Carrying Value | 13 | 10 | ||
Cash paid for interest | 25,087 | |||
Income Taxes Paid | 0 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 39,960 | |||
Net Cash Provided by (Used in) Investing Activities | (78,791) | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (62,381) | |||
Proceeds from Sale of Property, Plant, and Equipment | 420 | |||
Payments to Acquire Property, Plant, and Equipment | (16,498) | |||
Payments to Acquire Other Property, Plant, and Equipment | (332) | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | |||
PaymentsfromRelatedPartyFinancingActivity | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 34 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | (38,797) | |||
Cash and Cash Equivalents, at Carrying Value | 213,854 | 252,651 | ||
Cash paid for interest | 0 | |||
Income Taxes Paid | 353 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 3,010 | |||
Net Cash Provided by (Used in) Investing Activities | (587) | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (584) | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | (60) | |||
Payments to Acquire Other Property, Plant, and Equipment | 57 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | |||
PaymentsfromRelatedPartyFinancingActivity | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 1,095 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 3,518 | |||
Cash and Cash Equivalents, at Carrying Value | 10,658 | $ 7,140 | ||
Cash paid for interest | 0 | |||
Income Taxes Paid | $ 1,889 |