Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HOS | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | ||
Entity Central Index Key | 1,131,227 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 36,466,840 | ||
Entity Public Float | $ 286,306,654 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 217,027 | $ 259,801 | $ 185,123 | $ 439,291 |
Accounts receivable, net of allowance for doubtful accounts of $2,120 and $2,877, respectively | 36,550 | 91,202 | ||
Other current assets | 16,978 | 13,033 | ||
Total current assets | 270,555 | 364,036 | ||
Property, plant and equipment, net | 2,578,388 | 2,574,661 | ||
Deferred charges, net | 19,077 | 35,273 | ||
Other assets | 10,255 | 10,446 | ||
Total assets | 2,878,275 | 2,984,416 | ||
Current liabilities: | ||||
Accounts payable | 11,774 | 35,742 | ||
Accrued interest | 14,763 | 14,795 | ||
Accrued payroll and benefits | 8,596 | 10,365 | ||
Other accrued liabilities | 10,010 | 23,612 | ||
Total current liabilities | 45,143 | 84,514 | ||
Long-term debt, net of original issue discount of $31,093 and $41,600 and deferred financing costs of $10,197 and $13,119, respectively | 1,083,710 | 1,070,281 | ||
Deferred tax liabilities, net | 343,020 | 381,619 | ||
Other liabilities | 3,406 | 1,839 | ||
Total liabilities | 1,475,279 | 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; 36,467 and 35,985 shares issued and outstanding, respectively | 365 | 360 | ||
Additional paid-in capital | 754,394 | 748,041 | ||
Retained earnings | 637,992 | 701,838 | ||
Accumulated other comprehensive income (loss) | 10,245 | (4,076) | ||
Total stockholders’ equity | 1,402,996 | 1,446,163 | $ 1,370,765 | $ 1,295,428 |
Total liabilities and stockholders’ equity | $ 2,878,275 | $ 2,984,416 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 2,120 | $ 2,877 |
Current portion of long-term debt, original issue discount | 0 | 0 |
Long-term debt, original issue discount | 31,093 | 41,600 |
Debt Issuance Costs, Net | $ 10,197 | $ 13,119 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 36,467,000 | 35,985,000 |
Common stock, shares outstanding | 36,467,000 | 35,985,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Vessel revenues | $ 190,436,000 | $ 446,382,000 | $ 621,977,000 | ||
Non-vessel revenues | 33,863,000 | 29,688,000 | 12,816,000 | ||
Revenues | 224,299,000 | 476,070,000 | 634,793,000 | ||
Costs and expenses: | |||||
Operating expenses | 131,658,000 | 219,260,000 | 296,500,000 | ||
Depreciation | 93,071,000 | 82,566,000 | 71,301,000 | ||
Amortization | 20,485,000 | 26,463,000 | 44,149,000 | ||
General and administrative expenses | 43,358,000 | 48,297,000 | 54,245,000 | ||
Costs and Expenses, Total | 288,572,000 | 376,586,000 | 466,195,000 | ||
Gain on sale of assets | 54,000 | 44,060,000 | 822,000 | ||
Operating income (loss) | (64,219,000) | 143,544,000 | 169,420,000 | ||
Other income (expense): | |||||
Interest income | 1,490,000 | 1,525,000 | 1,086,000 | ||
Interest expense | (48,675,000) | (39,496,000) | (30,733,000) | ||
Other income | 2,052,000 | 1,005,000 | 501,000 | ||
Nonoperating Income (Expense) | (45,133,000) | (36,966,000) | (29,146,000) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (109,352,000) | 106,578,000 | 140,274,000 | ||
Income tax expense (benefit) | (45,506,000) | 39,757,000 | 52,367,000 | ||
Income (loss) from continuing operations | (63,846,000) | 66,821,000 | 87,907,000 | [1] | |
Income from discontinued operations, net of tax | [2] | 0 | 0 | 618,000 | |
Net income (loss) | $ (63,846,000) | $ 66,821,000 | $ 88,525,000 | ||
Basic earnings (loss) per common share from continuing operations | $ (1.76) | $ 1.87 | $ 2.43 | ||
Basic earnings per common share from discontinued operations | 0 | 0 | 0.02 | ||
Basic earnings (loss) per common share | (1.76) | 1.87 | 2.45 | ||
Diluted earnings (loss) per common share from continuing operations | (1.76) | 1.84 | 2.40 | ||
Diluted earnings per common share from discontinued operations | 0 | 0 | 0.01 | ||
Diluted earnings (loss) per common share | $ (1.76) | $ 1.84 | $ 2.41 | ||
Weighted average basic shares outstanding | 36,248 | 35,755 | 36,172 | ||
Weighted average diluted shares outstanding | 36,248 | 36,302 | 36,692 | ||
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction. | ||||
[2] | Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. 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. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1],[2] | Sep. 30, 2016 | [1],[2] | Jun. 30, 2016 | [1],[2] | Mar. 31, 2016 | [1],[2] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [2] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ (19,243) | $ (16,503) | $ (20,586) | $ (7,514) | $ (2,671) | $ 14,424 | $ 19,215 | $ 35,853 | $ (63,846) | $ 66,821 | $ 88,525 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 14,321 | (3,174) | (107) | ||||||||||||||||
Other comprehensive income: | |||||||||||||||||||
Total comprehensive income (loss) | $ (49,525) | $ 63,647 | $ 88,418 | ||||||||||||||||
[1] | Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015. | ||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning Balance (in shares) at Dec. 31, 2013 | 36,095,000 | ||||
Beginning Balance at Dec. 31, 2013 | $ 1,295,428 | $ 361 | $ 724,379 | $ 571,483 | $ (795) |
Excess tax benefit (shortfall) from sharebased payments | 292 | 292 | |||
Shares issued under employee benefit programs, Shares | 353,000 | ||||
Shares issued under employee benefit programs | $ 2,186 | $ 4 | 2,182 | ||
Stock Repurchased and Retired During Period, Shares | (891,396) | (891,000) | |||
Stock Repurchased and Retired During Period, Value | $ (25,000) | $ (9) | (24,991) | ||
Stock-based compensation expense | 9,441 | 9,441 | |||
Net income (Loss) | 88,525 | 88,525 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (107) | (107) | |||
Ending Balance (in shares) at Dec. 31, 2014 | 35,557,000 | ||||
Ending Balance at Dec. 31, 2014 | 1,370,765 | $ 356 | 736,294 | 635,017 | (902) |
Excess tax benefit (shortfall) from sharebased payments | (572) | (572) | |||
Shares issued under employee benefit programs, Shares | 428,000 | ||||
Shares issued under employee benefit programs | $ 1,859 | $ 4 | 1,855 | ||
Stock Repurchased and Retired During Period, Shares | 0 | ||||
Stock-based compensation expense | $ 10,464 | 10,464 | |||
Net income (Loss) | 66,821 | 66,821 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (3,174) | (3,174) | |||
Ending Balance (in shares) at Dec. 31, 2015 | 35,985,000 | ||||
Ending Balance at Dec. 31, 2015 | 1,446,163 | $ 360 | 748,041 | 701,838 | (4,076) |
Excess tax benefit (shortfall) from sharebased payments | (1,863) | (1,863) | |||
Shares issued under employee benefit programs, Shares | 482,000 | ||||
Shares issued under employee benefit programs | $ 849 | $ 5 | 844 | ||
Stock Repurchased and Retired During Period, Shares | 0 | ||||
Stock-based compensation expense | $ 7,372 | 7,372 | |||
Net income (Loss) | (63,846) | (63,846) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 14,321 | 14,321 | |||
Ending Balance (in shares) at Dec. 31, 2016 | 36,467,000 | ||||
Ending Balance at Dec. 31, 2016 | $ 1,402,996 | $ 365 | $ 754,394 | $ 637,992 | $ 10,245 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Income (loss) from continuing operations | $ (63,846,000) | $ 66,821,000 | $ 87,907,000 | [1] |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||||
Depreciation | 93,071,000 | 82,566,000 | 71,301,000 | |
Amortization | 20,485,000 | 26,463,000 | 44,149,000 | |
Stock-based compensation expense | 9,983,000 | 10,293,000 | 10,324,000 | |
Addition to (reduction of) provision for bad debts | (757,000) | (816,000) | 282,000 | |
Deferred tax expense (benefit) | (43,051,000) | 34,086,000 | 50,440,000 | |
Amortization of deferred financing costs | 11,371,000 | 9,675,000 | 8,154,000 | |
Gain on sale of assets | (54,000) | (44,060,000) | (822,000) | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 58,322,000 | 39,743,000 | (38,500,000) | |
Other current and long-term assets | 2,272,000 | (8,472,000) | 8,393,000 | |
Deferred drydocking charges | (3,978,000) | (13,267,000) | (43,609,000) | |
Accounts payable | (10,901,000) | (10,486,000) | (4,146,000) | |
Accrued liabilities and other liabilities | (15,292,000) | 6,448,000 | (13,981,000) | |
Accrued interest | (31,000) | (95,000) | 0 | |
Net cash provided by operating activities | 53,050,000 | 215,843,000 | 163,106,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Costs incurred for OSV newbuild program 5 | (76,277,000) | (190,070,000) | (343,989,000) | |
Net proceeds from sale of assets | 524,000 | 152,000,000 | 7,178,000 | |
Vessel capital expenditures | (20,689,000) | (86,792,000) | (55,089,000) | |
Non-vessel capital expenditures | (569,000) | (16,487,000) | (9,615,000) | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (97,011,000) | (141,349,000) | (401,515,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Tax benefit from share-based payments | 0 | 0 | 292,000 | |
Repurchase of common stock | 0 | 0 | (25,000,000) | |
Deferred financing costs | (1,102,000) | (2,089,000) | 0 | |
Net cash proceeds from other shares issued | 1,300,000 | 3,112,000 | 5,044,000 | |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 198,000 | 1,023,000 | (19,664,000) | |
Net Cash Provided by (Used in) Discontinued Operations | ||||
Net cash provided by operating activities | 0 | 0 | 2,374,000 | |
Net cash provided by investing activities | 0 | 0 | 1,638,000 | |
Net cash provided by discontinued operations | 0 | 0 | 4,012,000 | |
Effects of exchange rate changes on cash | 989,000 | (839,000) | (107,000) | |
Net increase (decrease) in cash and cash equivalents | (42,774,000) | 74,678,000 | (254,168,000) | |
Cash and cash equivalents at beginning of period | 259,801,000 | 185,123,000 | 439,291,000 | |
Cash and cash equivalents at end of period | 217,027,000 | 259,801,000 | 185,123,000 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ||||
Cash paid for interest | 50,152,000 | 50,492,000 | 50,548,000 | |
Cash paid for income taxes | $ 3,732,000 | $ 4,808,000 | $ 5,679,000 | |
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Nature of Operations | Organization Nature of Operations Hornbeck Offshore Services, Inc., or the Company, was incorporated in the state of Delaware in 1997. The Company, through its subsidiaries, operates offshore supply vessels, or OSVs, multi-purpose support vessels, or MPSVs, and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the U.S. Gulf of Mexico, or GoM, Latin America and select international markets, as well as specialty services for the U.S. military. All significant intercompany accounts and transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements. Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less. Accounts Receivable Accounts receivable consists of trade receivables, net of reserves and amounts to be rebilled to customers. Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost. The estimated useful lives by classification are as follows: Offshore supply vessels 25 years Multi-purpose support vessels 25 years Non-vessel related property, plant and equipment 3-28 years See “Considerations Regarding Impairment of Long-Lived Assets” below for more information. Deferred Charges The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease. Mobilization Costs The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As a result of the sale of the Downstream segment during 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million on these state operating losses was reversed since the losses were written off upon ceasing to do business in those particular jurisdictions. As of December 31, 2016, the Company believed that it is more likely than not that foreign tax credits expiring in 2019 will not be fully utilized. In the fourth quarter of 2016, the Company elected to establish a valuation allowance of $2.3 million for the portion of such credits that it has concluded may not be utilized by December 31, 2019. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Legal Liabilities In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. Concentration of Credit Risk Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. As of December 31, 2016, one customer represented 14% of the Company's net accounts receivable balance. The following table represents the allowance for doubtful accounts (in thousands): December 31, 2016 2015 2014 Balance, beginning of year $ 2,877 $ 3,693 $ 3,411 Changes to provision (757 ) (816 ) 282 Balance, end of year $ 2,120 $ 2,877 $ 3,693 Foreign Currency Transaction Gains and Losses Foreign currency transaction gains and losses are recorded in the period incurred except for advances to and investments in foreign subsidiaries. Foreign currency gains and losses related to advances to or investments in foreign operations are accounted for as a foreign currency translation adjustment and recorded as other comprehensive income. Foreign currency transaction adjustments for fiscal years 2016, 2015 and 2014 were not material to the financial statements. The balance in accumulated other comprehensive income as of December 31, 2016 relates primarily to the Company’s long term investments in its foreign subsidiaries. Considerations Regarding Impairment of Long-Lived Assets In accordance with ASC360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset's carrying value might 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 is less than the carrying amounts of the asset group, the assets would be written down to their estimated fair values based on the expected discounted future cash flows or appraised values 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. As of 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 undiscounted 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. During the second half of 2016, the Company reviewed the assumptions used in preparing the undiscounted cash flow projections and it concluded that such assumptions remain consistent with current market conditions. In addition, the Company has not observed any additional indicators of impairment related to its vessels during the second half of 2016 and the assumptions used to determine undiscounted cash flows remain appropriate. No triggering events occurred in 2015 or 2014 and the Company did not record any impairment losses related to its long-lived assets during those periods. The Company will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn persists. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have been adopted ASU No. 2014-15, "Presentation of Financial Statements - Going Concern" The standard requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity's ability to continue as a going concern. Early adoption is permitted. December 31, 2016 The implementation of this new guidance did not have a material impact on the consolidated financial statements. Standards that have not been adopted Accounting Standards Update (ASU) No. 2017-04, "Simplifying the Accounting for Goodwill Impairment" The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on the consolidated financial statements. ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted 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. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. 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 This standard requires excess tax benefits or deficiencies, relating to the vesting of restricted stock unit awards or the exercise of stock options, to be reflected as a component of the tax rate whereas they were previously recognized as equity. This may cause volatility to its effective tax rate as outstanding stock options are exercised or restricted stock awards vest. Additionally, our Consolidated Statements of Cash Flows will include excess tax benefits as an operating activity. 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 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 has performed an initial evaluation of this standard and its impact on the financial statements. This included tasks such as identifying contracts, identifying performance obligations and reviewing the applicable revenue streams. In this review, nothing has been identified that would require a change in the current accounting for revenue. The Company will continue to review these new requirements prior to implementation which is expected under the modified retrospective method. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2016 2015 2014 Income (loss) from continuing operations $ (63,846 ) $ 66,821 $ 87,907 Income from discontinued operations, net of tax (1) — — 618 Net income (loss) $ (63,846 ) $ 66,821 $ 88,525 Weighted average number of shares of common stock outstanding 36,248 35,755 36,172 Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) — 547 520 Weighted average number of dilutive shares of common stock outstanding 36,248 36,302 36,692 Earnings (loss) per common share: Basic earnings (loss) per common share from continuing operations $ (1.76 ) $ 1.87 $ 2.43 Basic earnings per common share from discontinued operations — — 0.02 Basic earnings (loss) per common share $ (1.76 ) $ 1.87 $ 2.45 Diluted earnings (loss) per common share from continuing operations $ (1.76 ) $ 1.84 $ 2.40 Diluted earnings per common share from discontinued operations — — 0.01 Diluted earnings (loss) per common share $ (1.76 ) $ 1.84 $ 2.41 (1) On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction. (2) Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. 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 years ended December 31, 2016, 2015 and 2014, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of our 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 6 for further information. (4) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Plan | Defined Contribution Plan The Company offers a 401(k) plan to all full-time employees. Employees must be at least eighteen years of age and have completed three months of service to be eligible for participation. Participants may elect to defer up to 60% of their compensation, subject to certain statutorily established limits. The Company may elect to make annual matching and profit sharing contributions to the 401(k) plan. In response to weak market conditions, the Company temporarily ceased matching contributions to the 401(k) plan effective January 1, 2015. During the year ended December 31, 2014 , the Company made contributions to the 401(k) plan of approximately $6.0 million . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2016 2015 Offshore supply vessels and multi-purpose support vessels $ 2,825,389 $ 2,409,221 Non-vessel related property, plant and equipment 132,320 132,034 Less: Accumulated depreciation (539,561 ) (452,134 ) 2,418,148 2,089,121 Construction in progress 160,240 485,540 $ 2,578,388 $ 2,574,661 In November 2011, the Company announced, and later expanded, its fifth OSV newbuild program. This program consisted of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MSPVs. As of December 31, 2016 , the Company had placed in service 22 vessels under this newbuild program. During February 2016, the Company announced plans to enhance the marketability of the four then-remaining 310 class MPSVs. The first two of those MPSVs, which were delivered in the third quarter of 2016, were enhanced by increasing the berthing capacity, expanding the cargo carrying capabilities and expanding the work area for ROVs. The functionality of each of the second two MPSVs, which are still under construction, will be increased by adding a 60-foot mid-body plug, installing 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. In August 2016, the Company announced that it had reached an agreement with the shipyard to postpone the delivery of the final two 400 class MPSVs to be delivered under this program to the first and third 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. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million . From the inception of this program through December 31, 2016 , the Company has incurred $1,264.0 million , or 94.7% , of total expected project costs. During 2015, the Company closed on the sale of four 250EDF class OSVs, the HOS Arrowhead , the HOS Black Powder , the HOS Eagleview and the HOS Westwind , which were previously chartered to the U.S. Navy, for cash consideration of $152.0 million . The sale resulted in a pre-tax gain of approximately $44.1 million ( $27.6 million after-tax or $0.76 per diluted share). These vessels are now managed by the Company for the U.S. Navy. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands): December 31, 2016 2015 5.875% senior notes due 2020, net of deferred financing costs of $3,025 and $3,944 $ 371,975 $ 371,056 5.000% senior notes due 2021, net of deferred financing costs of $4,111 and $5,080 445,889 444,920 1.500% convertible senior notes due 2019, net of original issue discount of $31,093 and $41,600 and deferred financing costs of $3,061 and $4,095 265,846 254,305 Revolving credit facility due 2020 — — $ 1,083,710 $ 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 Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): 2017 $ — 2018 — 2019 300,000 2020 375,000 2021 450,000 Thereafter — $ 1,125,000 2020 Senior Notes On March 2, 2012, the Company issued $375.0 million in aggregate principal amount of 2020 senior notes, governed by an indenture, or the 2012 indenture. The net proceeds to the Company from the offering were approximately $367.4 million , net of transaction costs. The Company used $259.9 million of such proceeds on March 16, 2012 to repurchase approximately 84% of its outstanding 2014 senior notes pursuant to its tender offer for such notes. The Company used $49.5 million of proceeds on April 30, 2012 to redeem the remaining 16% of the outstanding 2014 senior notes. The repurchase and redemption of the 2014 senior notes resulted in a loss on early extinguishment of debt of approximately $6.0 million in 2012. The remaining proceeds were used for general corporate purposes, including the construction of vessels under the Company's fifth OSV newbuild program. The 2020 senior notes mature on April 1, 2020 and the effective interest rate is 6.08% . No principal payments are due until maturity. Pursuant to a registered exchange offer, the 2020 senior notes issued in March 2012 that were initially sold pursuant to a private placement were exchanged by the holders for 2020 senior notes with substantially the same terms, except that the issuance of the 2020 senior notes in the exchange offer was registered under the Securities Act. The original 2020 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of the same 2012 indenture. 2021 Senior Notes O n March 14, 2013, the Company issued $450.0 million in aggregate principal amount of 2021 senior notes, governed by an indenture, or the 2013 indenture. The net proceeds to the Company from the offering were approximately $442.4 million, net of transaction costs. The Company used $ 252.7 million of such proceeds to repurchase approximately 94% of the outstanding 2017 senior notes pursuant to its tender offer for such notes. The Company used approximately $ 16.6 million of proceeds on May 13, 2013 to redeem the remaining 6% of the outstanding 2017 senior notes. The repurchase and redemption of the 2017 senior notes resulted in a loss on early extinguishment of debt of approximately $25.8 million in 2013. The remaining proceeds have been available for general corporate purposes, including funding for the acquisition, construction or retrofit of vessels. The 2021 senior notes mature on March 1, 2021 and the effective interest rate is 5.21% . No principal payments are due until maturity. Pursuant to a registered exchange offer, the 2021 senior notes issued in March 2013 that were initially sold pursuant to a private placement were exchanged by the holders for 2021 senior notes with substantially the same terms, except that the issuance of the 2021 senior notes in the exchange offer was registered under the Securities Act. The original 2021 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of the same 2013 indenture. The 2020 senior notes and 2021 senior notes are senior unsecured obligations and rank equally in right of payment with other existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness that may be incurred by the Company in the future. Hornbeck Offshore Services, Inc., as the parent company issuer of the 2020 senior notes and the 2021 senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability, or the ability of any guarantor, to obtain funds from its subsidiaries by such means as a dividend or loan. The Company may, at its option, redeem all or part of the 2020 senior notes or 2021 senior notes from time to time at specified redemption prices and subject to certain conditions required by the indentures. The Company is permitted under the terms of the indentures to incur additional indebtedness in the future, provided that certain financial conditions set forth in the indentures are satisfied by the Company. 2019 Convertible Senior Notes On August 13, 2012, the Company issued $300.0 million of 2019 convertible senior notes, which mature on September 1, 2019 . Because the 2019 convertible senior notes are considered to be cash convertible debt, the Company has separately accounted for the liability and equity components of the 2019 convertible senior notes by allocating the $300.0 million in proceeds from the issuance between the liability component and the embedded conversion option, or the equity component. The allocation was conducted by estimating an interest rate at the time of issuance of the 2019 convertible senior notes for similar debt instruments that do not include an embedded conversion feature. A non-convertible interest rate of 5.75% was used to compute the initial fair value of the liability component of $227.6 million. For purposes of the fair value measurement, the Company determined that the valuation of the 2019 convertible senior notes falls under Level 2 of the fair value hierarchy. The excess of the $300.0 million of proceeds from the issuance of the 2019 convertible senior notes over the $227.6 million initial amount allocated to the liability component, or $72.4 million, was allocated to the embedded conversion option, or equity component. This excess was treated as an imputed original issue discount and is being amortized through interest expense, using the effective interest method, over the seven -year term of the 2019 convertible senior notes, which runs through September 1, 2019. The effective interest rate for these notes is 6.23% . The initial conversion rate of the 2019 convertible senior notes is 18.5718 shares per $1,000 principal amount of notes, which equates to a conversion price of approximately $53.85 per share. The conversion rate was based on the last reported sale price of the Company’s common shares on the New York Stock Exchange of $39.16 on August 7, 2012. The conversion rate will be subject to adjustment in some events but will not be adjusted for accrued interest. In addition, following certain corporate transactions that constitute “fundamental changes” (as defined in the indenture for the 2019 convertible senior notes), the conversion rate will be increased for holders who elect to convert notes in connection with such corporate transactions in certain circumstances. The 2019 convertible senior notes are convertible based on the applicable conversion rate only under the following circumstances: • prior to June 1, 2019, during any fiscal quarter (and only during that fiscal quarter) commencing after December 31, 2012, if the last reported sale price of the Company’s common stock is greater than or equal to 135% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; or • prior to June 1, 2019, during the 5 business-day period after any 10 consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day in the measurement period was less than 95% of the product of the last reported sale price of the Company’s common stock and the conversion rate on such trading day; or • upon the occurrence of specified corporate transactions, as defined in the indenture governing the 2019 convertible senior notes; or • beginning on June 1, 2019 until the close of business on the second scheduled trading day preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election. If the holders of the 2019 convertible senior notes exercise the conversion provisions of the 2019 convertible senior notes and the Company elects to settle such conversions partially in cash (which it presently intends to do at least up to the principal amount of the notes), the Company will need to remit such cash amount to the converting holders. For that reason, in any period during which the 2019 convertible senior notes are convertible as provided above, the Company would classify the entire principal amount of the outstanding 2019 convertible senior notes as a current liability in the respective quarter. This evaluation of the classification of amounts outstanding associated with the 2019 convertible senior notes will occur every calendar quarter. The 2019 convertible senior notes are not redeemable at the option of the Company prior to their maturity. No sinking fund is provided for the 2019 convertible senior notes and the 2019 convertible senior notes are not subject to legal defeasance. If the Company experiences specified types of corporate transactions, including certain change of control events or a de-listing of the Company’s common stock, holders of the 2019 convertible senior notes may require the Company to purchase all or a portion of their 2019 convertible senior notes. Any repurchase of the convertible senior notes pursuant to these provisions will be for cash at a price equal to 100% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date. In connection with the sale of the 2019 convertible senior notes, the Company entered into convertible senior note hedge transactions with respect to its common stock with affiliates of the initial purchasers of the notes, Barclays, Inc., JP Morgan Chase and Wells Fargo Bank, or the counterparties. Each of the 2019 convertible senior note hedge transactions is a privately-negotiated transaction that is economically equivalent to the purchase of call options on the Company’s common stock with strike prices equal to the conversion price of the 2019 convertible senior notes, and is intended to mitigate dilution to the Company’s stockholders and/or offset cash payment due upon the potential future conversion of the 2019 convertible senior notes. Under the 2019 convertible senior note hedge transactions, subject to customary anti-dilution provisions, the counterparties are required to deliver to the Company the approximate number of shares of the Company’s common stock and/or an amount of cash that the Company is obligated to deliver to the holders of the 2019 convertible senior notes assuming the conversion of such notes. The Company also entered into separate privately-negotiated warrant transactions, whereby the Company sold to each of the counterparties call options to acquire approximately the same number of shares of its common stock underlying the convertible senior note hedge transactions, subject to customary anti-dilution adjustments, at a strike price of $68.53 per share of common stock, which represented a 75.0% premium over the closing price of the Company’s shares of common stock on August 7, 2012. Upon the exercise of the warrants, if the market price of the common stock exceeds the strike price of the warrants on any day within the valuation period, the Company will be required to deliver the corresponding value to the counterparties, at its option in cash or shares of its common stock. The 2019 convertible senior note hedge and warrant transactions are separate and legally distinct instruments that bind the Company and the counterparties and have no binding effect on the holders of the 2019 convertible senior notes. For income tax reporting purposes, the Company has elected to integrate the 2019 convertible senior notes and the note hedge transactions. Integration of the 2019 convertible senior note hedge with the 2019 convertible senior notes creates an in-substance original issue debt discount for income tax reporting purposes and, therefore, the cost of the 2019 convertible senior note hedge is accounted for as interest expense over the term of the 2019 convertible senior notes for income tax reporting purposes. The associated income tax deductions will be recognized in the period that the deduction is taken for income tax reporting purposes. The Company has also treated the proceeds from the sale of warrants as a non-taxable increase in additional paid-in capital in stockholders’ equity. The Company used a portion of the $290.8 million in net proceeds of the 2019 convertible senior notes offering, along with a portion of the $48.2 million in proceeds from the sale of warrants, to fund the $73.0 million cost of convertible senior note hedge transactions. The Company used a portion of the remaining net proceeds of approximately $266.0 million from the sale of the 2019 convertible senior notes and the sale of the warrants to retire its 2026 convertible senior notes, which were converted or redeemed by the Company in November 2013. The Company incurred $9.3 million of fees and other costs related to the issuance of the 2019 convertible senior notes. These fees and other origination costs have been allocated to the liability and equity components of the 2019 convertible senior notes in proportion to their allocated values. Approximately $2.2 million of these fees and other origination costs were recorded as a reduction in additional paid-in capital. The remaining $7.1 million of fees and other costs are being amortized as interest expense over the seven-year term of the 2019 convertible senior notes, which runs through September 1, 2019. Hornbeck Offshore Services, Inc., as the parent company issuer of the 2019 convertible senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability or the ability of any guarantor to obtain funds from its subsidiaries by such means as a dividend or loan. The 2019 convertible senior notes are general unsecured, senior obligations of the Company, ranking equally in right of payment with all of its existing and future senior indebtedness, including its 2020 and 2021 senior notes. The 2019 convertible senior notes, the 2020 senior notes and the 2021 senior notes are guaranteed by certain of the Company’s subsidiaries. The guarantees are full and unconditional, joint and several, and prior to the fourth quarter of 2015, all of the Company's non-guarantor subsidiaries were minor as defined in the Securities and Exchange Commission regulations. Revolving Credit Facility On 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, and commenced 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 a decrease in the fair value of collateral pledged from $450.0 million to $400.0 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 $75.0 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; • include an anti-cash hoarding provision that limits the Company's cash balance to no more than $50.0 million at any time during which 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 $50.0 million at any one time to $15.0 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 $20.0 million to $100.0 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 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 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. Other than these key changes, all other definitions and substantive terms in the Company’s credit agreement governing its revolving credit facility were unchanged by the July 2016 amendment and remain in effect through the remaining life of the facility. As of December 31, 2016 , there were no amounts drawn under the Company’s $200.0 million revolving credit facility and no letters of credit were outstanding. As of December 31, 2016 , the Company was in compliance with all financial covenants contained in its amended revolving credit facility. The credit agreement governing the amended revolving credit facility and the indentures governing the Company’s 2020 senior notes and 2021 senior notes impose certain operating and financial restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company’s ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments. The Company estimates the fair value of its 2020 senior notes, 2021 senior notes and 2019 convertible senior notes by primarily using quoted market prices. The fair value of the Company’s revolving credit facility, when there are outstanding balances, approximates its carrying value. Given the observable nature of the inputs to these estimates, the fair values presented below for long-term debt have been assigned a Level 2 , of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): December 31, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,975 $ 270,938 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,889 301,343 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 265,846 216,195 300,000 254,305 170,340 $ 1,125,000 $ 1,083,710 $ 788,476 $ 1,125,000 $ 1,070,281 $ 736,403 Capitalized Interest Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate amount of $16.7 million , $24.7 million , and $33.2 million , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred Stock The Company’s certificate of incorporation authorizes 5.0 million shares of preferred stock. The Board of Directors has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the Company’s stockholders. Stockholder Rights Plan On July 1, 2013, the Company’s Board of Directors implemented a stockholder rights plan establishing one right for each outstanding share of common stock. The rights become exercisable, and transferable apart from the Company’s common stock, 10 business days following a public announcement that a person or group has acquired beneficial ownership of, or has commenced a tender or exchange offer for, 10% or more of the Company’s common stock. This stockholder rights plan is substantially similar to the Company's prior stockholder rights plan that expired on June 17 , 2013. Repurchases of Common Stock On October 28, 2014, the Company's Board of Directors authorized the Company to repurchase up to $150.0 million in shares of its common stock using different methods including, but not limited to, open-market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The timing and amount of the repurchases will depend on several factors, such as market conditions, applicable legal requirements, available liquidity, the discretion of management and other appropriate factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. During the fourth quarter of 2014, the Company repurchased and retired 891,396 shares at an average price of $28.05 per share. The repurchased shares cost a total of $25.0 million and represent roughly 2.5% of the Company's total shares outstanding prior to the commencement of the program. The Company has not repurchased any additional shares subsequent to December 31, 2014. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation | Stock-Based Compensation 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 officers, other employees and directors. As of December 31, 2016, there were 542,266 shares available for future issuance to employees under the incentive compensation plan. The issuance of shares of common stock under the incentive compensation plan has been registered on Form S-8 with the Securities and Exchange Commission. The financial impact of stock-based compensation expense related to the Company’s incentive compensation plan on its operating results are reflected in the table below (in thousands, except for per share data): Year Ended December 31, 2016 2015 2014 Income before taxes $ 9,983 $ 10,293 $ 10,324 Net income $ 5,829 $ 6,454 $ 6,471 Earnings per common share: Basic $ 0.16 $ 0.18 $ 0.18 Diluted $ 0.16 $ 0.18 $ 0.18 The accounting rules also require the benefits of tax deductions in excess of recognized compensation expense to be reported as financing cash flows, rather than as operating cash flows. The Company recorded the impact on cash flows from operating activities for tax shortfalls of approximately $1.9 million and $0.6 million for the years ended December 31, 2016 and 2015, respectively. The Company recorded the impact on cash flows used in financing activities for tax windfalls of approximately $0.3 million for the year ended December 31, 2014. Net cash proceeds from the exercise of stock options were $0.0 million , $0.1 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. The income tax expense (benefit) from stock option exercises and restricted stock vesting was $(1.9) million , $(0.6) million and $0.3 million for the respective periods. Stock Options The Company is authorized to grant stock options under its incentive compensation plan in which the purchase price of the stock subject to each option is established as the closing price on the New York Stock Exchange of the Company’s common stock on the date of grant and accordingly is not less than the fair market value of the stock on the date of grant. All options granted expire ten years after the date of grant, have an exercise price equal to or greater than the actual or estimated market price of the Company’s stock on the date of grant and vest over a three -year period. The Company has not granted stock options to any directors, executive officers or employees since 2011. The Company has recorded approximately $0.0 million , $0.0 million and $0.1 million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with stock options. The following table represents the Company’s stock option activity for the year ended December 31, 2016 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2016 304 $ 28.11 3.2 $ — Grants — — — — Exercised — — — — Forfeited or expired (119 ) 33.15 n/a n/a Options outstanding at December 31, 2016 185 $ 24.86 4.1 $ — Exercisable options outstanding at December 31, 2016 185 $ 24.86 4.1 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2015 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 345 $ 27.98 3.7 $ 59 Grants — — — — Exercised (1 ) 22.28 n/a 2 Forfeited or expired (40 ) 27.27 n/a n/a Options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — Exercisable options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2014 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2014 405 $ 27.16 4.2 $ 8,951 Grants — — — — Exercised (60 ) 22.49 n/a 684 Forfeited or expired — — — — Options outstanding at December 31, 2014 345 $ 27.98 3.7 $ 59 Exercisable options outstanding at December 31, 2014 345 $ 27.98 3.7 $ 59 Restricted Stock Equity-Settled Restricted Stock The Company’s incentive compensation plan allows the Company to issue restricted stock units, with either performance-based or time-based vesting provisions. The Company has granted performance-based restricted stock unit awards, which calculates the shares to be received based on the Company’s achievement of certain internal performance criteria over a three -year period as defined by the restricted stock unit agreement governing such awards. Performance for these types of awards has historically been measured by a number of factors that may differ from year to year, including such examples as the Company achieving a targeted return on invested capital, operating profit margin compared to peers, and safety record. The actual number of shares that could be received by the award recipients for the years in question can range from 0% to 150% of the Company’s base share awards depending on the number and/or extent of performance goals attained by the Company. Compensation expense related to performance-based restricted stock unit awards is recognized over the period the restrictions lapse, from one to three years, based on the market price of the Company's stock on the date of grant applied to the shares that are expected to vest. The compensation expense related to time-based restricted stock unit awards, which is amortized over a one to three -year vesting period, is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. As of December 31, 2016, the Company had unamortized stock-based compensation expense of $4.6 million , which will be recognized on a straight-line basis over the remaining vesting period, or 1.1 years. In addition, the Company has recorded approximately $6.8 million , $9.3 million and $9.0 million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with restricted stock-based unit awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2016 726 $ 30.12 Granted during the period 537 6.44 Change in estimated payout of performance unit awards (1) (95 ) 27.52 Cancellations during the period — — Vested (348 ) 23.50 Outstanding, as of December 31, 2016 820 $ 17.72 (1) Annually the Company reviews the performance compared to pre-determined targets for outstanding performance unit awards. Based on current projections, the Company may increase or decrease the anticipated payout based on its historical operating results and near-term projections. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2015 590 $ 37.13 Granted during the period (1) 479 21.40 Cancellations during the period (104 ) 21.84 Vested (239 ) 33.60 Outstanding, as of December 31, 2015 726 $ 30.12 (1) Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2014 570 $ 31.61 Granted during the period (1) 274 42.61 Cancellations during the period — — Vested (254 ) 30.68 Outstanding, as of December 31, 2014 590 $ 37.13 (1) Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. Cash-Settled Restricted Stock The Company’s incentive compensation plan allows the Company to issue restricted stock units with cash-settled vesting provisions. The compensation expense related to cash-settled restricted stock unit awards is amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. The cash-settled restricted stock units are re-measured quarterly based on the period-end market price of the Company's common stock and are classified as a liability, due to the settlement of these awards in cash. As of December 31, 2016, the Company had unamortized cash-settled restricted stock compensation expense of $5.1 million , which will be recognized on a straight-line basis over the remaining vesting period, or 1.8 years. In addition, the Company recorded approximately $2.6 million , $(0.2) million, and $(0.1) million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with cash-settled restricted stock unit awards. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2016 82 $ 30.61 Granted during the period (2) 991 6.14 Cancellations during the period (5 ) 19.05 Vested (15 ) 34.32 Outstanding, as of December 31, 2016 1,053 $ 7.60 (1) The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. (2) Includes only the base shares awarded for both time-based and performance based awards. The performance-based awards have the potential to vest at up to 150% of the aggregate total of the base share awards. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2015 153 $ 38.43 Granted during the period 47 21.84 Cancellations during the period (1 ) 30.87 Vested (117 ) 37.25 Outstanding, as of December 31, 2015 82 $ 30.61 (1) The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2014 139 $ 37.25 Granted during the period 35 43.00 Cancellations during the period (3 ) 39.14 Vested (18 ) 37.88 Outstanding, as of December 31, 2014 153 $ 38.43 (1) The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. Employee Stock Purchase Plan On May 3, 2005, the Company established the Hornbeck Offshore Services, Inc. 2005 Employee Stock Purchase Plan, or ESPP, which was adopted by the Company’s Board of Directors and approved by the Company’s stockholders. Under the ESPP, the Company is presently authorized to issue up to 2.2 million shares of common stock to eligible employees of the Company and its designated subsidiaries. Employees have the opportunity to purchase shares of the Company’s common stock at periodic intervals through accumulated payroll deductions that will be applied at semi-annual intervals to purchase shares of common stock at a discount from the market price as defined by the ESPP. The ESPP is designed to satisfy the requirements of Section 423 of the Internal Revenue Code of 1986, as amended, and thereby allows participating employees to defer recognition of taxes when purchasing the shares of common stock at a 15% discount under the ESPP. The Company has an effective Registration Statement on Form S-8 with the Commission registering the issuance of shares of common stock under the ESPP. As of December 31, 2016, there were 1.1 million shares available for future issuance to employees under the ESPP. The Company recorded approximately $0.6 million , $1.2 million , and $1.2 million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with the ESPP. The fair value of the employees’ stock purchase rights granted under the ESPP was estimated using the Black-Scholes model with the following assumptions for the years ended December 31, 2016 and 2015 : 2016 2015 Dividend yield — % — % Expected volatility 91.6 % 61.3 % Risk-free interest rate 0.5 % 0.3 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 3.14 $ 4.86 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following components (in thousands): Year Ended December 31, 2016 2015 2014 Deferred tax liabilities: Fixed assets $ 490,221 $ 472,817 $ 489,060 Deferred charges and other liabilities 10,908 11,317 18,013 Total deferred tax liabilities 501,129 484,134 507,073 Deferred tax assets: Net operating loss carryforwards (111,147 ) (52,374 ) (116,676 ) Allowance for doubtful accounts (763 ) (1,036 ) (1,330 ) Stock-based compensation expense (4,033 ) (4,830 ) (4,246 ) Alternative minimum tax credit carryforward (20,863 ) (20,863 ) (20,863 ) Foreign tax credit carryforward (17,554 ) (17,972 ) (12,332 ) Other (6,044 ) (5,440 ) (5,676 ) Total deferred tax assets (160,404 ) (102,515 ) (161,123 ) Valuation allowance 2,295 — 1,011 Total deferred tax liabilities, net $ 343,020 $ 381,619 $ 346,961 The components of the income tax expense follow (in thousands): Year Ended December 31, 2016 2015 2014 Current tax expense (benefit): U.S. $ 709 $ — $ — Foreign (257 ) 5,671 1,927 Total current tax expense 452 5,671 1,927 Deferred tax expense: U.S. (45,958 ) 34,086 50,440 Total tax expense (benefit) $ (45,506 ) $ 39,757 $ 52,367 Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2016 2015 2014 U.S. $ (93,704 ) $ 65,894 $ 105,066 Foreign (15,648 ) 40,684 35,208 Total income (loss) from continuing operations before income taxes $ (109,352 ) $ 106,578 $ 140,274 At December 31, 2016 , the Company had federal tax net operating loss carryforwards of approximately $315.2 million , which will expire in 2031 through 2036 and foreign tax credit carryforwards of approximately $16.4 million , which will expire in 2019 through 2026 . The Company has state tax net operating loss carryforwards of approximately $88.5 million , which will expire in 2030 through 2036 and can only be utilized if the Company generates taxable income in that particular jurisdiction. As a result of the sale of the Downstream segment during the third quarter of 2013, the Company believed that certain state operating loss carryforwards might not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional valuation allowance of $0.1 million related to those state operating losses. During 2015, the total valuation allowance of $1.0 million was reversed as these state operating losses were written off upon ceasing to do business in those particular jurisdictions. During the fourth quarter of 2016, the Company recorded a valuation allowance of $2.3 million related to foreign tax credits expiring in 2019. The Company has weighed the evidence, primarily net book income projections, and has concluded that it is more likely than not that the Company will not generate sufficient taxable income to utilize these credits by their expiration date of December 31, 2019. The Company is no longer subject to tax audits by federal, state or local taxing authorities for years prior to 2012. The Company has ongoing examinations by various foreign tax authorities but does not believe that the results of these examinations will have a material adverse effect on the Company’s financial position or results of operations. The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands): Year Ended December 31, 2016 2015 2014 Statutory rate $ (38,274 ) $ 37,302 $ 49,096 State taxes, net (1,094 ) 1,066 1,403 Non-deductible expense 1,070 1,440 1,927 Valuation allowance 2,295 (1,011 ) 99 Income excluded from U.S. taxable income (9,478 ) — — Foreign taxes and other (25 ) 960 (158 ) $ (45,506 ) $ 39,757 $ 52,367 Due to a favorable election included in the Company's 2015 tax return, which was filed during the fourth quarter of 2016, the results of one of the Company's vessels was excluded from U.S. taxable income and was taxed based on its daily notional shipping income, as defined. This resulted in a favorable impact on deferred tax expense of $9.5 million . The Company does not anticipate having any vessels qualify for this election in the foreseeable future. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction In November 2011, the Company announced, and later expanded, its fifth OSV newbuild program. This program consisted of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of December 31, 2016 , the Company had placed in service 22 vessels under such program. The two remaining vessels under this 24 -vessel domestic newbuild program are currently expected to be placed in service during 2018. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million . From the inception of this program through December 31, 2016 , the Company had incurred construction costs of approximately $1,264.0 million , or 94.7% , of total expected project costs. Operating Leases The Company is obligated under certain operating leases for office space and shore-base facilities. The Covington facility lease provides for an initial term expiring in September 2025 with three additional five -year renewal period options. The Company leases two adjacent shore-base facilities in Port Fourchon. At December 31, 2016 , the leases had approximately two years remaining on their existing terms and the Company has multiple renewal options on such facilities. Rent expense related to operating leases was approximately $4.0 million , $4.1 million and $3.9 million for the years ending December 31, 2016, 2015 and 2014, respectively. Future minimum payments under noncancelable leases for years subsequent to 2016 are as follows (in thousands): Year Ended December 31, 2017 $ 2,826 2018 2,377 2019 2,409 2020 2,456 2021 2,524 Thereafter 24,662 Total $ 37,254 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. During 2013, the Company commenced the process of assigning the in-country vessel management services for its four vessels operating in Brazil from a third party provider to a wholly-owned subsidiary of the Company. As a result, this assignment may be interpreted by local authorities as a new importation of these vessels resulting in an importation assessment ranging from $0.5 million to $3.5 million . The Company disagrees with this interpretation. 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 a higher court. As of December 31, 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, which in June 2014 was converted to a Chapter 7 case. Pre-petition receivables from ATP were $4.8 million and the Company has recorded $0.9 million in reserves. The Company believes its claim is secured under the Louisiana Oil Well Lien Act. A legal challenge related to the Company's liens has been raised in the bankruptcy proceedings by parties whose interests are affected by the liens. The Company, together with its outside legal counsel, believe its lien position is valid, but the Bankruptcy Court has disagreed. The matter is now being reviewed on appeal by the federal district court in Houston, Texas. An unfavorable final judgment would render the Company's position to that of an unsecured creditor in the bankruptcy proceeding. While the Company believes that the net receivables are collectible based on its position with respect to its liens, it will continue to monitor the proceedings, which may result in actual collections that may materially differ from the current estimate. Vessel charters with Petrobras included limitations regarding fuel consumption. Petrobras had 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, was in the range of approximately $0.5 million to $3.0 million . The Company disagreed 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 had filed and was denied multiple appeals. Petrobras had requested a final review of the case by the Supreme Court and, during the fourth quarter of 2016, this request was denied. |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges | Deferred Charges Deferred charges include the following (in thousands): Year Ended December 31, 2016 2015 Deferred drydocking costs, net of accumulated amortization of $34,313 and $41,784 respectively $ 13,808 $ 29,228 Prepaid lease expense, net of amortization of $1,700 and $1,542, respectively 2,688 2,847 Revolving credit facility deferred financing costs, net of accumulated amortization of $349 and $4,070 respectively 2,581 3,198 Total $ 19,077 $ 35,273 |
Other Accrued Liabilities (Note
Other Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Accrued Liabilities Other accrued liabilities include the following (in thousands): Year Ended December 31, 2016 2015 Accrued lease expense $ 4,763 $ 4,339 Deferred revenue 2,245 5,734 Current taxes payable 215 3,958 Other 2,787 9,581 Total $ 10,010 $ 23,612 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2016 | |
Major Customers | Major Customers In the years ended December 31, 2016 , 2015 , and 2014 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2016 2015 2014 Customer A 21 % 20 % 14 % Customer B 15 % n/a (1) n/a (1) Customer C 13 % n/a (1) n/a (1) Customer D n/a (1) 10 % n/a (1) (1) Customers represent less than 10% of consolidated revenue in each such year. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On August 29, 2013, the Company closed the sale of substantially all of the assets and business of its Downstream segment's tug and tank barge fleet. Excluded from the sale were three older, lower-horsepower tugs considered to be non-core assets. During the year ended December 31, 2014, the remaining tugs were sold for net cash proceeds of $1.6 million. These latter sales resulted in a pre-tax gain of approximately 0.9 million ( $0.6 million after-tax or $0.02 per diluted share). The historical results for the Downstream segment and the gain on the sale of the three tugs have been presented as discontinued operations for 2014, the only applicable period in the accompanying condensed consolidated financial statements. Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Revenue $ — $ — $ 12 Gain on sale of assets — — 867 Operating Income — — 555 Income before income taxes — — 966 Income tax expense — — 348 Income from discontinued operations — — 618 At the closing of the sale of the tug and barge assets and the Downstream business in 2013, the Company entered into transition service agreements with Genesis to facilitate the transition of the sale of the business, including ship management agreements and a crew management agreement, pursuant to which the Company provided services related to the operation and management of certain vessels as well as supplying some of the marine crews for those vessels during the transition period. As of December 31, 2014, all of the transition service agreements had terminated. |
Employment Agreements
Employment Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Employment Agreements | Employment Agreements The Company has employment agreements with certain members of its executive management team. These agreements include, among other things, contractually stated base level salaries and a structured cash incentive compensation program dependent upon the Company achieving certain targeted financial results. The agreements typically provide for certain targets such as an EBITDA target, an Operating Margin target and a Safety target, which may be varied from time to time by agreement between the Company and the management executive, as well as a discretionary component. In the event such a member of the executive management team is terminated due to certain events as defined in such officer’s agreement, the employee will continue to receive salary, bonus and other payments for the full remaining term of the agreement. The current term of these employment agreements expires on December 31, 2019 and automatically extends each year thereafter on January 1st, for an additional year. |
Condensed Consolidating Guarant
Condensed Consolidating Guarantor Financial Information (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | Condensed Consolidating Financial Statements of Guarantors The following tables present the condensed consolidating historical financial statements as of December 31, 2016 and 2015, and for each of the two years ended December 31, 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. The guarantees are full and unconditional and joint and several and, prior to 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) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 9 $ 212,196 $ 4,822 $ — $ 217,027 Accounts receivable, net of allowance for doubtful accounts of $2,120 — 30,846 5,704 — 36,550 Other current assets 15 16,176 787 — 16,978 Total current assets 24 259,218 11,313 — 270,555 Property, plant and equipment, net — 2,449,473 128,915 — 2,578,388 Deferred charges, net 2,581 15,724 772 — 19,077 Intercompany receivable 1,779,872 680,663 107,038 (2,567,573 ) — Investment in subsidiaries 768,718 8,602 (4,283 ) (773,037 ) — Other assets 1,744 6,239 2,272 — 10,255 Total assets $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 11,325 $ 449 $ — $ 11,774 Accrued interest 14,763 — — — 14,763 Accrued payroll and benefits — 8,104 492 — 8,596 Other accrued liabilities — 8,463 1,547 — 10,010 Total current liabilities 14,763 27,892 2,488 — 45,143 Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197 1,083,710 — — — 1,083,710 Deferred tax liabilities, net — 337,503 5,517 — 343,020 Intercompany payables 61,715 2,264,900 245,276 (2,571,891 ) — Other liabilities — 3,416 (10 ) — 3,406 Total liabilities 1,160,188 2,633,711 253,271 (2,571,891 ) 1,475,279 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; 36,467 shares issued and outstanding 365 — — — 365 Additional paid-in capital 754,394 37,978 4,319 (42,297 ) 754,394 Retained earnings 637,992 748,080 (21,658 ) (726,422 ) 637,992 Accumulated other comprehensive income — 150 10,095 — 10,245 Total stockholders’ equity 1,392,751 786,208 (7,244 ) (768,719 ) 1,402,996 Total liabilities and stockholders’ equity $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 10 $ 252,651 $ 7,140 $ — $ 259,801 Accounts receivable, net of allowance for doubtful accounts of $2,877 — 41,963 48,418 821 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,569 55,624 821 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,021 (23,946 ) — 35,273 Intercompany receivable 1,751,046 186,054 59,413 (1,996,513 ) — Investment in subsidiaries 783,709 8,602 (4,283 ) (788,028 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,539,718 $ 3,037,261 $ 191,157 $ (2,783,720 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 34,214 $ 1,521 $ 7 $ 35,742 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 9,913 452 — 10,365 Other accrued liabilities — 16,989 6,623 — 23,612 Total current liabilities 14,795 61,116 8,596 7 84,514 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 4,403 1,801,829 193,786 (2,000,018 ) — Other liabilities — 1,839 — — 1,839 Total liabilities 1,089,479 2,246,403 202,382 (2,000,011 ) 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 37,976 4,319 (42,297 ) 748,041 Retained earnings 701,836 752,763 (11,349 ) (741,412 ) 701,838 Accumulated other comprehensive income (loss) — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,239 790,858 (11,225 ) (783,709 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,539,718 $ 3,037,261 $ 191,157 $ (2,783,720 ) $ 2,984,416 Condensed Consolidating Statement of Operations (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 213,563 $ 8,707 $ 2,029 $ 224,299 Costs and expenses: Operating expenses — 114,783 14,904 1,971 131,658 Depreciation — 88,443 4,628 — 93,071 Amortization — 19,024 1,461 — 20,485 General and administrative expenses 184 39,479 3,637 58 43,358 184 261,729 24,630 2,029 288,572 Gain on sale of assets — 53 1 — 54 Operating loss (184 ) (48,113 ) (15,922 ) — (64,219 ) Other income (expense): Interest income — 984 506 — 1,490 Interest expense (48,673 ) — (2 ) — (48,675 ) Equity in earnings (losses) of consolidated subsidiaries (14,989 ) — — 14,989 — Other income (expense), net — (2,272 ) 4,324 — 2,052 (63,662 ) (1,288 ) 4,828 14,989 (45,133 ) Income (loss) before income taxes (63,846 ) (49,401 ) (11,094 ) 14,989 (109,352 ) Income tax benefit — (44,721 ) (785 ) — (45,506 ) Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Other comprehensive income: Foreign currency translation gain — 31 14,290 — 14,321 Total comprehensive income (loss) $ (63,846 ) $ (4,649 ) $ 3,981 $ 14,989 $ (49,525 ) Condensed Consolidating Statement of Operations (In thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 426,419 $ 50,952 $ (1,301 ) $ 476,070 Costs and expenses: Operating expenses — 178,748 41,514 (1,002 ) 219,260 Depreciation — 81,522 1,044 — 82,566 Amortization — 25,782 681 — 26,463 General and administrative expenses 189 44,398 3,861 (151 ) 48,297 189 330,450 47,100 (1,153 ) 376,586 Gain on sale of assets — 44,060 — — 44,060 Operating income (loss) (189 ) 140,029 3,852 (148 ) 143,544 Other income (expense): Interest income — 1,125 400 — 1,525 Interest expense (39,460 ) — (36 ) — (39,496 ) Equity in earnings (losses) of consolidated subsidiaries 106,798 — — (106,798 ) — Other income (expense), net — (4,053 ) 5,238 (180 ) 1,005 67,338 (2,928 ) 5,602 (106,978 ) (36,966 ) Income (loss) before income taxes 67,149 137,101 9,454 (107,126 ) 106,578 Income tax expense — 35,194 4,563 — 39,757 Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Other comprehensive income: Foreign currency translation loss — (81 ) (3,093 ) — (3,174 ) Total comprehensive income (loss) $ 67,149 $ 101,826 $ 1,798 $ (107,126 ) $ 63,647 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (199 ) $ 55,677 $ (2,428 ) $ — $ 53,050 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (76,615 ) 338 — (76,277 ) Net proceeds from sale of assets — 523 1 — 524 Vessel capital expenditures — (19,604 ) (1,085 ) — (20,689 ) Non-vessel capital expenditures — (467 ) (102 ) — (569 ) Net cash used in investing activities — (96,163 ) (848 ) — (97,011 ) CASH FLOWS FROM FINANCING ACTIVITIES: Deferred financing costs (1,102 ) — — — (1,102 ) Net cash proceeds from other shares issued 1,300 — — — 1,300 Net cash provided by financing activities 198 — — — 198 Effects of exchange rate changes on cash — 31 958 — 989 Net decrease in cash and cash equivalents (1 ) (40,455 ) (2,318 ) — (42,774 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 9 $ 212,196 $ 4,822 $ — $ 217,027 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,152 $ — $ — $ — $ 50,152 Cash paid for income taxes $ — $ 1,292 $ 2,440 $ — $ 3,732 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (1,029 ) $ 109,987 $ 106,885 $ — $ 215,843 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (120,767 ) (69,303 ) — (190,070 ) Net proceeds from sale of assets — 152,000 — — 152,000 Vessel capital expenditures — (55,724 ) (31,068 ) — (86,792 ) Non-vessel capital expenditures — (16,211 ) (276 ) — (16,487 ) Net cash used in investing activities — (40,702 ) (100,647 ) — (141,349 ) CASH FLOWS FROM FINANCING ACTIVITIES: Deferred financing costs (2,089 ) — — — (2,089 ) Net cash proceeds from other shares issued 3,112 — — — 3,112 Net cash provided by financing activities 1,023 — — — 1,023 Effects of exchange rate changes on cash — (81 ) (758 ) — (839 ) Net increase (decrease) in cash and cash equivalents (6 ) 69,204 5,480 — 74,678 Cash and cash equivalents at beginning of period 16 183,447 1,660 — 185,123 Cash and cash equivalents at end of period $ 10 $ 252,651 $ 7,140 $ — $ 259,801 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,492 $ — $ — $ — $ 50,492 Cash paid for income taxes $ — $ 582 $ 4,226 $ — $ 4,808 |
Supplemental Selected Quarterly
Supplemental Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Selected Quarterly Financial Data | Supplemental Selected Quarterly Financial Data (Unaudited) (in thousands, except per share data): The following table contains selected unaudited quarterly financial data from the consolidated statements of operations for each quarter of fiscal years 2016 and 2015 . The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Fiscal Year 2016 (1)(2) Revenues $ 76,820 $ 53,673 $ 51,927 $ 41,879 Operating loss (780 ) (21,510 ) (14,445 ) (27,484 ) Net loss (7,514 ) (20,586 ) (16,503 ) (19,243 ) Earnings (loss) per common share: Basic loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) Diluted loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) Fiscal Year 2015 (1)(2) Revenues $ 134,624 $ 136,446 $ 116,281 $ 88,719 Operating income (3) 66,898 39,355 32,809 4,482 Net income (loss) 35,853 19,215 14,424 (2,671 ) Earnings (loss) per common share: Basic earnings (loss) per common share $ 1.01 $ 0.54 $ 0.40 $ (0.07 ) Diluted earnings (loss) per common share $ 0.99 $ 0.53 $ 0.40 $ (0.07 ) (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015. (3) During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million . The sale resulted in a pre-tax gain of approximately $33.1 million ( $20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million . The sale resulted in a pre-tax gain of approximately $11.0 million ( $6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Recognition | Revenue Recognition The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of trade receivables, net of reserves and amounts to be rebilled to customers. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost. |
Deferred Charges | Deferred Charges The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease. |
Precontract Costs, Policy | Mobilization Costs The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As a result of the sale of the Downstream segment during 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million on these state operating losses was reversed since the losses were written off upon ceasing to do business in those particular jurisdictions. As of December 31, 2016, the Company believed that it is more likely than not that foreign tax credits expiring in 2019 will not be fully utilized. In the fourth quarter of 2016, the Company elected to establish a valuation allowance of $2.3 million for the portion of such credits that it has concluded may not be utilized by December 31, 2019. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Commitments and Contingencies, Policy | Legal Liabilities In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. |
Concentration of Credit Risk | Concentration of Credit Risk Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. As of December 31, 2016, one customer represented 14% of the Company's net accounts receivable balance. |
Foreign Currency Transactions and Translations Policy | Foreign Currency Transaction Gains and Losses Foreign currency transaction gains and losses are recorded in the period incurred except for advances to and investments in foreign subsidiaries. Foreign currency gains and losses related to advances to or investments in foreign operations are accounted for as a foreign currency translation adjustment and recorded as other comprehensive income. Foreign currency transaction adjustments for fiscal years 2016, 2015 and 2014 were not material to the financial statements. The balance in accumulated other comprehensive income as of December 31, 2016 relates primarily to the Company’s long term investments in its foreign subsidiaries. |
Impairment of Long-Lived Assets | Considerations Regarding Impairment of Long-Lived Assets In accordance with ASC360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset's carrying value might 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 is less than the carrying amounts of the asset group, the assets would be written down to their estimated fair values based on the expected discounted future cash flows or appraised values 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. As of 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 undiscounted 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. During the second half of 2016, the Company reviewed the assumptions used in preparing the undiscounted cash flow projections and it concluded that such assumptions remain consistent with current market conditions. In addition, the Company has not observed any additional indicators of impairment related to its vessels during the second half of 2016 and the assumptions used to determine undiscounted cash flows remain appropriate. No triggering events occurred in 2015 or 2014 and the Company did not record any impairment losses related to its long-lived assets during those periods. The Company will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn persists. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Estimated Useful Lives by Classification | The estimated useful lives by classification are as follows: Offshore supply vessels 25 years Multi-purpose support vessels 25 years Non-vessel related property, plant and equipment 3-28 years See “Considerations Regarding Impairment of Long-Lived Assets” below for more information. |
Allowance for Doubtful Accounts | The following table represents the allowance for doubtful accounts (in thousands): December 31, 2016 2015 2014 Balance, beginning of year $ 2,877 $ 3,693 $ 3,411 Changes to provision (757 ) (816 ) 282 Balance, end of year $ 2,120 $ 2,877 $ 3,693 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | 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 have been adopted ASU No. 2014-15, "Presentation of Financial Statements - Going Concern" The standard requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity's ability to continue as a going concern. Early adoption is permitted. December 31, 2016 The implementation of this new guidance did not have a material impact on the consolidated financial statements. |
Schedule of New Accounting Pronouncements Not yet Adopted | Standards that have not been adopted Accounting Standards Update (ASU) No. 2017-04, "Simplifying the Accounting for Goodwill Impairment" The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on the consolidated financial statements. ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted 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. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. 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 This standard requires excess tax benefits or deficiencies, relating to the vesting of restricted stock unit awards or the exercise of stock options, to be reflected as a component of the tax rate whereas they were previously recognized as equity. This may cause volatility to its effective tax rate as outstanding stock options are exercised or restricted stock awards vest. Additionally, our Consolidated Statements of Cash Flows will include excess tax benefits as an operating activity. 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 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 has performed an initial evaluation of this standard and its impact on the financial statements. This included tasks such as identifying contracts, identifying performance obligations and reviewing the applicable revenue streams. In this review, nothing has been identified that would require a change in the current accounting for revenue. The Company will continue to review these new requirements prior to implementation which is expected under the modified retrospective method. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2016 2015 2014 Income (loss) from continuing operations $ (63,846 ) $ 66,821 $ 87,907 Income from discontinued operations, net of tax (1) — — 618 Net income (loss) $ (63,846 ) $ 66,821 $ 88,525 Weighted average number of shares of common stock outstanding 36,248 35,755 36,172 Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) — 547 520 Weighted average number of dilutive shares of common stock outstanding 36,248 36,302 36,692 Earnings (loss) per common share: Basic earnings (loss) per common share from continuing operations $ (1.76 ) $ 1.87 $ 2.43 Basic earnings per common share from discontinued operations — — 0.02 Basic earnings (loss) per common share $ (1.76 ) $ 1.87 $ 2.45 Diluted earnings (loss) per common share from continuing operations $ (1.76 ) $ 1.84 $ 2.40 Diluted earnings per common share from discontinued operations — — 0.01 Diluted earnings (loss) per common share $ (1.76 ) $ 1.84 $ 2.41 (1) On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction. (2) Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. 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 years ended December 31, 2016, 2015 and 2014, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of our 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 6 for further information. (4) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): December 31, 2016 2015 Offshore supply vessels and multi-purpose support vessels $ 2,825,389 $ 2,409,221 Non-vessel related property, plant and equipment 132,320 132,034 Less: Accumulated depreciation (539,561 ) (452,134 ) 2,418,148 2,089,121 Construction in progress 160,240 485,540 $ 2,578,388 $ 2,574,661 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Outstanding Long-Term Debt | As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands): December 31, 2016 2015 5.875% senior notes due 2020, net of deferred financing costs of $3,025 and $3,944 $ 371,975 $ 371,056 5.000% senior notes due 2021, net of deferred financing costs of $4,111 and $5,080 445,889 444,920 1.500% convertible senior notes due 2019, net of original issue discount of $31,093 and $41,600 and deferred financing costs of $3,061 and $4,095 265,846 254,305 Revolving credit facility due 2020 — — $ 1,083,710 $ 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 |
Annual Maturities of Debt | Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): 2017 $ — 2018 — 2019 300,000 2020 375,000 2021 450,000 Thereafter — $ 1,125,000 |
Schedule of Face Value, Carrying Value and Fair Value [Line Items] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): December 31, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,975 $ 270,938 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,889 301,343 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 265,846 216,195 300,000 254,305 170,340 $ 1,125,000 $ 1,083,710 $ 788,476 $ 1,125,000 $ 1,070,281 $ 736,403 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Impact of Stock-Based Compensation Expense Charges | The financial impact of stock-based compensation expense related to the Company’s incentive compensation plan on its operating results are reflected in the table below (in thousands, except for per share data): Year Ended December 31, 2016 2015 2014 Income before taxes $ 9,983 $ 10,293 $ 10,324 Net income $ 5,829 $ 6,454 $ 6,471 Earnings per common share: Basic $ 0.16 $ 0.18 $ 0.18 Diluted $ 0.16 $ 0.18 $ 0.18 |
Summary of Stock Option Activity | The following table represents the Company’s stock option activity for the year ended December 31, 2015 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 345 $ 27.98 3.7 $ 59 Grants — — — — Exercised (1 ) 22.28 n/a 2 Forfeited or expired (40 ) 27.27 n/a n/a Options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — Exercisable options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2016 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2016 304 $ 28.11 3.2 $ — Grants — — — — Exercised — — — — Forfeited or expired (119 ) 33.15 n/a n/a Options outstanding at December 31, 2016 185 $ 24.86 4.1 $ — Exercisable options outstanding at December 31, 2016 185 $ 24.86 4.1 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2014 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2014 405 $ 27.16 4.2 $ 8,951 Grants — — — — Exercised (60 ) 22.49 n/a 684 Forfeited or expired — — — — Options outstanding at December 31, 2014 345 $ 27.98 3.7 $ 59 Exercisable options outstanding at December 31, 2014 345 $ 27.98 3.7 $ 59 |
Summary of Restricted Stock Award Activity | The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2016 726 $ 30.12 Granted during the period 537 6.44 Change in estimated payout of performance unit awards (1) (95 ) 27.52 Cancellations during the period — — Vested (348 ) 23.50 Outstanding, as of December 31, 2016 820 $ 17.72 (1) Annually the Company reviews the performance compared to pre-determined targets for outstanding performance unit awards. Based on current projections, the Company may increase or decrease the anticipated payout based on its historical operating results and near-term projections. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2014 570 $ 31.61 Granted during the period (1) 274 42.61 Cancellations during the period — — Vested (254 ) 30.68 Outstanding, as of December 31, 2014 590 $ 37.13 (1) Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2015 590 $ 37.13 Granted during the period (1) 479 21.40 Cancellations during the period (104 ) 21.84 Vested (239 ) 33.60 Outstanding, as of December 31, 2015 726 $ 30.12 (1) Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. |
Schedule of Other Share-based Compensation, Activity [Table Text Block] | The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2015 153 $ 38.43 Granted during the period 47 21.84 Cancellations during the period (1 ) 30.87 Vested (117 ) 37.25 Outstanding, as of December 31, 2015 82 $ 30.61 (1) The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2014 139 $ 37.25 Granted during the period 35 43.00 Cancellations during the period (3 ) 39.14 Vested (18 ) 37.88 Outstanding, as of December 31, 2014 153 $ 38.43 (1) The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2016 82 $ 30.61 Granted during the period (2) 991 6.14 Cancellations during the period (5 ) 19.05 Vested (15 ) 34.32 Outstanding, as of December 31, 2016 1,053 $ 7.60 (1) The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares. (2) Includes only the base shares awarded for both time-based and performance based awards. The performance-based awards have the potential to vest at up to 150% of the aggregate total of the base share awards. |
Summary of Weighted Average Assumptions and Fair Value of Options under ESPP | The fair value of the employees’ stock purchase rights granted under the ESPP was estimated using the Black-Scholes model with the following assumptions for the years ended December 31, 2016 and 2015 : 2016 2015 Dividend yield — % — % Expected volatility 91.6 % 61.3 % Risk-free interest rate 0.5 % 0.3 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 3.14 $ 4.86 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Components of Long Term Deferred Tax Liabilities Net | The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following components (in thousands): Year Ended December 31, 2016 2015 2014 Deferred tax liabilities: Fixed assets $ 490,221 $ 472,817 $ 489,060 Deferred charges and other liabilities 10,908 11,317 18,013 Total deferred tax liabilities 501,129 484,134 507,073 Deferred tax assets: Net operating loss carryforwards (111,147 ) (52,374 ) (116,676 ) Allowance for doubtful accounts (763 ) (1,036 ) (1,330 ) Stock-based compensation expense (4,033 ) (4,830 ) (4,246 ) Alternative minimum tax credit carryforward (20,863 ) (20,863 ) (20,863 ) Foreign tax credit carryforward (17,554 ) (17,972 ) (12,332 ) Other (6,044 ) (5,440 ) (5,676 ) Total deferred tax assets (160,404 ) (102,515 ) (161,123 ) Valuation allowance 2,295 — 1,011 Total deferred tax liabilities, net $ 343,020 $ 381,619 $ 346,961 |
Components of Income Tax Expenses | The components of the income tax expense follow (in thousands): Year Ended December 31, 2016 2015 2014 Current tax expense (benefit): U.S. $ 709 $ — $ — Foreign (257 ) 5,671 1,927 Total current tax expense 452 5,671 1,927 Deferred tax expense: U.S. (45,958 ) 34,086 50,440 Total tax expense (benefit) $ (45,506 ) $ 39,757 $ 52,367 |
Income (Loss) Before Income Taxes Based on Jurisdiction Earned | Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2016 2015 2014 U.S. $ (93,704 ) $ 65,894 $ 105,066 Foreign (15,648 ) 40,684 35,208 Total income (loss) from continuing operations before income taxes $ (109,352 ) $ 106,578 $ 140,274 |
Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision | The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands): Year Ended December 31, 2016 2015 2014 Statutory rate $ (38,274 ) $ 37,302 $ 49,096 State taxes, net (1,094 ) 1,066 1,403 Non-deductible expense 1,070 1,440 1,927 Valuation allowance 2,295 (1,011 ) 99 Income excluded from U.S. taxable income (9,478 ) — — Foreign taxes and other (25 ) 960 (158 ) $ (45,506 ) $ 39,757 $ 52,367 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Future Minimum Payments Under Noncancelable Leases | Future minimum payments under noncancelable leases for years subsequent to 2016 are as follows (in thousands): Year Ended December 31, 2017 $ 2,826 2018 2,377 2019 2,409 2020 2,456 2021 2,524 Thereafter 24,662 Total $ 37,254 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges | Deferred charges include the following (in thousands): Year Ended December 31, 2016 2015 Deferred drydocking costs, net of accumulated amortization of $34,313 and $41,784 respectively $ 13,808 $ 29,228 Prepaid lease expense, net of amortization of $1,700 and $1,542, respectively 2,688 2,847 Revolving credit facility deferred financing costs, net of accumulated amortization of $349 and $4,070 respectively 2,581 3,198 Total $ 19,077 $ 35,273 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other accrued liabilities include the following (in thousands): Year Ended December 31, 2016 2015 Accrued lease expense $ 4,763 $ 4,339 Deferred revenue 2,245 5,734 Current taxes payable 215 3,958 Other 2,787 9,581 Total $ 10,010 $ 23,612 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Revenues from Customer Exceeding 10% | In the years ended December 31, 2016 , 2015 , and 2014 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2016 2015 2014 Customer A 21 % 20 % 14 % Customer B 15 % n/a (1) n/a (1) Customer C 13 % n/a (1) n/a (1) Customer D n/a (1) 10 % n/a (1) (1) Customers represent less than 10% of consolidated revenue in each such year. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Discontinued Operations, Income Statement and Balance Sheet | Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Revenue $ — $ — $ 12 Gain on sale of assets — — 867 Operating Income — — 555 Income before income taxes — — 966 Income tax expense — — 348 Income from discontinued operations — — 618 |
Condensed Consolidating Guara37
Condensed Consolidating Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet | Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 9 $ 212,196 $ 4,822 $ — $ 217,027 Accounts receivable, net of allowance for doubtful accounts of $2,120 — 30,846 5,704 — 36,550 Other current assets 15 16,176 787 — 16,978 Total current assets 24 259,218 11,313 — 270,555 Property, plant and equipment, net — 2,449,473 128,915 — 2,578,388 Deferred charges, net 2,581 15,724 772 — 19,077 Intercompany receivable 1,779,872 680,663 107,038 (2,567,573 ) — Investment in subsidiaries 768,718 8,602 (4,283 ) (773,037 ) — Other assets 1,744 6,239 2,272 — 10,255 Total assets $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 11,325 $ 449 $ — $ 11,774 Accrued interest 14,763 — — — 14,763 Accrued payroll and benefits — 8,104 492 — 8,596 Other accrued liabilities — 8,463 1,547 — 10,010 Total current liabilities 14,763 27,892 2,488 — 45,143 Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197 1,083,710 — — — 1,083,710 Deferred tax liabilities, net — 337,503 5,517 — 343,020 Intercompany payables 61,715 2,264,900 245,276 (2,571,891 ) — Other liabilities — 3,416 (10 ) — 3,406 Total liabilities 1,160,188 2,633,711 253,271 (2,571,891 ) 1,475,279 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; 36,467 shares issued and outstanding 365 — — — 365 Additional paid-in capital 754,394 37,978 4,319 (42,297 ) 754,394 Retained earnings 637,992 748,080 (21,658 ) (726,422 ) 637,992 Accumulated other comprehensive income — 150 10,095 — 10,245 Total stockholders’ equity 1,392,751 786,208 (7,244 ) (768,719 ) 1,402,996 Total liabilities and stockholders’ equity $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 10 $ 252,651 $ 7,140 $ — $ 259,801 Accounts receivable, net of allowance for doubtful accounts of $2,877 — 41,963 48,418 821 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,569 55,624 821 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,021 (23,946 ) — 35,273 Intercompany receivable 1,751,046 186,054 59,413 (1,996,513 ) — Investment in subsidiaries 783,709 8,602 (4,283 ) (788,028 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,539,718 $ 3,037,261 $ 191,157 $ (2,783,720 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 34,214 $ 1,521 $ 7 $ 35,742 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 9,913 452 — 10,365 Other accrued liabilities — 16,989 6,623 — 23,612 Total current liabilities 14,795 61,116 8,596 7 84,514 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 4,403 1,801,829 193,786 (2,000,018 ) — Other liabilities — 1,839 — — 1,839 Total liabilities 1,089,479 2,246,403 202,382 (2,000,011 ) 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 37,976 4,319 (42,297 ) 748,041 Retained earnings 701,836 752,763 (11,349 ) (741,412 ) 701,838 Accumulated other comprehensive income (loss) — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,239 790,858 (11,225 ) (783,709 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,539,718 $ 3,037,261 $ 191,157 $ (2,783,720 ) $ 2,984,416 |
Condensed Income Statement | Condensed Consolidating Statement of Operations (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 213,563 $ 8,707 $ 2,029 $ 224,299 Costs and expenses: Operating expenses — 114,783 14,904 1,971 131,658 Depreciation — 88,443 4,628 — 93,071 Amortization — 19,024 1,461 — 20,485 General and administrative expenses 184 39,479 3,637 58 43,358 184 261,729 24,630 2,029 288,572 Gain on sale of assets — 53 1 — 54 Operating loss (184 ) (48,113 ) (15,922 ) — (64,219 ) Other income (expense): Interest income — 984 506 — 1,490 Interest expense (48,673 ) — (2 ) — (48,675 ) Equity in earnings (losses) of consolidated subsidiaries (14,989 ) — — 14,989 — Other income (expense), net — (2,272 ) 4,324 — 2,052 (63,662 ) (1,288 ) 4,828 14,989 (45,133 ) Income (loss) before income taxes (63,846 ) (49,401 ) (11,094 ) 14,989 (109,352 ) Income tax benefit — (44,721 ) (785 ) — (45,506 ) Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Condensed Consolidating Statement of Operations (In thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 426,419 $ 50,952 $ (1,301 ) $ 476,070 Costs and expenses: Operating expenses — 178,748 41,514 (1,002 ) 219,260 Depreciation — 81,522 1,044 — 82,566 Amortization — 25,782 681 — 26,463 General and administrative expenses 189 44,398 3,861 (151 ) 48,297 189 330,450 47,100 (1,153 ) 376,586 Gain on sale of assets — 44,060 — — 44,060 Operating income (loss) (189 ) 140,029 3,852 (148 ) 143,544 Other income (expense): Interest income — 1,125 400 — 1,525 Interest expense (39,460 ) — (36 ) — (39,496 ) Equity in earnings (losses) of consolidated subsidiaries 106,798 — — (106,798 ) — Other income (expense), net — (4,053 ) 5,238 (180 ) 1,005 67,338 (2,928 ) 5,602 (106,978 ) (36,966 ) Income (loss) before income taxes 67,149 137,101 9,454 (107,126 ) 106,578 Income tax expense — 35,194 4,563 — 39,757 Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 |
Condensed Statement of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Other comprehensive income: Foreign currency translation gain — 31 14,290 — 14,321 Total comprehensive income (loss) $ (63,846 ) $ (4,649 ) $ 3,981 $ 14,989 $ (49,525 ) Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Other comprehensive income: Foreign currency translation loss — (81 ) (3,093 ) — (3,174 ) Total comprehensive income (loss) $ 67,149 $ 101,826 $ 1,798 $ (107,126 ) $ 63,647 |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (1,029 ) $ 109,987 $ 106,885 $ — $ 215,843 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (120,767 ) (69,303 ) — (190,070 ) Net proceeds from sale of assets — 152,000 — — 152,000 Vessel capital expenditures — (55,724 ) (31,068 ) — (86,792 ) Non-vessel capital expenditures — (16,211 ) (276 ) — (16,487 ) Net cash used in investing activities — (40,702 ) (100,647 ) — (141,349 ) CASH FLOWS FROM FINANCING ACTIVITIES: Deferred financing costs (2,089 ) — — — (2,089 ) Net cash proceeds from other shares issued 3,112 — — — 3,112 Net cash provided by financing activities 1,023 — — — 1,023 Effects of exchange rate changes on cash — (81 ) (758 ) — (839 ) Net increase (decrease) in cash and cash equivalents (6 ) 69,204 5,480 — 74,678 Cash and cash equivalents at beginning of period 16 183,447 1,660 — 185,123 Cash and cash equivalents at end of period $ 10 $ 252,651 $ 7,140 $ — $ 259,801 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,492 $ — $ — $ — $ 50,492 Cash paid for income taxes $ — $ 582 $ 4,226 $ — $ 4,808 Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (199 ) $ 55,677 $ (2,428 ) $ — $ 53,050 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (76,615 ) 338 — (76,277 ) Net proceeds from sale of assets — 523 1 — 524 Vessel capital expenditures — (19,604 ) (1,085 ) — (20,689 ) Non-vessel capital expenditures — (467 ) (102 ) — (569 ) Net cash used in investing activities — (96,163 ) (848 ) — (97,011 ) CASH FLOWS FROM FINANCING ACTIVITIES: Deferred financing costs (1,102 ) — — — (1,102 ) Net cash proceeds from other shares issued 1,300 — — — 1,300 Net cash provided by financing activities 198 — — — 198 Effects of exchange rate changes on cash — 31 958 — 989 Net decrease in cash and cash equivalents (1 ) (40,455 ) (2,318 ) — (42,774 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 9 $ 212,196 $ 4,822 $ — $ 217,027 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,152 $ — $ — $ — $ 50,152 Cash paid for income taxes $ — $ 1,292 $ 2,440 $ — $ 3,732 |
Supplemental Selected Quarter38
Supplemental Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Quarterly Financial Data | The following table contains selected unaudited quarterly financial data from the consolidated statements of operations for each quarter of fiscal years 2016 and 2015 . The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Fiscal Year 2016 (1)(2) Revenues $ 76,820 $ 53,673 $ 51,927 $ 41,879 Operating loss (780 ) (21,510 ) (14,445 ) (27,484 ) Net loss (7,514 ) (20,586 ) (16,503 ) (19,243 ) Earnings (loss) per common share: Basic loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) Diluted loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) Fiscal Year 2015 (1)(2) Revenues $ 134,624 $ 136,446 $ 116,281 $ 88,719 Operating income (3) 66,898 39,355 32,809 4,482 Net income (loss) 35,853 19,215 14,424 (2,671 ) Earnings (loss) per common share: Basic earnings (loss) per common share $ 1.01 $ 0.54 $ 0.40 $ (0.07 ) Diluted earnings (loss) per common share $ 0.99 $ 0.53 $ 0.40 $ (0.07 ) (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015. (3) During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million . The sale resulted in a pre-tax gain of approximately $33.1 million ( $20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million . The sale resulted in a pre-tax gain of approximately $11.0 million ( $6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Estimated Useful Lives by Classification (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Offshore Supply Vessels | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 25 years |
Multi Purpose Support Vessel | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 25 years |
Non-vessel related property, plant and equipment | Minimum | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 3 years |
Non-vessel related property, plant and equipment | Maximum | |
Significant Accounting Policies [Line Items] | |
Estimated useful life | 28 years |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Dec. 31, 2016mocustomer | Dec. 31, 2016USD ($)mo | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Significant Accounting Policies [Line Items] | |||||
Number of Customers | customer | 1 | ||||
Amortization period for deferred charges | mo | 30 | 30 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ | $ 2,295 | $ (1,011) | $ 99 | $ 912 | |
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Salvage values for marine equipment | 25.00% | 25.00% | |||
Other Capitalized Property Plant and Equipment [Member] | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Other Capitalized Property Plant and Equipment [Member] | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 28 years | ||||
Accounts Receivable [Member] | Customer E [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 14.00% |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | |||
Provision for Doubtful Accounts | $ (757) | $ (816) | $ 282 |
Balance, beginning of year | 2,877 | 3,693 | 3,411 |
Balance, end of year | $ 2,120 | $ 2,877 | $ 3,693 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | [3],[4] | Sep. 30, 2016 | [3],[4] | Jun. 30, 2016 | [3],[4] | Mar. 31, 2016 | [3],[4] | Dec. 31, 2015 | [4] | Sep. 30, 2015 | [4] | Jun. 30, 2015 | [4] | Mar. 31, 2015 | [4] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Earnings Per Share [Abstract] | |||||||||||||||||||||
Income (loss) from continuing operations | $ (63,846) | $ 66,821 | $ 87,907 | [1] | |||||||||||||||||
Income from discontinued operations, net of tax (1) | [2] | 0 | 0 | 618 | |||||||||||||||||
Net income (loss) | $ (19,243) | $ (16,503) | $ (20,586) | $ (7,514) | $ (2,671) | $ 14,424 | $ 19,215 | $ 35,853 | $ (63,846) | $ 66,821 | $ 88,525 | ||||||||||
Weighted average number of shares of common stock outstanding | 36,248,000 | 35,755,000 | 36,172,000 | ||||||||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) | [5],[6] | 0 | 547,000 | 520,000 | |||||||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,248,000 | 36,302,000 | 36,692,000 | ||||||||||||||||||
Basic earnings (loss) per common share from continuing operations | $ (1.76) | $ 1.87 | $ 2.43 | ||||||||||||||||||
Basic earnings per common share from discontinued operations | 0 | 0 | 0.02 | ||||||||||||||||||
Basic earnings (loss) per common share | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ (0.07) | $ 0.40 | $ 0.54 | $ 1.01 | (1.76) | 1.87 | 2.45 | ||||||||||
Diluted earnings (loss) per common share from continuing operations | (1.76) | 1.84 | 2.40 | ||||||||||||||||||
Diluted earnings per common share from discontinued operations | 0 | 0 | 0.01 | ||||||||||||||||||
Diluted earnings (loss) per common share | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ (0.07) | $ 0.40 | $ 0.53 | $ 0.99 | $ (1.76) | $ 1.84 | $ 2.41 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||
Anti-dilutive shares excluded from the calculation of diluted earnings per share | 975 | 322 | 0 | ||||||||||||||||||
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction. | ||||||||||||||||||||
[2] | Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. 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] | Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015. | ||||||||||||||||||||
[4] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||||
[5] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards. | ||||||||||||||||||||
[6] | For the years ended December 31, 2016, 2015 and 2014, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of our 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 6 for further information. |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)yr | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Minimum age to be eligible for participation | yr | 18 | ||
Period of service to be eligible for participation | 3 months | ||
Percentage of earnings that can be deferred | 60.00% | ||
Employer contribution | $ | $ 0 | $ 0 | $ 6,000,000 |
Property, Plant and Equipment44
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (539,561) | $ (452,134) |
Property Plant And Equipment Excluding Construction In Progress Net | 2,418,148 | 2,089,121 |
Construction in progress | 160,240 | 485,540 |
Property, plant and equipment, net | 2,578,388 | 2,574,661 |
Offshore supply vessels and multi-purpose support vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 2,825,389 | 2,409,221 |
Non-vessel related property, plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 132,320 | $ 132,034 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) | Feb. 17, 2016Vessel | Aug. 28, 2015USD ($)Vessel$ / shares | Feb. 27, 2015USD ($)Vessel$ / shares | Nov. 30, 2011ShipyardVessel | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel$ / shares | Dec. 31, 2014USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000,000 | |||||||
Cost incurred on OSV newbuild program | $ | $ 1,264,000,000 | |||||||
Percentage of total project cost | 94.70% | |||||||
NumberofVesselsSold | Vessel | 1 | 3 | 4 | |||||
Proceeds from Sale of Other Property, Plant, and Equipment | $ | $ 38,000,000 | $ 114,000,000 | $ 152,000,000 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ | 11,000,000 | 33,100,000 | $ 54,000 | 44,060,000 | $ 822,000 | |||
Gain (Loss) on Disposition of Assets | $ | $ 6,700,000 | $ 20,700,000 | $ 27,600,000 | |||||
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0.19 | $ 0.57 | $ 0.76 | |||||
Newbuild program 5 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number Of Construction Shipyards, Domestic | Shipyard | 3 | |||||||
Number of Vessels Placed in Service | Vessel | 22 | |||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000,000 | |||||||
Cost incurred on OSV newbuild program | $ | $ 1,264,000,000 | |||||||
Percentage of total project cost | 94.70% | |||||||
Newbuild program 5 | Subsequent Event | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Estimated Construction Cost, Year Five | $ | $ 43,300,000 | |||||||
Newbuild program 5 | Offshore Supply Vessel Class 300 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | Vessel | 4 | |||||||
Newbuild program 5 | Offshore Supply Vessel Class 310 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | Vessel | 5 | |||||||
Newbuild program 5 | Offshore Supply Vessel Class 320 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | Vessel | 10 | |||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | Vessel | 2 | 3 | 4 | |||||
Newbuild program 5 | Multi Purpose Support Vessel | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | Vessel | 3 | |||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 400 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels to be constructed | Vessel | 2 | 2 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 01, 2017 | Mar. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 14, 2013 | Aug. 13, 2012 | Mar. 02, 2012 |
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Net | $ 10,197 | $ 13,119 | ||||||
Senior notes, original issue discount | 31,093 | 41,600 | ||||||
Long-term debt, Excluding Current Maturities | 1,083,710 | 1,070,281 | ||||||
Cash paid for interest | 50,152 | 50,492 | $ 50,548 | |||||
Long-term Debt | 1,083,710 | 1,070,281 | ||||||
Debt Instrument, Face Amount | 1,125,000 | 1,125,000 | ||||||
Debt, Fair Value | $ 788,476 | $ 736,403 | ||||||
Senior Notes 5.875 Percent Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.875% | 5.875% | ||||||
Deferred Finance Costs, Net | $ 3,025 | $ 3,944 | ||||||
Senior Notes | 371,975 | 371,056 | ||||||
Debt Instrument, Face Amount | 375,000 | 375,000 | $ 375,000 | |||||
Debt, Fair Value | $ 270,938 | $ 257,813 | ||||||
Senior Notes 5.000 Percent Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.00% | 5.00% | ||||||
Deferred Finance Costs, Net | $ 4,111 | $ 5,080 | ||||||
Senior Notes | 445,889 | 444,920 | ||||||
Debt Instrument, Face Amount | 450,000 | 450,000 | ||||||
Convertible 5.000 Percent Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 450,000 | |||||||
Debt, Fair Value | $ 301,343 | $ 308,250 | ||||||
Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.50% | 1.50% | ||||||
Deferred Finance Costs, Net | $ 3,061 | $ 4,095 | ||||||
Senior notes, original issue discount | 31,093 | 41,600 | ||||||
Senior Notes | 265,846 | 254,305 | ||||||
Debt Instrument, Face Amount | 300,000 | 300,000 | $ 300,000 | |||||
Debt, Fair Value | 216,195 | 170,340 | ||||||
Revolving Credit Facility Due 2016 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 0 | $ 0 | ||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash paid for interest | $ 11,000 | |||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash paid for interest | $ 11,300 | |||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash paid for interest | $ 2,300 |
Long-Term Debt - Annual Maturit
Long-Term Debt - Annual Maturities of Debt (Details) - USD ($) $ in Thousands | Aug. 13, 2012 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2015 | Mar. 02, 2012 |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,125,000 | $ 1,125,000 | ||||
Convertible One Point Five Percent Senior Notes Due Twenty Nineteen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 300,000 | $ 300,000 | 300,000 | |||
Debt Instrument Maturity Year | 2,019 | |||||
Debt Instrument, Maturity Date | Sep. 1, 2019 | |||||
Senior Notes Five Point Zero Zero Zero Percent Due Twenty Twenty One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 450,000 | 450,000 | ||||
Debt Instrument Maturity Year | 2,021 | |||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | |||||
Senior Notes Five Point Eight Seven Five Percent Due Twenty Twenty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 375,000 | $ 375,000 | $ 375,000 | |||
Debt Instrument Maturity Year | 2,020 | |||||
Debt Instrument, Maturity Date | Apr. 1, 2020 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Oct. 01, 2016 | Sep. 01, 2016 | Jul. 28, 2016USD ($) | Apr. 01, 2016 | Mar. 01, 2016 | Mar. 14, 2013USD ($) | Aug. 13, 2012USD ($)$ / shares | Aug. 13, 2012USD ($)$ / shares | Apr. 30, 2012USD ($) | Mar. 16, 2012USD ($) | Mar. 02, 2012USD ($) | Aug. 07, 2012$ / shares | Sep. 30, 2018 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Feb. 06, 2020USD ($) | Jul. 29, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||
Deferred Finance Costs, Net | $ 10,197,000 | $ 13,119,000 | |||||||||||||||||
Debt Instrument, Principal amount | $ 1,125,000,000 | 1,125,000,000 | |||||||||||||||||
Loss on early extinguishment of debt | $ (25,800,000) | $ (6,000,000) | |||||||||||||||||
Proceeds from Convertible Debt | $ 300,000,000 | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 18.5718 | ||||||||||||||||||
Conversion Price per Share | $ / shares | $ 53.85 | $ 53.85 | |||||||||||||||||
Market Price Per Share | $ / shares | $ 39.16 | ||||||||||||||||||
Repurchase Price As Percentage Of Principal Amount Of Senior Notes | 100.00% | ||||||||||||||||||
Proceeds from Issuance of Warrants | $ 48,200,000 | ||||||||||||||||||
Purchase Of Convertible Note Hedges | 73,000,000 | ||||||||||||||||||
Debt, Fair Value | $ 788,476,000 | 736,403,000 | |||||||||||||||||
Capitalized interest, approximate amount | $ 16,700,000 | $ 24,700,000 | $ 33,200,000 | ||||||||||||||||
Senior notes 6.125 Percent Due 2014 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage Of debt outstanding tendered | 16.00% | 84.00% | |||||||||||||||||
Senior Notes 8.000 Percent Due 2017 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage Of debt outstanding tendered | 94.00% | ||||||||||||||||||
Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Interest Rate | 5.875% | 5.875% | |||||||||||||||||
Deferred Finance Costs, Net | $ 3,025,000 | $ 3,944,000 | |||||||||||||||||
Debt Instrument, Principal amount | $ 375,000,000 | 375,000,000 | 375,000,000 | ||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 367,400,000 | ||||||||||||||||||
Repayments of Senior Debt | $ 16,600,000 | $ 49,500,000 | $ 259,900,000 | ||||||||||||||||
Debt Instrument Maturity Year | 2,020 | ||||||||||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2020 | ||||||||||||||||||
Debt Instrument, Effective Interest Rate | 6.08% | ||||||||||||||||||
Senior Notes | 371,975,000 | 371,056,000 | |||||||||||||||||
Debt, Fair Value | $ 270,938,000 | $ 257,813,000 | |||||||||||||||||
Senior Notes 5.000 Percent Due 2021 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Interest Rate | 5.00% | 5.00% | |||||||||||||||||
Deferred Finance Costs, Net | $ 4,111,000 | $ 5,080,000 | |||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | 450,000,000 | |||||||||||||||||
Debt Instrument Maturity Year | 2,021 | ||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | ||||||||||||||||||
Senior Notes | 445,889,000 | 444,920,000 | |||||||||||||||||
Convertible 5.000 Percent Senior Notes Due 2021 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | ||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 442,400,000 | ||||||||||||||||||
Repayments of Senior Debt | $ 252,700,000 | ||||||||||||||||||
Percentage Of debt outstanding tendered | 6.00% | ||||||||||||||||||
Debt Instrument, Effective Interest Rate | 5.21% | ||||||||||||||||||
Debt, Fair Value | $ 301,343,000 | $ 308,250,000 | |||||||||||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Interest Rate | 1.50% | 1.50% | |||||||||||||||||
Deferred Finance Costs, Net | $ 3,061,000 | $ 4,095,000 | |||||||||||||||||
Debt Instrument, Principal amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | 300,000,000 | |||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 266,000,000 | ||||||||||||||||||
Debt Issuance Costs, Gross | $ 9,300,000 | $ 9,300,000 | |||||||||||||||||
Debt Instrument Maturity Year | 2,019 | ||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 1, 2019 | ||||||||||||||||||
Debt Instrument, Effective Interest Rate | 6.23% | 6.23% | |||||||||||||||||
Proceeds from Convertible Debt | $ 300,000,000 | ||||||||||||||||||
Discount Rate Used To Determine Liability Fair Value | 5.75% | 5.75% | |||||||||||||||||
Debt Instrument Convertible Carrying Amount Of Liability Component | $ 227,600,000 | $ 227,600,000 | |||||||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 72,400,000 | 72,400,000 | |||||||||||||||||
Debt Instrument Maturity Period | 7 years | ||||||||||||||||||
Decrease In Additional Paid In Capital | $ 2,200,000 | ||||||||||||||||||
Amortization Of Deferred Financing Costs To Interest Expense | $ 7,100,000 | ||||||||||||||||||
Senior Notes | 265,846,000 | 254,305,000 | |||||||||||||||||
Debt, Fair Value | 216,195,000 | $ 170,340,000 | |||||||||||||||||
Convertible Senior Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Proceeds from Convertible Debt | 290,800,000 | ||||||||||||||||||
Amended Line Of Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Collateral Amount | $ 400,000,000 | ||||||||||||||||||
PledgedCollateralAsPercentageOfBorrwingBase | 200.00% | ||||||||||||||||||
Revolving credit facility, Current Borrowing Capacity | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||||||||||||||||||
Line of Credit Facility, Covenant, Minimum Liquidity for Prepayment | 150,000,000 | ||||||||||||||||||
Line of Credit Facility, Covenant, Amount Of Liens Permitted To Secure Debt | $ 15,000,000 | ||||||||||||||||||
Before Amendment [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Collateral Amount | $ 450,000,000 | ||||||||||||||||||
PledgedCollateralAsPercentageOfBorrwingBase | 150.00% | ||||||||||||||||||
Revolving credit facility, Current Borrowing Capacity | $ 300,000,000 | ||||||||||||||||||
Line of Credit Facility, Covenant, Debt to Capitalization, Percent | 55.00% | ||||||||||||||||||
Line of Credit Facility, Covenant, Minimum Liquidity for Prepayment | 100,000,000 | ||||||||||||||||||
Line of Credit Facility, Covenant, Amount Of Liens Permitted To Secure Debt | 50,000,000 | ||||||||||||||||||
Line of Credit Facility, Covenant, Amount of Cash or Cash Equivalents on Deposit or Unused Availability | $ 20,000,000 | ||||||||||||||||||
Semi Annual Payment First Payment [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest payable date | --04-01 | ||||||||||||||||||
Semi Annual Payment First Payment [Member] | Senior Notes 5.000 Percent Due 2021 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest payable date | --03-01 | ||||||||||||||||||
Semi Annual Payment First Payment [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest payable date | --03-01 | ||||||||||||||||||
Semi Annual Payment Second Payment [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest payable date | --10-01 | ||||||||||||||||||
Semi Annual Payment Second Payment [Member] | Senior Notes 5.000 Percent Due 2021 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest payable date | --09-01 | ||||||||||||||||||
Semi Annual Payment Second Payment [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument, Interest payable date | --09-01 | ||||||||||||||||||
Warrant [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Principal Amount Senior Notes for conversion | 1,000 | 1,000 | |||||||||||||||||
Debt Instrument Convertible Conversion Warrant Strike Price | $ / shares | $ 68.53 | ||||||||||||||||||
Debt Instrument Convertible Conversion Premium | 75.00% | ||||||||||||||||||
Conversion Condition Two [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Principal Amount Senior Notes for conversion | $ 1,000 | $ 1,000 | |||||||||||||||||
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes | 5 days | ||||||||||||||||||
Number of consecutive trading days used in conversion analysis | 10 days | ||||||||||||||||||
Trading price per 1000 principal amount of notes, percent | 95.00% | ||||||||||||||||||
Conversion Condition One [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Conversion Circumstance Percentage Stock Price Of Stock Conversion Threshold | 135.00% | ||||||||||||||||||
Number of consecutive trading days used in conversion analysis | 30 days | ||||||||||||||||||
Minimum | Conversion Condition One [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes | 20 days | ||||||||||||||||||
Subsequent Event [Member] | Amended Line Of Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of Credit Facility, Covenant, Debt to Capitalization, Percent | 50.00% | ||||||||||||||||||
Line of Credit Facility, Covenant, Maximum Cash Balance When Drawn | $ 50,000,000 | ||||||||||||||||||
Line of Credit Facility, Covenant, Maximum Senior Secured Leverage Ratio | 2 | ||||||||||||||||||
Line of Credit Facility, Covenant, Amount of Cash or Cash Equivalents on Deposit or Unused Availability | $ 100,000,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Jul. 01, 2013 | Dec. 31, 2016Rightshares | Dec. 31, 2015shares | Dec. 31, 2014USD ($)$ / sharesshares | Oct. 28, 2014USD ($) |
Stockholders Equity Note [Line Items] | |||||
Preferred stock, shares authorized | shares | 5,000,000 | 5,000,000 | |||
Stockholder rights plan for each outstanding share of common stock | Right | 1 | ||||
Business days after public announcement | 10 days | ||||
Authorized amount | $ | $ 150,000,000 | ||||
Stock Repurchased and Retired During Period, Shares | shares | 0 | 0 | 891,396 | ||
Stock repurchased and retired during period,average price paid per share | $ / shares | $ 28.05 | ||||
Stock repurchased and retired during period, value | $ | $ 25,000,000 | ||||
Stock Repurchase Program, Percent of Shares Repurchased to Shares Outstanding | 2.50% | ||||
Minimum | |||||
Stockholders Equity Note [Line Items] | |||||
Percentage of tender offer or exchange for rights to become exercisable | 10.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 1,900 | $ 600 | ||
Number of shares available for grants in future | 542,266 | |||
Tax deduction (benefit), excess of compensation | $ (1,900) | (600) | $ 300 | |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | 0 | 292 | |
Proceeds from Stock Options Exercised | $ 0 | 100 | 1,400 | |
Stock option expiration period from the date of grant | 10 years | |||
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 | |||
Share-based Compensation | $ 9,983 | 10,293 | 10,324 | |
Vesting Period (in years) | 3 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 0 | 0 | $ 100 | |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period (in years) | 3 years | |||
Performance Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Thresholds For Potential Shares To Be Issued | 0.00% | |||
Vesting Period (in years) | 1 year | |||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Thresholds For Potential Shares To Be Issued | 150.00% | 150.00% | ||
Vesting Period (in years) | 3 years | |||
Time Based Restricted Stock Units (RSU) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period (in years) | 1 year | |||
Time Based Restricted Stock Units (RSU) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period (in years) | 3 years | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock based compensation expense | $ 4,600 | |||
Unamortized stock based compensation expense, recognition period | 1 year 1 month 24 days | |||
Share-based Compensation | $ 6,800 | 9,300 | $ 9,000 | |
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock based compensation expense | $ 5,100 | |||
Unamortized stock based compensation expense, recognition period | 1 year 9 months 27 days | |||
Share-based Compensation | $ 2,600 | (200) | (100) | |
Vesting Period (in years) | 3 years | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangements By Share Based Payment Award Discount From Market Price | 15.00% | |||
Number of shares available for grants in future | 1,103,731 | |||
Stock-based incentive compensation plan, maximum number of shares covered | 2,200,000 | |||
Share-based Compensation | $ 600 | $ 1,200 | $ 1,200 |
Stock-Based Compensation - Fina
Stock-Based Compensation - Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 9,983 | $ 10,293 | $ 10,324 |
Net income | $ 5,829 | $ 6,454 | $ 6,471 |
Earnings per common share: | |||
Basic (usd per share) | 0.16 | 0.18 | 0.18 |
Diluted (usd per share) | 0.16 | 0.18 | 0.18 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | ||||
Options outstanding at Beginning of Year | 304 | 345 | 405 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | (1) | (60) | |
Forfeited or expired | 119 | 40 | 0 | |
Options outstanding at End of Year | 185 | 304 | 345 | 405 |
Exercisable options outstanding | 185 | 304 | 345 | |
Weighted Average Exercise Price | ||||
Options outstanding at Beginning of Year | $ 28.11 | $ 27.98 | $ 27.16 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 22.28 | 22.49 | |
Forfeited or expired | 33.15 | 27.27 | 0 | |
Options outstanding at End of Year | 24.86 | 28.11 | 27.98 | $ 27.16 |
Exercisable options outstanding | $ 24.86 | $ 28.11 | $ 27.98 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Remaining Contractual Term (Years) | 0 years | 0 years | 0 years | |
Weighted Average Remaining Contractual Term (years) | ||||
Options outstanding at Beginning of Year | 4 years 1 month 12 days | 3 years 2 months 12 days | 3 years 8 months 12 days | 4 years 2 months 12 days |
Options outstanding at End of Year | 4 years 1 month 12 days | 3 years 2 months 12 days | 3 years 8 months 12 days | 4 years 2 months 12 days |
Exercisable options outstanding | 4 years 1 month 12 days | 3 years 2 months 12 days | 3 years 8 months 6 days | |
Aggregate Intrinsic Value | ||||
Options outstanding at Beginning of Year | $ 0 | $ 59 | $ 8,951 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 2 | 684 | |
Options outstanding at End of Year | 0 | 0 | 59 | $ 8,951 |
Exercisable options outstanding | $ 0 | $ 0 | $ 59 |
Stock-Based Compensation - Su53
Stock-Based Compensation - Summary of Nonvested Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (15) | (117) | (18) | |
Weighted-Average Grant-Date Fair Value | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 34.32 | $ 37.25 | $ 37.88 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested | 820 | 726 | 590 | 570 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 537 | 479 | 274 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period | 0 | (104) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (348) | (239) | (254) | |
Weighted-Average Grant-Date Fair Value | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 17.72 | $ 30.12 | $ 37.13 | $ 31.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 6.44 | 21.40 | 42.61 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled And Forfeited In Period Weighted Average Grant Date Fair Value | 0 | 21.84 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 23.50 | $ 33.60 | $ 30.68 |
Stock-Based Compensation - Su54
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Change In Estimated Payout of Performance Unit Awards | (95) | ||
Vested | (15) | (117) | (18) |
Weighted Avg. Fair Value Per Share | |||
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share | $ 27.52 | ||
Vested | $ 34.32 | $ 37.25 | $ 37.88 |
Restricted Stock | |||
Number of Shares | |||
Restricted stock awards at Beginning of Year | 726 | 590 | 570 |
Granted during the period | 537 | 479 | 274 |
Cancellations during the period | 0 | (104) | 0 |
Vested | (348) | (239) | (254) |
Outstanding, at End of Year | 820 | 726 | 590 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards at Beginning of Year | $ 30.12 | $ 37.13 | $ 31.61 |
Granted during the period | 6.44 | 21.40 | 42.61 |
Cancellations during the period | 0 | 21.84 | 0 |
Vested | 23.50 | 33.60 | 30.68 |
Outstanding, at End of Year | $ 17.72 | $ 30.12 | $ 37.13 |
Phantom Share Units (PSUs) | |||
Number of Shares | |||
Restricted stock awards at Beginning of Year | 82 | 153 | 139 |
Granted during the period | 991 | 47 | 35 |
Cancellations during the period | (5) | (1) | (3) |
Outstanding, at End of Year | 1,053 | 82 | 153 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards at Beginning of Year | $ 30.61 | $ 38.43 | $ 37.25 |
Granted during the period | 6.14 | 21.84 | 43 |
Cancellations during the period | 19.05 | 30.87 | 39.14 |
Outstanding, at End of Year | $ 7.60 | $ 30.61 | $ 38.43 |
Stock-Based Compensation - Su55
Stock-Based Compensation - Summary of Weighted Average Assumptions and Fair Value of Options under ESPP (Detail) - Employee Stock Purchase Plan - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 91.60% | 61.30% |
Risk-free interest rate | 0.49% | 0.30% |
Expected term (months) | 6 months | 6 months |
Weighted-average grant-date fair value per share | $ 3.14 | $ 4.86 |
Income Taxes - Components of Lo
Income Taxes - Components of Long Term Deferred Tax Liabilities Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities: | |||
Fixed assets | $ 490,221 | $ 472,817 | $ 489,060 |
Deferred charges and other liabilities | 10,908 | 11,317 | 18,013 |
Deferred Tax Liabilities, Gross, Noncurrent | 501,129 | 484,134 | 507,073 |
Deferred tax assets: | |||
Net operating loss carryforwards | (111,147) | (52,374) | (116,676) |
Allowance for doubtful accounts | (763) | (1,036) | (1,330) |
Stock-based compensation expense | (4,033) | (4,830) | (4,246) |
Alternative minimum tax credit carryforward | (20,863) | (20,863) | (20,863) |
Foreign tax credit carryforward | (17,554) | (17,972) | (12,332) |
Other | (6,044) | (5,440) | (5,676) |
Total deferred tax assets | (160,404) | (102,515) | (161,123) |
Valuation allowance | 2,295 | 0 | 1,011 |
Deferred tax liabilities, net | |||
Total deferred tax liabilities | $ 343,020 | $ 381,619 | $ 346,961 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||||
Federal tax operating loss carryforwards, net | $ 315,200 | |||
Foreign tax credit carryforward | 16,400 | |||
State tax operating loss carryforwards, net | 88,500 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 2,295 | $ (1,011) | $ 99 | $ 912 |
Federal statutory rate | 35.00% | |||
Internal Revenue Service (IRS) | Minimum | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forward, expiration year | 2,031 | |||
Internal Revenue Service (IRS) | Maximum | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forward, expiration year | 2,036 | |||
Foreign markets | Minimum | ||||
Income Taxes [Line Items] | ||||
Tax credit carry forward, expiration year | 2,019 | |||
Foreign markets | Maximum | ||||
Income Taxes [Line Items] | ||||
Tax credit carry forward, expiration year | 2,026 | |||
State and Local Jurisdiction | Minimum | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forward, expiration year | 2,030 | |||
State and Local Jurisdiction | Maximum | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forward, expiration year | 2,036 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. | $ 709 | $ 0 | $ 0 |
Foreign | (257) | 5,671 | 1,927 |
Total current tax expense | 452 | 5,671 | 1,927 |
U.S. | (45,958) | 34,086 | 50,440 |
Total tax expense (benefit) | $ (45,506) | $ 39,757 | $ 52,367 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes Based on Jurisdiction Earned (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||
U.S. | $ (93,704) | $ 65,894 | $ 105,066 |
Foreign | (15,648) | 40,684 | 35,208 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (109,352) | $ 106,578 | $ 140,274 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Provision of Income Taxes [Line Items] | ||||
Statutory rate | $ (38,274) | $ 37,302 | $ 49,096 | |
State taxes, net | (1,094) | 1,066 | 1,403 | |
Non-deductible expense | 1,070 | 1,440 | 1,927 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,295 | (1,011) | 99 | $ 912 |
Effective Income Tax Rate Reconciliation Income Excluded from U.S. Taxable Income | (9,478) | 0 | 0 | |
Foreign taxes and other | (25) | 960 | (158) | |
Total tax expense (benefit) | $ (45,506) | $ 39,757 | $ 52,367 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Feb. 17, 2016Vessel | Nov. 30, 2011VesselShipyard | Jun. 30, 2013 | Dec. 31, 2016USD ($)VesselContract | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013Vessel | Jun. 30, 2012Contract | Dec. 20, 2005Contract |
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335 | ||||||||
Cost incurred on OSV newbuild program | $ 1,264 | ||||||||
Percentage of total project cost | 94.70% | ||||||||
Operating leases rent expense | $ 4 | $ 4.1 | $ 3.9 | ||||||
Amount owed by ATP, reserves | $ 0.9 | ||||||||
Covington facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Lease expiration date | 2025-09 | ||||||||
Number of lease renewal options | Contract | 3 | ||||||||
Operating lease, renewal option term | 5 years | ||||||||
Shore-base facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of lease renewal options | Contract | 4 | ||||||||
New facility lease | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of lease renewal options | Contract | 3 | ||||||||
Operating lease, remaining term | 2 years | ||||||||
Importation assessment | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of Vessels operating in Brazil | Vessel | 4 | ||||||||
Newbuild program 5 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number Of Construction Shipyards, Domestic | Shipyard | 3 | ||||||||
Number of Vessels Placed in Service | Vessel | 22 | ||||||||
Number Of Vessels | Vessel | 24 | 2 | |||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335 | ||||||||
Cost incurred on OSV newbuild program | $ 1,264 | ||||||||
Percentage of total project cost | 94.70% | ||||||||
Newbuild program 5 | Offshore Supply Vessel Class 300 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | Vessel | 4 | ||||||||
Newbuild program 5 | Offshore Supply Vessel Class 310 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | Vessel | 5 | ||||||||
Newbuild program 5 | Offshore Supply Vessel Class 320 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | Vessel | 10 | ||||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | Vessel | 2 | 3 | 4 | ||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 400 | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Number of vessels to be constructed | Vessel | 2 | 2 | |||||||
ATP Oil and Gas, Inc [Member] | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Amount owed by ATP | $ 4.8 | ||||||||
Minimum | Importation assessment | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | 0.5 | ||||||||
Minimum | Petrobas [Member] | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | 0.5 | ||||||||
Maximum | Importation assessment | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | 3.5 | ||||||||
Maximum | Petrobas [Member] | Brazil | |||||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | $ 3 |
Commitments and Contingencies62
Commitments and Contingencies - Future Minimum Payments Under Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 2,826 |
2,018 | 2,377 |
2,019 | 2,409 |
2,020 | 2,456 |
2,021 | 2,524 |
Thereafter | 24,662 |
Total | $ 37,254 |
Deferred Charges (Detail)
Deferred Charges (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred drydocking costs, net of accumulated amortization of $41,784 and $38,429 respectively | $ 13,808 | $ 29,228 |
Prepaid lease expense, net of amortization of $1,542 and $1,384 respectively | 2,688 | 2,847 |
Debt Issuance Costs, Line of Credit Arrangements, Net | 2,581 | 3,198 |
Total | $ 19,077 | $ 35,273 |
Deferred Charges (Additional In
Deferred Charges (Additional Information) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred financing costs, accumulated amortization | $ 349 | $ 4,070 |
Deferred drydocking costs, accumulated amortization | 34,313 | 41,784 |
Prepaid lease expense, net of amortization | $ 1,700 | $ 1,542 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 4,763 | $ 4,339 |
Deferred Revenue | 2,245 | 5,734 |
Taxes Payable, Current | 215 | 3,958 |
Other Accrued Liabilities | 2,787 | 9,581 |
Other Accrued Liabilities, Current | $ 10,010 | $ 23,612 |
Major Customers - Revenues from
Major Customers - Revenues from Customer Exceeding 10% (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Customer A | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 21.00% | 20.00% | 14.00% |
Customer B | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 15.00% | ||
Customer C | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 13.00% | ||
Customer D | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 10.00% |
Discontinued Operations - Incom
Discontinued Operations - Income Statement from Discontinued Operations (Details) | Aug. 29, 2013USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / shares | |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Number of Assets excluded from sale | 3 | ||||
Proceeds from Sale of Other Property, Plant and Equipment, Discontinued Operations | $ 1,600,000 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 0 | $ 0 | 867,000 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 600,000 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Share | $ / shares | $ 0.02 | ||||
Revenue | 0 | 0 | $ 12,000 | ||
Operating Income | 0 | 0 | 555,000 | ||
Income before income taxes | 0 | 0 | 966,000 | ||
Income tax expense | 0 | 0 | 348,000 | ||
Income from discontinued operations | [1] | $ 0 | $ 0 | $ 618,000 | |
[1] | Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. 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. |
Employment Agreements - Additio
Employment Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Plan [Line Items] | |
Expiration date of employment agreements with certain members of executive management team | Dec. 31, 2019 |
Condensed Consolidating Guara69
Condensed Consolidating Guarantor Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 217,027 | $ 259,801 | $ 185,123 | $ 439,291 |
Accounts Receivable, Net, Current | 36,550 | 91,202 | ||
Other Assets, Current | 16,978 | 13,033 | ||
Assets, Current | 270,555 | 364,036 | ||
Property, plant and equipment, net | 2,578,388 | 2,574,661 | ||
Deferred costs, Noncurrent | 19,077 | 35,273 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other assets, Noncurrent | 10,255 | 10,446 | ||
Assets | 2,878,275 | 2,984,416 | ||
Accounts payable, Current | 11,774 | 35,742 | ||
Interest Payable, Current | 14,763 | 14,795 | ||
Employee-related Liabilities, Current | 8,596 | 10,365 | ||
Other accrued liabilities, Current | 10,010 | 23,612 | ||
Total current liabilities | 45,143 | 84,514 | ||
Long-term debt, Excluding Current Maturities | 1,083,710 | 1,070,281 | ||
Deferred Tax Liabilities, Net, Noncurrent | 343,020 | 381,619 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 3,406 | 1,839 | ||
Liabilities | 1,475,279 | 1,538,253 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 365 | 360 | ||
Additional paid-in capital | 754,394 | 748,041 | ||
Retained earnings (Accumulated Deficit) | 637,992 | 701,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10,245 | (4,076) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,402,996 | 1,446,163 | ||
Liabilities and Equity | 2,878,275 | 2,984,416 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts Receivable, Net, Current | 0 | 821 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | 0 | 821 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | (2,567,573) | (1,996,513) | ||
Equity Method Investments | (773,037) | (788,028) | ||
Other assets, Noncurrent | 0 | 0 | ||
Assets | (3,340,610) | (2,783,720) | ||
Accounts payable, Current | 0 | 7 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other accrued liabilities, Current | 0 | 0 | ||
Total current liabilities | 0 | 7 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (2,571,891) | (2,000,018) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (2,571,891) | (2,000,011) | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | (42,297) | (42,297) | ||
Retained earnings (Accumulated Deficit) | (726,422) | (741,412) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (768,719) | (783,709) | ||
Liabilities and Equity | (3,340,610) | (2,783,720) | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 9 | 10 | 16 | |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 15 | 12 | ||
Assets, Current | 24 | 22 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred costs, Noncurrent | 2,581 | 3,198 | ||
Due from Related Parties, Noncurrent | 1,779,872 | 1,751,046 | ||
Equity Method Investments | 768,718 | 783,709 | ||
Other assets, Noncurrent | 1,744 | 1,743 | ||
Assets | 2,552,939 | 2,539,718 | ||
Accounts payable, Current | 0 | 0 | ||
Interest Payable, Current | 14,763 | 14,795 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other accrued liabilities, Current | 0 | 0 | ||
Total current liabilities | 14,763 | 14,795 | ||
Long-term debt, Excluding Current Maturities | 1,083,710 | 1,070,281 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 61,715 | 4,403 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,160,188 | 1,089,479 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 365 | 360 | ||
Additional paid-in capital | 754,394 | 748,043 | ||
Retained earnings (Accumulated Deficit) | 637,992 | 701,836 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,392,751 | 1,450,239 | ||
Liabilities and Equity | 2,552,939 | 2,539,718 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 212,196 | 252,651 | 183,447 | |
Accounts Receivable, Net, Current | 30,846 | 41,963 | ||
Other Assets, Current | 16,176 | 12,955 | ||
Assets, Current | 259,218 | 307,569 | ||
Property, plant and equipment, net | 2,449,473 | 2,472,367 | ||
Deferred costs, Noncurrent | 15,724 | 56,021 | ||
Due from Related Parties, Noncurrent | 680,663 | 186,054 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other assets, Noncurrent | 6,239 | 6,648 | ||
Assets | 3,419,919 | 3,037,261 | ||
Accounts payable, Current | 11,325 | 34,214 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 8,104 | 9,913 | ||
Other accrued liabilities, Current | 8,463 | 16,989 | ||
Total current liabilities | 27,892 | 61,116 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 337,503 | 381,619 | ||
Due to Related Parties | 2,264,900 | 1,801,829 | ||
Other Liabilities, Noncurrent | 3,416 | 1,839 | ||
Liabilities | 2,633,711 | 2,246,403 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | 37,978 | 37,976 | ||
Retained earnings (Accumulated Deficit) | 748,080 | 752,763 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 150 | 119 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 786,208 | 790,858 | ||
Liabilities and Equity | 3,419,919 | 3,037,261 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 4,822 | 7,140 | $ 1,660 | |
Accounts Receivable, Net, Current | 5,704 | 48,418 | ||
Other Assets, Current | 787 | 66 | ||
Assets, Current | 11,313 | 55,624 | ||
Property, plant and equipment, net | 128,915 | 102,294 | ||
Deferred costs, Noncurrent | 772 | (23,946) | ||
Due from Related Parties, Noncurrent | 107,038 | 59,413 | ||
Equity Method Investments | (4,283) | (4,283) | ||
Other assets, Noncurrent | 2,272 | 2,055 | ||
Assets | 246,027 | 191,157 | ||
Accounts payable, Current | 449 | 1,521 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 492 | 452 | ||
Other accrued liabilities, Current | 1,547 | 6,623 | ||
Total current liabilities | 2,488 | 8,596 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 5,517 | 0 | ||
Due to Related Parties | 245,276 | 193,786 | ||
Other Liabilities, Noncurrent | (10) | 0 | ||
Liabilities | 253,271 | 202,382 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | 4,319 | 4,319 | ||
Retained earnings (Accumulated Deficit) | (21,658) | (11,349) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10,095 | (4,195) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,244) | (11,225) | ||
Liabilities and Equity | $ 246,027 | $ 191,157 |
Condensed Consolidating Guara70
Condensed Consolidating Guarantor Financial Information Condensed Consolidating Statement of Operations (Details) - USD ($) | Aug. 28, 2015 | Feb. 27, 2015 | Dec. 31, 2016 | [1],[2] | Sep. 30, 2016 | [1],[2] | Jun. 30, 2016 | [1],[2] | Mar. 31, 2016 | [1],[2] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [2] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | $ 41,879,000 | $ 51,927,000 | $ 53,673,000 | $ 76,820,000 | $ 88,719,000 | $ 116,281,000 | $ 136,446,000 | $ 134,624,000 | $ 224,299,000 | $ 476,070,000 | $ 634,793,000 | ||||||||||
Operating Costs and Expenses | 131,658,000 | 219,260,000 | 296,500,000 | ||||||||||||||||||
Depreciation | 93,071,000 | 82,566,000 | 71,301,000 | ||||||||||||||||||
Amortization of Deferred Charges | 20,485,000 | 26,463,000 | 44,149,000 | ||||||||||||||||||
General and Administrative Expense | 43,358,000 | 48,297,000 | 54,245,000 | ||||||||||||||||||
Costs and Expenses | 288,572,000 | 376,586,000 | 466,195,000 | ||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 11,000,000 | $ 33,100,000 | 54,000 | 44,060,000 | 822,000 | ||||||||||||||||
Operating Income (Loss) | $ (27,484,000) | $ (14,445,000) | $ (21,510,000) | $ (780,000) | $ 4,482,000 | $ 32,809,000 | [3] | $ 39,355,000 | $ 66,898,000 | [3] | (64,219,000) | 143,544,000 | 169,420,000 | ||||||||
Investment Income, Interest | 1,490,000 | 1,525,000 | 1,086,000 | ||||||||||||||||||
Interest Expense | (48,675,000) | (39,496,000) | (30,733,000) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | |||||||||||||||||||
Other Nonoperating Income (Expense) | 2,052,000 | 1,005,000 | 501,000 | ||||||||||||||||||
Nonoperating Income (Expense) | (45,133,000) | (36,966,000) | (29,146,000) | ||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (109,352,000) | 106,578,000 | 140,274,000 | ||||||||||||||||||
Income Tax Expense (benefit) | (45,506,000) | 39,757,000 | $ 52,367,000 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (63,846,000) | 66,821,000 | |||||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 2,029,000 | (1,301,000) | |||||||||||||||||||
Operating Costs and Expenses | 1,971,000 | (1,002,000) | |||||||||||||||||||
Depreciation | 0 | 0 | |||||||||||||||||||
Amortization of Deferred Charges | 0 | 0 | |||||||||||||||||||
General and Administrative Expense | 58,000 | (151,000) | |||||||||||||||||||
Costs and Expenses | 2,029,000 | (1,153,000) | |||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | |||||||||||||||||||
Operating Income (Loss) | 0 | (148,000) | |||||||||||||||||||
Investment Income, Interest | 0 | 0 | |||||||||||||||||||
Interest Expense | 0 | 0 | |||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 14,989,000 | (106,798,000) | |||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | (180,000) | |||||||||||||||||||
Nonoperating Income (Expense) | 14,989,000 | (106,978,000) | |||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 14,989,000 | (107,126,000) | |||||||||||||||||||
Income Tax Expense (benefit) | 0 | 0 | |||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 14,989,000 | (107,126,000) | |||||||||||||||||||
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 | 184,000 | 189,000 | |||||||||||||||||||
Costs and Expenses | 184,000 | 189,000 | |||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 | |||||||||||||||||||
Operating Income (Loss) | (184,000) | (189,000) | |||||||||||||||||||
Investment Income, Interest | 0 | 0 | |||||||||||||||||||
Interest Expense | (48,673,000) | (39,460,000) | |||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | (14,989,000) | 106,798,000 | |||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | |||||||||||||||||||
Nonoperating Income (Expense) | (63,662,000) | 67,338,000 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (63,846,000) | 67,149,000 | |||||||||||||||||||
Income Tax Expense (benefit) | 0 | 0 | |||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (63,846,000) | 67,149,000 | |||||||||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 213,563,000 | 426,419,000 | |||||||||||||||||||
Operating Costs and Expenses | 114,783,000 | 178,748,000 | |||||||||||||||||||
Depreciation | 88,443,000 | 81,522,000 | |||||||||||||||||||
Amortization of Deferred Charges | 19,024,000 | 25,782,000 | |||||||||||||||||||
General and Administrative Expense | 39,479,000 | 44,398,000 | |||||||||||||||||||
Costs and Expenses | 261,729,000 | 330,450,000 | |||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 53,000 | 44,060,000 | |||||||||||||||||||
Operating Income (Loss) | (48,113,000) | 140,029,000 | |||||||||||||||||||
Investment Income, Interest | 984,000 | 1,125,000 | |||||||||||||||||||
Interest Expense | 0 | 0 | |||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | |||||||||||||||||||
Other Nonoperating Income (Expense) | (2,272,000) | (4,053,000) | |||||||||||||||||||
Nonoperating Income (Expense) | (1,288,000) | (2,928,000) | |||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (49,401,000) | 137,101,000 | |||||||||||||||||||
Income Tax Expense (benefit) | (44,721,000) | 35,194,000 | |||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,680,000) | 101,907,000 | |||||||||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 8,707,000 | 50,952,000 | |||||||||||||||||||
Operating Costs and Expenses | 14,904,000 | 41,514,000 | |||||||||||||||||||
Depreciation | 4,628,000 | 1,044,000 | |||||||||||||||||||
Amortization of Deferred Charges | 1,461,000 | 681,000 | |||||||||||||||||||
General and Administrative Expense | 3,637,000 | 3,861,000 | |||||||||||||||||||
Costs and Expenses | 24,630,000 | 47,100,000 | |||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1,000 | 0 | |||||||||||||||||||
Operating Income (Loss) | (15,922,000) | 3,852,000 | |||||||||||||||||||
Investment Income, Interest | 506,000 | 400,000 | |||||||||||||||||||
Interest Expense | (2,000) | (36,000) | |||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | |||||||||||||||||||
Other Nonoperating Income (Expense) | 4,324,000 | 5,238,000 | |||||||||||||||||||
Nonoperating Income (Expense) | 4,828,000 | 5,602,000 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (11,094,000) | 9,454,000 | |||||||||||||||||||
Income Tax Expense (benefit) | (785,000) | 4,563,000 | |||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (10,309,000) | $ 4,891,000 | |||||||||||||||||||
[1] | Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015. | ||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||||
[3] | During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million. The sale resulted in a pre-tax gain of approximately $33.1 million ($20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million. The sale resulted in a pre-tax gain of approximately $11.0 million ($6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion. |
Condensed Consolidating Guara71
Condensed Consolidating Guarantor Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (63,846) | $ 66,821 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 14,321 | (3,174) | $ (107) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (49,525) | 63,647 | $ 88,418 |
Consolidation, Eliminations [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 14,989 | (107,126) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 14,989 | (107,126) | |
Parent Company [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (63,846) | 67,149 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (63,846) | 67,149 | |
Guarantor Subsidiaries [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,680) | 101,907 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 31 | (81) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (4,649) | 101,826 | |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,309) | 4,891 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 14,290 | (3,093) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 3,981 | $ 1,798 |
Condensed Consolidating Guara72
Condensed Consolidating Guarantor Financial Information Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 53,050 | $ 215,843 | $ 163,106 | |
Costs Incurred For Offshore Supply Vessels Newbuild Program | (76,277) | (190,070) | (343,989) | |
Proceeds from Sale of Property, Plant, and Equipment | 524 | 152,000 | 7,178 | |
Payments to Acquire Property, Plant, and Equipment | (20,689) | (86,792) | (55,089) | |
Payments to Acquire Other Property, Plant, and Equipment | (569) | (16,487) | (9,615) | |
Net Cash Provided by (Used in) Investing Activities | (97,011) | (141,349) | ||
Payments of Financing Costs | (1,102) | (2,089) | 0 | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 1,300 | 3,112 | 5,044 | |
Net Cash Provided by (Used in) Financing Activities | 198 | 1,023 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 989 | (839) | (107) | |
Cash and Cash Equivalents, Period Increase (Decrease) | (42,774) | 74,678 | (254,168) | |
Cash and cash equivalents, at Carrying Value | 217,027 | 259,801 | 185,123 | $ 439,291 |
Cash Paid for Interest | 50,152 | 50,492 | 50,548 | |
Income Taxes Paid | 3,732 | 4,808 | 5,679 | |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash and cash equivalents, at Carrying Value | 0 | 0 | 0 | |
Cash Paid for Interest | 0 | 0 | ||
Income Taxes Paid | 0 | 0 | ||
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (199) | (1,029) | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Payments of Financing Costs | (1,102) | (2,089) | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 1,300 | 3,112 | ||
Net Cash Provided by (Used in) Financing Activities | 198 | 1,023 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (1) | (6) | ||
Cash and cash equivalents, at Carrying Value | 9 | 10 | 16 | |
Income Taxes Paid | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 55,677 | 109,987 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (76,615) | (120,767) | ||
Proceeds from Sale of Property, Plant, and Equipment | 523 | 152,000 | ||
Payments to Acquire Property, Plant, and Equipment | (19,604) | (55,724) | ||
Payments to Acquire Other Property, Plant, and Equipment | (467) | (16,211) | ||
Net Cash Provided by (Used in) Investing Activities | (96,163) | (40,702) | ||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 31 | (81) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (40,455) | 69,204 | ||
Cash and cash equivalents, at Carrying Value | 212,196 | 252,651 | 183,447 | |
Cash Paid for Interest | 0 | 0 | ||
Income Taxes Paid | 1,292 | 582 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (2,428) | 106,885 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 338 | (69,303) | ||
Proceeds from Sale of Property, Plant, and Equipment | 1 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | (1,085) | (31,068) | ||
Payments to Acquire Other Property, Plant, and Equipment | (102) | (276) | ||
Net Cash Provided by (Used in) Investing Activities | (848) | (100,647) | ||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 958 | (758) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (2,318) | 5,480 | ||
Cash and cash equivalents, at Carrying Value | 4,822 | 7,140 | $ 1,660 | |
Income Taxes Paid | $ 2,440 | $ 4,226 |
Supplemental Selected Quarter73
Supplemental Selected Quarterly Financial Data (Unaudited) - Supplemental Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1],[2] | Sep. 30, 2016 | [1],[2] | Jun. 30, 2016 | [1],[2] | Mar. 31, 2016 | [1],[2] | Dec. 31, 2015 | [2] | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [2] | Mar. 31, 2015 | [2] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||||||||||
Vessel revenues | $ 41,879,000 | $ 51,927,000 | $ 53,673,000 | $ 76,820,000 | $ 88,719,000 | $ 116,281,000 | $ 136,446,000 | $ 134,624,000 | $ 224,299,000 | $ 476,070,000 | $ 634,793,000 | ||||||||
Operating Income (Loss) | (27,484,000) | (14,445,000) | (21,510,000) | (780,000) | 4,482,000 | 32,809,000 | [3] | 39,355,000 | 66,898,000 | [3] | (64,219,000) | 143,544,000 | 169,420,000 | ||||||
Net income (Loss) | $ (19,243,000) | $ (16,503,000) | $ (20,586,000) | $ (7,514,000) | $ (2,671,000) | $ 14,424,000 | $ 19,215,000 | $ 35,853,000 | $ (63,846,000) | $ 66,821,000 | $ 88,525,000 | ||||||||
Earnings (loss) per common share: | |||||||||||||||||||
Basic earnings (loss) per common share, in dollars per share | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ (0.07) | $ 0.40 | $ 0.54 | $ 1.01 | $ (1.76) | $ 1.87 | $ 2.45 | ||||||||
Diluted earnings (loss) per common share, in dollars per share | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ (0.07) | $ 0.40 | $ 0.53 | $ 0.99 | $ (1.76) | $ 1.84 | $ 2.41 | ||||||||
[1] | Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015. | ||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||
[3] | During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million. The sale resulted in a pre-tax gain of approximately $33.1 million ($20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million. The sale resulted in a pre-tax gain of approximately $11.0 million ($6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion. |
Supplemental Selected Quarter74
Supplemental Selected Quarterly Financial Data (Unaudited) - Supplemental Selected Quarterly Financial Data (Unaudited) (Narrative) (Detail) | Aug. 28, 2015USD ($)Vessel$ / shares | Feb. 27, 2015USD ($)Vessel$ / shares | Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel$ / shares | Dec. 31, 2014USD ($) |
Quarterly Financial Information [Line Items] | |||||
Number of Vessels Stacked | Vessel | 41.3 | 18 | |||
Average Number of MPSVs Stacked | Vessel | 0.3 | 0 | |||
NumberofVesselsSold | Vessel | 1 | 3 | 4 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | $ | $ 38,000,000 | $ 114,000,000 | $ 152,000,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ | 11,000,000 | 33,100,000 | $ 54,000 | 44,060,000 | $ 822,000 |
Gain (Loss) on Disposition of Assets | $ | $ 6,700,000 | $ 20,700,000 | $ 27,600,000 | ||
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0.19 | $ 0.57 | $ 0.76 |