Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | |
Entity Central Index Key | 1,131,227 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HOS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,767,467 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 209,061 | $ 217,027 |
Accounts receivable, net of allowance for doubtful accounts of $5,868 and $2,120, respectively | 28,044 | 36,550 |
Other current assets | 19,532 | 16,978 |
Total current assets | 256,637 | 270,555 |
Property, plant and equipment, net | 2,560,426 | 2,578,388 |
Deferred charges, net | 18,543 | 19,077 |
Other assets | 10,288 | 10,255 |
Total assets | 2,845,894 | 2,878,275 |
Current liabilities: | ||
Accounts payable | 13,173 | 11,774 |
Accrued interest | 13,516 | 14,763 |
Accrued payroll and benefits | 6,398 | 8,596 |
Other accrued liabilities | 13,193 | 10,010 |
Total current liabilities | 46,280 | 45,143 |
Long-term debt, net of original issue discount of $28,378 and $31,093 and deferred financing costs of $9,458 and $10,197, respectively | 1,087,164 | 1,083,710 |
Deferred tax liabilities, net | 328,177 | 343,020 |
Other liabilities | 2,656 | 3,406 |
Total liabilities | 1,464,277 | 1,475,279 |
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; 36,727 and 36,467 shares issued and outstanding, respectively | 367 | 365 |
Additional paid-in-capital | 755,957 | 754,394 |
Retained earnings | 613,279 | 637,992 |
Accumulated other comprehensive income | 12,014 | 10,245 |
Total stockholders’ equity | 1,381,617 | 1,402,996 |
Total liabilities and stockholders’ equity | $ 2,845,894 | $ 2,878,275 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts of | $ 5,868 | $ 2,120 |
Debt Instrument, unamortized discount | 28,378 | 31,093 |
Deferred financing costs | $ 9,458 | $ 10,197 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 36,727,000 | 36,467,000 |
Common stock outstanding | 36,727,000 | 36,467,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Vessel revenues | $ 35,849 | $ 68,216 |
Non-vessel revenues | 8,230 | 8,604 |
Revenues | 44,079 | 76,820 |
Costs and expenses: | ||
Operating expenses | 27,935 | 40,429 |
Depreciation | 24,677 | 22,173 |
Amortization | 3,724 | 6,279 |
General and administrative expenses | 14,242 | 8,674 |
Costs and Expenses, Total | 70,578 | 77,555 |
Gain (loss) on sale of assets | 18 | (45) |
Operating loss | (26,481) | (780) |
Other income (expense): | ||
Interest income | 401 | 377 |
Interest expense | (13,809) | (11,064) |
Other income (expense), net | (323) | 504 |
Nonoperating Income (Expense) | (13,731) | (10,183) |
Income (Loss) before income taxes | (40,212) | (10,963) |
Income tax benefit | (12,314) | (3,449) |
Net loss | $ (27,898) | $ (7,514) |
Loss per share | ||
Basic loss per common share, Dollars per Share | $ (0.76) | $ (0.21) |
Diluted loss per common share, Dollars per Share | $ (0.76) | $ (0.21) |
Weighted average basic shares outstanding | 36,596 | 36,085 |
Weighted average diluted shares outstanding | 36,596 | 36,085 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (27,898) | $ (7,514) |
Other comprehensive income: | ||
Foreign currency translation income | 1,769 | 10,161 |
Total comprehensive income (loss) | $ (26,129) | $ 2,647 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (27,898) | $ (7,514) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 24,677 | 22,173 |
Amortization | 3,724 | 6,279 |
Stock-based compensation expense | 2,042 | 1,172 |
Provision for bad debts | 3,748 | (103) |
Deferred tax benefit | (14,432) | (1,821) |
Amortization of deferred financing costs | 3,263 | 2,647 |
(Gain) loss on sale of assets | (18) | 45 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,769 | 31,458 |
Other current and long-term assets | (2,459) | (2,794) |
Deferred drydocking charges | (3,129) | (1,207) |
Accounts payable | 1,195 | (3,369) |
Accrued liabilities and other liabilities | 2,147 | (6,018) |
Accrued interest | (1,248) | (1,245) |
Net cash provided by (used in) operating activities | (3,619) | 39,703 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Costs incurred for OSV newbuild program | (3,288) | (33,660) |
Net proceeds from sale of assets | 32 | 420 |
Vessel capital expenditures | (161) | (10,348) |
Non-vessel capital expenditures | (130) | (266) |
Net cash used in investing activities | (3,547) | (43,854) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares withheld for payment of employee withholding taxes | (573) | (450) |
Net cash used in financing activities | (573) | (450) |
Effects of exchange rate changes on cash | (227) | 641 |
Net decrease in cash and cash equivalents | (7,966) | (3,960) |
Cash and cash equivalents at beginning of period | 217,027 | 259,801 |
Cash and cash equivalents at end of period | 209,061 | 255,841 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ||
Cash paid for interest | 13,756 | 13,787 |
Cash paid for income taxes | $ 349 | $ 1,752 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2016 . The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . Certain reclassifications have been made to prior period results to conform to current year presentation. The consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy | 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 Required Date of Adoption Effect on the financial statements and other significant matters Standards that have been adopted Accounting Standards Update (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. January 1, 2017 The adoption of this ASU had the following impact on our consolidated financial statements: 1) the Company recorded a $3.2 million adjustment to equity to recognize excess tax deductions related to stock based compensation expense from prior years. The prior period presentation has not been restated. 2) the Company recorded $1.8 million of tax shortfall in its provision for income taxes rather than as a decrease to equity. The prior period presentation has not been restated. 3) the Company recorded $0.6 million related to employee withholding taxes paid as a financing activity in the three months ended March 31, 2017. The prior year statement of cash flows was restated to reflect $0.5 million related to employee taxes paid. There was no impact on the calculation of earnings per share as all outstanding stock options were anti-dilutive at March 31, 2017. In addition, the Company has elected to continue estimating the forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. Standard Description Required Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted 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 believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. 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 transfer 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 its consolidated financial statements. 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 its consolidated financial statements. 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. Standard Description Required Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted 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 significant change in the current accounting for revenue. The Company will continue to review these new requirements including the new revenue disclosure requirements prior to implementation which is expected under the modified retrospective method. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic loss per common share was calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share was calculated by dividing net 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. When reporting a net loss, the Company uses weighted average basic shares outstanding to calculate diluted earnings per share. 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 loss per share (in thousands, except for per share data): Three Months Ended 2017 2016 Net loss $ (27,898 ) $ (7,514 ) Weighted average number of shares of common stock outstanding 36,596 36,085 Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) — — Weighted average number of dilutive shares of common stock outstanding 36,596 36,085 Earnings (loss) per common share: Basic loss per common share $ (0.76 ) $ (0.21 ) Diluted loss per common share $ (0.76 ) $ (0.21 ) (1) Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 978 and 939 shares of common stock for the three months ended March 31, 2017 and 2016 , respectively. (2) For the three months ended March 31, 2017 and 2016 , the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. (3) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Asset Impairment Assessment In accordance with ASC 360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows are less than the carrying amounts of the asset group, the assets are written down to their estimated fair values based on the expected discounted future cash flows 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. During the second quarter of 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. As a result, the Company calculated the probability-weighted undiscounted cash flows for its two vessel groups, OSVs and MPSVs, 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 first quarter of 2017, 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 subsequent to June 30, 2016. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): March 31, December 31, 5.875% senior notes due 2020, net of deferred financing costs of $2,795 and $3,025 $ 372,205 $ 371,975 5.000% senior notes due 2021, net of deferred financing costs of $3,869 and $4,111 446,131 445,889 1.500% convertible senior notes due 2019, net of original issue discount of $28,378 and $31,093 and deferred financing costs of $2,794 and $3,061 268,828 265,846 Revolving credit facility due 2020 — — $ 1,087,164 $ 1,083,710 The table below summarizes the Company's cash interest payments (in thousands): Semi-Annual Cash Interest Payment Payment Dates 5.875% senior notes due 2020 $ 11,000 April 1 and October 1 5.000% senior notes due 2021 11,300 March 1 and September 1 1.500% convertible senior notes due 2019 2,300 March 1 and September 1 Revolving Credit Facility The Company's revolving credit facility generally provides for up to $200.0 million of standby liquidity for working capital and general corporate purposes, including acquisitions, newbuild and conversion programs and other capital expenditures. Based on the Company's results for the trailing four quarters, including the first quarter of 2017, it has designated the interest coverage holiday permitted by the revolving credit facility to commence, effective April 27, 2017 , for the four-quarter period ending December 31, 2017, unless rescinded sooner. This designation caps the borrowing base at $75.0 million during the period of the holiday and the LIBOR spreads for funded borrowings will be increased by an additional 50 basis points during and after the holiday. Unused commitment fees are payable quarterly at the annual rate of 50.0 basis points of the unused portion of the $200.0 million borrowing base of the revolving credit facility based on the defined total debt-to-capitalization ratio. The reduced borrowing base, as a result of the interest coverage holiday, does not affect the calculation of these unused commitment fees. The remaining covenants within the revolving credit facility remain in effect during the interest coverage holiday. As of March 31, 2017 , there were no amounts drawn under the Company’s revolving credit facility and as of such date, the Company was in compliance with all financial covenants contained in its revolving credit facility. The current $75.0 million undrawn borrowing base under the facility is available to the Company for all permissible uses of proceeds, including working capital, if necessary, but subject to an anti-cash hoarding provision. The credit agreement governing the revolving credit facility and the indentures governing the Company's 2020 senior notes and 2021 senior notes impose certain 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 observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2 of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): March 31, 2017 December 31, 2016 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 372,205 $ 240,938 $ 375,000 $ 371,975 $ 270,938 5.000% senior notes due 2021 450,000 446,131 271,688 450,000 445,889 301,343 1.500% convertible senior notes due 2019 300,000 268,828 187,320 300,000 265,846 216,195 $ 1,125,000 $ 1,087,164 $ 699,946 $ 1,125,000 $ 1,083,710 $ 788,476 Capitalized Interest During the three months ended March 31, 2017 , the Company capitalized approximately $2.4 million of interest costs related to the construction of vessels. During the three months ended March 31, 2016 , the Company capitalized approximately $5.0 million of interest costs related to the construction of vessels. |
Incentive Compensation
Incentive Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Compensation | Incentive Compensation Stock-Based Incentive Compensation Plan The Company’s stock-based incentive compensation plan covers a maximum of 4.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to employees and directors. As of March 31, 2017 , the Company has granted awards covering 4.7 million shares of common stock under such plan. During the three months ended March 31, 2017 , the Company granted phantom restricted stock units, time-based restricted stock units and fully-vested common stock as noted in the table below. Directors Executive Officers Certain Managers Performance-based phantom restricted stock units X Time-based phantom restricted stock units X X Time-based restricted stock units X Fully-vested common stock X The shares to be received under the performance-based phantom restricted stock units are calculated based on the Company's performance compared to two pre-determined criteria, as defined by the phantom restricted stock agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 150% of the awards granted depending on the Company's performance. During the three months ended March 31, 2017 , the Company granted 341,136 time-based restricted stock units, 394,027 time-based and 454,849 performance-based phantom restricted stock units and 41,576 shares of fully-vested common stock. The fair value of the Company’s performance-based restricted stock units and performance-based phantom restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based restricted stock units and time-based phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. In addition, all phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the restricted stock units granted in 2017 , the Company granted performance-based and time-based restricted stock units and phantom stock units in prior years. During the three months ended March 31, 2017 , the Company issued 259,987 shares, in the aggregate, of common stock due to: 1) vestings of restricted stock units, and 2) the issuance of fully-vested common stock. The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data): Three Months Ended 2017 2016 Income before taxes $ 2,042 $ 1,172 Net income $ 1,417 $ 803 Earnings per common share: Basic earnings per common share $ 0.04 $ 0.02 Diluted earnings per common share $ 0.04 $ 0.02 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction The Company's fifth OSV newbuild program consists of four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of March 31, 2017 , the Company had placed 22 vessels in service under such program. The remaining two vessels are expected to be delivered in 2018. The aggregate cost of the Company's fifth OSV newbuild program, before construction period interest, is expected to be approximately $1,335.0 million , of which $24.8 million , and $44.9 million , are expected to be incurred in the remainder of 2017 and fiscal 2018 respectively. From the inception of this program through March 31, 2017 , the Company had incurred $1,265.3 million , or 94.8% , of total expected project costs. Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management's opinion that the Company's liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. During 2013, the Company commenced the process of assigning the in-country vessel management services for its four vessels operating in Brazil from a third-party provider to a wholly-owned subsidiary of the Company. As a result, this assignment has been interpreted by local authorities as a new importation of these vessels resulting in an importation assessment ranging from $0.5 million to $3.5 million . The Company disagrees with this interpretation. During the third quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims and this decision has been appealed to another court. As of March 31, 2017 , 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. The Company believes its receivables from ATP, of $4.8 million , are 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 pursued this claim in Bankruptcy Court and during the first quarter of 2017 a district court judge ruled that the Company's claim is not secured. That ruling has been appealed. As a result of such ruling, the Company increased its reserve related to this receivable to $4.8 million . |
Other Accrued Liabilities (Note
Other Accrued Liabilities (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Other Liabilities Disclosure | Other Accrued Liabilities Other accrued liabilities include the following (in thousands): March 31, 2017 December 31, 2016 Accrued lease expense $ 4,862 $ 4,763 Deferred revenue 1,799 2,245 Current taxes payable 221 215 Other 6,311 2,787 Total $ 13,193 $ 10,010 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements of Guarantors (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements of Guarantors | Condensed Consolidating Financial Statements of Guarantors The following tables present the condensed consolidating balance sheets as of March 31, 2017 and December 31, 2016 , the condensed consolidating statements of operations, the condensed consolidating statements of comprehensive income (loss) and the condensed consolidating statements of cash flows for the three months ended March 31, 2017 and 2016 , respectively, for the domestic subsidiaries of the Company that serve as guarantors of the Company's 2019 convertible senior notes, 2020 senior notes and 2021 senior notes and the financial results for the Company's subsidiaries that do not serve as guarantors. The guarantor subsidiaries of the 2019 convertible senior notes, 2020 senior notes and 2021 senior notes are 100% owned by the Company. The guarantees are full and unconditional and joint and several. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries. Condensed Consolidating Balance Sheet (In thousands, except per share data) As of March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 15 $ 193,364 $ 15,682 $ — $ 209,061 Accounts receivable, net of allowance for doubtful accounts of $5,868 — 24,006 4,080 (42 ) 28,044 Other current assets 76 18,586 870 — 19,532 Total current assets 91 235,956 20,632 (42 ) 256,637 Property, plant and equipment, net — 2,430,343 130,083 — 2,560,426 Deferred charges, net 2,372 15,149 1,022 — 18,543 Intercompany receivable 1,783,340 693,603 110,704 (2,587,647 ) — Investment in subsidiaries 708,906 8,602 (4,283 ) (713,225 ) — Other assets 1,743 6,212 2,333 — 10,288 Total assets $ 2,496,452 $ 3,389,865 $ 260,491 $ (3,300,914 ) $ 2,845,894 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 12,398 $ 775 $ — $ 13,173 Accrued interest 13,516 — — — 13,516 Accrued payroll and benefits — 5,907 491 — 6,398 Other accrued liabilities — 12,718 517 (42 ) 13,193 Total current liabilities 13,516 31,023 1,783 (42 ) 46,280 Long-term debt, net of original issue discount of $28,378 and deferred financing costs of $9,458 1,087,164 — — — 1,087,164 Deferred tax liabilities, net — 321,708 6,469 — 328,177 Intercompany payables 26,169 2,305,131 260,665 (2,591,965 ) — Other liabilities — 2,667 (11 ) — 2,656 Total liabilities 1,126,849 2,660,529 268,906 (2,592,007 ) 1,464,277 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; 36,727 shares issued and outstanding 367 — — — 367 Additional paid-in capital 755,957 37,977 4,319 (42,296 ) 755,957 Retained earnings 613,279 691,359 (24,748 ) (666,611 ) 613,279 Accumulated other comprehensive income — — 12,014 — 12,014 Total stockholders’ equity 1,369,603 729,336 (8,415 ) (708,907 ) 1,381,617 Total liabilities and stockholders’ equity $ 2,496,452 $ 3,389,865 $ 260,491 $ (3,300,914 ) $ 2,845,894 Condensed Consolidating Balance Sheet (In thousands, except per share data) As of 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 Statement of Operations (In thousands) Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 33,722 $ 10,315 $ 42 $ 44,079 Costs and expenses: Operating expenses — 24,529 3,366 40 27,935 Depreciation — 23,354 1,323 — 24,677 Amortization — 3,312 412 — 3,724 General and administrative expenses 36 13,586 618 2 14,242 36 64,781 5,719 42 70,578 Gain on sale of assets — 17 1 — 18 Operating income (loss) (36 ) (31,042 ) 4,597 — (26,481 ) Other income (expense): Interest income — 325 76 — 401 Interest expense (13,809 ) — — — (13,809 ) Equity in earnings (losses) of consolidated subsidiaries (14,053 ) — — 14,053 — Other income (expense), net — 2,623 (2,946 ) — (323 ) (27,862 ) 2,948 (2,870 ) 14,053 (13,731 ) Income (loss) before income taxes (27,898 ) (28,094 ) 1,727 14,053 (40,212 ) Income tax expense (benefit) — (12,484 ) 170 — (12,314 ) Net income (loss) $ (27,898 ) $ (15,610 ) $ 1,557 $ 14,053 $ (27,898 ) Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (27,898 ) $ (15,610 ) $ 1,557 $ 14,053 $ (27,898 ) Other comprehensive income: Foreign currency translation gain (loss) — (150 ) 1,919 — 1,769 Total comprehensive income (loss) $ (27,898 ) $ (15,760 ) $ 3,476 $ 14,053 $ (26,129 ) Condensed Consolidating Statement of Operations (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 68,063 $ 7,450 $ 1,307 $ 76,820 Costs and expenses: Operating expenses — 33,658 5,488 1,283 40,429 Depreciation — 21,284 889 — 22,173 Amortization — 5,931 348 — 6,279 General and administrative expenses 36 7,972 643 23 8,674 36 68,845 7,368 1,306 77,555 Loss on sale of assets — (45 ) — — (45 ) Operating income (loss) (36 ) (827 ) 82 1 (780 ) Other income (expense): Interest income — 236 141 — 377 Interest expense (11,062 ) — (2 ) — (11,064 ) Equity in earnings of consolidated subsidiaries 3,499 — — (3,499 ) — Other income (expense), net — 270 150 84 504 (7,563 ) 506 289 (3,415 ) (10,183 ) Income (loss) before income taxes (7,599 ) (321 ) 371 (3,414 ) (10,963 ) Income tax expense (benefit) — (3,692 ) 243 — (3,449 ) Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) Other comprehensive income: Foreign currency translation gain — 14 10,147 — 10,161 Total comprehensive income (loss) $ (7,599 ) $ 3,385 $ 10,275 $ (3,414 ) $ 2,647 Condensed Consolidating Statement of Cash Flows (In thousands) Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 579 $ (15,013 ) $ 10,815 $ — $ (3,619 ) CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (3,534 ) 246 — (3,288 ) Net proceeds from sale of assets — 32 — — 32 Vessel capital expenditures — (53 ) (108 ) — (161 ) Non-vessel capital expenditures — (113 ) (17 ) — (130 ) Net cash provided by (used in) investing activities — (3,668 ) 121 — (3,547 ) CASH FLOWS FROM FINANCING ACTIVITIES: Shares withheld from employee withholding taxes (573 ) — — — (573 ) Net cash used in financing activities (573 ) — — — (573 ) Effects of exchange rate changes on cash — (151 ) (76 ) — (227 ) Net increase (decrease) in cash and cash equivalents 6 (18,832 ) 10,860 — (7,966 ) Cash and cash equivalents at beginning of period 9 212,196 4,822 — 217,027 Cash and cash equivalents at end of period $ 15 $ 193,364 $ 15,682 $ — $ 209,061 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 13,756 $ — $ — $ — $ 13,756 Cash paid for income taxes $ — $ 128 $ 221 $ — $ 349 Condensed Consolidating Statement of Cash Flows (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 454 $ 36,151 $ 3,098 $ — $ 39,703 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (33,158 ) (502 ) — (33,660 ) Net proceeds from sale of assets — 420 — — 420 Vessel capital expenditures — (10,288 ) (60 ) — (10,348 ) Non-vessel capital expenditures — (295 ) 29 — (266 ) Net cash used in investing activities — (43,321 ) (533 ) — (43,854 ) CASH FLOWS FROM FINANCING ACTIVITIES: Shares withheld for employee withholding taxes (450 ) — — — (450 ) Net cash used in financing activities (450 ) — — — (450 ) Effects of exchange rate changes on cash — 14 627 — 641 Net increase (decrease) in cash and cash equivalents 4 (7,156 ) 3,192 — (3,960 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 14 $ 245,495 $ 10,332 $ — $ 255,841 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 13,787 $ — $ — $ — $ 13,787 Cash paid for income taxes $ — $ 248 $ 1,504 $ — $ 1,752 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The table below reconciles the Company’s loss per share (in thousands, except for per share data): Three Months Ended 2017 2016 Net loss $ (27,898 ) $ (7,514 ) Weighted average number of shares of common stock outstanding 36,596 36,085 Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) — — Weighted average number of dilutive shares of common stock outstanding 36,596 36,085 Earnings (loss) per common share: Basic loss per common share $ (0.76 ) $ (0.21 ) Diluted loss per common share $ (0.76 ) $ (0.21 ) (1) Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 978 and 939 shares of common stock for the three months ended March 31, 2017 and 2016 , respectively. (2) For the three months ended March 31, 2017 and 2016 , the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. (3) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Outstanding Long-Term Debt | As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): March 31, December 31, 5.875% senior notes due 2020, net of deferred financing costs of $2,795 and $3,025 $ 372,205 $ 371,975 5.000% senior notes due 2021, net of deferred financing costs of $3,869 and $4,111 446,131 445,889 1.500% convertible senior notes due 2019, net of original issue discount of $28,378 and $31,093 and deferred financing costs of $2,794 and $3,061 268,828 265,846 Revolving credit facility due 2020 — — $ 1,087,164 $ 1,083,710 The table below summarizes the Company's cash interest payments (in thousands): Semi-Annual Cash Interest Payment Payment Dates 5.875% senior notes due 2020 $ 11,000 April 1 and October 1 5.000% senior notes due 2021 11,300 March 1 and September 1 1.500% convertible senior notes due 2019 2,300 March 1 and September 1 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): March 31, 2017 December 31, 2016 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 372,205 $ 240,938 $ 375,000 $ 371,975 $ 270,938 5.000% senior notes due 2021 450,000 446,131 271,688 450,000 445,889 301,343 1.500% convertible senior notes due 2019 300,000 268,828 187,320 300,000 265,846 216,195 $ 1,125,000 $ 1,087,164 $ 699,946 $ 1,125,000 $ 1,083,710 $ 788,476 |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Financial Impact of Stock-Based Compensation Expense Charges | The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data): Three Months Ended 2017 2016 Income before taxes $ 2,042 $ 1,172 Net income $ 1,417 $ 803 Earnings per common share: Basic earnings per common share $ 0.04 $ 0.02 Diluted earnings per common share $ 0.04 $ 0.02 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other accrued liabilities include the following (in thousands): March 31, 2017 December 31, 2016 Accrued lease expense $ 4,862 $ 4,763 Deferred revenue 1,799 2,245 Current taxes payable 221 215 Other 6,311 2,787 Total $ 13,193 $ 10,010 |
Condensed Consolidating Finan20
Condensed Consolidating Financial Statements of Guarantors (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet (In thousands, except per share data) As of December 31, 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) As of March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 15 $ 193,364 $ 15,682 $ — $ 209,061 Accounts receivable, net of allowance for doubtful accounts of $5,868 — 24,006 4,080 (42 ) 28,044 Other current assets 76 18,586 870 — 19,532 Total current assets 91 235,956 20,632 (42 ) 256,637 Property, plant and equipment, net — 2,430,343 130,083 — 2,560,426 Deferred charges, net 2,372 15,149 1,022 — 18,543 Intercompany receivable 1,783,340 693,603 110,704 (2,587,647 ) — Investment in subsidiaries 708,906 8,602 (4,283 ) (713,225 ) — Other assets 1,743 6,212 2,333 — 10,288 Total assets $ 2,496,452 $ 3,389,865 $ 260,491 $ (3,300,914 ) $ 2,845,894 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 12,398 $ 775 $ — $ 13,173 Accrued interest 13,516 — — — 13,516 Accrued payroll and benefits — 5,907 491 — 6,398 Other accrued liabilities — 12,718 517 (42 ) 13,193 Total current liabilities 13,516 31,023 1,783 (42 ) 46,280 Long-term debt, net of original issue discount of $28,378 and deferred financing costs of $9,458 1,087,164 — — — 1,087,164 Deferred tax liabilities, net — 321,708 6,469 — 328,177 Intercompany payables 26,169 2,305,131 260,665 (2,591,965 ) — Other liabilities — 2,667 (11 ) — 2,656 Total liabilities 1,126,849 2,660,529 268,906 (2,592,007 ) 1,464,277 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; 36,727 shares issued and outstanding 367 — — — 367 Additional paid-in capital 755,957 37,977 4,319 (42,296 ) 755,957 Retained earnings 613,279 691,359 (24,748 ) (666,611 ) 613,279 Accumulated other comprehensive income — — 12,014 — 12,014 Total stockholders’ equity 1,369,603 729,336 (8,415 ) (708,907 ) 1,381,617 Total liabilities and stockholders’ equity $ 2,496,452 $ 3,389,865 $ 260,491 $ (3,300,914 ) $ 2,845,894 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations (In thousands) Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 33,722 $ 10,315 $ 42 $ 44,079 Costs and expenses: Operating expenses — 24,529 3,366 40 27,935 Depreciation — 23,354 1,323 — 24,677 Amortization — 3,312 412 — 3,724 General and administrative expenses 36 13,586 618 2 14,242 36 64,781 5,719 42 70,578 Gain on sale of assets — 17 1 — 18 Operating income (loss) (36 ) (31,042 ) 4,597 — (26,481 ) Other income (expense): Interest income — 325 76 — 401 Interest expense (13,809 ) — — — (13,809 ) Equity in earnings (losses) of consolidated subsidiaries (14,053 ) — — 14,053 — Other income (expense), net — 2,623 (2,946 ) — (323 ) (27,862 ) 2,948 (2,870 ) 14,053 (13,731 ) Income (loss) before income taxes (27,898 ) (28,094 ) 1,727 14,053 (40,212 ) Income tax expense (benefit) — (12,484 ) 170 — (12,314 ) Net income (loss) $ (27,898 ) $ (15,610 ) $ 1,557 $ 14,053 $ (27,898 ) Condensed Consolidating Statement of Operations (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 68,063 $ 7,450 $ 1,307 $ 76,820 Costs and expenses: Operating expenses — 33,658 5,488 1,283 40,429 Depreciation — 21,284 889 — 22,173 Amortization — 5,931 348 — 6,279 General and administrative expenses 36 7,972 643 23 8,674 36 68,845 7,368 1,306 77,555 Loss on sale of assets — (45 ) — — (45 ) Operating income (loss) (36 ) (827 ) 82 1 (780 ) Other income (expense): Interest income — 236 141 — 377 Interest expense (11,062 ) — (2 ) — (11,064 ) Equity in earnings of consolidated subsidiaries 3,499 — — (3,499 ) — Other income (expense), net — 270 150 84 504 (7,563 ) 506 289 (3,415 ) (10,183 ) Income (loss) before income taxes (7,599 ) (321 ) 371 (3,414 ) (10,963 ) Income tax expense (benefit) — (3,692 ) 243 — (3,449 ) Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) Other comprehensive income: Foreign currency translation gain — 14 10,147 — 10,161 Total comprehensive income (loss) $ (7,599 ) $ 3,385 $ 10,275 $ (3,414 ) $ 2,647 Condensed Consolidating Statement of Comprehensive Income (Loss) (In thousands) Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (27,898 ) $ (15,610 ) $ 1,557 $ 14,053 $ (27,898 ) Other comprehensive income: Foreign currency translation gain (loss) — (150 ) 1,919 — 1,769 Total comprehensive income (loss) $ (27,898 ) $ (15,760 ) $ 3,476 $ 14,053 $ (26,129 ) |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows (In thousands) Three Months Ended March 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ 579 $ (15,013 ) $ 10,815 $ — $ (3,619 ) CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (3,534 ) 246 — (3,288 ) Net proceeds from sale of assets — 32 — — 32 Vessel capital expenditures — (53 ) (108 ) — (161 ) Non-vessel capital expenditures — (113 ) (17 ) — (130 ) Net cash provided by (used in) investing activities — (3,668 ) 121 — (3,547 ) CASH FLOWS FROM FINANCING ACTIVITIES: Shares withheld from employee withholding taxes (573 ) — — — (573 ) Net cash used in financing activities (573 ) — — — (573 ) Effects of exchange rate changes on cash — (151 ) (76 ) — (227 ) Net increase (decrease) in cash and cash equivalents 6 (18,832 ) 10,860 — (7,966 ) Cash and cash equivalents at beginning of period 9 212,196 4,822 — 217,027 Cash and cash equivalents at end of period $ 15 $ 193,364 $ 15,682 $ — $ 209,061 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 13,756 $ — $ — $ — $ 13,756 Cash paid for income taxes $ — $ 128 $ 221 $ — $ 349 Condensed Consolidating Statement of Cash Flows (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 454 $ 36,151 $ 3,098 $ — $ 39,703 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (33,158 ) (502 ) — (33,660 ) Net proceeds from sale of assets — 420 — — 420 Vessel capital expenditures — (10,288 ) (60 ) — (10,348 ) Non-vessel capital expenditures — (295 ) 29 — (266 ) Net cash used in investing activities — (43,321 ) (533 ) — (43,854 ) CASH FLOWS FROM FINANCING ACTIVITIES: Shares withheld for employee withholding taxes (450 ) — — — (450 ) Net cash used in financing activities (450 ) — — — (450 ) Effects of exchange rate changes on cash — 14 627 — 641 Net increase (decrease) in cash and cash equivalents 4 (7,156 ) 3,192 — (3,960 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 14 $ 245,495 $ 10,332 $ — $ 255,841 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 13,787 $ — $ — $ — $ 13,787 Cash paid for income taxes $ — $ 248 $ 1,504 $ — $ 1,752 |
Recent Accounting Pronounceme21
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 3,200 | |
Income Tax Expense (Benefit) | (12,314) | $ (3,449) |
Shares withheld for payment of employee withholding taxes | 573 | $ 450 |
Deferred Compensation, Share-based Payments [Member] | ||
Income Tax Expense (Benefit) | $ 1,800 |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Earnings Per Share [Abstract] | |||
Net loss | $ (27,898) | $ (7,514) | |
Weighted average number of shares of common stock outstanding | 36,596 | 36,085 | |
Add: Net effect of dilutive stock options and unvested restricted stock | [1],[2],[3] | 0 | 0 |
Weighted average number of dilutive shares of common stock outstanding | 36,596 | 36,085 | |
Earnings (loss) per common share: | |||
Basic loss per common share, Dollars per Share | $ (0.76) | $ (0.21) | |
Diluted loss per common share, Dollars per Share | $ (0.76) | $ (0.21) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 978 | 939 | |
[1] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. | ||
[2] | Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 978 and 939 shares of common stock for the three months ended March 31, 2017 and 2016, respectively. | ||
[3] | For the three months ended March 31, 2017 and 2016, the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 01, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Feb. 06, 2020 | Apr. 27, 2017 | Jul. 29, 2016 |
Debt Instrument [Line Items] | |||||||||
Debt Instrument, unamortized discount | $ 28,378 | $ 31,093 | |||||||
Deferred financing costs | 9,458 | 10,197 | |||||||
Debt, carrying value | 1,087,164 | 1,083,710 | |||||||
Debt instrument, Face Amount | 1,125,000 | 1,125,000 | |||||||
Long-term Debt, Fair Value | 699,946 | $ 788,476 | |||||||
Capitalized interest, approximate amount | $ 2,400 | $ 5,000 | |||||||
Senior Notes 5.875 Percent Due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||||||
Debt Instrument, Maturity Date | Apr. 1, 2020 | Apr. 1, 2020 | |||||||
Deferred financing costs | $ 2,795 | $ 3,025 | |||||||
Senior Notes | 372,205 | 371,975 | |||||||
Debt instrument, Face Amount | 375,000 | 375,000 | |||||||
Long-term Debt, Fair Value | $ 240,938 | $ 270,938 | |||||||
Senior Notes 5.000 Percent Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | Mar. 1, 2021 | |||||||
Deferred financing costs | $ 3,869 | $ 4,111 | |||||||
Senior Notes | 446,131 | 445,889 | |||||||
Debt instrument, Face Amount | 450,000 | 450,000 | |||||||
Long-term Debt, Fair Value | $ 271,688 | $ 301,343 | |||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||||||
Debt Instrument, Maturity Date | Sep. 1, 2019 | Sep. 1, 2019 | |||||||
Debt Instrument, unamortized discount | $ 28,378 | $ 31,093 | |||||||
Deferred financing costs | 2,794 | 3,061 | |||||||
Senior Notes | 268,828 | 265,846 | |||||||
Debt instrument, Face Amount | 300,000 | 300,000 | |||||||
Long-term Debt, Fair Value | $ 187,320 | $ 216,195 | |||||||
Revolving Credit Facility Maturing Twenty Twenty [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Expiration Date | Feb. 6, 2020 | Feb. 6, 2020 | |||||||
Revolving credit facility due 2020 | $ 0 | $ 0 | |||||||
Before Interest Coverage Holiday [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 50.00% | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 50.00% | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | ||||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Semi-Annual Cash Interest Payment | $ 11,000 | ||||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Semi-Annual Cash Interest Payment | $ 11,300 | ||||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Semi-Annual Cash Interest Payment | $ 2,300 |
Long-Term Debt Cash Interest Pa
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) - Subsequent Event - USD ($) $ in Thousands | Sep. 01, 2017 | Apr. 01, 2017 |
Senior Notes 5.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 11,000 | |
Senior Notes 5.000 Percent Due 2021 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 11,300 | |
Convertible 1.500 Percent Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 2,300 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt Instrument, unamortized discount | $ 28,378 | $ 31,093 |
Debt, carrying value | 1,087,164 | 1,083,710 |
Debt Instrument, Face Amount | 1,125,000 | 1,125,000 |
Long-term Debt, Fair Value | $ 699,946 | $ 788,476 |
Senior Notes 5.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% |
Senior Notes | $ 372,205 | $ 371,975 |
Debt Instrument, Face Amount | 375,000 | 375,000 |
Long-term Debt, Fair Value | $ 240,938 | $ 270,938 |
Senior Notes 5.000 Percent Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Senior Notes | $ 446,131 | $ 445,889 |
Debt Instrument, Face Amount | 450,000 | 450,000 |
Long-term Debt, Fair Value | $ 271,688 | $ 301,343 |
Convertible 1.500 Percent Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% |
Debt Instrument, unamortized discount | $ 28,378 | $ 31,093 |
Senior Notes | 268,828 | 265,846 |
Debt Instrument, Face Amount | 300,000 | 300,000 |
Long-term Debt, Fair Value | 187,320 | 216,195 |
Revolving Credit Facility Due 2020 | ||
Debt Instrument [Line Items] | ||
Revolving credit facility due 2020 | $ 0 | $ 0 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based compensation arrangements by share based payment award equity instruments granted | 4,650,620 |
Performance Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Time Based Restricted Stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Amended Maximum number of shares available | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 |
Performance Shares | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 0.00% |
Performance Shares | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 150.00% |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 341,136 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 259,987 |
Restricted Stock Units (RSUs) | Fully-VestedCommonStock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 41,576 |
Time Based Restricted Stock Units | Restricted Stock Units (RSUs) | Cash Settled Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 394,027 |
Performance Based Restricted Stock | Restricted Stock Units (RSUs) | Cash Settled Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 454,849 |
Financial Impact of Stock-Based
Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Income before taxes | $ 2,042 | $ 1,172 |
Net income | $ 1,417 | $ 803 |
Loss per share | ||
Basic earnings per common share, dollars per share | $ 0.04 | $ 0.02 |
Diluted earnings per common share, dollars per share | $ 0.04 | $ 0.02 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2011Program | Mar. 31, 2017USD ($)Vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2013Vessel | |
Unfavorable Regulatory Action | Brazil | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of Vessels operating in Brazil | Vessel | 4 | ||||
ATP Oil and Gas, Inc | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Amount owed by ATP | $ | $ 4.8 | ||||
Amount owed by ATP, reserves | $ | 4.8 | ||||
Minimum | Unfavorable Regulatory Action | Brazil | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ | 0.5 | ||||
Maximum | Unfavorable Regulatory Action | Brazil | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ | $ 3.5 | ||||
Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number Of Ship Construction Programs | Program | 5 | ||||
Number of Vessels Placed in Service | Vessel | 22 | ||||
Number Of Vessels | Vessel | 2 | ||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335 | ||||
Cost incurred on OSV newbuild program | $ | $ 1,265.3 | ||||
Percentage of total project cost | 94.80% | ||||
Subsequent Event | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Estimated Construction Cost, Year Six | $ | $ 24.8 | ||||
Estimated Construction Cost, Year Seven | $ | $ 44.9 | ||||
Offshore Supply Vessel Class 300 | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of vessels to be constructed | Vessel | 4 | ||||
Offshore Supply Vessel Class 310 | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of vessels to be constructed | Vessel | 5 | ||||
Offshore Supply Vessel Class 320 | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of vessels to be constructed | Vessel | 10 | ||||
Multi Purpose Supply Vessel Class 310 Vessel | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of vessels to be constructed | Vessel | 3 | ||||
Multi Purpose Supply Vessel Class Four Hundred | Newbuild program #5 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of vessels to be constructed | Vessel | 2 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 4,862 | $ 4,763 |
Deferred Revenue | 1,799 | 2,245 |
Taxes Payable, Current | 221 | 215 |
Other Accrued Liabilities | 6,311 | 2,787 |
Other Accrued Liabilities, Current | $ 13,193 | $ 10,010 |
Condensed Consolidating Finan30
Condensed Consolidating Financial Statements of Guarantors (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 209,061 | $ 217,027 | $ 255,841 | $ 259,801 |
Accounts Receivable, Net, Current | 28,044 | 36,550 | ||
Other Assets, Current | 19,532 | 16,978 | ||
Assets, Current | 256,637 | 270,555 | ||
Property, Plant and Equipment, Net | 2,560,426 | 2,578,388 | ||
Deferred Costs, Noncurrent | 18,543 | 19,077 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 10,288 | 10,255 | ||
Assets | 2,845,894 | 2,878,275 | ||
Accounts Payable, Current | 13,173 | 11,774 | ||
Interest Payable, Current | 13,516 | 14,763 | ||
Employee-related Liabilities, Current | 6,398 | 8,596 | ||
Other Accrued Liabilities, Current | 13,193 | 10,010 | ||
Liabilities, Current | 46,280 | 45,143 | ||
Long-term Debt, Excluding Current Maturities | 1,087,164 | 1,083,710 | ||
Deferred Tax Liabilities, Net, Noncurrent | 328,177 | 343,020 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 2,656 | 3,406 | ||
Liabilities | 1,464,277 | 1,475,279 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 367 | 365 | ||
Additional Paid in Capital | 755,957 | 754,394 | ||
Retained Earnings (Accumulated Deficit) | 613,279 | 637,992 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12,014 | 10,245 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,381,617 | 1,402,996 | ||
Liabilities and Equity | 2,845,894 | 2,878,275 | ||
Consolidation, Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net, Current | (42) | 0 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | (42) | 0 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | (2,587,647) | (2,567,573) | ||
Equity Method Investments | (713,225) | (773,037) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | (3,300,914) | (3,340,610) | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | (42) | 0 | ||
Liabilities, Current | (42) | 0 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (2,591,965) | (2,571,891) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (2,592,007) | (2,571,891) | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | (42,296) | (42,297) | ||
Retained Earnings (Accumulated Deficit) | (666,611) | (726,422) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (708,907) | (768,719) | ||
Liabilities and Equity | (3,300,914) | (3,340,610) | ||
Parent Company | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 15 | 9 | 14 | 10 |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 76 | 15 | ||
Assets, Current | 91 | 24 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 2,372 | 2,581 | ||
Due from Related Parties, Noncurrent | 1,783,340 | 1,779,872 | ||
Equity Method Investments | 708,906 | 768,718 | ||
Other Assets, Noncurrent | 1,743 | 1,744 | ||
Assets | 2,496,452 | 2,552,939 | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 13,516 | 14,763 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other Accrued Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 13,516 | 14,763 | ||
Long-term Debt, Excluding Current Maturities | 1,087,164 | 1,083,710 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 26,169 | 61,715 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,126,849 | 1,160,188 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 367 | 365 | ||
Additional Paid in Capital | 755,957 | 754,394 | ||
Retained Earnings (Accumulated Deficit) | 613,279 | 637,992 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,369,603 | 1,392,751 | ||
Liabilities and Equity | 2,496,452 | 2,552,939 | ||
Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 193,364 | 212,196 | 245,495 | 252,651 |
Accounts Receivable, Net, Current | 24,006 | 30,846 | ||
Other Assets, Current | 18,586 | 16,176 | ||
Assets, Current | 235,956 | 259,218 | ||
Property, Plant and Equipment, Net | 2,430,343 | 2,449,473 | ||
Deferred Costs, Noncurrent | 15,149 | 15,724 | ||
Due from Related Parties, Noncurrent | 693,603 | 680,663 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other Assets, Noncurrent | 6,212 | 6,239 | ||
Assets | 3,389,865 | 3,419,919 | ||
Accounts Payable, Current | 12,398 | 11,325 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 5,907 | 8,104 | ||
Other Accrued Liabilities, Current | 12,718 | 8,463 | ||
Liabilities, Current | 31,023 | 27,892 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 321,708 | 337,503 | ||
Due to Related Parties | 2,305,131 | 2,264,900 | ||
Other Liabilities, Noncurrent | 2,667 | 3,416 | ||
Liabilities | 2,660,529 | 2,633,711 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 37,977 | 37,978 | ||
Retained Earnings (Accumulated Deficit) | 691,359 | 748,080 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 150 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 729,336 | 786,208 | ||
Liabilities and Equity | 3,389,865 | 3,419,919 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 15,682 | 4,822 | $ 10,332 | $ 7,140 |
Accounts Receivable, Net, Current | 4,080 | 5,704 | ||
Other Assets, Current | 870 | 787 | ||
Assets, Current | 20,632 | 11,313 | ||
Property, Plant and Equipment, Net | 130,083 | 128,915 | ||
Deferred Costs, Noncurrent | 1,022 | 772 | ||
Due from Related Parties, Noncurrent | 110,704 | 107,038 | ||
Equity Method Investments | (4,283) | (4,283) | ||
Other Assets, Noncurrent | 2,333 | 2,272 | ||
Assets | 260,491 | 246,027 | ||
Accounts Payable, Current | 775 | 449 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 491 | 492 | ||
Other Accrued Liabilities, Current | 517 | 1,547 | ||
Liabilities, Current | 1,783 | 2,488 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 6,469 | 5,517 | ||
Due to Related Parties | 260,665 | 245,276 | ||
Other Liabilities, Noncurrent | (11) | (10) | ||
Liabilities | 268,906 | 253,271 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 4,319 | 4,319 | ||
Retained Earnings (Accumulated Deficit) | (24,748) | (21,658) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12,014 | 10,095 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (8,415) | (7,244) | ||
Liabilities and Equity | $ 260,491 | $ 246,027 |
Condensed Consolidating Finan31
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Operations(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 44,079 | $ 76,820 |
Operating Costs and Expenses | 27,935 | 40,429 |
Depreciation | 24,677 | 22,173 |
Amortization of Deferred Charges | 3,724 | 6,279 |
General and Administrative Expense | 14,242 | 8,674 |
Costs and Expenses | 70,578 | 77,555 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 18 | (45) |
Operating Income (Loss) | (26,481) | (780) |
Investment Income, Interest | 401 | 377 |
Interest Expense | (13,809) | (11,064) |
Equity in Earnings of Consolidated Subsidiaries | 0 | 0 |
Other Nonoperating Income (Expense) | (323) | 504 |
Nonoperating Income (Expense) | (13,731) | (10,183) |
Income (Loss) before income taxes | (40,212) | (10,963) |
Income Tax Expense (Benefit) | (12,314) | (3,449) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (27,898) | (7,514) |
Consolidation, Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 42 | 1,307 |
Operating Costs and Expenses | 40 | 1,283 |
Depreciation | 0 | 0 |
Amortization of Deferred Charges | 0 | 0 |
General and Administrative Expense | 2 | 23 |
Costs and Expenses | 42 | 1,306 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 |
Operating Income (Loss) | 0 | 1 |
Investment Income, Interest | 0 | 0 |
Interest Expense | 0 | 0 |
Equity in Earnings of Consolidated Subsidiaries | 14,053 | (3,499) |
Other Nonoperating Income (Expense) | 0 | 84 |
Nonoperating Income (Expense) | 14,053 | (3,415) |
Income (Loss) before income taxes | 14,053 | (3,414) |
Income Tax Expense (Benefit) | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 14,053 | (3,414) |
Parent Company | ||
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 | 36 | 36 |
Costs and Expenses | 36 | 36 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 0 |
Operating Income (Loss) | (36) | (36) |
Investment Income, Interest | 0 | 0 |
Interest Expense | (13,809) | (11,062) |
Equity in Earnings of Consolidated Subsidiaries | (14,053) | 3,499 |
Other Nonoperating Income (Expense) | 0 | 0 |
Nonoperating Income (Expense) | (27,862) | (7,563) |
Income (Loss) before income taxes | (27,898) | (7,599) |
Income Tax Expense (Benefit) | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (27,898) | (7,599) |
Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 33,722 | 68,063 |
Operating Costs and Expenses | 24,529 | 33,658 |
Depreciation | 23,354 | 21,284 |
Amortization of Deferred Charges | 3,312 | 5,931 |
General and Administrative Expense | 13,586 | 7,972 |
Costs and Expenses | 64,781 | 68,845 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 17 | (45) |
Operating Income (Loss) | (31,042) | (827) |
Investment Income, Interest | 325 | 236 |
Interest Expense | 0 | 0 |
Equity in Earnings of Consolidated Subsidiaries | 0 | 0 |
Other Nonoperating Income (Expense) | 2,623 | 270 |
Nonoperating Income (Expense) | 2,948 | 506 |
Income (Loss) before income taxes | (28,094) | (321) |
Income Tax Expense (Benefit) | (12,484) | (3,692) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (15,610) | 3,371 |
Non-Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 10,315 | 7,450 |
Operating Costs and Expenses | 3,366 | 5,488 |
Depreciation | 1,323 | 889 |
Amortization of Deferred Charges | 412 | 348 |
General and Administrative Expense | 618 | 643 |
Costs and Expenses | 5,719 | 7,368 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1 | 0 |
Operating Income (Loss) | 4,597 | 82 |
Investment Income, Interest | 76 | 141 |
Interest Expense | 0 | (2) |
Equity in Earnings of Consolidated Subsidiaries | 0 | 0 |
Other Nonoperating Income (Expense) | (2,946) | 150 |
Nonoperating Income (Expense) | (2,870) | 289 |
Income (Loss) before income taxes | 1,727 | 371 |
Income Tax Expense (Benefit) | 170 | 243 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 1,557 | $ 128 |
Condensed Consolidating Finan32
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (27,898) | $ (7,514) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 1,769 | 10,161 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (26,129) | 2,647 |
Consolidation, Eliminations | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 14,053 | (3,414) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 14,053 | (3,414) |
Parent Company | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (27,898) | (7,599) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (27,898) | (7,599) |
Guarantor Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (15,610) | 3,371 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (150) | 14 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (15,760) | 3,385 |
Non-Guarantor Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,557 | 128 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 1,919 | 10,147 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 3,476 | $ 10,275 |
Condensed Consolidating Finan33
Condensed Consolidating Financial Statements of Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (3,619) | $ 39,703 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (3,288) | (33,660) | ||
Proceeds from Sale of Property, Plant, and Equipment | 32 | 420 | ||
Payments to Acquire Property, Plant, and Equipment | (161) | (10,348) | ||
Payments to Acquire Other Property, Plant, and Equipment | (130) | (266) | ||
Net Cash Provided by (Used in) Investing Activities | (3,547) | (43,854) | ||
Shares withheld for payment of employee withholding taxes | (573) | (450) | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (573) | (450) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (227) | 641 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (7,966) | (3,960) | ||
Cash and Cash Equivalents, at Carrying Value | 209,061 | 255,841 | $ 217,027 | $ 259,801 |
Cash paid for interest | 13,756 | 13,787 | ||
Income Taxes Paid | 349 | 1,752 | ||
Consolidation, Eliminations | ||||
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 | ||
Shares withheld for payment of employee withholding taxes | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 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 | 0 |
Cash paid for interest | 0 | 0 | ||
Income Taxes Paid | 0 | 0 | ||
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 579 | 454 | ||
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 | ||
Shares withheld for payment of employee withholding taxes | 573 | 450 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (573) | (450) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 6 | 4 | ||
Cash and Cash Equivalents, at Carrying Value | 15 | 14 | 9 | 10 |
Cash paid for interest | 13,756 | 13,787 | ||
Income Taxes Paid | 0 | 0 | ||
Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (15,013) | 36,151 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (3,534) | (33,158) | ||
Proceeds from Sale of Property, Plant, and Equipment | 32 | 420 | ||
Payments to Acquire Property, Plant, and Equipment | (53) | (10,288) | ||
Payments to Acquire Other Property, Plant, and Equipment | (113) | (295) | ||
Net Cash Provided by (Used in) Investing Activities | (3,668) | (43,321) | ||
Shares withheld for payment of employee withholding taxes | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (151) | 14 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (18,832) | (7,156) | ||
Cash and Cash Equivalents, at Carrying Value | 193,364 | 245,495 | 212,196 | 252,651 |
Cash paid for interest | 0 | 0 | ||
Income Taxes Paid | 128 | 248 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 10,815 | 3,098 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 246 | (502) | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | (108) | (60) | ||
Payments to Acquire Other Property, Plant, and Equipment | (17) | 29 | ||
Net Cash Provided by (Used in) Investing Activities | 121 | (533) | ||
Shares withheld for payment of employee withholding taxes | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (76) | 627 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 10,860 | 3,192 | ||
Cash and Cash Equivalents, at Carrying Value | 15,682 | 10,332 | $ 4,822 | $ 7,140 |
Cash paid for interest | 0 | 0 | ||
Income Taxes Paid | $ 221 | $ 1,504 |