Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
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 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HOS | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,700,614 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 137,076,200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 224,936 | $ 186,849 | $ 217,027 | $ 259,801 |
Accounts receivable, net of allowance for doubtful accounts of $1,123 and $6,054, respectively | 54,924 | 44,702 | ||
Other current assets | 19,768 | 16,890 | ||
Total current assets | 299,628 | 248,441 | ||
Property, plant and equipment, net | 2,434,829 | 2,501,013 | ||
Deferred charges, net | 22,525 | 12,812 | ||
Other assets | 7,655 | 6,612 | ||
Total assets | 2,764,637 | 2,768,878 | ||
Current liabilities: | ||||
Accounts payable | 26,826 | 16,196 | ||
Accrued interest | 15,910 | 14,734 | ||
Accrued payroll and benefits | 12,445 | 9,475 | ||
Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 | 96,311 | 0 | ||
Other accrued liabilities | 9,750 | 8,457 | ||
Total current liabilities | 161,242 | 48,862 | ||
Long-term debt, including deferred net gain of $15,845 and $18,911, and net of original issue discount of $3,013 and $7,862 and deferred financing costs of $6,149 and $10,134, respectively | 1,123,625 | 1,080,826 | ||
Deferred tax liabilities, net | 169,122 | 197,465 | ||
Other liabilities | 2,722 | 3,801 | ||
Total liabilities | 1,456,711 | 1,330,954 | ||
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; 37,701 and 37,144 shares issued and outstanding, respectively | 377 | 371 | ||
Additional paid-in capital | 761,834 | 760,278 | ||
Retained earnings | 549,475 | 668,598 | ||
Accumulated other comprehensive income (loss) | (3,760) | 8,677 | ||
Total stockholders’ equity | 1,307,926 | 1,437,924 | $ 1,402,996 | $ 1,446,163 |
Total liabilities and stockholders’ equity | $ 2,764,637 | $ 2,768,878 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 1,123 | $ 6,054 |
Long-term debt, original issue discount | 3,013 | 7,862 |
Debt Issuance Costs, Net | $ 6,149 | $ 10,134 |
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 | 37,701,000 | 37,144,000 |
Common stock, shares outstanding | 37,701,000 | 37,144,000 |
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | ||
Deferred Gain | $ 15,845 | $ 18,911 |
Long-term debt, original issue discount | 3,013 | 1,228 |
Debt Issuance Costs, Net | $ 2,814 | $ 3,445 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 212,404 | $ 191,412 | |||
Revenues | 212,404 | 191,412 | $ 224,299 | ||
Costs and expenses: | |||||
Operating expenses | 147,642 | 120,537 | 131,658 | ||
Depreciation | 98,927 | 98,733 | 93,071 | ||
Amortization | 9,741 | 13,168 | 20,485 | ||
General and administrative expenses | 43,530 | 47,597 | 43,358 | ||
Costs and Expenses, Total | 299,840 | 280,035 | 288,572 | ||
Gain (loss) on sale of assets | 59 | (121) | 54 | ||
Operating loss | (87,377) | (88,744) | (64,219) | ||
Other income (expense): | |||||
Gain on early extinguishment of debt | 0 | 15,478 | 0 | ||
Interest income | 2,228 | 2,203 | 1,490 | ||
Interest expense | (63,566) | (51,364) | (48,675) | ||
Other income (expense), net | (29) | (396) | 2,052 | ||
Nonoperating Income (Expense) | (61,367) | (34,079) | (45,133) | ||
Loss before Income Taxes | (148,744) | (122,823) | (109,352) | ||
Income tax benefit | (29,621) | (150,244) | (45,506) | ||
Net income (loss) | $ (119,123) | $ 27,421 | [1] | $ (63,846) | [1] |
Basic earnings (loss) per common share | $ (3.18) | $ 0.74 | $ (1.76) | ||
Diluted earnings (loss) per common share | $ (3.18) | $ 0.73 | $ (1.76) | ||
Weighted average basic shares outstanding | 37,508 | 36,858 | 36,248 | ||
Weighted average diluted shares outstanding | 37,508 | 37,664 | 36,248 | ||
Vessel Revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 175,767 | $ 158,466 | $ 190,436 | ||
Non-vessel revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 36,637 | $ 32,946 | $ 33,863 | ||
[1] | The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2018 | [1],[2] | Sep. 30, 2018 | [1],[2] | Jun. 30, 2018 | [1],[2] | Mar. 31, 2018 | [1],[2] | Dec. 31, 2017 | [1],[2],[3] | Sep. 30, 2017 | [1],[2],[3] | Jun. 30, 2017 | [1],[2],[3] | Mar. 31, 2017 | [1],[2],[3] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Net Income (loss) | $ (24,195) | $ (31,183) | $ (25,088) | $ (38,655) | $ 93,758 | $ (18,950) | $ (19,489) | $ (27,898) | $ (119,123) | $ 27,421 | [4] | $ (63,846) | [4] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (12,437) | (1,568) | 14,321 | ||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||
Total comprehensive income (loss) | $ (131,560) | $ 25,853 | $ (49,525) | ||||||||||||||||||
[1] | Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017. The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017. | ||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||||
[3] | The results for the three months ended December 31, 2017 were favorably impacted by U.S. federal tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 11 for further information. | ||||||||||||||||||||
[4] | The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | |
Beginning Balance (in shares) at Dec. 31, 2015 | 35,985 | |||||
Beginning Balance at Dec. 31, 2015 | $ 1,446,163 | $ 360 | $ 748,041 | $ 701,838 | $ (4,076) | |
Shares issued under employee benefit programs, Shares | 482 | |||||
Excess tax benefit (shortfall) from sharebased payments | (1,863) | (1,863) | ||||
Stock-based compensation expense | 7,372 | 7,372 | ||||
Shares issued under employee benefit programs | 849 | $ 5 | 844 | |||
Net Income (loss) | (63,846) | [1] | (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 | |||||
Ending Balance at Dec. 31, 2016 | 1,402,996 | $ 365 | 754,394 | 637,992 | 10,245 | |
Shares issued under employee benefit programs, Shares | 677 | |||||
Excess tax benefit (shortfall) from sharebased payments | 3,185 | 0 | ||||
Stock-based compensation expense | 5,981 | 5,981 | ||||
Shares issued under employee benefit programs | (91) | $ 6 | (97) | |||
Net Income (loss) | 27,421 | [1] | 27,421 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (1,568) | (1,568) | ||||
Ending Balance (in shares) at Dec. 31, 2017 | 37,144 | |||||
Ending Balance at Dec. 31, 2017 | 1,437,924 | $ 371 | 760,278 | 668,598 | 8,677 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | 3,200 | 3,185 | ||||
Shares issued under employee benefit programs, Shares | 556 | |||||
Stock-based compensation expense | 1,698 | 1,698 | ||||
Shares issued under employee benefit programs | (136) | $ 6 | (142) | |||
Net Income (loss) | (119,123) | (119,123) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (12,437) | (12,437) | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 37,700 | |||||
Ending Balance at Dec. 31, 2018 | $ 1,307,926 | $ 377 | $ 761,834 | 549,475 | $ (3,760) | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | |||||
[1] | The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow Statement - USD ($) $ in Thousands | Dec. 31, 2018 | May 18, 2018 | Jun. 15, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | [1],[2] | Jun. 30, 2018 | [1],[2] | Mar. 31, 2018 | [1],[2] | Dec. 31, 2017 | Sep. 30, 2017 | [1],[2],[3] | Jun. 30, 2017 | [1],[2],[3] | Mar. 31, 2017 | [1],[2],[3] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | ||||
Statement of Cash Flows [Abstract] | |||||||||||||||||||||||||||
Net Income (loss) | $ (24,195) | [1],[2] | $ (31,183) | $ (25,088) | $ (38,655) | $ 93,758 | [1],[2],[3] | $ (18,950) | $ (19,489) | $ (27,898) | $ (119,123) | $ 27,421 | [4] | $ (63,846) | [4] | ||||||||||||
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation | 98,927 | 98,733 | 93,071 | ||||||||||||||||||||||||
Amortization | 9,741 | 13,168 | 20,485 | ||||||||||||||||||||||||
Stock-based compensation expense | 3,692 | 6,999 | 9,983 | ||||||||||||||||||||||||
Gain on early extinguishment of debt | 0 | 15,478 | 0 | $ (25,800) | $ (6,000) | ||||||||||||||||||||||
Provision for bad debts | (156) | 3,934 | (757) | ||||||||||||||||||||||||
Deferred tax benefit | (25,042) | (141,525) | (45,958) | ||||||||||||||||||||||||
Amortization of deferred financing costs | 4,421 | 8,119 | 11,371 | ||||||||||||||||||||||||
(Gain) loss on sale of assets | 59 | (121) | 54 | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Accounts receivable | 10,285 | 8,525 | (58,322) | ||||||||||||||||||||||||
Other current and long-term assets | 1,256 | (2,106) | 2,272 | ||||||||||||||||||||||||
Deferred drydocking charges | 10,939 | 8,063 | 3,978 | ||||||||||||||||||||||||
Accounts payable | 4,621 | 9,405 | (10,901) | ||||||||||||||||||||||||
Accrued liabilities and other liabilities | 1,235 | (11,044) | (11,935) | ||||||||||||||||||||||||
Accrued interest | 1,871 | (29) | (31) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | (42,352) | (14,658) | 53,500 | ||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||
Acquisition of offshore supply vessels | $ (40,900) | (40,868) | 0 | 0 | |||||||||||||||||||||||
Costs incurred for OSV newbuild program 5 | 3,696 | 18,104 | 76,277 | ||||||||||||||||||||||||
Net proceeds from sale of assets | 86 | 43 | 524 | ||||||||||||||||||||||||
Vessel capital expenditures | 7,915 | 1,687 | 20,689 | ||||||||||||||||||||||||
Non-vessel capital expenditures | 131 | 1,552 | 569 | ||||||||||||||||||||||||
Net cash used in investing activities | (52,524) | (21,300) | (97,011) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||
Proceeds from first-lien term loans | $ 136,700 | $ 1,000 | 133,944 | 66,640 | 0 | ||||||||||||||||||||||
Repurchase of senior notes | 0 | 5,057 | 0 | ||||||||||||||||||||||||
Repurchase of convertible notes | 0 | 49,631 | 0 | ||||||||||||||||||||||||
Deferred financing costs | 0 | 5,636 | 1,102 | ||||||||||||||||||||||||
Shares withheld for payment of employee withholding taxes | 536 | 575 | 450 | ||||||||||||||||||||||||
Shares withheld for payment of employee withholding taxes | 397 | 485 | 1,300 | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 133,805 | 6,226 | (252) | ||||||||||||||||||||||||
Effects of exchange rate changes on cash | (842) | (446) | 989 | ||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 38,087 | (30,178) | (42,774) | ||||||||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 224,936 | $ 224,936 | $ 186,849 | 224,936 | 186,849 | 217,027 | $ 259,801 | ||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | |||||||||||||||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 59,469 | 52,194 | 50,152 | ||||||||||||||||||||||||
Income Taxes Paid, Net | 942 | (9,042) | 3,732 | ||||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES: | |||||||||||||||||||||||||||
Exchange of convertible notes for first-lien term loans | $ 0 | $ 127,096 | $ 0 | ||||||||||||||||||||||||
[1] | Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017. The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017. | ||||||||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||||||||||
[3] | The results for the three months ended December 31, 2017 were favorably impacted by U.S. federal tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 11 for further information. | ||||||||||||||||||||||||||
[4] | The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Nature of Operations | Organization Nature of Operations and Basis of Presentation 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. The consolidated financial statements include the accounts of Hornbeck Offshore Services, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Since the second half of 2014, the offshore oil service sector has experienced difficult operating conditions due to the falling price of oil. This low oil price environment has caused many of the Company's customers to reduce their budgets for the worldwide exploration or production of oil. This reduced spending has negatively impacted the Company's financial results. Management of the Company has assessed its financial condition and has concluded that the Company has adequate liquidity to fund its operations for at least twelve months from the date of issuance of these financial statements. As discussed in Note 8 , the Company's 2020 senior notes and 2021 senior notes mature in April 2020 and March 2021, respectively. Absent the combination of a significant recovery of market conditions such that cash flow from operations were to increase materially from projected levels, coupled with the refinancing and/or further management of its funded debt obligations, the Company does not currently expect to have sufficient liquidity to repay the full amount of the 2020 senior notes and the 2021 senior notes as they mature in 2020 and 2021, respectively. There can be no assurance that cash flows from operations will increase materially or that the Company will succeed in accessing new capital to pay these obligations as they become due. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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. 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 or functional operating capability 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 of December 31, 2018 , the Company determined it is more likely than not that a portion of deferred tax assets may not be utilized prior to their expiration and therefore has established a valuation allowance of $17.5 million. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Legal Liabilities In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. Concentration of Credit Risk Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. The following table represents the allowance for doubtful accounts (in thousands): December 31, 2018 2017 2016 Balance, beginning of year $ 6,054 $ 2,120 $ 2,877 Changes to provision (156 ) 3,934 (757 ) Write-offs (4,775 ) — — Balance, end of year $ 1,123 $ 6,054 $ 2,120 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 2018 , 2017 and 2016 were not material to the financial statements. The balance in accumulated other comprehensive income (loss) as of December 31, 2018 relates primarily to the Company’s long term investments in its foreign subsidiaries. Considerations Regarding Impairment of Long-Lived Assets 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 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. 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. 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. While the Company has not observed any new impairment indicators since 2016, the Company has reviewed and updated, as necessary, the assumptions used in determining its undiscounted cash flow projections for each asset group to reflect current market conditions. After reviewing the result of the updated projections, during 2018 , 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 groups. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company's financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have 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 This ASU replaces most existing revenue recognition guidance in U.S. GAAP. The Company adopted ASU 2014-09 on January 1, 2018 under the modified retrospective method. Based on the Company's review of its open revenue-related contracts on the date of adoption, it was determined that there was no cumulative effect of applying the new standard and therefore no adjustment to the opening retained earnings balance was needed as of January 1, 2018. See Note 3 - Revenues from Contracts with Customers for additional information. 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 adopted ASU No. 2017-01 on January 1, 2018 under the prospective application. This adoption had no impact on its consolidated financial statements. 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. 2016-02, "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 will adopt this ASU effective January 1, 2019. See further discussion below. ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" This standard allows companies to reclassify items in accumulated other comprehensive income to retained earnings for stranded tax effects resulting from The Tax Cuts and Jobs Act. January 1, 2019 The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted (continued) ASU No. 2018-09, "Codification Improvements" This standard provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments do not require transition guidance and are effective upon issuance of this update. January 1, 2019 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. ASU No. 2018-11, "Leases" (Topic 842): Targeted Improvements This standard provides for the election of transition methods between the modified retrospective method and the optional transition relief method. The modified retrospective method is applied to all prior reporting periods presented with a cumulative-effect adjustment recorded in the earliest comparative period while the optional transition relief method is applied beginning in the period of adoption with a cumulative-effect adjustment recorded in such period. Also, this standard allows lessors to elect to not separate non-lease components from the associated lease components if certain criteria are met. January 1, 2019 The Company will adopt this ASU effective January 1, 2019. See further discussion below. ASC 842, Leases Lessor Accounting In July 2018, the Financial Accounting Standards Board, or FASB, issued ASU 2018-11 that allows for 1) a transition option that will allow companies to not apply the new lease standard in the comparative periods presented in their financial statements in the year of adoption and allows the Company to continue to apply legacy guidance, ASC 840 Leases, including its disclosure requirements, for comparative periods presented, and 2) an option for lessors to combine lease and non-lease components contained within the same agreement when certain criteria are met. Under ASU 2018-11 a lessor may elect to combine lease and non-lease components provided that the non-lease component(s) otherwise would be accounted for under the new revenue guidance in ASC 606 and both of the following conditions are met: • The timing and pattern of transfer for the lease component are the same as those for the non-lease components associated with that lease component. • The lease component, if accounted for separately, would be classified as an operating lease. When the above conditions are met, the entity will need to assess predominance. If the non-lease components are predominant, the entity accounts for the combined component under ASC 606; otherwise, the entity accounts for the combined component under ASC 842. After review of its revenue streams, the Company has concluded that the non-lease component of its revenue is predominant, and that both of the criteria above are met. Therefore, the Company expects to elect the new transition options and will combine lease and non-lease revenues. The Company will recognize revenue based on the non-lease component under ASC 606, as it has concluded that the non-lease component is the predominant component. The adoption of ASU 2018-11 on January 1, 2019 is not expected to change the timing or amounts of revenues recognized by the Company. Lessee Accounting The Company currently accounts for operating leases under ASC 840, recognizing lease expense ratably over the term of the arrangement. Under ASC 842, the Company will be required to measure and record a right-of-use asset and corresponding lease liability on its balance sheet using the present value of the future payments under its operating lease commitments. Lessees are allowed to account for short-term leases (i.e., leases with a term of 12 months or less) off-balance sheet, consistent with current operating lease accounting. The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. On January 1, 2019, the Company adopted ASU 2016-02 using the modified retrospective approach. The Company will recognize and measure operating leases on the consolidated balance sheet without revising comparative period information or disclosure. The Company elected the package of practical expedients permitted under the transition guidance within the standard, which eliminates the reassessment of past leases, classification and initial direct costs. The new standard is anticipated to result in the recording of leased assets and lease liabilities for the Company's operating leases of approximately $27.8 million as of January 1, 2019. The adoption of the standard did not have an impact on the Company's equity and is not anticipated to have an impact on the Company's results from operations and cash flows. The adoption of the new standard will result in additional disclosures around amount, timing and uncertainty of cash flows arising from leases including quantitative and qualitative information including significant judgments in applying the new standard. |
Revenues From Contracts With Cu
Revenues From Contracts With Customers (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method. The adoption of this standard did not have a material impact on the Company's financial position or results of operations. Accordingly, the Company did not make an adjustment to the opening balance of retained earnings in order to account for the implementation of the new requirements of this standard, and it did not restate prior period information for the effects of the new standard. The services that are provided by the Company represent a single performance obligation under its contracts that are satisfied at a point in time or over time. Revenues are earned primarily by (1) chartering the Company's vessels, including operation of such vessels, (2) providing vessel management services to third party vessel owners, and (3) providing shore-based port facility services, including rental of land. The services generating these revenue streams are provided to customers based on contracts that include fixed or determinable prices and do not generally include right of return or other significant post-delivery obligations. The Company's vessel revenues, vessel management revenues and port facility revenues are recognized either at a point in time or over the passage of time when the customer has received or is receiving the benefit from the applicable service. Revenues are recognized when the performance obligations are satisfied in accordance with contractual terms and in an amount that reflects the consideration that the Company expects to be entitled to in exchange for the services rendered or rentals provided. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Invoices are typically billed to customers on a monthly basis and payment terms on customer invoices typically range 30 to 60 days. A performance obligation under contracts with the Company's customers to render services is the unit of account under Topic 606. The Company accounts for services rendered separately if they are distinct and the service is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered provided on its own or with other resources that are readily available to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As of December 31, 2018 , the Company has certain remaining performance obligations representing contracted vessel revenues for which work has not been performed and such contracts have an original expected duration of more than one year. As of December 31, 2018 , the aggregate amount of the transaction price allocated to remaining performance obligations for such contracts was $10.0 million , all of which is expected to be recognized in 2019. The Company has elected to apply the optional exemption for the disclosure of the remaining performance obligations for any of its revenue streams that are expected to have a duration of one year or less and, therefore, such amounts have not been disclosed. Disaggregation of Revenues The Company recognized revenues as follows (in thousands): Year Ended December 31, 2018 2017 Vessel revenues $ 175,767 $ 158,466 Vessel management revenues 33,065 29,906 Shore-based facility revenues 3,572 3,040 $ 212,404 $ 191,412 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net Income (loss) (1) $ (119,123 ) $ 27,421 $ (63,846 ) Weighted average number of shares of common stock outstanding 37,508 36,858 36,248 Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) — 806 — Weighted average number of dilutive shares of common stock outstanding 37,508 37,664 36,248 Earnings (loss) per common share: Basic earnings (loss) per common share $ (3.18 ) $ 0.74 $ (1.76 ) Diluted earnings (loss) per common share $ (3.18 ) $ 0.73 $ (1.76 ) (1) The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. (2) Due to a net loss for 2018, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 583 shares of common stock for the year ended December 31, 2018. The Company had 185 anti-dilutive stock options for the year ended December 31, 2017 . 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 . 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, 2018 , 2017 and 2016 , 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 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. See Note 8 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 10 for further information regarding certain of the Company’s restricted stock unit awards. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2018 | |
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 ceased matching contributions to the 401(k) plan and has not matched any contributions subsequent to December 31, 2014. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2018 2017 Offshore supply vessels and multi-purpose support vessels $ 2,851,872 $ 2,825,639 Non-vessel related property, plant and equipment 133,564 132,509 Less: Accumulated depreciation (735,063 ) (637,607 ) 2,250,373 2,320,541 Construction in progress 184,456 180,472 $ 2,434,829 $ 2,501,013 Vessel Construction During the first quarter of 2018, the Company notified the shipyard that was constructing the remaining two vessels in the Company's fifth OSV newbuild program that it was terminating the construction contracts for such vessels. The Company intends to work with the performance bond surety to find and contract with a shipyard that can finish construction and deliver such vessels. On October 2, 2018, the shipyard filed suit against the Company in the 22nd Judicial District Court for the Parish of St. Tammany in the State of Louisiana. The Company has responded to the suit and has asserted counterclaims. The Company intends to vigorously defend the shipyard’s claims and considers them to be without merit. The cost of this nearly completed 24 -vessel newbuild program, before construction period interest, is expected to be approximately $1,335.0 million , of which $22.7 million and $38.2 million is currently expected to be incurred in 2019 and 2020, respectively. As of the date of termination, these two remaining vessels, both of which are domestic 400 class MPSVs, were projected to be delivered in the second and third quarters of 2019, respectively. Due to the uncertainty of the timing and location of future construction activities, these vessels are now projected to be delivered in the second and third quarters of 2020, respectively. However, the timing of the remaining construction cash outflows remains subject to changes commensurate with any potential further delays in the delivery dates of such vessels. From the inception of this program through December 31, 2018 , the Company had incurred construction costs of approximately $1,274.1 million , or 95.4% , of total expected project costs. |
Acquisition of Vessels (Notes)
Acquisition of Vessels (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisition of Vessels [Abstract] | |
Acquisition of Vessels [Text Block] | Acquisition of Vessels On May 18, 2018, the Company completed the acquisition of four high-spec Jones Act-qualified OSVs and related equipment from Aries Marine Corporation and certain of its affiliates for $40.9 million in cash, inclusive of $4.0 million related to a non-compete intangible asset that is being amortized over the life of such asset, or two years. Also included in this transaction was the cost of fuel and lube inventory and transactions fees. The acquired vessels are all U.S.-flagged and are comprised of two 300 class OSVs and two 280 class OSVs. In 2018, the Company reflagged three of the four acquired vessels into Mexican registry. The Company determined that substantially all of the fair value of the assets acquired are concentrated in a group of similar identifiable assets and, therefore, has accounted for such transaction as an asset acquisition under ASU 2017-01. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 5.875% senior notes due 2020, net of deferred financing costs of $1,162 and $2,061 $ 365,780 $ 364,881 5.000% senior notes due 2021, net of deferred financing costs of $2,173 and $3,142 447,827 446,858 1.500% convertible senior notes due 2019, net of original issue discount of $2,725 and $6,634 and deferred financing costs of $611 and $1,486 96,311 91,527 First-lien term loans due 2023, including deferred gain of $15,845 and $18,911, and net of original issue discount of $3,013 and $1,228, and deferred financing costs of $2,814 and $3,445 310,018 177,560 1,219,936 1,080,826 Less current maturities (96,311 ) — $ 1,123,625 $ 1,080,826 The table below summarizes the Company's cash interest payments (in thousands): Cash Interest Payments Payment Dates 5.875% senior notes due 2020 $ 10,779 April 1 and October 1 5.000% senior notes due 2021 11,250 March 1 and September 1 1.500% convertible senior notes due 2019 747 March 1 and September 1 First-lien term loans due 2023 (1) 2,333 Variable (1) The interest rate on the first-lien term loans is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on December 31, 2018 . Please see further discussion of the variable interest rate below. Annual maturities of debt, excluding the potential effects of conditions discussed in 2019 Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): 2019 (1) $ 99,647 2020 (2) 366,942 2021 450,000 2022 — 2023 300,000 Thereafter — $ 1,216,589 (1) In February 2019, the Company repurchased $36.6 million of its 2019 convertible senior notes for $32.4 million in cash. (2) On February 7, 2019, the Company completed a private exchange of $131.6 million of its 2020 senior notes for $111.9 million of second-lien term loans due 2025. Upon completion of this exchange, the face value of the Company's 2020 senior notes was $235.3 million . See further discussion below under Second-Lien Term Loans. First-Lien Term Loans On June 15, 2017 , the Company issued the first-lien term loans initially comprised of $300 million of first-lien delayed-draw term loans by and among the Company, as Parent Borrower, Hornbeck Offshore Services, LLC, or HOS, as Co-Borrower, certain holders of the Company’s then outstanding notes, or the First-Lien Initial Lenders, and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent for the lenders, or the first-lien term loans. The Company had executed the prior $200 million senior secured revolving credit agreement, or the Previous Credit Agreement, as subsequently amended, on February 6, 2015. The first-lien term loans are guaranteed by the Company’s significant domestic subsidiaries other than HOS. The six -year term of the first-lien term loans had the effect of extending the February 2020 maturity that was applicable under the Previous Credit Agreement to June 2023 . The first-lien term loans enhanced the Company’s financial flexibility by (i) increasing liquidity from the then-applicable borrowing base of $75.0 million under the Previous Credit Agreement, (ii) extending the maturity date that existed under the Previous Credit Agreement by over three years, and (iii) eliminating all of the existing financial ratio maintenance covenants and the anti-cash hoarding provision of the Previous Credit Agreement. The first-lien term loans contain customary representations and warranties, covenants and events of default. The Company can use the amounts drawn under the first-lien term loans for working capital and general corporate purposes, including the acquisition of distressed assets and/or the refinancing of existing debt, subject to, among other things, compliance with certain covenants requiring the Company to maintain access to liquidity (cash and credit availability) of $25.0 million at all times. The minimum liquidity level required for prepayment of the Company’s existing indebtedness and/or certain other restricted payments is $65.0 million. On June 15, 2017, the outstanding balance of the first-lien term loans was $96.3 million , which included a draw of $1.0 million on such date. As required by the first-lien term loans, the Company drew $67.0 million on December 29, 2017. The Company was required to draw on a cumulative basis (i) at least $136.0 million of the delayed-draw commitments under the first-lien term loans by December 31, 2018, and (ii) the full amount of the maximum $204.7 million by September 1, 2019. On December 31, 2018, the remaining $136.7 million of credit availability was drawn, resulting in the first-lien term loans being fully drawn at $300.0 million on such date. The first-lien term loans are collateralized by 48 domestic high-spec OSVs and MPSVs and seven foreign high-spec OSVs, including a security interest in two pending MPSV newbuilds, and associated personalty, as well as by certain deposit and securities accounts, or the Collateral. Subject to the foregoing and certain limitations, the Company’s other assets that do not arise from, are not required for use in connection with, and are not necessary for, the operation of mortgaged vessels are unencumbered by liens, including ten low-spec domestic OSVs and eleven foreign-flagged vessels. Borrowings under the first-lien term loans accrue interest, at the Company’s option, at either: • an adjusted London Interbank Offered Rate (subject to a 1.00% floor) plus (a) 6.00% during the first year of the first-lien term loans, (b) 6.50% during the second year of the first-lien term loans, (c) 7.00% during the third year of the first-lien term loans, (d) 7.25% during the fourth year of the first-lien term loans, and (e) 7.50% thereafter; or • the greatest of (a) the prime rate announced by The Wall Street Journal, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the London Interbank Offered Rate plus, 1%, plus, for either (a), (b), or (c), a margin of (i) 5.00% during the first year of the first-lien term loans, (ii) 5.50% during the second year of the first-lien term loans, (iii) 6.00% during the third year of the first-lien term loans, (iv) 6.25% during the fourth year of the first-lien term loans, and (v) 6.50% thereafter. The Company also has the option, exercisable anytime or from time-to-time during the six-year term of the loan, of paying interest on the first-lien term loans “in-kind” (accruing to the outstanding principal of the loan, or PIK Interest), subject to a 100 basis-point step-up in interest rate and a minimum 3% cash-pay coupon for so long as the Company elects to pay PIK Interest, subject to any and all debt incurrence and permitted lien restrictions then in effect under any outstanding loan agreements or bond indentures as of the time of such increase in principal. The first-lien term loans may be prepaid at (i) 102% of the principal amount repaid if such repayment occurs on or prior to June 15, 2018, (ii) at 101% of the principal amount repaid if such repayment occurs after June 15, 2018 but on or prior to June 15, 2019, and (iii) at par of the principal repaid thereafter. Upon closing the first-lien term loans, $95.3 million of borrowings under such loans were exchanged for $127.1 million in face value of its 2019 convertible senior notes. In accordance with applicable accounting guidance, this debt-for-debt exchange has been accounted for as a debt modification, requiring the Company to defer the $31.8 million gain. Such gain was reduced by $11.1 million of original issue discount that was associated with the 2019 convertible senior notes that were exchanged. The net credit of $20.7 million has been deferred and will be amortized prospectively as a yield adjustment to interest expense over the life of the first-lien term loans. The agreement governing the first-lien term loans permits the incurrence of multiple tranches of senior secured debt other than the initial first-lien term loans that were entered into at closing, subject to the permitted debt and lien incurrence provisions allowed by the indentures governing the Company's 2020 senior notes and 2021 senior notes. On March 27, 2018, the Company entered into an amendment with its first-lien lenders to clarify various provisions in and make certain technical revisions to the agreement governing the first-lien term loans, primarily dealing with the administerial permissibilities regarding vessel reflagging transactions and permitted acquisition indebtedness, among other matters. Second-Lien Term Loans On February 7, 2019, the Company completed a private offer and exchanged $131.6 million of its 2020 senior notes for $111.9 million of second-lien term loans due 2025, or second-lien term loans, of the Company and its wholly-owned subsidiary, Hornbeck Offshore Services, LLC, or the Co-Borrower. As contemplated by and provided for under the agreement governing the first-lien term loans, the second-lien term loans were made pursuant to a Second Lien Term Loan Agreement entered into by the Company, the Co-Borrower, the lenders party thereto and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent. The second-lien term loans have a maturity date of February 7, 2025 and bear interest at a fixed rate per annum of 9.50% . The second-lien term loans are guaranteed by certain of the Company’s present domestic subsidiaries and will be guaranteed by certain of the Company's future domestic subsidiaries and are secured on a second-lien basis, subject to certain permitted liens, by a second-priority interest in the same collateral securing the Company’s first-lien term loans. The agreements governing the first-lien term loans and the second-lien term loans 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. Following the Company's announcement of its intent to exchange 2020 senior notes for second-lien term loans, certain holders of the Company's 2020 senior notes and 2021 senior notes claimed that the exchange transaction was not permitted under the indentures governing such notes. These holders asserted that if the Company completed the exchange offer they would take certain actions against the Company. At the time of the filing of this Annual Report on Form 10-K, the Company has not received any notification of alleged default from such objecting noteholders following completion of the exchange offer. If such a notification is received, the Company intends to vigorously defend its interests as it has concluded, with advice of counsel, that the exchange was permissible. Convertible Note and Senior Note Repurchases Concurrently with the closing of the first-lien term loans, the Company arranged for the repurchase of $73.3 million of its outstanding 2019 convertible senior notes and $8.1 million of its outstanding 2020 senior notes for an aggregate total of $54.1 million of cash. The Company recorded a gain on early extinguishment of debt of $15.5 million ( $10.5 million or $0.29 per diluted share after-tax), which was comprised of a $27.2 million gain on the repurchase of the 2019 convertible senior notes and the 2020 senior notes, offset in part by the write-off of $2.3 million in deal costs and unamortized financing costs related to the Previous Credit Agreement and $9.4 million of original issue discount, deal costs and unamortized financing costs related to the notes repurchased. In February 2019, the Company repurchased $36.6 million of its outstanding 2019 convertible senior notes for an aggregate total of $32.4 million of cash. 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. Concurrently with the closing of the first-lien term loans, the Company arranged for the repurchase of $8.1 million of its outstanding 2020 senior notes. See Convertible Note and Senior Note Repurchases above for further discussion of such note repurchases. In February 2019, the Company exchanged a portion of the 2020 senior notes for second-lien term loans. See further discussion above under Second-Lien Term Loans . 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 . Concurrently with the closing of the first-lien term loan, the Company entered into a debt-for-debt exchange for $127.1 million in face value of its 2019 convertible notes and arranged for the repurchase of $73.3 million in additional face value of its outstanding 2019 convertible senior notes. In February 2019, the Company repurchased an aggregate of $36.6 million of its outstanding 2019 convertible senior notes for $32.4 million of cash. See Convertible Note and Senior Note Repurchases above for further discussion of such note exchange and repurchases. 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 and the guarantees are full and unconditional, joint and several. See Note 17 for further information. Previous Credit Agreement On June 15, 2017 , the Company issued first-lien term loans. The Company's prior $200.0 million senior secured revolving credit agreement, or the Previous Credit Agreement was originally executed on February 6, 2015. This agreement generally provided 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 then-trailing four quarters, including the first quarter of 2017, the Company had designated the interest coverage holiday permitted by the Previous Credit Agreement to commence, effective April 27, 2017, for the four-quarter period ending December 31, 2017, unless rescinded sooner. This designation capped the borrowing base at $75.0 million during the period of the holiday and the LIBOR spreads for funded borrowings were increased by an additional 50 basis points during and after the holiday. Unused commitment fees were 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 agreement based on the defined total debt-to-capitalization ratio. The reduced borrowing base, as a result of the interest coverage holiday, did not affect the calculation of these unused commitment fees. The remaining covenants within the Previous Credit Agreement remained in effect during the interest coverage holiday. The Company estimates the fair value of its 2020 senior notes, 2021 senior notes, 2019 convertible senior notes and the first-lien term loans by primarily using quoted market prices. 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, 2018 December 31, 2017 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 366,942 $ 365,780 $ 191,727 $ 366,942 $ 364,881 $ 244,714 5.000% senior notes due 2021 450,000 447,827 220,500 450,000 446,858 236,250 1.500% convertible senior notes due 2019 99,647 96,311 88,125 99,647 91,527 74,486 First-lien term loans due 2023 (1) 300,000 310,018 295,875 163,322 177,560 162,505 $ 1,216,589 $ 1,219,936 $ 796,227 $ 1,079,911 $ 1,080,826 $ 717,955 (1) The carrying value of the first-lien term loans due 2023 includes a deferred gain of $15,845 less original issue discount and deferred financing costs of $5,827 . Capitalized Interest Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate amount of $2.3 million , $10.2 million , and $16.7 million , for the years ended December 31, 2018 , 2017 , and 2016 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , there were 0.3 million 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, 2018 2017 2016 Income before taxes $ 3,692 $ 6,999 $ 9,983 Net income $ 2,957 $ 4,712 $ 5,829 Earnings per common share: Basic $ 0.08 $ 0.13 $ 0.16 Diluted $ 0.08 $ 0.13 $ 0.16 The Company adopted ASU No. 2016-09 on January 1, 2017. The adoption of this ASU had the following impact on its consolidated financial statements. The Company recorded a $3.2 million adjustment to equity to recognize the cumulative effect of unrecorded excess tax deductions related to stock-based compensation expense from prior years. The prior-period presentation has not been restated. Upon adoption, the Company recorded $1.9 million of tax shortfall in its provision for income taxes for the year ended December 31, 2017, rather than as a decrease to equity. The Company did not restate the prior-period presentation. The Company recorded $0.5 million and $0.6 million related to employee withholding taxes paid as a financing activity in the twelve months ended December 31, 2018 and 2017, respectively. The statement of cash flows was restated to reflect $0.5 million related to employee taxes paid for the year ended December 31, 2016. There was no impact on the calculation of earnings per share as all outstanding stock options were anti-dilutive at December 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. Prior to the adoption of ASU 2016-09, the accounting rules required 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 for the year ended December 31, 2016. The Company did not receive any cash proceeds from the exercise of stock options for the years ended December 31, 2018, 2017, and 2016, respectively. The income tax benefit from restricted stock vesting was $1.9 million for the year ended December 31, 2016. Stock Options The Company is authorized to grant stock options under its incentive compensation plan in which the purchase price of the stock subject to each option is established as the closing price on the New York Stock Exchange of the Company’s common stock on the date of grant and accordingly is not less than the fair market value of the stock on the date of grant. All options granted expire ten years after the date of grant, have an exercise price equal to or greater than the actual or estimated market price of the Company’s stock on the date of grant and vest over a three -year period. The Company has not granted stock options to any directors, executive officers or employees since 2011. The following table represents the Company’s stock option activity for the year ended December 31, 2018 (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, 2018 185 $ 24.86 3.1 $ — Grants — — — — Exercised — — — — Forfeited or expired — — n/a n/a Options outstanding at December 31, 2018 185 $ 24.86 2.1 $ — Exercisable options outstanding at December 31, 2018 185 $ 24.86 2.1 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2017 (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, 2017 185 $ 24.86 4.1 $ — Grants — — — — Exercised — — — — Forfeited or expired — — n/a n/a Options outstanding at December 31, 2017 185 $ 24.86 3.1 $ — Exercisable options outstanding at December 31, 2017 185 $ 24.86 3.1 $ — 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 $ — 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, 2018 , the Company had unamortized stock-based compensation expense of $0.8 million , which will be recognized on a straight-line basis over the remaining vesting period, or 0.9 years. In addition, the Company has recorded approximately $1.6 million , $5.8 million and $6.8 million of compensation expense during the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 (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, 2018 868 $ 10.76 Granted during the period — — Change in estimated payout of performance unit awards (1) (6 ) 21.84 Cancellations during the period (1 ) 39.30 Vested (473 ) 13.91 Outstanding, as of December 31, 2018 388 $ 6.73 (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, 2017 (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, 2017 820 $ 17.72 Granted during the period 615 5.57 Change in estimated payout of performance unit awards (1) 20 21.84 Cancellations during the period — — Vested (587 ) 15.39 Outstanding, as of December 31, 2017 868 $ 10.76 (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, 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. Cash-Settled Restricted Stock The Company’s incentive compensation plan allows the Company to issue restricted stock units with cash-settled vesting provisions, with either performance-based or time-based vesting provisions. The Company has granted performance-based cash-settled 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 cash-settled 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. 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 10-day trailing average stock 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, 2018 , the Company had unamortized cash-settled restricted stock compensation expense of $2.8 million , which will be recognized on a straight-line basis over the remaining vesting period, or 1.6 years. In addition, the Company recorded approximately $1.6 million , $0.9 million, and $2.6 million of compensation expense during the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 (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, 2018 1,788 $ 6.70 Granted during the period (2) 2,466 3.37 Changed in estimated payout of performance unit awards 68 6.06 Cancellations during the period (2 ) 5.85 Vested (314 ) 8.09 Outstanding, as of December 31, 2018 4,006 $ 4.53 (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, 2017 (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, 2017 1,053 $ 7.60 Granted during the period (2) 919 6.68 Cancellations during the period (4 ) 15.31 Vested (180 ) 11.65 Outstanding, as of December 31, 2017 1,788 $ 6.70 (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, 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. 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 semi-annual intervals through accumulated payroll deductions that will be applied 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, 2018 , there were 0.7 million shares available for future issuance to employees under the ESPP. The Company recorded approximately $0.2 million , $0.2 million , and $0.6 million of compensation expense during the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 and 2017 : 2018 2017 Dividend yield — % — % Expected volatility 87.1 % 93.2 % Risk-free interest rate 2.3 % 1.3 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 0.86 $ 1.16 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Deferred tax liabilities: Fixed assets $ 285,704 $ 323,548 $ 490,221 Deferred charges and other liabilities 3,292 6,266 10,908 Total deferred tax liabilities 288,996 329,814 501,129 Deferred tax assets: Net operating loss carryforwards (130,814 ) (122,682 ) (111,147 ) Allowance for doubtful accounts (253 ) (1,362 ) (763 ) Stock-based compensation expense (867 ) (1,823 ) (4,033 ) Convertible senior notes (6,941 ) (8,265 ) — Alternative minimum tax credit carryforward (4,415 ) (10,431 ) (20,863 ) Foreign tax credit carryforward (18,963 ) (18,711 ) (17,554 ) Other (10,559 ) (4,501 ) (6,044 ) Total deferred tax assets (172,812 ) (167,775 ) (160,404 ) Valuation allowance 52,938 35,426 2,295 Total deferred tax liabilities, net $ 169,122 $ 197,465 $ 343,020 The components of the income tax expense follow (in thousands): Year Ended December 31, 2018 2017 2016 Current tax expense (benefit): U.S. and State $ (5,917 ) $ (9,743 ) $ 709 Foreign 1,338 1,024 (257 ) Current tax expense (benefit) (4,579 ) (8,719 ) 452 Deferred tax expense (benefit): U.S. and State (25,289 ) (142,136 ) (45,958 ) Foreign 247 611 — Deferred tax benefit (25,042 ) (141,525 ) (45,958 ) Total tax benefit $ (29,621 ) $ (150,244 ) $ (45,506 ) Loss from operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2018 2017 2016 U.S. $ (124,879 ) $ (105,692 ) $ (93,704 ) Foreign (23,865 ) (17,131 ) (15,648 ) Total loss from operations before income taxes $ (148,744 ) $ (122,823 ) $ (109,352 ) At December 31, 2018 , the Company has net operating loss carryforwards, or NOLs, in the U.S. of approximately $544.4 million , $466.9 million of which if not utilized will expire in 2031 through 2037 . The remaining $77.5 million generated in 2018 has an indefinite life under the new tax legislation. The Company also has foreign tax credits of approximately $19.0 million , which if not utilized will expire in 2019 through 2028 . It has state NOLs of approximately $133.4 million , which if not utilized will expire in 2030 through 2038 . The Company also has NOLs in Brazil of approximately $16.7 million, which are not subject to expiration and can only be used to offset up to 30% of taxable income each year. Lastly, it has NOLs in Mexico of approximately $9.7 million, which if not utilized will expire in 2026 through 2027 . All of the above NOLs can only be utilized if the Company generates taxable income in the respective tax jurisdiction. In recording a valuation allowance with respect to such NOLs and foreign tax credits, management assessed the favorable and unfavorable evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of the unfavorable evidence evaluated during the fourth quarter of 2018 was the cumulative pre-tax loss that was incurred over the three-year period ended December 31, 2018 . Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections of future earnings. As of December 31, 2018 , 2017 , and 2016 , the Company has established valuation allowances of $ 52.9 million , $35.4 million , and $ 2.3 million , respectively, based upon management's conclusion that it is more likely than not that a portion of the Brazil and Mexico NOLs, foreign tax credits, and state NOLs described above may expire unused. The Company is no longer subject to tax audits by federal, state or local taxing authorities for years prior to 2014. 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 21% for 2018 and 35% for 2016 and 2017 and the actual income tax provision (in thousands): Year Ended December 31, 2018 2017 2016 U.S. federal statutory rate $ (31,236 ) $ (42,988 ) $ (38,274 ) State taxes, net (2,231 ) (1,228 ) (1,094 ) Non-deductible expense 1,563 3,488 1,070 Change in valuation allowance 1,586 15,118 2,295 Income excluded from U.S. taxable income — — (9,478 ) Change in enacted U.S. tax rate — (125,225 ) — Foreign taxes and other 697 591 (25 ) $ (29,621 ) $ (150,244 ) $ (45,506 ) Due to a favorable election included in the Company's 2015 tax return, which was filed during the fourth quarter of 2016, the financial results of one of the Company's vessels were excluded from U.S. taxable income and were taxed based on daily notional shipping income, as defined. This resulted in a deferred tax benefit of $ 9.5 million million during the year ended December 31, 2016. The Company does not anticipate having any vessels qualify for this election in the foreseeable future. The Tax Cuts and Jobs Act, or the Act, was signed into law in the U.S. on December 22, 2017. The primary impact of this legislation was a reduction of the corporate income tax rate from 35% to 21% generally effective as of January 1, 2018. The impact of the deferred tax rate and tax law changes are required to be reflected in the period in which the law is enacted. As a result, the Company repriced its net deferred tax liabilities, which resulted in a favorable tax impact of $125.2 million and was recorded as a discrete item during the fourth quarter of 2017. On December 22, 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118, or SAB 118, to address the accounting and reporting of the Act. SAB 118 allows companies to take a reasonable period, which should not extend beyond one year from enactment of the Act, to measure and recognize the effects of the new tax law. As of December 31, 2017, the Company remeasured its deferred tax assets and liabilities based on the tax rates at which they are expected to reverse in the future, which is generally a 22.5% blended federal and state tax rate. At December 31, 2017, the Company was still analyzing certain aspects of the Act and refining its calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The Company included in its income tax rate a preliminary estimate related to executive compensation, Alternative Minimum Tax refundable credits, taxation in its foreign jurisdictions, and re-measurement of its deferred taxes. In the fourth quarter of 2018, the Company completed its tax accounting for the Act, resulting in a credit to tax expense of $0.2 million . Additionally, the Company is making the accounting election to treat global intangible low-taxed income as a period cost. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company is obligated under certain operating leases for office space and shore-base facilities. The Covington facility lease provides for a current 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, 2018 , the shore-base leases had approximately five years remaining on their existing terms and the Company has multiple renewal options on such facilities. Rent expense related to operating leases was approximately $3.9 million , $3.9 million and $4.0 million for the years ending December 31, 2018 , 2017 and 2016 , respectively. Future minimum payments under noncancelable leases for years subsequent to 2018 are as follows (in thousands): Year Ended December 31, 2019 $ 2,875 2020 2,965 2021 2,968 2022 3,065 2023 3,122 Thereafter 19,355 Total $ 34,350 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. |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Charges | Deferred Charges Deferred charges include the following (in thousands): Year Ended December 31, 2018 2017 Deferred drydocking costs, net of accumulated amortization of $14,372 and $14,495, respectively $ 20,153 $ 10,282 Prepaid lease expense, net of amortization of $2,016 and $1,858, respectively 2,372 2,530 Total $ 22,525 $ 12,812 |
Other Accrued Liabilities (Note
Other Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Accrued Liabilities Other accrued liabilities include the following (in thousands): Year Ended December 31, 2018 2017 Accrued lease expense $ 5,409 $ 5,142 Value added tax payable 1,779 484 Other 2,562 2,831 Total $ 9,750 $ 8,457 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2018 | |
Major Customers | Major Customers In the years ended December 31, 2018 , 2017 , and 2016 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2018 2017 2016 Customer A 24 % 19 % 15 % Customer B 18 % 11 % 21 % Customer C n/a (1) 20 % 13 % (1) Customers represent less than 10% of consolidated revenue in each such year. |
Employment Agreements
Employment Agreements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2021 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, 2018 | |
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 historical financial statements as of December 31, 2018 2017 , and 2016 , and for each of the two years ended December 31, 2018 , 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 and the guarantees are full and unconditional and joint and several. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries. Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 1 $ 219,217 $ 5,718 $ — $ 224,936 Accounts receivable, net of allowance for doubtful accounts of $1,123 — 42,136 12,788 — 54,924 Other current assets 30 18,740 998 — 19,768 Total current assets 31 280,093 19,504 — 299,628 Property, plant and equipment, net — 2,193,797 241,032 — 2,434,829 Deferred charges, net — 19,721 2,804 — 22,525 Intercompany receivable 1,920,557 905,458 483,128 (3,309,143 ) — Investment in subsidiaries 699,325 8,602 — (707,927 ) — Other assets — 7,118 537 — 7,655 Total assets $ 2,619,913 $ 3,414,789 $ 747,005 $ (4,017,070 ) $ 2,764,637 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 25,345 $ 1,481 $ — $ 26,826 Accrued interest 15,910 — — — 15,910 Accrued payroll and benefits — 11,520 925 — 12,445 Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 96,311 — — — 96,311 Other accrued liabilities — 7,491 2,259 — 9,750 Total current liabilities 112,221 44,356 4,665 — 161,242 Long-term debt, including deferred net gain of $15,845, and net of original issue discount of $3,013 and deferred financing costs of $6,149 1,123,625 — — — 1,123,625 Deferred tax liabilities, net — 167,756 1,366 — 169,122 Intercompany payables 72,381 2,452,258 793,102 (3,317,741 ) — Other liabilities — 2,720 2 — 2,722 Total liabilities 1,308,227 2,667,090 799,135 (3,317,741 ) 1,456,711 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; 37,701 shares issued and outstanding 377 — — — 377 Additional paid-in capital 761,834 37,978 8,602 (46,580 ) 761,834 Retained earnings 549,475 709,721 (56,972 ) (652,749 ) 549,475 Accumulated other comprehensive income — — (3,760 ) — (3,760 ) Total stockholders’ equity 1,311,686 747,699 (52,130 ) (699,329 ) 1,307,926 Total liabilities and stockholders’ equity $ 2,619,913 $ 3,414,789 $ 747,005 $ (4,017,070 ) $ 2,764,637 Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 4 $ 178,746 $ 8,099 $ — $ 186,849 Accounts receivable, net of allowance for doubtful accounts of $6,054 — 40,407 4,295 — 44,702 Other current assets 29 16,051 810 — 16,890 Total current assets 33 235,204 13,204 — 248,441 Property, plant and equipment, net — 2,379,097 121,916 — 2,501,013 Deferred charges, net — 11,408 1,404 — 12,812 Intercompany receivable 1,778,711 648,920 39,445 (2,467,076 ) — Investment in subsidiaries 790,734 8,602 — (799,336 ) — Other assets — 5,984 628 — 6,612 Total assets $ 2,569,478 $ 3,289,215 $ 176,597 $ (3,266,412 ) $ 2,768,878 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 15,643 $ 553 $ — $ 16,196 Accrued interest 14,734 — — — 14,734 Accrued payroll and benefits — 8,458 1,017 — 9,475 Other accrued liabilities — 8,129 328 — 8,457 Total current liabilities 14,734 32,230 1,898 — 48,862 Long-term debt, including deferred net gain of $18,911, and net of original issue discount of $7,862 and deferred financing costs of $10,134 1,080,826 — — — 1,080,826 Deferred tax liabilities, net — 192,793 4,672 — 197,465 Intercompany payables 140,019 2,240,832 190,177 (2,571,028 ) — Other liabilities — 3,802 (1 ) — 3,801 Total liabilities 1,235,579 2,469,657 196,746 (2,571,028 ) 1,330,954 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; 37,144 shares issued and outstanding 371 — — — 371 Additional paid-in capital 758,690 37,975 8,602 (44,989 ) 760,278 Retained earnings 574,838 781,583 (37,428 ) (650,395 ) 668,598 Accumulated other comprehensive income (loss) — — 8,677 — 8,677 Total stockholders’ equity 1,333,899 819,558 (20,149 ) (695,384 ) 1,437,924 Total liabilities and stockholders’ equity $ 2,569,478 $ 3,289,215 $ 176,597 $ (3,266,412 ) $ 2,768,878 Condensed Consolidating Statement of Operations (In thousands) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 201,684 $ 11,593 $ (873 ) $ 212,404 Costs and expenses: Operating expenses — 129,110 19,363 (831 ) 147,642 Depreciation — 91,376 7,551 — 98,927 Amortization — 8,354 1,387 — 9,741 General and administrative expenses 218 40,931 2,423 (42 ) 43,530 218 269,771 30,724 (873 ) 299,840 Gain on sale of assets — 52 7 — 59 Operating loss (218 ) (68,035 ) (19,124 ) — (87,377 ) Other income (expense): Interest income — 1,974 254 — 2,228 Interest expense (63,566 ) — — — (63,566 ) Equity in earnings (losses) of consolidated subsidiaries (55,339 ) — — 55,339 — Other income (expense), net — 3 (32 ) — (29 ) (118,905 ) 1,977 222 55,339 (61,367 ) Income (loss) before income taxes (119,123 ) (66,058 ) (18,902 ) 55,339 (148,744 ) Income tax expense (benefit) — (30,263 ) 642 — (29,621 ) Net income (loss) $ (119,123 ) $ (35,795 ) $ (19,544 ) $ 55,339 $ (119,123 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (119,123 ) $ (35,795 ) $ (19,544 ) $ 55,339 $ (119,123 ) Other comprehensive income: Foreign currency translation gain (loss) — — (12,437 ) — (12,437 ) Total comprehensive income (loss) $ (119,123 ) $ (35,795 ) $ (31,981 ) $ 55,339 $ (131,560 ) Condensed Consolidating Statement of Operations (In thousands) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 180,083 $ 11,694 $ (365 ) $ 191,412 Costs and expenses: Operating expenses — 108,517 12,385 (365 ) 120,537 Depreciation — 93,460 5,273 — 98,733 Amortization — 11,968 1,200 — 13,168 General and administrative expenses 182 45,078 2,348 (11 ) 47,597 182 259,023 21,206 (376 ) 280,035 Gain (loss) on sale of assets — (133 ) 12 — (121 ) Operating income (loss) (182 ) (79,073 ) (9,500 ) 11 (88,744 ) Other income (expense): Gain on early extinguishment of debt 15,478 — — — 15,478 Interest income — 1,320 883 — 2,203 Interest expense (51,364 ) — — — (51,364 ) Equity in earnings (losses) of consolidated subsidiaries 63,489 — — (63,489 ) — Other income (expense), net — 1,157 (1,542 ) (11 ) (396 ) 27,603 2,477 (659 ) (63,500 ) (34,079 ) Income (loss) before income taxes 27,421 (76,596 ) (10,159 ) (63,489 ) (122,823 ) Income tax expense (benefit) — (150,735 ) 491 — (150,244 ) Net income (loss) $ 27,421 $ 74,139 $ (10,650 ) $ (63,489 ) $ 27,421 Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ 27,421 $ 74,139 $ (10,650 ) $ (63,489 ) $ 27,421 Other comprehensive income: Foreign currency translation gain (loss) — (149 ) (1,419 ) — (1,568 ) Total comprehensive income (loss) $ 27,421 $ 73,990 $ (12,069 ) $ (63,489 ) $ 25,853 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 income (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 expense (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 (loss) — 31 14,290 — 14,321 Total comprehensive income (loss) $ (63,846 ) $ (4,649 ) $ 3,981 $ 14,989 $ (49,525 ) Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (133,808 ) $ 91,142 $ 314 $ — $ (42,352 ) CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of offshore supply vessels — (40,868 ) — — (40,868 ) Costs incurred for OSV newbuild program #5 — (3,696 ) — — (3,696 ) Net proceeds from sale of assets — 79 7 — 86 Vessel capital expenditures — (6,050 ) (1,865 ) — (7,915 ) Non-vessel capital expenditures — (136 ) 5 — (131 ) Net cash used in investing activities — (50,671 ) (1,853 ) — (52,524 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from first-lien term loan 133,944 — — — 133,944 Shares withheld for payment of employee withholding taxes (536 ) — — — (536 ) Net cash proceeds from other shares issued 397 — — — 397 Net cash provided by financing activities 133,805 — — — 133,805 Effects of exchange rate changes on cash — — (842 ) — (842 ) Net increase (decrease) in cash and cash equivalents (3 ) 40,471 (2,381 ) — 38,087 Cash and cash equivalents at beginning of period 4 178,746 8,099 — 186,849 Cash and cash equivalents at end of period $ 1 $ 219,217 $ 5,718 $ — $ 224,936 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 59,469 $ — $ — $ — $ 59,469 Cash paid for income taxes $ — $ 723 $ 219 $ — $ 942 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (6,231 ) $ (12,152 ) $ 3,725 $ — $ (14,658 ) CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (18,496 ) 392 — (18,104 ) Net proceeds from sale of assets — 33 10 — 43 Vessel capital expenditures — (1,173 ) (514 ) — (1,687 ) Non-vessel capital expenditures — (1,512 ) (40 ) — (1,552 ) Net cash used in investing activities — (21,148 ) (152 ) — (21,300 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from first-lien term loans 66,640 — — — 66,640 Repurchase of senior notes (5,057 ) — — — (5,057 ) Repurchase of convertible notes (49,631 ) — — — (49,631 ) Deferred financing costs (5,636 ) — — — (5,636 ) Shares withheld for payment of employee withholding taxes (575 ) — — — (575 ) Net cash proceeds from other shares issued 485 — — — 485 Net cash provided by financing activities 6,226 — — — 6,226 Effects of exchange rate changes on cash — (150 ) (296 ) — (446 ) Net increase (decrease) in cash and cash equivalents (5 ) (33,450 ) 3,277 — (30,178 ) Cash and cash equivalents at beginning of period 9 212,196 4,822 — 217,027 Cash and cash equivalents at end of period $ 4 $ 178,746 $ 8,099 $ — $ 186,849 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 52,194 $ — $ — $ — $ 52,194 Cash paid for (refunds of) income taxes $ — $ (9,793 ) $ 751 $ — $ (9,042 ) SUPPLEMENTAL DISCLOUSURES OF NON-CASH FINANCING ACTIVITIES: Exchange of convertible notes for first-lien term loan $ 127,096 $ — $ — $ — $ 127,096 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 $ 251 $ 55,677 $ (2,428 ) $ — $ 53,500 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 ) Shares withheld for payment of employee withholding taxes (450 ) — — — (450 ) Net cash proceeds from other shares issued 1,300 — — — 1,300 Net cash used in financing activities (252 ) — — — (252 ) Effects of exchange rate changes on cash — 31 958 — 989 Net increase (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 Quarterly
Supplemental Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 and 2017 . 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 2018 (1)(2) Revenues $ 41,587 $ 58,431 $ 58,468 $ 53,917 Operating loss (33,854 ) (15,573 ) (22,412 ) (15,539 ) Net loss (38,655 ) (25,088 ) (31,183 ) (24,195 ) Earnings (loss) per common share: Basic loss per common share $ (1.04 ) $ (0.67 ) $ (0.83 ) $ (0.64 ) Diluted loss per common share $ (1.04 ) $ (0.67 ) $ (0.83 ) $ (0.64 ) Fiscal Year 2017 (1)(2) Revenues $ 44,079 $ 37,426 $ 53,666 $ 56,241 Operating loss (26,481 ) (31,318 ) (16,667 ) (14,277 ) Net income (loss) (3) (27,898 ) (19,489 ) (18,950 ) 93,758 Earnings (loss) per common share: Basic earnings (loss) per common share $ (0.76 ) $ (0.53 ) $ (0.51 ) $ 2.53 Diluted earnings (loss) per common share $ (0.76 ) $ (0.53 ) $ (0.51 ) $ 2.48 (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017 . The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018 . The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017 . (3) The results for the three months ended December 31, 2017 were favorably impacted by U.S. federal tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 11 for further information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. |
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 or functional operating capability 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. |
Lessee, Leases | ASC 842, Leases Lessor Accounting In July 2018, the Financial Accounting Standards Board, or FASB, issued ASU 2018-11 that allows for 1) a transition option that will allow companies to not apply the new lease standard in the comparative periods presented in their financial statements in the year of adoption and allows the Company to continue to apply legacy guidance, ASC 840 Leases, including its disclosure requirements, for comparative periods presented, and 2) an option for lessors to combine lease and non-lease components contained within the same agreement when certain criteria are met. Under ASU 2018-11 a lessor may elect to combine lease and non-lease components provided that the non-lease component(s) otherwise would be accounted for under the new revenue guidance in ASC 606 and both of the following conditions are met: • The timing and pattern of transfer for the lease component are the same as those for the non-lease components associated with that lease component. • The lease component, if accounted for separately, would be classified as an operating lease. When the above conditions are met, the entity will need to assess predominance. If the non-lease components are predominant, the entity accounts for the combined component under ASC 606; otherwise, the entity accounts for the combined component under ASC 842. After review of its revenue streams, the Company has concluded that the non-lease component of its revenue is predominant, and that both of the criteria above are met. Therefore, the Company expects to elect the new transition options and will combine lease and non-lease revenues. The Company will recognize revenue based on the non-lease component under ASC 606, as it has concluded that the non-lease component is the predominant component. The adoption of ASU 2018-11 on January 1, 2019 is not expected to change the timing or amounts of revenues recognized by the Company. Lessee Accounting The Company currently accounts for operating leases under ASC 840, recognizing lease expense ratably over the term of the arrangement. Under ASC 842, the Company will be required to measure and record a right-of-use asset and corresponding lease liability on its balance sheet using the present value of the future payments under its operating lease commitments. Lessees are allowed to account for short-term leases (i.e., leases with a term of 12 months or less) off-balance sheet, consistent with current operating lease accounting. The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. On January 1, 2019, the Company adopted ASU 2016-02 using the modified retrospective approach. The Company will recognize and measure operating leases on the consolidated balance sheet without revising comparative period information or disclosure. The Company elected the package of practical expedients permitted under the transition guidance within the standard, which eliminates the reassessment of past leases, classification and initial direct costs. The new standard is anticipated to result in the recording of leased assets and lease liabilities for the Company's operating leases of approximately $27.8 million as of January 1, 2019. The adoption of the standard did not have an impact on the Company's equity and is not anticipated to have an impact on the Company's results from operations and cash flows. The adoption of the new standard will result in additional disclosures around amount, timing and uncertainty of cash flows arising from leases including quantitative and qualitative information including significant judgments in applying the new standard. |
Deferred Charges | Deferred Charges The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease. |
Mobilization Costs | Mobilization Costs The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes. |
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 of December 31, 2018 , the Company determined it is more likely than not that a portion of deferred tax assets may not be utilized prior to their expiration and therefore has established a valuation allowance of $17.5 million. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Legal Liabilities | Legal Liabilities In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. |
Concentration of Credit Risk | Concentration of Credit Risk Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. |
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 2018 , 2017 and 2016 were not material to the financial statements. The balance in accumulated other comprehensive income (loss) as of December 31, 2018 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 ASC 360, 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. 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. 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. While the Company has not observed any new impairment indicators since 2016, the Company has reviewed and updated, as necessary, the assumptions used in determining its undiscounted cash flow projections for each asset group to reflect current market conditions. After reviewing the result of the updated projections, during 2018 , 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 groups. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Balance, beginning of year $ 6,054 $ 2,120 $ 2,877 Changes to provision (156 ) 3,934 (757 ) Write-offs (4,775 ) — — Balance, end of year $ 1,123 $ 6,054 $ 2,120 |
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 the Company's financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have 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 This ASU replaces most existing revenue recognition guidance in U.S. GAAP. The Company adopted ASU 2014-09 on January 1, 2018 under the modified retrospective method. Based on the Company's review of its open revenue-related contracts on the date of adoption, it was determined that there was no cumulative effect of applying the new standard and therefore no adjustment to the opening retained earnings balance was needed as of January 1, 2018. See Note 3 - Revenues from Contracts with Customers for additional information. 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 adopted ASU No. 2017-01 on January 1, 2018 under the prospective application. This adoption had no impact on its consolidated financial statements. 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. 2016-02, "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 will adopt this ASU effective January 1, 2019. See further discussion below. ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" This standard allows companies to reclassify items in accumulated other comprehensive income to retained earnings for stranded tax effects resulting from The Tax Cuts and Jobs Act. January 1, 2019 The Company continues to evaluate the impact this new guidance will have on its consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted (continued) ASU No. 2018-09, "Codification Improvements" This standard provides clarification, corrects errors in and makes minor improvements to various ASC topics. Many of the amendments in this update have transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments do not require transition guidance and are effective upon issuance of this update. January 1, 2019 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. ASU No. 2018-11, "Leases" (Topic 842): Targeted Improvements This standard provides for the election of transition methods between the modified retrospective method and the optional transition relief method. The modified retrospective method is applied to all prior reporting periods presented with a cumulative-effect adjustment recorded in the earliest comparative period while the optional transition relief method is applied beginning in the period of adoption with a cumulative-effect adjustment recorded in such period. Also, this standard allows lessors to elect to not separate non-lease components from the associated lease components if certain criteria are met. January 1, 2019 The Company will adopt this ASU effective January 1, 2019. See further discussion below. ASC 842, Leases Lessor Accounting In July 2018, the Financial Accounting Standards Board, or FASB, issued ASU 2018-11 that allows for 1) a transition option that will allow companies to not apply the new lease standard in the comparative periods presented in their financial statements in the year of adoption and allows the Company to continue to apply legacy guidance, ASC 840 Leases, including its disclosure requirements, for comparative periods presented, and 2) an option for lessors to combine lease and non-lease components contained within the same agreement when certain criteria are met. Under ASU 2018-11 a lessor may elect to combine lease and non-lease components provided that the non-lease component(s) otherwise would be accounted for under the new revenue guidance in ASC 606 and both of the following conditions are met: • The timing and pattern of transfer for the lease component are the same as those for the non-lease components associated with that lease component. • The lease component, if accounted for separately, would be classified as an operating lease. When the above conditions are met, the entity will need to assess predominance. If the non-lease components are predominant, the entity accounts for the combined component under ASC 606; otherwise, the entity accounts for the combined component under ASC 842. After review of its revenue streams, the Company has concluded that the non-lease component of its revenue is predominant, and that both of the criteria above are met. Therefore, the Company expects to elect the new transition options and will combine lease and non-lease revenues. The Company will recognize revenue based on the non-lease component under ASC 606, as it has concluded that the non-lease component is the predominant component. The adoption of ASU 2018-11 on January 1, 2019 is not expected to change the timing or amounts of revenues recognized by the Company. Lessee Accounting The Company currently accounts for operating leases under ASC 840, recognizing lease expense ratably over the term of the arrangement. Under ASC 842, the Company will be required to measure and record a right-of-use asset and corresponding lease liability on its balance sheet using the present value of the future payments under its operating lease commitments. Lessees are allowed to account for short-term leases (i.e., leases with a term of 12 months or less) off-balance sheet, consistent with current operating lease accounting. The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. On January 1, 2019, the Company adopted ASU 2016-02 using the modified retrospective approach. The Company will recognize and measure operating leases on the consolidated balance sheet without revising comparative period information or disclosure. The Company elected the package of practical expedients permitted under the transition guidance within the standard, which eliminates the reassessment of past leases, classification and initial direct costs. The new standard is anticipated to result in the recording of leased assets and lease liabilities for the Company's operating leases of approximately $27.8 million as of January 1, 2019. The adoption of the standard did not have an impact on the Company's equity and is not anticipated to have an impact on the Company's results from operations and cash flows. The adoption of the new standard will result in additional disclosures around amount, timing and uncertainty of cash flows arising from leases including quantitative and qualitative information including significant judgments in applying the new standard. |
Revenues From Contracts With _2
Revenues From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The Company recognized revenues as follows (in thousands): Year Ended December 31, 2018 2017 Vessel revenues $ 175,767 $ 158,466 Vessel management revenues 33,065 29,906 Shore-based facility revenues 3,572 3,040 $ 212,404 $ 191,412 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net Income (loss) (1) $ (119,123 ) $ 27,421 $ (63,846 ) Weighted average number of shares of common stock outstanding 37,508 36,858 36,248 Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) — 806 — Weighted average number of dilutive shares of common stock outstanding 37,508 37,664 36,248 Earnings (loss) per common share: Basic earnings (loss) per common share $ (3.18 ) $ 0.74 $ (1.76 ) Diluted earnings (loss) per common share $ (3.18 ) $ 0.73 $ (1.76 ) (1) The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. (2) Due to a net loss for 2018, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 583 shares of common stock for the year ended December 31, 2018. The Company had 185 anti-dilutive stock options for the year ended December 31, 2017 . 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 . 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, 2018 , 2017 and 2016 , 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 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. See Note 8 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 10 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, 2018 | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): December 31, 2018 2017 Offshore supply vessels and multi-purpose support vessels $ 2,851,872 $ 2,825,639 Non-vessel related property, plant and equipment 133,564 132,509 Less: Accumulated depreciation (735,063 ) (637,607 ) 2,250,373 2,320,541 Construction in progress 184,456 180,472 $ 2,434,829 $ 2,501,013 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 5.875% senior notes due 2020, net of deferred financing costs of $1,162 and $2,061 $ 365,780 $ 364,881 5.000% senior notes due 2021, net of deferred financing costs of $2,173 and $3,142 447,827 446,858 1.500% convertible senior notes due 2019, net of original issue discount of $2,725 and $6,634 and deferred financing costs of $611 and $1,486 96,311 91,527 First-lien term loans due 2023, including deferred gain of $15,845 and $18,911, and net of original issue discount of $3,013 and $1,228, and deferred financing costs of $2,814 and $3,445 310,018 177,560 1,219,936 1,080,826 Less current maturities (96,311 ) — $ 1,123,625 $ 1,080,826 The table below summarizes the Company's cash interest payments (in thousands): Cash Interest Payments Payment Dates 5.875% senior notes due 2020 $ 10,779 April 1 and October 1 5.000% senior notes due 2021 11,250 March 1 and September 1 1.500% convertible senior notes due 2019 747 March 1 and September 1 First-lien term loans due 2023 (1) 2,333 Variable (1) The interest rate on the first-lien term loans is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on December 31, 2018 . Please see further discussion of the variable interest rate below. |
Annual Maturities of Debt | Annual maturities of debt, excluding the potential effects of conditions discussed in 2019 Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): 2019 (1) $ 99,647 2020 (2) 366,942 2021 450,000 2022 — 2023 300,000 Thereafter — $ 1,216,589 |
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, 2018 December 31, 2017 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 366,942 $ 365,780 $ 191,727 $ 366,942 $ 364,881 $ 244,714 5.000% senior notes due 2021 450,000 447,827 220,500 450,000 446,858 236,250 1.500% convertible senior notes due 2019 99,647 96,311 88,125 99,647 91,527 74,486 First-lien term loans due 2023 (1) 300,000 310,018 295,875 163,322 177,560 162,505 $ 1,216,589 $ 1,219,936 $ 796,227 $ 1,079,911 $ 1,080,826 $ 717,955 (1) The carrying value of the first-lien term loans due 2023 includes a deferred gain of $15,845 less original issue discount and deferred financing costs of $5,827 . |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Income before taxes $ 3,692 $ 6,999 $ 9,983 Net income $ 2,957 $ 4,712 $ 5,829 Earnings per common share: Basic $ 0.08 $ 0.13 $ 0.16 Diluted $ 0.08 $ 0.13 $ 0.16 |
Summary of Stock Option Activity | 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, 2018 (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, 2018 185 $ 24.86 3.1 $ — Grants — — — — Exercised — — — — Forfeited or expired — — n/a n/a Options outstanding at December 31, 2018 185 $ 24.86 2.1 $ — Exercisable options outstanding at December 31, 2018 185 $ 24.86 2.1 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2017 (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, 2017 185 $ 24.86 4.1 $ — Grants — — — — Exercised — — — — Forfeited or expired — — n/a n/a Options outstanding at December 31, 2017 185 $ 24.86 3.1 $ — Exercisable options outstanding at December 31, 2017 185 $ 24.86 3.1 $ — |
Summary of Restricted Stock Award Activity | The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2018 (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, 2018 868 $ 10.76 Granted during the period — — Change in estimated payout of performance unit awards (1) (6 ) 21.84 Cancellations during the period (1 ) 39.30 Vested (473 ) 13.91 Outstanding, as of December 31, 2018 388 $ 6.73 (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, 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, 2017 (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, 2017 820 $ 17.72 Granted during the period 615 5.57 Change in estimated payout of performance unit awards (1) 20 21.84 Cancellations during the period — — Vested (587 ) 15.39 Outstanding, as of December 31, 2017 868 $ 10.76 (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. |
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, 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. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2018 (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, 2018 1,788 $ 6.70 Granted during the period (2) 2,466 3.37 Changed in estimated payout of performance unit awards 68 6.06 Cancellations during the period (2 ) 5.85 Vested (314 ) 8.09 Outstanding, as of December 31, 2018 4,006 $ 4.53 (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, 2017 (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, 2017 1,053 $ 7.60 Granted during the period (2) 919 6.68 Cancellations during the period (4 ) 15.31 Vested (180 ) 11.65 Outstanding, as of December 31, 2017 1,788 $ 6.70 (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, 2018 and 2017 : 2018 2017 Dividend yield — % — % Expected volatility 87.1 % 93.2 % Risk-free interest rate 2.3 % 1.3 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 0.86 $ 1.16 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Deferred tax liabilities: Fixed assets $ 285,704 $ 323,548 $ 490,221 Deferred charges and other liabilities 3,292 6,266 10,908 Total deferred tax liabilities 288,996 329,814 501,129 Deferred tax assets: Net operating loss carryforwards (130,814 ) (122,682 ) (111,147 ) Allowance for doubtful accounts (253 ) (1,362 ) (763 ) Stock-based compensation expense (867 ) (1,823 ) (4,033 ) Convertible senior notes (6,941 ) (8,265 ) — Alternative minimum tax credit carryforward (4,415 ) (10,431 ) (20,863 ) Foreign tax credit carryforward (18,963 ) (18,711 ) (17,554 ) Other (10,559 ) (4,501 ) (6,044 ) Total deferred tax assets (172,812 ) (167,775 ) (160,404 ) Valuation allowance 52,938 35,426 2,295 Total deferred tax liabilities, net $ 169,122 $ 197,465 $ 343,020 |
Components of Income Tax Expenses | The components of the income tax expense follow (in thousands): Year Ended December 31, 2018 2017 2016 Current tax expense (benefit): U.S. and State $ (5,917 ) $ (9,743 ) $ 709 Foreign 1,338 1,024 (257 ) Current tax expense (benefit) (4,579 ) (8,719 ) 452 Deferred tax expense (benefit): U.S. and State (25,289 ) (142,136 ) (45,958 ) Foreign 247 611 — Deferred tax benefit (25,042 ) (141,525 ) (45,958 ) Total tax benefit $ (29,621 ) $ (150,244 ) $ (45,506 ) |
Income (Loss) Before Income Taxes Based on Jurisdiction Earned | Loss from operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2018 2017 2016 U.S. $ (124,879 ) $ (105,692 ) $ (93,704 ) Foreign (23,865 ) (17,131 ) (15,648 ) Total loss from operations before income taxes $ (148,744 ) $ (122,823 ) $ (109,352 ) |
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 21% for 2018 and 35% for 2016 and 2017 and the actual income tax provision (in thousands): Year Ended December 31, 2018 2017 2016 U.S. federal statutory rate $ (31,236 ) $ (42,988 ) $ (38,274 ) State taxes, net (2,231 ) (1,228 ) (1,094 ) Non-deductible expense 1,563 3,488 1,070 Change in valuation allowance 1,586 15,118 2,295 Income excluded from U.S. taxable income — — (9,478 ) Change in enacted U.S. tax rate — (125,225 ) — Foreign taxes and other 697 591 (25 ) $ (29,621 ) $ (150,244 ) $ (45,506 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Future Minimum Payments Under Noncancelable Leases | Future minimum payments under noncancelable leases for years subsequent to 2018 are as follows (in thousands): Year Ended December 31, 2019 $ 2,875 2020 2,965 2021 2,968 2022 3,065 2023 3,122 Thereafter 19,355 Total $ 34,350 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Charges | Deferred charges include the following (in thousands): Year Ended December 31, 2018 2017 Deferred drydocking costs, net of accumulated amortization of $14,372 and $14,495, respectively $ 20,153 $ 10,282 Prepaid lease expense, net of amortization of $2,016 and $1,858, respectively 2,372 2,530 Total $ 22,525 $ 12,812 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other accrued liabilities include the following (in thousands): Year Ended December 31, 2018 2017 Accrued lease expense $ 5,409 $ 5,142 Value added tax payable 1,779 484 Other 2,562 2,831 Total $ 9,750 $ 8,457 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenues from Customer Exceeding 10% | In the years ended December 31, 2018 , 2017 , and 2016 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2018 2017 2016 Customer A 24 % 19 % 15 % Customer B 18 % 11 % 21 % Customer C n/a (1) 20 % 13 % (1) Customers represent less than 10% of consolidated revenue in each such year. |
Condensed Consolidating Guara_2
Condensed Consolidating Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 4 $ 178,746 $ 8,099 $ — $ 186,849 Accounts receivable, net of allowance for doubtful accounts of $6,054 — 40,407 4,295 — 44,702 Other current assets 29 16,051 810 — 16,890 Total current assets 33 235,204 13,204 — 248,441 Property, plant and equipment, net — 2,379,097 121,916 — 2,501,013 Deferred charges, net — 11,408 1,404 — 12,812 Intercompany receivable 1,778,711 648,920 39,445 (2,467,076 ) — Investment in subsidiaries 790,734 8,602 — (799,336 ) — Other assets — 5,984 628 — 6,612 Total assets $ 2,569,478 $ 3,289,215 $ 176,597 $ (3,266,412 ) $ 2,768,878 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 15,643 $ 553 $ — $ 16,196 Accrued interest 14,734 — — — 14,734 Accrued payroll and benefits — 8,458 1,017 — 9,475 Other accrued liabilities — 8,129 328 — 8,457 Total current liabilities 14,734 32,230 1,898 — 48,862 Long-term debt, including deferred net gain of $18,911, and net of original issue discount of $7,862 and deferred financing costs of $10,134 1,080,826 — — — 1,080,826 Deferred tax liabilities, net — 192,793 4,672 — 197,465 Intercompany payables 140,019 2,240,832 190,177 (2,571,028 ) — Other liabilities — 3,802 (1 ) — 3,801 Total liabilities 1,235,579 2,469,657 196,746 (2,571,028 ) 1,330,954 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; 37,144 shares issued and outstanding 371 — — — 371 Additional paid-in capital 758,690 37,975 8,602 (44,989 ) 760,278 Retained earnings 574,838 781,583 (37,428 ) (650,395 ) 668,598 Accumulated other comprehensive income (loss) — — 8,677 — 8,677 Total stockholders’ equity 1,333,899 819,558 (20,149 ) (695,384 ) 1,437,924 Total liabilities and stockholders’ equity $ 2,569,478 $ 3,289,215 $ 176,597 $ (3,266,412 ) $ 2,768,878 Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 1 $ 219,217 $ 5,718 $ — $ 224,936 Accounts receivable, net of allowance for doubtful accounts of $1,123 — 42,136 12,788 — 54,924 Other current assets 30 18,740 998 — 19,768 Total current assets 31 280,093 19,504 — 299,628 Property, plant and equipment, net — 2,193,797 241,032 — 2,434,829 Deferred charges, net — 19,721 2,804 — 22,525 Intercompany receivable 1,920,557 905,458 483,128 (3,309,143 ) — Investment in subsidiaries 699,325 8,602 — (707,927 ) — Other assets — 7,118 537 — 7,655 Total assets $ 2,619,913 $ 3,414,789 $ 747,005 $ (4,017,070 ) $ 2,764,637 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 25,345 $ 1,481 $ — $ 26,826 Accrued interest 15,910 — — — 15,910 Accrued payroll and benefits — 11,520 925 — 12,445 Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 96,311 — — — 96,311 Other accrued liabilities — 7,491 2,259 — 9,750 Total current liabilities 112,221 44,356 4,665 — 161,242 Long-term debt, including deferred net gain of $15,845, and net of original issue discount of $3,013 and deferred financing costs of $6,149 1,123,625 — — — 1,123,625 Deferred tax liabilities, net — 167,756 1,366 — 169,122 Intercompany payables 72,381 2,452,258 793,102 (3,317,741 ) — Other liabilities — 2,720 2 — 2,722 Total liabilities 1,308,227 2,667,090 799,135 (3,317,741 ) 1,456,711 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; 37,701 shares issued and outstanding 377 — — — 377 Additional paid-in capital 761,834 37,978 8,602 (46,580 ) 761,834 Retained earnings 549,475 709,721 (56,972 ) (652,749 ) 549,475 Accumulated other comprehensive income — — (3,760 ) — (3,760 ) Total stockholders’ equity 1,311,686 747,699 (52,130 ) (699,329 ) 1,307,926 Total liabilities and stockholders’ equity $ 2,619,913 $ 3,414,789 $ 747,005 $ (4,017,070 ) $ 2,764,637 |
Condensed Income Statement | Condensed Consolidating Statement of Operations (In thousands) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 201,684 $ 11,593 $ (873 ) $ 212,404 Costs and expenses: Operating expenses — 129,110 19,363 (831 ) 147,642 Depreciation — 91,376 7,551 — 98,927 Amortization — 8,354 1,387 — 9,741 General and administrative expenses 218 40,931 2,423 (42 ) 43,530 218 269,771 30,724 (873 ) 299,840 Gain on sale of assets — 52 7 — 59 Operating loss (218 ) (68,035 ) (19,124 ) — (87,377 ) Other income (expense): Interest income — 1,974 254 — 2,228 Interest expense (63,566 ) — — — (63,566 ) Equity in earnings (losses) of consolidated subsidiaries (55,339 ) — — 55,339 — Other income (expense), net — 3 (32 ) — (29 ) (118,905 ) 1,977 222 55,339 (61,367 ) Income (loss) before income taxes (119,123 ) (66,058 ) (18,902 ) 55,339 (148,744 ) Income tax expense (benefit) — (30,263 ) 642 — (29,621 ) Net income (loss) $ (119,123 ) $ (35,795 ) $ (19,544 ) $ 55,339 $ (119,123 ) Condensed Consolidating Statement of Operations (In thousands) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 180,083 $ 11,694 $ (365 ) $ 191,412 Costs and expenses: Operating expenses — 108,517 12,385 (365 ) 120,537 Depreciation — 93,460 5,273 — 98,733 Amortization — 11,968 1,200 — 13,168 General and administrative expenses 182 45,078 2,348 (11 ) 47,597 182 259,023 21,206 (376 ) 280,035 Gain (loss) on sale of assets — (133 ) 12 — (121 ) Operating income (loss) (182 ) (79,073 ) (9,500 ) 11 (88,744 ) Other income (expense): Gain on early extinguishment of debt 15,478 — — — 15,478 Interest income — 1,320 883 — 2,203 Interest expense (51,364 ) — — — (51,364 ) Equity in earnings (losses) of consolidated subsidiaries 63,489 — — (63,489 ) — Other income (expense), net — 1,157 (1,542 ) (11 ) (396 ) 27,603 2,477 (659 ) (63,500 ) (34,079 ) Income (loss) before income taxes 27,421 (76,596 ) (10,159 ) (63,489 ) (122,823 ) Income tax expense (benefit) — (150,735 ) 491 — (150,244 ) Net income (loss) $ 27,421 $ 74,139 $ (10,650 ) $ (63,489 ) $ 27,421 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 income (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 expense (benefit) — (44,721 ) (785 ) — (45,506 ) Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) |
Condensed Statement of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ 27,421 $ 74,139 $ (10,650 ) $ (63,489 ) $ 27,421 Other comprehensive income: Foreign currency translation gain (loss) — (149 ) (1,419 ) — (1,568 ) Total comprehensive income (loss) $ 27,421 $ 73,990 $ (12,069 ) $ (63,489 ) $ 25,853 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 (loss) — 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 (Loss) (In thousands) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (119,123 ) $ (35,795 ) $ (19,544 ) $ 55,339 $ (119,123 ) Other comprehensive income: Foreign currency translation gain (loss) — — (12,437 ) — (12,437 ) Total comprehensive income (loss) $ (119,123 ) $ (35,795 ) $ (31,981 ) $ 55,339 $ (131,560 ) |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (6,231 ) $ (12,152 ) $ 3,725 $ — $ (14,658 ) CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (18,496 ) 392 — (18,104 ) Net proceeds from sale of assets — 33 10 — 43 Vessel capital expenditures — (1,173 ) (514 ) — (1,687 ) Non-vessel capital expenditures — (1,512 ) (40 ) — (1,552 ) Net cash used in investing activities — (21,148 ) (152 ) — (21,300 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from first-lien term loans 66,640 — — — 66,640 Repurchase of senior notes (5,057 ) — — — (5,057 ) Repurchase of convertible notes (49,631 ) — — — (49,631 ) Deferred financing costs (5,636 ) — — — (5,636 ) Shares withheld for payment of employee withholding taxes (575 ) — — — (575 ) Net cash proceeds from other shares issued 485 — — — 485 Net cash provided by financing activities 6,226 — — — 6,226 Effects of exchange rate changes on cash — (150 ) (296 ) — (446 ) Net increase (decrease) in cash and cash equivalents (5 ) (33,450 ) 3,277 — (30,178 ) Cash and cash equivalents at beginning of period 9 212,196 4,822 — 217,027 Cash and cash equivalents at end of period $ 4 $ 178,746 $ 8,099 $ — $ 186,849 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 52,194 $ — $ — $ — $ 52,194 Cash paid for (refunds of) income taxes $ — $ (9,793 ) $ 751 $ — $ (9,042 ) SUPPLEMENTAL DISCLOUSURES OF NON-CASH FINANCING ACTIVITIES: Exchange of convertible notes for first-lien term loan $ 127,096 $ — $ — $ — $ 127,096 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (133,808 ) $ 91,142 $ 314 $ — $ (42,352 ) CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of offshore supply vessels — (40,868 ) — — (40,868 ) Costs incurred for OSV newbuild program #5 — (3,696 ) — — (3,696 ) Net proceeds from sale of assets — 79 7 — 86 Vessel capital expenditures — (6,050 ) (1,865 ) — (7,915 ) Non-vessel capital expenditures — (136 ) 5 — (131 ) Net cash used in investing activities — (50,671 ) (1,853 ) — (52,524 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from first-lien term loan 133,944 — — — 133,944 Shares withheld for payment of employee withholding taxes (536 ) — — — (536 ) Net cash proceeds from other shares issued 397 — — — 397 Net cash provided by financing activities 133,805 — — — 133,805 Effects of exchange rate changes on cash — — (842 ) — (842 ) Net increase (decrease) in cash and cash equivalents (3 ) 40,471 (2,381 ) — 38,087 Cash and cash equivalents at beginning of period 4 178,746 8,099 — 186,849 Cash and cash equivalents at end of period $ 1 $ 219,217 $ 5,718 $ — $ 224,936 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 59,469 $ — $ — $ — $ 59,469 Cash paid for income taxes $ — $ 723 $ 219 $ — $ 942 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 $ 251 $ 55,677 $ (2,428 ) $ — $ 53,500 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 ) Shares withheld for payment of employee withholding taxes (450 ) — — — (450 ) Net cash proceeds from other shares issued 1,300 — — — 1,300 Net cash used in financing activities (252 ) — — — (252 ) Effects of exchange rate changes on cash — 31 958 — 989 Net increase (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 Quarter_2
Supplemental Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 and 2017 . 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 2018 (1)(2) Revenues $ 41,587 $ 58,431 $ 58,468 $ 53,917 Operating loss (33,854 ) (15,573 ) (22,412 ) (15,539 ) Net loss (38,655 ) (25,088 ) (31,183 ) (24,195 ) Earnings (loss) per common share: Basic loss per common share $ (1.04 ) $ (0.67 ) $ (0.83 ) $ (0.64 ) Diluted loss per common share $ (1.04 ) $ (0.67 ) $ (0.83 ) $ (0.64 ) Fiscal Year 2017 (1)(2) Revenues $ 44,079 $ 37,426 $ 53,666 $ 56,241 Operating loss (26,481 ) (31,318 ) (16,667 ) (14,277 ) Net income (loss) (3) (27,898 ) (19,489 ) (18,950 ) 93,758 Earnings (loss) per common share: Basic earnings (loss) per common share $ (0.76 ) $ (0.53 ) $ (0.51 ) $ 2.53 Diluted earnings (loss) per common share $ (0.76 ) $ (0.53 ) $ (0.51 ) $ 2.48 (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017 . The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018 . The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017 . (3) The results for the three months ended December 31, 2017 were favorably impacted by U.S. federal tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 11 for further information. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Estimated Useful Lives by Classification (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Maximum | |
Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% |
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 Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)mo | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Amortization period for deferred charges | mo | 30 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 17,500 | $ 15,118 | $ 2,295 | |
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Salvage values for marine equipment | 25.00% | |||
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
OperatingLeaseRightOfUseAssets | $ 27,800 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||
Balance, beginning of year | $ 6,054 | $ 2,120 | $ 2,877 |
Provision for Doubtful Accounts | (156) | 3,934 | (757) |
Allowance for Doubtful Accounts Receivable, Write-offs | (4,775) | 0 | 0 |
Balance, end of year | $ 1,123 | $ 6,054 | $ 2,120 |
Revenues From Contracts With _3
Revenues From Contracts With Customers Revenues from Contract with Customer (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 212,404 | $ 191,412 |
Vessel Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 175,767 | 158,466 |
Vessel Management Revenues [Domain] [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,065 | 29,906 |
Shore-based Facility Revenue [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,572 | $ 3,040 |
Revenues From Contracts With _4
Revenues From Contracts With Customers Revenue, Remaining Peformance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 10 | |
Subsequent Event [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year | 2,019 |
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, 2018 | [1],[2] | Sep. 30, 2018 | [1],[2] | Jun. 30, 2018 | [1],[2] | Mar. 31, 2018 | [1],[2] | Dec. 31, 2017 | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||
Net Income (loss) | $ (24,195) | $ (31,183) | $ (25,088) | $ (38,655) | $ 93,758 | [1],[2],[3] | $ (18,950) | [3] | $ (19,489) | [3] | $ (27,898) | [3] | $ (119,123) | $ 27,421 | [4] | $ (63,846) | [4] | |||||
Weighted average number of shares of common stock outstanding | 37,508,000 | 36,858,000 | 36,248,000 | |||||||||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) | [5],[6],[7] | 0 | 806,000 | 0 | ||||||||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 37,508,000 | 37,664,000 | 36,248,000 | |||||||||||||||||||
Basic earnings (loss) per common share | $ (0.64) | $ (0.83) | $ (0.67) | $ (1.04) | $ 2.53 | [1],[2] | $ (0.51) | $ (0.53) | $ (0.76) | $ (3.18) | $ 0.74 | $ (1.76) | ||||||||||
Diluted earnings (loss) per common share | $ (0.64) | $ (0.83) | $ (0.67) | $ (1.04) | $ 2.48 | [1],[2] | $ (0.51) | $ (0.53) | $ (0.76) | $ (3.18) | $ 0.73 | $ (1.76) | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 125,225 | $ 0 | $ (125,225) | $ 0 | ||||||||||||||||||
Net Income (loss) excluding one time tax item | $ (17,281) | $ (82,687) | ||||||||||||||||||||
Earnings per share diluted excluding one time tax item | $ (0.47) | $ (2.24) | ||||||||||||||||||||
Anti-dilutive shares excluded from the calculation of diluted earnings per share | 583 | 185 | 975 | |||||||||||||||||||
[1] | Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017. The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017. | |||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | |||||||||||||||||||||
[3] | The results for the three months ended December 31, 2017 were favorably impacted by U.S. federal tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 11 for further information. | |||||||||||||||||||||
[4] | The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. | |||||||||||||||||||||
[5] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 10 for further information regarding certain of the Company’s restricted stock unit awards. | |||||||||||||||||||||
[6] | Due to a net loss for 2018, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 583 shares of common stock for the year ended December 31, 2018. The Company had 185 anti-dilutive stock options for the year ended December 31, 2017. Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||||||||||||||||
[7] | For the years ended December 31, 2018, 2017 and 2016, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 8 for further information. |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)yr | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ | $ 0 | $ 0 | $ 0 |
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% |
Property, Plant and Equipment_2
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (735,063) | $ (637,607) |
Property Plant And Equipment Excluding Construction In Progress Net | 2,250,373 | 2,320,541 |
Construction in progress | 184,456 | 180,472 |
Property, plant and equipment, net | 2,434,829 | 2,501,013 |
Offshore supply vessels and multi-purpose support vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 2,851,872 | 2,825,639 |
Non-vessel related property, plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 133,564 | $ 132,509 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2011Vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335,000 | |||||
Percentage of total project cost | 95.40% | |||||
(Gain) loss on sale of assets | $ 59 | $ (121) | $ 54 | |||
Subsequent Event [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated Construction Cost, Year Seven | $ 22,700 | |||||
Estimated Construction Cost, Year Eight | $ 38,200 | |||||
Newbuild program 5 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number Of Vessels | Vessel | 24 | 2 | ||||
Cost incurred on OSV newbuild program | $ 1,274,100 |
Acquisition of Vessels (Details
Acquisition of Vessels (Details) $ in Thousands | May 18, 2018USD ($)Vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Acquisition of Vessels [Abstract] | ||||
Number of Vessels Purchased | Vessel | 4 | |||
Cost Of Vessel Purchase | $ 40,900 | $ 40,868 | $ 0 | $ 0 |
Finite-Lived Noncompete Agreements, Gross | $ 4,000 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 01, 2019 | Mar. 01, 2019 | Jun. 15, 2017 | Dec. 31, 2019 | Feb. 07, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 13, 2012 | Mar. 02, 2012 | ||
Debt Instrument [Line Items] | |||||||||||
Deferred Finance Costs, Net | $ 6,149 | $ 10,134 | |||||||||
Long-term debt, original issue discount | 3,013 | 7,862 | |||||||||
Long-term debt, Excluding Current Maturities | 1,123,625 | 1,080,826 | |||||||||
Long-term Debt | 1,219,936 | 1,080,826 | |||||||||
Long-term Debt, Current Maturities | (96,311) | 0 | |||||||||
Debt Instrument, Face Amount | 1,216,589 | 1,079,911 | |||||||||
Debt, Fair Value | $ 796,227 | $ 717,955 | |||||||||
Senior Notes 5.875 Percent Due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 5.875% | 5.875% | |||||||||
Deferred Finance Costs, Net | $ 1,162 | $ 2,061 | |||||||||
Senior Notes | 365,780 | 364,881 | |||||||||
Debt Instrument, Face Amount | 366,942 | [1] | 366,942 | $ 375,000 | |||||||
Debt, Fair Value | $ 191,727 | $ 244,714 | |||||||||
Senior Notes 5.000 Percent Due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 5.00% | 5.00% | |||||||||
Deferred Finance Costs, Net | $ 2,173 | $ 3,142 | |||||||||
Senior Notes | 447,827 | 446,858 | |||||||||
Debt Instrument, Face Amount | 450,000 | 450,000 | |||||||||
Debt, Fair Value | $ 220,500 | $ 236,250 | |||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 1.50% | 1.50% | |||||||||
Deferred Finance Costs, Net | $ 611 | $ 1,486 | |||||||||
Long-term debt, original issue discount | 2,725 | 6,634 | |||||||||
Senior Notes | 96,311 | 91,527 | |||||||||
Debt Instrument, Face Amount | 99,647 | [2] | 99,647 | $ 300,000 | |||||||
Debt, Fair Value | 88,125 | 74,486 | |||||||||
Write Off of Original Issue Discount | $ 11,100 | ||||||||||
Revolving Credit Facility Due 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Line of Credit | 310,018 | [3] | 177,560 | ||||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ||||||||||
Deferred Finance Costs, Net | 2,814 | 3,445 | |||||||||
Long-term debt, original issue discount | 3,013 | 1,228 | |||||||||
Deferred Gain | $ 31,800 | 15,845 | 18,911 | ||||||||
Debt Instrument, Face Amount | 300,000 | 163,322 | |||||||||
Debt, Fair Value | $ 295,875 | $ 162,505 | |||||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment, Interest | $ 10,779 | ||||||||||
Debt Instrument, Face Amount | $ 235,300 | ||||||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment, Interest | $ 11,250 | ||||||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment, Interest | $ 747 | ||||||||||
Subsequent Event [Member] | First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment, Interest | [4] | $ 2,333 | |||||||||
[1] | n February 7, 2019, the Company completed a private exchange of $131.6 million of its 2020 senior notes for $111.9 million of second-lien term loans due 2025. Upon completion of this exchange, the face value of the Company's 2020 senior notes was $235.3 million. See further discussion below under Second-Lien Term Loans. | ||||||||||
[2] | In February 2019, the Company repurchased$36.6 million of its 2019 convertible senior notes for$32.4 million in cash. | ||||||||||
[3] | The carrying value of the first-lien term loans due 2023 includes a deferred gain of $15,845 less original issue discount and deferred financing costs of $5,827. | ||||||||||
[4] | The interest rate on the first-lien term loans is variable based on the Company's election. The amount reflected in this table is the monthly amount payable based on the 30-day LIBOR interest rate that was elected and in effect on December 31, 2018. Please see further discussion of the variable interest rate below. |
Long-Term Debt - Annual Maturit
Long-Term Debt - Annual Maturities of Debt (Details) - USD ($) $ in Thousands | Aug. 13, 2012 | Feb. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 07, 2019 | Mar. 02, 2012 | |
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fair Value Disclosure | $ 796,227 | $ 717,955 | |||||||
Debt Instrument, Face Amount | 1,216,589 | 1,079,911 | |||||||
Senior Notes Five Point Eight Seven Five Percent Due Twenty Twenty [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of Debt, Amount | 8,100 | ||||||||
Debt Instrument, Fair Value Disclosure | 191,727 | 244,714 | |||||||
Debt Instrument, Face Amount | 366,942 | [1] | 366,942 | $ 375,000 | |||||
Debt Instrument Maturity Year | 2,020 | ||||||||
Debt Instrument, Maturity Date | Apr. 1, 2020 | ||||||||
Senior Notes Five Point Zero Zero Zero Percent Due Twenty Twenty One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fair Value Disclosure | 220,500 | 236,250 | |||||||
Debt Instrument, Face Amount | 450,000 | 450,000 | |||||||
Debt Instrument Maturity Year | 2,021 | ||||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | ||||||||
Convertible One Point Five Percent Senior Notes Due Twenty Nineteen [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of Debt, Amount | 73,300 | ||||||||
Debt Instrument, Fair Value Disclosure | 88,125 | 74,486 | |||||||
Debt Instrument, Face Amount | $ 300,000 | $ 99,647 | [2] | 99,647 | |||||
Debt Instrument Maturity Year | 2,019 | ||||||||
Debt Instrument, Maturity Date | Sep. 1, 2019 | ||||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Fair Value Disclosure | $ 295,875 | 162,505 | |||||||
Debt Instrument, Face Amount | $ 300,000 | $ 163,322 | |||||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | ||||||||
Subsequent Event [Member] | Senior Notes Five Point Eight Seven Five Percent Due Twenty Twenty [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 235,300 | ||||||||
Subsequent Event [Member] | Convertible One Point Five Percent Senior Notes Due Twenty Nineteen [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of Debt, Amount | $ 36,600 | ||||||||
Debt Instrument, Repurchase Amount | $ 32,400 | ||||||||
[1] | n February 7, 2019, the Company completed a private exchange of $131.6 million of its 2020 senior notes for $111.9 million of second-lien term loans due 2025. Upon completion of this exchange, the face value of the Company's 2020 senior notes was $235.3 million. See further discussion below under Second-Lien Term Loans. | ||||||||
[2] | In February 2019, the Company repurchased$36.6 million of its 2019 convertible senior notes for$32.4 million in cash. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Feb. 07, 2025 | Dec. 31, 2018USD ($) | Oct. 01, 2018 | Sep. 01, 2018 | Apr. 01, 2018 | Mar. 01, 2018 | Jun. 15, 2017USD ($) | Mar. 14, 2013USD ($) | Aug. 13, 2012USD ($)$ / shares | Aug. 13, 2012USD ($)$ / shares | Apr. 30, 2012USD ($) | Mar. 16, 2012USD ($) | Mar. 02, 2012USD ($) | Feb. 28, 2019USD ($) | Aug. 07, 2012$ / shares | Sep. 30, 2017USD ($) | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 15, 2021 | Jun. 15, 2020 | Jun. 15, 2019 | Dec. 31, 2018USD ($) | Jun. 15, 2018 | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jun. 15, 2023 | Jun. 15, 2023 | Sep. 01, 2019USD ($) | Feb. 07, 2019USD ($) | Dec. 29, 2017USD ($) | Jun. 16, 2017USD ($) | ||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 6,149,000 | $ 6,149,000 | $ 10,134,000 | ||||||||||||||||||||||||||||||||||
Long-term debt, original issue discount | 3,013,000 | 3,013,000 | 7,862,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Principal amount | 1,216,589,000 | 1,216,589,000 | 1,079,911,000 | ||||||||||||||||||||||||||||||||||
Line of Credit Outstanding Balance | 300,000,000 | $ 96,300,000 | 300,000,000 | ||||||||||||||||||||||||||||||||||
Proceeds from first-lien term loans | 136,700,000 | 1,000,000 | 133,944,000 | 66,640,000 | $ 0 | ||||||||||||||||||||||||||||||||
First-Lien Credit Facility Covenant Minimum Delayed Draw Commitment | 136,000,000 | 136,000,000 | $ 67,000,000 | ||||||||||||||||||||||||||||||||||
GainOnExchangeOfDebtInstrument | $ 20,700,000 | ||||||||||||||||||||||||||||||||||||
Repayments of Senior Debt | 0 | 5,057,000 | 0 | ||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | 15,478,000 | 0 | $ (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 | 796,227,000 | $ 796,227,000 | 717,955,000 | ||||||||||||||||||||||||||||||||||
Capitalized interest, approximate amount | 2,300,000 | 10,200,000 | $ 16,700,000 | ||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Deferred Gain | 15,845,000 | 31,800,000 | 15,845,000 | 18,911,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 5,827,000 | 5,827,000 | |||||||||||||||||||||||||||||||||||
First Lien Credit Facility, Current Borrowing Capacity | 300,000,000 | ||||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Net | 2,814,000 | 2,814,000 | 3,445,000 | ||||||||||||||||||||||||||||||||||
Long-term debt, original issue discount | 3,013,000 | 3,013,000 | 1,228,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Principal amount | 300,000,000 | 300,000,000 | $ 163,322,000 | ||||||||||||||||||||||||||||||||||
FirstLienCreditFacilityCovenantMinimumAvailableLiquidity | 25,000,000 | 25,000,000 | |||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Covenant Minimum Liquidity For Prepayment | 65,000,000 | 65,000,000 | |||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Redemption Premium | 102.00% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Exchange Amount | 95,300,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 6 years | ||||||||||||||||||||||||||||||||||||
Debt, Fair Value | $ 295,875,000 | $ 295,875,000 | $ 162,505,000 | ||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
FirstLienCreditFacilityBasisSpreadOnVariableRate | 6.00% | ||||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | Prime Rate [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
FirstLienCreditFacilityBasisSpreadOnVariableRate | 5.00% | ||||||||||||||||||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||||||||||||||||||||||||||||||||||||
Revolving credit facility, Current Borrowing Capacity | 200,000,000 | ||||||||||||||||||||||||||||||||||||
Senior notes 6.125 Percent Due 2014 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 16.00% | 84.00% | |||||||||||||||||||||||||||||||||||
Senior Notes 8.000 Percent Due 2017 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 94.00% | ||||||||||||||||||||||||||||||||||||
Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Interest Rate | 5.875% | 5.875% | 5.875% | ||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 1,162,000 | $ 1,162,000 | $ 2,061,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Principal amount | 366,942,000 | [1] | $ 375,000,000 | 366,942,000 | [1] | 366,942,000 | |||||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 367,400,000 | ||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 8,100,000 | ||||||||||||||||||||||||||||||||||||
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 | 365,780,000 | 365,780,000 | 364,881,000 | ||||||||||||||||||||||||||||||||||
Debt, Fair Value | $ 191,727,000 | $ 191,727,000 | 244,714,000 | ||||||||||||||||||||||||||||||||||
Convertible One Point Five Percent Senior Notes Due Twenty Nineteen And Senior Notes Five Point Eight Seven Five Percent Due Twenty Twenty [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 54,100,000 | ||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ 10,500,000 | ||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $ / shares | $ 0.29 | ||||||||||||||||||||||||||||||||||||
Senior Notes 5.000 Percent Due 2021 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Interest Rate | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 2,173,000 | $ 2,173,000 | $ 3,142,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument Maturity Year | 2,021 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | ||||||||||||||||||||||||||||||||||||
Senior Notes | 447,827,000 | 447,827,000 | 446,858,000 | ||||||||||||||||||||||||||||||||||
Debt, Fair Value | $ 220,500,000 | $ 220,500,000 | $ 236,250,000 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 6.00% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Effective Interest Rate | 5.21% | ||||||||||||||||||||||||||||||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Interest Rate | 1.50% | 1.50% | 1.50% | ||||||||||||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 611,000 | $ 611,000 | $ 1,486,000 | ||||||||||||||||||||||||||||||||||
Long-term debt, original issue discount | 2,725,000 | 2,725,000 | 6,634,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Principal amount | 99,647,000 | [2] | $ 300,000,000 | 300,000,000 | $ 99,647,000 | [2] | 99,647,000 | ||||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 266,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Exchanged Face Amount | $ 127,100,000 | ||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 73,300,000 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Decrease In Additional Paid In Capital | $ 2,200,000 | ||||||||||||||||||||||||||||||||||||
Amortization Of Deferred Financing Costs To Interest Expense | $ 7,100,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||||||||||||||||||||||||||
Senior Notes | 96,311,000 | $ 96,311,000 | 91,527,000 | ||||||||||||||||||||||||||||||||||
Debt, Fair Value | $ 88,125,000 | $ 88,125,000 | $ 74,486,000 | ||||||||||||||||||||||||||||||||||
Convertible Senior Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 290,800,000 | ||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Number Of Vessels Used As Collateral [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Collateral | 48 | ||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Number of High-Spec Foreign OSVs Used as Collateral [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Collateral | 7 | ||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Number Of Newbuild MPSVs Used As Collateral [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Collateral | 2 | ||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Unencumbered Low-Spec Domestic OSVs [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Unencumbered Vessels | 10 | ||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Unencumbered Foreign-Flagged OSVs [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Unencumbered Vessels | 11 | ||||||||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||||||||||||||||||||||||||
Minimum | Conversion Condition One [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Covenant Minimum Delayed Draw Commitment | $ 204,700,000 | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
First-Lien Credit Facility Redemption Premium | 101.00% | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
First Lien Credit Facility Floor Interest Rate | 1.00% | ||||||||||||||||||||||||||||||||||||
FirstLienCreditFacilityBasisSpreadOnVariableRate | 7.25% | 7.00% | 6.50% | 7.50% | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | Prime Rate [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
FirstLienCreditFacilityBasisSpreadOnVariableRate | 6.25% | 6.00% | 5.50% | 6.50% | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Principal amount | $ 235,300,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Exchanged Face Amount | $ 131,600,000 | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Second-Lien Credit Facility Maturing Twenty Twenty Five [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Debt Interest Rate | 9.50% | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Exchange Amount | $ 111,900,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Feb. 7, 2025 | ||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 36,600,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 32,400,000 | ||||||||||||||||||||||||||||||||||||
[1] | n February 7, 2019, the Company completed a private exchange of $131.6 million of its 2020 senior notes for $111.9 million of second-lien term loans due 2025. Upon completion of this exchange, the face value of the Company's 2020 senior notes was $235.3 million. See further discussion below under Second-Lien Term Loans. | ||||||||||||||||||||||||||||||||||||
[2] | In February 2019, the Company repurchased$36.6 million of its 2019 convertible senior notes for$32.4 million in cash. |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Jul. 01, 2013 | Dec. 31, 2018Rightshares | Dec. 31, 2017shares |
Stockholders Equity Note [Line Items] | |||
Preferred stock, shares authorized | shares | 5,000,000 | 5,000,000 | |
Stockholder rights plan for each outstanding share of common stock | Right | 1 | ||
Business days after public announcement | 10 days | ||
Minimum | |||
Stockholders Equity Note [Line Items] | |||
Percentage of tender offer or exchange for rights to become exercisable | 10.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,200 | |||
Income Tax Expense (benefit) | $ (29,621) | (150,244) | $ (45,506) | |
Payments Related to Tax Withholding for Share-based Compensation | $ 536 | 575 | 450 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 1,900 | |||
Tax deduction (benefit), excess of compensation | 1,900 | |||
Vesting Period (in years) | 3 years | |||
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 | |||
Number of shares available for grants in future | 300,000 | |||
Share-based Compensation | $ 3,692 | 6,999 | $ 9,983 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option expiration period from the date of grant | 10 years | |||
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 Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock based compensation expense | $ 800 | |||
Unamortized stock based compensation expense, recognition period | 10 months 24 days | |||
Share-based Compensation | $ 1,600 | 5,800 | $ 6,800 | |
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period (in years) | 3 years | |||
Unamortized stock based compensation expense | $ 2,800 | |||
Unamortized stock based compensation expense, recognition period | 1 year 6 months 27 days | |||
Share-based Compensation | $ 1,600 | 900 | 2,600 | |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based incentive compensation plan, maximum number of shares covered | 2,200,000 | |||
Share Based Compensation Arrangements By Share Based Payment Award Discount From Market Price | 15.00% | |||
Number of shares available for grants in future | 697,219 | |||
Share-based Compensation | $ 200 | 200 | $ 600 | |
Deferred Compensation, Share-based Payments [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income Tax Expense (benefit) | $ 1,900 |
Stock-Based Compensation - Fina
Stock-Based Compensation - Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 3,692 | $ 6,999 | $ 9,983 |
Net income | $ 2,957 | $ 4,712 | $ 5,829 |
Earnings per common share: | |||
Basic (usd per share) | 0.08 | 0.13 | 0.16 |
Diluted (usd per share) | 0.08 | 0.13 | 0.16 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 12 days | 3 years 1 month 12 days | 4 years 1 month 12 days | 3 years 2 months 12 days |
Number of Shares | ||||
Options outstanding at Beginning of Year | 185 | 185 | 304 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 0 | 0 | |
Forfeited or expired | 0 | 0 | 119 | |
Options outstanding at End of Year | 185 | 185 | 185 | 304 |
Exercisable options outstanding | 185 | 185 | 185 | |
Weighted Average Exercise Price | ||||
Options outstanding at Beginning of Year | $ 24.86 | $ 24.86 | $ 28.11 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 0 | 0 | |
Forfeited or expired | 0 | 0 | 33.15 | |
Options outstanding at End of Year | 24.86 | 24.86 | 24.86 | $ 28.11 |
Exercisable options outstanding | $ 24.86 | $ 24.86 | $ 24.86 | |
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 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Weighted Average Remaining Contractual Term (years) | ||||
Exercisable options outstanding | 2 years 1 month 12 days | 3 years 1 month 12 days | 4 years 1 month 12 days | |
Aggregate Intrinsic Value | ||||
Options outstanding at Beginning of Year | $ 0 | $ 0 | $ 0 | |
Grants | $ 0 | $ 0 | $ 0 | |
Exercised | $ 0 | $ 0 | $ 0 | |
Options outstanding at End of Year | 0 | 0 | 0 | $ 0 |
Exercisable options outstanding | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nonvested Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | ||||||
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 | 388 | 868 | 820 | 726 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 615 | 537 | ||||
Change In Estimated Payout of Performance Unit Awards | (6) | [1] | 20 | [2] | (95) | [3] | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period | (1) | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (473) | (587) | (348) | ||||
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 | $ 6.73 | $ 10.76 | $ 17.72 | $ 30.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | 5.57 | 6.44 | ||||
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share | 21.84 | 21.84 | 27.52 | ||||
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 | 39.30 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 13.91 | $ 15.39 | $ 23.50 | ||||
[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. | ||||||
[2] | 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. | ||||||
[3] | 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. |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Restricted Stock | |||||||
Number of Shares | |||||||
Restricted stock awards at Beginning of Year | 868 | 820 | 726 | ||||
Granted during the period | 0 | 615 | 537 | ||||
Change In Estimated Payout of Performance Unit Awards | (6) | [1] | 20 | [2] | (95) | [3] | |
Cancellations during the period | (1) | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (473) | (587) | (348) | ||||
Outstanding, at End of Year | 388 | 868 | 820 | ||||
Weighted Avg. Fair Value Per Share | |||||||
Restricted stock awards at Beginning of Year | $ 10.76 | $ 17.72 | $ 30.12 | ||||
Granted during the period | 0 | 5.57 | 6.44 | ||||
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share | 21.84 | 21.84 | 27.52 | ||||
Cancellations during the period | 39.30 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 13.91 | 15.39 | 23.50 | ||||
Outstanding, at End of Year | $ 6.73 | $ 10.76 | $ 17.72 | ||||
Phantom Share Units (PSUs) | |||||||
Number of Shares | |||||||
Restricted stock awards at Beginning of Year | 1,788 | 1,053 | 82 | ||||
Granted during the period | 2,466 | [4] | 919 | [5] | 991 | [6] | |
Change In Estimated Payout of Performance Unit Awards | 68 | ||||||
Cancellations during the period | (2) | (4) | (5) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (314) | (180) | (15) | ||||
Outstanding, at End of Year | 4,006 | 1,788 | 1,053 | ||||
Weighted Avg. Fair Value Per Share | |||||||
Restricted stock awards at Beginning of Year | $ 6.70 | [7],[8] | $ 7.60 | [8],[9] | $ 30.61 | [9] | |
Granted during the period | 3.37 | [7] | 6.68 | [8] | 6.14 | [9] | |
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share | [7] | 6.06 | |||||
Cancellations during the period | 5.85 | [7] | 15.31 | [8] | 19.05 | [9] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 8.09 | [7] | 11.65 | [8] | 34.32 | [9] | |
Outstanding, at End of Year | $ 4.53 | [7] | $ 6.70 | [7],[8] | $ 7.60 | [8],[9] | |
[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. | ||||||
[2] | 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. | ||||||
[3] | 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. | ||||||
[4] | 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. | ||||||
[5] | 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. | ||||||
[6] | (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. | ||||||
[7] | The weighted-average fair value per share is determined by the stock price on the date of grant for time-based shares. | ||||||
[8] | The weighted-average fair value per share is determined by the stock price on the date of grant for time-based shares. | ||||||
[9] | The weighted-average fair value per share is determined by the stock price on the date of grant for time-based shares. |
Stock-Based Compensation - Su_4
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, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 87.10% | 93.20% |
Risk-free interest rate | 2.335% | 1.335% |
Expected term (months) | 6 months | 6 months |
Weighted-average grant-date fair value per share | $ 0.86 | $ 1.16 |
Income Taxes - Components of Lo
Income Taxes - Components of Long Term Deferred Tax Liabilities Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | |||
Fixed assets | $ 285,704 | $ 323,548 | $ 490,221 |
Deferred charges and other liabilities | 3,292 | 6,266 | 10,908 |
Deferred Tax Liabilities, Gross, Noncurrent | 288,996 | 329,814 | 501,129 |
Deferred tax assets: | |||
Net operating loss carryforwards | (130,814) | (122,682) | (111,147) |
Allowance for doubtful accounts | (253) | (1,362) | (763) |
Stock-based compensation expense | (867) | (1,823) | (4,033) |
DeferredTaxAssets,TaxDeferredExpense,ConvertibleDebt | (6,941) | (8,265) | 0 |
Alternative minimum tax credit carryforward | (4,415) | (10,431) | (20,863) |
Foreign tax credit carryforward | (18,963) | (18,711) | (17,554) |
Other | (10,559) | (4,501) | (6,044) |
Total deferred tax assets | (172,812) | (167,775) | (160,404) |
Valuation allowance | 52,938 | 35,426 | 2,295 |
Deferred tax liabilities, net | |||
Total deferred tax liabilities | $ 169,122 | $ 197,465 | $ 343,020 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Federal tax operating loss carryforwards, net | $ 544,400 | |||
Foreign tax credit carryforward | 19,000 | |||
State tax operating loss carryforwards, net | 133,400 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 17,500 | $ 15,118 | $ 2,295 | |
Federal statutory rate | 21.00% | 35.00% | ||
Effective Income Tax Rate Reconciliation Income Excluded from U.S. Taxable Income | $ 0 | $ 0 | (9,478) | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 125,225 | 0 | (125,225) | 0 |
Deferred Tax Assets, Valuation Allowance | $ 35,426 | 52,938 | $ 35,426 | $ 2,295 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 200 | |||
Internal Revenue Service (IRS) | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 466,900 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 77,500 | |||
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 | 2,037 | |||
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 | 2,028 | |||
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 | 2,038 | |||
BRAZIL | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 16,700 | |||
MEXICO | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 9,700 | |||
MEXICO | Minimum | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forward, expiration year | 2,026 | |||
MEXICO | Maximum | ||||
Income Taxes [Line Items] | ||||
Operating loss carry forward, expiration year | 2,027 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. and State | $ (5,917) | $ (9,743) | $ 709 |
Foreign | 1,338 | 1,024 | (257) |
Current tax expense (benefit) | (4,579) | (8,719) | 452 |
U.S. and State | (25,289) | (142,136) | (45,958) |
Deferred Foreign Income Tax Expense (Benefit) | 247 | 611 | 0 |
Deferred Income Tax Expense (Benefit) | (25,042) | (141,525) | (45,958) |
Total tax benefit | $ (29,621) | $ (150,244) | $ (45,506) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
U.S. | $ (124,879) | $ (105,692) | $ (93,704) |
Foreign | (23,865) | (17,131) | (15,648) |
Income (Loss) before Income Taxes | $ (148,744) | $ (122,823) | $ (109,352) |
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 | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Provision of Income Taxes [Line Items] | ||||
Statutory rate | $ (31,236) | $ (42,988) | $ (38,274) | |
State taxes, net | (2,231) | (1,228) | (1,094) | |
Non-deductible expense | 1,563 | 3,488 | 1,070 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 1,586 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 17,500 | 15,118 | 2,295 | |
Effective Income Tax Rate Reconciliation Income Excluded from U.S. Taxable Income | 0 | 0 | (9,478) | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 125,225 | 0 | (125,225) | 0 |
Foreign taxes and other | 697 | 591 | (25) | |
Total tax benefit | $ (29,621) | $ (150,244) | $ (45,506) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2012Contract | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Operating leases rent expense | $ | $ 3.9 | $ 3.9 | $ 4 | |
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 | |||
New facility lease | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Operating lease, remaining term | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Payments Under Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 2,875 |
2,020 | 2,965 |
2,021 | 2,968 |
2,022 | 3,065 |
2,023 | 3,122 |
Thereafter | 19,355 |
Total | $ 34,350 |
Deferred Charges (Detail)
Deferred Charges (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred drydocking costs, net of accumulated amortization of $14,372 and $14,49 respectively | $ 20,153 | $ 10,282 |
Prepaid lease expense, net of amortization of $2,016 and $1,858 respectively | 2,372 | 2,530 |
Total | $ 22,525 | $ 12,812 |
Deferred Charges (Additional In
Deferred Charges (Additional Information) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 15, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Deferred drydocking costs, accumulated amortization | $ 14,372 | $ 14,495 | |
Prepaid lease expense, net of amortization | $ 2,016 | $ 1,858 | |
Revolving Credit Facility [Member] | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 5,409 | $ 5,142 |
Sales and Excise Tax Payable, Current | 1,779 | 484 |
Other Accrued Liabilities | 2,562 | 2,831 |
Other Accrued Liabilities, Current | $ 9,750 | $ 8,457 |
Major Customers - Revenues from
Major Customers - Revenues from Customer Exceeding 10% (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Customer A | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 24.00% | 19.00% | 15.00% |
Customer B | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 18.00% | 11.00% | 21.00% |
Customer C | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 20.00% | 13.00% |
Employment Agreements - Additio
Employment Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Plan [Line Items] | |
Expiration date of employment agreements with certain members of executive management team | Dec. 31, 2021 |
Condensed Consolidating Guara_3
Condensed Consolidating Guarantor Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 224,936 | $ 186,849 | $ 217,027 | $ 259,801 |
Accounts Receivable, Net, Current | 54,924 | 44,702 | ||
Other Assets, Current | 19,768 | 16,890 | ||
Assets, Current | 299,628 | 248,441 | ||
Property, plant and equipment, net | 2,434,829 | 2,501,013 | ||
Deferred costs, Noncurrent | 22,525 | 12,812 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other assets, Noncurrent | 7,655 | 6,612 | ||
Assets | 2,764,637 | 2,768,878 | ||
Accounts payable, Current | 26,826 | 16,196 | ||
Interest Payable, Current | 15,910 | 14,734 | ||
Employee-related Liabilities, Current | 12,445 | 9,475 | ||
Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 | 96,311 | 0 | ||
Other accrued liabilities, Current | 9,750 | 8,457 | ||
Total current liabilities | 161,242 | 48,862 | ||
Long-term debt, Excluding Current Maturities | 1,123,625 | 1,080,826 | ||
Deferred tax liabilities, net | 169,122 | 197,465 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 2,722 | 3,801 | ||
Liabilities | 1,456,711 | 1,330,954 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 377 | 371 | ||
Additional paid-in capital | 761,834 | 760,278 | ||
Retained earnings (Accumulated Deficit) | 549,475 | 668,598 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,760) | 8,677 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,307,926 | 1,437,924 | ||
Liabilities and Equity | 2,764,637 | 2,768,878 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | (3,309,143) | (2,467,076) | ||
Equity Method Investments | (707,927) | (799,336) | ||
Other assets, Noncurrent | 0 | 0 | ||
Assets | (4,017,070) | (3,266,412) | ||
Accounts payable, Current | 0 | 0 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 | 0 | |||
Other accrued liabilities, Current | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred tax liabilities, net | 0 | 0 | ||
Due to Related Parties | (3,317,741) | (2,571,028) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (3,317,741) | (2,571,028) | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | (46,580) | (44,989) | ||
Retained earnings (Accumulated Deficit) | (652,749) | (650,395) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (699,329) | (695,384) | ||
Liabilities and Equity | (4,017,070) | (3,266,412) | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1 | 4 | 9 | 10 |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 30 | 29 | ||
Assets, Current | 31 | 33 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred costs, Noncurrent | 0 | 0 | ||
Due from Related Parties, Noncurrent | 1,920,557 | 1,778,711 | ||
Equity Method Investments | 699,325 | 790,734 | ||
Other assets, Noncurrent | 0 | 0 | ||
Assets | 2,619,913 | 2,569,478 | ||
Accounts payable, Current | 0 | 0 | ||
Interest Payable, Current | 15,910 | 14,734 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 | 96,311 | |||
Other accrued liabilities, Current | 0 | 0 | ||
Total current liabilities | 112,221 | 14,734 | ||
Long-term debt, Excluding Current Maturities | 1,123,625 | 1,080,826 | ||
Deferred tax liabilities, net | 0 | 0 | ||
Due to Related Parties | 72,381 | 140,019 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,308,227 | 1,235,579 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 377 | 371 | ||
Additional paid-in capital | 761,834 | 758,690 | ||
Retained earnings (Accumulated Deficit) | 549,475 | 574,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,311,686 | 1,333,899 | ||
Liabilities and Equity | 2,619,913 | 2,569,478 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 219,217 | 178,746 | 212,196 | 252,651 |
Accounts Receivable, Net, Current | 42,136 | 40,407 | ||
Other Assets, Current | 18,740 | 16,051 | ||
Assets, Current | 280,093 | 235,204 | ||
Property, plant and equipment, net | 2,193,797 | 2,379,097 | ||
Deferred costs, Noncurrent | 19,721 | 11,408 | ||
Due from Related Parties, Noncurrent | 905,458 | 648,920 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other assets, Noncurrent | 7,118 | 5,984 | ||
Assets | 3,414,789 | 3,289,215 | ||
Accounts payable, Current | 25,345 | 15,643 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 11,520 | 8,458 | ||
Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 | 0 | |||
Other accrued liabilities, Current | 7,491 | 8,129 | ||
Total current liabilities | 44,356 | 32,230 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred tax liabilities, net | 167,756 | 192,793 | ||
Due to Related Parties | 2,452,258 | 2,240,832 | ||
Other Liabilities, Noncurrent | 2,720 | 3,802 | ||
Liabilities | 2,667,090 | 2,469,657 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | 37,978 | 37,975 | ||
Retained earnings (Accumulated Deficit) | 709,721 | 781,583 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 747,699 | 819,558 | ||
Liabilities and Equity | 3,414,789 | 3,289,215 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 5,718 | 8,099 | $ 4,822 | $ 7,140 |
Accounts Receivable, Net, Current | 12,788 | 4,295 | ||
Other Assets, Current | 998 | 810 | ||
Assets, Current | 19,504 | 13,204 | ||
Property, plant and equipment, net | 241,032 | 121,916 | ||
Deferred costs, Noncurrent | 2,804 | 1,404 | ||
Due from Related Parties, Noncurrent | 483,128 | 39,445 | ||
Equity Method Investments | 0 | 0 | ||
Other assets, Noncurrent | 537 | 628 | ||
Assets | 747,005 | 176,597 | ||
Accounts payable, Current | 1,481 | 553 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 925 | 1,017 | ||
Current portion of long-term debt, net of original issue discount of $2,725 and deferred financing costs of $611 | 0 | |||
Other accrued liabilities, Current | 2,259 | 328 | ||
Total current liabilities | 4,665 | 1,898 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred tax liabilities, net | 1,366 | 4,672 | ||
Due to Related Parties | 793,102 | 190,177 | ||
Other Liabilities, Noncurrent | 2 | (1) | ||
Liabilities | 799,135 | 196,746 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | 8,602 | 8,602 | ||
Retained earnings (Accumulated Deficit) | (56,972) | (37,428) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,760) | 8,677 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (52,130) | (20,149) | ||
Liabilities and Equity | $ 747,005 | $ 176,597 |
Condensed Consolidating Guara_4
Condensed Consolidating Guarantor Financial Information Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2018 | [1],[2] | Sep. 30, 2018 | [1],[2] | Jun. 30, 2018 | [1],[2] | Mar. 31, 2018 | [1],[2] | Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | $ 53,917 | $ 58,468 | $ 58,431 | $ 41,587 | $ 56,241 | $ 53,666 | $ 37,426 | $ 44,079 | $ 212,404 | $ 191,412 | $ 224,299 | ||||||||||
Operating Costs and Expenses | 147,642 | 120,537 | 131,658 | ||||||||||||||||||
Depreciation | 98,927 | 98,733 | 93,071 | ||||||||||||||||||
Amortization of Deferred Charges | 9,741 | 13,168 | 20,485 | ||||||||||||||||||
General and Administrative Expense | 43,530 | 47,597 | 43,358 | ||||||||||||||||||
Costs and Expenses | 299,840 | 280,035 | 288,572 | ||||||||||||||||||
(Gain) loss on sale of assets | 59 | (121) | 54 | ||||||||||||||||||
Operating Income (Loss) | $ (15,539) | $ (22,412) | $ (15,573) | $ (33,854) | $ (14,277) | $ (16,667) | $ (31,318) | $ (26,481) | (87,377) | (88,744) | (64,219) | ||||||||||
Gain on early extinguishment of debt | 0 | 15,478 | 0 | $ (25,800) | $ (6,000) | ||||||||||||||||
Investment Income, Interest | 2,228 | 2,203 | 1,490 | ||||||||||||||||||
Interest Expense | (63,566) | (51,364) | (48,675) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | ||||||||||||||||||
Other Nonoperating Income (Expense) | (29) | (396) | 2,052 | ||||||||||||||||||
Nonoperating Income (Expense) | (61,367) | (34,079) | (45,133) | ||||||||||||||||||
Loss before Income Taxes | (148,744) | (122,823) | (109,352) | ||||||||||||||||||
Income Tax Expense (benefit) | (29,621) | (150,244) | (45,506) | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (119,123) | 27,421 | (63,846) | ||||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | (873) | (365) | 2,029 | ||||||||||||||||||
Operating Costs and Expenses | (831) | (365) | 1,971 | ||||||||||||||||||
Depreciation | 0 | 0 | 0 | ||||||||||||||||||
Amortization of Deferred Charges | 0 | 0 | 0 | ||||||||||||||||||
General and Administrative Expense | (42) | (11) | 58 | ||||||||||||||||||
Costs and Expenses | (873) | (376) | 2,029 | ||||||||||||||||||
(Gain) loss on sale of assets | 0 | 0 | 0 | ||||||||||||||||||
Operating Income (Loss) | 0 | 11 | 0 | ||||||||||||||||||
Gain on early extinguishment of debt | 0 | ||||||||||||||||||||
Investment Income, Interest | 0 | 0 | 0 | ||||||||||||||||||
Interest Expense | 0 | 0 | 0 | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 55,339 | (63,489) | 14,989 | ||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | (11) | 0 | ||||||||||||||||||
Nonoperating Income (Expense) | 55,339 | (63,500) | 14,989 | ||||||||||||||||||
Loss before Income Taxes | 55,339 | (63,489) | 14,989 | ||||||||||||||||||
Income Tax Expense (benefit) | 0 | 0 | 0 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 55,339 | (63,489) | 14,989 | ||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 0 | 0 | 0 | ||||||||||||||||||
Operating Costs and Expenses | 0 | 0 | 0 | ||||||||||||||||||
Depreciation | 0 | 0 | 0 | ||||||||||||||||||
Amortization of Deferred Charges | 0 | 0 | 0 | ||||||||||||||||||
General and Administrative Expense | 218 | 182 | 184 | ||||||||||||||||||
Costs and Expenses | 218 | 182 | 184 | ||||||||||||||||||
(Gain) loss on sale of assets | 0 | 0 | 0 | ||||||||||||||||||
Operating Income (Loss) | (218) | (182) | (184) | ||||||||||||||||||
Gain on early extinguishment of debt | 15,478 | ||||||||||||||||||||
Investment Income, Interest | 0 | 0 | 0 | ||||||||||||||||||
Interest Expense | (63,566) | (51,364) | (48,673) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | (55,339) | 63,489 | (14,989) | ||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||||||||||||
Nonoperating Income (Expense) | (118,905) | 27,603 | (63,662) | ||||||||||||||||||
Loss before Income Taxes | (119,123) | 27,421 | (63,846) | ||||||||||||||||||
Income Tax Expense (benefit) | 0 | 0 | 0 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (119,123) | 27,421 | (63,846) | ||||||||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 201,684 | 180,083 | 213,563 | ||||||||||||||||||
Operating Costs and Expenses | 129,110 | 108,517 | 114,783 | ||||||||||||||||||
Depreciation | 91,376 | 93,460 | 88,443 | ||||||||||||||||||
Amortization of Deferred Charges | 8,354 | 11,968 | 19,024 | ||||||||||||||||||
General and Administrative Expense | 40,931 | 45,078 | 39,479 | ||||||||||||||||||
Costs and Expenses | 269,771 | 259,023 | 261,729 | ||||||||||||||||||
(Gain) loss on sale of assets | 52 | (133) | 53 | ||||||||||||||||||
Operating Income (Loss) | (68,035) | (79,073) | (48,113) | ||||||||||||||||||
Gain on early extinguishment of debt | 0 | ||||||||||||||||||||
Investment Income, Interest | 1,974 | 1,320 | 984 | ||||||||||||||||||
Interest Expense | 0 | 0 | 0 | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | ||||||||||||||||||
Other Nonoperating Income (Expense) | 3 | 1,157 | (2,272) | ||||||||||||||||||
Nonoperating Income (Expense) | 1,977 | 2,477 | (1,288) | ||||||||||||||||||
Loss before Income Taxes | (66,058) | (76,596) | (49,401) | ||||||||||||||||||
Income Tax Expense (benefit) | (30,263) | (150,735) | (44,721) | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (35,795) | 74,139 | (4,680) | ||||||||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 11,593 | 11,694 | 8,707 | ||||||||||||||||||
Operating Costs and Expenses | 19,363 | 12,385 | 14,904 | ||||||||||||||||||
Depreciation | 7,551 | 5,273 | 4,628 | ||||||||||||||||||
Amortization of Deferred Charges | 1,387 | 1,200 | 1,461 | ||||||||||||||||||
General and Administrative Expense | 2,423 | 2,348 | 3,637 | ||||||||||||||||||
Costs and Expenses | 30,724 | 21,206 | 24,630 | ||||||||||||||||||
(Gain) loss on sale of assets | 7 | 12 | 1 | ||||||||||||||||||
Operating Income (Loss) | (19,124) | (9,500) | (15,922) | ||||||||||||||||||
Gain on early extinguishment of debt | 0 | ||||||||||||||||||||
Investment Income, Interest | 254 | 883 | 506 | ||||||||||||||||||
Interest Expense | 0 | 0 | (2) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | ||||||||||||||||||
Other Nonoperating Income (Expense) | (32) | (1,542) | 4,324 | ||||||||||||||||||
Nonoperating Income (Expense) | 222 | (659) | 4,828 | ||||||||||||||||||
Loss before Income Taxes | (18,902) | (10,159) | (11,094) | ||||||||||||||||||
Income Tax Expense (benefit) | 642 | 491 | (785) | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (19,544) | $ (10,650) | $ (10,309) | ||||||||||||||||||
[1] | Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017. The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017. | ||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. |
Condensed Consolidating Guara_5
Condensed Consolidating Guarantor Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (119,123) | $ 27,421 | $ (63,846) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (12,437) | (1,568) | 14,321 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (131,560) | 25,853 | (49,525) |
Consolidation, Eliminations [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 55,339 | (63,489) | 14,989 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 55,339 | (63,489) | 14,989 |
Parent Company [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (119,123) | 27,421 | (63,846) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (119,123) | 27,421 | (63,846) |
Guarantor Subsidiaries [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (35,795) | 74,139 | (4,680) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | (149) | 31 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (35,795) | 73,990 | (4,649) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (19,544) | (10,650) | (10,309) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (12,437) | (1,419) | 14,290 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (31,981) | $ (12,069) | $ 3,981 |
Condensed Consolidating Guara_6
Condensed Consolidating Guarantor Financial Information Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | May 18, 2018 | Jun. 15, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net Cash Provided by (Used in) Operating Activities | $ (42,352) | $ (14,658) | $ 53,500 | ||||
Acquisition of offshore supply vessels | $ (40,900) | (40,868) | 0 | 0 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (3,696) | (18,104) | (76,277) | ||||
Proceeds from Sale of Property, Plant, and Equipment | 86 | 43 | 524 | ||||
Payments to Acquire Property, Plant, and Equipment | (7,915) | (1,687) | (20,689) | ||||
Payments to Acquire Other Property, Plant, and Equipment | (131) | (1,552) | (569) | ||||
Net Cash Provided by (Used in) Investing Activities | 52,524 | 21,300 | 97,011 | ||||
Proceeds from Lines of Credit | $ 136,700 | $ 1,000 | 133,944 | 66,640 | 0 | ||
Repayments of Senior Debt | 0 | (5,057) | 0 | ||||
Repayments of Convertible Debt | 0 | (49,631) | 0 | ||||
Payments of Financing Costs | 0 | (5,636) | (1,102) | ||||
Payments Related to Tax Withholding for Share-based Compensation | (536) | (575) | (450) | ||||
Net cash proceeds from other shares issued | 397 | 485 | 1,300 | ||||
Net Cash Provided by (Used in) Financing Activities | 133,805 | 6,226 | (252) | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | (842) | (446) | 989 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 38,087 | (30,178) | (42,774) | ||||
Cash and Cash Equivalents, at Carrying Value | 224,936 | 224,936 | 186,849 | 217,027 | $ 259,801 | ||
Cash Paid for Interest | 59,469 | 52,194 | 50,152 | ||||
Income Taxes Paid, Net | 942 | (9,042) | 3,732 | ||||
Notes Reduction | 0 | 127,096 | 0 | ||||
Consolidation, Eliminations [Member] | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | ||||
Acquisition of offshore supply vessels | 0 | ||||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | 0 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 0 | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | ||||
Proceeds from Lines of Credit | 0 | 0 | |||||
Repayments of Senior Debt | 0 | ||||||
Repayments of Convertible Debt | 0 | ||||||
Payments of Financing Costs | 0 | 0 | |||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 0 | ||||
Net cash proceeds from other shares issued | 0 | 0 | 0 | ||||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | 0 | 0 | ||
Cash Paid for Interest | 0 | 0 | 0 | ||||
Income Taxes Paid, Net | 0 | 0 | 0 | ||||
Notes Reduction | 0 | ||||||
Parent Company [Member] | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net Cash Provided by (Used in) Operating Activities | (133,808) | (6,231) | 251 | ||||
Acquisition of offshore supply vessels | 0 | ||||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | 0 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 0 | ||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | ||||
Proceeds from Lines of Credit | 133,944 | 66,640 | |||||
Repayments of Senior Debt | (5,057) | ||||||
Repayments of Convertible Debt | (49,631) | ||||||
Payments of Financing Costs | (5,636) | (1,102) | |||||
Payments Related to Tax Withholding for Share-based Compensation | (536) | (575) | (450) | ||||
Net cash proceeds from other shares issued | 397 | 485 | 1,300 | ||||
Net Cash Provided by (Used in) Financing Activities | 133,805 | 6,226 | (252) | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | (3) | (5) | (1) | ||||
Cash and Cash Equivalents, at Carrying Value | 1 | 1 | 4 | 9 | 10 | ||
Cash Paid for Interest | 59,469 | 52,194 | 50,152 | ||||
Income Taxes Paid, Net | 0 | 0 | 0 | ||||
Notes Reduction | 127,096 | ||||||
Guarantor Subsidiaries [Member] | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net Cash Provided by (Used in) Operating Activities | 91,142 | (12,152) | 55,677 | ||||
Acquisition of offshore supply vessels | (40,868) | ||||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (3,696) | (18,496) | (76,615) | ||||
Proceeds from Sale of Property, Plant, and Equipment | 79 | 33 | 523 | ||||
Payments to Acquire Property, Plant, and Equipment | (6,050) | 1,173 | (19,604) | ||||
Payments to Acquire Other Property, Plant, and Equipment | (136) | 1,512 | (467) | ||||
Net Cash Provided by (Used in) Investing Activities | (50,671) | (21,148) | (96,163) | ||||
Proceeds from Lines of Credit | 0 | 0 | |||||
Repayments of Senior Debt | 0 | ||||||
Repayments of Convertible Debt | 0 | ||||||
Payments of Financing Costs | 0 | 0 | |||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 0 | ||||
Net cash proceeds from other shares issued | 0 | 0 | 0 | ||||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | (150) | 31 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 40,471 | (33,450) | (40,455) | ||||
Cash and Cash Equivalents, at Carrying Value | 219,217 | 219,217 | 178,746 | 212,196 | 252,651 | ||
Cash Paid for Interest | 0 | 0 | 0 | ||||
Income Taxes Paid, Net | 723 | (9,793) | 1,292 | ||||
Notes Reduction | 0 | ||||||
Non-Guarantor Subsidiaries [Member] | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net Cash Provided by (Used in) Operating Activities | 314 | 3,725 | (2,428) | ||||
Acquisition of offshore supply vessels | 0 | ||||||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 392 | 338 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 7 | 10 | 1 | ||||
Payments to Acquire Property, Plant, and Equipment | (1,865) | (514) | (1,085) | ||||
Payments to Acquire Other Property, Plant, and Equipment | 5 | (40) | (102) | ||||
Net Cash Provided by (Used in) Investing Activities | 1,853 | (152) | (848) | ||||
Proceeds from Lines of Credit | 0 | 0 | |||||
Repayments of Senior Debt | 0 | ||||||
Repayments of Convertible Debt | 0 | ||||||
Payments of Financing Costs | 0 | 0 | |||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 0 | ||||
Net cash proceeds from other shares issued | 0 | 0 | 0 | ||||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | (842) | (296) | 958 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | (2,381) | 3,277 | (2,318) | ||||
Cash and Cash Equivalents, at Carrying Value | $ 5,718 | 5,718 | 8,099 | 4,822 | $ 7,140 | ||
Cash Paid for Interest | 0 | 0 | 0 | ||||
Income Taxes Paid, Net | $ 219 | 751 | $ 2,440 | ||||
Notes Reduction | $ 0 |
Supplemental Selected Quarter_3
Supplemental Selected Quarterly Financial Data (Unaudited) - Supplemental Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2018 | [1],[2] | Sep. 30, 2018 | [1],[2] | Jun. 30, 2018 | [1],[2] | Mar. 31, 2018 | [1],[2] | Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Quarterly Financial Information [Line Items] | |||||||||||||||||||||
Revenues | $ 53,917 | $ 58,468 | $ 58,431 | $ 41,587 | $ 56,241 | $ 53,666 | $ 37,426 | $ 44,079 | $ 212,404 | $ 191,412 | $ 224,299 | ||||||||||
Operating Income (Loss) | (15,539) | (22,412) | (15,573) | (33,854) | (14,277) | (16,667) | (31,318) | (26,481) | (87,377) | (88,744) | (64,219) | ||||||||||
Net Income (loss) | $ (24,195) | $ (31,183) | $ (25,088) | $ (38,655) | $ 93,758 | [3] | $ (18,950) | [3] | $ (19,489) | [3] | $ (27,898) | [3] | $ (119,123) | $ 27,421 | [4] | $ (63,846) | [4] | ||||
Earnings (loss) per common share: | |||||||||||||||||||||
Basic earnings (loss) per common share | $ (0.64) | $ (0.83) | $ (0.67) | $ (1.04) | $ 2.53 | $ (0.51) | $ (0.53) | $ (0.76) | $ (3.18) | $ 0.74 | $ (1.76) | ||||||||||
Diluted earnings (loss) per common share, in dollars per share | $ (0.64) | $ (0.83) | $ (0.67) | $ (1.04) | $ 2.48 | $ (0.51) | $ (0.53) | $ (0.76) | $ (3.18) | $ 0.73 | $ (1.76) | ||||||||||
[1] | Results for the fiscal years 2018 and 2017 have been significantly impacted by low oil prices, 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 2018 and 2017. The Company had an average of 40.6 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2018. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during fiscal 2017. | ||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||||
[3] | The results for the three months ended December 31, 2017 were favorably impacted by U.S. federal tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 11 for further information. | ||||||||||||||||||||
[4] | The Company's net income for 2017 was favorably impacted by U.S. tax reform legislation that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these non-recurring tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 11 for further information. |
Supplemental Selected Quarter_4
Supplemental Selected Quarterly Financial Data (Unaudited) - Supplemental Selected Quarterly Financial Data (Unaudited) (Narrative) (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2018USD ($)Vessel | Dec. 31, 2017USD ($)Vessel$ / shares | Dec. 31, 2016USD ($) | |
Quarterly Financial Information [Line Items] | ||||
Number of Vessels Stacked | Vessel | 40.6 | 42.8 | ||
Average Number of MPSVs Stacked | Vessel | 0.8 | 0.8 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ | $ 125,225 | $ 0 | $ (125,225) | $ 0 |
Net Income (loss) excluding one time tax item | $ | $ (17,281) | $ (82,687) | ||
Earnings per share diluted excluding one time tax item | $ / shares | $ (0.47) | $ (2.24) |