Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HORNBECK OFFSHORE SERVICES INC /LA | ' |
Entity Central Index Key | '0001131227 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'HOS | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 36,052,317 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $797,784 | $576,678 |
Accounts receivable, net of allowance for doubtful accounts of $3,149 and $3,028, respectively | 88,132 | 103,265 |
Deferred tax assets, net | 51,602 | 28,720 |
Other current assets | 16,390 | 21,560 |
Current assets from discontinued operations | 90 | 1,286 |
Total current assets | 953,998 | 731,509 |
Property, plant and equipment, net | 2,000,890 | 1,643,623 |
Deferred charges, net | 76,797 | 69,492 |
Other assets | 12,605 | 13,277 |
Long-term assets from discontinued operations | 818 | 173,830 |
Total assets | 3,045,108 | 2,631,731 |
Current liabilities: | ' | ' |
Accounts payable | 53,997 | 48,286 |
Accrued interest | 15,171 | 14,790 |
Accrued payroll and benefits | 14,846 | 12,441 |
Deferred revenue | 24,636 | 16,854 |
Current portion of long-term debt, net of original issue discount of $1,139 and $11,093, respectively | 248,861 | 238,907 |
Other accrued liabilities | 17,104 | 8,030 |
Current liabilities from discontinued operations | 172 | 4,197 |
Total current liabilities | 374,787 | 343,505 |
Long-term debt, net of original issue discount of $63,177 and $74,470, respectively | 1,061,823 | 850,530 |
Deferred tax liabilities, net | 334,070 | 270,478 |
Other liabilities | 4,527 | 1,373 |
Total liabilities | 1,775,207 | 1,465,886 |
Stockholders’ equity: | ' | ' |
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock: $0.01 par value; 100,000 shares authorized; 36,048 and 35,479 shares issued and outstanding, respectively | 360 | 355 |
Additional paid-in-capital | 720,874 | 705,658 |
Retained earnings | 549,243 | 460,090 |
Accumulated other comprehensive loss | -576 | -258 |
Total stockholders’ equity | 1,269,901 | 1,165,845 |
Total liabilities and stockholders’ equity | $3,045,108 | $2,631,731 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | $3,149 | $3,028 |
Current portion of long-term debt, net of original issue discount | 1,139 | 11,093 |
Long-term debt, net of original issue discount | $63,177 | $74,470 |
Preferred stock par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $0.01 | $0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 36,048,000 | 35,479,000 |
Common stock outstanding | 36,048,000 | 35,479,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenues | $132,915 | $115,087 | $403,252 | $344,678 | ||||
Revenues | ' | ' | ' | ' | ||||
Operating expenses | 59,180 | 59,922 | 174,175 | 168,250 | ||||
Depreciation | 13,854 | 13,000 | 40,498 | 39,005 | ||||
Amortization | 8,582 | 5,289 | 22,265 | 15,287 | ||||
General and administrative expenses | 14,114 | 12,191 | 40,433 | 33,750 | ||||
Costs and Expenses, Total | 95,730 | 90,402 | 277,371 | 256,292 | ||||
Gain (loss) on sale of assets | 3 | -357 | 1,572 | -360 | ||||
Operating income | 37,188 | 24,328 | 127,453 | 88,026 | ||||
Other income (expense): | ' | ' | ' | ' | ||||
Loss on early extinguishment of debt | 0 | 0 | -25,776 | -6,048 | ||||
Interest income | 681 | 524 | 1,926 | 1,538 | ||||
Interest expense | -11,708 | -14,697 | -38,672 | -42,971 | ||||
Other income (expense), net | -137 | -8 | -153 | 323 | ||||
Nonoperating Income (Expense), Total | -11,164 | -14,181 | -62,675 | -47,158 | ||||
Income before income taxes | 26,024 | 10,147 | 64,778 | 40,868 | ||||
Income tax expense | 8,228 | 3,970 | 22,787 | 15,596 | ||||
Income from continuing operations | 17,796 | 6,177 | 41,991 | [1] | 25,272 | [1] | ||
Income from discontinued operations, net of tax | 41,368 | [2] | 1,224 | [2] | 47,162 | [2] | 450 | [2] |
Net income | $59,164 | $7,401 | $89,153 | $25,722 | ||||
Earnings per share: | ' | ' | ' | ' | ||||
Basic earnings per common share from continuing operations | $0.49 | $0.18 | $1.17 | $0.72 | ||||
Basic earnings per common share from discontinued operations | $1.15 | $0.03 | $1.32 | $0.01 | ||||
Basic earnings per common share | $1.64 | $0.21 | $2.49 | $0.73 | ||||
Diluted earnings per common share from continuing operations | $0.49 | $0.17 | $1.15 | $0.70 | ||||
Diluted earnings per common share from discontinued operations | $1.12 | $0.03 | $1.29 | $0.01 | ||||
Diluted earnings per common share | $1.61 | $0.20 | $2.44 | $0.71 | ||||
Weighted average basic shares outstanding | 36,038 | 35,384 | 35,841 | 35,276 | ||||
Weighted average diluted shares outstanding | 36,663 | 36,130 | 36,511 | 36,063 | ||||
[1] | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the nine months ended September 30, 2012 includes a loss on early extinguishment of debt of $6.0 million. See Note 3 for further information regarding the Company’s debt. | |||||||
[2] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 6 for further discussion of this transaction. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $59,164 | $7,401 | $89,153 | $25,722 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Foreign currency translation income (loss) | 5 | -59 | -318 | -156 |
Total comprehensive income | $59,169 | $7,342 | $88,835 | $25,566 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ||
Income from continuing operations | $41,991 | [1] | $25,272 | [1] |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ' | ' | ||
Depreciation | 40,498 | 39,005 | ||
Amortization | 22,265 | 15,287 | ||
Stock-based compensation expense | 9,603 | 8,102 | ||
Loss on early extinguishment of debt | 25,776 | 6,048 | ||
Provision for bad debts | 121 | 1,657 | ||
Deferred tax expense | 15,285 | 15,236 | ||
Amortization of deferred financing costs | 14,134 | 11,962 | ||
(Gain) loss on sale of assets | -1,572 | 360 | ||
Changes in operating assets and liabilities: | ' | ' | ||
Accounts receivable | 15,433 | -10,765 | ||
Other receivables and current assets | 7,465 | -318 | ||
Deferred drydocking charges | -25,444 | -27,705 | ||
Accounts payable | -11,114 | 8,853 | ||
Accrued liabilities and other liabilities | 13,113 | -1,391 | ||
Accrued interest | 382 | 7,151 | ||
Net cash provided by operating activities | 167,936 | 98,754 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ||
Costs incurred for OSV newbuild program 5 | -344,909 | -149,625 | ||
Net proceeds from sale of assets | 16,118 | 3,002 | ||
Vessel capital expenditures | -46,372 | -13,054 | ||
Non-vessel capital expenditures | -3,459 | -2,601 | ||
Net cash used in investing activities | -378,622 | -162,278 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ||
Tax benefit from share-based payments | 5,127 | 0 | ||
Repayment of senior notes | -250,000 | -300,000 | ||
Proceeds from the issuance of senior notes | 450,000 | 375,000 | ||
Premium on the retirement of debt | -17,658 | -3,692 | ||
Payments for public offering of common stock | 0 | -180 | ||
Purchase of hedge on convertible senior notes | 0 | -73,032 | ||
Sale of common stock warrants | 0 | 48,237 | ||
Proceeds from the issuance of convertible senior notes | 0 | 300,000 | ||
Deferred financing costs | -7,771 | -16,451 | ||
Net cash proceeds from other shares issued | 7,840 | 2,579 | ||
Net cash provided by financing activities | 187,538 | 332,461 | ||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ' | ' | ||
Net cash provided by operating activities | 15,996 | 9,682 | ||
Net cash provided by (used in) investing activities | 228,576 | -1,698 | ||
Net cash provided by discontinued operations | 244,572 | 7,984 | ||
Effects of exchange rate changes on cash | -318 | -156 | ||
Net increase in cash and cash equivalents | 221,106 | 276,765 | ||
Cash and cash equivalents at beginning of period | 576,678 | 356,849 | ||
Cash and cash equivalents at end of period | 797,784 | 633,614 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ' | ' | ||
Cash paid for interest | 40,216 | 28,755 | ||
Cash paid for income taxes | $3,319 | $964 | ||
[1] | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the nine months ended September 30, 2012 includes a loss on early extinguishment of debt of $6.0 million. See Note 3 for further information regarding the Company’s debt. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2012. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. Certain reclassifications have been made to prior period results to conform to current year presentation. The most significant of these reclassifications are associated with the Company's discontinued operations. As discussed further in Note 6, the Company sold substantially all of its Downstream assets in August 2013. | |
The consolidated balance sheet at December 31, 2012 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Basic earnings per common share was calculated by dividing income from continuing operations and income from discontinued operations by the weighted average number of common shares outstanding during the period. Diluted earnings per common share was calculated by dividing income from continuing operations and income from discontinued operations by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s earnings per share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations (1) | $ | 17,796 | $ | 6,177 | $ | 41,991 | $ | 25,272 | ||||||||
Income from discontinued operations, net of tax (2) | 41,368 | 1,224 | 47,162 | 450 | ||||||||||||
Net income | $ | 59,164 | $ | 7,401 | $ | 89,153 | $ | 25,722 | ||||||||
Weighted average number of shares of common stock outstanding | 36,038 | 35,384 | 35,841 | 35,276 | ||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 625 | 746 | 670 | 787 | ||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,663 | 36,130 | 36,511 | 36,063 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.49 | $ | 0.18 | $ | 1.17 | $ | 0.72 | ||||||||
Basic earnings per common share from discontinued operations | 1.15 | 0.03 | 1.32 | 0.01 | ||||||||||||
Basic earnings per common share | $ | 1.64 | $ | 0.21 | $ | 2.49 | $ | 0.73 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.49 | $ | 0.17 | $ | 1.15 | $ | 0.7 | ||||||||
Diluted earnings per common share from discontinued operations | 1.12 | 0.03 | 1.29 | 0.01 | ||||||||||||
Diluted earnings per common share | $ | 1.61 | $ | 0.2 | $ | 2.44 | $ | 0.71 | ||||||||
-1 | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the nine months ended September 30, 2012 includes a loss on early extinguishment of debt of $6.0 million. See Note 3 for further information regarding the Company’s debt. | |||||||||||||||
-2 | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 6 for further discussion of this transaction. | |||||||||||||||
-3 | For the three and nine months ended September 30, 2013 and 2012, the Company had no anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||||||||||
-4 | As of September 30, 2013 and 2012 and for the periods then ended, the 2019 convertible senior notes and 2026 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. | |||||||||||||||
-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 4 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
8.000% senior notes due 2017, net of original issue discount of $4,771 | $ | — | $ | 245,229 | ||||
5.875% senior notes due 2020 | 375,000 | 375,000 | ||||||
5.000% senior notes due 2021 | 450,000 | — | ||||||
1.500% convertible senior notes due 2019, net of original issue discount of $63,177 and $69,699 | 236,823 | 230,301 | ||||||
1.625% convertible senior notes due 2026, net of original issue discount of $1,139 and $11,093 (1) | 248,861 | 238,907 | ||||||
Revolving credit facility due 2016 | — | — | ||||||
1,310,684 | 1,089,437 | |||||||
Less current maturities | (248,861 | ) | (238,907 | ) | ||||
$ | 1,061,823 | $ | 850,530 | |||||
-1 | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. | |||||||
The table below summarizes the Company's cash interest payments (in thousands): | ||||||||
Semi-Annual Cash Interest Payment | Payment Dates | |||||||
5.875% senior notes due 2020 | $ | 11,000 | April 1 and October 1 | |||||
5.000% senior notes due 2021 | 11,300 | March 1 and September 1 | ||||||
1.500% convertible senior notes due 2019 | 2,300 | March 1 and September 1 | ||||||
1.625% convertible senior notes due 2026 (1) | 2,000 | May 15 and November 15 | ||||||
-1 | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. | |||||||
On March 14, 2013, the Company commenced a cash tender offer for all of the outstanding $250.0 million aggregate principal amount of its 2017 senior notes. Senior notes totaling approximately 94% of the 2017 senior notes outstanding, were validly tendered during the designated tender period and were repurchased at 107.12% of par on March 28, 2013. The remaining 2017 senior notes were redeemed at 106.20% of par on May 13, 2013. A loss on early extinguishment of debt for the 2017 senior notes of approximately $24.3 million was recorded during the first quarter of 2013, which includes the tender offer costs, an allocable portion of the write-off of unamortized financing costs and original issue discount, and a bond redemption premium. A loss on early extinguishment of debt of approximately $1.5 million was recorded during the second quarter of 2013 for those costs allocable to the 2017 senior notes redeemed on May 13, 2013. | ||||||||
On March 14, 2013, the Company issued $450.0 million in aggregate principal amount of 2021 senior notes. The net proceeds to the Company from the offering were approximately $442.4 million, net of estimated 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 noted above. The Company used approximately $16.6 million of proceeds on May 13, 2013 to redeem the remaining 6% of the outstanding 2017 senior notes pursuant to the redemption noted above. The remaining proceeds are available for general corporate purposes, which may include funding for the acquisition, construction or retrofit of vessels. The 2021 senior notes mature on March 1, 2021 and require semi-annual interest payments of $11.3 million due and payable each March 1 and September 1 of each year until maturity, commencing September 1, 2013. The effective interest rate on the new senior notes 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 private placements 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 of 1933, as amended, or 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. Holders of the 2021 senior notes are entitled to certain registration rights as set forth in an exchange and registration rights agreement dated as of March 28, 2013. | ||||||||
The 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. The 2021 senior notes are guaranteed by certain of the Company’s subsidiaries. The guarantees are full and unconditional, joint and several, and all of the Company’s non-guarantor subsidiaries are minor as defined in the Securities and Exchange Commission regulations. Hornbeck Offshore Services, Inc., as the parent company issuer of 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 2021 senior notes from time to time at specified redemption prices and subject to certain conditions required by the indenture governing the 2021 senior notes. The Company is permitted under the terms of the indenture to incur additional indebtedness in the future, provided that certain financial conditions set forth in the indenture are satisfied by the Company. | ||||||||
On September 13, 2013, the Company issued a notice of redemption for all of the outstanding $250 million aggregate principal amount of its 2026 convertible senior notes. The Company has elected to redeem the 2026 notes on November 15, 2013, or the Redemption Date, at a redemption price of 100% of the principal amount thereof and accrued and unpaid interest to, but excluding, the Redemption Date. Holders may convert the 2026 notes at any time prior to the close of business on November 12, 2013, at a conversion rate of 20.6260 shares of the Company's common stock per $1,000 principal amount of 2026 notes, which equates to a conversion price of $48.48 per share, with a related Observation Period (as defined in the Indenture governing the 2026 notes) of October 8, 2013 through November 11, 2013. For those holders that elect to convert their 2026 notes in connection with the redemption, the Company will satisfy its conversion obligations to holders by paying cash equal to the aggregate principal amount of the 2026 notes converted and delivering shares of common stock in settlement of any and all conversion obligations in excess of the principal amount (provided that the Company will pay cash in lieu of issuing fractional shares). For those holders that elect to convert their 2026 notes, the counterparties to the previously disclosed convertible note hedge transactions entered into in 2006 concurrently with the pricing of the 2026 notes will deliver common stock that will reduce or prevent equity dilution that would otherwise result from the conversion. The Company expects to meet any cash payment obligations related to the redemption or conversion with cash currently on-hand. | ||||||||
In addition to the convertible note hedge transactions entered into in 2006, the Company entered into separate warrant transactions, or warrants, whereby it sold to the counterparties warrants to acquire, subject to customary anti-dilution adjustments, approximately 4.5 million shares of the Company's common stock at a strike price equal to $62.59 per share of common stock. On exercise of the warrants, the Company has the option to deliver cash or shares of its common stock equal to the difference between the then-market price and strike price per share of common stock. The warrants expire in a series of tranches beginning February 13, 2014 through the 30th trading day thereafter. | ||||||||
The Company has an undrawn senior secured revolving credit facility, with a borrowing base of $300.0 million and an accordion feature that allows for the potential expansion of the facility up to an aggregate of $500.0 million. The facility matures in November 2016. | ||||||||
Under the Company’s revolving credit facility, it has the option of borrowing at a variable rate of interest equal to either (i) LIBOR, plus an applicable margin, or (ii) the greatest of the Prime Rate, the Federal Funds Effective Rate plus 1/2 of 1% and the one-month LIBOR plus 1%, plus in each case an applicable margin. The applicable margin for each base rate is determined by a pricing grid, which is based on the Company’s leverage ratio, as defined in the credit agreement governing the amended revolving credit facility. Unused commitment fees are payable quarterly at the annual rate ranging from 37.5 basis points to 50.0 basis points as determined by a pricing grid. | ||||||||
As of September 30, 2013, there were no amounts drawn under the Company’s $300.0 million revolving credit facility and $0.9 million posted as letters of credit. As of September 30, 2013, the Company was in compliance with all financial covenants required by its revolving credit facility and the full amount of the undrawn borrowing base under the facility was available to the Company for all permissible uses of proceeds, including working capital, if necessary. | ||||||||
The Company estimates the fair value of its 2020 senior notes, 2021 senior notes, 2019 convertible senior notes and 2026 convertible senior notes by primarily using quoted market prices. The fair value of the Company’s revolving credit facility, when there are outstanding balances, approximates its carrying value. The face value, carrying value and fair value of the Company’s total debt was $1,375.0 million, $1,310.7 million and $1,493.2 million, respectively, as of September 30, 2013. Given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2, of the three-level valuation hierarchy. | ||||||||
Capitalized Interest | ||||||||
During the three and nine months ended September 30, 2013, the Company capitalized approximately $8.8 million and $22.2 million respectively, of interest costs related to the construction of vessels. During the three and nine months ended September 30, 2012, the Company capitalized approximately $2.9 million and $6.4 million respectively, of interest costs related to the construction of vessels. |
Incentive_Compensation
Incentive Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Incentive Compensation | ' | |||||||||||||||
Incentive Compensation | ||||||||||||||||
Stock-Based Incentive Compensation Plan | ||||||||||||||||
The Company’s stock-based incentive compensation plan covers a maximum of 4.2 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options and stock appreciation rights to employees and directors. | ||||||||||||||||
During the nine months ended September 30, 2013, the Company granted cash-settled phantom restricted stock units, time-based restricted stock units and performance-based restricted stock units. Time-based restricted stock units were granted to executive officers and directors of the Company. Cash-settled phantom restricted stock units were granted to certain shoreside employees of the Company. Performance-based restricted stock units were granted to executive officers of the Company. The shares to be received under the performance-based restricted stock units are calculated based on the Company’s performance compared to three pre-determined criteria, as defined by the restricted stock agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 100% of the Company’s awards depending on the Company’s performance. During the nine months ended September 30, 2013, the Company granted 201,745 time-based and performance-based restricted stock units and 21,490 cash-settled phantom restricted stock units. | ||||||||||||||||
Compensation expense related to 2013 restricted stock unit grants is recognized over the three-year service period. The fair value of the Company’s performance-based restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based restricted stock units and cash-settled phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. The cash-settled phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the restricted stock units granted in 2013, the Company granted performance-based and time-based restricted stock units in 2010, 2011 and 2012. During the nine months ended September 30, 2013, the Company issued 569,472 shares, in the aggregate, of stock due to: 1) employees exercising previously vested stock options, 2) vestings of restricted stock units and 3) employee purchases under the Company’s Employee Stock Purchase Plan. | ||||||||||||||||
The stock-based compensation expense charges from previously issued equity grants and the financial impact such grants have on the Company’s operating results are reflected in the table below (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income before taxes | $ | 3,185 | $ | 3,729 | $ | 9,629 | $ | 8,164 | ||||||||
Net income | $ | 2,066 | $ | 2,278 | $ | 6,164 | $ | 5,045 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.17 | $ | 0.14 | ||||||||
Diluted earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.17 | $ | 0.14 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Vessel Construction | |
In November 2011, the Company announced, and has since expanded, its fifth OSV newbuild program. This program now consists of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, six 310 class OSVs, ten 320 class OSVs and four 310 class MPSVs. As of October 31, 2013, the Company has placed two vessels in-service under its fifth newbuild program. The 22 remaining vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service as follows: three more in 2013, 13 in 2014, four in 2015 and two in 2016. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,240.0 million. As of September 30, 2013, the Company had incurred construction costs of approximately $603.4 million, or 48.7%, since the inception of its fifth OSV newbuild program. | |
200 Class OSV Retrofit Program | |
In September 2012, the Company awarded a contract for the upgrading and stretching of six of the Company’s Super 200 class DP-1 OSVs, converting them into 240 class DP-2 OSVs. The project costs for these discretionary vessel modifications are expected to be approximately $50.0 million, in the aggregate ($8.3 million each), and the Company expects to incur approximately 799 vessel-days of aggregate commercial downtime for the six vessels (roughly 133 vessel-days each). Two vessels each were re-delivered to the Company in May and September 2013 and the current schedule projects re-deliveries of the last two vessels in December 2013. As of September 30, 2013, the Company had incurred construction costs of approximately $39.9 million, or 80%, since the inception of its 200 class OSV retrofit program. | |
Contingencies | |
In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management’s opinion that the Company’s liability, if any, under such claims or proceedings would not materially affect its financial position, results of operations, or cash flows. 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 revisions to such estimates historically have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. | |
During 2010 and 2011, the Company mobilized 12 vessels, in the aggregate, to Brazil to operate under long-term contracts for Petrobras. These vessel charters with Petrobras include limitations regarding fuel consumption. Petrobras has asserted claims against the Company relating to excess fuel consumption. The Company’s exposure for these assessments, net of amounts accrued, is in the range of approximately $0.5 million to $4.0 million. The Company disagrees with this assessment and has challenged it in Brazilian legal proceedings initiated by the Company against Petrobras. While the Company cannot currently estimate the amounts or timing of the resolution of these matters, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact on its interim or annual results of operations. In addition, Petrobras and the Company had a dispute concerning late delivery of the vessels to Petrobras, for which Petrobras had notified the Company of its intention to assert late delivery penalties. The Company, in turn, asserted claims against Petrobras for its contributory actions related to the vessels' late deliveries. During the third quarter, the Company and Petrobras resolved these claims, whereby Petrobras agreed to pay the Company approximately $0.7 million. | |
During 2012, an Upstream customer, ATP Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code. Pre-petition receivables from ATP were $4.8 million, of which the Company has recorded $0.9 million in reserves. While the Company believes that the net receivables are collectible, it will continue to monitor the proceedings, which may result in actual collections that may differ materially from the current estimate. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On August 29, 2013, the Company closed the sale of substantially all of the assets and business of its Downstream segment's tug and tank barge fleet to Genesis Marine, LLC, an affiliate of Genesis Energy L.P. (NYSE:GEL), for net cash proceeds of approximately of $227.5 million, after deal costs. The sale resulted in a gain of $60.0 million ($38.1 million after-tax or $1.04 per diluted share). Excluded from the sale were three older, lower-horsepower tugs considered to be non-core assets. The historical results for the Downstream segment and the gain on the sale thereof have been presented as discontinued operations for all periods in the accompanying condensed consolidated financial statements. | ||||||||||||||||
Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | $ | 11,383 | $ | 12,852 | $ | 42,885 | $ | 34,879 | ||||||||
Gain on sale of assets | 60,046 | 624 | 60,076 | 624 | ||||||||||||
Operating Income | 65,181 | 1,964 | 74,485 | 732 | ||||||||||||
Income from discontinued operations, net of tax | 41,368 | 1,224 | 47,162 | 450 | ||||||||||||
As of September 30, 2013 and December 31, 2012, the aggregate components of assets and liabilities classified as discontinued operations consisted of the following (in thousands): | ||||||||||||||||
As of | As of | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets: | ||||||||||||||||
Other current assets | $ | 90 | $ | 1,286 | ||||||||||||
Total current assets | 90 | 1,286 | ||||||||||||||
Property, plant and equipment, net | 818 | 168,487 | ||||||||||||||
Deferred charges, net | — | 5,343 | ||||||||||||||
Total assets | $ | 908 | $ | 175,116 | ||||||||||||
Liabilities: | ||||||||||||||||
Accrued payroll and benefits | 34 | 1,307 | ||||||||||||||
Deferred revenue | — | 2,571 | ||||||||||||||
Other accrued liabilities | 138 | 319 | ||||||||||||||
Total liabilities | $ | 172 | $ | 4,197 | ||||||||||||
At the closing of the sale, the Company entered into transition service agreements with Genesis to facilitate the transition of the sale of the business, including ship management agreements and a crew management agreement, pursuant to which the Company provides services related to the operation and management of the vessels as well as supplying some of the marine crews for those vessels during the transition period. The Company has been notified by Genesis of its intention to terminate the agreements upon completion of the transition of time charters that were in effect at the time of the closing. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of Earnings Per Share | ' | |||||||||||||||
The table below reconciles the Company’s earnings per share (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations (1) | $ | 17,796 | $ | 6,177 | $ | 41,991 | $ | 25,272 | ||||||||
Income from discontinued operations, net of tax (2) | 41,368 | 1,224 | 47,162 | 450 | ||||||||||||
Net income | $ | 59,164 | $ | 7,401 | $ | 89,153 | $ | 25,722 | ||||||||
Weighted average number of shares of common stock outstanding | 36,038 | 35,384 | 35,841 | 35,276 | ||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (3)(4)(5) | 625 | 746 | 670 | 787 | ||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 36,663 | 36,130 | 36,511 | 36,063 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share from continuing operations | $ | 0.49 | $ | 0.18 | $ | 1.17 | $ | 0.72 | ||||||||
Basic earnings per common share from discontinued operations | 1.15 | 0.03 | 1.32 | 0.01 | ||||||||||||
Basic earnings per common share | $ | 1.64 | $ | 0.21 | $ | 2.49 | $ | 0.73 | ||||||||
Diluted earnings per common share from continuing operations | $ | 0.49 | $ | 0.17 | $ | 1.15 | $ | 0.7 | ||||||||
Diluted earnings per common share from discontinued operations | 1.12 | 0.03 | 1.29 | 0.01 | ||||||||||||
Diluted earnings per common share | $ | 1.61 | $ | 0.2 | $ | 2.44 | $ | 0.71 | ||||||||
-1 | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the nine months ended September 30, 2012 includes a loss on early extinguishment of debt of $6.0 million. See Note 3 for further information regarding the Company’s debt. | |||||||||||||||
-2 | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 6 for further discussion of this transaction. | |||||||||||||||
-3 | For the three and nine months ended September 30, 2013 and 2012, the Company had no anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||||||||||
-4 | As of September 30, 2013 and 2012 and for the periods then ended, the 2019 convertible senior notes and 2026 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. | |||||||||||||||
-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 4 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding Long-Term Debt | ' | |||||||
As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
8.000% senior notes due 2017, net of original issue discount of $4,771 | $ | — | $ | 245,229 | ||||
5.875% senior notes due 2020 | 375,000 | 375,000 | ||||||
5.000% senior notes due 2021 | 450,000 | — | ||||||
1.500% convertible senior notes due 2019, net of original issue discount of $63,177 and $69,699 | 236,823 | 230,301 | ||||||
1.625% convertible senior notes due 2026, net of original issue discount of $1,139 and $11,093 (1) | 248,861 | 238,907 | ||||||
Revolving credit facility due 2016 | — | — | ||||||
1,310,684 | 1,089,437 | |||||||
Less current maturities | (248,861 | ) | (238,907 | ) | ||||
$ | 1,061,823 | $ | 850,530 | |||||
-1 | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. | |||||||
The table below summarizes the Company's cash interest payments (in thousands): | ||||||||
Semi-Annual Cash Interest Payment | Payment Dates | |||||||
5.875% senior notes due 2020 | $ | 11,000 | April 1 and October 1 | |||||
5.000% senior notes due 2021 | 11,300 | March 1 and September 1 | ||||||
1.500% convertible senior notes due 2019 | 2,300 | March 1 and September 1 | ||||||
1.625% convertible senior notes due 2026 (1) | 2,000 | May 15 and November 15 | ||||||
-1 | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. |
Incentive_Compensation_Tables
Incentive Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Financial Impact of Stock-Based Compensation Expense Charges | ' | |||||||||||||||
The stock-based compensation expense charges from previously issued equity grants and the financial impact such grants have on the Company’s operating results are reflected in the table below (in thousands, except for per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income before taxes | $ | 3,185 | $ | 3,729 | $ | 9,629 | $ | 8,164 | ||||||||
Net income | $ | 2,066 | $ | 2,278 | $ | 6,164 | $ | 5,045 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.17 | $ | 0.14 | ||||||||
Diluted earnings per common share | $ | 0.06 | $ | 0.06 | $ | 0.17 | $ | 0.14 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Discontinued Operations, Income Statement and Balance Sheet | ' | |||||||||||||||
Summarized results of the Downstream segment from discontinued operations are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | $ | 11,383 | $ | 12,852 | $ | 42,885 | $ | 34,879 | ||||||||
Gain on sale of assets | 60,046 | 624 | 60,076 | 624 | ||||||||||||
Operating Income | 65,181 | 1,964 | 74,485 | 732 | ||||||||||||
Income from discontinued operations, net of tax | 41,368 | 1,224 | 47,162 | 450 | ||||||||||||
As of September 30, 2013 and December 31, 2012, the aggregate components of assets and liabilities classified as discontinued operations consisted of the following (in thousands): | ||||||||||||||||
As of | As of | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets: | ||||||||||||||||
Other current assets | $ | 90 | $ | 1,286 | ||||||||||||
Total current assets | 90 | 1,286 | ||||||||||||||
Property, plant and equipment, net | 818 | 168,487 | ||||||||||||||
Deferred charges, net | — | 5,343 | ||||||||||||||
Total assets | $ | 908 | $ | 175,116 | ||||||||||||
Liabilities: | ||||||||||||||||
Accrued payroll and benefits | 34 | 1,307 | ||||||||||||||
Deferred revenue | — | 2,571 | ||||||||||||||
Other accrued liabilities | 138 | 319 | ||||||||||||||
Total liabilities | $ | 172 | $ | 4,197 | ||||||||||||
Reconciliation_of_Earnings_Per
Reconciliation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Income from continuing operations | $17,796 | $6,177 | $41,991 | [1] | $25,272 | [1] | ||
Income from discontinued operations, net of tax | 41,368 | [2] | 1,224 | [2] | 47,162 | [2] | 450 | [2] |
Net income | 59,164 | 7,401 | 89,153 | 25,722 | ||||
Weighted average number of shares of common stock outstanding | 36,038 | 35,384 | 35,841 | 35,276 | ||||
Add: Net effect of dilutive stock options and unvested restricted stock | 625 | [3],[4],[5] | 746 | [3],[4],[5] | 670 | [3],[4],[5] | 787 | [3],[4],[5] |
Weighted average number of dilutive shares of common stock outstanding | 36,663 | 36,130 | 36,511 | 36,063 | ||||
Earnings per common share: | ' | ' | ' | ' | ||||
Basic earnings per common share from continuing operations | $0.49 | $0.18 | $1.17 | $0.72 | ||||
Basic earnings per common share from discontinued operations | $1.15 | $0.03 | $1.32 | $0.01 | ||||
Basic earnings per common share | $1.64 | $0.21 | $2.49 | $0.73 | ||||
Diluted earnings per common share from continuing operations | $0.49 | $0.17 | $1.15 | $0.70 | ||||
Diluted earnings per common share from discontinued operations | $1.12 | $0.03 | $1.29 | $0.01 | ||||
Diluted earnings per common share | $1.61 | $0.20 | $2.44 | $0.71 | ||||
Loss on early extinguishment of debt | $0 | $0 | ($25,776) | ($6,048) | ||||
[1] | Income from continuing operations for the nine months ended September 30, 2013 includes a loss on early extinguishment of debt of $25.8 million. Income from continuing operations for the nine months ended September 30, 2012 includes a loss on early extinguishment of debt of $6.0 million. See Note 3 for further information regarding the Company’s debt. | |||||||
[2] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 6 for further discussion of this transaction. | |||||||
[3] | For the three and nine months ended September 30, 2013 and 2012, the Company had no anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. | |||||||
[4] | 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 4 to these financial statements for further information regarding certain of the Company’s restricted stock grants. | |||||||
[5] | As of September 30, 2013 and 2012 and for the periods then ended, the 2019 convertible senior notes and 2026 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. |
Outstanding_LongTerm_Debt_Deta
Outstanding Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt, carrying value | $1,310,684,000 | $1,089,437,000 | ||
Less current maturities | -248,861,000 | -238,907,000 | ||
Long-term Debt, Excluding Current Maturities | 1,061,823,000 | 850,530,000 | ||
Senior notes, original issue discount | 63,177,000 | 74,470,000 | ||
Senior Notes 8.000 Percent Due 2017 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 0 | 245,229,000 | ||
Interest Rate | 8.00% | 8.00% | ||
Maturity | '2017 | '2017 | ||
Senior notes, original issue discount | 0 | 4,771,000 | ||
Senior Notes 5.875 Percent Due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 375,000,000 | 375,000,000 | ||
Interest Rate | 5.88% | 5.88% | ||
Maturity | '2020 | '2020 | ||
Senior Notes 5.000 Percent Due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 450,000,000 | 0 | ||
Interest Rate | 5.00% | 5.00% | ||
Maturity | '2021 | '2021 | ||
Convertible 1.500 Percent Senior Notes Due 2019 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 236,823,000 | 230,301,000 | ||
Interest Rate | 1.50% | 1.50% | ||
Maturity | '2019 | '2019 | ||
Senior notes, original issue discount | 63,177,000 | 69,699,000 | ||
Convertible 1.625 Percent Senior Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 248,861,000 | [1] | 238,907,000 | [1] |
Interest Rate | 1.63% | [1] | 1.63% | [1] |
Maturity | '2026 | [1] | '2026 | [1] |
Senior notes, original issue discount | 1,139,000 | [1] | 11,093,000 | [1] |
Revolving Credit Facility Due 2016 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Revolving credit facility due 2016 | $0 | $0 | ||
Maturity | '2016 | '2016 | ||
Maximum [Member] | Convertible 1.625 Percent Senior Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 1.63% | 1.63% | ||
Minimum [Member] | Convertible 1.625 Percent Senior Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 1.38% | 1.38% | ||
[1] | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. |
LongTerm_Debt_Cash_Interest_Pa
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Senior Notes 8.000 Percent Due 2017 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 8.00% | 8.00% | ||
Senior Notes 5.875 Percent Due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 5.88% | 5.88% | ||
Semi-Annual Cash Interest Payment | $11,000 | ' | ||
Senior Notes 5.000 Percent Due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 5.00% | 5.00% | ||
Semi-Annual Cash Interest Payment | 11,300 | ' | ||
Convertible 1.500 Percent Senior Notes Due 2019 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 1.50% | 1.50% | ||
Semi-Annual Cash Interest Payment | 2,300 | ' | ||
Convertible 1.625 Percent Senior Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 1.63% | [1] | 1.63% | [1] |
Semi-Annual Cash Interest Payment | $2,000 | [1] | ' | |
Maximum [Member] | Convertible 1.625 Percent Senior Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 1.63% | 1.63% | ||
Minimum [Member] | Convertible 1.625 Percent Senior Notes Due 2026 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate | 1.38% | 1.38% | ||
[1] | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 13, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | 13-May-13 | Mar. 28, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Jun. 30, 2013 | Mar. 14, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 13, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
Letter of Credit | Senior Notes 8.000 Percent Due 2017 | Senior Notes 8.000 Percent Due 2017 | Senior Notes 8.000 Percent Due 2017 | Senior Notes 8.000 Percent Due 2017 | Senior Notes 8.000 Percent Due 2017 | Senior Notes 8.000 Percent Due 2017 | Senior Notes 8.000 Percent Due 2017 | Senior Notes 5.000 Percent Due 2021 | Senior Notes 5.000 Percent Due 2021 | Senior Notes 5.000 Percent Due 2021 | Convertible 1.625 Percent Senior Notes Due 2026 | Convertible 1.625 Percent Senior Notes Due 2026 | Convertible 1.625 Percent Senior Notes Due 2026 | Undrawn senior secured revolving credit facility | Amended and Restated Credit Agreement | Amended and Restated Credit Agreement | Amended Line of Credit Facility | Amended Line of Credit Facility | |||||||||
Tender Offers | Deferred Loss on Early Extinguishment of Debt | One Month LIBOR | Federal Funds Effective Rate | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior notes, cash tender offer commenced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $245,229,000 | $250,000,000 | ' | ' | $450,000,000 | $0 | ' | $248,861,000 | [1] | $238,907,000 | [1] | ' | ' | ' | ' | ' |
Percentage of original principal amount of senior notes outstanding | ' | ' | ' | ' | ' | ' | ' | 6.00% | 94.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior notes, redemption price as a percentage of par | ' | ' | ' | ' | ' | ' | ' | 106.20% | 107.12% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ||
Loss on early extinguishment of debt | ' | 0 | 0 | -25,776,000 | -6,048,000 | ' | ' | ' | ' | -24,300,000 | ' | ' | ' | -1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, principal amount | ' | 1,375,000,000 | ' | 1,375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | 250,000,000 | [1] | ' | ' | ' | ' | ' | ' | |
Net proceeds from issuance of senior notes | ' | ' | ' | 450,000,000 | 375,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 442,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repayment of senior notes | ' | ' | ' | 250,000,000 | 300,000,000 | ' | ' | 16,600,000 | 252,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Semi-Annual Cash Interest Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | ' | 2,000,000 | [1] | ' | ' | ' | ' | ' | ' | |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Conversion ratio, number of shares issued per stated amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.626 | ' | ' | ' | ' | ' | ' | ' | ||
Conversion ratio, amount of debt retired in exchange for shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ||
Redemption, price in excess of volume-weighted average price, VWAP (Lower Bound) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48.48 | ' | ' | ' | ' | ' | ' | ' | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | 4,500,000 | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Redemption, price in excess of volume-weighted average price, VWAP (Upper Bound) | $62.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revolving credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ||
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ||
Debt instrument, margin rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% | ' | ' | ||
Line of credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ||
Letter of credit | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt, carrying value | ' | 1,310,684,000 | ' | 1,310,684,000 | ' | 1,089,437,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt, fair value | ' | 1,493,200,000 | ' | 1,493,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized interest, approximate amount | ' | $8,800,000 | $2,900,000 | $22,200,000 | $6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The 2026 convertible senior notes initially bear interest at a fixed rate of 1.625% per year, declining to 1.375% beginning on November 15, 2013. However, a portion of the proceeds from the Company’s 2019 convertible senior notes issued in August 2012 are expected to be used to retire all of the outstanding 2026 convertible senior notes in November 2013. |
Incentive_Compensation_Additio
Incentive Compensation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock-based incentive compensation plan, maximum number of shares covered | 4,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 569,472 |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards depending on the performance goals | 0.00% |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards depending on the performance goals | 100.00% |
Time Based Restricted Stock and Performance Based Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards granted in period | 201,745 |
Cash Settled Restricted Stock Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share awards granted in period | 21,490 |
Performance Based Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period (in years) | '3 years |
Time Based Restricted Stock | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period (in years) | '3 years |
Financial_Impact_of_StockBased
Financial Impact of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Income before taxes | $3,185 | $3,729 | $9,629 | $8,164 |
Net income | $2,066 | $2,278 | $6,164 | $5,045 |
Earnings per share: | ' | ' | ' | ' |
Basic earnings per common share | $0.06 | $0.06 | $0.17 | $0.14 |
Diluted earnings per common share | $0.06 | $0.06 | $0.17 | $0.14 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Brazil | Brazil | Brazil | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | Newbuild program #5 | OSV Retrofit Program | OSV Retrofit Program | OSV Retrofit Program | OSV Retrofit Program | |
Vessel | Vessel | Program | Vessel | Fiscal Year 2013 | Fiscal Year 2014 | Fiscal Year 2015 | Fiscal Year 2016 | Offshore Supply Vessel Class 300 | Offshore Supply Vessel Class 310 | Offshore Supply Vessel Class 320 | Multi Purpose Supply Vessel Class 310 Vessel | 200 class DP-1 Offshore Supply Vessels | 200 class DP-1 Offshore Supply Vessels | 200 class DP-1 Offshore Supply Vessels | 200 class DP-1 Offshore Supply Vessels | |||
Shipyard | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | Vessel | ||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Ship Construction Programs | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Construction Shipyards, Domestic | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels to be constructed | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | 4 | 6 | 10 | 4 | ' | ' | ' | ' |
Number of vessels expected to be placed in service | ' | ' | ' | ' | ' | 24 | 3 | 13 | 4 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cost of OSV newbuild program excluding construction period interest | ' | ' | ' | ' | ' | $1,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost incurred on OSV newbuild program | ' | ' | ' | ' | ' | 603.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total project cost | ' | ' | ' | ' | ' | 48.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% |
Number of vessels to upgrade and stretch | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Aggregate cost of OSV retrofit program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' |
Cost of OSV retrofit program, per vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.3 | ' |
Aggregate vessel-days of commercial downtime | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '799 days | ' |
Vessel-days of commercial downtime, per vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '133 days | ' |
Number of vessels re-delivered for upgrade and stretch | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' |
Number Of vessels to be redelivered for upgrade and stretch | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Cost incurred on OSV retrofit program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.9 |
Number of vessels mobilized to Brazil to operate under long term contracts for Petrobras | ' | ' | 12 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's exposure to claims, net of amount accrued, low range | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's exposure to claims, net of amount accrued, high range | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received in settlement of claims | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount owed by ATP | 4.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount owed by ATP, reserves | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' |
Net proceeds from sale of business | $227,500,000 | ' | ' | ' | ' |
Gain on sale of business | 60,000,000 | 60,046,000 | 624,000 | 60,076,000 | 624,000 |
Gain on sale of business, net of tax | $38,100,000 | ' | ' | ' | ' |
Gain on sale of business in dollars per share | $1.04 | ' | ' | ' | ' |
Discontinued_Operations_Income
Discontinued Operations - Income Statement from Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Aug. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ||||
Revenue | ' | $11,383 | $12,852 | $42,885 | $34,879 | ||||
Gain on sale of assets | 60,000,000 | 60,046,000 | 624,000 | 60,076,000 | 624,000 | ||||
Operating Income | ' | 65,181,000 | 1,964,000 | 74,485,000 | 732,000 | ||||
Income from discontinued operations, net of tax | ' | $41,368,000 | [1] | $1,224,000 | [1] | $47,162,000 | [1] | $450,000 | [1] |
[1] | On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 6 for further discussion of this transaction. |
Discontinued_Operations_Balanc
Discontinued Operations - Balance Sheet from Discontinued Operations (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Other current assets | $90 | $1,286 |
Total current assets | 90 | 1,286 |
Property, plant and equipment, net | 818 | 168,487 |
Deferred charges, net | 0 | 5,343 |
Total assets | 908 | 175,116 |
Accrued payroll and benefits | 34 | 1,307 |
Deferred revenue | 0 | 2,571 |
Other accrued liabilities | 138 | 319 |
Current liabilities from discontinued operations | $172 | $4,197 |