Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | ||
Entity Central Index Key | 1,131,227 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HOS | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,147,663 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 97,502,624 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 186,849 | $ 217,027 | $ 259,801 | $ 185,123 |
Accounts receivable, net of allowance for doubtful accounts of $6,054 and $2,120, respectively | 44,702 | 36,550 | ||
Other current assets | 16,890 | 16,978 | ||
Total current assets | 248,441 | 270,555 | ||
Property, plant and equipment, net | 2,501,013 | 2,578,388 | ||
Deferred charges, net | 12,812 | 19,077 | ||
Other assets | 6,612 | 10,255 | ||
Total assets | 2,768,878 | 2,878,275 | ||
Current liabilities: | ||||
Accounts payable | 16,196 | 11,774 | ||
Accrued interest | 14,734 | 14,763 | ||
Accrued payroll and benefits | 9,475 | 8,596 | ||
Other accrued liabilities | 8,457 | 10,010 | ||
Total current liabilities | 48,862 | 45,143 | ||
Long-term debt, including deferred gain of $18,911 and $0, and net of original issue discount of $7,862 and $31,093 and deferred financing costs of $10,134 and $10,197, respectively | 1,080,826 | 1,083,710 | ||
Deferred tax liabilities, net | 197,465 | 343,020 | ||
Other liabilities | 3,801 | 3,406 | ||
Total liabilities | 1,330,954 | 1,475,279 | ||
Stockholders’ equity: | ||||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 | ||
Common stock: $0.01 par value; 100,000 shares authorized; 37,144 and 36,467 shares issued and outstanding, respectively | 371 | 365 | ||
Additional paid-in capital | 760,278 | 754,394 | ||
Retained earnings | 668,598 | 637,992 | ||
Accumulated other comprehensive income | 8,677 | 10,245 | ||
Total stockholders’ equity | 1,437,924 | 1,402,996 | $ 1,446,163 | $ 1,370,765 |
Total liabilities and stockholders’ equity | $ 2,768,878 | $ 2,878,275 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 6,054 | $ 2,120 |
Long-term debt, original issue discount | 7,862 | 31,093 |
Debt Issuance Costs, Net | $ 10,134 | $ 10,197 |
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 | 37,144,000 | 36,467,000 |
Common stock, shares outstanding | 37,144,000 | 36,467,000 |
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | ||
Deferred Gain | $ 18,911 | $ 0 |
Long-term debt, original issue discount | 1,228 | |
Debt Issuance Costs, Net | $ 3,445 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Vessel revenues | $ 158,466 | $ 190,436 | $ 446,382 | |
Non-vessel revenues | 32,946 | 33,863 | 29,688 | |
Revenues | 191,412 | 224,299 | 476,070 | |
Costs and expenses: | ||||
Operating expenses | 120,537 | 131,658 | 219,260 | |
Depreciation | 98,733 | 93,071 | 82,566 | |
Amortization | 13,168 | 20,485 | 26,463 | |
General and administrative expenses | 47,597 | 43,358 | 48,297 | |
Costs and Expenses, Total | 280,035 | 288,572 | 376,586 | |
Gain (loss) on sale of assets | (121) | 54 | 44,060 | |
Operating income (loss) | (88,744) | (64,219) | 143,544 | |
Gain on early extinguishment of debt | 15,478 | 0 | 0 | |
Other income (expense): | ||||
Interest income | 2,203 | 1,490 | 1,525 | |
Interest expense | (51,364) | (48,675) | (39,496) | |
Other income (expense), net | (396) | 2,052 | 1,005 | |
Nonoperating Income (Expense) | (34,079) | (45,133) | (36,966) | |
Income (Loss) before Income Taxes | (122,823) | (109,352) | 106,578 | |
Income tax expense (benefit) | (150,244) | (45,506) | 39,757 | |
Net income (loss) | $ 27,421 | $ (63,846) | $ 66,821 | [1] |
Basic earnings (loss) per common share | $ 0.74 | $ (1.76) | $ 1.87 | |
Diluted earnings (loss) per common share | $ 0.73 | $ (1.76) | $ 1.84 | |
Weighted average basic shares outstanding | 36,858 | 36,248 | 35,755 | |
Weighted average diluted shares outstanding | 37,664 | 36,248 | 36,302 | |
[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 one-time tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 9 for further information. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net Income (loss) | $ 93,758 | $ (18,950) | $ (19,489) | $ (27,898) | $ (19,243) | $ (16,503) | $ (20,586) | $ (7,514) | $ 27,421 | $ (63,846) | $ 66,821 | [3] | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (1,568) | 14,321 | (3,174) | |||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Total comprehensive income (loss) | $ 25,853 | $ (49,525) | $ 63,647 | |||||||||||||||||
[1] | Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016. | |||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | |||||||||||||||||||
[3] | 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 one-time tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 9 for further information. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) 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, 2014 | 35,557 | |||||
Beginning Balance at Dec. 31, 2014 | $ 1,370,765 | $ 356 | $ 736,294 | $ 635,017 | $ (902) | |
Shares issued under employee benefit programs, Shares | 428 | |||||
Excess tax benefit (shortfall) from sharebased payments | (572) | (572) | ||||
Stock-based compensation expense | 10,464 | 10,464 | ||||
Shares issued under employee benefit programs | 1,859 | $ 4 | 1,855 | |||
Net Income (loss) | 66,821 | [1] | 66,821 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (3,174) | (3,174) | ||||
Ending Balance (in shares) at Dec. 31, 2015 | 35,985 | |||||
Ending 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) | (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 | 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 | ||||
[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 one-time 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 9 for further information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow Statement $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Statement of Cash Flows [Abstract] | ||||
Net Income (loss) | $ 27,421 | $ (63,846) | $ 66,821 | [1] |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | ||||
Depreciation | 98,733 | 93,071 | 82,566 | |
Amortization | 13,168 | 20,485 | 26,463 | |
Stock-based compensation expense | 6,999 | 9,983 | 10,293 | |
Gain on early extinguishment of debt | 15,478 | 0 | 0 | |
Provision for bad debts | 3,934 | (757) | (816) | |
Deferred tax expense (benefit) | (141,525) | (45,958) | 34,086 | |
Amortization of deferred financing costs | 8,119 | 11,371 | 9,675 | |
(Gain) loss on sale of assets | (121) | 54 | 44,060 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 8,525 | (58,322) | (39,743) | |
Other current and long-term assets | (2,106) | 2,272 | (8,472) | |
Deferred drydocking charges | 8,063 | 3,978 | 13,267 | |
Accounts payable | 9,405 | (10,901) | (10,486) | |
Accrued liabilities and other liabilities | (11,044) | (11,935) | 7,700 | |
Accrued interest | (29) | (31) | (95) | |
Net cash provided by (used in) operating activities | (14,658) | 53,500 | 217,095 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Costs incurred for OSV newbuild program 5 | 18,104 | 76,277 | 190,070 | |
Net proceeds from sale of assets | 43 | 524 | 152,000 | |
Vessel capital expenditures | 1,687 | 20,689 | 86,792 | |
Non-vessel capital expenditures | 1,552 | 569 | 16,487 | |
Net cash used in investing activities | (21,300) | (97,011) | (141,349) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from first-lien credit facility | 66,640 | 0 | 0 | |
Repurchase of senior notes | 5,057 | 0 | 0 | |
Repurchase of convertible notes | 49,631 | 0 | 0 | |
Deferred financing costs | 5,636 | 1,102 | 2,089 | |
Shares withheld for payment of employee withholding taxes | 575 | 450 | 1,252 | |
Shares withheld for payment of employee withholding taxes | 485 | 1,300 | 3,112 | |
Net cash provided by (used in) financing activities | 6,226 | (252) | (229) | |
Effects of exchange rate changes on cash | (446) | 989 | (839) | |
Net increase (decrease) in cash and cash equivalents | (30,178) | (42,774) | 74,678 | |
Cash and Cash Equivalents, at Carrying Value | 186,849 | 217,027 | 259,801 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ||||
Interest Paid | 52,194 | 50,152 | 50,492 | |
Proceeds from Income Tax Refunds | 9,042 | |||
Income Taxes Paid | 3,732 | 4,808 | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES: | ||||
Exchange of convertible notes for first-lien term loan | $ 127,096 | $ 0 | $ 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 one-time 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 9 for further information. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Nature of Operations | Organization Nature of Operations Hornbeck Offshore Services, Inc., or the Company, was incorporated in the state of Delaware in 1997. The Company, through its subsidiaries, operates offshore supply vessels, or OSVs, multi-purpose support vessels, or MPSVs, and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the U.S. Gulf of Mexico, or GoM, Latin America and select international markets, as well as specialty services for the U.S. military. All significant intercompany accounts and transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements. Revenue, including lessor accounting Commencing January 1, 2018, the Company's revenues will be classified into three general categories - time charters, vessel management services and shore-base services. For its vessel time charters, the Company will either recognize (i) operating lease revenue as a lessor in accordance with ASC 842 "Leases" or (ii) service revenue in accordance with ASC 606 "Revenue with Contracts with Customers" when its charter agreements do not contain a lease, based on the daily rate of hire. Revenue recognition commences when the vessel is made available to a customer and is earned on a daily basis during the contract period (or lease period) of the specific vessel. Revenues related to the Company’s vessel management services and shore-base services will be recognized under ASC 606. The Company’s revenue recognition policies are not materially impacted by the adoption of these standards as neither the amount nor timing of the revenue to be recognized is substantially changed by the new standards. Accordingly, the Company will not be required to record a transition adjustment for revenue as a result of adoption. However, the Company’s classification of revenue and disclosures will be expanded. Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less. Accounts Receivable Accounts receivable consists of trade receivables, net of reserves and amounts to be rebilled to customers. Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost. The estimated useful lives by classification are as follows: Offshore supply vessels 25 years Multi-purpose support vessels 25 years Non-vessel related property, plant and equipment 3-28 years See “Considerations Regarding Impairment of Long-Lived Assets” below for more information. 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. The estimated impact of the adoption of this ASC as of January 1, 2018, will be an increase to assets and liabilities on the Company's financial statements to reflect the right of use assets and lease obligations in a range from $27.0 million to $30.0 million. The adoption of the new standard is not expected to result in a change in the amount of lease expense currently being recognized. 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, 2017, 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 $33.1 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, 2017 2016 2015 Balance, beginning of year $ 2,120 $ 2,877 $ 3,693 Changes to provision 3,934 (757 ) (816 ) Balance, end of year $ 6,054 $ 2,120 $ 2,877 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 2017, 2016 and 2015 were not material to the financial statements. The balance in accumulated other comprehensive income as of December 31, 2017 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, as part of its 2017 close, 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 groupings. 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 not been adopted ASU No. 2017-04, "Simplifying the Accounting for Goodwill Impairment" The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. ASU No. 2016-02, "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 has elected to early adopt this ASU effective January 1, 2018. See further discussion below. 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 will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the modified retrospective or cumulative effect transition method. The Company will adopt the standard under the modified retrospective method. Based on the Company's review of its revenue-related contracts, it has not identified any amounts that will need to be recorded as an adjustment to opening retained earnings on January 1, 2018. ASC 842, Leases ASC 842 was released in February 2016 to increase transparency and comparability among organizations by recognizing all leases on the balance sheet and disclosing key information about leasing arrangements. The main difference between current accounting standards and ASC 842 is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current accounting standards. The effective date of the new standard is January 1, 2019, however, the Company will elect to early adopt the standard effective January 1, 2018. The Company will adopt the standard using the modified retrospective method. In February 2018, the FASB proposed two practical expedients in regard to the new leases standard: • The first relates to a proposed transition option which will allow companies to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption and will allow the Company to continue to apply the legacy guidance, ASC 840 Leases , including its disclosure requirements, for comparative periods presented, and • The second proposed practical expedient would provide lessors with an option to combine lease and non-lease components contained within the same agreement when certain criteria are met. The existing terms of the Company's time charter agreements will meet these criteria. The Company plans to adopt the new leases standard utilizing both of the proposed practical expedients, which it expects to be finalized by the FASB prior to the release of its first quarter 2018 financial statements. However, if the FASB does not incorporate this guidance into the accounting standards, the Company may be required to modify its disclosures and/or classification of its time charter revenues. The Company does not expect there to be a material difference in either the amount or timing of how time charter revenue is expected to be recorded using the practical expedients. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Net Income (loss) (1) $ 27,421 $ (63,846 ) $ 66,821 Weighted average number of shares of common stock outstanding 36,858 36,248 35,755 Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) 806 — 547 Weighted average number of dilutive shares of common stock outstanding 37,664 36,248 36,302 Earnings (loss) per common share: Basic earnings (loss) per common share $ 0.74 $ (1.76 ) $ 1.87 Diluted earnings (loss) per common share $ 0.73 $ (1.76 ) $ 1.84 (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 one-time 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 9 for further information. (2) 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. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. 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, 2017, 2016 and 2015, 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 6 for further information. (4) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2017 | |
Defined Contribution Plan | Defined Contribution Plan The Company offers a 401(k) plan to all full-time employees. Employees must be at least eighteen years of age and have completed three months of service to be eligible for participation. Participants may elect to defer up to 60% of their compensation, subject to certain statutorily established limits. The Company may elect to make annual matching and profit sharing contributions to the 401(k) plan. In response to weak market conditions, the Company temporarily ceased matching contributions to the 401(k) plan and has not matched any contributions subsequent to December 31, 2014. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): December 31, 2017 2016 Offshore supply vessels and multi-purpose support vessels $ 2,825,639 $ 2,825,389 Non-vessel related property, plant and equipment 132,509 132,320 Less: Accumulated depreciation (637,607 ) (539,561 ) 2,320,541 2,418,148 Construction in progress 180,472 160,240 $ 2,501,013 $ 2,578,388 In November 2011, the Company commenced, and later expanded, its fifth OSV newbuild program. This program consisted of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MSPVs. As of December 31, 2017 , the Company had placed in service 22 vessels under this newbuild program. The remaining two vessels are expected to be delivered in 2019. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million . From the inception of this program through December 31, 2017 , the Company has incurred $1,272.7 million , or 95.3% , of total expected project costs. During 2015, the Company closed on the sale of four 250EDF class OSVs, the HOS Arrowhead , the HOS Black Powder , the HOS Eagleview and the HOS Westwind , which were previously chartered to the U.S. Navy, for cash consideration of $152.0 million . The sale resulted in a pre-tax gain of approximately $44.1 million ( $27.6 million after-tax or $0.76 per diluted share). These vessels are now managed by the Company for the U.S. Navy. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 5.875% senior notes due 2020, net of deferred financing costs of $2,061 and $3,025 $ 364,881 $ 371,975 5.000% senior notes due 2021, net of deferred financing costs of $3,142 and $4,111 446,858 445,889 1.500% convertible senior notes due 2019, net of original issue discount of $6,634 and $31,093 and deferred financing costs of $1,486 and $3,061 91,527 265,846 First-lien credit facility due 2023, including deferred gain of $18,911, and net of original discount of $1,228, and deferred financing costs of $3,445 177,560 — $ 1,080,826 $ 1,083,710 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 credit facility due 2023 (1) 1,025 Variable (1) The interest rate on the first-lien credit facility 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, 2017. Please see further discussion of the variable interest rate below. Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): 2018 $ — 2019 99,647 2020 366,942 2021 450,000 2022 — Thereafter 163,322 $ 1,079,911 First-Lien Credit Facility On June 15, 2017, the Company closed on a new $300 million first-lien delayed-draw term loan credit facility 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 Initial Lenders, and Wilmington Trust, National Association, as Administrative Agent and Collateral Agent for the lenders, or the New Credit Facility. The Company concurrently terminated its then-existing $200 million senior secured revolving credit facility, dated February 6, 2015 as subsequently amended, or the Old Credit Facility. The New Credit Facility is guaranteed by the Company’s significant domestic subsidiaries other than HOS. The six-year term of the New Credit Facility extended the February 2020 maturity that was applicable under the Old Credit Facility to June 2023. The New Credit Facility enhanced the Company’s financial flexibility by (i) increasing liquidity from the then-applicable borrowing base of $75.0 million under the Old Credit Facility, (ii) extending the maturity date that existed under the Old Credit Facility by over three years, and (iii) eliminating all of the existing financial ratio maintenance covenants and the anti-cash hoarding provision of the Old Credit Facility. The New Credit Facility contains customary representations and warranties, covenants and events of default. The Company can use the amounts it draws under the New Credit Facility 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. As required by the New Credit Facility, the Company drew $67.0 million on December 29, 2017. The Company is required to draw on a cumulative basis (i) at least $136.0 million of the delayed-draw commitments under the New Credit Facility by December 31, 2018, and (ii) the full amount of the maximum $204.7 million by September 1, 2019. The right to borrow any amount of the delayed-draw commitments not drawn by the respective minimum funding dates will be terminated. The New Credit Facility is collateralized by 51 domestic high-spec OSVs and MPSVs, 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 New Credit Facility 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 New Credit Facility, (b) 6.50% during the second year of the New Credit Facility, (c) 7.00% during the third year of the New Credit Facility, (d) 7.25% during the fourth year of the New Credit Facility, 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 New Credit Facility, (ii) 5.50% during the second year of the New Credit Facility, (iii) 6.00% during the third year of the New Credit Facility, (iv) 6.25% during the fourth year of the New Credit Facility, 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 New Credit Facility “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 New Credit Facility 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 New Credit Facility, $95.3 million of borrowings under such facility 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 New Credit Facility. The agreement governing the New Credit Facility and the indentures governing the Company's 2020 senior notes and 2021 senior notes impose certain restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company's ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments. Convertible Note and Senior Note Repurchases Concurrently with the closing of the New Credit Facility, 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 credit facilities and $9.4 million of original issue discount, deal costs and unamortized financing costs related to the notes repurchased. 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 New Credit Facility, 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. 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 New Credit Facility, 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. 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 15 for further information. Old Credit Facility On June 15, 2017, the Company terminated its then-existing $200.0 million senior secured revolving credit facility dated February 6, 2015 as subsequently amended, or the Old Credit Facility. This facility 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 Old Credit Facility 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 facility 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 revolving credit facility 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 New Credit Facility 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, 2017 December 31, 2016 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 366,942 $ 364,881 $ 244,714 $ 375,000 $ 371,975 $ 270,938 5.000% senior notes due 2021 450,000 446,858 236,250 450,000 445,889 301,343 1.500% convertible senior notes due 2019 99,647 91,527 74,486 300,000 265,846 216,195 First-lien credit facility due 2023 (1) 163,322 177,560 162,505 — — — $ 1,079,911 $ 1,080,826 $ 717,955 $ 1,125,000 $ 1,083,710 $ 788,476 (1) The carrying value of the first-lien credit facility due 2023 includes a deferred gain of $18,911 less original issue discount and deferred financing costs of $4,673. Capitalized Interest Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate amount of $10.2 million , $16.7 million , and $24.7 million , for the years ended December 31, 2017 , 2016 , and 2015 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | |
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, 2017, there were 67,286 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, 2017 2016 2015 Income before taxes $ 6,999 $ 9,983 $ 10,293 Net income $ 4,712 $ 5,829 $ 6,454 Earnings per common share: Basic $ 0.13 $ 0.16 $ 0.18 Diluted $ 0.13 $ 0.16 $ 0.18 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 prior-period presentation. The Company recorded $0.6 million related to employee withholding taxes paid as a financing activity in the twelve months ended December 31, 2017. The statement of cash flows was restated to reflect $0.5 million and $1.3 million related to employee taxes paid for the years ended December 31, 2016 and 2015, respectively. 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 and $0.6 million for the years ended December 31, 2016 and 2015, respectively. Net cash proceeds from the exercise of stock options were $0.0 million , $0.0 million and $0.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. The income tax benefit from stock option exercises and restricted stock vesting was $1.9 million and $0.6 million for the years ended December 31, 2016 and 2015, respectively. 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, 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 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2015 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 345 $ 27.98 3.7 $ 59 Grants — — — — Exercised (1 ) 22.28 n/a 2 Forfeited or expired (40 ) 27.27 n/a n/a Options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — Exercisable options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — 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, 2017, the Company had unamortized stock-based compensation expense of $2.5 million , which will be recognized on a straight-line basis over the remaining vesting period, or 1.2 years. In addition, the Company has recorded approximately $5.8 million , $6.8 million and $9.3 million of compensation expense during the years ended December 31, 2017, 2016 and 2015, 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, 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. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2015 590 $ 37.13 Granted during the period (1) 479 21.40 Cancellations during the period (104 ) 21.84 Vested (239 ) 33.60 Outstanding, as of December 31, 2015 726 $ 30.12 (1) Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. Cash-Settled Restricted Stock The Company’s incentive compensation plan allows the Company to issue restricted stock units with cash-settled vesting provisions. The compensation expense related to cash-settled restricted stock unit awards is amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. The cash-settled restricted stock units are re-measured quarterly based on the period-end market price of the Company's common stock and are classified as a liability, due to the settlement of these awards in cash. As of December 31, 2017, the Company had unamortized cash-settled restricted stock compensation expense of $3.0 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 $0.9 million , $2.6 million, and $(0.2) million of compensation expense during the years ended December 31, 2017, 2016 and 2015, 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, 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. The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2015 153 $ 38.43 Granted during the period 47 21.84 Cancellations during the period (1 ) 30.87 Vested (117 ) 37.25 Outstanding, as of December 31, 2015 82 $ 30.61 (1) The weighted-average fair value per share is determined by the stock price on the date of grant for time-based shares. 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, 2017, there were 0.9 million shares available for future issuance to employees under the ESPP. The Company recorded approximately $0.2 million , $0.6 million , and $1.2 million of compensation expense during the years ended December 31, 2017, 2016 and 2015, 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, 2017 and 2016 : 2017 2016 Dividend yield — % — % Expected volatility 93.2 % 91.6 % Risk-free interest rate 1.3 % 0.5 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 1.16 $ 3.14 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Deferred tax liabilities: Fixed assets $ 323,548 $ 490,221 $ 472,817 Deferred charges and other liabilities 6,266 10,908 11,317 Total deferred tax liabilities 329,814 501,129 484,134 Deferred tax assets: Net operating loss carryforwards (122,682 ) (111,147 ) (52,374 ) Allowance for doubtful accounts (1,362 ) (763 ) (1,036 ) Stock-based compensation expense (1,823 ) (4,033 ) (4,830 ) Convertible senior notes (8,265 ) — — Alternative minimum tax credit carryforward (10,431 ) (20,863 ) (20,863 ) Foreign tax credit carryforward (18,711 ) (17,554 ) (17,972 ) Other (4,501 ) (6,044 ) (5,440 ) Total deferred tax assets (167,775 ) (160,404 ) (102,515 ) Valuation allowance 35,426 2,295 — Total deferred tax liabilities, net $ 197,465 $ 343,020 $ 381,619 The components of the income tax expense follow (in thousands): Year Ended December 31, 2017 2016 2015 Current tax expense (benefit): U.S. and State $ (9,743 ) $ 709 $ — Foreign 1,024 (257 ) 5,671 Total current tax expense (8,719 ) 452 5,671 Deferred tax expense: U.S. and State (142,136 ) (45,958 ) 34,086 Foreign 611 — — Total deferred tax expense (141,525 ) (45,958 ) 34,086 Total tax expense (benefit) $ (150,244 ) $ (45,506 ) $ 39,757 Income from operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2017 2016 2015 U.S. $ (105,692 ) $ (93,704 ) $ 65,894 Foreign (17,131 ) (15,648 ) 40,684 Total income (loss) from operations before income taxes $ (122,823 ) $ (109,352 ) $ 106,578 At December 31, 2017 , the Company has net operating loss carryforwards, or NOLs, in the U.S. of approximately $465.1 million , which if not utilized will expire in 2031 through 2037 , and foreign tax credits of approximately $18.5 million , which if not utilized will expire in 2019 through 2027 . It has state NOLs of approximately $132.2 million , which if not utilized will expire in 2030 through 2037 . The Company also has NOLs in Brazil of approximately $37.8 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 $14.5 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 2017 was the cumulative pre-tax loss that was incurred over the three-year period ended December 31, 2017. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections of future earnings. As of December 31, 2016 and 2017, the Company has established valuation allowances of $2.3 million and $35.4 million, respectively, based upon management's conclusion that it is more likely than not that the Brazil and Mexico NOLs and foreign tax credits 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 2013. The Company has ongoing examinations by various foreign tax authorities but does not believe that the results of these examinations will have a material adverse effect on the Company’s financial position or results of operations. The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands): Year Ended December 31, 2017 2016 2015 U.S. federal statutory rate $ (42,988 ) $ (38,274 ) $ 37,302 State taxes, net (1,228 ) (1,094 ) 1,066 Non-deductible expense 3,488 1,070 1,440 Change in valuation allowance 15,118 2,295 (1,011 ) Income excluded from U.S. taxable income — (9,478 ) — Change in enacted U.S. tax rate (125,225 ) — — Foreign taxes and other 591 (25 ) 960 $ (150,244 ) $ (45,506 ) $ 39,757 Due to a favorable election included in the Company's 2015 tax return, which was filed during the fourth quarter of 2016, the results of one of the Company's vessels was excluded from U.S. taxable income and was taxed based on its daily notional shipping income, as defined. This resulted in a deferred tax benefit of $9.5 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. However, it is 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 has 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. Once the accounting for income taxes on these items is complete, it will be reflected and reported in the applicable quarter during 2018. Additionally, because of the complexities of the new legislation, the Company has not elected an accounting policy at this time with respect to the newly enacted global intangible low-taxed income, or GILTI, provisions. An accounting election to either treat GILTI as part of deferred taxes or a period cost will be made once further analysis and interpretation of the tax legislation is complete. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction In November 2011, the Company commenced, and later expanded, its fifth OSV newbuild program. This program consisted of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of December 31, 2017 , the Company had placed in service 22 vessels under such program. The two remaining vessels under this 24 -vessel domestic newbuild program are currently expected to be placed in service during 2019. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million . From the inception of this program through December 31, 2017 , the Company had incurred construction costs of approximately $1,272.7 million , or 95.3% , of total expected project costs. Operating Leases The Company is obligated under certain operating leases for office space and shore-base facilities. The Covington facility lease provides for an initial term expiring in September 2025 with three additional five -year renewal period options. The Company leases two adjacent shore-base facilities in Port Fourchon. At December 31, 2017 , the leases had approximately one year 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 , $4.0 million and $4.1 million for the years ending December 31, 2017, 2016 and 2015, respectively. Future minimum payments under noncancelable leases for years subsequent to 2017 are as follows (in thousands): Year Ended December 31, 2018 $ 2,959 2019 2,449 2020 2,449 2021 2,478 2022 2,572 Thereafter 21,183 Total $ 34,090 Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management’s opinion that the Company’s liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. During 2013, the Company commenced the process of assigning the in-country vessel management services for its four vessels operating in Brazil from a third party provider to a wholly-owned subsidiary of the Company. As a result, this assignment has been interpreted by local authorities as a new importation of these vessels resulting in an importation assessment. The Company disagreed with this interpretation. During the third quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims and this decision was appealed by local authorities to another court. During the third quarter of 2017, the Brazilian court made a final ruling in the Company's favor relating to the importation of three of the vessels. As of December 31, 2017 , no decision has been made on the fourth vessel which could result in an assessment ranging from $0.5 million to $1.0 million . While the Company cannot estimate the amounts or timing of the resolution of this matter, the Company believes that the outcome will not have a material impact on its liquidity or financial position. During 2012, a customer, ATP Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code, which in June 2014 was converted to a Chapter 7 case. The Company believes its receivables from ATP of $4.8 million are secured under the Louisiana Oil Well Lien Act. A legal challenge related to the Company's liens has been raised in the bankruptcy proceedings by parties whose interests are affected by the liens. The Company pursued this claim in Bankruptcy Court and during the first quarter of 2017 a district court judge ruled the Company's claim is not secured. That ruling has been appealed by the Company. As a result of such ruling, the Company increased its reserve related to this receivable to $4.8 million . |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Charges | Deferred Charges Deferred charges include the following (in thousands): Year Ended December 31, 2017 2016 Deferred drydocking costs, net of accumulated amortization of $14,495 and $34,313 respectively $ 10,282 $ 13,808 Prepaid lease expense, net of amortization of $1,858 and $1,700, respectively 2,530 2,688 Revolving credit facility deferred financing costs, net of accumulated amortization of $0 and $349 respectively (1) — 2,581 Total $ 12,812 $ 19,077 (1) On June 15, 2017, the Company terminated its $200 million senior secured revolving credit facility. See Note 6 for further discussion. |
Other Accrued Liabilities (Note
Other Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Other Liabilities Disclosure [Text Block] | Other Accrued Liabilities Other accrued liabilities include the following (in thousands): Year Ended December 31, 2017 2016 Accrued lease expense $ 5,142 $ 4,763 Deferred revenue 460 2,245 Other 2,855 3,002 Total $ 8,457 $ 10,010 |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2017 | |
Major Customers | Major Customers In the years ended December 31, 2017 , 2016 , and 2015 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2017 2016 2015 Customer A 20 % 13 % n/a (1) Customer B 19 % 15 % n/a (1) Customer C 11 % 21 % 20 % Customer D n/a (1) n/a (1) 10 % (1) Customers represent less than 10% of consolidated revenue in each such year. |
Employment Agreements
Employment Agreements | 12 Months Ended |
Dec. 31, 2017 | |
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, 2020 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, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements of Guarantors | Condensed Consolidating Financial Statements of Guarantors The following tables present the condensed consolidating historical financial statements as of December 31, 2017 2016, and 2015, and for each of the two years ended December 31, 2017 , 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, 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 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 — — 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, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 9 $ 212,196 $ 4,822 $ — $ 217,027 Accounts receivable, net of allowance for doubtful accounts of $2,120 — 30,846 5,704 — 36,550 Other current assets 15 16,176 787 — 16,978 Total current assets 24 259,218 11,313 — 270,555 Property, plant and equipment, net — 2,449,473 128,915 — 2,578,388 Deferred charges, net 2,581 15,724 772 — 19,077 Intercompany receivable 1,779,872 680,663 107,038 (2,567,573 ) — Investment in subsidiaries 768,718 8,602 (4,283 ) (773,037 ) — Other assets 1,744 6,239 2,272 — 10,255 Total assets $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 11,325 $ 449 $ — $ 11,774 Accrued interest 14,763 — — — 14,763 Accrued payroll and benefits — 8,104 492 — 8,596 Other accrued liabilities — 8,463 1,547 — 10,010 Total current liabilities 14,763 27,892 2,488 — 45,143 Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197 1,083,710 — — — 1,083,710 Deferred tax liabilities, net — 337,503 5,517 — 343,020 Intercompany payables 61,715 2,264,900 245,276 (2,571,891 ) — Other liabilities — 3,416 (10 ) — 3,406 Total liabilities 1,160,188 2,633,711 253,271 (2,571,891 ) 1,475,279 Stockholders’ equity: Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 36,467 shares issued and outstanding 365 — — — 365 Additional paid-in capital 754,394 37,978 4,319 (42,297 ) 754,394 Retained earnings 637,992 748,080 (21,658 ) (726,422 ) 637,992 Accumulated other comprehensive income (loss) — 150 10,095 — 10,245 Total stockholders’ equity 1,392,751 786,208 (7,244 ) (768,719 ) 1,402,996 Total liabilities and stockholders’ equity $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 Condensed Consolidating Statement of Operations (In thousands) 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 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 loss (184 ) (48,113 ) (15,922 ) — (64,219 ) Other income (expense): Interest income — 984 506 — 1,490 Interest expense (48,673 ) — (2 ) — (48,675 ) Equity in earnings (losses) of consolidated subsidiaries (14,989 ) — — 14,989 — Other income (expense), net — (2,272 ) 4,324 — 2,052 (63,662 ) (1,288 ) 4,828 14,989 (45,133 ) Income (loss) before income taxes (63,846 ) (49,401 ) (11,094 ) 14,989 (109,352 ) Income tax benefit — (44,721 ) (785 ) — (45,506 ) Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Other comprehensive income: Foreign currency translation gain — 31 14,290 — 14,321 Total comprehensive income (loss) $ (63,846 ) $ (4,649 ) $ 3,981 $ 14,989 $ (49,525 ) Condensed Consolidating Statement of Operations (In thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 426,419 $ 50,952 $ (1,301 ) $ 476,070 Costs and expenses: Operating expenses — 178,748 41,514 (1,002 ) 219,260 Depreciation — 81,522 1,044 — 82,566 Amortization — 25,782 681 — 26,463 General and administrative expenses 189 44,398 3,861 (151 ) 48,297 189 330,450 47,100 (1,153 ) 376,586 Gain (loss) on sale of assets — 44,060 — — 44,060 Operating income (loss) (189 ) 140,029 3,852 (148 ) 143,544 Other income (expense): Interest income — 1,125 400 — 1,525 Interest expense (39,460 ) — (36 ) — (39,496 ) Equity in earnings (losses) of consolidated subsidiaries 106,798 — — (106,798 ) — Other income (expense), net — (4,053 ) 5,238 (180 ) 1,005 67,338 (2,928 ) 5,602 (106,978 ) (36,966 ) Income (loss) before income taxes 67,149 137,101 9,454 (107,126 ) 106,578 Income tax expense — 35,194 4,563 — 39,757 Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Other comprehensive income: Foreign currency translation loss — (81 ) (3,093 ) — (3,174 ) Total comprehensive income (loss) $ 67,149 $ 101,826 $ 1,798 $ (107,126 ) $ 63,647 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 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 credit facility 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 Condensed Consolidating Statements of Cash Flows (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 223 $ 109,987 $ 106,885 $ — $ 217,095 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (120,767 ) (69,303 ) — (190,070 ) Net proceeds from sale of assets — 152,000 — — 152,000 Vessel capital expenditures — (55,724 ) (31,068 ) — (86,792 ) Non-vessel capital expenditures — (16,211 ) (276 ) — (16,487 ) Net cash used in investing activities — (40,702 ) (100,647 ) — (141,349 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from first-lien credit facility — — — — — Repurchase of senior notes — — — — — Repurchase of convertible notes — — — — Deferred financing costs (2,089 ) — — — (2,089 ) Shares withheld for payment of employee withholding taxes (1,252 ) — — — (1,252 ) Net cash proceeds from other shares issued 3,112 — — — 3,112 Net cash used in financing activities (229 ) — — — (229 ) Effects of exchange rate changes on cash — (81 ) (758 ) — (839 ) Net increase (decrease) in cash and cash equivalents (6 ) 69,204 5,480 — 74,678 Cash and cash equivalents at beginning of period 16 183,447 1,660 — 185,123 Cash and cash equivalents at end of period $ 10 $ 252,651 $ 7,140 $ — $ 259,801 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,492 $ — $ — $ — $ 50,492 Cash paid for income taxes $ — $ 582 $ 4,226 $ — $ 4,808 |
Supplemental Selected Quarterly
Supplemental Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 and 2016 . 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 2017 (1)(2) Revenues $ 44,079 $ 37,426 $ 53,666 $ 56,241 Operating loss (26,481 ) (31,318 ) (16,667 ) (14,278 ) 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 Fiscal Year 2016 (1)(2) Revenues $ 76,820 $ 53,673 $ 51,927 $ 41,879 Operating loss (780 ) (21,510 ) (14,445 ) (27,484 ) Net loss (7,514 ) (20,586 ) (16,503 ) (19,243 ) Earnings (loss) per common share: Basic loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) Diluted loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016. (3) The results for the three months ended December 31, 2017 were favorably impacted by 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 one-time 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 9 for further information. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Recognition | Revenue Recognition The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements. Revenue, including lessor accounting Commencing January 1, 2018, the Company's revenues will be classified into three general categories - time charters, vessel management services and shore-base services. For its vessel time charters, the Company will either recognize (i) operating lease revenue as a lessor in accordance with ASC 842 "Leases" or (ii) service revenue in accordance with ASC 606 "Revenue with Contracts with Customers" when its charter agreements do not contain a lease, based on the daily rate of hire. Revenue recognition commences when the vessel is made available to a customer and is earned on a daily basis during the contract period (or lease period) of the specific vessel. Revenues related to the Company’s vessel management services and shore-base services will be recognized under ASC 606. The Company’s revenue recognition policies are not materially impacted by the adoption of these standards as neither the amount nor timing of the revenue to be recognized is substantially changed by the new standards. Accordingly, the Company will not be required to record a transition adjustment for revenue as a result of adoption. However, the Company’s classification of revenue and disclosures will be expanded. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of trade receivables, net of reserves and amounts to be rebilled to customers. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost. |
Lessee, Leases | 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. The estimated impact of the adoption of this ASC as of January 1, 2018, will be an increase to assets and liabilities on the Company's financial statements to reflect the right of use assets and lease obligations in a range from $27.0 million to $30.0 million. The adoption of the new standard is not expected to result in a change in the amount of lease expense currently being recognized. |
Deferred Charges | Deferred Charges The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease. |
Precontract Costs, Policy | Mobilization Costs The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As of December 31, 2017, 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 $33.1 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. |
Commitments and Contingencies, Policy | Legal Liabilities In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations. |
Concentration of Credit Risk | Concentration of Credit Risk Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. |
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 2017, 2016 and 2015 were not material to the financial statements. The balance in accumulated other comprehensive income as of December 31, 2017 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, as part of its 2017 close, 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 groupings. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Balance, beginning of year $ 2,120 $ 2,877 $ 3,693 Changes to provision 3,934 (757 ) (816 ) Balance, end of year $ 6,054 $ 2,120 $ 2,877 |
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 not been adopted ASU No. 2017-04, "Simplifying the Accounting for Goodwill Impairment" The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. ASU No. 2016-02, "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 has elected to early adopt this ASU effective January 1, 2018. See further discussion below. 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 will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the modified retrospective or cumulative effect transition method. The Company will adopt the standard under the modified retrospective method. Based on the Company's review of its revenue-related contracts, it has not identified any amounts that will need to be recorded as an adjustment to opening retained earnings on January 1, 2018. ASC 842, Leases ASC 842 was released in February 2016 to increase transparency and comparability among organizations by recognizing all leases on the balance sheet and disclosing key information about leasing arrangements. The main difference between current accounting standards and ASC 842 is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current accounting standards. The effective date of the new standard is January 1, 2019, however, the Company will elect to early adopt the standard effective January 1, 2018. The Company will adopt the standard using the modified retrospective method. In February 2018, the FASB proposed two practical expedients in regard to the new leases standard: • The first relates to a proposed transition option which will allow companies to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption and will allow the Company to continue to apply the legacy guidance, ASC 840 Leases , including its disclosure requirements, for comparative periods presented, and • The second proposed practical expedient would provide lessors with an option to combine lease and non-lease components contained within the same agreement when certain criteria are met. The existing terms of the Company's time charter agreements will meet these criteria. The Company plans to adopt the new leases standard utilizing both of the proposed practical expedients, which it expects to be finalized by the FASB prior to the release of its first quarter 2018 financial statements. However, if the FASB does not incorporate this guidance into the accounting standards, the Company may be required to modify its disclosures and/or classification of its time charter revenues. The Company does not expect there to be a material difference in either the amount or timing of how time charter revenue is expected to be recorded using the practical expedients. |
Schedule of New Accounting Pronouncements Not yet Adopted | Standards that have not been adopted ASU No. 2017-04, "Simplifying the Accounting for Goodwill Impairment" The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on its consolidated financial statements. ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted. January 1, 2018 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that have not been adopted ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted. January 1, 2020 The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements. ASU No. 2016-02, "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 has elected to early adopt this ASU effective January 1, 2018. See further discussion below. 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 will replace most existing revenue recognition guidance in U.S. GAAP. The standard permits the use of either the modified retrospective or cumulative effect transition method. The Company will adopt the standard under the modified retrospective method. Based on the Company's review of its revenue-related contracts, it has not identified any amounts that will need to be recorded as an adjustment to opening retained earnings on January 1, 2018. ASC 842, Leases ASC 842 was released in February 2016 to increase transparency and comparability among organizations by recognizing all leases on the balance sheet and disclosing key information about leasing arrangements. The main difference between current accounting standards and ASC 842 is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current accounting standards. The effective date of the new standard is January 1, 2019, however, the Company will elect to early adopt the standard effective January 1, 2018. The Company will adopt the standard using the modified retrospective method. In February 2018, the FASB proposed two practical expedients in regard to the new leases standard: • The first relates to a proposed transition option which will allow companies to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption and will allow the Company to continue to apply the legacy guidance, ASC 840 Leases , including its disclosure requirements, for comparative periods presented, and • The second proposed practical expedient would provide lessors with an option to combine lease and non-lease components contained within the same agreement when certain criteria are met. The existing terms of the Company's time charter agreements will meet these criteria. The Company plans to adopt the new leases standard utilizing both of the proposed practical expedients, which it expects to be finalized by the FASB prior to the release of its first quarter 2018 financial statements. However, if the FASB does not incorporate this guidance into the accounting standards, the Company may be required to modify its disclosures and/or classification of its time charter revenues. The Company does not expect there to be a material difference in either the amount or timing of how time charter revenue is expected to be recorded using the practical expedients. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Net Income (loss) (1) $ 27,421 $ (63,846 ) $ 66,821 Weighted average number of shares of common stock outstanding 36,858 36,248 35,755 Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) 806 — 547 Weighted average number of dilutive shares of common stock outstanding 37,664 36,248 36,302 Earnings (loss) per common share: Basic earnings (loss) per common share $ 0.74 $ (1.76 ) $ 1.87 Diluted earnings (loss) per common share $ 0.73 $ (1.76 ) $ 1.84 (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 one-time 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 9 for further information. (2) 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. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. 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, 2017, 2016 and 2015, 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 6 for further information. (4) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): December 31, 2017 2016 Offshore supply vessels and multi-purpose support vessels $ 2,825,639 $ 2,825,389 Non-vessel related property, plant and equipment 132,509 132,320 Less: Accumulated depreciation (637,607 ) (539,561 ) 2,320,541 2,418,148 Construction in progress 180,472 160,240 $ 2,501,013 $ 2,578,388 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 5.875% senior notes due 2020, net of deferred financing costs of $2,061 and $3,025 $ 364,881 $ 371,975 5.000% senior notes due 2021, net of deferred financing costs of $3,142 and $4,111 446,858 445,889 1.500% convertible senior notes due 2019, net of original issue discount of $6,634 and $31,093 and deferred financing costs of $1,486 and $3,061 91,527 265,846 First-lien credit facility due 2023, including deferred gain of $18,911, and net of original discount of $1,228, and deferred financing costs of $3,445 177,560 — $ 1,080,826 $ 1,083,710 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 credit facility due 2023 (1) 1,025 Variable (1) The interest rate on the first-lien credit facility 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, 2017. 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 Convertible Senior Notes, during each year ending December 31, are as follows (in thousands): 2018 $ — 2019 99,647 2020 366,942 2021 450,000 2022 — Thereafter 163,322 $ 1,079,911 |
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, 2017 December 31, 2016 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 366,942 $ 364,881 $ 244,714 $ 375,000 $ 371,975 $ 270,938 5.000% senior notes due 2021 450,000 446,858 236,250 450,000 445,889 301,343 1.500% convertible senior notes due 2019 99,647 91,527 74,486 300,000 265,846 216,195 First-lien credit facility due 2023 (1) 163,322 177,560 162,505 — — — $ 1,079,911 $ 1,080,826 $ 717,955 $ 1,125,000 $ 1,083,710 $ 788,476 (1) The carrying value of the first-lien credit facility due 2023 includes a deferred gain of $18,911 less original issue discount and deferred financing costs of $4,673. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Income before taxes $ 6,999 $ 9,983 $ 10,293 Net income $ 4,712 $ 5,829 $ 6,454 Earnings per common share: Basic $ 0.13 $ 0.16 $ 0.18 Diluted $ 0.13 $ 0.16 $ 0.18 |
Summary of Stock Option Activity | 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, 2015 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 345 $ 27.98 3.7 $ 59 Grants — — — — Exercised (1 ) 22.28 n/a 2 Forfeited or expired (40 ) 27.27 n/a n/a Options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — Exercisable options outstanding at December 31, 2015 304 $ 28.11 3.2 $ — The following table represents the Company’s stock option activity for the year ended December 31, 2016 (in thousands, except per share data and years): Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at January 1, 2016 304 $ 28.11 3.2 $ — Grants — — — — Exercised — — — — Forfeited or expired (119 ) 33.15 n/a n/a Options outstanding at December 31, 2016 185 $ 24.86 4.1 $ — Exercisable options outstanding at December 31, 2016 185 $ 24.86 4.1 $ — |
Summary of Restricted Stock Award Activity | The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2016 726 $ 30.12 Granted during the period 537 6.44 Change in estimated payout of performance unit awards (1) (95 ) 27.52 Cancellations during the period — — Vested (348 ) 23.50 Outstanding, as of December 31, 2016 820 $ 17.72 (1) Annually the Company reviews the performance compared to pre-determined targets for outstanding performance unit awards. Based on current projections, the Company may increase or decrease the anticipated payout based on its historical operating results and near-term projections. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share Restricted stock unit awards: Restricted stock unit awards as of January 1, 2015 590 $ 37.13 Granted during the period (1) 479 21.40 Cancellations during the period (104 ) 21.84 Vested (239 ) 33.60 Outstanding, as of December 31, 2015 726 $ 30.12 (1) Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards. The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 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. (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, 2015 (in thousands, except per share data): Number of Shares Weighted Avg. Fair Value Per Share (1) Cash-Settled restricted stock unit awards: Cash-settled restricted stock unit awards as of January 1, 2015 153 $ 38.43 Granted during the period 47 21.84 Cancellations during the period (1 ) 30.87 Vested (117 ) 37.25 Outstanding, as of December 31, 2015 82 $ 30.61 (1) The weighted-average fair value per share is determined by the stock price on the date of grant for time-based shares. |
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, 2017 and 2016 : 2017 2016 Dividend yield — % — % Expected volatility 93.2 % 91.6 % Risk-free interest rate 1.3 % 0.5 % Expected term (months) 6 6 Weighted-average grant-date fair value per share $ 1.16 $ 3.14 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Deferred tax liabilities: Fixed assets $ 323,548 $ 490,221 $ 472,817 Deferred charges and other liabilities 6,266 10,908 11,317 Total deferred tax liabilities 329,814 501,129 484,134 Deferred tax assets: Net operating loss carryforwards (122,682 ) (111,147 ) (52,374 ) Allowance for doubtful accounts (1,362 ) (763 ) (1,036 ) Stock-based compensation expense (1,823 ) (4,033 ) (4,830 ) Convertible senior notes (8,265 ) — — Alternative minimum tax credit carryforward (10,431 ) (20,863 ) (20,863 ) Foreign tax credit carryforward (18,711 ) (17,554 ) (17,972 ) Other (4,501 ) (6,044 ) (5,440 ) Total deferred tax assets (167,775 ) (160,404 ) (102,515 ) Valuation allowance 35,426 2,295 — Total deferred tax liabilities, net $ 197,465 $ 343,020 $ 381,619 |
Components of Income Tax Expenses | The components of the income tax expense follow (in thousands): Year Ended December 31, 2017 2016 2015 Current tax expense (benefit): U.S. and State $ (9,743 ) $ 709 $ — Foreign 1,024 (257 ) 5,671 Total current tax expense (8,719 ) 452 5,671 Deferred tax expense: U.S. and State (142,136 ) (45,958 ) 34,086 Foreign 611 — — Total deferred tax expense (141,525 ) (45,958 ) 34,086 Total tax expense (benefit) $ (150,244 ) $ (45,506 ) $ 39,757 |
Income (Loss) Before Income Taxes Based on Jurisdiction Earned | Income from operations before income taxes, based on jurisdiction earned, was as follows (in thousands): Year Ended December 31, 2017 2016 2015 U.S. $ (105,692 ) $ (93,704 ) $ 65,894 Foreign (17,131 ) (15,648 ) 40,684 Total income (loss) from operations before income taxes $ (122,823 ) $ (109,352 ) $ 106,578 |
Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision | The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands): Year Ended December 31, 2017 2016 2015 U.S. federal statutory rate $ (42,988 ) $ (38,274 ) $ 37,302 State taxes, net (1,228 ) (1,094 ) 1,066 Non-deductible expense 3,488 1,070 1,440 Change in valuation allowance 15,118 2,295 (1,011 ) Income excluded from U.S. taxable income — (9,478 ) — Change in enacted U.S. tax rate (125,225 ) — — Foreign taxes and other 591 (25 ) 960 $ (150,244 ) $ (45,506 ) $ 39,757 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Future Minimum Payments Under Noncancelable Leases | Future minimum payments under noncancelable leases for years subsequent to 2017 are as follows (in thousands): Year Ended December 31, 2018 $ 2,959 2019 2,449 2020 2,449 2021 2,478 2022 2,572 Thereafter 21,183 Total $ 34,090 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Charges | Deferred charges include the following (in thousands): Year Ended December 31, 2017 2016 Deferred drydocking costs, net of accumulated amortization of $14,495 and $34,313 respectively $ 10,282 $ 13,808 Prepaid lease expense, net of amortization of $1,858 and $1,700, respectively 2,530 2,688 Revolving credit facility deferred financing costs, net of accumulated amortization of $0 and $349 respectively (1) — 2,581 Total $ 12,812 $ 19,077 (1) On June 15, 2017, the Company terminated its $200 million senior secured revolving credit facility. See Note 6 for further discussion. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other accrued liabilities include the following (in thousands): Year Ended December 31, 2017 2016 Accrued lease expense $ 5,142 $ 4,763 Deferred revenue 460 2,245 Other 2,855 3,002 Total $ 8,457 $ 10,010 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Revenues from Customer Exceeding 10% | In the years ended December 31, 2017 , 2016 , and 2015 , revenues from the following customers represent 10% or more of consolidated revenues: Year Ended December 31, 2017 2016 2015 Customer A 20 % 13 % n/a (1) Customer B 19 % 15 % n/a (1) Customer C 11 % 21 % 20 % Customer D n/a (1) n/a (1) 10 % (1) Customers represent less than 10% of consolidated revenue in each such year. |
Condensed Consolidating Guara35
Condensed Consolidating Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet | Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 9 $ 212,196 $ 4,822 $ — $ 217,027 Accounts receivable, net of allowance for doubtful accounts of $2,120 — 30,846 5,704 — 36,550 Other current assets 15 16,176 787 — 16,978 Total current assets 24 259,218 11,313 — 270,555 Property, plant and equipment, net — 2,449,473 128,915 — 2,578,388 Deferred charges, net 2,581 15,724 772 — 19,077 Intercompany receivable 1,779,872 680,663 107,038 (2,567,573 ) — Investment in subsidiaries 768,718 8,602 (4,283 ) (773,037 ) — Other assets 1,744 6,239 2,272 — 10,255 Total assets $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 11,325 $ 449 $ — $ 11,774 Accrued interest 14,763 — — — 14,763 Accrued payroll and benefits — 8,104 492 — 8,596 Other accrued liabilities — 8,463 1,547 — 10,010 Total current liabilities 14,763 27,892 2,488 — 45,143 Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197 1,083,710 — — — 1,083,710 Deferred tax liabilities, net — 337,503 5,517 — 343,020 Intercompany payables 61,715 2,264,900 245,276 (2,571,891 ) — Other liabilities — 3,416 (10 ) — 3,406 Total liabilities 1,160,188 2,633,711 253,271 (2,571,891 ) 1,475,279 Stockholders’ equity: Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 36,467 shares issued and outstanding 365 — — — 365 Additional paid-in capital 754,394 37,978 4,319 (42,297 ) 754,394 Retained earnings 637,992 748,080 (21,658 ) (726,422 ) 637,992 Accumulated other comprehensive income (loss) — 150 10,095 — 10,245 Total stockholders’ equity 1,392,751 786,208 (7,244 ) (768,719 ) 1,402,996 Total liabilities and stockholders’ equity $ 2,552,939 $ 3,419,919 $ 246,027 $ (3,340,610 ) $ 2,878,275 Condensed Consolidating Balance Sheet (In thousands, except per share data) Year Ended December 31, 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 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 — — 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 Income Statement | 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 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 loss (184 ) (48,113 ) (15,922 ) — (64,219 ) Other income (expense): Interest income — 984 506 — 1,490 Interest expense (48,673 ) — (2 ) — (48,675 ) Equity in earnings (losses) of consolidated subsidiaries (14,989 ) — — 14,989 — Other income (expense), net — (2,272 ) 4,324 — 2,052 (63,662 ) (1,288 ) 4,828 14,989 (45,133 ) Income (loss) before income taxes (63,846 ) (49,401 ) (11,094 ) 14,989 (109,352 ) Income tax benefit — (44,721 ) (785 ) — (45,506 ) Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Condensed Consolidating Statement of Operations (In thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 426,419 $ 50,952 $ (1,301 ) $ 476,070 Costs and expenses: Operating expenses — 178,748 41,514 (1,002 ) 219,260 Depreciation — 81,522 1,044 — 82,566 Amortization — 25,782 681 — 26,463 General and administrative expenses 189 44,398 3,861 (151 ) 48,297 189 330,450 47,100 (1,153 ) 376,586 Gain (loss) on sale of assets — 44,060 — — 44,060 Operating income (loss) (189 ) 140,029 3,852 (148 ) 143,544 Other income (expense): Interest income — 1,125 400 — 1,525 Interest expense (39,460 ) — (36 ) — (39,496 ) Equity in earnings (losses) of consolidated subsidiaries 106,798 — — (106,798 ) — Other income (expense), net — (4,053 ) 5,238 (180 ) 1,005 67,338 (2,928 ) 5,602 (106,978 ) (36,966 ) Income (loss) before income taxes 67,149 137,101 9,454 (107,126 ) 106,578 Income tax expense — 35,194 4,563 — 39,757 Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 |
Condensed Statement of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Year Ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (63,846 ) $ (4,680 ) $ (10,309 ) $ 14,989 $ (63,846 ) Other comprehensive income: Foreign currency translation gain — 31 14,290 — 14,321 Total comprehensive income (loss) $ (63,846 ) $ (4,649 ) $ 3,981 $ 14,989 $ (49,525 ) Condensed Consolidating Statements of Comprehensive Income (In thousands) Year Ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ 67,149 $ 101,907 $ 4,891 $ (107,126 ) $ 66,821 Other comprehensive income: Foreign currency translation loss — (81 ) (3,093 ) — (3,174 ) Total comprehensive income (loss) $ 67,149 $ 101,826 $ 1,798 $ (107,126 ) $ 63,647 Condensed 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 Cash Flow Statement | 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 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 credit facility 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, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 223 $ 109,987 $ 106,885 $ — $ 217,095 CASH FLOWS FROM INVESTING ACTIVITIES: Costs incurred for OSV newbuild program #5 — (120,767 ) (69,303 ) — (190,070 ) Net proceeds from sale of assets — 152,000 — — 152,000 Vessel capital expenditures — (55,724 ) (31,068 ) — (86,792 ) Non-vessel capital expenditures — (16,211 ) (276 ) — (16,487 ) Net cash used in investing activities — (40,702 ) (100,647 ) — (141,349 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from first-lien credit facility — — — — — Repurchase of senior notes — — — — — Repurchase of convertible notes — — — — Deferred financing costs (2,089 ) — — — (2,089 ) Shares withheld for payment of employee withholding taxes (1,252 ) — — — (1,252 ) Net cash proceeds from other shares issued 3,112 — — — 3,112 Net cash used in financing activities (229 ) — — — (229 ) Effects of exchange rate changes on cash — (81 ) (758 ) — (839 ) Net increase (decrease) in cash and cash equivalents (6 ) 69,204 5,480 — 74,678 Cash and cash equivalents at beginning of period 16 183,447 1,660 — 185,123 Cash and cash equivalents at end of period $ 10 $ 252,651 $ 7,140 $ — $ 259,801 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 50,492 $ — $ — $ — $ 50,492 Cash paid for income taxes $ — $ 582 $ 4,226 $ — $ 4,808 |
Supplemental Selected Quarter36
Supplemental Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 and 2016 . 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 2017 (1)(2) Revenues $ 44,079 $ 37,426 $ 53,666 $ 56,241 Operating loss (26,481 ) (31,318 ) (16,667 ) (14,278 ) 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 Fiscal Year 2016 (1)(2) Revenues $ 76,820 $ 53,673 $ 51,927 $ 41,879 Operating loss (780 ) (21,510 ) (14,445 ) (27,484 ) Net loss (7,514 ) (20,586 ) (16,503 ) (19,243 ) Earnings (loss) per common share: Basic loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) Diluted loss per common share $ (0.21 ) $ (0.57 ) $ (0.45 ) $ (0.53 ) (1) The sum of the four quarters may not equal annual results due to rounding. (2) Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016. (3) The results for the three months ended December 31, 2017 were favorably impacted by 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 one-time 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 9 for further information. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Estimated Useful Lives by Classification (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
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 Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)mo | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | |||
Amortization period for deferred charges | mo | 30 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 33,100 | $ 2,295 | $ (1,011) |
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Salvage values for marine equipment | 25.00% | ||
Accounting Standards Update 2016-02 [Member] | Minimum | |||
Significant Accounting Policies [Line Items] | |||
OperatingLeaseRightOfUseAssets | $ 27,000 | ||
OperatingLeaseLiabilities | 27,000 | ||
Accounting Standards Update 2016-02 [Member] | Maximum | |||
Significant Accounting Policies [Line Items] | |||
OperatingLeaseRightOfUseAssets | 30,000 | ||
OperatingLeaseLiabilities | $ 30,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Provision for Doubtful Accounts | $ 3,934 | $ (757) | $ (816) |
Balance, beginning of year | 2,120 | 2,877 | 3,693 |
Balance, end of year | $ 6,054 | $ 2,120 | $ 2,877 |
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, 2017 | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Earnings Per Share [Abstract] | |||||||||||||||||||||
Net Income (loss) | $ 93,758 | [1],[2] | $ (18,950) | $ (19,489) | $ (27,898) | $ (19,243) | $ (16,503) | $ (20,586) | $ (7,514) | $ 27,421 | $ (63,846) | $ 66,821 | [3] | ||||||||
Weighted average number of shares of common stock outstanding | 36,858,000 | 36,248,000 | 35,755,000 | ||||||||||||||||||
Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4) | [4],[5] | 806,000 | 0 | 547,000 | |||||||||||||||||
Weighted average number of dilutive shares of common stock outstanding | 37,664,000 | 36,248,000 | 36,302,000 | ||||||||||||||||||
Basic earnings (loss) per common share | $ 2.53 | [1],[2] | $ (0.51) | $ (0.53) | $ (0.76) | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ 0.74 | $ (1.76) | $ 1.87 | |||||||||
Diluted earnings (loss) per common share | $ 2.48 | [1],[2] | $ (0.51) | $ (0.53) | $ (0.76) | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ 0.73 | $ (1.76) | $ 1.84 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 125,225 | $ (125,225) | $ 0 | $ 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 | 185 | 975 | 322 | ||||||||||||||||||
[1] | Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016. | ||||||||||||||||||||
[2] | The sum of the four quarters may not equal annual results due to rounding. | ||||||||||||||||||||
[3] | 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 one-time tax items from the Company's December 31, 2017 results, its net loss would have been $(82,687) or $(2.24) per diluted share for the year ended December 31, 2017. See Note 9 for further information. | ||||||||||||||||||||
[4] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards. | ||||||||||||||||||||
[5] | For the years ended December 31, 2017, 2016 and 2015, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 6 for further information. |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
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 Equipment42
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (637,607) | $ (539,561) |
Property Plant And Equipment Excluding Construction In Progress Net | 2,320,541 | 2,418,148 |
Construction in progress | 180,472 | 160,240 |
Property, plant and equipment, net | 2,501,013 | 2,578,388 |
Offshore supply vessels and multi-purpose support vessels | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 2,825,639 | 2,825,389 |
Non-vessel related property, plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 132,509 | $ 132,320 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2011VesselShipyard | Dec. 31, 2017USD ($)Vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Vessel$ / shares | |
Property, Plant and Equipment [Line Items] | ||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000 | |||
Cost incurred on OSV newbuild program | $ | $ 1,272,700 | |||
Percentage of total project cost | 95.30% | |||
NumberofVesselsSold | 4 | |||
Proceeds from Sale of Other Property, Plant, and Equipment | $ | $ 152,000 | |||
(Gain) loss on sale of assets | $ | $ (121) | $ 54 | 44,060 | |
Gain (Loss) on Disposition of Assets | $ | $ 27,600 | |||
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0.76 | |||
Newbuild program 5 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Construction Shipyards, Domestic | Shipyard | 3 | |||
Number of Vessels Placed in Service | 22 | |||
Number Of Vessels | 24 | 2 | ||
Aggregate cost of OSV newbuild program excluding construction period interest | $ | $ 1,335,000 | |||
Cost incurred on OSV newbuild program | $ | $ 1,272,700 | |||
Percentage of total project cost | 95.30% | |||
Newbuild program 5 | Offshore Supply Vessel Class 300 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 4 | |||
Newbuild program 5 | Offshore Supply Vessel Class 310 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 5 | |||
Newbuild program 5 | Offshore Supply Vessel Class 320 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 10 | |||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 3 | |||
Newbuild program 5 | Multi Purpose Supply Vessel Class 400 | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels to be constructed | 2 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 01, 2018 | Mar. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 13, 2012 | Mar. 02, 2012 |
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Net | $ 10,134 | $ 10,197 | ||||||
Long-term debt, original issue discount | 7,862 | 31,093 | ||||||
Long-term debt, Excluding Current Maturities | 1,080,826 | 1,083,710 | ||||||
Cash Paid for Interest | 52,194 | 50,152 | $ 50,492 | |||||
Long-term Debt | 1,080,826 | 1,083,710 | ||||||
Debt Instrument, Face Amount | 1,079,911 | 1,125,000 | ||||||
Debt, Fair Value | $ 717,955 | $ 788,476 | ||||||
Senior Notes 5.875 Percent Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.875% | 5.875% | ||||||
Deferred Finance Costs, Net | $ 2,061 | $ 3,025 | ||||||
Senior Notes | 364,881 | 371,975 | ||||||
Debt Instrument, Face Amount | 366,942 | 375,000 | $ 375,000 | |||||
Debt, Fair Value | $ 244,714 | $ 270,938 | ||||||
Senior Notes 5.000 Percent Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.00% | 5.00% | ||||||
Deferred Finance Costs, Net | $ 3,142 | $ 4,111 | ||||||
Senior Notes | 446,858 | 445,889 | ||||||
Debt Instrument, Face Amount | 450,000 | 450,000 | ||||||
Debt, Fair Value | $ 236,250 | $ 301,343 | ||||||
Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.50% | 1.50% | ||||||
Deferred Finance Costs, Net | $ 1,486 | $ 3,061 | ||||||
Long-term debt, original issue discount | 6,634 | 31,093 | ||||||
Senior Notes | 91,527 | 265,846 | ||||||
Debt Instrument, Face Amount | 99,647 | 300,000 | $ 300,000 | |||||
Debt, Fair Value | 74,486 | 216,195 | ||||||
Revolving Credit Facility Due 2016 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | 177,560 | 0 | ||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Net | 3,445 | |||||||
Long-term debt, original issue discount | 1,228 | |||||||
Deferred Gain | 18,911 | 0 | ||||||
Long-term Line of Credit | 177,560 | 0 | ||||||
Debt Instrument, Face Amount | 163,322 | 0 | ||||||
Debt, Fair Value | $ 162,505 | $ 0 | ||||||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash Paid for Interest | $ 10,779 | |||||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash Paid for Interest | $ 11,250 | |||||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash Paid for Interest | $ 747 | |||||||
Subsequent Event [Member] | First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Periodic Payment, Interest | $ 1,025 |
Long-Term Debt - Annual Maturit
Long-Term Debt - Annual Maturities of Debt (Details) - USD ($) $ in Thousands | Aug. 13, 2012 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2016 | Mar. 02, 2012 |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 717,955 | $ 788,476 | ||||
Debt Instrument, Face Amount | 1,079,911 | 1,125,000 | ||||
Senior Notes Five Point Eight Seven Five Percent Due Twenty Twenty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 244,714 | 270,938 | ||||
Debt Instrument, Face Amount | 366,942 | 375,000 | $ 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 | 236,250 | 301,343 | ||||
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] | ||||||
Debt Instrument, Fair Value Disclosure | 74,486 | 216,195 | ||||
Debt Instrument, Face Amount | $ 300,000 | $ 99,647 | 300,000 | |||
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 | $ 162,505 | 0 | ||||
Debt Instrument, Face Amount | $ 163,322 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Oct. 01, 2017 | Sep. 01, 2017 | Apr. 01, 2017 | Mar. 01, 2017 | Mar. 14, 2013USD ($) | Aug. 13, 2012USD ($)$ / shares | Aug. 13, 2012USD ($)$ / shares | Apr. 30, 2012USD ($) | Mar. 16, 2012USD ($) | Mar. 02, 2012USD ($) | Aug. 07, 2012$ / shares | Sep. 30, 2017USD ($) | Jun. 15, 2021 | Jun. 15, 2020 | Jun. 15, 2019 | Jun. 15, 2018 | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jun. 15, 2023 | Jun. 15, 2023 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 16, 2017USD ($) | Jun. 15, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 10,134,000 | $ 10,197,000 | |||||||||||||||||||||||||
Debt Instrument, Principal amount | 1,079,911,000 | 1,125,000,000 | |||||||||||||||||||||||||
First-Lien Credit Facility Covenant Minimum Delayed Draw Commitment | 67,000,000 | ||||||||||||||||||||||||||
GainOnExchangeOfDebtInstrument | $ 20,700,000 | ||||||||||||||||||||||||||
Repayments of Senior Debt | 5,057,000 | 0 | $ 0 | ||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 15,478,000 | 0 | 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 | $ 717,955,000 | 788,476,000 | |||||||||||||||||||||||||
Capitalized interest, approximate amount | 10,200,000 | 16,700,000 | $ 24,700,000 | ||||||||||||||||||||||||
First-Lien Credit Facility Maturing Twenty Twenty Three [Member] [Domain] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
First Lien Credit Facility, Current Borrowing Capacity | $ 300,000,000 | ||||||||||||||||||||||||||
Deferred Finance Costs, Net | 3,445,000 | ||||||||||||||||||||||||||
Debt Instrument, Principal amount | 163,322,000 | 0 | |||||||||||||||||||||||||
FirstLienCreditFacilityCovenantMinimumAvailableLiquidity | 25,000,000 | ||||||||||||||||||||||||||
First-Lien Credit Facility Covenant Minimum Liquidity For Prepayment | 65,000,000 | ||||||||||||||||||||||||||
Debt Instrument, Exchange Amount | 95,300,000 | ||||||||||||||||||||||||||
Letter of Credit | 177,560,000 | 0 | |||||||||||||||||||||||||
Debt, Fair Value | $ 162,505,000 | $ 0 | |||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||
Percentage Of debt outstanding tendered | 16.00% | 84.00% | |||||||||||||||||||||||||
Senior Notes 8.000 Percent Due 2017 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Percentage Of debt outstanding tendered | 94.00% | ||||||||||||||||||||||||||
Senior Notes 5.875 Percent Due 2020 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Interest Rate | 5.875% | 5.875% | |||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 2,061,000 | $ 3,025,000 | |||||||||||||||||||||||||
Debt Instrument, Principal amount | $ 375,000,000 | 366,942,000 | 375,000,000 | ||||||||||||||||||||||||
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 | 364,881,000 | 371,975,000 | |||||||||||||||||||||||||
Debt, Fair Value | 244,714,000 | $ 270,938,000 | |||||||||||||||||||||||||
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% | |||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 3,142,000 | $ 4,111,000 | |||||||||||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | 450,000,000 | |||||||||||||||||||||||||
Debt Instrument Maturity Year | 2,021 | ||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Mar. 1, 2021 | ||||||||||||||||||||||||||
Senior Notes | 446,858,000 | 445,889,000 | |||||||||||||||||||||||||
Debt, Fair Value | $ 236,250,000 | $ 301,343,000 | |||||||||||||||||||||||||
Convertible 5.000 Percent Senior Notes Due 2021 [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Instrument, Principal amount | 450,000,000 | ||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 442,400,000 | ||||||||||||||||||||||||||
Repayments of Senior Debt | $ 252,700,000 | ||||||||||||||||||||||||||
Percentage Of debt outstanding tendered | 6.00% | ||||||||||||||||||||||||||
Debt Instrument, Effective Interest Rate | 5.21% | ||||||||||||||||||||||||||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt Interest Rate | 1.50% | 1.50% | |||||||||||||||||||||||||
Deferred Finance Costs, Net | $ 1,486,000 | $ 3,061,000 | |||||||||||||||||||||||||
Debt Instrument, Principal amount | 300,000,000 | $ 300,000,000 | 99,647,000 | 300,000,000 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Debt Instrument Maturity Period | 7 years | ||||||||||||||||||||||||||
Decrease In Additional Paid In Capital | $ 2,200,000 | ||||||||||||||||||||||||||
Amortization Of Deferred Financing Costs To Interest Expense | $ 7,100,000 | ||||||||||||||||||||||||||
Senior Notes | 91,527,000 | 265,846,000 | |||||||||||||||||||||||||
Debt, Fair Value | $ 74,486,000 | $ 216,195,000 | |||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||
FirstLienCreditFacilityCollateralNumberOfVessels | 51 | ||||||||||||||||||||||||||
First Lien Credit Facility Number Of Newbuild MPSVs Used As Collateral [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
FirstLienCreditFacilityCollateralNumberOfVessels | 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% | ||||||||||||||||||||||||||
Number of consecutive trading days used in conversion analysis | 30 days | ||||||||||||||||||||||||||
Minimum | Conversion Condition One [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes | 20 days | ||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
First-Lien Credit Facility Covenant Minimum Delayed Draw Commitment | $ 204,700,000 | $ 136,000,000 | |||||||||||||||||||||||||
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% | 102.00% | |||||||||||||||||||||||||
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% | 6.00% | 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% | 5.00% | 6.50% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Jul. 01, 2013 | Dec. 31, 2017Rightshares | Dec. 31, 2016shares |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | 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) | (150,244) | $ (45,506) | $ 39,757 | |
Payments Related to Tax Withholding for Share-based Compensation | 575 | 450 | 1,252 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 1,900 | |||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 600 | |||
Proceeds from Stock Options Exercised | $ 0 | 0 | 100 | |
Tax deduction (benefit), excess of compensation | 1,900 | 600 | ||
Stock option expiration period from the date of grant | 10 years | |||
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 | 67,286 | |||
Share-based Compensation | $ 6,999 | $ 9,983 | $ 10,293 | |
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% | 150.00% | |
Vesting Period (in years) | 3 years | |||
Time Based Restricted Stock Units (RSU) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period (in years) | 1 year | |||
Time Based Restricted Stock Units (RSU) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period (in years) | 3 years | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock based compensation expense | $ 2,500 | |||
Unamortized stock based compensation expense, recognition period | 1 year 2 months 24 days | |||
Share-based Compensation | $ 5,800 | $ 6,800 | $ 9,300 | |
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 | $ 3,000 | |||
Unamortized stock based compensation expense, recognition period | 1 year 6 months 27 days | |||
Share-based Compensation | $ 900 | 2,600 | (200) | |
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 | 902,260 | |||
Share-based Compensation | $ 200 | $ 600 | $ 1,200 | |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 6,999 | $ 9,983 | $ 10,293 |
Net income | $ 4,712 | $ 5,829 | $ 6,454 |
Earnings per common share: | |||
Basic (usd per share) | 0.13 | 0.16 | 0.18 |
Diluted (usd per share) | 0.13 | 0.16 | 0.18 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | ||||
Options outstanding at Beginning of Year | 185 | 304 | 345 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 0 | (1) | |
Forfeited or expired | 0 | 119 | 40 | |
Options outstanding at End of Year | 185 | 185 | 304 | 345 |
Exercisable options outstanding | 185 | 185 | 304 | |
Weighted Average Exercise Price | ||||
Options outstanding at Beginning of Year | $ 24.86 | $ 28.11 | $ 27.98 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 0 | 22.28 | |
Forfeited or expired | 0 | 33.15 | 27.27 | |
Options outstanding at End of Year | 24.86 | 24.86 | 28.11 | $ 27.98 |
Exercisable options outstanding | $ 24.86 | $ 24.86 | $ 28.11 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Remaining Contractual Term (Years) | 0 years | 0 years | 0 years | |
Weighted Average Remaining Contractual Term (years) | ||||
Options outstanding at Beginning of Year | 3 years 1 month 12 days | 4 years 1 month 12 days | 3 years 2 months 12 days | 3 years 8 months 12 days |
Options outstanding at End of Year | 3 years 1 month 12 days | 4 years 1 month 12 days | 3 years 2 months 12 days | 3 years 8 months 12 days |
Exercisable options outstanding | 3 years 1 month 12 days | 4 years 1 month 12 days | 3 years 2 months 12 days | |
Aggregate Intrinsic Value | ||||
Options outstanding at Beginning of Year | $ 0 | $ 0 | $ 59 | |
Grants | 0 | 0 | 0 | |
Exercised | 0 | 0 | 2 | |
Options outstanding at End of Year | 0 | 0 | 0 | $ 59 |
Exercisable options outstanding | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Su51
Stock-Based Compensation - Summary of Nonvested Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years) | 0 years | |||
Change In Estimated Payout of Performance Unit Awards | 20 | (95) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (180) | (15) | (117) | |
Weighted-Average Grant-Date Fair Value | ||||
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share | $ 21.84 | $ 27.52 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 11.65 | $ 34.32 | $ 37.25 | |
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 | 868 | 820 | 726 | 590 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 615 | 537 | 479 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period | 0 | 0 | (104) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (587) | (348) | (239) | |
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 | $ 10.76 | $ 17.72 | $ 30.12 | $ 37.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 5.57 | 6.44 | 21.40 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled And Forfeited In Period Weighted Average Grant Date Fair Value | 0 | 0 | 21.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 15.39 | $ 23.50 | $ 33.60 |
Stock-Based Compensation - Su52
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | |||
Change In Estimated Payout of Performance Unit Awards | 20 | (95) | |
Vested | (180) | (15) | (117) |
Weighted Avg. Fair Value Per Share | |||
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share | $ 21.84 | $ 27.52 | |
Vested | $ 11.65 | $ 34.32 | $ 37.25 |
Restricted Stock | |||
Number of Shares | |||
Restricted stock awards at Beginning of Year | 820 | 726 | 590 |
Granted during the period | 615 | 537 | 479 |
Cancellations during the period | 0 | 0 | (104) |
Vested | (587) | (348) | (239) |
Outstanding, at End of Year | 868 | 820 | 726 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards at Beginning of Year | $ 17.72 | $ 30.12 | $ 37.13 |
Granted during the period | 5.57 | 6.44 | 21.40 |
Cancellations during the period | 0 | 0 | 21.84 |
Vested | 15.39 | 23.50 | 33.60 |
Outstanding, at End of Year | $ 10.76 | $ 17.72 | $ 30.12 |
Phantom Share Units (PSUs) | |||
Number of Shares | |||
Restricted stock awards at Beginning of Year | 1,053 | 82 | 153 |
Granted during the period | 919 | 991 | 47 |
Cancellations during the period | (4) | (5) | (1) |
Outstanding, at End of Year | 1,788 | 1,053 | 82 |
Weighted Avg. Fair Value Per Share | |||
Restricted stock awards at Beginning of Year | $ 7.60 | $ 30.61 | $ 38.43 |
Granted during the period | 6.68 | 6.14 | 21.84 |
Cancellations during the period | 15.31 | 19.05 | 30.87 |
Outstanding, at End of Year | $ 6.70 | $ 7.60 | $ 30.61 |
Stock-Based Compensation - Su53
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, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 93.20% | 91.60% |
Risk-free interest rate | 1.335% | 0.49% |
Expected term (months) | 6 months | 6 months |
Weighted-average grant-date fair value per share | $ 1.16 | $ 3.14 |
Income Taxes - Components of Lo
Income Taxes - Components of Long Term Deferred Tax Liabilities Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | |||
Fixed assets | $ 323,548 | $ 490,221 | $ 472,817 |
Deferred charges and other liabilities | 6,266 | 10,908 | 11,317 |
Deferred Tax Liabilities, Gross, Noncurrent | 329,814 | 501,129 | 484,134 |
Deferred tax assets: | |||
Net operating loss carryforwards | (122,682) | (111,147) | (52,374) |
Allowance for doubtful accounts | (1,362) | (763) | (1,036) |
Stock-based compensation expense | (1,823) | (4,033) | (4,830) |
DeferredTaxAssets,TaxDeferredExpense,ConvertibleDebt | (8,265) | 0 | 0 |
Alternative minimum tax credit carryforward | (10,431) | (20,863) | (20,863) |
Foreign tax credit carryforward | (18,711) | (17,554) | (17,972) |
Other | (4,501) | (6,044) | (5,440) |
Total deferred tax assets | (167,775) | (160,404) | (102,515) |
Valuation allowance | 35,426 | 2,295 | 0 |
Deferred tax liabilities, net | |||
Total deferred tax liabilities | $ 197,465 | $ 343,020 | $ 381,619 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Federal tax operating loss carryforwards, net | $ 465,100 | $ 465,100 | ||
Foreign tax credit carryforward | 18,500 | 18,500 | ||
State tax operating loss carryforwards, net | 132,200 | 132,200 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 33,100 | $ 2,295 | $ (1,011) | |
Federal statutory rate | 35.00% | |||
Effective Income Tax Rate Reconciliation Income Excluded from U.S. Taxable Income | $ 0 | (9,478) | 0 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 125,225 | (125,225) | $ 0 | $ 0 |
Valuation Allowances and Reserves, Balance | 35,400 | $ 35,400 | ||
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 | 2,027 | |||
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 | 2,037 | |||
BRAZIL | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 37,800 | $ 37,800 | ||
MEXICO | ||||
Income Taxes [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 14,500 | $ 14,500 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. and State | $ (9,743) | $ 709 | $ 0 |
Foreign | 1,024 | (257) | 5,671 |
Total current tax expense | (8,719) | 452 | 5,671 |
U.S. and State | (142,136) | (45,958) | 34,086 |
Deferred Foreign Income Tax Expense (Benefit) | 611 | 0 | 0 |
Deferred Income Tax Expense (Benefit) | (141,525) | (45,958) | 34,086 |
Total tax expense (benefit) | $ (150,244) | $ (45,506) | $ 39,757 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
U.S. | $ (105,692) | $ (93,704) | $ 65,894 |
Foreign | (17,131) | (15,648) | 40,684 |
Income (Loss) before Income Taxes | $ (122,823) | $ (109,352) | $ 106,578 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Provision of Income Taxes [Line Items] | ||||
Statutory rate | $ (42,988) | $ (38,274) | $ 37,302 | |
State taxes, net | (1,228) | (1,094) | 1,066 | |
Non-deductible expense | 3,488 | 1,070 | 1,440 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 15,118 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 33,100 | 2,295 | (1,011) | |
Effective Income Tax Rate Reconciliation Income Excluded from U.S. Taxable Income | 0 | (9,478) | 0 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 125,225 | (125,225) | 0 | 0 |
Foreign taxes and other | 591 | (25) | 960 | |
Total tax expense (benefit) | $ (150,244) | $ (45,506) | $ 39,757 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 30, 2011VesselShipyard | Jun. 30, 2013 | Dec. 31, 2017USD ($)Vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013Vessel | Jun. 30, 2012Contract | |
Commitments and Contingencies Disclosure [Line Items] | |||||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335 | ||||||
Cost incurred on OSV newbuild program | $ 1,272.7 | ||||||
Percentage of total project cost | 95.30% | ||||||
Operating leases rent expense | $ 3.9 | $ 4 | $ 4.1 | ||||
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 | 1 year | ||||||
Importation assessment | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of Vessels operating in Brazil | Vessel | 4 | ||||||
Newbuild program 5 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number Of Construction Shipyards, Domestic | Shipyard | 3 | ||||||
Number of Vessels Placed in Service | Vessel | 22 | ||||||
Number Of Vessels | Vessel | 24 | 2 | |||||
Aggregate cost of OSV newbuild program excluding construction period interest | $ 1,335 | ||||||
Cost incurred on OSV newbuild program | $ 1,272.7 | ||||||
Percentage of total project cost | 95.30% | ||||||
Newbuild program 5 | Offshore Supply Vessel Class 300 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 4 | ||||||
Newbuild program 5 | Offshore Supply Vessel Class 310 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 5 | ||||||
Newbuild program 5 | Offshore Supply Vessel Class 320 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 10 | ||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 310 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 3 | ||||||
Newbuild program 5 | Multi Purpose Supply Vessel Class 400 | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels to be constructed | Vessel | 2 | ||||||
ATP Oil and Gas, Inc [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Amount owed by ATP | $ 4.8 | ||||||
Amount owed by ATP, reserves | 4.8 | ||||||
Minimum | Importation assessment | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 0.5 | ||||||
Maximum | Importation assessment | Brazil | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 1 |
Commitments and Contingencies60
Commitments and Contingencies - Future Minimum Payments Under Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 2,959 |
2,018 | 2,449 |
2,019 | 2,449 |
2,020 | 2,478 |
2,021 | 2,572 |
Thereafter | 21,183 |
Total | $ 34,090 |
Deferred Charges (Detail)
Deferred Charges (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ||
Deferred drydocking costs, net of accumulated amortization of $41,784 and $38,429 respectively | $ 10,282 | $ 13,808 |
Prepaid lease expense, net of amortization of $1,542 and $1,384 respectively | 2,530 | 2,688 |
Debt Issuance Costs, Line of Credit Arrangements, Net | 0 | 2,581 |
Total | $ 12,812 | $ 19,077 |
Deferred Charges (Additional In
Deferred Charges (Additional Information) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 15, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | |||
Deferred financing costs, accumulated amortization | $ 0 | $ 349 | |
Deferred drydocking costs, accumulated amortization | 14,495 | 34,313 | |
Prepaid lease expense, net of amortization | $ 1,858 | $ 1,700 | |
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, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Accrued Rent | $ 5,142 | $ 4,763 |
Deferred Revenue | 460 | 2,245 |
Other Accrued Liabilities | 2,855 | 3,002 |
Other Accrued Liabilities, Current | $ 8,457 | $ 10,010 |
Major Customers - Revenues from
Major Customers - Revenues from Customer Exceeding 10% (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer A | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 20.00% | 13.00% | |
Customer B | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 19.00% | 15.00% | |
Customer C | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 11.00% | 21.00% | 20.00% |
Customer D | |||
Revenue, Major Customer [Line Items] | |||
Percentage of total revenue by customer | 10.00% |
Employment Agreements - Additio
Employment Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation Plan [Line Items] | |
Expiration date of employment agreements with certain members of executive management team | Dec. 31, 2020 |
Condensed Consolidating Guara66
Condensed Consolidating Guarantor Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 186,849 | $ 217,027 | $ 259,801 | $ 185,123 |
Accounts Receivable, Net, Current | 44,702 | 36,550 | ||
Other Assets, Current | 16,890 | 16,978 | ||
Assets, Current | 248,441 | 270,555 | ||
Property, plant and equipment, net | 2,501,013 | 2,578,388 | ||
Deferred costs, Noncurrent | 12,812 | 19,077 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other assets, Noncurrent | 6,612 | 10,255 | ||
Assets | 2,768,878 | 2,878,275 | ||
Accounts payable, Current | 16,196 | 11,774 | ||
Interest Payable, Current | 14,734 | 14,763 | ||
Employee-related Liabilities, Current | 9,475 | 8,596 | ||
Other accrued liabilities, Current | 8,457 | 10,010 | ||
Total current liabilities | 48,862 | 45,143 | ||
Long-term debt, Excluding Current Maturities | 1,080,826 | 1,083,710 | ||
Deferred Tax Liabilities, Net, Noncurrent | 197,465 | 343,020 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 3,801 | 3,406 | ||
Liabilities | 1,330,954 | 1,475,279 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 371 | 365 | ||
Additional paid-in capital | 760,278 | 754,394 | ||
Retained earnings (Accumulated Deficit) | 668,598 | 637,992 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8,677 | 10,245 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,437,924 | 1,402,996 | ||
Liabilities and Equity | 2,768,878 | 2,878,275 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 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 | (2,467,076) | (2,567,573) | ||
Equity Method Investments | (799,336) | (773,037) | ||
Other assets, Noncurrent | 0 | 0 | ||
Assets | (3,266,412) | (3,340,610) | ||
Accounts payable, Current | 0 | 0 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other accrued liabilities, Current | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (2,571,028) | (2,571,891) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (2,571,028) | (2,571,891) | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | (44,989) | (42,297) | ||
Retained earnings (Accumulated Deficit) | (650,395) | (726,422) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (695,384) | (768,719) | ||
Liabilities and Equity | (3,266,412) | (3,340,610) | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 4 | 9 | 10 | |
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 29 | 15 | ||
Assets, Current | 33 | 24 | ||
Property, plant and equipment, net | 0 | 0 | ||
Deferred costs, Noncurrent | 0 | 2,581 | ||
Due from Related Parties, Noncurrent | 1,778,711 | 1,779,872 | ||
Equity Method Investments | 790,734 | 768,718 | ||
Other assets, Noncurrent | 0 | 1,744 | ||
Assets | 2,569,478 | 2,552,939 | ||
Accounts payable, Current | 0 | 0 | ||
Interest Payable, Current | 14,734 | 14,763 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Other accrued liabilities, Current | 0 | 0 | ||
Total current liabilities | 14,734 | 14,763 | ||
Long-term debt, Excluding Current Maturities | 1,080,826 | 1,083,710 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 140,019 | 61,715 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 1,235,579 | 1,160,188 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 371 | 365 | ||
Additional paid-in capital | 758,690 | 754,394 | ||
Retained earnings (Accumulated Deficit) | 574,838 | 637,992 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,333,899 | 1,392,751 | ||
Liabilities and Equity | 2,569,478 | 2,552,939 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 178,746 | 212,196 | 252,651 | |
Accounts Receivable, Net, Current | 40,407 | 30,846 | ||
Other Assets, Current | 16,051 | 16,176 | ||
Assets, Current | 235,204 | 259,218 | ||
Property, plant and equipment, net | 2,379,097 | 2,449,473 | ||
Deferred costs, Noncurrent | 11,408 | 15,724 | ||
Due from Related Parties, Noncurrent | 648,920 | 680,663 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other assets, Noncurrent | 5,984 | 6,239 | ||
Assets | 3,289,215 | 3,419,919 | ||
Accounts payable, Current | 15,643 | 11,325 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 8,458 | 8,104 | ||
Other accrued liabilities, Current | 8,129 | 8,463 | ||
Total current liabilities | 32,230 | 27,892 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 192,793 | 337,503 | ||
Due to Related Parties | 2,240,832 | 2,264,900 | ||
Other Liabilities, Noncurrent | 3,802 | 3,416 | ||
Liabilities | 2,469,657 | 2,633,711 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | 37,975 | 37,978 | ||
Retained earnings (Accumulated Deficit) | 781,583 | 748,080 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 150 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 819,558 | 786,208 | ||
Liabilities and Equity | 3,289,215 | 3,419,919 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 8,099 | 4,822 | $ 7,140 | |
Accounts Receivable, Net, Current | 4,295 | 5,704 | ||
Other Assets, Current | 810 | 787 | ||
Assets, Current | 13,204 | 11,313 | ||
Property, plant and equipment, net | 121,916 | 128,915 | ||
Deferred costs, Noncurrent | 1,404 | 772 | ||
Due from Related Parties, Noncurrent | 39,445 | 107,038 | ||
Equity Method Investments | 0 | (4,283) | ||
Other assets, Noncurrent | 628 | 2,272 | ||
Assets | 176,597 | 246,027 | ||
Accounts payable, Current | 553 | 449 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 1,017 | 492 | ||
Other accrued liabilities, Current | 328 | 1,547 | ||
Total current liabilities | 1,898 | 2,488 | ||
Long-term debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 4,672 | 5,517 | ||
Due to Related Parties | 190,177 | 245,276 | ||
Other Liabilities, Noncurrent | (1) | (10) | ||
Liabilities | 196,746 | 253,271 | ||
Preferred stock, Value, Issued | 0 | 0 | ||
Common stock, Value, Issued | 0 | 0 | ||
Additional paid-in capital | 8,602 | 4,319 | ||
Retained earnings (Accumulated Deficit) | (37,428) | (21,658) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8,677 | 10,095 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (20,149) | (7,244) | ||
Liabilities and Equity | $ 176,597 | $ 246,027 |
Condensed Consolidating Guara67
Condensed Consolidating Guarantor Financial Information Condensed Consolidating Statement of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2017 | [1],[2] | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | $ 56,241,000 | $ 53,666,000 | $ 37,426,000 | $ 44,079,000 | $ 41,879,000 | $ 51,927,000 | $ 53,673,000 | $ 76,820,000 | $ 191,412,000 | $ 224,299,000 | $ 476,070,000 | ||||||||||
Operating Costs and Expenses | 120,537,000 | 131,658,000 | 219,260,000 | ||||||||||||||||||
Depreciation | 98,733,000 | 93,071,000 | 82,566,000 | ||||||||||||||||||
Amortization of Deferred Charges | 13,168,000 | 20,485,000 | 26,463,000 | ||||||||||||||||||
General and Administrative Expense | 47,597,000 | 43,358,000 | 48,297,000 | ||||||||||||||||||
Costs and Expenses | 280,035,000 | 288,572,000 | 376,586,000 | ||||||||||||||||||
(Gain) loss on sale of assets | (121,000) | 54,000 | 44,060,000 | ||||||||||||||||||
Operating Income (Loss) | $ (14,278,000) | $ (16,667,000) | $ (31,318,000) | $ (26,481,000) | $ (27,484,000) | $ (14,445,000) | [3] | $ (21,510,000) | $ (780,000) | [3] | (88,744,000) | (64,219,000) | 143,544,000 | ||||||||
Gain on early extinguishment of debt | 15,478,000 | 0 | 0 | $ (25,800,000) | $ (6,000,000) | ||||||||||||||||
Investment Income, Interest | 2,203,000 | 1,490,000 | 1,525,000 | ||||||||||||||||||
Interest Expense | (51,364,000) | (48,675,000) | (39,496,000) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | ||||||||||||||||||
Other Nonoperating Income (Expense) | (396,000) | 2,052,000 | 1,005,000 | ||||||||||||||||||
Nonoperating Income (Expense) | (34,079,000) | (45,133,000) | (36,966,000) | ||||||||||||||||||
Income (Loss) before Income Taxes | (122,823,000) | (109,352,000) | 106,578,000 | ||||||||||||||||||
Income Tax Expense (benefit) | (150,244,000) | (45,506,000) | 39,757,000 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 27,421,000 | (63,846,000) | 66,821,000 | ||||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 2,029,000 | (1,301,000) | |||||||||||||||||||
Operating Costs and Expenses | 1,971,000 | (1,002,000) | |||||||||||||||||||
Depreciation | 0 | 0 | |||||||||||||||||||
Amortization of Deferred Charges | 0 | 0 | |||||||||||||||||||
General and Administrative Expense | 58,000 | (151,000) | |||||||||||||||||||
Costs and Expenses | 2,029,000 | (1,153,000) | |||||||||||||||||||
(Gain) loss on sale of assets | 0 | 0 | |||||||||||||||||||
Operating Income (Loss) | 0 | (148,000) | |||||||||||||||||||
Investment Income, Interest | 0 | 0 | |||||||||||||||||||
Interest Expense | 0 | 0 | |||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 14,989,000 | (106,798,000) | |||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | (180,000) | |||||||||||||||||||
Nonoperating Income (Expense) | 14,989,000 | (106,978,000) | |||||||||||||||||||
Income (Loss) before Income Taxes | 14,989,000 | (107,126,000) | |||||||||||||||||||
Income Tax Expense (benefit) | 0 | 0 | |||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (63,489,000) | 14,989,000 | (107,126,000) | ||||||||||||||||||
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 | 182,000 | 184,000 | 189,000 | ||||||||||||||||||
Costs and Expenses | 182,000 | 184,000 | 189,000 | ||||||||||||||||||
(Gain) loss on sale of assets | 0 | 0 | 0 | ||||||||||||||||||
Operating Income (Loss) | (182,000) | (184,000) | (189,000) | ||||||||||||||||||
Gain on early extinguishment of debt | 15,478,000 | ||||||||||||||||||||
Investment Income, Interest | 0 | 0 | 0 | ||||||||||||||||||
Interest Expense | (51,364,000) | (48,673,000) | (39,460,000) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 63,489,000 | (14,989,000) | 106,798,000 | ||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||||||||||||
Nonoperating Income (Expense) | 27,603,000 | (63,662,000) | 67,338,000 | ||||||||||||||||||
Income (Loss) before Income Taxes | 27,421,000 | (63,846,000) | 67,149,000 | ||||||||||||||||||
Income Tax Expense (benefit) | 0 | 0 | 0 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 27,421,000 | (63,846,000) | 67,149,000 | ||||||||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 180,083,000 | 213,563,000 | 426,419,000 | ||||||||||||||||||
Operating Costs and Expenses | 108,517,000 | 114,783,000 | 178,748,000 | ||||||||||||||||||
Depreciation | 93,460,000 | 88,443,000 | 81,522,000 | ||||||||||||||||||
Amortization of Deferred Charges | 11,968,000 | 19,024,000 | 25,782,000 | ||||||||||||||||||
General and Administrative Expense | 45,078,000 | 39,479,000 | 44,398,000 | ||||||||||||||||||
Costs and Expenses | 259,023,000 | 261,729,000 | 330,450,000 | ||||||||||||||||||
(Gain) loss on sale of assets | (133,000) | 53,000 | 44,060,000 | ||||||||||||||||||
Operating Income (Loss) | (79,073,000) | (48,113,000) | 140,029,000 | ||||||||||||||||||
Gain on early extinguishment of debt | 0 | ||||||||||||||||||||
Investment Income, Interest | 1,320,000 | 984,000 | 1,125,000 | ||||||||||||||||||
Interest Expense | 0 | 0 | 0 | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | ||||||||||||||||||
Other Nonoperating Income (Expense) | 1,157,000 | (2,272,000) | (4,053,000) | ||||||||||||||||||
Nonoperating Income (Expense) | 2,477,000 | (1,288,000) | (2,928,000) | ||||||||||||||||||
Income (Loss) before Income Taxes | (76,596,000) | (49,401,000) | 137,101,000 | ||||||||||||||||||
Income Tax Expense (benefit) | (150,735,000) | (44,721,000) | 35,194,000 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 74,139,000 | (4,680,000) | 101,907,000 | ||||||||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | 11,694,000 | 8,707,000 | 50,952,000 | ||||||||||||||||||
Operating Costs and Expenses | 12,385,000 | 14,904,000 | 41,514,000 | ||||||||||||||||||
Depreciation | 5,273,000 | 4,628,000 | 1,044,000 | ||||||||||||||||||
Amortization of Deferred Charges | 1,200,000 | 1,461,000 | 681,000 | ||||||||||||||||||
General and Administrative Expense | 2,348,000 | 3,637,000 | 3,861,000 | ||||||||||||||||||
Costs and Expenses | 21,206,000 | 24,630,000 | 47,100,000 | ||||||||||||||||||
(Gain) loss on sale of assets | 12,000 | 1,000 | 0 | ||||||||||||||||||
Operating Income (Loss) | (9,500,000) | (15,922,000) | 3,852,000 | ||||||||||||||||||
Gain on early extinguishment of debt | 0 | ||||||||||||||||||||
Investment Income, Interest | 883,000 | 506,000 | 400,000 | ||||||||||||||||||
Interest Expense | 0 | (2,000) | (36,000) | ||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | 0 | 0 | 0 | ||||||||||||||||||
Other Nonoperating Income (Expense) | (1,542,000) | 4,324,000 | 5,238,000 | ||||||||||||||||||
Nonoperating Income (Expense) | (659,000) | 4,828,000 | 5,602,000 | ||||||||||||||||||
Income (Loss) before Income Taxes | (10,159,000) | (11,094,000) | 9,454,000 | ||||||||||||||||||
Income Tax Expense (benefit) | 491,000 | (785,000) | 4,563,000 | ||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,650,000) | $ (10,309,000) | $ 4,891,000 | ||||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||||||||||||
Revenues | (365,000) | ||||||||||||||||||||
Operating Costs and Expenses | (365,000) | ||||||||||||||||||||
Depreciation | 0 | ||||||||||||||||||||
Amortization of Deferred Charges | 0 | ||||||||||||||||||||
General and Administrative Expense | (11,000) | ||||||||||||||||||||
Costs and Expenses | (376,000) | ||||||||||||||||||||
(Gain) loss on sale of assets | 0 | ||||||||||||||||||||
Operating Income (Loss) | 11,000 | ||||||||||||||||||||
Gain on early extinguishment of debt | 0 | ||||||||||||||||||||
Investment Income, Interest | 0 | ||||||||||||||||||||
Interest Expense | 0 | ||||||||||||||||||||
EquityinEarningsofConsolidatedSubsidiaries | (63,489,000) | ||||||||||||||||||||
Other Nonoperating Income (Expense) | (11,000) | ||||||||||||||||||||
Nonoperating Income (Expense) | (63,500,000) | ||||||||||||||||||||
Income (Loss) before Income Taxes | (63,489,000) | ||||||||||||||||||||
Income Tax Expense (benefit) | 0 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (63,489,000) | ||||||||||||||||||||
[1] | Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016. | ||||||||||||||||||||
[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 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 one-time tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 9 for further information. |
Condensed Consolidating Guara68
Condensed Consolidating Guarantor Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 27,421 | $ (63,846) | $ 66,821 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (1,568) | 14,321 | (3,174) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 25,853 | (49,525) | 63,647 |
Consolidation, Eliminations [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (63,489) | 14,989 | (107,126) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (63,489) | 14,989 | (107,126) |
Parent Company [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 27,421 | (63,846) | 67,149 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 27,421 | (63,846) | 67,149 |
Guarantor Subsidiaries [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 74,139 | (4,680) | 101,907 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (149) | 31 | (81) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 73,990 | (4,649) | 101,826 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statement of Comprehensive Income Captions [Line Items] | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,650) | (10,309) | 4,891 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | (1,419) | 14,290 | (3,093) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (12,069) | $ 3,981 | $ 1,798 |
Condensed Consolidating Guara69
Condensed Consolidating Guarantor Financial Information Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (14,658) | $ 53,500 | $ 217,095 | |
Costs Incurred For Offshore Supply Vessels Newbuild Program | (18,104) | (76,277) | (190,070) | |
Proceeds from Sale of Property, Plant, and Equipment | 43 | 524 | 152,000 | |
Payments to Acquire Property, Plant, and Equipment | (1,687) | (20,689) | (86,792) | |
Payments to Acquire Other Property, Plant, and Equipment | (1,552) | (569) | (16,487) | |
Net Cash Provided by (Used in) Investing Activities | (21,300) | (97,011) | ||
Proceeds from Lines of Credit | 66,640 | 0 | 0 | |
Repayments of Senior Debt | (5,057) | 0 | 0 | |
Repayments of Convertible Debt | (49,631) | 0 | 0 | |
Payments of Financing Costs | (5,636) | (1,102) | (2,089) | |
Payments Related to Tax Withholding for Share-based Compensation | (575) | (450) | (1,252) | |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 485 | 1,300 | 3,112 | |
Net Cash Provided by (Used in) Financing Activities | 6,226 | (252) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (446) | 989 | (839) | |
Cash and Cash Equivalents, Period Increase (Decrease) | (30,178) | (42,774) | 74,678 | |
Cash and Cash Equivalents, at Carrying Value | 186,849 | 217,027 | 259,801 | $ 185,123 |
Cash Paid for Interest | 52,194 | 50,152 | 50,492 | |
Income Taxes Paid | 3,732 | 4,808 | ||
Proceeds from Income Tax Refunds | (9,042) | |||
Notes Reduction | 127,096 | 0 | 0 | |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Payments of Financing Costs | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
Net Cash Provided by (Used in) Financing Activities | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | |
Cash Paid for Interest | 0 | |||
Income Taxes Paid | 0 | |||
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (6,231) | 251 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | 0 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Payments to Acquire Other Property, Plant, and Equipment | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | ||
Proceeds from Lines of Credit | 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 | (575) | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 485 | 1,300 | ||
Net Cash Provided by (Used in) Financing Activities | 6,226 | (252) | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (5) | (1) | ||
Cash and Cash Equivalents, at Carrying Value | 4 | 9 | 10 | |
Cash Paid for Interest | 52,194 | |||
Income Taxes Paid | 0 | 0 | ||
Notes Reduction | 127,096 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (12,152) | 55,677 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (18,496) | (76,615) | ||
Proceeds from Sale of Property, Plant, and Equipment | 33 | 523 | ||
Payments to Acquire Property, Plant, and Equipment | (1,173) | (19,604) | ||
Payments to Acquire Other Property, Plant, and Equipment | (1,512) | (467) | ||
Net Cash Provided by (Used in) Investing Activities | (21,148) | (96,163) | ||
Proceeds from Lines of Credit | 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 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (150) | 31 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (33,450) | (40,455) | ||
Cash and Cash Equivalents, at Carrying Value | 178,746 | 212,196 | 252,651 | |
Cash Paid for Interest | 0 | 0 | ||
Income Taxes Paid | (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 | 3,725 | (2,428) | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 392 | 338 | ||
Proceeds from Sale of Property, Plant, and Equipment | 10 | 1 | ||
Payments to Acquire Property, Plant, and Equipment | (514) | (1,085) | ||
Payments to Acquire Other Property, Plant, and Equipment | (40) | (102) | ||
Net Cash Provided by (Used in) Investing Activities | (152) | (848) | ||
Proceeds from Lines of Credit | 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 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | (296) | 958 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 3,277 | (2,318) | ||
Cash and Cash Equivalents, at Carrying Value | 8,099 | 4,822 | $ 7,140 | |
Cash Paid for Interest | 0 | |||
Income Taxes Paid | 751 | 2,440 | ||
Notes Reduction | 0 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Proceeds from Lines of Credit | 0 | |||
Repayments of Senior Debt | ||||
Repayments of Convertible Debt | 0 | |||
Payments of Financing Costs | 0 | |||
Payments Related to Tax Withholding for Share-based Compensation | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
Net Cash Provided by (Used in) Financing Activities | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |||
Cash and Cash Equivalents, at Carrying Value | 0 | $ 0 | ||
Cash Paid for Interest | 0 | |||
Income Taxes Paid | 0 | |||
Notes Reduction | $ 0 |
Supplemental Selected Quarter70
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, 2017 | [1],[2] | Sep. 30, 2017 | [1],[2] | Jun. 30, 2017 | [1],[2] | Mar. 31, 2017 | [1],[2] | Dec. 31, 2016 | [2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [2] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||
Vessel revenues | $ 56,241 | $ 53,666 | $ 37,426 | $ 44,079 | $ 41,879 | $ 51,927 | $ 53,673 | $ 76,820 | $ 191,412 | $ 224,299 | $ 476,070 | |||||||||
Operating Income (Loss) | (14,278) | (16,667) | (31,318) | (26,481) | (27,484) | (14,445) | [3] | (21,510) | (780) | [3] | (88,744) | (64,219) | 143,544 | |||||||
Net Income (loss) | $ 93,758 | $ (18,950) | $ (19,489) | $ (27,898) | $ (19,243) | $ (16,503) | $ (20,586) | $ (7,514) | $ 27,421 | $ (63,846) | $ 66,821 | [4] | ||||||||
Earnings (loss) per common share: | ||||||||||||||||||||
Basic earnings (loss) per common share | $ 2.53 | $ (0.51) | $ (0.53) | $ (0.76) | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ 0.74 | $ (1.76) | $ 1.87 | |||||||||
Diluted earnings (loss) per common share, in dollars per share | $ 2.48 | $ (0.51) | $ (0.53) | $ (0.76) | $ (0.53) | $ (0.45) | $ (0.57) | $ (0.21) | $ 0.73 | $ (1.76) | $ 1.84 | |||||||||
[1] | Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016. | |||||||||||||||||||
[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 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 one-time 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 9 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 one-time 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 9 for further information. |
Supplemental Selected Quarter71
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, 2017USD ($)Vessel$ / shares | Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($) | |
Quarterly Financial Information [Line Items] | ||||
Number of Vessels Stacked | Vessel | 42.8 | 41.3 | ||
Average Number of MPSVs Stacked | Vessel | 0.8 | 0 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ | $ 125,225 | $ (125,225) | $ 0 | $ 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) |