Major Customers And Segment Information | 17. MAJOR CUSTOMERS AND SEGMENT INFORMATION During the years ended December 31, 2017 and 2016, Perenco UK Limited was responsible for $26.8 million or 15.2% and $28.4 million or 13.2% , respectively, of the Company’s total consolidated operating revenues. During the year ended December 31, 2015 , no single customer was responsible for more than 10% of the Company’s operating revenues. During the years ended December 31, 2017 , 2016 and 2015 , the ten largest customers of the Company accounted for approximately 59% , 58% and 55% , respectively, of the Company’s operating revenues. The loss of one or more of these customers could have a material adverse effect on the Company’s results of operations and cash flows. For the years ended December 31, 2017 , 2016 and 2015 , approximately 87% , 85% and 68% , respectively, of the Company’s operating revenues and $1.9 million , $(4.2) million and $8.6 million , respectively, of equity in earnings (losses) from 50% or less owned companies, net of tax, were derived from its foreign operations. The Company’s offshore support vessels are highly mobile and regularly and routinely move between countries within a geographic region of the world. In addition, these vessels may be redeployed among the geographic regions, subject to flag restrictions, as changes in market conditions dictate. Because of this asset mobility, operating revenues and long-lived assets in any one country and capital expenditures for long-lived assets and gains or losses on asset dispositions and impairments in any one geographic region are not considered meaningful. The following tables summarize (in thousands) the operating results and property and equipment of the Company’s reportable segments. Direct vessel profit is the Company’s measure of segment profitability, a key metric in assessing the performance of its fleet. Direct vessel profit is defined as operating revenues less direct operating expenses excluding leased-in equipment expense. The Company utilizes direct vessel profit as its primary financial measure to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet. United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the year ended December 31, 2017 Operating Revenues: Time charter $ 18,079 $ 32,866 $ 33,410 $ 2,977 $ 73,213 $ 160,545 Bareboat charter — — — 4,636 — 4,636 Other 4,217 1,080 474 552 2,279 8,602 22,296 33,946 33,884 8,165 75,492 173,783 Direct Costs and Expenses: Operating: Personnel 15,621 13,419 16,883 809 34,768 81,500 Repairs and maintenance 3,594 5,957 9,037 274 8,793 27,655 Drydocking 1,828 2,180 968 — 4,059 9,035 Insurance and loss reserves 3,286 677 1,444 316 801 6,524 Fuel, lubes and supplies 1,485 2,815 3,727 223 3,782 12,032 Other 249 3,319 5,240 117 980 9,905 26,063 28,367 37,299 1,739 53,183 146,651 Direct Vessel Profit (Loss) $ (3,767 ) $ 5,579 $ (3,415 ) $ 6,426 $ 22,309 27,132 Other Costs and Expenses: Operating: Leased-in equipment $ 8,152 $ 3,870 $ 862 $ — $ 64 12,948 Administrative and general 56,217 Depreciation and amortization $ 22,060 $ 9,280 $ 17,724 $ 3,608 $ 10,107 62,779 131,944 Losses on Asset Dispositions and Impairments, Net (23,547 ) Operating Loss $ (128,359 ) As of December 31, 2017 Property and Equipment: Historical cost $ 410,475 $ 192,600 $ 326,378 $ 72,484 $ 177,899 $ 1,179,836 Accumulated depreciation (230,636 ) (57,228 ) (100,435 ) (37,281 ) (134,580 ) (560,160 ) $ 179,839 $ 135,372 $ 225,943 $ 35,203 $ 43,319 $ 619,676 United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the year ended December 31, 2016 Operating Revenues: Time charter $ 28,902 $ 36,706 $ 41,657 $ 196 $ 78,866 $ 186,327 Bareboat charter — — — 8,833 — 8,833 Other 3,954 856 12,230 1,180 2,256 20,476 32,856 37,562 53,887 10,209 81,122 215,636 Direct Costs and Expenses: Operating: Personnel 22,305 12,628 18,381 2,117 39,713 95,144 Repairs and maintenance 2,721 2,628 6,426 232 9,275 21,282 Drydocking 228 1,098 2,117 — 4,378 7,821 Insurance and loss reserves 3,363 539 731 43 1,006 5,682 Fuel, lubes and supplies 1,392 2,512 4,215 21 3,948 12,088 Other 271 2,519 3,247 114 1,180 7,331 30,280 21,924 35,117 2,527 59,500 149,348 Direct Vessel Profit $ 2,576 $ 15,638 $ 18,770 $ 7,682 $ 21,622 66,288 Other Costs and Expenses: Operating: Leased-in equipment $ 7,975 $ 3,898 $ 4,389 $ 913 $ 402 17,577 Administrative and general 49,308 Depreciation and amortization $ 27,052 $ 6,720 $ 11,550 $ 4,083 $ 8,664 58,069 124,954 Losses on Asset Dispositions and Impairments, Net (116,222 ) Operating Loss $ (174,888 ) As of December 31, 2016 Property and Equipment: Historical cost $ 404,226 $ 136,428 $ 197,389 $ 57,744 $ 162,972 $ 958,759 Accumulated depreciation (233,075 ) (60,794 ) (97,433 ) (34,455 ) (114,862 ) (540,619 ) $ 171,151 $ 75,634 $ 99,956 $ 23,289 $ 48,110 $ 418,140 United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the year ended December 31, 2015 Operating Revenues: Time charter $ 111,892 $ 53,724 $ 48,541 $ 17,585 $ 99,148 $ 330,890 Bareboat charter — — — 8,598 — 8,598 Other 6,859 3,528 14,951 1,602 2,440 29,380 118,751 57,252 63,492 27,785 101,588 368,868 Direct Costs and Expenses: Operating: Personnel 52,843 15,677 20,614 7,406 54,066 150,606 Repairs and maintenance 8,697 4,692 8,678 1,237 13,067 36,371 Drydocking 6,430 757 1,275 1,859 7,460 17,781 Insurance and loss reserves 5,193 1,165 1,448 535 1,557 9,898 Fuel, lubes and supplies 6,785 2,705 5,033 673 5,566 20,762 Other 4,456 4,085 7,316 849 1,339 18,045 84,404 29,081 44,364 12,559 83,055 253,463 Direct Vessel Profit $ 34,347 $ 28,171 $ 19,128 $ 15,226 $ 18,533 115,405 Other Costs and Expenses: Operating: Leased-in equipment $ 10,891 $ 4,695 $ 4,364 $ 2,545 $ 14 22,509 Administrative and general 53,085 Depreciation and amortization $ 26,605 $ 8,580 $ 11,209 $ 5,623 $ 9,712 61,729 137,323 Losses on Asset Dispositions and Impairments, Net (17,017 ) Operating Loss $ (38,935 ) As of December 31, 2015 Property and Equipment: Historical cost $ 447,862 $ 144,880 $ 218,927 $ 87,612 $ 203,338 $ 1,102,619 Accumulated depreciation (198,556 ) (71,965 ) (88,722 ) (48,303 ) (139,416 ) (546,962 ) $ 249,306 $ 72,915 $ 130,205 $ 39,309 $ 63,922 $ 555,657 The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of December 31, 2017 , the Company’s investments, at equity and advances to 50% or less owned companies in MexMar and its other 50% or less owned companies were $61.0 million and $31.2 million , respectively (see Note 4). Equity in earnings (losses) of 50% or less owned companies, net of tax for the years ended December 31 were as follows (in thousands): 2017 2016 2015 MexMar $ 10,103 $ 3,556 $ 5,650 Other (6,026 ) (9,870 ) 3,107 $ 4,077 $ (6,314 ) $ 8,757 |