Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'HELIX ENERGY SOLUTIONS GROUP INC | ' | ' |
Entity Central Index Key | '0000866829 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 105,733,623 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $2.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $478,200 | $437,100 |
Accounts receivable - Trade, net of allowance for uncollectible accounts of $2,234 and $5,152, respectively | 156,925 | 152,233 |
Unbilled revenue | 25,732 | 26,992 |
Costs in excess of billing | 1,508 | 6,848 |
Current deferred tax assets | 51,573 | 43,942 |
Other current assets | 29,709 | 52,992 |
Current assets of discontinued operations | ' | 84,000 |
Total current assets | 743,647 | 804,107 |
Property and equipment | 1,959,783 | 2,051,796 |
Less accumulated depreciation | -431,489 | -565,921 |
Property and equipment, net | 1,528,294 | 1,485,875 |
Other assets: | ' | ' |
Equity investments | 157,919 | 167,599 |
Goodwill | 63,230 | 62,935 |
Other assets, net | 51,190 | 49,837 |
Non-current assets of discontinued operations | ' | 816,227 |
Total assets | 2,544,280 | 3,386,580 |
Current liabilities: | ' | ' |
Accounts payable | 72,602 | 92,398 |
Accrued liabilities | 96,482 | 161,514 |
Income tax payable | 760 | ' |
Current maturities of long-term debt | 20,376 | 16,607 |
Current liabilities of discontinued operations | ' | 182,527 |
Total current liabilities | 190,220 | 453,046 |
Long-term debt | 545,776 | 1,002,621 |
Deferred tax liabilities | 265,879 | 359,237 |
Other non-current liabilities | 18,295 | 5,025 |
Non-current liabilities of discontinued operations | ' | 147,237 |
Total liabilities | 1,020,170 | 1,967,166 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, no par, 240,000 shares authorized, 105,640 and 105,763 shares issued, respectively | 933,507 | 932,742 |
Retained earnings | 586,232 | 476,310 |
Accumulated other comprehensive loss | -20,688 | -15,667 |
Total controlling interest shareholders' equity | 1,499,051 | 1,393,385 |
Noncontrolling interests | 25,059 | 26,029 |
Total equity | 1,524,110 | 1,419,414 |
Total liabilities and shareholders' equity | $2,544,280 | $3,386,580 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for uncollectible accounts | $2,234 | $5,152 |
Shareholders' equity: | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 105,640,000 | 105,763,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' |
Net revenues | $876,561 | $846,109 | $702,000 |
Cost of sales: | ' | ' | ' |
Cost of sales | 615,876 | 619,059 | 545,753 |
Asset impairment charges | ' | 177,135 | 6,564 |
Total cost of sales | 615,876 | 796,194 | 552,317 |
Gross profit | 260,685 | 49,915 | 149,683 |
Loss on commodity derivative contracts | -14,113 | -10,507 | ' |
Gain (loss) on sale of assets, net | 14,727 | -13,476 | -6 |
Selling, general and administrative expenses | -82,265 | -94,415 | -86,637 |
Income (loss) from operations | 179,034 | -68,483 | 63,040 |
Equity in earnings of investments | 2,965 | 8,434 | 22,215 |
Other than temporary loss on equity investments | ' | ' | -10,563 |
Net interest expense | -32,898 | -48,160 | -70,181 |
Loss on early extinguishment of long-term debt | -12,100 | -17,127 | -2,354 |
Other income (expense), net | 6 | -662 | -1,147 |
Other income - oil and gas | 6,581 | ' | ' |
Income (loss) before income taxes | 143,588 | -125,998 | 1,010 |
Income tax provision (benefit) | 31,612 | -59,158 | -36,806 |
Net income (loss) from continuing operations | 111,976 | -66,840 | 37,816 |
Income from discontinued operations, net of tax | 1,073 | 23,684 | 95,221 |
Net income (loss), including noncontrolling interests | 113,049 | -43,156 | 133,037 |
Less net income applicable to noncontrolling interests | -3,127 | -3,178 | -3,098 |
Net income (loss) applicable to Helix | $109,922 | ($46,334) | $129,939 |
Basic earnings (loss) per share of common stock: | ' | ' | ' |
Continuing operations | $1.03 | ($0.67) | $0.33 |
Discontinued operations | $0.01 | $0.23 | $0.90 |
Net income (loss) per common share | $1.04 | ($0.44) | $1.23 |
Diluted earnings (loss) per share of common stock: | ' | ' | ' |
Continuing operations | $1.03 | ($0.67) | $0.33 |
Discontinued operations | $0.01 | $0.23 | $0.90 |
Net income (loss) per common share | $1.04 | ($0.44) | $1.23 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 105,032 | 104,449 | 104,528 |
Diluted | 105,184 | 104,449 | 104,953 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss), including noncontrolling interests | $113,049 | ($43,156) | $133,037 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized gain (loss) on hedges arising during the period | -16,847 | -22,773 | 22,551 |
Reclassification adjustments for (gain) loss included in net income | 1,476 | -2,661 | 23,669 |
Reclassification adjustments for loss from derivatives de-designated as cash flow hedges included in net income | ' | 5,524 | ' |
Income taxes on unrealized (gain) loss on hedges | 5,380 | 6,969 | -16,177 |
Unrealized gain (loss) on hedges, net of tax | -9,991 | -12,941 | 30,043 |
Foreign currency translation gain (loss) | 4,970 | 7,291 | -1,002 |
Other comprehensive income (loss), net of taxes | -5,021 | -5,650 | 29,041 |
Comprehensive income (loss) | 108,028 | -48,806 | 162,078 |
Less comprehensive income applicable to noncontrolling interests | -3,127 | -3,178 | -3,098 |
Comprehensive income (loss) applicable to Helix | $104,901 | ($51,984) | $158,980 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2010 | $906,957 | $392,705 | ($39,058) | $1,260,604 | $25,040 | $1,285,644 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2010 | 105,592 | ' | ' | ' | ' | ' |
Net income (loss), including noncontrolling interests | ' | 129,939 | ' | 129,939 | 3,098 | 133,037 |
Foreign currency translation adjustments | ' | ' | -1,002 | -1,002 | ' | -1,002 |
Unrealized gain (loss) on hedges, net | ' | ' | 30,043 | 30,043 | ' | 30,043 |
Stock compensation expense | 8,418 | ' | ' | 8,418 | ' | 8,418 |
Stock repurchases, value | -6,502 | ' | ' | -6,502 | ' | -6,502 |
Stock repurchases, shares | -497 | ' | ' | ' | ' | ' |
Activity in company stock plans, net and other, value | 916 | ' | ' | 916 | ' | 916 |
Activity in company stock plans, net and other, shares | 435 | ' | ' | ' | ' | ' |
Excess tax from stock-based compensation | -1,013 | ' | ' | -1,013 | ' | -1,013 |
Balance at Dec. 31, 2011 | 908,776 | 522,644 | -10,017 | 1,421,403 | 28,138 | 1,449,541 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2011 | 105,530 | ' | ' | ' | ' | ' |
Net income (loss), including noncontrolling interests | ' | -46,334 | ' | -46,334 | 3,178 | -43,156 |
Foreign currency translation adjustments | ' | ' | 7,291 | 7,291 | ' | 7,291 |
Unrealized gain (loss) on hedges, net | ' | ' | -12,941 | -12,941 | ' | -12,941 |
Distributions to noncontrolling interest | ' | ' | ' | ' | -5,287 | -5,287 |
Equity component of debt discount on Convertible Senior Note due 2032 | 22,419 | ' | ' | 22,419 | ' | 22,419 |
Convertible preferred stock conversion, value (Note 2) | 1,000 | ' | ' | 1,000 | ' | 1,000 |
Convertible preferred stock conversion, shares | 362 | ' | ' | ' | ' | ' |
Stock compensation expense | 7,361 | ' | ' | 7,361 | ' | 7,361 |
Stock repurchases, value | -6,415 | ' | ' | -6,415 | ' | -6,415 |
Stock repurchases, shares | -405 | ' | ' | ' | ' | ' |
Activity in company stock plans, net and other, value | 787 | ' | ' | 787 | ' | 787 |
Activity in company stock plans, net and other, shares | 276 | ' | ' | ' | ' | ' |
Excess tax from stock-based compensation | -1,186 | ' | ' | -1,186 | ' | -1,186 |
Balance at Dec. 31, 2012 | 932,742 | 476,310 | -15,667 | 1,393,385 | 26,029 | 1,419,414 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2012 | 105,763 | ' | ' | ' | ' | ' |
Net income (loss), including noncontrolling interests | ' | 109,922 | ' | 109,922 | 3,127 | 113,049 |
Foreign currency translation adjustments | ' | ' | 4,970 | 4,970 | ' | 4,970 |
Unrealized gain (loss) on hedges, net | ' | ' | -9,991 | -9,991 | ' | -9,991 |
Distributions to noncontrolling interest | ' | ' | ' | ' | -4,097 | -4,097 |
Equity component of debt discount on Convertible Senior Note due 2032 | 49 | ' | ' | 49 | ' | 49 |
Stock compensation expense | 7,510 | ' | ' | 7,510 | ' | 7,510 |
Stock repurchases, value | -8,855 | ' | ' | -8,855 | ' | -8,855 |
Stock repurchases, shares | -390 | ' | ' | ' | ' | ' |
Activity in company stock plans, net and other, value | 1,842 | ' | ' | 1,842 | ' | 1,842 |
Activity in company stock plans, net and other, shares | 267 | ' | ' | ' | ' | ' |
Excess tax from stock-based compensation | 219 | ' | ' | 219 | ' | 219 |
Balance at Dec. 31, 2013 | $933,507 | $586,232 | ($20,688) | $1,499,051 | $25,059 | $1,524,110 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2013 | 105,640 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss), including noncontrolling interests | $113,049 | ($43,156) | $133,037 |
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by operating activities | ' | ' | ' |
Income (loss) from discontinued operations, net of tax | -1,073 | -23,684 | -95,221 |
Depreciation and amortization | 98,535 | 97,201 | 91,188 |
Asset impairment charges | ' | 177,135 | 6,564 |
Amortization of deferred financing costs | 5,187 | 9,086 | 8,910 |
Stock-based compensation expense | 8,307 | 7,627 | 6,973 |
Amortization of debt discount | 5,172 | 9,729 | 8,973 |
Deferred income taxes | -24,937 | -69,584 | -4,188 |
Excess tax from stock-based compensation | -219 | 1,186 | 1,013 |
Gain on investment in Cal Dive common stock | ' | ' | -753 |
(Gain) loss on sale of assets, net | -14,727 | 13,476 | 6 |
Loss on early extinguishment of debt | 12,100 | 17,127 | 2,354 |
Other than temporary loss on equity investments | ' | ' | 10,563 |
Unrealized (gain) loss and ineffectiveness on derivative contracts, net | 77 | -250 | 382 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -3,320 | -3,652 | -30,491 |
Other current assets | 14,277 | -10,434 | 18,783 |
Income tax payable | -56,164 | -16,812 | 6,472 |
Accounts payable and accrued liabilities | -32,045 | 73,448 | 23,191 |
Oil and gas asset retirement costs | -10,334 | -37,970 | -4,907 |
Other noncurrent, net | -9,024 | -24,405 | -192 |
Net cash provided by operating activities | 104,861 | 176,068 | 182,657 |
Net cash provided by (used in) discontinued operations | -30,503 | 276,430 | 384,498 |
Net cash provided by operating activities | 74,358 | 452,498 | 567,155 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -324,426 | -323,039 | -100,154 |
Distributions from equity investments, net | 9,295 | 7,797 | 1,266 |
Proceeds from sale of assets | 189,054 | 19,530 | 3,588 |
Net cash used in investing activities | -126,077 | -295,712 | -95,300 |
Net cash provided by (used in) discontinued operations | 582,965 | -120,057 | -87,017 |
Net cash provided by (used in) investing activities | 456,888 | -415,769 | -182,317 |
Cash flows from financing activities: | ' | ' | ' |
Early extinguishment of Senior Unsecured Notes | -281,490 | -209,500 | -77,394 |
Borrowing under revolving credit facility | 47,617 | 100,000 | 109,400 |
Repayment of revolving credit facility | -147,617 | ' | -109,400 |
Issuance of Convertible Senior Notes due 2032 | ' | 200,000 | ' |
Repurchase of Convertible Senior Notes due 2025 | -3,487 | -298,288 | ' |
Proceeds from term loans | 300,000 | 100,000 | ' |
Repayment of term loans | -374,681 | -12,569 | -130,691 |
Repayment of MARAD borrowings | -5,120 | -4,877 | -4,645 |
Deferred financing costs | -10,954 | -7,580 | -9,311 |
Distributions to noncontrolling interest | -4,097 | -5,287 | ' |
Repurchases of common stock | -11,256 | -7,197 | -7,604 |
Excess tax benefit from stock-based compensation | 219 | -1,186 | -1,013 |
Exercise of stock options, net and other | 734 | 1,252 | 763 |
Proceeds from issuance of ESPP shares | 2,711 | ' | ' |
Net cash used in financing activities | -487,421 | -145,232 | -229,895 |
Effect of exchange rate changes on cash and cash equivalents | -2,725 | -860 | 436 |
Net increase (decrease) in cash and cash equivalents | 41,100 | -109,363 | 155,379 |
Cash and cash equivalents: | ' | ' | ' |
Balance, beginning of year | 437,100 | 546,463 | 391,084 |
Balance, end of year | $478,200 | $437,100 | $546,463 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
Note 1 — Organization | |
Effective March 6, 2006, we changed our name from Cal Dive International, Inc. to Helix Energy Solutions Group, Inc. (“Helix” or the “Company”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this Annual Report refer collectively to Helix and its subsidiaries. We are an international offshore energy company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We primarily conduct operations in the Gulf of Mexico, North Sea, Asia Pacific, and West Africa regions. Until June 2009, Cal Dive International, Inc. (collectively with its subsidiaries referred to as “Cal Dive”) was a majority-owned subsidiary of Helix. We sold substantially all of our then remaining ownership interests in Cal Dive during 2009 (Note 2). In February 2013, we sold Energy Resource Technology GOM, Inc. (“ERT”), a former wholly-owned U.S. subsidiary that conducted our oil and gas operations in the Gulf of Mexico. Our former Oil and Gas segment was involved in prospect generation, exploration, development and production activities. | |
Our Operations | |
We seek to provide services and methodologies that we believe are critical to developing offshore reservoirs and maximizing production economics. Our “life of field” services are segregated into four disciplines: well intervention, robotics, subsea construction and production facilities. Historically, we reported our operations as two segments: Contracting Services and Production Facilities. With the completion of the sale of our two remaining subsea construction pipelay vessels and the continued emphasis on growing our well intervention and robotics businesses, we have disaggregated our former Contracting Services segment into three business segments: Well Intervention, Robotics and Subsea Construction (Note 14). Our Subsea Construction activities are now significantly diminished following the sale of substantially all of our existing assets related to this reportable segment. Our Production Facilities segment includes the majority ownership of the Helix Producer I (the “HP I”) vessel as well as our equity investments in Deepwater Gateway, L.L.C. (“Deepwater Gateway”) and Independence Hub, LLC (“Independence Hub”) (Note 5). It also includes the Helix Fast Response System (the “HFRS”), which includes access to our Q4000 and HP I vessels. In 2011, we signed an agreement with Clean Gulf Associates ("CGA"), a non-profit industry group, allowing, in exchange for a retainer fee, the HFRS to be named as a response resource in permit applications to federal and state agencies and making the HFRS available to certain CGA participants who executed utilization agreements with us. In addition, we entered into separate utilization agreements with CGA members that specified the day rates to be charged should the HFRS be deployed in connection with a well control incident. The original set of agreements expired on March 31, 2013, and we entered into a new set of substantially similar agreements with the operators who formed HWCG LLC, a Delaware limited liability company comprised of some of the original CGA members as well as other industry participants to perform the same functions as CGA with respect to the HFRS. These agreements became effective April 1, 2013, and are for a four-year term. | |
Discontinued Operations | |
In December 2012, we announced a definitive agreement for the sale of ERT. On February 6, 2013, we sold ERT for $624 million plus additional consideration in the form of overriding royalty interests in ERT’s Wang well and certain exploration prospects. As a result, we have presented the assets and liabilities included in the sale of ERT and the historical operating results of our former Oil and Gas segment as discontinued operations in the accompanying consolidated financial statements. See Note 3 for additional information regarding our discontinued oil and gas operations and Note 7 regarding the use of a portion of the sale proceeds to reduce our indebtedness under our former credit agreement. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||||||
Note 2 — Summary of Significant Accounting Policies | |||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
Our consolidated financial statements include the accounts of majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership, but have the ability to exert significant influence. We account for our Deepwater Gateway, Independence Hub and former Australian joint venture investments under the equity method of accounting. Noncontrolling interests represent the minority shareholders’ proportionate share of the equity in Kommandor LLC (Note 6). All material intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Certain reclassifications were made to previously-reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. The most significant of these reclassifications are associated with our discontinued oil and gas operations. As noted in Note 1, ERT qualified as discontinued operations following the announcement of the definitive agreement for the sale of ERT. Accordingly, all operations and financial positions related to ERT have been presented as discontinued operations even if they did not qualify as a discontinued operation in that period. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. | |||||||||||||||||||||
Statement of Cash Flow Information | |||||||||||||||||||||
The following table provides supplemental cash flow information for the periods stated (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Interest paid, net of interest capitalized | $ | 39,040 | $ | 68,735 | $ | 81,000 | |||||||||||||||
Income taxes paid | $ | 113,331 | $ | 43,111 | $ | 11,216 | |||||||||||||||
Total non-cash investing activities for the years ended December 31, 2013, 2012 and 2011 include $9.5 million, $51.1 million and $26.1 million, respectively, of accruals for property and equipment capital expenditures. | |||||||||||||||||||||
Accounts Receivable and Allowance for Uncollectible Accounts | |||||||||||||||||||||
Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for uncollectible accounts. The amount of our net accounts receivable approximates fair value. We establish an allowance for uncollectible accounts receivable based on historical experience and any specific customer collection issues that we have identified. Uncollectible accounts receivable are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 15). | |||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
Overview. Property and equipment is recorded at cost. Property and equipment is depreciated on a straight line basis over the estimated useful life of each respective asset. The following is a summary of the gross components of property and equipment (dollars in thousands): | |||||||||||||||||||||
Estimated Useful Life | 2013 | 2012 | |||||||||||||||||||
ROVs/Vessels | 10 to 30 years | $ | 1,671,451 | $ | 1,822,642 | ||||||||||||||||
Machinery, equipment, buildings and leasehold improvements | 5 to 30 years | 288,332 | 229,154 | ||||||||||||||||||
Total property and equipment | $ | 1,959,783 | $ | 2,051,796 | |||||||||||||||||
The cost of repairs and maintenance is charged to expense as incurred, while the cost of improvements is capitalized. Repair and maintenance expense totaled $31.5 million, $39.3 million and $32.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Included in machinery, equipment, buildings and leasehold improvements were $17.5 million and $18.5 million of capitalized software costs ($4.8 million and $6.0 million, net of accumulated amortization) at December 31, 2013 and 2012, respectively. The total amount charged to expense related to the amortization of these software costs was $1.8 million for the year ended December 31, 2013 and $2.6 million during each of the years ended December 31, 2012 and 2011. | |||||||||||||||||||||
Assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment charge in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Our marine vessels are assessed on a vessel by vessel basis, while our remotely operated vehicles (“ROVs”) are grouped and assessed by asset class. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flows validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on assessments of operating costs, project margins and capital project decisions, considering all available information at the date of review. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. These fair value measurements fall within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
In 2011, in connection with the reorganization of our Australian well intervention operations, we conducted an impairment assessment of its well intervention equipment, which resulted in a $6.6 million charge to reduce the carrying value of such well intervention equipment to its then estimated fair value. In 2012, we decided to discontinue our well intervention operations in Australia. We recorded a $4.6 million impairment charge to reduce our well intervention assets in Australia to their fair value of $5.0 million. In 2012, as a result of diminished work opportunities for the Intrepid, we placed the subsea construction vessel in cold-stack mode and later sold the vessel for $14.5 million in cash, which resulted in asset impairment and related loss on disposal charges totaling $28.1 million. Also in 2012, we entered into an agreement to sell our two remaining subsea construction pipelay vessels, the Caesar and the Express, and other related pipelay equipment for a total sales price of $238.3 million. In connection with the announcement of the sale of our remaining subsea construction pipelay vessels and related equipment, we recorded an impairment charge of $157.8 million to reduce the carrying cost of the Caesar and other related pipelay equipment to their respective fair values as determined by the definitive sales agreement. In June 2013, we completed the sale of the Caesar and related equipment for $138.3 million, which amount included $30 million of funds deposited with us at the time the agreement was entered into by the parties. In July 2013, we completed the sale of the Express for $100 million, including the remaining $20 million of previously deposited funds. In June 2013, we entered into an agreement to sell our spoolbase property located in Ingleside, Texas for $45 million to the same group of companies that acquired the Caesar and the Express. In January 2014, we closed the sale of our Ingleside spoolbase. In connection with this sale, we received $15 million in cash, including a $5 million deposit we received at the time the agreement was signed, and hold a $30 million promissory note, in which a $10 million principal reduction in the note’s balance is required to be paid to us on each December 31 in 2014, 2015 and 2016. See Note 3 for disclosure related to the impairment charges associated with certain of our former oil and gas properties. | |||||||||||||||||||||
Assets are classified as held for sale when we have a formalized plan for disposal and those assets meet the held for sale criteria. Our continuing operations had no assets meeting the requirements to be classified as assets held for sale at December 31, 2013 and 2012. | |||||||||||||||||||||
Interest from external borrowings is capitalized on major projects until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful life of the asset in the same manner as the underlying asset. The total of our interest expense capitalized during each of the three years ended December 31, 2013, 2012 and 2011 was $10.4 million, $4.9 million and $1.3 million, respectively. | |||||||||||||||||||||
Equity Investments | |||||||||||||||||||||
We periodically review our equity investments in Deepwater Gateway and Independence Hub for impairment. Under the equity method of accounting, an impairment loss would be recorded whenever the fair value of an equity investment is determined to be below its carrying amount and the reduction is considered to be other than temporary. In judging “other than temporary,” we would consider the length of time and extent to which the fair value of the investment has been less than the carrying amount of the equity investment, the near-term and long-term operating and financial prospects of the equity company and our longer-term intent of retaining the investment in the entity. We previously invested in an Australian joint venture that engaged in well intervention operations in the Southeast Asia region. We fully impaired our investment in that joint venture and recorded a $10.6 million other than temporary impairment charge in 2011. We exited this Australian joint venture in 2012. | |||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||
We are required to perform an annual impairment analysis of goodwill. We elected November 1 to be our annual impairment assessment date for goodwill. However, we could be required to evaluate the recoverability of goodwill prior to the annual assessment date if we experience disruption to the business, unexpected significant declines in operating results, divestiture of a significant component of the business, emergence of unanticipated competition, loss of key personnel or a sustained decline in market capitalization. Our goodwill impairment test involves a comparison of the fair value with our carrying amount. The fair value is determined using discounted cash flows and other market-related valuation models. At the time of our annual assessment of goodwill on November 1, 2013, we had two reporting units with goodwill. | |||||||||||||||||||||
Goodwill impairment is determined using a two-step process. The first step is to identify if a potential impairment exists by comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step of the impairment test is not necessary. However, if the carrying amount of a reporting unit exceeds its fair value, the second step is performed to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. | |||||||||||||||||||||
The second step compares the implied fair value of goodwill with the carrying amount of goodwill. If the implied fair value of goodwill exceeds the carrying amount, then goodwill is not considered impaired. However, if the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination (i.e., the fair value of the reporting unit is allocated to all the assets and liabilities, including any unrecognized intangible assets, as if the reporting unit were acquired in a business combination). | |||||||||||||||||||||
We use both the income approach and the market approach to estimate the fair value of our reporting units under the first step of our goodwill impairment assessment. Under the income approach, a discounted cash flow analysis is performed requiring us to make various judgmental assumptions about future revenue, operating margins, growth rates and discount rates. These judgmental assumptions are based on our budgets, long-term business plans, economic projections, anticipated future cash flows and market place data. Under the market approach, the fair value of each reporting unit is calculated by applying an average peer total invested capital EBITDA (defined as earnings before interest, income taxes and depreciation and amortization) multiple to the upcoming fiscal year’s forecasted EBITDA for each reporting unit. Judgment is required when selecting peer companies that operate in the same or similar lines of business and are potentially subject to the same economic risks. | |||||||||||||||||||||
Our goodwill at December 31, 2013, 2012 and 2011 was associated with our Well Intervention and Robotics segments. In our 2013 goodwill impairment analysis, the fair value of both of our reporting units with goodwill exceeded their respective carrying value. Therefore, we concluded that our goodwill at December 31, 2013 was not impaired. As a result of the adoption of an update issued by the Financial Accounting Standards Board (the “FASB”) in 2011 to simplify goodwill impairment testing, we performed qualitative assessments during 2012 and 2011 to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill. Based on the then current and historical evidence supporting these reporting units’ carrying value being sufficient to maintain their recorded goodwill amounts, we concluded that there was no indication of goodwill impairment and we did not perform the quantitative step one impairment analysis. We continue to monitor the current and future operations of these two reporting units to determine whether or not the quantitative assessment is once again necessary. We conduct the quantitative test at least every three years with the latest such test occurring on November 1, 2013. | |||||||||||||||||||||
The changes in the carrying amount of goodwill are as follows (in thousands): | |||||||||||||||||||||
Well | |||||||||||||||||||||
Intervention | Robotics | Total | |||||||||||||||||||
Balance at December 31, 2011 | $ | 17,108 | $ | 45,107 | $ | 62,215 | |||||||||||||||
Other adjustments (1) | 720 | - | 720 | ||||||||||||||||||
Balance at December 31, 2012 | 17,828 | 45,107 | 62,935 | ||||||||||||||||||
Other adjustments (1) | 295 | - | 295 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 18,123 | $ | 45,107 | $ | 63,230 | |||||||||||||||
(1) Reflects foreign currency adjustment for certain amounts of our goodwill. | |||||||||||||||||||||
Our intangible assets, other than goodwill, consist of intellectual property and patented technology related to our well intervention operations. We amortize these intangible assets on a straight-line basis over their estimated useful life or their legal life, whichever is shorter. At December 31, 2013, our remaining intangible assets, other than goodwill, totaled $1.9 million ($0.6 million, net of accumulated amortization of $1.3 million). Total amortization expense for intangible assets was $0.1 million for each of the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Recertification Costs and Deferred Dry Dock Charges | |||||||||||||||||||||
Our vessels are required by regulation to be recertified after certain periods of time. Recertification costs are incurred while a vessel is in dry dock. In addition, routine repairs and maintenance are performed and at times, major replacements and improvements are performed. We expense routine repairs and maintenance costs as they are incurred. We defer and amortize dry dock and related recertification costs over the length of time for which we expect to receive benefits from the dry dock and related recertification, which is generally 30 months but can be as long as 60 months if the appropriate permitting is obtained. A dry dock and related recertification process typically lasts one to two months, a period during which the vessel is idle and generally not available to earn revenue. Major replacements and improvements that extend the vessel’s economic useful life or functional operating capability are capitalized and depreciated over the vessel’s remaining economic useful life. | |||||||||||||||||||||
As of December 31, 2013 and 2012, capitalized deferred dry dock charges included within “Other assets, net” in the accompanying consolidated balance sheets (Note 4) totaled $24.8 million and $22.7 million, respectively, net of accumulated amortization of $14.5 million and $5.9 million, respectively. During the years ended December 31, 2013, 2012 and 2011, dry dock amortization expense was $14.8 million, $8.6 million and $7.6 million, respectively. | |||||||||||||||||||||
Convertible Preferred Stock | |||||||||||||||||||||
In December 2012, the holder of the remaining $1 million of Convertible Preferred Stock converted it into 361,402 shares of our common stock. We had previously presented the Convertible Preferred Stock below liabilities but not as a component of shareholders’ equity, because we were, under certain instances, required to settle any future conversions in cash. The dividend rate was 4% for 2012 and 2011. Our Convertible Preferred Stock was assessed for inclusion in our diluted earnings per share calculation using the if converted method (see “Earnings Per Share”) below. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Revenues from our services are derived from contracts, which are both short-term and long-term in duration. Our long-term services contracts are contracts that contain either lump-sum, turnkey provisions or provisions for specific time, material and equipment charges, which are billed in accordance with the terms of such contracts. We recognize revenue as it is earned at estimated collectible amounts. Further, we record revenues net of taxes collected from customers and remitted to governmental authorities. | |||||||||||||||||||||
Unbilled revenue represents revenue attributable to work completed prior to period end that has not yet been invoiced. All amounts included in unbilled revenue at December 31, 2013 and 2012 are expected to be billed and collected within one year. | |||||||||||||||||||||
Dayrate Contracts. Revenues generated from specific time, materials and equipment contracts are generally earned on a dayrate basis and recognized as amounts are earned in accordance with contract terms. In connection with these contracts, we may receive revenues for mobilization of equipment and personnel. Revenues related to mobilization are deferred and recognized over the period in which contracted services are performed using the straight-line method. Incremental costs incurred directly for mobilization of equipment and personnel to the contracted site, which typically consist of materials, supplies and transit costs, are also deferred and recognized using the same method. Our policy to amortize the revenues and costs related to mobilization on a straight-line basis over the estimated contract service period is consistent with the general pace of activity, level of services being provided and dayrates being earned over the service period of the contract. Mobilization costs to move vessels when a contract does not exist are expensed as incurred. | |||||||||||||||||||||
Turnkey Contracts. Revenue on significant turnkey contracts is recognized under the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. In determining whether a contract should be accounted for using the percentage-of-completion method, we consider whether: | |||||||||||||||||||||
• | the customer provides specifications for the construction of facilities or for the provision of related services; | ||||||||||||||||||||
• | we can reasonably estimate our progress towards completion and our costs; | ||||||||||||||||||||
• | the contract includes provisions for the enforceable rights regarding the goods or services to be provided, consideration to be received, and the manner and terms of payment; | ||||||||||||||||||||
• | the customer can be expected to satisfy its obligations under the contract; and | ||||||||||||||||||||
• | we can be expected to perform our contractual obligations. | ||||||||||||||||||||
Under the percentage-of-completion method, we recognize estimated contract revenue based on costs incurred to date as a percentage of total estimated costs. Changes in the expected cost of materials and labor, productivity, scheduling and other factors affect the total estimated costs. Additionally, external factors, including weather and other factors outside of our control, may also affect the progress and estimated cost of a project’s completion and, therefore, the timing of income and revenue recognition. We routinely review estimates related to our contracts and reflect revisions to profitability in earnings on a current basis. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when it is first determined. We recognize additional contract revenue related to claims when the claim is probable and legally enforceable. | |||||||||||||||||||||
Whenever we have a contract that qualifies as a loss contract, we estimate the future shortfall between our anticipated future revenues and future costs. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. We consider the undistributed earnings of our principal non-U.S. subsidiaries to be permanently reinvested. | |||||||||||||||||||||
It is our policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. At December 31, 2013, we believe we have appropriately accounted for any unrecognized tax benefits. To the extent we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability, our effective tax rate in a given financial statement period may be affected. | |||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||
Because we operate in various regions in the world, we conduct a portion of our business in currencies other than the U.S. dollar (primarily with respect to Helix Well Ops (U.K.) Limited (“WOUK”)). The functional currency for WOUK is the applicable local currency (British Pound). Previously, our Australian well intervention subsidiary (“WOSEA”) had the Australian Dollar as its functional currency. We ceased operations in Australia in 2012. Results of operations for these subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rate in effect at December 31, 2013 and 2012 and the resulting translation adjustments, which were unrealized gains of $5.0 million and $7.3 million, respectively, are included in accumulated other comprehensive income (loss), a component of shareholders’ equity. All foreign currency transaction gains and losses are recognized currently in the consolidated statements of operations. | |||||||||||||||||||||
Our foreign currency gains (losses) totaling $0.7 million in 2013, $(0.5) million in 2012 and $(2.1) million in 2011 are included in “Other income (expense), net” in the accompanying consolidated statements of operations. These realized amounts are exclusive of any unrealized gains or losses from our foreign currency exchange derivative contracts. | |||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||
Our continuing operations are exposed to market risks associated with interest rates and foreign currency exchange rates. Our risk management activities involve the use of derivative financial instruments to hedge the impact of market risk exposure related to variable interest rates and foreign currency exchange rates. All derivatives are reflected in the accompanying consolidated balance sheets at fair value. | |||||||||||||||||||||
We formally document all relationships between hedging instruments and the related hedged items, as well as our risk management objectives, strategies for undertaking various hedge transactions and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment or forecasted transaction. We also assess, both at the inception of the hedge and on an on-going basis, whether the derivatives that are used in our hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. We discontinue hedge accounting if we determine that a derivative is no longer highly effective as a hedge, or it is probable that a hedged transaction will not occur. If hedge accounting is discontinued because it is probable the hedged transaction will not occur, deferred gains or losses on the hedging instruments are recognized in earnings immediately. If the forecasted transaction continues to be probable of occurring, any deferred gains or losses in accumulated other comprehensive income (loss) are amortized to earnings over the remaining period of the original forecasted transaction. | |||||||||||||||||||||
We engage solely in cash flow hedges. Hedges of cash flow exposure are entered into to hedge a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. Changes in the derivative fair values that are designated as cash flow hedges are deferred to the extent that the hedges are effective. These fair value changes are recorded as a component of accumulated other comprehensive income or loss (a component of shareholders’ equity) until the hedged transactions occur and are recognized in earnings. The ineffective portion of changes in the fair value of cash flow hedges is recognized immediately in earnings. In addition, any change in the fair value of a derivative that does not qualify for hedge accounting is recorded in earnings in the period in which the change occurs. | |||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||
We enter into interest rate swaps from time to time to stabilize cash flows related to our long-term debt subject to variable interest rates. Changes in the fair value of an interest rate swap are deferred to the extent the swap is effective. These changes are recorded as a component of accumulated other comprehensive income (loss) until the anticipated interest payments occur and are recognized in interest expense. The ineffective portion of the interest rate swap, if any, is recognized immediately in earnings within the line titled “Net interest expense.” The amount of ineffectiveness associated with our interest rate swap contracts was immaterial for all periods presented. | |||||||||||||||||||||
Since January 2010, we had interest rate swap contracts to fix the interest rate on $200 million of indebtedness under our former credit facility. The last of these monthly contracts would have matured in January 2014. Under the terms of our former credit facility, we were required to use a portion of the proceeds from the sales of the Caesar, the Express and ERT to make payments to reduce our indebtedness. Because it was probable that we would pay off the corresponding indebtedness before the expiration of our interest rate swaps, we concluded in December 2012 that the swaps no longer qualified as cash flow hedges. Thus, at December 31, 2012, we recorded losses of approximately $0.6 million ($0.4 million net of tax) to reflect the mark-to-market adjustments for changes in the fair values of the interest rate swaps. In February 2013, we settled all of our interest rate swap contracts remaining at December 31, 2012 for $0.6 million. | |||||||||||||||||||||
In September 2013, we entered into interest rate swap contracts to fix the interest rate on $148.1 million of our Term Loan debt (Note 7). These monthly contracts began in October 2013 and extend through October 2016. The fair value of our remaining interest rate swaps was a net liability of $0.3 million and $0.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||||
Because we operate in various regions in the world, we conduct a portion of our business in currencies other than the U.S. dollar. We entered into various foreign currency exchange contracts to stabilize expected cash outflows relating to certain vessel charters that are denominated in British pounds and Norwegian kroner. The aggregate fair value of the foreign exchange contracts was a net liability of $15.0 million at December 31, 2013 and a net asset of $0.1 million at December 31, 2012. | |||||||||||||||||||||
In January 2013, we entered into foreign currency exchange contracts to hedge through September 2017 the foreign currency exposure associated with the Grand Canyon charter payments. In February 2013, we entered into similar foreign currency exchange contracts for the Grand Canyon II and the Grand Canyon III charter payments through July 2019 and February 2020, respectively. These contracts currently qualify for hedge accounting treatment. All of our remaining foreign exchange contracts are not accounted for as hedge contracts and changes in their fair value are being marked-to-market in earnings in each reporting period. We recorded gains (losses) totaling $(0.6) million in 2013, $0.4 million in 2012 and $0.2 million in 2011 associated with foreign exchange contracts not qualifying for hedge accounting. | |||||||||||||||||||||
See Note 16 for more information regarding the accounting for our derivative contracts including our commodity contracts associated with ERT. | |||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
We have shares of restricted stock issued and outstanding, which remain subject to vesting requirements. Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, the undistributed earnings for each period are allocated based on the participation rights of both the common shareholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, we are required to compute earnings per share (“EPS”) amounts under the two class method in periods in which we have earnings from continuing operations. For periods in which we have a net loss we do not use the two class method as holders of our restricted shares are not contractually obligated to share in such losses. | |||||||||||||||||||||
The presentation of basic EPS amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income applicable to Helix common shareholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income included in the numerator excludes the effects of the impact of dilutive common stock equivalents, if any. The computations of the numerator (Income) and denominator (Shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||
Basic: | |||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||
Net income (loss) applicable to Helix | $ | 109,922 | $ | -46,334 | $ | 129,939 | |||||||||||||||
Less: Income from discontinued operations, net of tax | -1,073 | -23,684 | -95,221 | ||||||||||||||||||
Income (loss) from continuing operations | 108,849 | -70,018 | 34,718 | ||||||||||||||||||
Less: Undistributed income allocable to participating securities – continuing operations | -801 | - | -427 | ||||||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,048 | 105,032 | $ | -70,018 | 104,449 | $ | 34,291 | 104,528 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 1,073 | $ | 23,684 | $ | 95,221 | |||||||||||||||
Less: Undistributed income allocable to participating securities – discontinued operations | -8 | - | -1,172 | ||||||||||||||||||
Income applicable to common shareholders – discontinued operations | $ | 1,065 | 105,032 | $ | 23,684 | 104,449 | $ | 94,049 | 104,528 | ||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||
Diluted: | |||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,048 | 105,032 | $ | -70,018 | 104,449 | $ | 34,291 | 104,528 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Share-based awards other than participating securities | - | 152 | - | - | - | 64 | |||||||||||||||
Undistributed income reallocated to participating securities | 1 | - | - | - | 2 | - | |||||||||||||||
Convertible preferred stock | - | - | - | - | 40 | 361 | |||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,049 | 105,184 | $ | -70,018 | 104,449 | $ | 34,333 | 104,953 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 1,073 | 105,184 | $ | 23,684 | 104,449 | $ | 95,221 | 104,953 | ||||||||||||
We had net losses from continuing operations for the year ended December 31, 2012. Accordingly, our diluted EPS calculation for 2012 was equivalent to our basic EPS calculation because it excluded any assumed exercise or conversion of common stock equivalents because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in those respective years. Shares that otherwise would have been included in the diluted per share calculations for the year ended December 31, 2012, assuming we had earnings from continuing operations, are as follows (in thousands): | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Diluted shares (as reported) | 104,449 | ||||||||||||||||||||
Share-based awards | 382 | ||||||||||||||||||||
Convertible preferred stock | 334 | ||||||||||||||||||||
Total | 105,165 | ||||||||||||||||||||
The diluted EPS calculation also excluded dividends and related costs associated with the convertible preferred stock that otherwise would have been added back to net income if assumed conversion of the shares was dilutive during the year. | |||||||||||||||||||||
No diluted shares were included for the 2032 Notes for the years ended December 31, 2013 and 2012 as the conversion price of $25.02 (and conversion trigger of $32.53 per share) was not met in either period, and because we have the right to settle any such future conversions in cash at our sole discretion (Note 7). No diluted shares were included for the 2025 Notes as the conversion price of $32.14 (and conversion trigger of $38.57 per share) was not met in the years ended December 31, 2012 and 2011. | |||||||||||||||||||||
Major Customers and Concentration of Credit Risk | |||||||||||||||||||||
The market for our products and services is primarily the offshore oil and gas industry. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and gas prices that are subject to many external factors which may contribute to significant volatility. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, alternative (renewable) energy companies and offshore engineering and construction firms. We perform ongoing credit evaluations of our customers and provide allowances for probable credit losses when necessary. The percent of consolidated revenue from major customers, those whose total represented 10% or more of our consolidated revenues is as follows: 2013 — Shell (14%); 2012 — Shell (12%) and 2011 — Shell (10%). Most of the revenues from Shell were generated by our Well Intervention segment. We provided services to over 65 customers in 2013. | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Current fair value accounting standards define fair value, establish a consistent framework for measuring fair value and expand disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. These standards also clarify that fair value is an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. These fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||
• | Level 1. Observable inputs such as quoted prices in active markets; | ||||||||||||||||||||
• | Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||||||
• | Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||||||
Assets and liabilities measured at fair value are based on one or more of three valuation techniques as follows: | |||||||||||||||||||||
(a) | Market Approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||||||||||||||||||||
(b) | Cost Approach. Amount that would be required to replace the service capacity of an asset (replacement cost). | ||||||||||||||||||||
(c) | Income Approach. Techniques to convert expected future cash flows to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models). | ||||||||||||||||||||
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, our long-term debt and various derivative instruments. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the highly liquid nature of these instruments. The following table provides additional information related to other financial instruments measured at fair value on a recurring basis at December 31, 2013 (in thousands): | |||||||||||||||||||||
Level 1 | Level 2 (1) | Level 3 | Total | Valuation Technique | |||||||||||||||||
Assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | – | $ | 69 | $ | – | $ | 69 | (c) | ||||||||||||
Interest rate swaps | – | 446 | – | 446 | (c) | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Fair value of long-term debt (2) | 536,213 | 109,474 | – | 645,687 | (a) | ||||||||||||||||
Foreign exchange contracts | – | 15,071 | – | 15,071 | (c) | ||||||||||||||||
Interest rate swaps | – | 746 | – | 746 | (c) | ||||||||||||||||
Total net liability | $ | 536,213 | $ | 124,776 | $ | – | $ | 660,989 | |||||||||||||
(1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. | |||||||||||||||||||||
(2) See Note 7 for additional information regarding our long-term debt. The fair value of our long-term debt at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value (e) | Value | Value (e) | ||||||||||||||||||
Term Loans (mature July 2015) (a) | $ | - | $ | - | $ | 367,181 | $ | 368,295 | |||||||||||||
Revolving Credit Facility (matures July 2015) (a) | - | - | 100,000 | 100,000 | |||||||||||||||||
Term Loan (matures June 2018) | 292,500 | 293,963 | - | - | |||||||||||||||||
2025 Notes (mature December 2025) (b) | - | - | 3,487 | 3,487 | |||||||||||||||||
2032 Notes (mature March 2032) (c) | 200,000 | 242,250 | 200,000 | 239,320 | |||||||||||||||||
Senior Unsecured Notes (mature January 2016) (d) | - | - | 274,960 | 283,209 | |||||||||||||||||
MARAD Debt (matures February 2027) | 100,168 | 109,474 | 105,288 | 123,187 | |||||||||||||||||
Total debt | $ | 592,668 | $ | 645,687 | $ | 1,050,916 | $ | 1,117,498 | |||||||||||||
(a) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in June 2013. | |||||||||||||||||||||
(b) This remaining amount was repurchased by us in February 2013. | |||||||||||||||||||||
(c) Carrying value excludes the related unamortized debt discount of $26.5 million at December 31, 2013. | |||||||||||||||||||||
(d) We redeemed our remaining Senior Unsecured Notes in July 2013. | |||||||||||||||||||||
(e) The estimated fair value of all debt, other than the MARAD debt, was determined using Level 1 inputs using the market approach. The fair value of the MARAD debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other governmental obligations in the marketplace with similar terms. The fair value of the MARAD Debt was estimated using Level 2 fair value inputs using the market approach. | |||||||||||||||||||||
Debt Discount | |||||||||||||||||||||
On January 1, 2009, we recorded a discount of $60.2 million related to our Convertible Senior Notes due 2025 (the “2025 Notes”) as required. To arrive at this discount amount, we estimated the fair value of the liability component of the 2025 Notes as of the date of their issuance (March 30, 2005) using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of issuance and an expected life of 7.75 years, which represented the earliest period that the holders could require us to repurchase the 2025 Notes (Note 7). The discount related to our 2025 Notes became fully amortized in December 2012. | |||||||||||||||||||||
In connection with the issuance of our Convertible Senior Notes due 2032 (the “2032 Notes”), we recorded a discount of $35.4 million under existing accounting requirements. To arrive at this discount amount, we estimated the fair value of the liability component of the 2032 Notes as of the date of their issuance (March 12, 2012) using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of issuance and an expected life of 6.0 years. In selecting the expected life, we selected the earliest date that the holders could require us to repurchase all or a portion of the 2032 Notes (March 15, 2018). The remaining unamortized amount of the discount of the 2032 Notes was $26.5 million at December 31, 2013 (Note 7). | |||||||||||||||||||||
Investment Available for Sale | |||||||||||||||||||||
In 2009 we sold substantially all of our owned shares of the publicly-traded Cal Dive common stock for net proceeds of $418.2 million, net of underwriting fees. Following these sale transactions, we owned 0.5 million shares of Cal Dive common stock, representing less than 1% of the total outstanding shares of Cal Dive. Accordingly we classified our remaining interest in Cal Dive as an investment available for sale. As an investment available for sale, the value of our remaining interest was marked-to-market at each period end with the corresponding change in value being reported as a component of accumulated other comprehensive income (loss) in the accompanying consolidated balance sheet. In March 2011, we sold our remaining 0.5 million shares of Cal Dive common stock on the open market for gross proceeds of $3.6 million resulting in a pre-tax gain of $0.8 million. | |||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
We do not expect any recent accounting standards to have a material impact on our financial position, results of operations or cash flows. | |||||||||||||||||||||
Oil_And_Gas_Properties
Oil And Gas Properties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Oil And Gas Properties [Abstract] | ' | |||||||
Oil And Gas Properties | ' | |||||||
Note 3 — Oil and Gas Properties | ||||||||
Results of Discontinued Operations | ||||||||
In December 2012, we announced a definitive agreement for the sale of ERT. On February 6, 2013, we sold ERT for $624 million plus additional consideration in the form of overriding royalty interests in ERT’s Wang well and certain exploration prospects. As a result, we have presented the assets and liabilities included in the sale of ERT and the historical operating results of our former Oil and Gas segment as discontinued operations in the accompanying consolidated financial statements. | ||||||||
The following summarized financial information relates to ERT, which is reported as “Income (loss) from discontinued operations, net of tax” in the accompanying consolidated statements of operations (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 (1) | 2012 | 2011 | ||||||
Revenues | $ | 48,847 | $ | 557,231 | $ | 696,607 | ||
Costs: | ||||||||
Production (lifting) costs | 16,017 | 164,663 | 176,269 | |||||
Hurricane repair expense | - | 662 | -4,838 | |||||
Exploration expenses | 3,514 | 3,295 | 10,914 | |||||
Depreciation, depletion, amortization and accretion | 1,226 | 158,284 | 219,915 | |||||
Proved property impairment and abandonment (2) | -152 | 151,045 | 113,439 | |||||
(Gain) loss on sale of oil and gas properties | - | 1,714 | -4,531 | |||||
Hedge ineffectiveness and non-hedge gain on commodity derivative contracts | - | -5,550 | - | |||||
Selling, general and administrative expenses | 1,229 | 17,823 | 12,951 | |||||
Net interest expense and other (3) | 2,732 | 28,191 | 25,558 | |||||
Total costs | 24,566 | 520,127 | 549,677 | |||||
Pretax income from discontinued operations | 24,281 | 37,104 | 146,930 | |||||
Income tax provision | 8,499 | 13,420 | 51,709 | |||||
Income from operations of discontinued operations | 15,782 | 23,684 | 95,221 | |||||
Loss on sale of business, net of tax | -14,709 | - | - | |||||
Income from discontinued operations, net of tax | $ | 1,073 | $ | 23,684 | $ | 95,221 | ||
(1) Results for 2013 reflect the operating results from January 1, 2013 through February 6, 2013 when ERT was sold. There were no material results of operations for our former oil and gas segment subsequent to the sale of ERT. | ||||||||
(2) Results for 2012 include a charge of $138.6 million to reduce our carrying value of ERT to its estimated fair value less costs to sell. | ||||||||
(3) Net interest expense of $2.7 million, $27.7 million and $25.2 million for the years ended December 31, 2013, 2012 and 2011, respectively, was allocated to ERT and primarily consisted of interest associated with indebtedness directly attributed to the substantial oil and gas acquisition made in 2006. This includes interest related to debt required to be repaid upon the disposition of ERT. | ||||||||
Revenue Recognition for Royalty Interests | ||||||||
Revenues from royalty interests are recognized according to monthly oil and gas production on an entitlement basis. Revenues for royalty interests are reflected in “Other income – oil and gas” in the accompanying consolidated statements of operations. | ||||||||
United Kingdom Property | ||||||||
Since 2006, we have maintained an ownership interest in the Camelot field, located offshore in the North Sea. Modifications to U.K. regulations governing such operations required us to reassess our existing abandonment plan and cost estimates in 2011. The results of this review concluded that the scope of work to be performed in the abandoning of the wells in the field would be significantly expanded and as a result our cost estimates significantly increased. Based on our abandonment plan, we increased the asset retirement obligation by recording a corresponding $20.0 million charge to expense. At December 31, 2011, the remaining asset retirement obligation for the Camelot field was $27.3 million and our plan was to fully abandon the field in 2012 in accordance with applicable regulations in the United Kingdom. | ||||||||
During 2012, we recorded $15.5 million of additional charges to expense to reflect further increases in our estimated costs to complete our abandonment activities at Camelot, including the removal of certain environmentally sensitive materials. At December 31, 2012, the recorded asset retirement obligation for the Camelot field was $2.9 million. | ||||||||
During 2013, we recorded a $1.6 million charge reflecting the estimated final costs to complete our abandonment activities at Camelot. We completed the reclamation activities for this offshore property in 2013, including removing and appropriately disposing of all the related structures, and the plugging and abandoning of all the wells associated with the property. At December 31, 2013, the recorded asset retirement obligation was $1.1 million. | ||||||||
Separately, we retained the reclamation obligations associated with one property located in the Gulf of Mexico pursuant to the terms of the ERT sale transaction. During 2013, we paid $5.2 million for our pro-rata share of the costs to complete the reclamation of this property. | ||||||||
The operating results and financial position associated with our U.K. property do not qualify for discontinued operations accounting treatment as this property was not classified as held for sale, and thus are reflected as continuing operations in our consolidated financial statements for all periods presented. Other than the impairment charges and asset retirement costs described above, the operating results associated with the Camelot field were immaterial for all periods presented in this Annual Report. | ||||||||
Details_Of_Certain_Accounts
Details Of Certain Accounts | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Details Of Certain Accounts [Abstract] | ' | |||||
Details Of Certain Accounts | ' | |||||
Note 4 — Details of Certain Accounts | ||||||
Other current assets consisted of the following as of December 31, 2013 and 2012 (in thousands): | ||||||
2013 | 2012 | |||||
Other receivables | $ | 785 | $ | 1,086 | ||
Prepaid insurance | 7,038 | 11,999 | ||||
Other prepaids | 12,999 | 11,751 | ||||
Spare parts inventory | 1,038 | 2,480 | ||||
Income tax receivable | - | 14,201 | ||||
Derivative assets (Note 16) | 69 | 5,946 | ||||
Other | 7,780 | 5,529 | ||||
Total other current assets | $ | 29,709 | $ | 52,992 | ||
Other assets, net, consisted of the following as of December 31, 2013 and 2012 (in thousands): | ||||||
2013 | 2012 | |||||
Deferred dry dock expenses, net (Note 2) | $ | 24,756 | $ | 22,704 | ||
Deferred financing costs, net (Note 7) | 24,297 | 24,338 | ||||
Intangible assets with finite lives, net | 622 | 491 | ||||
Other | 1,515 | 2,304 | ||||
Total other assets, net | $ | 51,190 | $ | 49,837 | ||
Accrued liabilities consisted of the following as of December 31, 2013 and 2012 (in thousands): | ||||||
2013 | 2012 | |||||
Accrued payroll and related benefits | $ | 50,527 | $ | 51,561 | ||
Current asset retirement obligations | 2,024 | 2,898 | ||||
Unearned revenue (1) | 19,608 | 6,137 | ||||
Billing in excess of cost | 1,677 | 6,445 | ||||
Accrued interest (2) | 4,187 | 17,451 | ||||
Derivative liability (Note 16) | 2,651 | 16,266 | ||||
Taxes payable excluding income tax payable | 4,811 | 5,164 | ||||
Pipelay assets sale deposit (Note 2) | 5,000 | 50,000 | ||||
Other | 5,997 | 5,592 | ||||
Total accrued liabilities | $ | 96,482 | $ | 161,514 | ||
(1) Increase primarily reflects fees associated with the mobilization of the Skandi Constructor to West Africa in December 2013. These fees will be amortized and recognized as revenue in the first quarter of 2014 as the project work associated with the mobilization is performed. | ||||||
(2) Accrued interest at December 31, 2012 includes $12.2 million associated with our then remaining Senior Unsecured Notes which were fully redeemed in July 2013. | ||||||
Equity_Investments
Equity Investments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Investments [Abstract] | ' | |||||||
Equity Investments | ' | |||||||
Note 5 — Equity Investments | ||||||||
As of December 31, 2013, we had two investments that we account for using the equity method of accounting: Deepwater Gateway and Independence Hub, both of which are included in our Production Facilities segment. | ||||||||
Deepwater Gateway, L.L.C. In June 2002, we, along with Enterprise Products Partners L.P. (”Enterprise”), formed Deepwater Gateway, each with a 50% interest, to design, construct, install, own and operate a tension leg platform production hub primarily for Anadarko Petroleum Corporation's Marco Polo field in the Deepwater Gulf of Mexico. Our investment in Deepwater Gateway totaled $85.8 million and $91.4 million as of December 31, 2013 and 2012, respectively (including capitalized interest of $1.3 million and $1.3 million at December 31, 2013 and 2012, respectively). | ||||||||
Independence Hub, LLC. In December 2004, we acquired a 20% interest in Independence Hub, an affiliate of Enterprise. Independence Hub owns the "Independence Hub" platform located in Mississippi Canyon Block 920 in a water depth of 8,000 feet. Our investment in Independence Hub was $72.1 million and $76.2 million as of December 31, 2013 and 2012, respectively (including capitalized interest of $4.3 million and $4.6 million at December 31, 2013 and 2012, respectively). | ||||||||
We received the following distributions from our equity method investments during the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Deepwater Gateway | $ | 7,600 | $ | 8,157 | $ | 7,600 | ||
Independence Hub | 4,660 | 8,073 | 18,580 | |||||
Total | $ | 12,260 | $ | 16,230 | $ | 26,180 | ||
In February 2010, we announced the formation of a joint venture with an Australian-based engineering and construction company, Clough Limited (“Clough”), to provide a range of subsea services to offshore operators in the Asia Pacific region. Our contribution to the joint venture totaled $2.7 million in 2011 and our share of the income associated with the Australian joint venture’s operations was $2.1 million. | ||||||||
In December 2011, the marine construction and offshore engineering operations of Clough were acquired by a third party, including Clough’s 50% ownership interest in the joint venture. At December 31, 2011, we conducted an impairment assessment of our investment in the joint venture based on uncertainties concerning the continued availability of the Normand Clough and the limited backlog of existing projects at the time. We concluded that the $10.6 million carrying amount of the investment in the joint venture was fully impaired and recorded a $10.6 million other than temporary impairment charge in the accompanying consolidated statements of operations. | ||||||||
In the first quarter of 2012, we recorded additional losses totaling $3.8 million, including a $3.0 million fee when we negotiated our exit from the joint venture. In April 2012, we paid this fee. In connection with our exit, we were entitled to 50% of the value of certain of the net assets on hand at the time of our departure. We received approximately $3.7 million of proceeds for our pro rata portion of such assets of the joint venture, which was recorded as income in “Equity in earnings of investments” during the second quarter of 2012. We are no longer a participant in this Australian joint venture. | ||||||||
The summarized aggregated financial information related to the equity method investment is as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Revenues | $ | 32,942 | $ | 53,159 | $ | 193,521 | ||
Operating income | 10,058 | 30,463 | 97,954 | |||||
Net income | 10,058 | 30,463 | 93,215 | |||||
December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Current assets | $ | 10,314 | $ | 16,682 | $ | 39,754 | ||
Total assets | 508,495 | 537,251 | 591,761 | |||||
Current liabilities | 90 | 706 | 11,012 | |||||
Total liabilities | 5,006 | 5,320 | 27,163 | |||||
Kommandor_LLC
Kommandor LLC | 12 Months Ended |
Dec. 31, 2013 | |
Kommandor LLC [Abstract] | ' |
Kommandor LLC | ' |
Note 6 — Kommandor LLC | |
In October 2006, we partnered with Kommandor RØMØ, a Danish corporation, to form Kommandor LLC, a Delaware limited liability company, the purpose of which was to convert a ferry vessel into a ship-shaped dynamically-positioned floating production unit vessel. Upon completion of the conversion in April 2009, the vessel, (the HP I) was leased to us under a bareboat charter. We subsequently installed topside oil and gas processing equipment, at 100% our cost, that allows the HP I to serve as a floating production system. The HP I will primarily service fields in the Deepwater of the Gulf of Mexico. In June 2010, the HP I was certified for use as a floating production unit by the U.S. Coast Guard. The HP I initially participated in the Macondo well control and containment efforts. Subsequently, the HP I mobilized to the Phoenix field where production commenced in October 2010. The HP I is under contract with ERT to service the Phoenix field through at least December 31, 2016. | |
The total cost of the conversion of the vessel was $148.7 million. The total cost of us to install the topside oil and gas processing facilities was $196.2 million. | |
We have recently reached agreement with Kommandor RØMØ to acquire its noncontrolling interests in Kommandor LLC for $20.1 million. | |
The consolidated results of Kommandor LLC are included in our Production Facilities segment. We owned approximately 81% of Kommandor LLC at December 31, 2013. | |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||||
Long-Term Debt | ' | |||||||||||||
Note 7 — Long-Term Debt | ||||||||||||||
Long-term debt consisted of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Term Loans (mature July 2015) | $ | - | $ | 367,181 | ||||||||||
Revolving Credit Facility (matures July 2015) | - | 100,000 | ||||||||||||
Term Loan (matures June 2018) | 292,500 | - | ||||||||||||
2025 Notes (mature December 2025) | - | 3,487 | ||||||||||||
2032 Notes (mature March 2032) | 200,000 | 200,000 | ||||||||||||
Senior Unsecured Notes (mature January 2016) | - | 274,960 | ||||||||||||
MARAD Debt (matures February 2027) | 100,168 | 105,288 | ||||||||||||
Unamoritized debt discount | -26,516 | -31,688 | ||||||||||||
Total debt | 566,152 | 1,019,228 | ||||||||||||
Less current maturities | -20,376 | -16,607 | ||||||||||||
Long-term debt | $ | 545,776 | $ | 1,002,621 | ||||||||||
Credit Agreement | ||||||||||||||
In June 2013, we entered into a Credit Agreement (the “Credit Agreement”) with a group of lenders pursuant to which we may borrow up to $300 million in a term loan (the “Term Loan”) and may borrow revolving loans (the “Revolving Loans”) under a revolving credit facility up to an outstanding amount of $600 million (the “Revolving Credit Facility”). The Revolving Credit Facility also permits us to obtain letters of credit up to the full amount of the Revolving Credit Facility. Subject to customary conditions, we may request an increase of up to $200 million in aggregate commitments with respect to the Revolving Credit Facility, additional term loans or a combination thereof. In July 2013, we borrowed $300 million under the Term Loan in connection with our early redemption of the remaining $275 million Senior Unsecured Notes outstanding (see “Senior Unsecured Notes” below). | ||||||||||||||
The Term Loan and the Revolving Loans (together, the “Loans”), at our election, will bear interest either in relation to the base rate established by Bank of America N.A. or to a LIBOR rate, provided that all Swing Line Loans (as defined in the Credit Agreement) will be base rate loans. The Term Loan currently bears interest at the LIBOR Rate plus 2.5%. In September 2013, we entered into interest rate swap contracts to fix the interest rate on $148.1 million of the Term Loan (Note 16). | ||||||||||||||
The Loans or portions thereof bearing interest at the base rate will bear interest at a per annum rate equal to the base rate plus a margin ranging from 1.00% to 2.00%. The Loans or portions thereof bearing interest at a LIBOR rate will bear interest at the LIBOR rate selected by us plus a margin ranging from 2.00% to 3.00%. A letter of credit fee is payable by us equal to our applicable margin for LIBOR rate Loans multiplied by the daily amount available to be drawn under outstanding letters of credit. Margins on the Loans will vary in relation to the consolidated coverage ratio, as provided by the Credit Agreement. We also pay a fixed commitment fee of 0.5% on the unused portion of our Revolving Credit Facility. At December 31, 2013, our availability under the Revolving Credit Facility totaled $584.2 million, net of $15.8 million of letters of credit issued. | ||||||||||||||
The Term Loan is repayable in scheduled principal installments of 5% in each of the initial two loan years ($15 million per year), and 10% in each of the remaining three loan years ($30 million per year), payable quarterly, with a balloon payment of $180 million at maturity. These installment amounts are subject to adjustment for any prepayments on the Term Loan. We may elect to prepay amounts outstanding under the Term Loan without premium or penalty, but may not reborrow any amounts prepaid. We may prepay amounts outstanding under the Revolving Loans without premium or penalty, and may reborrow any amounts paid up to the amount of the Revolving Credit Facility. The Loans mature on June 19, 2018. In certain circumstances, we will be required to prepay the Loans. | ||||||||||||||
The Credit Agreement and the other documents entered into in connection with the Credit Agreement (together, the “Loan Documents”) include terms and conditions, including covenants, which we consider customary for this type of transaction. The covenants include restrictions on our and our subsidiaries’ ability to grant liens, incur indebtedness, make investments, merge or consolidate, sell or transfer assets, pay dividends and incur capital expenditures. In addition, the Credit Agreement obligates us to meet certain financial ratios, including the Consolidated Interest Coverage Ratio and the Consolidated Leverage Ratio (as defined in the Credit Agreement). We may designate one of our existing foreign subsidiaries, and any newly established foreign subsidiaries, as subsidiaries that are not generally subject to the covenants in the Credit Agreement (the “Unrestricted Subsidiaries”), provided we meet certain liquidity requirements, in which case the EBITDA of the Unrestricted Subsidiaries is not included in the calculations for our financial covenants. Our obligations under the Credit Agreement are guaranteed by our domestic subsidiaries (except Cal Dive I – Title XI, Inc.) and Canyon Offshore Limited. Our obligations under the Credit Agreement, and of the guarantors under their guaranty, are secured by most of our assets and assets of the guarantors and Canyon Offshore Limited, plus pledges of up to two thirds of the shares of certain foreign subsidiaries. | ||||||||||||||
Former Credit Facility | ||||||||||||||
Our former credit facility also contained both term loan and revolving loan components. This indebtedness was scheduled to mature on July 1, 2015. In February 2013, we repaid $318.4 million of borrowings outstanding under our former credit facility with the proceeds from the sale of ERT. In connection with the repayment of this debt in February 2013, we recorded a $2.9 million charge to accelerate a pro rata portion of the deferred financing costs associated with our former term loan debt. This charge is reflected as a component of “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. | ||||||||||||||
In June 2013, we fully repaid the remaining $70.3 million of indebtedness outstanding under our former credit facility. Prior to that repayment, the principal amounts outstanding were reduced by the repayment of $80.1 million of the proceeds from the sale of the Caesar in June 2013 (Note 2). Our former credit facility was replaced by our new Credit Agreement in June 2013. In connection with the repayment and termination of our former credit agreement, we recorded a $0.6 million charge to accelerate the remaining deferred financings costs associated with our indebtedness under the term loan component of our former credit facility. This charge is also a component of “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. | ||||||||||||||
Senior Unsecured Notes | ||||||||||||||
In December 2007, we issued $550 million of 9.5% Senior Unsecured Notes due 2016 (the “Senior Unsecured Notes”). Interest on the Senior Unsecured Notes was payable semi-annually in arrears on each January 15 and July 15, commencing July 15, 2008. The Senior Unsecured Notes were fully and unconditionally guaranteed by substantially all of our existing restricted domestic subsidiaries, except for Cal Dive I-Title XI, Inc. The Indenture governing the Senior Unsecured Notes provided that, prior to their stated maturity, we may redeem all or a portion of the Senior Unsecured Notes on no less than 30 days’ and no more than 60 days’ prior notice at the redemption prices (expressed as percentages of the principal amount) set forth below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date. | ||||||||||||||
Year | Redemption Price | |||||||||||||
2013 | 102.375% | |||||||||||||
2014 and thereafter | 100.000% | |||||||||||||
In 2011, we purchased a portion of our Senior Unsecured Notes that resulted in the early extinguishment of an aggregate $75.0 million of those notes. In these transactions we paid an aggregate amount of $77.4 million, including $75.0 million in principal and $2.4 million in premium. We also paid the accrued interest on these Senior Unsecured Notes totaling $0.8 million and we recorded a $0.9 million charge to interest expense to accelerate a pro rata portion of the deferred financing costs associated with the issuance of the Senior Unsecured Notes in 2007. | ||||||||||||||
At December 31, 2011, we had $475.0 million of Senior Unsecured Notes outstanding. In March 2012, we purchased $200.0 million of the balance then outstanding of our Senior Unsecured Notes. For this purchase, we paid a total of $213.5 million, including $200.0 million in principal, a $9.5 million call premium and $4.0 million of accrued and unpaid interest. This purchase resulted in a loss on early extinguishment of debt totaling $11.5 million, which reflects the $9.5 million call premium and a $2.0 million charge to accelerate a pro rata portion of the deferred financing costs associated with the issuance of the Senior Unsecured Notes. The loss on this early extinguishment of these notes is reflected as a component of “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. | ||||||||||||||
At December 31, 2012, we had $275.0 million of Senior Unsecured Notes outstanding. In June 2013, we elected to redeem our remaining Senior Unsecured Notes. On July 22, 2013, we paid $282.0 million to fully redeem the Senior Unsecured Notes, including $275.0 million with respect to the principal amount outstanding, $6.5 million of call premium and $0.5 million in accrued and unpaid interest. Our 2013 results of operations include a loss on early extinguishment of debt totaling $8.6 million, which reflects the $6.5 million call premium and a $2.1 million charge to accelerate the remaining deferred financing costs associated with the original issuance of the Senior Unsecured Notes. | ||||||||||||||
Convertible Senior Notes Due 2032 | ||||||||||||||
In March 2012, we completed a public offering and sale of $200.0 million in aggregate principal amount of 3.25% Convertible Senior Notes due 2032. The net proceeds from the issuance of the 2032 Notes were $195.0 million, after deducting the underwriter’s discounts and commissions and offering expenses. We used the net proceeds to repurchase and retire $142.2 million of aggregate principal amount of the 2025 Notes (see below) in separate, privately negotiated transactions. The remaining net proceeds were used for other general corporate purposes, including the repayment of other indebtedness. | ||||||||||||||
The 2032 Notes bear interest at a rate of 3.25% per annum, and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2012. The 2032 Notes will mature on March 15, 2032, unless earlier converted, redeemed or repurchased. The 2032 Notes are convertible in certain circumstances and during certain periods at an initial conversion rate of 39.9752 shares of common stock per $1,000 principal amount (which represents an initial conversion price of approximately $25.02 per share of common stock), subject to adjustment in certain circumstances as set forth in the Indenture governing the 2032 Notes. The initial conversion price represents a conversion premium of 35.0% over the closing price of our common stock on March 6, 2012 of $18.53 per share. | ||||||||||||||
Prior to March 20, 2018, the 2032 Notes are not redeemable. On or after March 20, 2018, we, at our option, may redeem some or all of the 2032 Notes in cash, at any time, upon at least 30 days’ notice at a price equal to 100% of the principal amount plus accrued and unpaid interest (including contingent interest, if any) up to but excluding the redemption date. In addition, holders may require us to purchase in cash some or all of their 2032 Notes at a repurchase price equal to 100% of the principal amount of the 2032 Notes, plus accrued and unpaid interest (including contingent interest, if any) up to but excluding the applicable repurchase date, on March 15, 2018, March 15, 2022 and March 15, 2027, or, subject to specified exceptions, at any time prior to the 2032 Notes’ maturity following a fundamental change (as defined in the governing indenture). | ||||||||||||||
In connection with the issuance of the 2032 Notes, we recorded a discount of $35.4 million as required under existing accounting rules. To arrive at this discount amount, we estimated the fair value of the liability component of the 2032 Notes as of the date of their issuance (March 12, 2012) using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of issuance and an expected life of 6.0 years. In selecting the expected life, we selected the earliest date that the holder could require us to repurchase all or a portion of the 2032 Notes (March 15, 2018). The effective interest rate for the 2032 Notes is 6.9% after considering the effect of the accretion of the related debt discount that represented the equity component of the 2032 Notes at their inception. | ||||||||||||||
Our weighted average share price for 2013 and 2012 was below the $25.02 per share conversion price (and conversion trigger of $32.53 per share). As a result, there are no shares included in our diluted earnings per share calculation associated with the assumed conversion of the 2032 Notes (Note 2). | ||||||||||||||
MARAD Debt | ||||||||||||||
This U.S. government guaranteed financing (the "MARAD Debt") is pursuant to Title XI of the Merchant Marine Act of 1936 administered by the Maritime Administration, and was used to finance the construction of the Q4000. The MARAD Debt is payable in equal semi-annual installments beginning in August 2002 and matures in February 2027. The MARAD Debt is collateralized by the Q4000, is guaranteed 50% by us, and initially bore interest at a floating rate that approximated AAA Commercial Paper yields plus 20 basis points. As provided for in the MARAD Debt agreements, in September 2005, we fixed the interest rate on the debt through the issuance of a 4.93% fixed-rate note with the same maturity date. | ||||||||||||||
Convertible Senior Notes Due 2025 | ||||||||||||||
In March 2005, we issued $300 million of 3.25% Convertible Senior Notes due 2025 at 100% of the principal amount to certain qualified institutional buyers. The effective interest rate for the 2025 Notes was 6.6% after considering the effect of the accretion of the related debt discount that represented the equity component of the 2025 Notes at their inception. | ||||||||||||||
In connection with the issuance of additional Convertible Senior Notes (see “Convertible Senior Notes Due 2032” above) in March 2012, we repurchased $142.2 million in aggregate principal of the 2025 Notes. In these repurchase transactions we paid an aggregate amount of $145.1 million, representing principal plus $1.8 million of premium and $1.1 million of accrued interest. The loss on this early extinguishment of the 2025 Notes totaled $5.6 million and is reflected as a component of “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. The loss includes the acceleration of $3.5 million of unamortized discount associated with the 2025 Notes, the $1.8 million premium paid in connection with the repurchase of a portion of the 2025 Notes and a $0.3 million charge to accelerate a pro rata portion of the deferred financing costs associated with the original issuance of the 2025 Notes. The remainder of the 2025 Notes was extinguished when the holders exercised their option for us to repurchase their notes in December 2012 ($154.3 million) and in February 2013 when we repurchased the remaining $3.5 million of the 2025 Notes that were not put to us in December 2012. | ||||||||||||||
Our weighted average share price for 2013, 2012 and 2011 was below the $32.14 per share conversion price. As a result, there are no shares included in our diluted earnings per share calculation associated with the assumed conversion of the 2025 Notes. | ||||||||||||||
Other | ||||||||||||||
In accordance with our Credit Agreement, 2032 Notes and MARAD Debt agreements, we are required to comply with certain covenants, including certain financial ratios such as a consolidated interest coverage ratio and consolidated leverage ratio, as well as the maintenance of minimum net worth, working capital and debt-to-equity requirements. As of December 31, 2013, we were in compliance with these covenants and restrictions. | ||||||||||||||
We paid financing costs associated with our debt totaling $11.0 million in 2013 and $7.6 million in 2012. Unamortized deferred financing costs are included in “Other assets, net” in the accompanying consolidated balance sheets and are amortized over the life of the respective debt agreements. The following table reflects the components of our deferred financing costs for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||
Term Loans (mature July 2015) (1) | $ | - | $ | - | $ | - | $ | 15,318 | $ | -11,595 | $ | 3,723 | ||
Revolving Credit Facility (matures July 2015) (1) | - | - | - | 20,021 | -12,466 | 7,555 | ||||||||
Term Loan (matures June 2018) (2) | 3,638 | -364 | 3,274 | - | - | - | ||||||||
Revolving Credit Facility (matures June 2018) (2) | 13,275 | -1,327 | 11,948 | - | - | - | ||||||||
2025 Notes (mature December 2025) | - | - | - | 8,189 | -8,189 | - | ||||||||
2032 Notes (mature March 2032) | 3,759 | -1,148 | 2,611 | 4,251 | -534 | 3,717 | ||||||||
Senior Unsecured Notes (mature January 2016) (3) | - | - | - | 10,643 | -8,252 | 2,391 | ||||||||
MARAD Debt (matures February 2027) | 12,200 | -5,736 | 6,464 | 12,200 | -5,248 | 6,952 | ||||||||
Total deferred financing costs | $ | 32,872 | $ | -8,575 | $ | 24,297 | $ | 70,622 | $ | -46,284 | $ | 24,338 | ||
(1) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in June 2013. | ||||||||||||||
(2) Relates to amounts allocated to the existing Term Loan and Revolving Credit Facility, which became effective in June 2013. | ||||||||||||||
(3) In July 2013, we redeemed our remaining Senior Unsecured Notes. In connection with this redemption, we recorded a charge of $2.1 million to accelerate the remaining deferred financing costs associated with the original issuance of this debt. | ||||||||||||||
Scheduled maturities of long-term debt outstanding as of December 31, 2013 are as follows (in thousands): | ||||||||||||||
Term | MARAD | 2032 | Total | |||||||||||
Loan (1) | Debt | Notes (2) | ||||||||||||
Less than one year | $ | 15,000 | $ | 5,376 | $ | - | $ | 20,376 | ||||||
One to two years | 22,500 | 5,644 | - | 28,144 | ||||||||||
Two to three years | 30,000 | 5,926 | - | 35,926 | ||||||||||
Three to four years | 30,000 | 6,222 | - | 36,222 | ||||||||||
Four to five years | 195,000 | 6,532 | - | 201,532 | ||||||||||
Over five years | - | 70,468 | 200,000 | 270,468 | ||||||||||
Total debt | 292,500 | 100,168 | 200,000 | 592,668 | ||||||||||
Current maturities | -15,000 | -5,376 | - | -20,376 | ||||||||||
Long-term debt, less current maturities | 277,500 | 94,792 | 200,000 | 572,292 | ||||||||||
Unamortized debt discount (3) | - | - | -26,516 | -26,516 | ||||||||||
Long-term debt | $ | 277,500 | $ | 94,792 | $ | 173,484 | $ | 545,776 | ||||||
(1) The amount reflects the borrowings made in July 2013 (see Credit Agreement discussion above). | ||||||||||||||
(2) Beginning in March 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in March 2032. | ||||||||||||||
(3) The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through March 2018. | ||||||||||||||
The following table details our interest expense and capitalized interest for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Interest expense (1) | $ | 44,484 | $ | 53,601 | $ | 72,824 | ||||||||
Interest income | -1,167 | -548 | -1,366 | |||||||||||
Capitalized interest | -10,419 | -4,893 | -1,277 | |||||||||||
Net interest expense | $ | 32,898 | $ | 48,160 | $ | 70,181 | ||||||||
(1) Interest expense of $2.8 million, $28.6 million and $25.8 million for 2013, 2012 and 2011, respectively, was allocated to ERT and is included in discontinued operations. Following the sale of ERT in February 2013, we ceased allocation of interest expense to ERT, which constitutes a discontinued operation. | ||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
Note 8 — Income Taxes | ||||||||
We and our subsidiaries, including acquired companies (as of their respective dates of acquisition), file a consolidated U.S. federal income tax return. We believe our recorded assets and liabilities are reasonable; however, tax laws and regulations are subject to interpretation and tax litigation is inherently uncertain, and therefore our assessments can involve a series of complex judgments about future events and rely heavily on estimates and assumptions. | ||||||||
Components of income tax provision (benefit) on continuing operations reflected in the consolidated statements of operations consisted of the following (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Current | $ | 57,128 | $ | 6,572 | $ | -78,150 | ||
Deferred | -25,516 | -65,730 | 41,344 | |||||
$ | 31,612 | $ | -59,158 | $ | -36,806 | |||
Domestic | $ | 11,615 | $ | -78,211 | $ | -51,590 | ||
Foreign | 19,997 | 19,053 | 14,784 | |||||
$ | 31,612 | $ | -59,158 | $ | -36,806 | |||
Income taxes have been provided based on the U.S. statutory rate of 35% and at the local statutory rate for each foreign jurisdiction adjusted for items which are allowed as deductions for federal and foreign income tax reporting purposes, but not for book purposes. The primary differences between the statutory rate and our effective rate from continuing operations are as follows: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Foreign provision | -11.6 | 11.2 | -291 | |||||
Effect of Australian reorganization | - | - | -2,984.30 | |||||
Other | -1.4 | 0.8 | -265 | |||||
Effective rate | 22.0 | % | 47.0 | % | -3,505.30 | % | ||
In 2011, we reorganized our Australian operating companies. The reorganization resulted in a recorded net tax benefit of $31.3 million associated with the impairment of our U.S. investment in the Australian subsidiaries. | ||||||||
Deferred income taxes result from the effect of transactions that are recognized in different periods for financial and tax reporting purposes. The nature of these differences and the income tax effect of each as of December 31, 2013 and 2012 are as follows (in thousands): | ||||||||
2013 | 2012 | |||||||
Deferred tax liabilities: | ||||||||
Depreciation and depletion | $ | 169,404 | $ | 336,471 | ||||
Original Issue Discount on 2025 and 2032 Notes | 14,720 | 13,098 | ||||||
Equity investments in production facilities | 84,870 | 81,082 | ||||||
Prepaid and other | 7,556 | 10,548 | ||||||
Total deferred tax liabilities | $ | 276,550 | $ | 441,199 | ||||
Deferred tax assets: | ||||||||
Net operating losses | $ | -40,105 | $ | -36,981 | ||||
Asset retirement obligations | -708 | -70,085 | ||||||
Reserves, accrued liabilities and other | -44,291 | -35,229 | ||||||
Total deferred tax assets | -85,104 | -142,295 | ||||||
Valuation allowance | 22,860 | 16,391 | ||||||
Net deferred tax liabilities | $ | 214,306 | $ | 315,295 | ||||
Deferred income tax is presented as: | ||||||||
Current deferred tax assets | -51,573 | -43,942 | ||||||
Noncurrent deferred tax liabilities | 265,879 | 359,237 | ||||||
Net deferred tax liabilities | $ | 214,306 | $ | 315,295 | ||||
At December 31, 2013, our U.S. net operating losses available for carryforward or carryback totaled $49.3 million and our foreign tax credits available for carryforward or carryback totaled $9.8 million. The net operating loss carryforward would expire in 2030, while the foreign tax credit carryforward would expire in 2020. At this time, we anticipate utilizing these tax attributes via carryback claims. At December 31, 2013, we had a $22.9 million valuation allowance related to certain non-U.S. deferred tax assets, primarily net operating losses generated in Australia, as management believed it is more likely than not that we will not be able to utilize the tax benefit. Additional valuation allowances may be made in the future if in management’s opinion it is more likely than not that the tax benefit will not be utilized. Any limitations on our ability to utilize our tax benefit carryforward could result in an increase in our federal income tax liability in future taxable periods. | ||||||||
We consider the undistributed earnings of our principal non-U.S. subsidiaries to be permanently reinvested. At December 31, 2013 and 2012, our principal non-U.S. subsidiaries had accumulated earnings and profits of approximately $202.6 million and $167.9 million, respectively. We have not provided deferred U.S. income tax on the accumulated earnings and profits as we consider them permanently reinvested. | ||||||||
We had $4.7 million related to uncertain tax positions as of December 31, 2013. In 2012, we reversed a $2.8 million long-term liability related to an uncertain tax position that was projected to be included on our 2011 tax return. The tax position was not taken when the 2011 tax return was filed. We account for tax-related interest in interest expense and tax penalties in selling, general and administrative expenses. We charged $0.2 million to income tax expense for interest and penalties accrued in each of 2013, 2012 and 2011, which brought our total liabilities for interest and penalties to $1.3 million and $1.1 million in the accompanying consolidated balance sheets at December 31, 2013 and 2012, respectively. As of December 31, 2013, 2012, and 2011, there were $3.4 million, $3.4 million and $6.2 million, respectively, of unrecognized tax benefits that if recognized would affect the annual effective rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||
2013 | 2012 | 2011 | ||||||
Balance at January 1, | $ | 4,506 | $ | 7,085 | $ | 4,085 | ||
Additions based on tax positions related to current year | - | - | 2,785 | |||||
Additions for tax positions of prior years | 217 | 206 | 215 | |||||
Reductions for tax positions of prior years | - | -2,785 | - | |||||
Balance at December 31, | $ | 4,723 | $ | 4,506 | $ | 7,085 | ||
We file tax returns in the U.S. and in various state, local and non-U.S. jurisdictions. We anticipate that any potential adjustments to our state, local and non-U.S. jurisdiction tax returns by tax authorities would not have a material impact on our financial position. The tax periods ending December 31, 2010, 2009, 2008, 2007 and 2006 are under examination by the U.S. Internal Revenue Service (“IRS”). The tax periods ended December 31, 2013, 2012 and 2011 remain open to future review and examination by the IRS. In non-U.S. jurisdictions, the open tax periods include 2013, 2012, 2011, 2010 and 2009. | ||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||
Employee Benefit Plans | ' | |||||||||||||
Note 9 — Employee Benefit Plans | ||||||||||||||
Defined Contribution Plan | ||||||||||||||
We sponsor a defined contribution 401(k) retirement plan covering substantially all of our employees. Our contributions are in the form of cash and, prior to 2014, consisted of a 50% match of each employee’s contribution up to 5% of the employee’s salary. Beginning in 2014, our matching contributions increased to 75% of the first 5% of the employee’s salary. Our costs related to the 401(k) plan totaled $1.7 million, $1.6 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Stock-Based Compensation Plans | ||||||||||||||
We have two stock-based compensation plans: the 1995 Long-Term Incentive Plan, as amended (the “1995 Incentive Plan”) and the 2005 Long-Term Incentive Plan, as amended and restated effective May 9, 2012 (the “2005 Incentive Plan”). | ||||||||||||||
Upon adoption of the 1995 Incentive Plan in May 1995, a maximum of 10% of the total shares of common stock issued and outstanding were eligible to be granted to executive officers, selected management employees and non-employee members of our Board of Directors. Following the approval by shareholders of the 2005 Incentive Plan in May 2005, no further grants have been or will be made under the 1995 Incentive Plan. | ||||||||||||||
In May 2012, the shareholders approved an amendment to and restatement of the 2005 Incentive Plan to: (i) authorize 4.3 million additional shares for issuance pursuant to our equity incentive compensation strategy, (ii) authorize incentive stock options, stock appreciation rights, cash awards and performance awards to be made pursuant to the 2005 Incentive Plan, and (iii) include performance criteria for awards that may be made contingent upon the achievement of one or more performance measures, as well as limits on individual awards, in accordance with the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code. As of December 31, 2013, there were 6.6 million shares available for issuance under the 2005 Incentive Plan, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. | ||||||||||||||
The 1995 and 2005 Incentive Plans are administered by the Compensation Committee of Helix’s Board of Directors. The Compensation Committee also determines the type of award to be made to each participant and, as set forth in the related award agreement, the terms, conditions and limitations applicable to each award. The Compensation Committee may grant stock options, restricted stock, restricted stock units, and cash awards. Prior to 2012, awards granted to employees under the incentive plans vested 20% per year over a five-year period. Commencing in 2012, awards granted under the 2005 Incentive Plan have a vesting period of three years (or 33% per year). There have been no stock options granted since 2004. Stock options granted have a maximum exercise life of 10 years. | ||||||||||||||
Compensation cost for restricted shares is the product of grant date fair value of each share and the number of shares granted and is recognized over the respective vesting periods on a straight-line basis. Forfeitures on restricted stock totaled approximately 7% based on our most recent five-year average of historical forfeiture rates. Tax deduction benefits for an award in excess of recognized compensation cost is reported as a financing cash flow rather than as an operating cash flow. Stock based compensation that is based solely on service conditions is recognized on a straight line basis over the vesting period of the related shares. | ||||||||||||||
Stock Options | ||||||||||||||
The following table summarizes information about our stock options during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted | Weighted | Weighted | ||||||||||||
Average | Average | Average | ||||||||||||
Exercise | Exercise | Exercise | ||||||||||||
Shares | Price | Shares | Price | Shares | Price | |||||||||
Options outstanding at beginning of year | 52,800 | $ | 13.91 | 192,800 | $ | 10.52 | 432,918 | $ | 10.78 | |||||
Exercised | -52,800 | 13.91 | -140,000 | 9.24 | -181,670 | 10.92 | ||||||||
Terminated | - | - | - | - | -58,448 | 11.20 | ||||||||
Options outstanding at end of year | - | $ | - | 52,800 | $ | 13.91 | 192,800 | $ | 10.52 | |||||
Options exercisable at end of year | - | $ | - | 52,800 | $ | 13.91 | 192,800 | $ | 10.52 | |||||
There was no compensation recognized associated with stock options in 2013, 2012 or 2011 as all stock options outstanding are vested. The aggregate intrinsic value of the stock options exercised in 2013, 2012 and 2011 was approximately $0.5 million, $1.3 million and $1.1 million, respectively. There were no stock option awards remaining at December 31, 2013. The aggregate intrinsic value of options exercisable at December 31, 2012 and 2011 was approximately $0.4 million and $1.0 million, respectively. | ||||||||||||||
Share-based Awards | ||||||||||||||
We grant share-based awards (restricted stock, restricted stock units (“RSUs”) and/or performance share units (“PSUs”)) to members of our Board of Directors, executive officers and selected management employees. The following table summarizes information about our share-based awards during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||
Shares | Fair Value (1) | Shares | Fair Value (1) | Shares | Fair Value (1) | |||||||||
Awards outstanding at beginning of year | 1,324,312 | $ | 15.09 | 1,263,218 | $ | 14.80 | 1,463,298 | $ | 16.93 | |||||
Granted | 257,797 | 24.86 | 482,340 | 18.33 | 571,163 | 12.77 | ||||||||
Vested (2) | -518,240 | 17.70 | -400,180 | 18.07 | -504,813 | 19.87 | ||||||||
Forfeited | -108,254 | 16.49 | -21,066 | 15.00 | -266,430 | 12.55 | ||||||||
Awards outstanding at end of year (3) | 955,615 | $ | 16.16 | 1,324,312 | $ | 15.09 | 1,263,218 | $ | 14.80 | |||||
(1) Represents the weighted average grant date fair value, which is based on the quoted market price of the common stock on the business day prior to the date of grant. | ||||||||||||||
(2) Total fair value of share-based awards that vested during the years ended December 31, 2013, 2012 and 2011 was $11.4 million, $6.7 million and $6.7 million, respectively. | ||||||||||||||
(3) Includes 67,520 shares of RSUs with the grant date fair value of $15.80 per share. In December 2013, management elected to pay out the January 2014 vesting of these RSUs in cash. As a result, we recorded a $1.3 million liability associated with these RSUs at December 31, 2013. We paid $0.8 million of this liability in January 2014. | ||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, $8.8 million, $7.7 million, $8.4 million, respectively, was recognized as stock-based compensation expense related to share-based awards. Future compensation cost associated with unvested share-based awards at December 31, 2013, 2012, and 2011 totaled approximately $14.2 million, $13.2 million and $12.0 million, respectively. The weighted average vesting period related to unvested share-based awards at December 31, 2013 was approximately 1.5 years. | ||||||||||||||
The following grants of share-based awards were made in 2013 under the 2005 Incentive Plan: | ||||||||||||||
Date of Grant | Shares | Grant Date Fair Value Per Share | Vesting Period | |||||||||||
January 2, 2013 (1) | 89,329 | $ | 20.64 | 33% per year over three years | ||||||||||
January 2, 2013 (2) | 89,329 | 30.96 | 100% on January 1, 2016 | |||||||||||
January 2, 2013 (3) | 1,620 | 20.64 | 100% on January 1, 2015 | |||||||||||
April 1, 2013 (3) | 2,814 | 22.88 | 100% on January 1, 2015 | |||||||||||
July 1, 2013 (3) | 2,740 | 23.04 | 100% on January 1, 2015 | |||||||||||
October 1, 2013 (3) | 2,389 | 25.37 | 100% on January 1, 2015 | |||||||||||
December 5, 2013 (4) | 53,358 | 22.49 | 33% per year over three years | |||||||||||
(1) Reflects the grant of restricted shares to our executive officers. | ||||||||||||||
(2) Reflects the grant of performance share units (“PSUs”) to our executive officers. The estimated fair value of the PSUs on grant date was determined using a Monte Carlo simulation model. The PSUs provide for an award based on the performance of our common stock over a three-year period with the maximum award being 200% of the original awarded PSUs and the minimum amount being zero. The vested PSUs will be settled in an equivalent number of shares of our common stock unless the Compensation Committee of our Board of Directors elects to pay in cash. | ||||||||||||||
(3) Reflects the grant of restricted shares to certain members of our Board of Directors who have made an election to take their quarterly fees in stock in lieu of cash. | ||||||||||||||
(4) Reflects annual equity grants to each member of our Board of Directors. | ||||||||||||||
In January 2014, we granted our executive officers 73,609 restricted shares under the 2005 Long-Term Incentive Plan. The market value of the restricted shares was $23.18 per share or $1.7 million and the shares vest 33% per year for a three-year period. Separately, we issued our executive officers 73,609 PSUs. The PSUs provide for an award based on the performance of our common stock over a three-year period with the maximum amount of the award being 200% of the original awarded PSUs and the minimum amount being zero. The PSUs vest 100% on the three-year anniversary date of the grant. The vested PSUs will be settled in an equivalent number of shares of our common stock unless the Compensation Committee of our Board of Directors determines to pay in cash. | ||||||||||||||
Stock Compensation Modifications | ||||||||||||||
Under our 1995 Incentive Plan and our 2005 Long-Term Incentive Plan, upon a stock recipient’s termination of employment, which is defined as employment with us and any of our majority-owned subsidiaries, any unvested restricted stock and stock options are forfeited immediately, and all unexercised vested options are forfeited as specified under the applicable plan or agreement. | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
In May 2012, the shareholders approved the Helix Energy Solutions Group, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP has 1.5 million shares authorized for issuance, of which 1.3 million shares were available for issuance as of December 31, 2013. Eligible employees who participate in the ESPP may purchase shares of our common stock through payroll deductions on an after-tax basis over a four-month period beginning on January 1, May 1, and September 1 of each year during the term of the ESPP, subject to certain restrictions and limitations established by the Compensation Committee of our Board of Directors and Section 423 of the Internal Revenue Code. The per share price of common stock purchased under the ESPP is equal to 85% of the lesser of (i) its fair market value on the first trading day of the purchase period or (ii) its fair market value on the last trading day of the purchase period. The first purchase period under the ESPP began on September 1, 2012. The total value of the ESPP awards is calculated using the component approach where each award is computed as the sum of 15% of a share of non-vested stock, a call option on 85% of a share of non-vested stock, and a put option on 15% of a share of non-vested stock. Share-based compensation expense with respect to the ESPP was $0.8 million and $0.3 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
Long-Term Incentive Cash Plan | ||||||||||||||
In January 2009, we adopted the 2009 Long-Term Incentive Cash Plan (the “2009 LTI Plan”) to provide long-term cash compensation to eligible employees. Our executive officers and selected management employees as designated from time to time by the Compensation Committee of our Board of Directors are granted cash awards. Under the terms of the 2009 LTI Plan, cash awards historically have been both fixed sum amounts payable (for non-executive management only) as well as cash awards indexed to our common stock with the payment amount at each vesting date fluctuating based on the performance of our common stock (for both executive and non-executive management). These are measured based on the performance of our stock price over the applicable award period compared to a base price determined by the Compensation Committee of our Board of Directors at the time of the award. The measurement period to determine the annual payment for the share-based cash awards is generally the last 20 trading days of the year prior to a vesting (the last 30 trading days for the 2009 awards). Payment amounts are based on the calculated ratio of the average stock price during the applicable measurement period over the original base price as determined by the Compensation Committee of our Board of Directors. The maximum amount payable under these share-based cash awards is twice the original targeted award and if the average price during the measurement period is less than 75% (50% for 2010 grants) of the base price, no payout will be made at the applicable anniversary date. Payments under the 2009 LTI Plan are made each year on the anniversary date of the award. The 2005 Incentive Plan also permits long-term cash awards to eligible employees. Awards granted prior to 2012 have a vesting period of five years and awards granted in 2014, 2013 and 2012 have a vesting period of three years. This share-based component is considered a liability plan and as such is re-measured to fair value each reporting period with corresponding changes being recorded as a charge to earnings. | ||||||||||||||
The cash awards granted under the 2005 Incentive Plan and the 2009 LTI Plan (the “LTI Plans”) totaled $8.4 million in 2013, $4.2 million in 2012, and $5.2 million in 2011. These awards were made to our executive officers and selected management employees in 2013 and solely to our executive officers in 2012 and 2011. Total compensation expense associated with the cash awards issued pursuant to the LTI Plans was $9.1 million ($5.3 million related to our executive officers), $8.7 million ($7.3 million related to our executive officers) and $7.9 million ($6.5 million related to our executive officers), respectively, for the years ended December 31, 2013, 2012 and 2011, respectively. The liability balance for the cash awards issued under the LTI Plans was $14.8 million at December 31, 2013 and $13.0 million at December 31, 2012, including $11.1 million at December 31, 2013 and $11.7 million at December 31, 2012 associated with the cash awards issued to our executive officers under the LTI plans. During 2013, 2012 and 2011, we paid $7.1 million, $5.5 million and $5.9 million of the liability associated with the LTI plans. In January 2014, we paid $9.2 million of the liability balance as of December 31, 2013. In January 2014, $8.9 million was awarded under the LTI Plans to executive officers and selected management employees. | ||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Stockholders' Equity Note [Abstract] | ' | |||||
Stockholders' Equity Note Disclosure | ' | |||||
Note 10 — Shareholders’ Equity | ||||||
Our amended and restated Articles of Incorporation provide for authorized Common Stock of 240,000,000 shares with no stated par value per share and 5,000,000 shares of preferred stock, $0.01 par value per share issuable in one or more series. | ||||||
The components of accumulated other comprehensive loss as of December 31, 2013 and 2012 are as follows (in thousands): | ||||||
2013 | 2012 | |||||
Cumulative foreign currency translation adjustment | $ | -10,697 | $ | -15,667 | ||
Unrealized loss on hedges, net (1) | -9,991 | - | ||||
Accumulated other comprehensive loss | $ | -20,688 | $ | -15,667 | ||
(1) Amount at December 31, 2013 is related to foreign currency hedges for the Grand Canyon, the Grand Canyon II and the Grand Canyon III as well as interest rate swap contracts we entered into in September 2013, and is net of deferred income taxes totaling $5.4 million (Notes 7 and 16). | ||||||
Stock_Buyback_Program
Stock Buyback Program | 12 Months Ended |
Dec. 31, 2013 | |
Stock Buyback Program [Abstract] | ' |
Stock Buyback Program | ' |
Note 11 — Stock Buyback Program | |
In June 2009, we announced that we intended to purchase up to 1.5 million shares of our common stock plus an amount equal to additional shares of our common stock granted under our stock-based compensation plans (Note 9) as permitted under our Credit Agreement (Note 7). Our Board of Directors had previously granted us the authority to repurchase shares of our common stock in an amount equal to any equity issued to our employees, officers and directors under our stock-based compensation plans, including share-based awards issued under our existing LTI Plans and shares issued to our employees under our employee stock purchase plans (Note 9). We may continue to make repurchases pursuant to this authority from time to time as additional equity is issued under our stock based plans depending on prevailing market conditions and other factors. As described in an announced plan, all repurchases may be commenced or suspended at any time as determined by management. During 2013, we purchased 389,721 shares as then available under this program for $8.8 million or an average of $22.72 per share. As of December 31, 2013, we had repurchased a total of 3,268,514 shares of our common stock for $45.8 million or an average of $14.01 per share. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 12 — Related Party Transactions | |
Our Chief Executive Officer, Owen Kratz, through Class A limited partnership interests in OKCD Investments, Ltd. (“OKCD”), personally owns approximately 85% of the partnership. OKCD receives a royalty from ERT, which was a wholly owned subsidiary of Helix until ERT was sold in February 2013. Payments to OKCD during the period in which Helix owned ERT totaled $0.6 million, $6.9 million and $8.3 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |
A former member of our Board of Directors is part of the senior management team of Weatherford International, Ltd (Weatherford). This individual resigned from our Board of Directors in May 2011. We paid Weatherford, an oil and gas industry company, $3.6 million for services provided to us in 2011. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments And Contingencies and Other Matters [Abstract] | ' | |||||||
Commitments And Contingencies | ' | |||||||
Note 13 — Commitments and Contingencies and Other Matters | ||||||||
Commitments | ||||||||
Commitments Related to Expansion of Well Intervention Fleet | ||||||||
In March 2012, we executed a contract with a shipyard in Singapore for the construction of a newbuild semi-submersible well intervention vessel, the Q5000. This $386.5 million shipyard contract represents the majority of the expected costs associated with the construction of the Q5000. Pursuant to the terms of this contract, payments are made in a fixed percentage of the contract price, together with any variations, on contractually scheduled dates. At December 31, 2013, our total investment in the Q5000 was $210.6 million, including $173.8 million of scheduled payments made to the shipyard. | ||||||||
In July 2012, we contracted to charter the Skandi Constructor for use in our North Sea well intervention operations. The vessel was delivered to us on April 1, 2013. The initial term of the charter will expire in March 2016. | ||||||||
In August 2012, we acquired the Discoverer 534 drillship from a subsidiary of Transocean Ltd. for $85 million. The vessel, renamed the Helix 534, underwent upgrades and modifications to render it suitable for use as a well intervention vessel and commenced well intervention operations in February 2014. At December 31, 2013, our investment in the acquisition and subsequent upgrades to and modifications of the Helix 534 totaled $202.8 million, including related well control equipment. | ||||||||
In January 2013, we contracted to charter the Rem Installer for use in our robotics operations. The vessel was delivered to us in July 2013. The initial term of the charter will expire in July 2016. | ||||||||
In February 2013, we contracted to charter the Grand Canyon II and the Grand Canyon III for use in our robotics operations. The terms of the charters will be five years from the respective delivery dates, which are expected to be in 2014 and 2015. | ||||||||
In September 2013, we executed a second contract with the same shipyard in Singapore that is currently constructing the Q5000. This contract provides for the construction of a newbuild semi-submersible well intervention vessel, the Q7000, which will be built to North Sea standards. This $346.0 million shipyard contract represents the majority of the expected costs associated with the construction of the Q7000. Pursuant to the terms of this contract, 20% of the contract price was paid upon the signing of the contract and the remaining 80% will be paid upon the delivery of the vessel. At December 31, 2013, our total investment in the Q7000 was $76.7 million, including the $69.2 million paid to the shipyard upon signing the contract. | ||||||||
Lease Commitments | ||||||||
We lease several facilities and vessels under non-cancelable operating leases expiring at various dates through 2025. Future minimum rentals under these leases at December 31, 2013 are as follows (in thousands): | ||||||||
Vessels | Facilities and Other | Total | ||||||
2014 | $ | 119,672 | $ | 3,433 | $ | 123,105 | ||
2015 | 144,478 | 4,242 | 148,720 | |||||
2016 | 109,155 | 3,864 | 113,019 | |||||
2017 | 80,705 | 3,881 | 84,586 | |||||
2018 | 47,595 | 3,917 | 51,512 | |||||
Thereafter | 45,938 | 21,550 | 67,488 | |||||
Total lease commitments | $ | 547,543 | $ | 40,887 | $ | 588,430 | ||
Total rental expense under these operating leases was approximately $102.1 million, $85.0 million and $62.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
We sublease part of our corporate headquarters facility to a third party under a non-cancelable sublease agreement. Total rental income from this sublease was $0.4 million in 2013. As of December 31, 2013, the minimum rentals to be received in the future totaled $2.4 million. | ||||||||
Contingencies and Claims | ||||||||
Under terms of the equity purchase agreement for the sale of ERT, we required the buyer to provide bonding in a sufficient amount as determined by the Bureau of Ocean Energy Management (the “BOEM”) to cover the decommissioning costs of ERT’s lease properties and thus to replace and allow for a full discharge of our existing guaranty to the BOEM for ERT’s lease obligations. The buyer posted the bonding required by the equity purchase agreement, and a formal request to the BOEM for a release of our guaranty is pending. | ||||||||
In 2007, we were subcontracted to perform development work for a large gas field offshore India. Work commenced in the fourth quarter of 2007 and we completed our scope of work in the third quarter of 2009. We had collected approximately $303 million related to this project with an amount of uncollected trade receivables remaining. In 2010, we requested arbitration in India pursuant to the terms of the subcontract to pursue our claims and the prime contractor also requested arbitration and asserted certain counterclaims against us. Based on a number of factors associated with ongoing negotiations with the prime contractor, in 2010, we reduced our trade receivable balance to an amount that we believed to be ultimately realizable. The parties have been engaged in extensive settlement discussions over time to resolve this matter outside of the arbitration process, and in December 2013 the parties reached a settlement agreement, pursuant to which we collected the receivable and the parties dropped all claims against each other. | ||||||||
We are currently undergoing a value added tax (“VAT”) audit from the State of Andhra Pradesh, India (the “State”) for the tax years 2010, 2009, 2008 and 2007 related to an Indian subsea construction and diving contract that we entered into in December 2006. We believe that we have complied with all rules and regulations as related to VAT in the State and we anticipate no additional assessments as a result of this audit. | ||||||||
Litigation | ||||||||
On July 8, 2011, a shareholder derivative lawsuit styled City of Sterling Heights Police & Fire Retirement System v. Owen Kratz, et al. was filed in the United States District Court for the Southern District of Texas, Houston Division. In the suit, the plaintiff makes claims against our Board of Directors, certain of our former directors, certain of our current and former executive officers, and the independent compensation consultant to the Compensation Committee of our Board of Directors, for breaches of the fiduciary duty of loyalty, unjust enrichment and aiding and abetting the alleged breaches of fiduciary duty relating to the long-term equity awards granted in 2010 to certain of the Company’s then executive officers who are defendants. The defendants filed a motion to dismiss the claim asserting that the plaintiff has not (i) pled specific facts excusing its failure to make pre-suit demand on our Board of Directors as required by Minnesota law; (ii) filed proper verification; or (iii) stated a claim. A ruling regarding the motion is pending. | ||||||||
On May 12, 2012, a shareholder derivative lawsuit styled Mark Lucas v. Owen Kratz, et al. was filed in the 270th Judicial District in the District Court of Harris County, Texas. In the suit, the plaintiff makes claims against our Board of Directors, certain of our former directors, certain of our current and former executive officers, and the independent compensation consultant to the Compensation Committee of our Board of Directors, for breaches of the fiduciary duties of candor, good faith and loyalty, unjust enrichment and aiding and abetting the alleged breaches of fiduciary duty relating to the long-term equity awards granted in 2010 to certain of our executive officers. This case is essentially a “copycat” complaint asserting similar causes of action arising out of the same facts as set forth in the federal action described above. The plaintiff is generally demanding disgorgement of the excessive compensation, restraint on the disposition/exercise of the alleged improperly awarded equity, implementation of additional internal controls, and attorney’s fees and costs of litigation. The defendants filed motions to stay and dismiss the proceeding, which motions were denied by the trial court judge. The defendants then filed a petition for a writ of mandamus with the state appellate court, in which they requested that court to direct the district court to grant the motion to stay or dismiss the case. The appellate court denied the request to grant mandamus with respect to this requested relief, but did grant a writ of mandamus ordering the lower court to vacate its ruling to the extent the plaintiff failed to plead with particularity that our Board of Directors wrongfully refused his demand, and that he was a shareholder of record at the relevant time. A special committee of our Board of Directors has since determined to reject the plaintiff’s demand regarding this matter, and based on this rejection, as well as the plaintiff’s pleadings, the defendants filed a motion for summary judgment in December 2013, which is pending before the court. | ||||||||
We are involved in various legal proceedings, primarily involving claims for personal injury under the General Maritime Laws of the United States and the Jones Act based on alleged negligence. In addition, from time to time we incur other claims, such as contract disputes, in the normal course of business. | ||||||||
Insurance | ||||||||
We maintain Hull and Increased Value insurance which provides coverage for physical damage up to an agreed amount for each vessel. The deductibles are $1.0 million on the Q4000, the HP I and the Well Enhancer, $500,000 on the Seawell and the Helix 534. In addition to the primary deductibles, the vessels are subject to an annual aggregate deductible of $5 million. We also carry Protection and Indemnity (“P&I”) insurance which covers liabilities arising from the operation of the vessels and General Liability insurance which covers liabilities arising from construction operations. The deductible on both the P&I and General Liability is $100,000 per occurrence. Onshore employees are covered by Workers’ Compensation. Offshore employees and marine crews are covered by a Maritime Employers Liability (“MEL”) insurance policy which covers Jones Act exposures and includes a deductible of $100,000 per occurrence plus a $1.0 million annual aggregate deductible. In addition to the liability policies described above, we currently carry various layers of Umbrella Liability for total limits of $500 million excess of primary limits. Our self-insured retention on our medical and health benefits program for employees is $250,000 per participant. | ||||||||
We incur workers’ compensation, MEL, and other insurance claims in the normal course of business, which management believes are covered by insurance. The Company analyzes each claim for potential exposure and estimates the ultimate liability of each claim. At December 31, 2013, we did not have any claims exceeding our deductible limits. We have not incurred any significant losses as a result of claims denied by our insurance carriers. Our services are provided in hazardous environments where accidents involving catastrophic damage or loss of life could occur, and litigation arising from such an event may result in our being named a defendant in lawsuits asserting large claims. Although there can be no assurance the amount of insurance we carry is sufficient to protect us fully in all events, or that such insurance will continue to be available at current levels of cost or coverage, we believe that our insurance protection is adequate for our business operations. A successful liability claim for which we are underinsured or uninsured could have a material adverse effect on our business. | ||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Segment Information [Abstract] | ' | |||||||
Business Segment Information | ' | |||||||
Note 14 — Business Segment Information | ||||||||
We currently have four business segments: Well Intervention, Robotics, Subsea Construction and Production Facilities. Our Well Intervention segment includes our vessels and related equipment that are used to perform both heavy and light well intervention services primarily in the Gulf of Mexico and North Sea regions. Our well intervention vessels include the Q4000, the Helix 534, the Seawell, the Well Enhancer and the Skandi Constructor, which is chartered. We are currently constructing two additional well intervention vessels, the Q5000 and the Q7000. Our Robotics segment currently operates five chartered vessels and also includes ROVs, trenchers and ROVDrills designed to complement offshore construction and well intervention services. We have sold substantially all of the assets associated with our former Subsea Construction operations (Notes 1 and 2). The Production Facilities segment includes our consolidated investment in the HP I and Kommandor LLC as well as our equity investments in Deepwater Gateway and Independence Hub that are accounted for under the equity method. All material intercompany transactions between the segments have been eliminated. In February 2013, we sold ERT and as a result, we have presented the assets and liabilities included in the sale of ERT and the historical operating results of our former Oil and Gas segment as discontinued operations in the accompanying consolidated financial statements. See Note 3 for additional information regarding our discontinued operations. | ||||||||
We evaluate our performance based on operating income and income before income taxes of each segment. Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. Certain financial data by reportable segment are summarized as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Revenues — | ||||||||
Well Intervention | $ | 452,452 | $ | 378,546 | $ | 340,952 | ||
Robotics | 333,246 | 328,726 | 245,360 | |||||
Subsea Construction | 71,321 | 192,521 | 151,923 | |||||
Production Facilities | 88,149 | 80,091 | 75,460 | |||||
Intercompany elimination | -68,607 | -133,775 | -111,695 | |||||
Total | $ | 876,561 | $ | 846,109 | $ | 702,000 | ||
Income (loss) from operations — | ||||||||
Well Intervention | $ | 131,840 | $ | 85,482 | $ | 80,030 | ||
Robotics | 44,132 | 55,678 | 36,518 | |||||
Subsea Construction (1) | 33,685 | -148,862 | -9,535 | |||||
Production Facilities | 49,778 | 40,082 | 38,404 | |||||
Corporate and other | -77,041 | -92,985 | -82,470 | |||||
Intercompany elimination | -3,360 | -7,878 | 93 | |||||
Total | $ | 179,034 | $ | -68,483 | $ | 63,040 | ||
Net interest expense and other — | ||||||||
Well Intervention | $ | -217 | $ | 2,152 | $ | -1,062 | ||
Robotics | -210 | -1,203 | 1,847 | |||||
Subsea Construction | 480 | -247 | -20 | |||||
Production Facilities | 380 | 365 | 442 | |||||
Corporate and eliminations | 37,978 | 64,882 | 72,475 | |||||
Total | $ | 38,411 | $ | 65,949 | $ | 73,682 | ||
Equity in earnings of equity investments | $ | 2,965 | $ | 8,434 | $ | 22,215 | ||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Income (loss) before income taxes — | ||||||||
Well Intervention | $ | 132,057 | $ | 83,205 | $ | 72,642 | ||
Robotics | 44,342 | 56,881 | 34,671 | |||||
Subsea Construction | 33,205 | -148,615 | -9,515 | |||||
Production Facilities | 52,363 | 48,276 | 58,064 | |||||
Corporate and eliminations | -118,379 | -165,745 | -154,852 | |||||
Total | $ | 143,588 | $ | -125,998 | $ | 1,010 | ||
Income tax provision (benefit) — | ||||||||
Well Intervention | $ | 26,718 | $ | 15,400 | $ | 21,154 | ||
Robotics | 15,530 | 20,222 | 10,978 | |||||
Subsea Construction | 11,655 | -51,329 | -2,897 | |||||
Production Facilities | 17,233 | 15,784 | 19,233 | |||||
Corporate and eliminations | -39,524 | -59,235 | -85,274 | |||||
Total | $ | 31,612 | $ | -59,158 | $ | -36,806 | ||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Identifiable assets — | ||||||||
Well Intervention | $ | 1,245,229 | $ | 936,926 | $ | 682,449 | ||
Robotics | 282,373 | 258,117 | 207,205 | |||||
Subsea Construction | 38,054 | 303,479 | 548,043 | |||||
Production Facilities | 495,829 | 504,828 | 536,026 | |||||
Corporate and other | 482,795 | 483,003 | 584,304 | |||||
Discontinued operations | - | 900,227 | 1,024,320 | |||||
Total | $ | 2,544,280 | $ | 3,386,580 | $ | 3,582,347 | ||
Capital expenditures — | ||||||||
Well Intervention | $ | 283,132 | $ | 274,451 | $ | 13,923 | ||
Robotics | 39,655 | 44,500 | 27,045 | |||||
Production Facilities | 1,252 | 823 | 30,896 | |||||
Corporate and other | 387 | 3,265 | 28,290 | |||||
Total | $ | 324,426 | $ | 323,039 | $ | 100,154 | ||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Depreciation and amortization — | ||||||||
Well Intervention | $ | 44,619 | $ | 37,736 | $ | 35,544 | ||
Robotics | 22,263 | 19,933 | 16,426 | |||||
Subsea Construction | 8,651 | 19,773 | 21,321 | |||||
Production Facilities | 17,193 | 16,828 | 14,935 | |||||
Corporate and eliminations | 5,809 | 2,931 | 2,962 | |||||
Total | $ | 98,535 | $ | 97,201 | $ | 91,188 | ||
(1) Amount in 2013 includes the $1.1 million loss on the sale of the Caesar in June 2013 and the $15.6 million gain on the sale of the Express in July 2013. Amount in 2012 includes impairment charges of $157.8 million for the Caesar and $14.6 million for the Intrepid (Note 2). | ||||||||
Intercompany segment revenues during the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Well Intervention | $ | 22,448 | $ | 36,781 | $ | 16,175 | ||
Robotics | 41,169 | 46,465 | 45,251 | |||||
Subsea Construction | 317 | 4,472 | 4,212 | |||||
Production Facilities | 4,673 | 46,057 | 46,057 | |||||
Total | $ | 68,607 | $ | 133,775 | $ | 111,695 | ||
Intercompany segment profits (losses) (which only relate to intercompany capital projects) during the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Well Intervention | $ | -141 | $ | 6,203 | $ | -223 | ||
Robotics | 3,518 | 180 | 213 | |||||
Subsea Construction | 158 | 1,670 | 114 | |||||
Production Facilities | -175 | -175 | -197 | |||||
Total | $ | 3,360 | $ | 7,878 | $ | -93 | ||
Revenue by individually significant region during the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
United States | $ | 345,525 | $ | 281,308 | $ | 316,869 | ||
United Kingdom | 403,816 | 345,074 | 275,499 | |||||
Other | 127,220 | 219,727 | 109,632 | |||||
Total | $ | 876,561 | $ | 846,109 | $ | 702,000 | ||
We include the property and equipment, net in the geographic region in which it legally resides. The following table provides our property and equipment, net of accumulated depreciation, by individually significant region (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
United States | $ | 1,195,824 | $ | 1,180,586 | $ | 1,163,320 | ||
United Kingdom | 332,394 | 304,062 | 281,430 | |||||
Other | 76 | 1,227 | 14,919 | |||||
Total | $ | 1,528,294 | $ | 1,485,875 | $ | 1,459,669 | ||
Allowance_Accounts
Allowance Accounts | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Allowance Accounts [Abstract] | ' | |||||
Allowance Accounts | ' | |||||
Note 15 — Allowance Accounts | ||||||
The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2013 (in thousands): | ||||||
Allowance | Deferred | |||||
for | Tax Asset | |||||
Uncollectible | Valuation | |||||
Accounts | Allowance | |||||
Balance at December 31, 2010 | $ | 4,460 | $ | 8,497 | ||
Additions (1) | 61 | 5,813 | ||||
Deductions | -521 | - | ||||
Balance at December 31, 2011 | 4,000 | 14,310 | ||||
Additions (2) | 1,257 | 2,081 | ||||
Deductions | -105 | - | ||||
Balance at December 31, 2012 | 5,152 | 16,391 | ||||
Additions (3) | 2,236 | 6,469 | ||||
Deductions (4) | -5,154 | - | ||||
Balance at December 31, 2013 | $ | 2,234 | $ | 22,860 | ||
(1) The increase in valuation allowance includes $4.9 million related to our former WOSEA operations and $0.9 million to our oil and gas operations in the United Kingdom. | ||||||
(2) The increase in valuation allowance includes $2.0 million related to our former WOSEA operations and $0.1 million to our oil and gas operations in the United Kingdom. WOSEA has a full valuation allowance against its deferred tax asset balance. | ||||||
(3) The increase in valuation allowance includes $6.5 million related to our former WOSEA operations. WOSEA has a full valuation allowance against its deferred tax asset balance. | ||||||
(4) The decrease primarily reflects the reversal of a $4 million allowance against our trade receivables for work performed offshore India in 2007 as we collected the previously adjusted receivable balance pursuant to a settlement agreement (Note 13). | ||||||
See Note 2 for a detailed discussion regarding our accounting policy on accounts receivable and allowance for uncollectible accounts and Note 8 for a detailed discussion of the valuation allowance related to our deferred tax assets. | ||||||
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||||||
Note 16 — Derivative Instruments and Hedging Activities | |||||||||||||
Derivatives designated as hedging instruments are as follows (in thousands): | |||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Asset Derivatives: | |||||||||||||
Interest rate swaps | Other assets, net | $ | 446 | Other assets, net | $ | - | |||||||
$ | 446 | $ | - | ||||||||||
Liability Derivatives: | |||||||||||||
Foreign exchange contracts | Accrued liabilities | $ | 1,905 | Accrued liabilities | $ | - | |||||||
Interest rate swaps | Accrued liabilities | 746 | Accrued liabilities | - | |||||||||
Foreign exchange contracts | Other non-current liabilities | 13,166 | Other non-current liabilities | - | |||||||||
$ | 15,817 | $ | - | ||||||||||
Derivatives that were not designated as hedging instruments are as follows (in thousands): | |||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Asset Derivatives: | |||||||||||||
Oil contracts | Other current assets | $ | - | Other current assets | $ | 5,800 | |||||||
Foreign exchange contracts | Other current assets | 69 | Other current assets | 146 | |||||||||
$ | 69 | $ | 5,946 | ||||||||||
Liability Derivatives: | |||||||||||||
Oil contracts | Accrued liabilities | $ | - | Accrued liabilities | $ | 15,777 | |||||||
Interest rate swaps | Accrued liabilities | - | Accrued liabilities | 489 | |||||||||
Interest rate swaps | Other non-current liabilities | - | Other non-current liabilities | 32 | |||||||||
$ | - | $ | 16,298 | ||||||||||
As a result of the announcement in December 2012 of the sale of ERT, we de-designated all of our remaining oil and natural gas derivative contracts as hedging instruments. In addition, under the terms of our former credit agreement (Note 7), we were required to use a portion of the proceeds from the sales of ERT, the Caesar and the Express to make payments to reduce our indebtedness. Because of the probability that the former term loan debt would be totally repaid before the expiration of our then existing interest rate swaps, we also concluded that those swaps no longer qualified as cash flow hedges. At December 31, 2012, we recorded the mark-to-market adjustments for these derivatives to reflect the changes in their fair values and to recognize amounts previously recorded in accumulated other comprehensive income (loss) and related deferred taxes into earnings. The mark-to-market adjustments related to our commodity derivative contracts and interest rate swaps are reflected in “Loss on commodity derivative contracts” and “Other income (expense), net”, respectively, in the accompanying consolidated statements of operations. In February 2013, we settled all of our remaining commodity derivative contracts and then existing interest rate swap contracts for payments of approximately $22.5 million and $0.6 million, respectively. | |||||||||||||
In January 2013, we entered into foreign currency exchange contracts to hedge through September 2017 the foreign currency exposure associated with the Grand Canyon charter payments ($104.6 million) denominated in Norwegian kroner (NOK591.3 million). In February 2013, we entered into similar foreign currency exchange contracts for the Grand Canyon II and Grand Canyon III charter payments ($100.4 million and $98.8 million, respectively) denominated in Norwegian kroner (NOK594.7 million and NOK595.0 million, respectively), through July 2019 and February 2020, respectively. These contracts currently qualify for hedge accounting treatment. All of our remaining foreign exchange contracts are not accounted for as hedge contracts and changes in their fair value are marked-to-market in earnings in each reporting period. | |||||||||||||
In September 2013, we entered into interest rate swap contracts to fix the interest rate on $148.1 million of our Term Loan debt. These monthly contracts began in October 2013 and extend through October 2016. These contracts are accounted for under hedge accounting. | |||||||||||||
The following tables present the impact that derivative instruments designated as cash flow hedges had on our accumulated comprehensive income (loss) and our consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 (in thousands). The amount of any ineffectiveness associated with our cash flow hedges was immaterial for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Gain (Loss) Recognized in OCI | |||||||||||||
on Derivatives, Net of Tax | |||||||||||||
(Effective Portion) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign exchange contracts | $ | -9,796 | $ | - | $ | - | |||||||
Oil and natural gas commodity contracts | - | -12,860 | 28,749 | ||||||||||
Interest rate swaps | -195 | -81 | 1,294 | ||||||||||
$ | -9,991 | $ | -12,941 | $ | 30,043 | ||||||||
Gain (Loss) Reclassified from | |||||||||||||
Location of Gain (Loss) | Accumulated OCI into Income | ||||||||||||
Reclassified from | (Effective Portion) | ||||||||||||
Accumulated OCI into Income | Year Ended December 31, | ||||||||||||
(Effective Portion) | 2013 | 2012 | 2011 | ||||||||||
Oil and natural gas commodity contracts | Income from discontinued operations, net of tax | $ | - | $ | 3,184 | $ | -21,659 | ||||||
Interest rate swaps | Net interest expense | -152 | -523 | -2,010 | |||||||||
Foreign exchange contracts | Cost of sales | -1,324 | - | - | |||||||||
$ | -1,476 | $ | 2,661 | $ | -23,669 | ||||||||
The following table presents the impact that derivative instruments not designated as hedges had on our consolidated statement of operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Gain (Loss) Recognized | |||||||||||||
Location of Gain (Loss) | in Income on Derivatives | ||||||||||||
Recognized in Income | Year Ended December 31, | ||||||||||||
on Derivatives | 2013 | 2012 | 2011 | ||||||||||
Oil and natural gas commodity contracts | Income from discontinued operations, net of tax | $ | - | $ | 5,550 | $ | - | ||||||
Oil and natural gas commodity contracts | Loss on commodity derivative contracts | -14,113 | -10,507 | - | |||||||||
Interest rate swaps | Other expense, net | -86 | -567 | - | |||||||||
Foreign exchange contracts | Other expense, net | -630 | 411 | 249 | |||||||||
$ | -14,829 | $ | -5,113 | $ | 249 | ||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||
Quarterly Financial Information | ' | |||||||||
Note 17 — Quarterly Financial Information (Unaudited) | ||||||||||
Offshore marine construction activities may fluctuate as a result of weather conditions and the timing of capital expenditures by oil and gas companies. Historically, a substantial portion of our services has been performed during the summer and fall months. As a result, historically a disproportionate portion of our revenues and net income is earned during such period. The following is a summary of consolidated quarterly financial information for 2013 and 2012 (in thousands, except per share amounts): | ||||||||||
Quarter Ended | ||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||
2013 | ||||||||||
Net revenues (1) | $ | 197,429 | $ | 232,178 | $ | 220,117 | $ | 226,837 | ||
Gross profit (2) | 52,567 | 67,497 | 69,457 | 71,164 | ||||||
Net income applicable to Helix: | ||||||||||
Income from continuing operations | $ | 557 | $ | 27,240 | $ | 44,549 | $ | 36,503 | ||
Income from discontinued operations | 1,058 | -29 | 44 | - | ||||||
Net income applicable to Helix | $ | 1,615 | $ | 27,211 | $ | 44,593 | $ | 36,503 | ||
Basic earnings per common share: | ||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Income from discontinued operations | 0.01 | - | - | - | ||||||
Basic earnings per common share | $ | 0.02 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Diluted earnings per common share: | ||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Income from discontinued operations | 0.01 | - | - | - | ||||||
Diluted earnings per common share | $ | 0.02 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Quarter Ended | ||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||
2012 | ||||||||||
Net revenues (3) | $ | 229,842 | $ | 197,461 | $ | 217,110 | $ | 201,696 | ||
Gross profit (loss) (4) | 72,483 | 28,438 | 57,919 | -108,925 | ||||||
Net income (loss) applicable to Helix: | ||||||||||
Income (loss) from continuing operations | $ | 16,874 | $ | 2,425 | $ | 10,362 | $ | -99,679 | ||
Income (loss) from discontinued operations | 48,853 | 42,216 | 4,503 | -71,888 | ||||||
Net income (loss) applicable to Helix (5) | $ | 65,727 | $ | 44,641 | $ | 14,865 | $ | -171,567 | ||
Basic earnings (loss) per common share: | ||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.02 | $ | 0.10 | $ | -0.95 | ||
Income (loss) from discontinued operations | 0.46 | 0.40 | 0.04 | -0.69 | ||||||
Basic earnings (loss) per common share | $ | 0.62 | $ | 0.42 | $ | 0.14 | $ | -1.64 | ||
Diluted earnings (loss) per common share: | ||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.02 | $ | 0.10 | $ | -0.95 | ||
Income (loss) from discontinued operations | 0.46 | 0.40 | 0.04 | -0.69 | ||||||
Diluted earnings (loss) per common share | $ | 0.62 | $ | 0.42 | $ | 0.14 | $ | -1.64 | ||
(1) Excludes revenues from discontinued operations of $48.8 million for the quarter ended March 31, 2013. | ||||||||||
(2) Excludes gross profit from discontinued operations of $28.2 million for the quarter ended March 31, 2013. | ||||||||||
(3) Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended March 31, June 30, September 30 and December 31, 2012. | ||||||||||
(4) Excludes gross profit from discontinued operations of $89.2 million, $64.8 million, $27.8 million and $(102.6) million for the quarters ended March 31, June 30, September 30 and December 31, 2012. Includes impairment charges totaling $14.6 million in the second quarter of 2012, $4.6 million in the third quarter of 2012 and $158.0 million in the fourth quarter of 2012 (Note 2). | ||||||||||
(5) Our net loss in the fourth quarter of 2012 includes a $138.6 million impairment charge associated with the sale of ERT (Note 3). | ||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
Our consolidated financial statements include the accounts of majority-owned subsidiaries. The equity method is used to account for investments in affiliates in which we do not have majority ownership, but have the ability to exert significant influence. We account for our Deepwater Gateway, Independence Hub and former Australian joint venture investments under the equity method of accounting. Noncontrolling interests represent the minority shareholders’ proportionate share of the equity in Kommandor LLC (Note 6). All material intercompany accounts and transactions have been eliminated. | |||||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||||
Reclassifications | |||||||||||||||||||||
Certain reclassifications were made to previously-reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. The most significant of these reclassifications are associated with our discontinued oil and gas operations. As noted in Note 1, ERT qualified as discontinued operations following the announcement of the definitive agreement for the sale of ERT. Accordingly, all operations and financial positions related to ERT have been presented as discontinued operations even if they did not qualify as a discontinued operation in that period. | |||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and cash equivalents are highly liquid financial instruments with original maturities of three months or less. They are carried at cost plus accrued interest, which approximates fair value. | |||||||||||||||||||||
Statement Of Cash Flow Information | ' | ||||||||||||||||||||
Statement of Cash Flow Information | |||||||||||||||||||||
The following table provides supplemental cash flow information for the periods stated (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Interest paid, net of interest capitalized | $ | 39,040 | $ | 68,735 | $ | 81,000 | |||||||||||||||
Income taxes paid | $ | 113,331 | $ | 43,111 | $ | 11,216 | |||||||||||||||
Total non-cash investing activities for the years ended December 31, 2013, 2012 and 2011 include $9.5 million, $51.1 million and $26.1 million, respectively, of accruals for property and equipment capital expenditures. | |||||||||||||||||||||
Accounts Receivable and Allowance for Uncollectible Accounts | ' | ||||||||||||||||||||
Accounts Receivable and Allowance for Uncollectible Accounts | |||||||||||||||||||||
Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for uncollectible accounts. The amount of our net accounts receivable approximates fair value. We establish an allowance for uncollectible accounts receivable based on historical experience and any specific customer collection issues that we have identified. Uncollectible accounts receivable are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when we have determined that the balance will not be collected (Note 15). | |||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
Overview. Property and equipment is recorded at cost. Property and equipment is depreciated on a straight line basis over the estimated useful life of each respective asset. The following is a summary of the gross components of property and equipment (dollars in thousands): | |||||||||||||||||||||
Estimated Useful Life | 2013 | 2012 | |||||||||||||||||||
ROVs/Vessels | 10 to 30 years | $ | 1,671,451 | $ | 1,822,642 | ||||||||||||||||
Machinery, equipment, buildings and leasehold improvements | 5 to 30 years | 288,332 | 229,154 | ||||||||||||||||||
Total property and equipment | $ | 1,959,783 | $ | 2,051,796 | |||||||||||||||||
The cost of repairs and maintenance is charged to expense as incurred, while the cost of improvements is capitalized. Repair and maintenance expense totaled $31.5 million, $39.3 million and $32.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Included in machinery, equipment, buildings and leasehold improvements were $17.5 million and $18.5 million of capitalized software costs ($4.8 million and $6.0 million, net of accumulated amortization) at December 31, 2013 and 2012, respectively. The total amount charged to expense related to the amortization of these software costs was $1.8 million for the year ended December 31, 2013 and $2.6 million during each of the years ended December 31, 2012 and 2011. | |||||||||||||||||||||
Assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If, upon review, the sum of the undiscounted pretax cash flows is less than the carrying value of the asset group, the carrying value is written down to estimated fair value and reported as an impairment charge in the periods in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Our marine vessels are assessed on a vessel by vessel basis, while our remotely operated vehicles (“ROVs”) are grouped and assessed by asset class. Because there usually is a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or based on a multiple of operating cash flows validated with historical market transactions of similar assets where possible. The expected future cash flows used for impairment reviews and related fair value calculations are based on assessments of operating costs, project margins and capital project decisions, considering all available information at the date of review. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. These fair value measurements fall within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
In 2011, in connection with the reorganization of our Australian well intervention operations, we conducted an impairment assessment of its well intervention equipment, which resulted in a $6.6 million charge to reduce the carrying value of such well intervention equipment to its then estimated fair value. In 2012, we decided to discontinue our well intervention operations in Australia. We recorded a $4.6 million impairment charge to reduce our well intervention assets in Australia to their fair value of $5.0 million. In 2012, as a result of diminished work opportunities for the Intrepid, we placed the subsea construction vessel in cold-stack mode and later sold the vessel for $14.5 million in cash, which resulted in asset impairment and related loss on disposal charges totaling $28.1 million. Also in 2012, we entered into an agreement to sell our two remaining subsea construction pipelay vessels, the Caesar and the Express, and other related pipelay equipment for a total sales price of $238.3 million. In connection with the announcement of the sale of our remaining subsea construction pipelay vessels and related equipment, we recorded an impairment charge of $157.8 million to reduce the carrying cost of the Caesar and other related pipelay equipment to their respective fair values as determined by the definitive sales agreement. In June 2013, we completed the sale of the Caesar and related equipment for $138.3 million, which amount included $30 million of funds deposited with us at the time the agreement was entered into by the parties. In July 2013, we completed the sale of the Express for $100 million, including the remaining $20 million of previously deposited funds. In June 2013, we entered into an agreement to sell our spoolbase property located in Ingleside, Texas for $45 million to the same group of companies that acquired the Caesar and the Express. In January 2014, we closed the sale of our Ingleside spoolbase. In connection with this sale, we received $15 million in cash, including a $5 million deposit we received at the time the agreement was signed, and hold a $30 million promissory note, in which a $10 million principal reduction in the note’s balance is required to be paid to us on each December 31 in 2014, 2015 and 2016. See Note 3 for disclosure related to the impairment charges associated with certain of our former oil and gas properties. | |||||||||||||||||||||
Assets are classified as held for sale when we have a formalized plan for disposal and those assets meet the held for sale criteria. Our continuing operations had no assets meeting the requirements to be classified as assets held for sale at December 31, 2013 and 2012. | |||||||||||||||||||||
Interest from external borrowings is capitalized on major projects until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful life of the asset in the same manner as the underlying asset. The total of our interest expense capitalized during each of the three years ended December 31, 2013, 2012 and 2011 was $10.4 million, $4.9 million and $1.3 million, respectively. | |||||||||||||||||||||
Equity Investments | ' | ||||||||||||||||||||
Equity Investments | |||||||||||||||||||||
We periodically review our equity investments in Deepwater Gateway and Independence Hub for impairment. Under the equity method of accounting, an impairment loss would be recorded whenever the fair value of an equity investment is determined to be below its carrying amount and the reduction is considered to be other than temporary. In judging “other than temporary,” we would consider the length of time and extent to which the fair value of the investment has been less than the carrying amount of the equity investment, the near-term and long-term operating and financial prospects of the equity company and our longer-term intent of retaining the investment in the entity. We previously invested in an Australian joint venture that engaged in well intervention operations in the Southeast Asia region. We fully impaired our investment in that joint venture and recorded a $10.6 million other than temporary impairment charge in 2011. We exited this Australian joint venture in 2012. | |||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||
We are required to perform an annual impairment analysis of goodwill. We elected November 1 to be our annual impairment assessment date for goodwill. However, we could be required to evaluate the recoverability of goodwill prior to the annual assessment date if we experience disruption to the business, unexpected significant declines in operating results, divestiture of a significant component of the business, emergence of unanticipated competition, loss of key personnel or a sustained decline in market capitalization. Our goodwill impairment test involves a comparison of the fair value with our carrying amount. The fair value is determined using discounted cash flows and other market-related valuation models. At the time of our annual assessment of goodwill on November 1, 2013, we had two reporting units with goodwill. | |||||||||||||||||||||
Goodwill impairment is determined using a two-step process. The first step is to identify if a potential impairment exists by comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered to have a potential impairment and the second step of the impairment test is not necessary. However, if the carrying amount of a reporting unit exceeds its fair value, the second step is performed to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. | |||||||||||||||||||||
The second step compares the implied fair value of goodwill with the carrying amount of goodwill. If the implied fair value of goodwill exceeds the carrying amount, then goodwill is not considered impaired. However, if the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination (i.e., the fair value of the reporting unit is allocated to all the assets and liabilities, including any unrecognized intangible assets, as if the reporting unit were acquired in a business combination). | |||||||||||||||||||||
We use both the income approach and the market approach to estimate the fair value of our reporting units under the first step of our goodwill impairment assessment. Under the income approach, a discounted cash flow analysis is performed requiring us to make various judgmental assumptions about future revenue, operating margins, growth rates and discount rates. These judgmental assumptions are based on our budgets, long-term business plans, economic projections, anticipated future cash flows and market place data. Under the market approach, the fair value of each reporting unit is calculated by applying an average peer total invested capital EBITDA (defined as earnings before interest, income taxes and depreciation and amortization) multiple to the upcoming fiscal year’s forecasted EBITDA for each reporting unit. Judgment is required when selecting peer companies that operate in the same or similar lines of business and are potentially subject to the same economic risks. | |||||||||||||||||||||
Our goodwill at December 31, 2013, 2012 and 2011 was associated with our Well Intervention and Robotics segments. In our 2013 goodwill impairment analysis, the fair value of both of our reporting units with goodwill exceeded their respective carrying value. Therefore, we concluded that our goodwill at December 31, 2013 was not impaired. As a result of the adoption of an update issued by the Financial Accounting Standards Board (the “FASB”) in 2011 to simplify goodwill impairment testing, we performed qualitative assessments during 2012 and 2011 to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill. Based on the then current and historical evidence supporting these reporting units’ carrying value being sufficient to maintain their recorded goodwill amounts, we concluded that there was no indication of goodwill impairment and we did not perform the quantitative step one impairment analysis. We continue to monitor the current and future operations of these two reporting units to determine whether or not the quantitative assessment is once again necessary. We conduct the quantitative test at least every three years with the latest such test occurring on November 1, 2013. | |||||||||||||||||||||
The changes in the carrying amount of goodwill are as follows (in thousands): | |||||||||||||||||||||
Well | |||||||||||||||||||||
Intervention | Robotics | Total | |||||||||||||||||||
Balance at December 31, 2011 | $ | 17,108 | $ | 45,107 | $ | 62,215 | |||||||||||||||
Other adjustments (1) | 720 | - | 720 | ||||||||||||||||||
Balance at December 31, 2012 | 17,828 | 45,107 | 62,935 | ||||||||||||||||||
Other adjustments (1) | 295 | - | 295 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 18,123 | $ | 45,107 | $ | 63,230 | |||||||||||||||
(1) Reflects foreign currency adjustment for certain amounts of our goodwill. | |||||||||||||||||||||
Our intangible assets, other than goodwill, consist of intellectual property and patented technology related to our well intervention operations. We amortize these intangible assets on a straight-line basis over their estimated useful life or their legal life, whichever is shorter. At December 31, 2013, our remaining intangible assets, other than goodwill, totaled $1.9 million ($0.6 million, net of accumulated amortization of $1.3 million). Total amortization expense for intangible assets was $0.1 million for each of the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Recertification Costs and Deferred Dry Dock Charges | ' | ||||||||||||||||||||
Recertification Costs and Deferred Dry Dock Charges | |||||||||||||||||||||
Our vessels are required by regulation to be recertified after certain periods of time. Recertification costs are incurred while a vessel is in dry dock. In addition, routine repairs and maintenance are performed and at times, major replacements and improvements are performed. We expense routine repairs and maintenance costs as they are incurred. We defer and amortize dry dock and related recertification costs over the length of time for which we expect to receive benefits from the dry dock and related recertification, which is generally 30 months but can be as long as 60 months if the appropriate permitting is obtained. A dry dock and related recertification process typically lasts one to two months, a period during which the vessel is idle and generally not available to earn revenue. Major replacements and improvements that extend the vessel’s economic useful life or functional operating capability are capitalized and depreciated over the vessel’s remaining economic useful life. | |||||||||||||||||||||
As of December 31, 2013 and 2012, capitalized deferred dry dock charges included within “Other assets, net” in the accompanying consolidated balance sheets (Note 4) totaled $24.8 million and $22.7 million, respectively, net of accumulated amortization of $14.5 million and $5.9 million, respectively. During the years ended December 31, 2013, 2012 and 2011, dry dock amortization expense was $14.8 million, $8.6 million and $7.6 million, respectively. | |||||||||||||||||||||
Convertible Preferred Stock Policy | ' | ||||||||||||||||||||
Convertible Preferred Stock | |||||||||||||||||||||
In December 2012, the holder of the remaining $1 million of Convertible Preferred Stock converted it into 361,402 shares of our common stock. We had previously presented the Convertible Preferred Stock below liabilities but not as a component of shareholders’ equity, because we were, under certain instances, required to settle any future conversions in cash. The dividend rate was 4% for 2012 and 2011. Our Convertible Preferred Stock was assessed for inclusion in our diluted earnings per share calculation using the if converted method (see “Earnings Per Share”) below. | |||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Revenues from our services are derived from contracts, which are both short-term and long-term in duration. Our long-term services contracts are contracts that contain either lump-sum, turnkey provisions or provisions for specific time, material and equipment charges, which are billed in accordance with the terms of such contracts. We recognize revenue as it is earned at estimated collectible amounts. Further, we record revenues net of taxes collected from customers and remitted to governmental authorities. | |||||||||||||||||||||
Unbilled revenue represents revenue attributable to work completed prior to period end that has not yet been invoiced. All amounts included in unbilled revenue at December 31, 2013 and 2012 are expected to be billed and collected within one year. | |||||||||||||||||||||
Dayrate Contracts. Revenues generated from specific time, materials and equipment contracts are generally earned on a dayrate basis and recognized as amounts are earned in accordance with contract terms. In connection with these contracts, we may receive revenues for mobilization of equipment and personnel. Revenues related to mobilization are deferred and recognized over the period in which contracted services are performed using the straight-line method. Incremental costs incurred directly for mobilization of equipment and personnel to the contracted site, which typically consist of materials, supplies and transit costs, are also deferred and recognized using the same method. Our policy to amortize the revenues and costs related to mobilization on a straight-line basis over the estimated contract service period is consistent with the general pace of activity, level of services being provided and dayrates being earned over the service period of the contract. Mobilization costs to move vessels when a contract does not exist are expensed as incurred. | |||||||||||||||||||||
Turnkey Contracts. Revenue on significant turnkey contracts is recognized under the percentage-of-completion method based on the ratio of costs incurred to total estimated costs at completion. In determining whether a contract should be accounted for using the percentage-of-completion method, we consider whether: | |||||||||||||||||||||
• | the customer provides specifications for the construction of facilities or for the provision of related services; | ||||||||||||||||||||
• | we can reasonably estimate our progress towards completion and our costs; | ||||||||||||||||||||
• | the contract includes provisions for the enforceable rights regarding the goods or services to be provided, consideration to be received, and the manner and terms of payment; | ||||||||||||||||||||
• | the customer can be expected to satisfy its obligations under the contract; and | ||||||||||||||||||||
• | we can be expected to perform our contractual obligations. | ||||||||||||||||||||
Under the percentage-of-completion method, we recognize estimated contract revenue based on costs incurred to date as a percentage of total estimated costs. Changes in the expected cost of materials and labor, productivity, scheduling and other factors affect the total estimated costs. Additionally, external factors, including weather and other factors outside of our control, may also affect the progress and estimated cost of a project’s completion and, therefore, the timing of income and revenue recognition. We routinely review estimates related to our contracts and reflect revisions to profitability in earnings on a current basis. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when it is first determined. We recognize additional contract revenue related to claims when the claim is probable and legally enforceable. | |||||||||||||||||||||
Whenever we have a contract that qualifies as a loss contract, we estimate the future shortfall between our anticipated future revenues and future costs. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred income taxes are based on the differences between financial reporting and tax bases of assets and liabilities. We utilize the liability method of computing deferred income taxes. The liability method is based on the amount of current and future taxes payable using tax rates and laws in effect at the balance sheet date. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. We consider the undistributed earnings of our principal non-U.S. subsidiaries to be permanently reinvested. | |||||||||||||||||||||
It is our policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. At December 31, 2013, we believe we have appropriately accounted for any unrecognized tax benefits. To the extent we prevail in matters for which a liability for an unrecognized tax benefit is established or are required to pay amounts in excess of the liability, our effective tax rate in a given financial statement period may be affected. | |||||||||||||||||||||
Foreign Currency | ' | ||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||
Because we operate in various regions in the world, we conduct a portion of our business in currencies other than the U.S. dollar (primarily with respect to Helix Well Ops (U.K.) Limited (“WOUK”)). The functional currency for WOUK is the applicable local currency (British Pound). Previously, our Australian well intervention subsidiary (“WOSEA”) had the Australian Dollar as its functional currency. We ceased operations in Australia in 2012. Results of operations for these subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rate in effect at December 31, 2013 and 2012 and the resulting translation adjustments, which were unrealized gains of $5.0 million and $7.3 million, respectively, are included in accumulated other comprehensive income (loss), a component of shareholders’ equity. All foreign currency transaction gains and losses are recognized currently in the consolidated statements of operations. | |||||||||||||||||||||
Our foreign currency gains (losses) totaling $0.7 million in 2013, $(0.5) million in 2012 and $(2.1) million in 2011 are included in “Other income (expense), net” in the accompanying consolidated statements of operations. These realized amounts are exclusive of any unrealized gains or losses from our foreign currency exchange derivative contracts. | |||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||
Our continuing operations are exposed to market risks associated with interest rates and foreign currency exchange rates. Our risk management activities involve the use of derivative financial instruments to hedge the impact of market risk exposure related to variable interest rates and foreign currency exchange rates. All derivatives are reflected in the accompanying consolidated balance sheets at fair value. | |||||||||||||||||||||
We formally document all relationships between hedging instruments and the related hedged items, as well as our risk management objectives, strategies for undertaking various hedge transactions and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment or forecasted transaction. We also assess, both at the inception of the hedge and on an on-going basis, whether the derivatives that are used in our hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. We discontinue hedge accounting if we determine that a derivative is no longer highly effective as a hedge, or it is probable that a hedged transaction will not occur. If hedge accounting is discontinued because it is probable the hedged transaction will not occur, deferred gains or losses on the hedging instruments are recognized in earnings immediately. If the forecasted transaction continues to be probable of occurring, any deferred gains or losses in accumulated other comprehensive income (loss) are amortized to earnings over the remaining period of the original forecasted transaction. | |||||||||||||||||||||
We engage solely in cash flow hedges. Hedges of cash flow exposure are entered into to hedge a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. Changes in the derivative fair values that are designated as cash flow hedges are deferred to the extent that the hedges are effective. These fair value changes are recorded as a component of accumulated other comprehensive income or loss (a component of shareholders’ equity) until the hedged transactions occur and are recognized in earnings. The ineffective portion of changes in the fair value of cash flow hedges is recognized immediately in earnings. In addition, any change in the fair value of a derivative that does not qualify for hedge accounting is recorded in earnings in the period in which the change occurs. | |||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||
We enter into interest rate swaps from time to time to stabilize cash flows related to our long-term debt subject to variable interest rates. Changes in the fair value of an interest rate swap are deferred to the extent the swap is effective. These changes are recorded as a component of accumulated other comprehensive income (loss) until the anticipated interest payments occur and are recognized in interest expense. The ineffective portion of the interest rate swap, if any, is recognized immediately in earnings within the line titled “Net interest expense.” The amount of ineffectiveness associated with our interest rate swap contracts was immaterial for all periods presented. | |||||||||||||||||||||
Since January 2010, we had interest rate swap contracts to fix the interest rate on $200 million of indebtedness under our former credit facility. The last of these monthly contracts would have matured in January 2014. Under the terms of our former credit facility, we were required to use a portion of the proceeds from the sales of the Caesar, the Express and ERT to make payments to reduce our indebtedness. Because it was probable that we would pay off the corresponding indebtedness before the expiration of our interest rate swaps, we concluded in December 2012 that the swaps no longer qualified as cash flow hedges. Thus, at December 31, 2012, we recorded losses of approximately $0.6 million ($0.4 million net of tax) to reflect the mark-to-market adjustments for changes in the fair values of the interest rate swaps. In February 2013, we settled all of our interest rate swap contracts remaining at December 31, 2012 for $0.6 million. | |||||||||||||||||||||
In September 2013, we entered into interest rate swap contracts to fix the interest rate on $148.1 million of our Term Loan debt (Note 7). These monthly contracts began in October 2013 and extend through October 2016. The fair value of our remaining interest rate swaps was a net liability of $0.3 million and $0.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||||
Because we operate in various regions in the world, we conduct a portion of our business in currencies other than the U.S. dollar. We entered into various foreign currency exchange contracts to stabilize expected cash outflows relating to certain vessel charters that are denominated in British pounds and Norwegian kroner. The aggregate fair value of the foreign exchange contracts was a net liability of $15.0 million at December 31, 2013 and a net asset of $0.1 million at December 31, 2012. | |||||||||||||||||||||
In January 2013, we entered into foreign currency exchange contracts to hedge through September 2017 the foreign currency exposure associated with the Grand Canyon charter payments. In February 2013, we entered into similar foreign currency exchange contracts for the Grand Canyon II and the Grand Canyon III charter payments through July 2019 and February 2020, respectively. These contracts currently qualify for hedge accounting treatment. All of our remaining foreign exchange contracts are not accounted for as hedge contracts and changes in their fair value are being marked-to-market in earnings in each reporting period. We recorded gains (losses) totaling $(0.6) million in 2013, $0.4 million in 2012 and $0.2 million in 2011 associated with foreign exchange contracts not qualifying for hedge accounting. | |||||||||||||||||||||
See Note 16 for more information regarding the accounting for our derivative contracts including our commodity contracts associated with ERT. | |||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||
We have shares of restricted stock issued and outstanding, which remain subject to vesting requirements. Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, the undistributed earnings for each period are allocated based on the participation rights of both the common shareholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, we are required to compute earnings per share (“EPS”) amounts under the two class method in periods in which we have earnings from continuing operations. For periods in which we have a net loss we do not use the two class method as holders of our restricted shares are not contractually obligated to share in such losses. | |||||||||||||||||||||
The presentation of basic EPS amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income applicable to Helix common shareholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income included in the numerator excludes the effects of the impact of dilutive common stock equivalents, if any. The computations of the numerator (Income) and denominator (Shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||
Basic: | |||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||
Net income (loss) applicable to Helix | $ | 109,922 | $ | -46,334 | $ | 129,939 | |||||||||||||||
Less: Income from discontinued operations, net of tax | -1,073 | -23,684 | -95,221 | ||||||||||||||||||
Income (loss) from continuing operations | 108,849 | -70,018 | 34,718 | ||||||||||||||||||
Less: Undistributed income allocable to participating securities – continuing operations | -801 | - | -427 | ||||||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,048 | 105,032 | $ | -70,018 | 104,449 | $ | 34,291 | 104,528 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 1,073 | $ | 23,684 | $ | 95,221 | |||||||||||||||
Less: Undistributed income allocable to participating securities – discontinued operations | -8 | - | -1,172 | ||||||||||||||||||
Income applicable to common shareholders – discontinued operations | $ | 1,065 | 105,032 | $ | 23,684 | 104,449 | $ | 94,049 | 104,528 | ||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||
Diluted: | |||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,048 | 105,032 | $ | -70,018 | 104,449 | $ | 34,291 | 104,528 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Share-based awards other than participating securities | - | 152 | - | - | - | 64 | |||||||||||||||
Undistributed income reallocated to participating securities | 1 | - | - | - | 2 | - | |||||||||||||||
Convertible preferred stock | - | - | - | - | 40 | 361 | |||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,049 | 105,184 | $ | -70,018 | 104,449 | $ | 34,333 | 104,953 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 1,073 | 105,184 | $ | 23,684 | 104,449 | $ | 95,221 | 104,953 | ||||||||||||
We had net losses from continuing operations for the year ended December 31, 2012. Accordingly, our diluted EPS calculation for 2012 was equivalent to our basic EPS calculation because it excluded any assumed exercise or conversion of common stock equivalents because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in those respective years. Shares that otherwise would have been included in the diluted per share calculations for the year ended December 31, 2012, assuming we had earnings from continuing operations, are as follows (in thousands): | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Diluted shares (as reported) | 104,449 | ||||||||||||||||||||
Share-based awards | 382 | ||||||||||||||||||||
Convertible preferred stock | 334 | ||||||||||||||||||||
Total | 105,165 | ||||||||||||||||||||
The diluted EPS calculation also excluded dividends and related costs associated with the convertible preferred stock that otherwise would have been added back to net income if assumed conversion of the shares was dilutive during the year. | |||||||||||||||||||||
No diluted shares were included for the 2032 Notes for the years ended December 31, 2013 and 2012 as the conversion price of $25.02 (and conversion trigger of $32.53 per share) was not met in either period, and because we have the right to settle any such future conversions in cash at our sole discretion (Note 7). | |||||||||||||||||||||
Major Customers and Concentration of Credit Risk | ' | ||||||||||||||||||||
Major Customers and Concentration of Credit Risk | |||||||||||||||||||||
The market for our products and services is primarily the offshore oil and gas industry. Oil and gas companies spend capital on exploration, drilling and production operations, the amount of which is generally dependent on the prevailing view of future oil and gas prices that are subject to many external factors which may contribute to significant volatility. Our customers consist primarily of major and independent oil and gas producers and suppliers, pipeline transmission companies, alternative (renewable) energy companies and offshore engineering and construction firms. We perform ongoing credit evaluations of our customers and provide allowances for probable credit losses when necessary. The percent of consolidated revenue from major customers, those whose total represented 10% or more of our consolidated revenues is as follows: 2013 — Shell (14%); 2012 — Shell (12%) and 2011 — Shell (10%). Most of the revenues from Shell were generated by our Well Intervention segment. We provided services to over 65 customers in 2013. | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Current fair value accounting standards define fair value, establish a consistent framework for measuring fair value and expand disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. These standards also clarify that fair value is an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. These fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||||||
• | Level 1. Observable inputs such as quoted prices in active markets; | ||||||||||||||||||||
• | Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||||||
• | Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||||||
Assets and liabilities measured at fair value are based on one or more of three valuation techniques as follows: | |||||||||||||||||||||
(a) | Market Approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||||||||||||||||||||
(b) | Cost Approach. Amount that would be required to replace the service capacity of an asset (replacement cost). | ||||||||||||||||||||
(c) | Income Approach. Techniques to convert expected future cash flows to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models). | ||||||||||||||||||||
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, our long-term debt and various derivative instruments. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value due to the highly liquid nature of these instruments. The following table provides additional information related to other financial instruments measured at fair value on a recurring basis at December 31, 2013 (in thousands): | |||||||||||||||||||||
Level 1 | Level 2 (1) | Level 3 | Total | Valuation Technique | |||||||||||||||||
Assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | – | $ | 69 | $ | – | $ | 69 | (c) | ||||||||||||
Interest rate swaps | – | 446 | – | 446 | (c) | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Fair value of long-term debt (2) | 536,213 | 109,474 | – | 645,687 | (a) | ||||||||||||||||
Foreign exchange contracts | – | 15,071 | – | 15,071 | (c) | ||||||||||||||||
Interest rate swaps | – | 746 | – | 746 | (c) | ||||||||||||||||
Total net liability | $ | 536,213 | $ | 124,776 | $ | – | $ | 660,989 | |||||||||||||
(1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. | |||||||||||||||||||||
(2) See Note 7 for additional information regarding our long-term debt. The fair value of our long-term debt at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value (e) | Value | Value (e) | ||||||||||||||||||
Term Loans (mature July 2015) (a) | $ | - | $ | - | $ | 367,181 | $ | 368,295 | |||||||||||||
Revolving Credit Facility (matures July 2015) (a) | - | - | 100,000 | 100,000 | |||||||||||||||||
Term Loan (matures June 2018) | 292,500 | 293,963 | - | - | |||||||||||||||||
2025 Notes (mature December 2025) (b) | - | - | 3,487 | 3,487 | |||||||||||||||||
2032 Notes (mature March 2032) (c) | 200,000 | 242,250 | 200,000 | 239,320 | |||||||||||||||||
Senior Unsecured Notes (mature January 2016) (d) | - | - | 274,960 | 283,209 | |||||||||||||||||
MARAD Debt (matures February 2027) | 100,168 | 109,474 | 105,288 | 123,187 | |||||||||||||||||
Total debt | $ | 592,668 | $ | 645,687 | $ | 1,050,916 | $ | 1,117,498 | |||||||||||||
(a) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in June 2013. | |||||||||||||||||||||
(b) This remaining amount was repurchased by us in February 2013. | |||||||||||||||||||||
(c) Carrying value excludes the related unamortized debt discount of $26.5 million at December 31, 2013. | |||||||||||||||||||||
(d) We redeemed our remaining Senior Unsecured Notes in July 2013. | |||||||||||||||||||||
(e) The estimated fair value of all debt, other than the MARAD debt, was determined using Level 1 inputs using the market approach. The fair value of the MARAD debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other governmental obligations in the marketplace with similar terms. The fair value of the MARAD Debt was estimated using Level 2 fair value inputs using the market approach. | |||||||||||||||||||||
Debt Discount | ' | ||||||||||||||||||||
Debt Discount | |||||||||||||||||||||
On January 1, 2009, we recorded a discount of $60.2 million related to our Convertible Senior Notes due 2025 (the “2025 Notes”) as required. To arrive at this discount amount, we estimated the fair value of the liability component of the 2025 Notes as of the date of their issuance (March 30, 2005) using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of issuance and an expected life of 7.75 years, which represented the earliest period that the holders could require us to repurchase the 2025 Notes (Note 7). The discount related to our 2025 Notes became fully amortized in December 2012. | |||||||||||||||||||||
In connection with the issuance of our Convertible Senior Notes due 2032 (the “2032 Notes”), we recorded a discount of $35.4 million under existing accounting requirements. To arrive at this discount amount, we estimated the fair value of the liability component of the 2032 Notes as of the date of their issuance (March 12, 2012) using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of issuance and an expected life of 6.0 years. In selecting the expected life, we selected the earliest date that the holders could require us to repurchase all or a portion of the 2032 Notes (March 15, 2018). The remaining unamortized amount of the discount of the 2032 Notes was $26.5 million at December 31, 2013 (Note 7). | |||||||||||||||||||||
Investment Available for Sale | ' | ||||||||||||||||||||
Investment Available for Sale | |||||||||||||||||||||
In 2009 we sold substantially all of our owned shares of the publicly-traded Cal Dive common stock for net proceeds of $418.2 million, net of underwriting fees. Following these sale transactions, we owned 0.5 million shares of Cal Dive common stock, representing less than 1% of the total outstanding shares of Cal Dive. Accordingly we classified our remaining interest in Cal Dive as an investment available for sale. As an investment available for sale, the value of our remaining interest was marked-to-market at each period end with the corresponding change in value being reported as a component of accumulated other comprehensive income (loss) in the accompanying consolidated balance sheet. In March 2011, we sold our remaining 0.5 million shares of Cal Dive common stock on the open market for gross proceeds of $3.6 million resulting in a pre-tax gain of $0.8 million. | |||||||||||||||||||||
New Accounting Pronouncements, Policy | ' | ||||||||||||||||||||
New Accounting Standards | |||||||||||||||||||||
We do not expect any recent accounting standards to have a material impact on our financial position, results of operations or cash flows. | |||||||||||||||||||||
Recovered_Sheet1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Interest paid, net of interest capitalized | $ | 39,040 | $ | 68,735 | $ | 81,000 | |||||||||||||||
Income taxes paid | $ | 113,331 | $ | 43,111 | $ | 11,216 | |||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||
Estimated Useful Life | 2013 | 2012 | |||||||||||||||||||
ROVs/Vessels | 10 to 30 years | $ | 1,671,451 | $ | 1,822,642 | ||||||||||||||||
Machinery, equipment, buildings and leasehold improvements | 5 to 30 years | 288,332 | 229,154 | ||||||||||||||||||
Total property and equipment | $ | 1,959,783 | $ | 2,051,796 | |||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||
Well | |||||||||||||||||||||
Intervention | Robotics | Total | |||||||||||||||||||
Balance at December 31, 2011 | $ | 17,108 | $ | 45,107 | $ | 62,215 | |||||||||||||||
Other adjustments (1) | 720 | - | 720 | ||||||||||||||||||
Balance at December 31, 2012 | 17,828 | 45,107 | 62,935 | ||||||||||||||||||
Other adjustments (1) | 295 | - | 295 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 18,123 | $ | 45,107 | $ | 63,230 | |||||||||||||||
(1) Reflects foreign currency adjustment for certain amounts of our goodwill. | |||||||||||||||||||||
Computations Of Basic And Diluted EPS | ' | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||
Basic: | |||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||
Net income (loss) applicable to Helix | $ | 109,922 | $ | -46,334 | $ | 129,939 | |||||||||||||||
Less: Income from discontinued operations, net of tax | -1,073 | -23,684 | -95,221 | ||||||||||||||||||
Income (loss) from continuing operations | 108,849 | -70,018 | 34,718 | ||||||||||||||||||
Less: Undistributed income allocable to participating securities – continuing operations | -801 | - | -427 | ||||||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,048 | 105,032 | $ | -70,018 | 104,449 | $ | 34,291 | 104,528 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 1,073 | $ | 23,684 | $ | 95,221 | |||||||||||||||
Less: Undistributed income allocable to participating securities – discontinued operations | -8 | - | -1,172 | ||||||||||||||||||
Income applicable to common shareholders – discontinued operations | $ | 1,065 | 105,032 | $ | 23,684 | 104,449 | $ | 94,049 | 104,528 | ||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income | Shares | Income | Shares | Income | Shares | ||||||||||||||||
Diluted: | |||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,048 | 105,032 | $ | -70,018 | 104,449 | $ | 34,291 | 104,528 | ||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Share-based awards other than participating securities | - | 152 | - | - | - | 64 | |||||||||||||||
Undistributed income reallocated to participating securities | 1 | - | - | - | 2 | - | |||||||||||||||
Convertible preferred stock | - | - | - | - | 40 | 361 | |||||||||||||||
Income (loss) applicable to common shareholders – continuing operations | $ | 108,049 | 105,184 | $ | -70,018 | 104,449 | $ | 34,333 | 104,953 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
Income from discontinued operations, net of tax | $ | 1,073 | 105,184 | $ | 23,684 | 104,449 | $ | 95,221 | 104,953 | ||||||||||||
Excluded Securities On Diluted Shares Calculation | ' | ||||||||||||||||||||
2012 | |||||||||||||||||||||
Diluted shares (as reported) | 104,449 | ||||||||||||||||||||
Share-based awards | 382 | ||||||||||||||||||||
Convertible preferred stock | 334 | ||||||||||||||||||||
Total | 105,165 | ||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||
Level 1 | Level 2 (1) | Level 3 | Total | Valuation Technique | |||||||||||||||||
Assets: | |||||||||||||||||||||
Foreign exchange contracts | $ | – | $ | 69 | $ | – | $ | 69 | (c) | ||||||||||||
Interest rate swaps | – | 446 | – | 446 | (c) | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Fair value of long-term debt (2) | 536,213 | 109,474 | – | 645,687 | (a) | ||||||||||||||||
Foreign exchange contracts | – | 15,071 | – | 15,071 | (c) | ||||||||||||||||
Interest rate swaps | – | 746 | – | 746 | (c) | ||||||||||||||||
Total net liability | $ | 536,213 | $ | 124,776 | $ | – | $ | 660,989 | |||||||||||||
(1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. | |||||||||||||||||||||
(2) See Note 7 for additional information regarding our long-term debt. The fair value of our long-term debt at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||
Fair Value Of Long Term Debt | ' | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value (e) | Value | Value (e) | ||||||||||||||||||
Term Loans (mature July 2015) (a) | $ | - | $ | - | $ | 367,181 | $ | 368,295 | |||||||||||||
Revolving Credit Facility (matures July 2015) (a) | - | - | 100,000 | 100,000 | |||||||||||||||||
Term Loan (matures June 2018) | 292,500 | 293,963 | - | - | |||||||||||||||||
2025 Notes (mature December 2025) (b) | - | - | 3,487 | 3,487 | |||||||||||||||||
2032 Notes (mature March 2032) (c) | 200,000 | 242,250 | 200,000 | 239,320 | |||||||||||||||||
Senior Unsecured Notes (mature January 2016) (d) | - | - | 274,960 | 283,209 | |||||||||||||||||
MARAD Debt (matures February 2027) | 100,168 | 109,474 | 105,288 | 123,187 | |||||||||||||||||
Total debt | $ | 592,668 | $ | 645,687 | $ | 1,050,916 | $ | 1,117,498 | |||||||||||||
(a) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in June 2013. | |||||||||||||||||||||
(b) This remaining amount was repurchased by us in February 2013. | |||||||||||||||||||||
(c) Carrying value excludes the related unamortized debt discount of $26.5 million at December 31, 2013. | |||||||||||||||||||||
(d) We redeemed our remaining Senior Unsecured Notes in July 2013. | |||||||||||||||||||||
(e) The estimated fair value of all debt, other than the MARAD debt, was determined using Level 1 inputs using the market approach. The fair value of the MARAD debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other governmental obligations in the marketplace with similar terms. The fair value of the MARAD Debt was estimated using Level 2 fair value inputs using the market approach. | |||||||||||||||||||||
Oil_And_Gas_Properties_Tables
Oil And Gas Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Oil And Gas Properties [Abstract] | ' | |||||||
Results of Operations for Oil and Gas Producing Activities Disclosure | ' | |||||||
Year Ended December 31, | ||||||||
2013 (1) | 2012 | 2011 | ||||||
Revenues | $ | 48,847 | $ | 557,231 | $ | 696,607 | ||
Costs: | ||||||||
Production (lifting) costs | 16,017 | 164,663 | 176,269 | |||||
Hurricane repair expense | - | 662 | -4,838 | |||||
Exploration expenses | 3,514 | 3,295 | 10,914 | |||||
Depreciation, depletion, amortization and accretion | 1,226 | 158,284 | 219,915 | |||||
Proved property impairment and abandonment (2) | -152 | 151,045 | 113,439 | |||||
(Gain) loss on sale of oil and gas properties | - | 1,714 | -4,531 | |||||
Hedge ineffectiveness and non-hedge gain on commodity derivative contracts | - | -5,550 | - | |||||
Selling, general and administrative expenses | 1,229 | 17,823 | 12,951 | |||||
Net interest expense and other (3) | 2,732 | 28,191 | 25,558 | |||||
Total costs | 24,566 | 520,127 | 549,677 | |||||
Pretax income from discontinued operations | 24,281 | 37,104 | 146,930 | |||||
Income tax provision | 8,499 | 13,420 | 51,709 | |||||
Income from operations of discontinued operations | 15,782 | 23,684 | 95,221 | |||||
Loss on sale of business, net of tax | -14,709 | - | - | |||||
Income from discontinued operations, net of tax | $ | 1,073 | $ | 23,684 | $ | 95,221 | ||
(1) Results for 2013 reflect the operating results from January 1, 2013 through February 6, 2013 when ERT was sold. There were no material results of operations for our former oil and gas segment subsequent to the sale of ERT. | ||||||||
(2) Results for 2012 include a charge of $138.6 million to reduce our carrying value of ERT to its estimated fair value less costs to sell. | ||||||||
(3) Net interest expense of $2.7 million, $27.7 million and $25.2 million for the years ended December 31, 2013, 2012 and 2011, respectively, was allocated to ERT and primarily consisted of interest associated with indebtedness directly attributed to the substantial oil and gas acquisition made in 2006. This includes interest related to debt required to be repaid upon the disposition of ERT. | ||||||||
Details_Of_Certain_Accounts_Ta
Details Of Certain Accounts (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Details Of Certain Accounts [Abstract] | ' | |||||
Schedule of Other Current Assets | ' | |||||
2013 | 2012 | |||||
Other receivables | $ | 785 | $ | 1,086 | ||
Prepaid insurance | 7,038 | 11,999 | ||||
Other prepaids | 12,999 | 11,751 | ||||
Spare parts inventory | 1,038 | 2,480 | ||||
Income tax receivable | - | 14,201 | ||||
Derivative assets (Note 16) | 69 | 5,946 | ||||
Other | 7,780 | 5,529 | ||||
Total other current assets | $ | 29,709 | $ | 52,992 | ||
Other Assets, Net | ' | |||||
2013 | 2012 | |||||
Deferred dry dock expenses, net (Note 2) | $ | 24,756 | $ | 22,704 | ||
Deferred financing costs, net (Note 7) | 24,297 | 24,338 | ||||
Intangible assets with finite lives, net | 622 | 491 | ||||
Other | 1,515 | 2,304 | ||||
Total other assets, net | $ | 51,190 | $ | 49,837 | ||
Accrued Liabilities | ' | |||||
2013 | 2012 | |||||
Accrued payroll and related benefits | $ | 50,527 | $ | 51,561 | ||
Current asset retirement obligations | 2,024 | 2,898 | ||||
Unearned revenue (1) | 19,608 | 6,137 | ||||
Billing in excess of cost | 1,677 | 6,445 | ||||
Accrued interest (2) | 4,187 | 17,451 | ||||
Derivative liability (Note 16) | 2,651 | 16,266 | ||||
Taxes payable excluding income tax payable | 4,811 | 5,164 | ||||
Pipelay assets sale deposit (Note 2) | 5,000 | 50,000 | ||||
Other | 5,997 | 5,592 | ||||
Total accrued liabilities | $ | 96,482 | $ | 161,514 | ||
(1) Increase primarily reflects fees associated with the mobilization of the Skandi Constructor to West Africa in December 2013. These fees will be amortized and recognized as revenue in the first quarter of 2014 as the project work associated with the mobilization is performed. | ||||||
(2) Accrued interest at December 31, 2012 includes $12.2 million associated with our then remaining Senior Unsecured Notes which were fully redeemed in July 2013. | ||||||
Equity_Investments_Tables
Equity Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Investments [Abstract] | ' | |||||||
Distributions From Equity Investments | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Deepwater Gateway | $ | 7,600 | $ | 8,157 | $ | 7,600 | ||
Independence Hub | 4,660 | 8,073 | 18,580 | |||||
Total | $ | 12,260 | $ | 16,230 | $ | 26,180 | ||
Schedule Of Summarized Aggregated Financial Information Related To The Subsidiaries | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Revenues | $ | 32,942 | $ | 53,159 | $ | 193,521 | ||
Operating income | 10,058 | 30,463 | 97,954 | |||||
Net income | 10,058 | 30,463 | 93,215 | |||||
December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Current assets | $ | 10,314 | $ | 16,682 | $ | 39,754 | ||
Total assets | 508,495 | 537,251 | 591,761 | |||||
Current liabilities | 90 | 706 | 11,012 | |||||
Total liabilities | 5,006 | 5,320 | 27,163 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-Term Debt [Abstract] | ' | |||||||||||||
Schedule Of Debt | ' | |||||||||||||
2013 | 2012 | |||||||||||||
Term Loans (mature July 2015) | $ | - | $ | 367,181 | ||||||||||
Revolving Credit Facility (matures July 2015) | - | 100,000 | ||||||||||||
Term Loan (matures June 2018) | 292,500 | - | ||||||||||||
2025 Notes (mature December 2025) | - | 3,487 | ||||||||||||
2032 Notes (mature March 2032) | 200,000 | 200,000 | ||||||||||||
Senior Unsecured Notes (mature January 2016) | - | 274,960 | ||||||||||||
MARAD Debt (matures February 2027) | 100,168 | 105,288 | ||||||||||||
Unamoritized debt discount | -26,516 | -31,688 | ||||||||||||
Total debt | 566,152 | 1,019,228 | ||||||||||||
Less current maturities | -20,376 | -16,607 | ||||||||||||
Long-term debt | $ | 545,776 | $ | 1,002,621 | ||||||||||
Schedule Of Redemption Price By Maturity | ' | |||||||||||||
Year | Redemption Price | |||||||||||||
2013 | 102.375% | |||||||||||||
2014 and thereafter | 100.000% | |||||||||||||
Schedule of Deferred Financing Costs | ' | |||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||
Term Loans (mature July 2015) (1) | $ | - | $ | - | $ | - | $ | 15,318 | $ | -11,595 | $ | 3,723 | ||
Revolving Credit Facility (matures July 2015) (1) | - | - | - | 20,021 | -12,466 | 7,555 | ||||||||
Term Loan (matures June 2018) (2) | 3,638 | -364 | 3,274 | - | - | - | ||||||||
Revolving Credit Facility (matures June 2018) (2) | 13,275 | -1,327 | 11,948 | - | - | - | ||||||||
2025 Notes (mature December 2025) | - | - | - | 8,189 | -8,189 | - | ||||||||
2032 Notes (mature March 2032) | 3,759 | -1,148 | 2,611 | 4,251 | -534 | 3,717 | ||||||||
Senior Unsecured Notes (mature January 2016) (3) | - | - | - | 10,643 | -8,252 | 2,391 | ||||||||
MARAD Debt (matures February 2027) | 12,200 | -5,736 | 6,464 | 12,200 | -5,248 | 6,952 | ||||||||
Total deferred financing costs | $ | 32,872 | $ | -8,575 | $ | 24,297 | $ | 70,622 | $ | -46,284 | $ | 24,338 | ||
(1) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in June 2013. | ||||||||||||||
(2) Relates to amounts allocated to the existing Term Loan and Revolving Credit Facility, which became effective in June 2013. | ||||||||||||||
(3) In July 2013, we redeemed our remaining Senior Unsecured Notes. In connection with this redemption, we recorded a charge of $2.1 million to accelerate the remaining deferred financing costs associated with the original issuance of this debt. | ||||||||||||||
Schedule of Maturities Of Long-Term Debt | ' | |||||||||||||
Term | MARAD | 2032 | Total | |||||||||||
Loan (1) | Debt | Notes (2) | ||||||||||||
Less than one year | $ | 15,000 | $ | 5,376 | $ | - | $ | 20,376 | ||||||
One to two years | 22,500 | 5,644 | - | 28,144 | ||||||||||
Two to three years | 30,000 | 5,926 | - | 35,926 | ||||||||||
Three to four years | 30,000 | 6,222 | - | 36,222 | ||||||||||
Four to five years | 195,000 | 6,532 | - | 201,532 | ||||||||||
Over five years | - | 70,468 | 200,000 | 270,468 | ||||||||||
Total debt | 292,500 | 100,168 | 200,000 | 592,668 | ||||||||||
Current maturities | -15,000 | -5,376 | - | -20,376 | ||||||||||
Long-term debt, less current maturities | 277,500 | 94,792 | 200,000 | 572,292 | ||||||||||
Unamortized debt discount (3) | - | - | -26,516 | -26,516 | ||||||||||
Long-term debt | $ | 277,500 | $ | 94,792 | $ | 173,484 | $ | 545,776 | ||||||
(1) The amount reflects the borrowings made in July 2013 (see Credit Agreement discussion above). | ||||||||||||||
(2) Beginning in March 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in March 2032. | ||||||||||||||
(3) The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through March 2018. | ||||||||||||||
Schedule of Interest Expense And Capitalized Interest | ' | |||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Interest expense (1) | $ | 44,484 | $ | 53,601 | $ | 72,824 | ||||||||
Interest income | -1,167 | -548 | -1,366 | |||||||||||
Capitalized interest | -10,419 | -4,893 | -1,277 | |||||||||||
Net interest expense | $ | 32,898 | $ | 48,160 | $ | 70,181 | ||||||||
(1) Interest expense of $2.8 million, $28.6 million and $25.8 million for 2013, 2012 and 2011, respectively, was allocated to ERT and is included in discontinued operations. Following the sale of ERT in February 2013, we ceased allocation of interest expense to ERT, which constitutes a discontinued operation. | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Current | $ | 57,128 | $ | 6,572 | $ | -78,150 | ||
Deferred | -25,516 | -65,730 | 41,344 | |||||
$ | 31,612 | $ | -59,158 | $ | -36,806 | |||
Domestic | $ | 11,615 | $ | -78,211 | $ | -51,590 | ||
Foreign | 19,997 | 19,053 | 14,784 | |||||
$ | 31,612 | $ | -59,158 | $ | -36,806 | |||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Foreign provision | -11.6 | 11.2 | -291 | |||||
Effect of Australian reorganization | - | - | -2,984.30 | |||||
Other | -1.4 | 0.8 | -265 | |||||
Effective rate | 22.0 | % | 47.0 | % | -3,505.30 | % | ||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||
2013 | 2012 | |||||||
Deferred tax liabilities: | ||||||||
Depreciation and depletion | $ | 169,404 | $ | 336,471 | ||||
Original Issue Discount on 2025 and 2032 Notes | 14,720 | 13,098 | ||||||
Equity investments in production facilities | 84,870 | 81,082 | ||||||
Prepaid and other | 7,556 | 10,548 | ||||||
Total deferred tax liabilities | $ | 276,550 | $ | 441,199 | ||||
Deferred tax assets: | ||||||||
Net operating losses | $ | -40,105 | $ | -36,981 | ||||
Asset retirement obligations | -708 | -70,085 | ||||||
Reserves, accrued liabilities and other | -44,291 | -35,229 | ||||||
Total deferred tax assets | -85,104 | -142,295 | ||||||
Valuation allowance | 22,860 | 16,391 | ||||||
Net deferred tax liabilities | $ | 214,306 | $ | 315,295 | ||||
Deferred income tax is presented as: | ||||||||
Current deferred tax assets | -51,573 | -43,942 | ||||||
Noncurrent deferred tax liabilities | 265,879 | 359,237 | ||||||
Net deferred tax liabilities | $ | 214,306 | $ | 315,295 | ||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | |||||||
2013 | 2012 | 2011 | ||||||
Balance at January 1, | $ | 4,506 | $ | 7,085 | $ | 4,085 | ||
Additions based on tax positions related to current year | - | - | 2,785 | |||||
Additions for tax positions of prior years | 217 | 206 | 215 | |||||
Reductions for tax positions of prior years | - | -2,785 | - | |||||
Balance at December 31, | $ | 4,723 | $ | 4,506 | $ | 7,085 | ||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted | Weighted | Weighted | ||||||||||||
Average | Average | Average | ||||||||||||
Exercise | Exercise | Exercise | ||||||||||||
Shares | Price | Shares | Price | Shares | Price | |||||||||
Options outstanding at beginning of year | 52,800 | $ | 13.91 | 192,800 | $ | 10.52 | 432,918 | $ | 10.78 | |||||
Exercised | -52,800 | 13.91 | -140,000 | 9.24 | -181,670 | 10.92 | ||||||||
Terminated | - | - | - | - | -58,448 | 11.20 | ||||||||
Options outstanding at end of year | - | $ | - | 52,800 | $ | 13.91 | 192,800 | $ | 10.52 | |||||
Options exercisable at end of year | - | $ | - | 52,800 | $ | 13.91 | 192,800 | $ | 10.52 | |||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||
Shares | Fair Value (1) | Shares | Fair Value (1) | Shares | Fair Value (1) | |||||||||
Awards outstanding at beginning of year | 1,324,312 | $ | 15.09 | 1,263,218 | $ | 14.80 | 1,463,298 | $ | 16.93 | |||||
Granted | 257,797 | 24.86 | 482,340 | 18.33 | 571,163 | 12.77 | ||||||||
Vested (2) | -518,240 | 17.70 | -400,180 | 18.07 | -504,813 | 19.87 | ||||||||
Forfeited | -108,254 | 16.49 | -21,066 | 15.00 | -266,430 | 12.55 | ||||||||
Awards outstanding at end of year (3) | 955,615 | $ | 16.16 | 1,324,312 | $ | 15.09 | 1,263,218 | $ | 14.80 | |||||
(1) Represents the weighted average grant date fair value, which is based on the quoted market price of the common stock on the business day prior to the date of grant. | ||||||||||||||
(2) Total fair value of share-based awards that vested during the years ended December 31, 2013, 2012 and 2011 was $11.4 million, $6.7 million and $6.7 million, respectively. | ||||||||||||||
(3) Includes 67,520 shares of RSUs with the grant date fair value of $15.80 per share. In December 2013, management elected to pay out the January 2014 vesting of these RSUs in cash. As a result, we recorded a $1.3 million liability associated with these RSUs at December 31, 2013. We paid $0.8 million of this liability in January 2014. | ||||||||||||||
Schedule Of Restricted Shares Granted To Executive Officers Management Employees And Non Employee Members Table | ' | |||||||||||||
Date of Grant | Shares | Grant Date Fair Value Per Share | Vesting Period | |||||||||||
January 2, 2013 (1) | 89,329 | $ | 20.64 | 33% per year over three years | ||||||||||
January 2, 2013 (2) | 89,329 | 30.96 | 100% on January 1, 2016 | |||||||||||
January 2, 2013 (3) | 1,620 | 20.64 | 100% on January 1, 2015 | |||||||||||
April 1, 2013 (3) | 2,814 | 22.88 | 100% on January 1, 2015 | |||||||||||
July 1, 2013 (3) | 2,740 | 23.04 | 100% on January 1, 2015 | |||||||||||
October 1, 2013 (3) | 2,389 | 25.37 | 100% on January 1, 2015 | |||||||||||
December 5, 2013 (4) | 53,358 | 22.49 | 33% per year over three years | |||||||||||
(1) Reflects the grant of restricted shares to our executive officers. | ||||||||||||||
(2) Reflects the grant of performance share units (“PSUs”) to our executive officers. The estimated fair value of the PSUs on grant date was determined using a Monte Carlo simulation model. The PSUs provide for an award based on the performance of our common stock over a three-year period with the maximum award being 200% of the original awarded PSUs and the minimum amount being zero. The vested PSUs will be settled in an equivalent number of shares of our common stock unless the Compensation Committee of our Board of Directors elects to pay in cash. | ||||||||||||||
(3) Reflects the grant of restricted shares to certain members of our Board of Directors who have made an election to take their quarterly fees in stock in lieu of cash. | ||||||||||||||
(4) Reflects annual equity grants to each member of our Board of Directors. | ||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Stockholders' Equity Note [Abstract] | ' | |||||
Components Of Accumulated Other Comprehensive Loss | ' | |||||
2013 | 2012 | |||||
Cumulative foreign currency translation adjustment | $ | -10,697 | $ | -15,667 | ||
Unrealized loss on hedges, net (1) | -9,991 | - | ||||
Accumulated other comprehensive loss | $ | -20,688 | $ | -15,667 | ||
(1) Amount at December 31, 2013 is related to foreign currency hedges for the Grand Canyon, the Grand Canyon II and the Grand Canyon III as well as interest rate swap contracts we entered into in September 2013, and is net of deferred income taxes totaling $5.4 million (Notes 7 and 16) | ||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments And Contingencies and Other Matters [Abstract] | ' | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||
Vessels | Facilities and Other | Total | ||||||
2014 | $ | 119,672 | $ | 3,433 | $ | 123,105 | ||
2015 | 144,478 | 4,242 | 148,720 | |||||
2016 | 109,155 | 3,864 | 113,019 | |||||
2017 | 80,705 | 3,881 | 84,586 | |||||
2018 | 47,595 | 3,917 | 51,512 | |||||
Thereafter | 45,938 | 21,550 | 67,488 | |||||
Total lease commitments | $ | 547,543 | $ | 40,887 | $ | 588,430 | ||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Segment Information [Abstract] | ' | |||||||
Schedule Of Segment Reporting Information By Segment | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Revenues — | ||||||||
Well Intervention | $ | 452,452 | $ | 378,546 | $ | 340,952 | ||
Robotics | 333,246 | 328,726 | 245,360 | |||||
Subsea Construction | 71,321 | 192,521 | 151,923 | |||||
Production Facilities | 88,149 | 80,091 | 75,460 | |||||
Intercompany elimination | -68,607 | -133,775 | -111,695 | |||||
Total | $ | 876,561 | $ | 846,109 | $ | 702,000 | ||
Income (loss) from operations — | ||||||||
Well Intervention | $ | 131,840 | $ | 85,482 | $ | 80,030 | ||
Robotics | 44,132 | 55,678 | 36,518 | |||||
Subsea Construction (1) | 33,685 | -148,862 | -9,535 | |||||
Production Facilities | 49,778 | 40,082 | 38,404 | |||||
Corporate and other | -77,041 | -92,985 | -82,470 | |||||
Intercompany elimination | -3,360 | -7,878 | 93 | |||||
Total | $ | 179,034 | $ | -68,483 | $ | 63,040 | ||
Net interest expense and other — | ||||||||
Well Intervention | $ | -217 | $ | 2,152 | $ | -1,062 | ||
Robotics | -210 | -1,203 | 1,847 | |||||
Subsea Construction | 480 | -247 | -20 | |||||
Production Facilities | 380 | 365 | 442 | |||||
Corporate and eliminations | 37,978 | 64,882 | 72,475 | |||||
Total | $ | 38,411 | $ | 65,949 | $ | 73,682 | ||
Equity in earnings of equity investments | $ | 2,965 | $ | 8,434 | $ | 22,215 | ||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Income (loss) before income taxes — | ||||||||
Well Intervention | $ | 132,057 | $ | 83,205 | $ | 72,642 | ||
Robotics | 44,342 | 56,881 | 34,671 | |||||
Subsea Construction | 33,205 | -148,615 | -9,515 | |||||
Production Facilities | 52,363 | 48,276 | 58,064 | |||||
Corporate and eliminations | -118,379 | -165,745 | -154,852 | |||||
Total | $ | 143,588 | $ | -125,998 | $ | 1,010 | ||
Income tax provision (benefit) — | ||||||||
Well Intervention | $ | 26,718 | $ | 15,400 | $ | 21,154 | ||
Robotics | 15,530 | 20,222 | 10,978 | |||||
Subsea Construction | 11,655 | -51,329 | -2,897 | |||||
Production Facilities | 17,233 | 15,784 | 19,233 | |||||
Corporate and eliminations | -39,524 | -59,235 | -85,274 | |||||
Total | $ | 31,612 | $ | -59,158 | $ | -36,806 | ||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Identifiable assets — | ||||||||
Well Intervention | $ | 1,245,229 | $ | 936,926 | $ | 682,449 | ||
Robotics | 282,373 | 258,117 | 207,205 | |||||
Subsea Construction | 38,054 | 303,479 | 548,043 | |||||
Production Facilities | 495,829 | 504,828 | 536,026 | |||||
Corporate and other | 482,795 | 483,003 | 584,304 | |||||
Discontinued operations | - | 900,227 | 1,024,320 | |||||
Total | $ | 2,544,280 | $ | 3,386,580 | $ | 3,582,347 | ||
Capital expenditures — | ||||||||
Well Intervention | $ | 283,132 | $ | 274,451 | $ | 13,923 | ||
Robotics | 39,655 | 44,500 | 27,045 | |||||
Production Facilities | 1,252 | 823 | 30,896 | |||||
Corporate and other | 387 | 3,265 | 28,290 | |||||
Total | $ | 324,426 | $ | 323,039 | $ | 100,154 | ||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Depreciation and amortization — | ||||||||
Well Intervention | $ | 44,619 | $ | 37,736 | $ | 35,544 | ||
Robotics | 22,263 | 19,933 | 16,426 | |||||
Subsea Construction | 8,651 | 19,773 | 21,321 | |||||
Production Facilities | 17,193 | 16,828 | 14,935 | |||||
Corporate and eliminations | 5,809 | 2,931 | 2,962 | |||||
Total | $ | 98,535 | $ | 97,201 | $ | 91,188 | ||
(1) Amount in 2013 includes the $1.1 million loss on the sale of the Caesar in June 2013 and the $15.6 million gain on the sale of the Express in July 2013. Amount in 2012 includes impairment charges of $157.8 million for the Caesar and $14.6 million for the Intrepid (Note 2). | ||||||||
Summary Of Intercompany Segment Revenues | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Well Intervention | $ | 22,448 | $ | 36,781 | $ | 16,175 | ||
Robotics | 41,169 | 46,465 | 45,251 | |||||
Subsea Construction | 317 | 4,472 | 4,212 | |||||
Production Facilities | 4,673 | 46,057 | 46,057 | |||||
Total | $ | 68,607 | $ | 133,775 | $ | 111,695 | ||
Intercompany Segment Gross Profit (Losses) | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Well Intervention | $ | -141 | $ | 6,203 | $ | -223 | ||
Robotics | 3,518 | 180 | 213 | |||||
Subsea Construction | 158 | 1,670 | 114 | |||||
Production Facilities | -175 | -175 | -197 | |||||
Total | $ | 3,360 | $ | 7,878 | $ | -93 | ||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
United States | $ | 345,525 | $ | 281,308 | $ | 316,869 | ||
United Kingdom | 403,816 | 345,074 | 275,499 | |||||
Other | 127,220 | 219,727 | 109,632 | |||||
Total | $ | 876,561 | $ | 846,109 | $ | 702,000 | ||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
United States | $ | 1,195,824 | $ | 1,180,586 | $ | 1,163,320 | ||
United Kingdom | 332,394 | 304,062 | 281,430 | |||||
Other | 76 | 1,227 | 14,919 | |||||
Total | $ | 1,528,294 | $ | 1,485,875 | $ | 1,459,669 | ||
Allowance_Accounts_Tables
Allowance Accounts (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Allowance Accounts [Abstract] | ' | |||||
Summary of Valuation Allowance | ' | |||||
Allowance | Deferred | |||||
for | Tax Asset | |||||
Uncollectible | Valuation | |||||
Accounts | Allowance | |||||
Balance at December 31, 2010 | $ | 4,460 | $ | 8,497 | ||
Additions (1) | 61 | 5,813 | ||||
Deductions | -521 | - | ||||
Balance at December 31, 2011 | 4,000 | 14,310 | ||||
Additions (2) | 1,257 | 2,081 | ||||
Deductions | -105 | - | ||||
Balance at December 31, 2012 | 5,152 | 16,391 | ||||
Additions (3) | 2,236 | 6,469 | ||||
Deductions (4) | -5,154 | - | ||||
Balance at December 31, 2013 | $ | 2,234 | $ | 22,860 | ||
(1) The increase in valuation allowance includes $4.9 million related to our former WOSEA operations and $0.9 million to our oil and gas operations in the United Kingdom. | ||||||
(2) The increase in valuation allowance includes $2.0 million related to our former WOSEA operations and $0.1 million to our oil and gas operations in the United Kingdom. WOSEA has a full valuation allowance against its deferred tax asset balance. | ||||||
(3) The increase in valuation allowance includes $6.5 million related to our former WOSEA operations. WOSEA has a full valuation allowance against its deferred tax asset balance. | ||||||
(4) The decrease primarily reflects the reversal of a $4 million allowance against our trade receivables for work performed offshore India in 2007 as we collected the previously adjusted receivable balance pursuant to a settlement agreement (Note 13). | ||||||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||||||
Derivatives Designated As Hedging Instruments | ' | ||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Asset Derivatives: | |||||||||||||
Interest rate swaps | Other assets, net | $ | 446 | Other assets, net | $ | - | |||||||
$ | 446 | $ | - | ||||||||||
Liability Derivatives: | |||||||||||||
Foreign exchange contracts | Accrued liabilities | $ | 1,905 | Accrued liabilities | $ | - | |||||||
Interest rate swaps | Accrued liabilities | 746 | Accrued liabilities | - | |||||||||
Foreign exchange contracts | Other non-current liabilities | 13,166 | Other non-current liabilities | - | |||||||||
$ | 15,817 | $ | - | ||||||||||
Derivatives Not Designated As Hedging Instruments | ' | ||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Asset Derivatives: | |||||||||||||
Oil contracts | Other current assets | $ | - | Other current assets | $ | 5,800 | |||||||
Foreign exchange contracts | Other current assets | 69 | Other current assets | 146 | |||||||||
$ | 69 | $ | 5,946 | ||||||||||
Liability Derivatives: | |||||||||||||
Oil contracts | Accrued liabilities | $ | - | Accrued liabilities | $ | 15,777 | |||||||
Interest rate swaps | Accrued liabilities | - | Accrued liabilities | 489 | |||||||||
Interest rate swaps | Other non-current liabilities | - | Other non-current liabilities | 32 | |||||||||
$ | - | $ | 16,298 | ||||||||||
Impact Of Derivative Instruments On Accumulated Comprehensive Income (Loss) | ' | ||||||||||||
Gain (Loss) Recognized in OCI | |||||||||||||
on Derivatives, Net of Tax | |||||||||||||
(Effective Portion) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign exchange contracts | $ | -9,796 | $ | - | $ | - | |||||||
Oil and natural gas commodity contracts | - | -12,860 | 28,749 | ||||||||||
Interest rate swaps | -195 | -81 | 1,294 | ||||||||||
$ | -9,991 | $ | -12,941 | $ | 30,043 | ||||||||
Gain (Loss) Reclassified From Accumulated OCI Into Income | ' | ||||||||||||
Gain (Loss) Reclassified from | |||||||||||||
Location of Gain (Loss) | Accumulated OCI into Income | ||||||||||||
Reclassified from | (Effective Portion) | ||||||||||||
Accumulated OCI into Income | Year Ended December 31, | ||||||||||||
(Effective Portion) | 2013 | 2012 | 2011 | ||||||||||
Oil and natural gas commodity contracts | Income from discontinued operations, net of tax | $ | - | $ | 3,184 | $ | -21,659 | ||||||
Interest rate swaps | Net interest expense | -152 | -523 | -2,010 | |||||||||
Foreign exchange contracts | Cost of sales | -1,324 | - | - | |||||||||
$ | -1,476 | $ | 2,661 | $ | -23,669 | ||||||||
Impact Of Non Designated Derivative Instruments On Income Statement | ' | ||||||||||||
Gain (Loss) Recognized | |||||||||||||
Location of Gain (Loss) | in Income on Derivatives | ||||||||||||
Recognized in Income | Year Ended December 31, | ||||||||||||
on Derivatives | 2013 | 2012 | 2011 | ||||||||||
Oil and natural gas commodity contracts | Income from discontinued operations, net of tax | $ | - | $ | 5,550 | $ | - | ||||||
Oil and natural gas commodity contracts | Loss on commodity derivative contracts | -14,113 | -10,507 | - | |||||||||
Interest rate swaps | Other expense, net | -86 | -567 | - | |||||||||
Foreign exchange contracts | Other expense, net | -630 | 411 | 249 | |||||||||
$ | -14,829 | $ | -5,113 | $ | 249 | ||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||
Schedule of Quarterly Financial Information | ' | |||||||||
Quarter Ended | ||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||
2013 | ||||||||||
Net revenues (1) | $ | 197,429 | $ | 232,178 | $ | 220,117 | $ | 226,837 | ||
Gross profit (2) | 52,567 | 67,497 | 69,457 | 71,164 | ||||||
Net income applicable to Helix: | ||||||||||
Income from continuing operations | $ | 557 | $ | 27,240 | $ | 44,549 | $ | 36,503 | ||
Income from discontinued operations | 1,058 | -29 | 44 | - | ||||||
Net income applicable to Helix | $ | 1,615 | $ | 27,211 | $ | 44,593 | $ | 36,503 | ||
Basic earnings per common share: | ||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Income from discontinued operations | 0.01 | - | - | - | ||||||
Basic earnings per common share | $ | 0.02 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Diluted earnings per common share: | ||||||||||
Income from continuing operations | $ | 0.01 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Income from discontinued operations | 0.01 | - | - | - | ||||||
Diluted earnings per common share | $ | 0.02 | $ | 0.26 | $ | 0.42 | $ | 0.35 | ||
Quarter Ended | ||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||
2012 | ||||||||||
Net revenues (3) | $ | 229,842 | $ | 197,461 | $ | 217,110 | $ | 201,696 | ||
Gross profit (loss) (4) | 72,483 | 28,438 | 57,919 | -108,925 | ||||||
Net income (loss) applicable to Helix: | ||||||||||
Income (loss) from continuing operations | $ | 16,874 | $ | 2,425 | $ | 10,362 | $ | -99,679 | ||
Income (loss) from discontinued operations | 48,853 | 42,216 | 4,503 | -71,888 | ||||||
Net income (loss) applicable to Helix (5) | $ | 65,727 | $ | 44,641 | $ | 14,865 | $ | -171,567 | ||
Basic earnings (loss) per common share: | ||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.02 | $ | 0.10 | $ | -0.95 | ||
Income (loss) from discontinued operations | 0.46 | 0.40 | 0.04 | -0.69 | ||||||
Basic earnings (loss) per common share | $ | 0.62 | $ | 0.42 | $ | 0.14 | $ | -1.64 | ||
Diluted earnings (loss) per common share: | ||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.02 | $ | 0.10 | $ | -0.95 | ||
Income (loss) from discontinued operations | 0.46 | 0.40 | 0.04 | -0.69 | ||||||
Diluted earnings (loss) per common share | $ | 0.62 | $ | 0.42 | $ | 0.14 | $ | -1.64 | ||
(1) Excludes revenues from discontinued operations of $48.8 million for the quarter ended March 31, 2013. | ||||||||||
(2) Excludes gross profit from discontinued operations of $28.2 million for the quarter ended March 31, 2013. | ||||||||||
(3) Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended March 31, June 30, September 30 and December 31, 2012. | ||||||||||
(4) Excludes gross profit from discontinued operations of $89.2 million, $64.8 million, $27.8 million and $(102.6) million for the quarters ended March 31, June 30, September 30 and December 31, 2012. Includes impairment charges totaling $14.6 million in the second quarter of 2012, $4.6 million in the third quarter of 2012 and $158.0 million in the fourth quarter of 2012 (Note 2). | ||||||||||
(5) Our net loss in the fourth quarter of 2012 includes a $138.6 million impairment charge associated with the sale of ERT (Note 3). | ||||||||||
Organization_Details
Organization (Details) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 06, 2013 | Dec. 31, 2013 |
property | ||
Number Of Vessels Sold | ' | 2 |
Utilization Agreement Term | ' | '4 years |
Proceeds from Divestiture of Businesses | $624 | ' |
Life Of Field Services [Member] | ' | ' |
Number of Reportable Segments | ' | 4 |
Historical Segments [Member] | ' | ' |
Number of Reportable Segments | ' | 2 |
Contracting Services Segments [Member] | ' | ' |
Number of Reportable Segments | ' | 3 |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 10 Months Ended | 12 Months Ended | 9 Months Ended | 15 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | 31-May-13 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Foreign Exchange Contracts [Member] | Grand Canyon I I I [Member] | Grand Canyon I I I [Member] | Grand Canyon I I [Member] | Grand Canyon I I [Member] | Grand Canyon [Member] | Grand Canyon [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Spoolbase Facility [Member] | Spoolbase Facility [Member] | Spoolbase Facility [Member] | Express, Caesar And Other Pipelay Equipment [Member] | Express, Caesar And Other Pipelay Equipment [Member] | Caesar [Member] | Caesar [Member] | Express [Member] | Express [Member] | Equipment In Australia [Member] | Equipment In Australia [Member] | Intrepid Vessel [Member] | Shell [Member] | Shell [Member] | Shell [Member] | 2025 Notes [Member] | 2025 Notes [Member] | Annual Payment Years One Through Three [Member] | ||||
customer | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | USD ($) | USD ($) | Spoolbase Facility [Member] | ||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accruals for capital expenditures | ' | ' | ' | ' | ' | $9,500,000 | $51,100,000 | $26,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cost of Property Repairs and Maintenance | ' | ' | ' | ' | ' | 31,500,000 | 39,300,000 | 32,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized Computer Software, Gross | 18,500,000 | ' | 18,500,000 | ' | ' | 17,500,000 | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized Computer Software, Net | 6,000,000 | ' | 6,000,000 | ' | ' | 4,800,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized Computer Software, Amortization | ' | ' | ' | ' | ' | -1,800,000 | -2,600,000 | -2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Asset impairment | ' | ' | 158,000,000 | 4,600,000 | 14,600,000 | ' | 177,135,000 | 6,564,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,800,000 | ' | ' | ' | ' | 4,600,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from sale of assets | ' | ' | ' | ' | ' | 189,054,000 | 19,530,000 | 3,588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 238,300,000 | ' | 138,300,000 | ' | 100,000,000 | ' | 5,000,000 | ' | 14,500,000 | ' | ' | ' | ' | ' | ' | ||
Sales Price Of Property Plant And Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deposit Liability, Current | 50,000,000 | ' | 50,000,000 | ' | ' | 5,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Future Sales Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,100,000 | ' | ' | ' | ' | ' | ' | ||
Capitalized interest | ' | ' | ' | ' | ' | -10,419,000 | -4,893,000 | -1,277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other than temporary loss on equity investments | ' | ' | ' | ' | ' | ' | ' | 10,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Required Quantitative Test Term | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Intangible asset, gross | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Intangible assets with finite lives, net | 491,000 | ' | 491,000 | ' | ' | 622,000 | 491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Finite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortization of intangible assets | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred dry dock expenses, net (Note 2) | 22,704,000 | ' | 22,704,000 | ' | ' | 24,756,000 | 22,704,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Amortization Deferred Drydock | 5,900,000 | ' | 5,900,000 | ' | ' | 14,500,000 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drydock amortization expense | ' | ' | ' | ' | ' | 14,800,000 | 8,600,000 | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drydock Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Drydock Recertification Process Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | '2 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Value of convertible preferred stock | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 361,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foreign currency translation gain, net of tax | ' | ' | ' | ' | ' | 4,970,000 | 7,291,000 | -1,002,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foreign Currency Transaction Gain (Loss), before Tax | ' | ' | ' | ' | ' | 700,000 | -500,000 | -2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification adjustments for (gain) loss included in net income | ' | ' | ' | ' | ' | 1,476,000 | -2,661,000 | 23,669,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Cash Settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | ' | ' | ' | ' | ' | 15,817,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 5,946,000 | ' | 5,946,000 | ' | ' | 69,000 | 5,946,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 16,298,000 | ' | 16,298,000 | ' | ' | ' | 16,298,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Term loans payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notional Amount of Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,800,000 | 595,000,000 | 100,400,000 | 594,700,000 | 104,600,000 | 591,300,000 | ' | ' | ' | 148,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | -14,829,000 | -5,113,000 | 249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -600,000 | 400,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Per share conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.14 | $32.14 | $32.14 | ' | $25.02 | $25.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Convertible debt stock price trigger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.53 | $32.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38.57 | $38.57 | ' | ||
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 12.00% | 10.00% | ' | ' | ' | ||
Subsea services to customers | ' | ' | ' | ' | ' | 65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unamortized debt discount | 31,688,000 | ' | 31,688,000 | ' | ' | 26,516,000 | [1] | 31,688,000 | ' | ' | ' | ' | ' | ' | 60,200,000 | ' | ' | ' | ' | 26,516,000 | [1],[2] | ' | 35,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.14 | $32.14 | $32.14 | ' | $25.02 | $25.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Convertible, Remaining Discount Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 9 months | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Incremental Common Shares Attributable to Conversion of Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Remaining ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Remaining shares of Cal Dive common stock, shares | ' | 500,000 | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain (loss) on investment in Cal Dive common stock | ' | 800,000 | ' | ' | ' | ' | ' | 753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from sale of Cal Dive common stock | ' | $3,600,000 | ' | ' | ' | ' | ' | ' | ' | $418,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through MarchB 2018. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Beginning in MarchB 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in MarchB 2032. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Supplemental Cash Flow Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Interest paid, net of capitalized interest | $39,040 | $68,735 | $81,000 |
Income taxes paid | $113,331 | $43,111 | $11,216 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Summary Of Gross Components Of Property And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ROVs/Vessels [Member] | ROVs/Vessels [Member] | Machinery, Equipment, Buildings And Leasehold Improvements [Member] | Machinery, Equipment, Buildings And Leasehold Improvements [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||
ROVs/Vessels [Member] | Machinery, Equipment, Buildings And Leasehold Improvements [Member] | ROVs/Vessels [Member] | Machinery, Equipment, Buildings And Leasehold Improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | $1,959,783 | $2,051,796 | $1,671,451 | $1,822,642 | $288,332 | $229,154 | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '30 years | '30 years | '10 years | '5 years |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Summary Of Changes In The Carrying Amount Of Goodwill) (Details) (USD $) | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Well Intervention [Member] | Well Intervention [Member] | Robotics [Member] | Robotics [Member] | Robotics [Member] | |||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Goodwill, Beginning Balance | $62,935 | $62,215 | $17,828 | $17,108 | $45,107 | $45,107 | $45,107 | ||||
Goodwill, Other Changes | 295 | [1] | 720 | [1] | 295 | [1] | 720 | [1] | ' | ' | ' |
Goodwill, Ending Balance | $63,230 | $62,935 | $18,123 | $17,828 | $45,107 | $45,107 | $45,107 | ||||
[1] | Reflects foreign currency adjustment for certain amounts of our goodwill. |
Recovered_Sheet2
Summary of Significant Accounting Policies (Computations Of Basic And Diluted EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income (loss) applicable to Helix | $36,503 | $44,593 | $27,211 | $1,615 | ($171,567) | [1] | $14,865 | [1] | $44,641 | [1] | $65,727 | [1] | $109,922 | ($46,334) | $129,939 |
Income (loss) from discontinued operations, net of tax | ' | -44 | 29 | -1,058 | 71,888 | -4,503 | -42,216 | -48,853 | -1,073 | -23,684 | -95,221 | ||||
Income (loss) from continuing operations | 36,503 | 44,549 | 27,240 | 557 | -99,679 | 10,362 | 2,425 | 16,874 | 108,849 | -70,018 | 34,718 | ||||
Less: Undistributed net income allocable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -801 | ' | -427 | ||||
Income applicable to common shareholders - continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 108,048 | -70,018 | 34,291 | ||||
Less: Undistributed net income from discontinued operations allocable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -8 | ' | -1,172 | ||||
Income applicable to common shareholders - discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,065 | 23,684 | 94,049 | ||||
Weighted average number of shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 105,032 | 104,449 | 104,528 | ||||
Share-based awards other than participating securities, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 152 | ' | 64 | ||||
Undistributed earnings reallocated to participating securities, value | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2 | ||||
Covertible preferred stock, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ||||
Convertible preferred stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 361 | ||||
Net income per common share - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 108,049 | -70,018 | 34,333 | ||||
Weighted average number of shares outstanding, diluted, total | ' | ' | ' | ' | ' | ' | ' | ' | 105,184 | 104,449 | 104,953 | ||||
Income from discontinued operations, net of tax | ' | $44 | ($29) | $1,058 | ($71,888) | $4,503 | $42,216 | $48,853 | $1,073 | $23,684 | $95,221 | ||||
[1] | Our net loss in the fourth quarter of 2012 includes a $138.6 million impairment charge associated with the sale of ERT (NoteB 3). |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Summary Of Shares Excluded In Diluted Per Share Calculations) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Diluted (in shares) | 105,184 | 104,449 | 104,953 |
Total | ' | 105,165 | ' |
Share-based Awards [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities | ' | 382 | ' |
Convertible Preferred Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities | ' | 334 | ' |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Total net liability | $660,989 | |
Level 1 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Total net liability | 536,213 | |
Level 2 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Total net liability | 124,776 | [1] |
Level 3 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Total net liability | ' | |
Foreign Exchange Contracts [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | 69 | |
Foreign Exchange Contracts [Member] | Level 1 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | ' | |
Foreign Exchange Contracts [Member] | Level 2 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | 69 | [1] |
Foreign Exchange Contracts [Member] | Level 3 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | ' | |
Interest Rate Swaps [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | 446 | |
Interest Rate Swaps [Member] | Level 1 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | ' | |
Interest Rate Swaps [Member] | Level 2 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | 446 | [1] |
Interest Rate Swaps [Member] | Level 3 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Assets | ' | |
Fair Value Of Long Term Debt [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 645,687 | [2] |
Fair Value Of Long Term Debt [Member] | Level 1 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 536,213 | [2] |
Fair Value Of Long Term Debt [Member] | Level 2 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 109,474 | [1],[2] |
Fair Value Of Long Term Debt [Member] | Level 3 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | ' | [2] |
Foreign Exchange Contracts [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 15,071 | |
Foreign Exchange Contracts [Member] | Level 1 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | ' | |
Foreign Exchange Contracts [Member] | Level 2 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 15,071 | [1] |
Foreign Exchange Contracts [Member] | Level 3 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | ' | |
Interest Rate Swaps [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 746 | |
Interest Rate Swaps [Member] | Level 1 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | ' | |
Interest Rate Swaps [Member] | Level 2 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | 746 | [1] |
Interest Rate Swaps [Member] | Level 3 [Member] | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |
Liabilities | ' | |
[1] | Unless otherwise indicated, the fair value of our LevelB 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. | |
[2] | See NoteB 7 for additional information regarding our long-term debt. The fair value of our long-term debt at DecemberB 31, 2013 and 2012 is as follows (inB thousands):B 20132012Carrying FairCarryingFairValueValue (e)ValueValue (e)Term Loans (mature July 2015) (a)$ -$ -$ 367,181$ 368,295Revolving Credit Facility (matures July 2015) (a) - - 100,000 100,000Term Loan (matures June 2018) 292,500 293,963 - -2025 Notes (mature December 2025) (b) - - 3,487 3,4872032 Notes (mature March 2032) (c) 200,000 242,250 200,000 239,320Senior Unsecured Notes (mature January 2016) (d) - - 274,960 283,209MARAD Debt (matures February 2027) 100,168 109,474 105,288 123,187Total debt$ 592,668$ 645,687$ 1,050,916$ 1,117,498(a) Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in JuneB 2013.(b) This remaining amount was repurchased by us in FebruaryB 2013.(c) Carrying value excludes the related unamortized debt discount of $26.5 million at DecemberB 31, 2013.(d) We redeemed our remaining Senior Unsecured Notes in JulyB 2013.(e) The estimated fair value of all debt, other than the MARAD debt, was determined using Level 1 inputs using the market approach. The fair value of the MARAD debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other governmental obligations in the marketplace with similar terms. The fair value of the MARAD Debt was estimated using LevelB 2 fair value inputs using the market approach. |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Fair Value Of Long Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2009 | Mar. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
In Thousands, unless otherwise specified | Term Loan [Member] | Revolving Credit Facility [Member] | Term Loan Maturing June 2018 [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | Senior Unsecured Notes [Member] | MARAD Debt [Member] | MARAD Debt [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term debt, Carrying Value | $592,668 | $1,050,916 | $367,181 | [1] | $100,000 | [1] | $292,500 | $3,487 | [2] | ' | $300,000 | $200,000 | [3] | $200,000 | [3] | $200,000 | $274,960 | [4] | $100,168 | $105,288 | |||||
Long-term debt, Fair Value | 645,687 | [5] | 1,117,498 | [5] | 368,295 | [1],[5] | 100,000 | [1],[5] | 293,963 | [5] | 3,487 | [2],[5] | ' | ' | 242,250 | [3],[5] | 239,320 | [3],[5] | ' | 283,209 | [4],[5] | 109,474 | [5] | 123,187 | [5] |
Unamortized debt discount | $26,516 | [6] | $31,688 | ' | ' | ' | ' | $60,200 | ' | $26,516 | [6],[7] | ' | $35,400 | ' | ' | ' | |||||||||
[1] | Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in JuneB 2013. | ||||||||||||||||||||||||
[2] | This remaining amount was repurchased by us in FebruaryB 2013. | ||||||||||||||||||||||||
[3] | Carrying value excludes the related unamortized debt discount of $26.5 million at DecemberB 31, 2013. | ||||||||||||||||||||||||
[4] | We redeemed our remaining Senior Unsecured Notes in JulyB 2013. | ||||||||||||||||||||||||
[5] | The estimated fair value of all debt, other than the MARAD debt, was determined using Level 1 inputs using the market approach. The fair value of the MARAD debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other governmental obligations in the marketplace with similar terms. The fair value of the MARAD Debt was estimated using LevelB 2 fair value inputs using the market approach. | ||||||||||||||||||||||||
[6] | The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through MarchB 2018. | ||||||||||||||||||||||||
[7] | Beginning in MarchB 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in MarchB 2032. |
Oil_And_Gas_Properties_Narrati
Oil And Gas Properties (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Oil And Gas Properties [Line Items] | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $624,000,000 | ' | ' | ' |
Oil and gas asset retirement costs | ' | -10,334,000 | -37,970,000 | -4,907,000 |
Camelot Field [Member] | ' | ' | ' | ' |
Oil And Gas Properties [Line Items] | ' | ' | ' | ' |
Asset retirement obligation | ' | 1,100,000 | 2,900,000 | 27,300,000 |
Asset Retirement Obligation Revision Of Estimate | ' | 1,600,000 | 15,500,000 | 20,000,000 |
Gulf Of Mexico Oil And Gas Properties [Member] | ' | ' | ' | ' |
Oil And Gas Properties [Line Items] | ' | ' | ' | ' |
Oil and gas asset retirement costs | ' | ($5,200,000) | ' | ' |
Oil_and_Gas_Properties_Income_
Oil and Gas Properties (Income (Loss) From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income (loss) from discontinued operations, net of tax | $44,000 | ($29,000) | $1,058,000 | ($71,888,000) | $4,503,000 | $42,216,000 | $48,853,000 | $1,073,000 | $23,684,000 | $95,221,000 | |||
Net interest expense | ' | ' | ' | ' | ' | ' | ' | 32,898,000 | 48,160,000 | 70,181,000 | |||
Impairment of Oil and Gas Properties | ' | ' | ' | ' | ' | ' | ' | ' | 138,600,000 | ' | |||
Energy Resource Technology GOM, Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | 48,847,000 | [1] | 557,231,000 | 696,607,000 | ||
Production (lifting) costs | ' | ' | ' | ' | ' | ' | ' | 16,017,000 | [1] | 164,663,000 | 176,269,000 | ||
Hurricane repair expense | ' | ' | ' | ' | ' | ' | ' | ' | 662,000 | -4,838,000 | |||
Exploration expense | ' | ' | ' | ' | ' | ' | ' | 3,514,000 | [1] | 3,295,000 | 10,914,000 | ||
Depreciation, depletion, amortization and accretion | ' | ' | ' | ' | ' | ' | ' | 1,226,000 | [1] | 158,284,000 | 219,915,000 | ||
Proved property impairment and abandonment | ' | ' | ' | ' | ' | ' | ' | -152,000 | [1],[2] | 151,045,000 | [2] | 113,439,000 | [2] |
(Gain) loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 1,714,000 | -4,531,000 | |||
Hedge ineffectiveness and non-hedge gain on commodity derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | -5,550,000 | ' | |||
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | 1,229,000 | [1] | 17,823,000 | 12,951,000 | ||
Net interest expense and other | ' | ' | ' | ' | ' | ' | ' | 2,732,000 | [1],[3] | 28,191,000 | [3] | 25,558,000 | [3] |
Total costs | ' | ' | ' | ' | ' | ' | ' | 24,566,000 | [1] | 520,127,000 | 549,677,000 | ||
Pretax income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | 24,281,000 | [1] | 37,104,000 | 146,930,000 | ||
Income tax provision | ' | ' | ' | ' | ' | ' | ' | 8,499,000 | [1] | 13,420,000 | 51,709,000 | ||
Income from operations of discontinued operations | ' | ' | ' | ' | ' | ' | ' | 15,782,000 | [1] | 23,684,000 | 95,221,000 | ||
Loss on sale of business, net of tax | ' | ' | ' | ' | ' | ' | ' | -14,709,000 | [1] | ' | ' | ||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | 1,073,000 | [1] | 23,684,000 | 95,221,000 | ||
Net interest expense | ' | ' | ' | ' | ' | ' | ' | $2,700,000 | $27,700,000 | $25,200,000 | |||
[1] | Results for 2013 reflect the operating results from JanuaryB 1, 2013 through FebruaryB 6, 2013 when ERT was sold. There were no material results of operations for our former oil and gas segment subsequent to the sale of ERT. | ||||||||||||
[2] | Results for 2012 include a charge of $138.6 million to reduce our carrying value of ERT to its estimated fair value less costs to sell. | ||||||||||||
[3] | Net interest expense of $2.7 million, $27.7 million and $25.2 million for the years ended DecemberB 31, 2013, 2012 and 2011, respectively, was allocated to ERT and primarily consisted of interest associated with indebtedness directly attributed to the substantial oil and gas acquisition made in 2006. This includes interest related to debt required to be repaid upon the disposition of ERT. |
Details_Of_Certain_Accounts_Ot
Details Of Certain Accounts (Other Current Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Details Of Certain Accounts [Abstract] | ' | ' |
Other receivables | $785 | $1,086 |
Prepaid insurance | 7,038 | 11,999 |
Other prepaids | 12,999 | 11,751 |
Spare parts inventory | 1,038 | 2,480 |
Income tax receivable | ' | 14,201 |
Derivative assets (Note 16) | 69 | 5,946 |
Other | 7,780 | 5,529 |
Total other current assets | $29,709 | $52,992 |
Details_Of_Certain_Accounts_Ot1
Details Of Certain Accounts (Other Assets, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Details Of Certain Accounts [Abstract] | ' | ' |
Deferred dry dock expenses, net (Note 2) | $24,756 | $22,704 |
Deferred financing costs, net (Note 7) | 24,297 | 24,338 |
Intangible assets with finite lives, net | 622 | 491 |
Other | 1,515 | 2,304 |
Total other assets, net | $51,190 | $49,837 |
Details_Of_Certain_Accounts_Ac
Details Of Certain Accounts (Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Accrued payroll and related benefits | $50,527 | $51,561 | ||
Current asset retirement obligations | 2,024 | 2,898 | ||
Unearned revenue | 19,608 | [1] | 6,137 | [1] |
Billing in excess of cost | 1,677 | 6,445 | ||
Accrued interest | 4,187 | [2] | 17,451 | [2] |
Derivative liability (Note 16) | 2,651 | 16,266 | ||
Taxes payable excluding income tax payable | 4,811 | 5,164 | ||
Pipelay assets sale deposit (Note 2) | 5,000 | 50,000 | ||
Other | 5,997 | 5,592 | ||
Total accrued liabilities | 96,482 | 161,514 | ||
Senior Unsecured Notes [Member] | ' | ' | ||
Accrued interest | ' | $12,200 | ||
[1] | Increase primarily reflects fees associated with the mobilization of the Skandi Constructor to West Africa in DecemberB 2013. These fees will be amortized and recognized as revenue in the first quarter of 2014 as the project work associated with the mobilization is performed. | |||
[2] | Accrued interest at DecemberB 31, 2012 includes $12.2 million associated with our then remaining Senior Unsecured Notes which were fully redeemed in JulyB 2013. |
Equity_Investments_Details
Equity Investments (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |
ft | Deepwater Gateway, L.L.C. [Member] | Deepwater Gateway, L.L.C. [Member] | Independence Hub, LLC [Member] | Independence Hub, LLC [Member] | Clough Helix JV [Member] | Clough Helix JV [Member] | Clough Helix JV [Member] | |||
item | ||||||||||
Number Of Equity Investments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | 50.00% | ' | 20.00% | ' | 50.00% | ' | 50.00% |
Equity investments in unconsolidated affiliates | $157,919,000 | $167,599,000 | ' | $85,800,000 | $91,400,000 | $72,100,000 | $76,200,000 | ' | ' | ' |
Capitalized interest | ' | ' | ' | 1,300,000 | 1,300,000 | 4,300,000 | 4,600,000 | ' | ' | ' |
Water Depth | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of investments | 2,965,000 | 8,434,000 | 22,215,000 | ' | ' | ' | ' | 3,700,000 | -3,800,000 | 2,100,000 |
Contributions to equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 |
Exit Fee | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Other than temporary loss on equity investments | ' | ' | $10,563,000 | ' | ' | ' | ' | ' | ' | ' |
Equity_Investments_Distributio
Equity Investments (Distributions From Equity Investments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Distributions from equity investments | $12,260 | $16,230 | $26,180 |
Deepwater Gateway, L.L.C. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Distributions from equity investments | 7,600 | 8,157 | 7,600 |
Independence Hub, LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Distributions from equity investments | $4,660 | $8,073 | $18,580 |
Equity_Investments_Schedule_Of
Equity Investments (Schedule Of Summarized Aggregated Financial Information Related To The Subsidiaries) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Investments [Abstract] | ' | ' | ' |
Revenues | $32,942 | $53,159 | $193,521 |
Operating income | 10,058 | 30,463 | 97,954 |
Net income | 10,058 | 30,463 | 93,215 |
Current assets | 10,314 | 16,682 | 39,754 |
Total assets | 508,495 | 537,251 | 591,761 |
Current liabilities | 90 | 706 | 11,012 |
Total liabilities | $5,006 | $5,320 | $27,163 |
Kommandor_LLC_Details
Kommandor LLC (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | ' | ' |
Oil and gas processing equipment, percentage of cost | 100.00% | ' |
Property and equipment | $1,959,783,000 | $2,051,796,000 |
Noncontrolling Interest, Ownership Percentage by Parent | 81.00% | ' |
Estimated cash outlay | 20,100,000 | ' |
Conversion Of The Vessel [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Property and equipment | 148,700,000 | ' |
Topside Oil And Gas Processing Facilities [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Property and equipment | $196,200,000 | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2007 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Jan. 31, 2009 | Mar. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||
entity | Interest Rate Swaps [Member] | Revolving Credit Facility Maturing June 2018 [Member] | Revolving Credit Facility Maturing June 2018 [Member] | Term Loan Maturing June 2018 [Member] | Term Loan Maturing June 2018 [Member] | Term Loan Maturing June 2018 [Member] | Former Credit Facility [Member] | Former Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | MARAD Debt [Member] | MARAD Debt [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Payment Period Two [Member] | Payment Period One [Member] | |||||||||||||
Term Loan Maturing June 2018 [Member] | Loans [Member] | Loans [Member] | Senior Unsecured Notes [Member] | Loans [Member] | Loans [Member] | Senior Unsecured Notes [Member] | Term Loan Maturing June 2018 [Member] | Term Loan Maturing June 2018 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Original borrowing capacity | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Line Of Credit Facility Maximum Additional Commitments | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Revolving credit facility, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Spread on Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 1.00% | 2.00% | ' | 2.00% | 3.00% | ' | ' | ' | |||||||||
Commitment fee percentage | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Revolving credit facility available | ' | ' | ' | ' | ' | 584,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Unsecured letters of credit | ' | ' | ' | ' | ' | 15,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument, Periodic Payment, Principal Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 5.00% | |||||||||
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 15,000,000 | |||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number Of Foreign Subsidiaries | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Amortization of deferred financing costs | 5,187,000 | 9,086,000 | 8,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 600,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,100,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | 'June 2018 | ' | ' | ' | ' | ' | ' | 'July 2015 | ' | ' | 'July 2015 | ' | ' | ' | 'January 2016 | ' | ' | ' | ' | 'March 2032 | ' | ' | 'February 2027 | ' | ' | ' | ' | ' | ' | 'December 2025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,100,000 | ' | ' | ' | ' | ' | 70,300,000 | ' | ' | 275,000,000 | 200,000,000 | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Repayments of term loans | 374,681,000 | 12,569,000 | 130,691,000 | ' | ' | ' | ' | ' | ' | ' | ' | 318,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | 154,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Senior Unsecured Notes amount issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 3.25% | ' | ' | ' | 4.93% | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Redemption Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | '60 days | ' | ' | |||||||||
Long-term debt, less current maturities | 545,776,000 | 1,002,621,000 | ' | ' | ' | ' | ' | 277,500,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000,000 | 275,000,000 | ' | ' | 173,484,000 | [2] | ' | ' | 94,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Aggregate amount of debt payment | 281,490,000 | 209,500,000 | 77,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 282,000,000 | 213,500,000 | ' | 77,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Premium on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 9,500,000 | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Accrued interest on notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 4,000,000 | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Loss on early extinguishment of debt | 12,100,000 | 17,127,000 | 2,354,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Long-term debt, Carrying Value | 592,668,000 | 1,050,916,000 | ' | ' | ' | ' | ' | 292,500,000 | ' | ' | ' | ' | ' | ' | ' | 367,181,000 | [3] | ' | ' | 100,000,000 | [3] | ' | ' | ' | ' | 274,960,000 | [4] | ' | 200,000,000 | 200,000,000 | [5] | 200,000,000 | [5] | ' | 100,168,000 | 105,288,000 | ' | 3,487,000 | [6] | ' | ' | 300,000,000 | ' | 3,487,000 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Convertible Senior Notes, shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.9752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Base Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Per share conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.02 | $25.02 | ' | ' | ' | ' | $32.14 | ' | ' | ' | $32.14 | $32.14 | $32.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument Convertible Conversion Premium Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Closing price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Issuance Of Notes Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument, Unamortized Discount | 26,516,000 | [7] | 31,688,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,400,000 | 26,516,000 | [2],[7] | ' | ' | ' | ' | ' | ' | ' | 60,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Expected life used to estimate fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | '7 years 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt percentage guaranteed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt instrument issued percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Accelerated amortization of debt discount | 5,172,000 | 9,729,000 | 8,973,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Deferred financing costs | 10,954,000 | 7,580,000 | 9,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Notional Amount of Foreign Currency Derivatives | ' | ' | ' | ' | 148,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Notional Amount of Derivatives | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Repayment of revolving credit facility | $147,617,000 | ' | $109,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.02 | $25.02 | ' | ' | ' | ' | $32.14 | ' | ' | ' | $32.14 | $32.14 | $32.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt Instrument, Convertible, Stock Price Trigger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32.53 | $32.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Incremental Common Shares Attributable to Conversion of Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | The amount reflects the borrowings made in JulyB 2013 (see Credit Agreement discussion above). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Beginning in MarchB 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in MarchB 2032. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in JuneB 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | We redeemed our remaining Senior Unsecured Notes in JulyB 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Carrying value excludes the related unamortized debt discount of $26.5 million at DecemberB 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | This remaining amount was repurchased by us in FebruaryB 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through MarchB 2018. |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Maturing June 2018 [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | MARAD Debt [Member] | MARAD Debt [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total debt | $566,152 | $1,019,228 | ' | $367,181 | ' | $100,000 | $292,500 | ' | $3,487 | ' | $200,000 | $200,000 | ' | ' | $274,960 | ' | $100,168 | $105,288 | |||
Current maturities | -20,376 | -16,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-term debt, less current maturities | 545,776 | 1,002,621 | ' | ' | ' | ' | 277,500 | [1] | ' | ' | ' | 173,484 | [2] | ' | ' | ' | 275,000 | 475,000 | 94,792 | ' | |
Unamortized debt discount | ($26,516) | [3] | ($31,688) | ' | ' | ' | ' | ' | ' | ' | ($60,200) | ($26,516) | [2],[3] | ' | ($35,400) | ' | ' | ' | ' | ' | |
Maturity date | ' | ' | 'July 2015 | ' | 'July 2015 | ' | 'June 2018 | 'December 2025 | ' | ' | 'March 2032 | ' | ' | 'January 2016 | ' | ' | 'February 2027 | ' | |||
[1] | The amount reflects the borrowings made in JulyB 2013 (see Credit Agreement discussion above). | ||||||||||||||||||||
[2] | Beginning in MarchB 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in MarchB 2032. | ||||||||||||||||||||
[3] | The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through MarchB 2018. |
LongTerm_Debt_Schedule_Of_Rede
Long-Term Debt (Schedule Of Redemption Price By Maturity) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Long-Term Debt [Abstract] | ' |
Redemption Price, 2013 | 102.38% |
Redemption Price, 2014 and Thereafter | 100.00% |
LongTerm_Debt_Schedule_of_Defe
Long-Term Debt (Schedule of Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Term Loan Maturing June 2018 [Member] | Revolving Credit Facility Maturing June 2018 [Member] | 2025 Notes [Member] | 2025 Notes [Member] | 2032 Notes [Member] | 2032 Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | MARAD Debt [Member] | MARAD Debt [Member] | |||||||||
Gross Carrying Amount | $32,872 | $70,622 | ' | ' | ' | $15,318 | [1] | $20,021 | [1] | $3,638 | [2] | $13,275 | [2] | ' | $8,189 | $3,759 | $4,251 | ' | ' | ' | $10,643 | [3] | $12,200 | $12,200 |
Accumulated Amortization | -8,575 | -46,284 | ' | ' | ' | -11,595 | [1] | -12,466 | [1] | -364 | [2] | -1,327 | [2] | ' | -8,189 | -1,148 | -534 | ' | ' | ' | -8,252 | [3] | -5,736 | -5,248 |
Net | 24,297 | 24,338 | ' | ' | ' | 3,723 | [1] | 7,555 | [1] | 3,274 | [2] | 11,948 | [2] | ' | ' | 2,611 | 3,717 | ' | ' | ' | 2,391 | [3] | 6,464 | 6,952 |
Amortization of deferred financing costs | $5,187 | $9,086 | $8,910 | $2,900 | $600 | ' | ' | ' | ' | $300 | ' | ' | ' | $2,000 | $2,100 | $900 | ' | ' | ' | |||||
[1] | Relates to the term loans and revolving credit facility under our former credit agreement, which was terminated in JuneB 2013. | |||||||||||||||||||||||
[2] | Relates to amounts allocated to the existing Term Loan and Revolving Credit Facility, which became effective in JuneB 2013. | |||||||||||||||||||||||
[3] | In JulyB 2013, we redeemed our remaining Senior Unsecured Notes. In connection with this redemption, we recorded a charge of $2.1 million to accelerate the remaining deferred financing costs associated with the original issuance of this debt. |
LongTerm_Debt_Maturities_Of_Lo
Long-Term Debt (Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | |||
In Thousands, unless otherwise specified | Term Loan Maturing June 2018 [Member] | MARAD Debt [Member] | 2032 Notes [Member] | 2032 Notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | |||
Less than one year | $20,376 | ' | $15,000 | [1] | $5,376 | ' | ' | ||
One to two years | 28,144 | ' | 22,500 | [1] | 5,644 | ' | ' | ||
Two to three years | 35,926 | ' | 30,000 | [1] | 5,926 | ' | ' | ||
Three to four years | 36,222 | ' | 30,000 | [1] | 6,222 | ' | ' | ||
Four to five years | 201,532 | ' | 195,000 | [1] | 6,532 | ' | ' | ||
Over five years | 270,468 | ' | ' | 70,468 | 200,000 | [2] | ' | ||
Total debt | 592,668 | ' | 292,500 | [1] | 100,168 | 200,000 | [2] | ' | |
Current maturities | -20,376 | -16,607 | -15,000 | [1] | -5,376 | ' | ' | ||
Long-term debt, less current maturities | 572,292 | ' | 277,500 | [1] | 94,792 | 200,000 | [2] | ' | |
Unamortized debt discount | -26,516 | [3] | -31,688 | ' | ' | -26,516 | [2],[3] | -35,400 | |
Long-term debt | $545,776 | $1,002,621 | $277,500 | [1] | $94,792 | $173,484 | [2] | ' | |
[1] | The amount reflects the borrowings made in JulyB 2013 (see Credit Agreement discussion above). | ||||||||
[2] | Beginning in MarchB 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase notes. These notes will mature in MarchB 2032. | ||||||||
[3] | The 2032 Notes will increase to their principal amount through accretion of non-cash interest charges through MarchB 2018. |
LongTerm_Debt_Interest_Expense
Long-Term Debt (Interest Expense And Capitalized Interest) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Interest expense | $44,484 | [1] | $53,601 | [1] | $72,824 | [1] |
Interest income | -1,167 | -548 | -1,366 | |||
Capitalized interest | -10,419 | -4,893 | -1,277 | |||
Interest expense, net | 32,898 | 48,160 | 70,181 | |||
Energy Resource Technology GOM, Inc [Member] | ' | ' | ' | |||
Interest expense | $2,800 | $28,600 | $25,800 | |||
[1] | Interest expense of $2.8 million, $28.6 million and $25.8 million for 2013, 2012 and 2011, respectively, was allocated to ERT and is included in discontinued operations. Following the sale of ERT in FebruaryB 2013, we ceased allocation of interest expense to ERT, which constitutes a discontinued operation. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Operating Loss Carryforwards | $49,300,000 | ' | ' |
Tax Credit Carryforward, Amount | 9,800,000 | ' | ' |
Operating Loss Carryforwards, Expiration Dates | 15-Sep-30 | ' | ' |
Tax Credit Carryforward, Expiration Date | 15-Sep-20 | ' | ' |
Valuation allowance | 22,860,000 | 16,391,000 | ' |
Undistributed Earnings of Foreign Subsidiaries | 202,600,000 | 167,900,000 | ' |
Liability for Uncertain Tax Positions, Noncurrent | 4,700,000 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,400,000 | 3,400,000 | 6,200,000 |
Income tax benefit | -31,612,000 | 59,158,000 | 36,806,000 |
Income Tax Examination, Penalties and Interest Expense | 200,000 | 200,000 | 200,000 |
Income Tax Examination, Penalties and Interest Accrued | 1,300,000 | 1,100,000 | ' |
Helix [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | ' | -2,785,000 | ' |
Australian Subsidiary [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax benefit | ' | ' | $31,300,000 |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current | $57,128 | $6,572 | ($78,150) |
Deferred | -25,516 | -65,730 | 41,344 |
Income Tax Expense (Benefit), Total | 31,612 | -59,158 | -36,806 |
Domestic | 11,615 | -78,211 | -51,590 |
Foreign | $19,997 | $19,053 | $14,784 |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Foreign provision | -11.60% | 11.20% | -291.00% |
Effect of Australia reorganization | ' | ' | -2984.30% |
Other | -1.40% | 0.80% | -265.00% |
Effective tax rate | 22.00% | 47.00% | -3505.30% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Depreciation and depletion | $169,404 | $336,471 |
Original Issue Discount on 2025 and 2032 Notes | 14,720 | 13,098 |
Equity investments in production facilities | 84,870 | 81,082 |
Prepaid and other | 7,556 | 10,548 |
Total deferred tax liabilities | 276,550 | 441,199 |
Deferred tax assets: | ' | ' |
Net operating loss | -40,105 | -36,981 |
Asset retirement obligations | -708 | -70,085 |
Reserves, accrued liabilities and other | -44,291 | -35,229 |
Total deferred tax assets | -85,104 | -142,295 |
Valuation allowance | 22,860 | 16,391 |
Current deferred tax assets | -51,573 | -43,942 |
Noncurrent deferred tax liabilities | 265,879 | 359,237 |
Net deferred tax liabilities | $214,306 | $315,295 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (Helix [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Helix [Member] | ' | ' | ' |
Balance at January 1, | $4,506 | $7,085 | $4,085 |
Additions based on tax positions related to current year | ' | ' | 2,785 |
Additions for tax positions of prior years | 217 | 206 | 215 |
Reductions for tax positions of prior years | ' | -2,785 | ' |
Balance at December 31, | $4,723 | $4,506 | $7,085 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 108 Months Ended | |||||
Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | |||
ShareBasedCompensationPlan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Maximum Employer Subscription Rate | 75.00% | 50.00% | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | ' | 5.00% | ' | ' | 5.00% | ' | ||
401k plan cost | ' | $1,700,000 | $1,600,000 | $1,400,000 | ' | ' | ||
Number Of Stock Plans | ' | 2 | ' | ' | ' | ' | ||
Maximum percetage of total shares of common stock issued and outstanding eligible to be granted to executives, selected management employees, and non employee members of board of directors | ' | 10.00% | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | 4,300,000 | ' | ' | ' | ' | ||
Shares available for grant | ' | 6,600,000 | ' | ' | 6,600,000 | ' | ||
Maximum excercise life | ' | '10 years | ' | ' | ' | ' | ||
Forfeitures On Restricted Stock Percentage | ' | 7.00% | ' | ' | ' | ' | ||
Forfeiture On Restricted Stock Period | ' | '5 years | ' | ' | ' | ' | ||
Stock or Unit Option Plan Expense | ' | 0 | 0 | 0 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | 500,000 | 1,300,000 | 1,100,000 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | ' | 0 | 52,800 | 192,800 | 0 | 432,918 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' | 400,000 | 1,000,000 | ' | ' | ||
Compensation cost related to restricted shares | ' | 8,800,000 | 7,700,000 | 8,400,000 | ' | ' | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | 14,200,000 | 13,200,000 | 12,000,000 | 14,200,000 | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | '1 year 6 months | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,609 | 257,797 | 482,340 | 571,163 | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $23.18 | ' | ' | ' | ' | ' | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 1,700,000 | ' | ' | ' | ' | ' | ||
Stock Authorized Shares Employee Stock Purchase Plans | ' | 1,500,000 | ' | ' | ' | ' | ||
Available Shares Employee Stock Purchase Plan | ' | 1,300,000 | ' | ' | ' | ' | ||
Percentage Of Share Of Non Vested Stock Considered As Call Option | ' | 85.00% | ' | ' | 85.00% | ' | ||
Percentage of share of non-vested stock considered as put-option | ' | 15.00% | ' | ' | ' | ' | ||
Allocated Share-based Compensation Expense | ' | 800,000 | 300,000 | ' | ' | ' | ||
Measurement Period | ' | '20 days | ' | ' | ' | ' | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 8,900,000 | 8,400,000 | 4,200,000 | 5,200,000 | 8,400,000 | ' | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | ' | 9,100,000 | 8,700,000 | 7,900,000 | ' | ' | ||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | ' | 14,800,000 | 13,000,000 | ' | 14,800,000 | ' | ||
Deferred Compensation Arrangement with Individual, Distributions Paid | 9,200,000 | 7,100,000 | 5,500,000 | 5,900,000 | 7,100,000 | ' | ||
Performance Share Units Granted | 73,609 | ' | ' | ' | ' | ' | ||
Total awards under the 2009 plan | ' | 0 | ' | ' | 0 | ' | ||
2005 Incentive Plan [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Vesting percentage | ' | 33.00% | ' | 20.00% | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | '3 years | '3 years | '5 years | ' | ' | ||
Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Vesting percentage | ' | 100.00% | ' | ' | ' | ' | ||
Long-Term Incentive Cash Plan 2009 Grants [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Measurement Period | ' | '30 days | ' | ' | ' | ' | ||
Minimum percentage of average price during measurement period | ' | 75.00% | ' | ' | ' | ' | ||
Long-Term Incentive Cash Plan 2010 Grants [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Minimum percentage of average price during measurement period | ' | 50.00% | ' | ' | ' | ' | ||
Executive Officer [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | ' | 5,300,000 | 7,300,000 | 6,500,000 | ' | ' | ||
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | ' | $11,100,000 | $11,700,000 | ' | $11,100,000 | ' | ||
Maximum Shares As Incentive Options Member | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Shares available for grant | ' | 2,000,000 | ' | ' | 2,000,000 | ' | ||
Grant Share Amount B [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Vesting percentage | ' | 100.00% | [1] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | 89,329 | [1] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | ' | $30.96 | [1] | ' | ' | $30.96 | [1] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '3 years | ' | ' | ' | ' | ||
Share Based Compensation Arrangement By Share Based Payment Award Vesting date | ' | 'January 1, 2016 | [1] | ' | ' | ' | ' | |
Maximum [Member] | Grant Share Amount B [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Award percentage | ' | 200.00% | ' | ' | ' | ' | ||
Minimum [Member] | Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ||
Award percentage | ' | 0.00% | ' | ' | ' | ' | ||
[1] | Reflects the grant of performance share units (bPSUsb) to our executive officers. The estimated fair value of the PSUs on grant date was determined using a Monte Carlo simulation model. The PSUs provide for an award based on the performance of our common stock over a three-year period with the maximum award being 200% of the original awarded PSUs and the minimum amount being zero. The vested PSUs will be settled in an equivalent number of shares of our common stock unless the Compensation Committee of our Board of Directors elects to pay in cash. |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 52,800 | 192,800 | 432,918 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -52,800 | -140,000 | -181,670 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | -58,448 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 52,800 | 192,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | 52,800 | 192,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $13.91 | $10.52 | $10.78 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $13.91 | $9.24 | $10.92 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | ' | $11.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | ' | $13.91 | $10.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | $13.91 | $10.52 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule Of Restricted Stock And Restricted Stock Units Activity) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
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, Number, Beginning Balance | 955,615 | [1] | 1,324,312 | [1] | 1,263,218 | [1] | 1,463,298 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,609 | 257,797 | 482,340 | 571,163 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | -518,240 | [2] | -400,180 | [2] | -504,813 | [2] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | -108,254 | -21,066 | -266,430 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | ' | 955,615 | [1] | 1,324,312 | [1] | 1,263,218 | [1] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $16.16 | [1],[3] | $15.09 | [1],[3] | $14.80 | [1],[3] | $16.93 | [3] |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $24.86 | [3] | $18.33 | [3] | $12.77 | [3] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | $17.70 | [2],[3] | $18.07 | [2],[3] | $19.87 | [2],[3] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | ' | $16.49 | [3] | $15 | [3] | $12.55 | [3] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | ' | $16.16 | [1],[3] | $15.09 | [1],[3] | $14.80 | [1],[3] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | $11.40 | $6.70 | $6.70 | ||||
Deferred Compensation Arrangement with Individual, Distributions Paid | 9.2 | 7.1 | 5.5 | 5.9 | ||||
Restricted Stock Units (RSUs) [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, Number, Ending Balance | ' | 67,520 | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | ' | $15.80 | ' | ' | ||||
Deferred Compensation Arrangement with Individual, Distributions Paid | 0.8 | ' | ' | ' | ||||
Deferred Compensation Liability, Current and Noncurrent | ' | $1.30 | ' | ' | ||||
[1] | Includes 67,520 shares of RSUs with the grant date fair value of $15.80 per share. In DecemberB 2013, management elected to pay out the January 2014 vesting of these RSUs in cash. As a result, we recorded a $1.3 million liability associated with these RSUs at DecemberB 31, 2013. We paid $0.8 million of this liability in JanuaryB 2014. | |||||||
[2] | Total fair value of share-based awards that vested during the years ended DecemberB 31, 2013, 2012 and 2011 was $11.4 million, $6.7 million and $6.7 million, respectively. | |||||||
[3] | Represents the weighted average grant date fair value, which is based on the quoted market price of the common stock on the business day prior to the date of grant. |
Employee_Benefit_Plans_Restric
Employee Benefit Plans (Restricted Shares Granted) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Shares | 73,609 | 257,797 | 482,340 | 571,163 | |
Restricted share grants, Market Value Per Share | $23.18 | ' | ' | ' | |
Performance Share Units Granted | 73,609 | ' | ' | ' | |
Grant Share Amount A [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 2-Jan-13 | [1] | ' | ' |
Restricted share grants, Shares | ' | 89,329 | [1] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 20.64 | [1] | ' | ' |
Restricted share grants, vesting percentage | ' | 33.00% | [1] | ' | ' |
Restricted share grants Vesting Period, in years | ' | '3 years | [1] | ' | ' |
Grant Share Amount B [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 2-Jan-13 | [2] | ' | ' |
Restricted share grants, Shares | ' | 89,329 | [2] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 30.96 | [2] | ' | ' |
Restricted share grants, vesting percentage | ' | 100.00% | [2] | ' | ' |
Restricted share grants Vesting Period, in years | ' | '3 years | ' | ' | |
Restricted stock, vesting date | ' | 'January 1, 2016 | [2] | ' | ' |
Grant Share Amount C [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 2-Jan-13 | [3] | ' | ' |
Restricted share grants, Shares | ' | 1,620 | [3] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 20.64 | [3] | ' | ' |
Restricted share grants, vesting percentage | ' | 100.00% | [3] | ' | ' |
Restricted stock, vesting date | ' | 'January 1, 2015 | [3] | ' | ' |
Grant Share Amount D [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 1-Apr-13 | [3] | ' | ' |
Restricted share grants, Shares | ' | 2,814 | [3] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 22.88 | [3] | ' | ' |
Restricted share grants, vesting percentage | ' | 100.00% | [3] | ' | ' |
Restricted stock, vesting date | ' | 'January 1, 2015 | [3] | ' | ' |
Grant Share Amount E [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 1-Jul-13 | [3] | ' | ' |
Restricted share grants, Shares | ' | 2,740 | [3] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 23.04 | [3] | ' | ' |
Restricted share grants, vesting percentage | ' | 100.00% | [3] | ' | ' |
Restricted stock, vesting date | ' | 'January 1, 2015 | [3] | ' | ' |
Grant Share Amount F [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 1-Oct-13 | [3] | ' | ' |
Restricted share grants, Shares | ' | 2,389 | [3] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 25.37 | [3] | ' | ' |
Restricted share grants, vesting percentage | ' | 100.00% | [3] | ' | ' |
Restricted stock, vesting date | ' | 'January 1, 2015 | [3] | ' | ' |
Grant Share Amount G [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | |
Restricted share grants, Date of Grant | ' | 5-Dec-13 | [4] | ' | ' |
Restricted share grants, Shares | ' | 53,358 | [4] | ' | ' |
Restricted share grants, Market Value Per Share | ' | 22.49 | [4] | ' | ' |
Restricted share grants, vesting percentage | ' | 33.00% | [4] | ' | ' |
Restricted share grants Vesting Period, in years | ' | '3 years | [4] | ' | ' |
[1] | Reflects the grant of restricted shares to our executive officers. | ||||
[2] | Reflects the grant of performance share units (bPSUsb) to our executive officers. The estimated fair value of the PSUs on grant date was determined using a Monte Carlo simulation model. The PSUs provide for an award based on the performance of our common stock over a three-year period with the maximum award being 200% of the original awarded PSUs and the minimum amount being zero. The vested PSUs will be settled in an equivalent number of shares of our common stock unless the Compensation Committee of our Board of Directors elects to pay in cash. | ||||
[3] | Reflects the grant of restricted shares to certain members of our Board of Directors who have made an election to take their quarterly fees in stock in lieu of cash. | ||||
[4] | Reflects annual equity grants to each member of our Board of Directors. |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' |
Common stock, authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, par (in dollars per share) | ' | ' |
Preferred Stock, Shares Authorized | 5,000,000 | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | ' |
Shareholders_Equity_Components
Shareholders' Equity (Components Of Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders' Equity Note [Abstract] | ' | ' | |
Cumulative foreign currency translation adjustment | ($10,697,000) | ($15,667,000) | |
Unrealized gain (loss) on hedges, net | -9,991,000 | [1] | ' |
Accumulated other comprehensive loss | -20,688,000 | -15,667,000 | |
Deferred Tax Assets, Other Comprehensive Loss | $5,400,000 | ' | |
[1] | Amount at DecemberB 31, 2013 is related to foreign currency hedges for the Grand Canyon, the Grand Canyon II and the Grand Canyon III as well as interest rate swap contracts we entered into in SeptemberB 2013, and is net of deferred income taxes totaling $5.4 million (NotesB 7 and 16). |
Stock_Buyback_Program_Details
Stock Buyback Program (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2009 |
Stock Buyback Program [Abstract] | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 1,500,000 |
Total stock repurchase, shares | 3,268,514 | ' |
Stock Repurchased and Retired During Period, Shares | 389,721 | ' |
Stock Repurchased and Retired During Period, Value | $8.80 | ' |
Total stock repurchase, value | $45.80 | ' |
Weighted Average Price Of Shares Repurchased And Retired | $22.72 | ' |
Repurchase of common stock, value per share | $14.01 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Partnership interests | 85.00% | ' | ' |
OKCD [Member] | ' | ' | ' |
Related party payment | $0.60 | $6.90 | $8.30 |
Weatherford [Member] | ' | ' | ' |
Related party payment | ' | ' | $3.60 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 36 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Annual Aggregate [Member] | Q7000 [Member] | Q7000 [Member] | Q7000 [Member] | Q7000 [Member] | Q4000 Helix Producer I And Well Enhancer [Member] | Helix 534 [Member] | Helix 534 [Member] | Q5000 [Member] | Q5000 [Member] | Seawell And H534 [Member] | General Liability [Member] | Maritime Employers Liability [Member] | Maritime Employers Liability [Member] | |||||
Vessel Delivery [Member] | Contract Signing [Member] | Per Occurance [Member] | Per Occurance [Member] | Annual Aggregate [Member] | ||||||||||||||
Long-term Purchase Commitment, Amount | ' | ' | ' | ' | ' | $346,000,000 | ' | ' | ' | ' | ' | ' | $386,500,000 | ' | ' | ' | ' | ' |
Long Term Purchase Commitment Percentage | ' | ' | ' | ' | ' | ' | ' | 80.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | 69,200,000 | ' | ' | ' | 85,000,000 | ' | ' | 173,800,000 | ' | ' | ' | ' |
Property and equipment | 1,959,783,000 | 2,051,796,000 | ' | ' | ' | ' | 76,700,000 | ' | ' | ' | ' | 202,800,000 | ' | 210,600,000 | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | 102,100,000 | 85,000,000 | 62,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Sublease Rentals | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables collected | ' | ' | ' | 303,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance Deductibles | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | 500,000 | 100,000 | 100,000 | 1,000,000 |
Insurance liability limits | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self-insured retention for employees | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Lease Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2014 | $123,105 |
2015 | 148,720 |
2016 | 113,019 |
2017 | 84,586 |
2018 | 51,512 |
Thereafter | 67,488 |
Total lease commitments | 588,430 |
Vessels [Member] | ' |
2014 | 119,672 |
2015 | 144,478 |
2016 | 109,155 |
2017 | 80,705 |
2018 | 47,595 |
Thereafter | 45,938 |
Total lease commitments | 547,543 |
Facilities And Other [Member] | ' |
2014 | 3,433 |
2015 | 4,242 |
2016 | 3,864 |
2017 | 3,881 |
2018 | 3,917 |
Thereafter | 21,550 |
Total lease commitments | $40,887 |
Business_Segment_Information_S
Business Segment Information (Summary Of Financial Data By Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Well Intervention [Member] | Well Intervention [Member] | Well Intervention [Member] | Robotics [Member] | Robotics [Member] | Robotics [Member] | Subsea Construction [Member] | Subsea Construction [Member] | Subsea Construction [Member] | Caesar [Member] | Caesar [Member] | Express [Member] | Intrepid Vessel [Member] | Production Facilities [Member] | Production Facilities [Member] | Production Facilities [Member] | Corporate And Eliminations [Member] | Corporate And Eliminations [Member] | Corporate And Eliminations [Member] | Corporate [Member] | Corporate [Member] | Corporate [Member] | Intercompany Elimination [Member] | Intercompany Elimination [Member] | Intercompany Elimination [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | $226,837 | [1] | $220,117 | [1] | $232,178 | [1] | $197,429 | [1] | $201,696 | [2] | $217,110 | [2] | $197,461 | [2] | $229,842 | [2] | $876,561 | $846,109 | $702,000 | $452,452 | $378,546 | $340,952 | $333,246 | $328,726 | $245,360 | $71,321 | $192,521 | $151,923 | ' | ' | ' | ' | $88,149 | $80,091 | $75,460 | ' | ' | ' | ' | ' | ' | ($68,607) | ($133,775) | ($111,695) | ' | ' | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 179,034 | -68,483 | 63,040 | 131,840 | 85,482 | 80,030 | 44,132 | 55,678 | 36,518 | 33,685 | [3] | -148,862 | [3] | -9,535 | [3] | ' | ' | ' | ' | 49,778 | 40,082 | 38,404 | ' | ' | ' | -77,041 | -92,985 | -82,470 | -3,360 | -7,878 | 93 | ' | ' | ||||||||
Net interest expense and other | ' | ' | ' | ' | ' | ' | ' | ' | 38,411 | 65,949 | 73,682 | -217 | 2,152 | -1,062 | -210 | -1,203 | 1,847 | 480 | -247 | -20 | ' | ' | ' | ' | 380 | 365 | 442 | 37,978 | 64,882 | 72,475 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Equity in earnings of investments | ' | ' | ' | ' | ' | ' | ' | ' | 2,965 | 8,434 | 22,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 143,588 | -125,998 | 1,010 | 132,057 | 83,205 | 72,642 | 44,342 | 56,881 | 34,671 | 33,205 | -148,615 | -9,515 | ' | ' | ' | ' | 52,363 | 48,276 | 58,064 | -118,379 | -165,745 | -154,852 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 31,612 | -59,158 | -36,806 | 26,718 | 15,400 | 21,154 | 15,530 | 20,222 | 10,978 | 11,655 | -51,329 | -2,897 | ' | ' | ' | ' | 17,233 | 15,784 | 19,233 | -39,524 | -59,235 | -85,274 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total assets | 2,544,280 | ' | ' | ' | 3,386,580 | ' | ' | ' | 2,544,280 | 3,386,580 | 3,582,347 | 1,245,229 | 936,926 | 682,449 | 282,373 | 258,117 | 207,205 | 38,054 | 303,479 | 548,043 | ' | ' | ' | ' | 495,829 | 504,828 | 536,026 | ' | ' | ' | 482,795 | 483,003 | 584,304 | ' | ' | ' | 900,227 | 1,024,320 | |||||||||||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 324,426 | 323,039 | 100,154 | 283,132 | 274,451 | 13,923 | 39,655 | 44,500 | 27,045 | ' | ' | ' | ' | ' | ' | ' | 1,252 | 823 | 30,896 | ' | ' | ' | 387 | 3,265 | 28,290 | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 98,535 | 97,201 | 91,188 | 44,619 | 37,736 | 35,544 | 22,263 | 19,933 | 16,426 | 8,651 | 19,773 | 21,321 | ' | ' | ' | ' | 17,193 | 16,828 | 14,935 | 5,809 | 2,931 | 2,962 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Gain on sale or acquisition of assets, net | ' | ' | ' | ' | ' | ' | ' | ' | 14,727 | -13,476 | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,100 | ' | 15,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Impairment of Long-Lived Assets Held-for-use | ' | ' | ' | ' | $158,000 | $4,600 | $14,600 | ' | ' | $177,135 | $6,564 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $157,800 | ' | $14,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | Excludes revenues from discontinued operations of $48.8 million for the quarter ended MarchB 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended MarchB 31, JuneB 30, SeptemberB 30 and DecemberB 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Amount in 2013 includes the $1.1 million loss on the sale of the Caesar in JuneB 2013 and the $15.6 million gain on the sale of the Express in JulyB 2013. Amount in 2012 includes impairment charges of $157.8 million for the Caesar and $14.6 million for the Intrepid (NoteB 2). |
Business_Segment_Information_S1
Business Segment Information (Summary Of Intercompany Segment Revenues) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | $226,837 | [1] | $220,117 | [1] | $232,178 | [1] | $197,429 | [1] | $201,696 | [2] | $217,110 | [2] | $197,461 | [2] | $229,842 | [2] | $876,561 | $846,109 | $702,000 |
Intercompany Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 68,607 | 133,775 | 111,695 | ||||||||
Well Intervention [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 452,452 | 378,546 | 340,952 | ||||||||
Well Intervention [Member] | Intercompany Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 22,448 | 36,781 | 16,175 | ||||||||
Robotics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 333,246 | 328,726 | 245,360 | ||||||||
Robotics [Member] | Intercompany Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 41,169 | 46,465 | 45,251 | ||||||||
Subsea Construction [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 71,321 | 192,521 | 151,923 | ||||||||
Subsea Construction [Member] | Intercompany Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 317 | 4,472 | 4,212 | ||||||||
Production Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 88,149 | 80,091 | 75,460 | ||||||||
Production Facilities [Member] | Intercompany Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $4,673 | $46,057 | $46,057 | ||||||||
[1] | Excludes revenues from discontinued operations of $48.8 million for the quarter ended MarchB 31, 2013. | ||||||||||||||||||
[2] | Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended MarchB 31, JuneB 30, SeptemberB 30 and DecemberB 31, 2012. |
Business_Segment_Information_I
Business Segment Information (Intercompany Segment Gross Profit (Loss)) (Details) (Intercompany Elimination [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross profit (loss) with other operating segments of same entity | $3,360 | $7,878 | ($93) |
Well Intervention [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross profit (loss) with other operating segments of same entity | -141 | 6,203 | -223 |
Robotics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross profit (loss) with other operating segments of same entity | 3,518 | 180 | 213 |
Subsea Construction [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross profit (loss) with other operating segments of same entity | 158 | 1,670 | 114 |
Production Facilities [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross profit (loss) with other operating segments of same entity | ($175) | ($175) | ($197) |
Business_Segment_Information_R
Business Segment Information (Revenue By Geographical Region) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total net revenues | $226,837 | [1] | $220,117 | [1] | $232,178 | [1] | $197,429 | [1] | $201,696 | [2] | $217,110 | [2] | $197,461 | [2] | $229,842 | [2] | $876,561 | $846,109 | $702,000 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 345,525 | 281,308 | 316,869 | ||||||||
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 403,816 | 345,074 | 275,499 | ||||||||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $127,220 | $219,727 | $109,632 | ||||||||
[1] | Excludes revenues from discontinued operations of $48.8 million for the quarter ended MarchB 31, 2013. | ||||||||||||||||||
[2] | Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended MarchB 31, JuneB 30, SeptemberB 30 and DecemberB 31, 2012. |
Business_Segment_Information_P
Business Segment Information (Property Plant And Equipment Net Of Depreciation By Geographic Region) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Property and equipment, net | $1,528,294 | $1,485,875 | $1,459,669 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property and equipment, net | 1,195,824 | 1,180,586 | 1,163,320 |
United Kingdom [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property and equipment, net | 332,394 | 304,062 | 281,430 |
Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property and equipment, net | $76 | $1,227 | $14,919 |
Allowance_Accounts_Schedule_Of
Allowance Accounts (Schedule Of Allowance Accounts) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Deductions | $4,000 | ' | ' | |||
Allowance for Doubtful Accounts [Member] | Helix [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | 5,152 | 4,000 | 4,460 | |||
Additions | 2,236 | [1] | 1,257 | [2] | 61 | [3] |
Deductions | -5,154 | [4] | -105 | -521 | ||
Valuation Allowances and Reserves, Balance, Ending Balance | 2,234 | 5,152 | 4,000 | |||
Valuation Allowance of Deferred Tax Assets [Member] | Helix [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | 16,391 | 14,310 | 8,497 | |||
Additions | 6,469 | [1] | 2,081 | [2] | 5,813 | [3] |
Valuation Allowances and Reserves, Balance, Ending Balance | 22,860 | 16,391 | 14,310 | |||
WOSEA [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Additions | 6,500 | 2,000 | 4,900 | |||
Oil And Gas Operations In United Kingdom [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Additions | ' | $100 | $900 | |||
[1] | The increase in valuation allowance includes $6.5 million related to our former WOSEA operations. WOSEA has a full valuation allowance against its deferred tax asset balance. | |||||
[2] | The increase in valuation allowance includes $2.0 million related to our former WOSEA operations and $0.1 million to our oil and gas operations in the United Kingdom. WOSEA has a full valuation allowance against its deferred tax asset balance. | |||||
[3] | The increase in valuation allowance includes $4.9 million related to our former WOSEA operations and $0.9 million to our oil and gas operations in the United Kingdom. | |||||
[4] | The decrease primarily reflects the reversal of a $4 million allowance against our trade receivables for work performed offshore India in 2007 as we collected the previously adjusted receivable balance pursuant to a settlement agreement (NoteB 13). |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) | 1 Months Ended | ||||||||
In Millions, unless otherwise specified | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Oil And Natural Gas Commodity Contracts [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Grand Canyon I I I [Member] | Grand Canyon I I I [Member] | Grand Canyon I I [Member] | Grand Canyon I I [Member] | Grand Canyon [Member] | Grand Canyon [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Cash Settlement | $22.50 | $0.60 | ' | ' | ' | ' | ' | ' | ' |
Notional Amount of Derivative | ' | ' | $148.10 | $98.80 | 595 | $100.40 | 594.7 | $104.60 | 591.3 |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Derivatives Designated As Hedging Instruments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | ' |
Asset derivatives designated as hedging instruments | $446 |
Liability derivatives designated as hedging instruments | 15,817 |
Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability derivatives designated as hedging instruments | 300 |
Foreign Exchange Contracts [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability derivatives designated as hedging instruments | 15,000 |
Other Assets, Net [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset derivatives designated as hedging instruments | 446 |
Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability derivatives designated as hedging instruments | 746 |
Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability derivatives designated as hedging instruments | 1,905 |
Other Liabilities [Member] | Foreign Exchange Contracts [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability derivatives designated as hedging instruments | $13,166 |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Derivatives Not Designated As Hedging Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Asset derivatives not designated as hedging instruments | $69 | $5,946 |
Liability derivatives not designated as hedging instruments | ' | 16,298 |
Foreign Exchange Contracts [Member] | ' | ' |
Asset derivatives not designated as hedging instruments | ' | 100 |
Interest Rate Swaps [Member] | ' | ' |
Liability derivatives not designated as hedging instruments | ' | 500 |
Other Current Assets [Member] | Oil Contract [Member] | ' | ' |
Asset derivatives not designated as hedging instruments | ' | 5,800 |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ' | ' |
Asset derivatives not designated as hedging instruments | 69 | 146 |
Accrued Liabilities [Member] | Oil Contract [Member] | ' | ' |
Liability derivatives not designated as hedging instruments | ' | 15,777 |
Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' |
Liability derivatives not designated as hedging instruments | ' | 489 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' |
Liability derivatives not designated as hedging instruments | ' | $32 |
Derivative_Instruments_And_Hed5
Derivative Instruments And Hedging Activities (Impact Of Derivative Instruments On Accumulated Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ($9,991) | ($12,941) | $30,043 |
Foreign Exchange Contracts [Member] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | -9,796 | ' | ' |
Oil And Natural Gas Commodity Contracts [Member] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | -12,860 | 28,749 |
Interest Rate Swaps [Member] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ($195) | ($81) | $1,294 |
Derivative_Instruments_And_Hed6
Derivative Instruments And Hedging Activities (Gain (Loss) Reclassified From Accumulated OCI Into Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($1,476) | $2,661 | ($23,669) |
Oil And Natural Gas Commodity Contracts [Member] | Income From Discontinued Operations Net Of Tax [Member] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | 3,184 | -21,659 |
Interest Rate Swaps [Member] | Net Interest Expense [Member] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -152 | -523 | -2,010 |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($1,324) | ' | ' |
Derivative_Instruments_And_Hed7
Derivative Instruments And Hedging Activities (Impact Of Non Designated Derivative Instruments On Income Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (Loss) Recognized in Income on Derivatives | ($14,829) | ($5,113) | $249 |
Foreign Exchange Contracts [Member] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | -600 | 400 | 200 |
Foreign Exchange Contracts [Member] | Other Expense [Member] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | -630 | 411 | 249 |
Oil And Natural Gas Commodity Contracts [Member] | Income From Discontinued Operations Net Of Tax [Member] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | ' | 5,550 | ' |
Oil And Natural Gas Commodity Contracts [Member] | Loss On Commodity Derivative Contracts [Member] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | -14,113 | -10,507 | ' |
Interest Rate Swaps [Member] | Other Expense [Member] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | ($86) | ($567) | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Summary Of Consolidated Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | $226,837,000 | [1] | $220,117,000 | [1] | $232,178,000 | [1] | $197,429,000 | [1] | $201,696,000 | [2] | $217,110,000 | [2] | $197,461,000 | [2] | $229,842,000 | [2] | $876,561,000 | $846,109,000 | $702,000,000 |
Gross profit (loss) | 71,164,000 | [3] | 69,457,000 | [3] | 67,497,000 | [3] | 52,567,000 | [3] | -108,925,000 | [4] | 57,919,000 | [4] | 28,438,000 | [4] | 72,483,000 | [4] | 260,685,000 | 49,915,000 | 149,683,000 |
Net income (loss) applicable to Helix: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations | 36,503,000 | 44,549,000 | 27,240,000 | 557,000 | -99,679,000 | 10,362,000 | 2,425,000 | 16,874,000 | 108,849,000 | -70,018,000 | 34,718,000 | ||||||||
Income (loss) from discontinued operations | ' | 44,000 | -29,000 | 1,058,000 | -71,888,000 | 4,503,000 | 42,216,000 | 48,853,000 | 1,073,000 | 23,684,000 | 95,221,000 | ||||||||
Net income (loss) applicable to Helix | 36,503,000 | 44,593,000 | 27,211,000 | 1,615,000 | -171,567,000 | [5] | 14,865,000 | [5] | 44,641,000 | [5] | 65,727,000 | [5] | 109,922,000 | -46,334,000 | 129,939,000 | ||||
Basic earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | $0.35 | $0.42 | $0.26 | $0.01 | ($0.95) | $0.10 | $0.02 | $0.16 | $1.03 | ($0.67) | $0.33 | ||||||||
Discontinued operations | ' | ' | ' | $0.01 | ($0.69) | $0.04 | $0.40 | $0.46 | $0.01 | $0.23 | $0.90 | ||||||||
Net income (loss) per common share | $0.35 | $0.42 | $0.26 | $0.02 | ($1.64) | $0.14 | $0.42 | $0.62 | $1.04 | ($0.44) | $1.23 | ||||||||
Diluted earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Continuing operations | $0.35 | $0.42 | $0.26 | $0.01 | ($0.95) | $0.10 | $0.02 | $0.16 | $1.03 | ($0.67) | $0.33 | ||||||||
Discontinued operations | ' | ' | ' | $0.01 | ($0.69) | $0.04 | $0.40 | $0.46 | $0.01 | $0.23 | $0.90 | ||||||||
Net income (loss) per common share | $0.35 | $0.42 | $0.26 | $0.02 | ($1.64) | $0.14 | $0.42 | $0.62 | $1.04 | ($0.44) | $1.23 | ||||||||
Impairment of Long-Lived Assets Held-for-use | ' | ' | ' | ' | 158,000,000 | 4,600,000 | 14,600,000 | ' | ' | 177,135,000 | 6,564,000 | ||||||||
Impairment of Oil and Gas Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,600,000 | ' | ||||||||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net revenues | ' | ' | ' | 48,800,000 | 110,100,000 | 119,100,000 | 149,900,000 | 178,100,000 | ' | ' | ' | ||||||||
Gross profit (loss) | ' | ' | ' | 28,200,000 | -102,600,000 | 27,800,000 | 64,800,000 | 89,200,000 | ' | ' | ' | ||||||||
Diluted earnings (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of Oil and Gas Properties | ' | ' | ' | ' | $138,600,000 | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Excludes revenues from discontinued operations of $48.8 million for the quarter ended MarchB 31, 2013. | ||||||||||||||||||
[2] | Excludes revenues from discontinued operations of $178.1 million, $149.9 million, $119.1 million and $110.1 million for the quarters ended MarchB 31, JuneB 30, SeptemberB 30 and DecemberB 31, 2012. | ||||||||||||||||||
[3] | Excludes gross profit from discontinued operations of $28.2 million for the quarter ended MarchB 31, 2013. | ||||||||||||||||||
[4] | Excludes gross profit from discontinued operations of $89.2 million, $64.8 million, $27.8 million and $(102.6) million for the quarters ended MarchB 31, JuneB 30, SeptemberB 30 and DecemberB 31, 2012. Includes impairment charges totaling $14.6 million in the second quarter of 2012, $4.6 million in the third quarter of 2012 and $158.0 million in the fourth quarter of 2012 (NoteB 2). | ||||||||||||||||||
[5] | Our net loss in the fourth quarter of 2012 includes a $138.6 million impairment charge associated with the sale of ERT (NoteB 3). |