Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | HELIX ENERGY SOLUTIONS GROUP INC | ||
Entity Central Index Key | 866,829 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 148,079,552 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 785.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 266,592 | $ 356,647 |
Accounts receivable: | ||
Trade, net of allowance for uncollectible accounts of $2,752 and $1,778, respectively | 113,336 | 101,825 |
Unbilled revenue and other | 29,947 | 10,328 |
Current deferred tax assets | 0 | 16,594 |
Other current assets | 41,768 | 37,388 |
Total current assets | 451,643 | 522,782 |
Property and equipment | 2,695,772 | 2,450,890 |
Less accumulated depreciation | (889,783) | (799,280) |
Property and equipment, net | 1,805,989 | 1,651,610 |
Other assets, net | 105,205 | 72,549 |
Total assets | 2,362,837 | 2,246,941 |
Current liabilities: | ||
Accounts payable | 81,299 | 60,210 |
Accrued liabilities | 71,680 | 58,614 |
Income tax payable | 2,799 | 0 |
Current maturities of long-term debt | 109,861 | 67,571 |
Total current liabilities | 265,639 | 186,395 |
Long-term debt | 385,766 | 558,396 |
Deferred tax liabilities | 103,349 | 167,351 |
Other non-current liabilities | 40,690 | 52,985 |
Total liabilities | 795,444 | 965,127 |
Shareholders’ equity: | ||
Common stock, no par, 240,000 shares authorized, 147,740 and 120,630 shares issued, respectively | 1,284,274 | 1,055,934 |
Retained earnings | 352,906 | 322,854 |
Accumulated other comprehensive loss | (69,787) | (96,974) |
Total shareholders’ equity | 1,567,393 | 1,281,814 |
Total liabilities and shareholders’ equity | $ 2,362,837 | $ 2,246,941 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Allowance for uncollectible accounts | $ 2,752 | $ 1,778 |
Shareholders’ equity: | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 147,740,000 | 120,630,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net revenues | $ 581,383 | $ 487,582 | $ 695,802 |
Cost of sales: | |||
Cost of sales | 519,217 | 441,066 | 584,566 |
Asset impairments | 0 | 0 | 345,010 |
Total cost of sales | 519,217 | 441,066 | 929,576 |
Gross profit (loss) | 62,166 | 46,516 | (233,774) |
Goodwill impairments | 0 | (45,107) | (16,399) |
Gain (loss) on disposition of assets, net | (39) | 1,290 | 92 |
Selling, general and administrative expenses | (63,257) | (65,934) | (57,279) |
Loss from operations | (1,130) | (63,235) | (307,360) |
Equity in losses of investments | (2,368) | (2,166) | (124,345) |
Net interest expense | (18,778) | (31,239) | (26,914) |
Loss on early extinguishment of long-term debt | (397) | (3,540) | 0 |
Other income (expense), net | (1,434) | 3,510 | (24,310) |
Other income – oil and gas | 3,735 | 2,755 | 4,759 |
Loss before income taxes | (20,372) | (93,915) | (478,170) |
Income tax benefit | (50,424) | (12,470) | (101,190) |
Net income (loss) | $ 30,052 | $ (81,445) | $ (376,980) |
Earnings (loss) per share of common stock (in dollars per share) | |||
Basic | $ 0.20 | $ (0.73) | $ (3.58) |
Diluted | $ 0.20 | $ (0.73) | $ (3.58) |
Weighted average common shares outstanding (in shares) | |||
Basic | 145,295 | 111,612 | 105,416 |
Diluted | 145,300 | 111,612 | 105,416 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 30,052 | $ (81,445) | $ (376,980) |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on hedges arising during the period | 3,323 | 2,366 | (25,259) |
Reclassification adjustments for loss on hedges included in net income (loss) | 12,915 | 12,851 | 13,659 |
Reclassification adjustments for loss from derivative instruments de-designated as cash flow hedges included in net loss | 0 | 0 | 18,014 |
Income taxes on unrealized (gain) loss on hedges | (5,724) | (5,347) | (2,214) |
Unrealized gain on hedges, net of tax | 10,514 | 9,870 | 4,200 |
Unrealized gain on note receivable arising during the period | 629 | 0 | 0 |
Income taxes on unrealized gain on note receivable | (220) | 0 | 0 |
Unrealized gain on note receivable, net of tax | 409 | 0 | 0 |
Foreign currency translation gain (loss) arising during the period | 16,264 | (33,899) | (12,849) |
Reclassification adjustment for net translation gain realized upon liquidation | 0 | (2,044) | 0 |
Foreign currency translation gain (loss) | 16,264 | (35,943) | (12,849) |
Other comprehensive income (loss), net of tax | 27,187 | (26,073) | (8,649) |
Comprehensive income (loss) | $ 57,239 | $ (107,518) | $ (385,629) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance, beginning of period at Dec. 31, 2014 | $ 1,653,474 | $ 934,447 | $ 781,279 | $ (62,252) |
Balance, beginning of period (in shares) at Dec. 31, 2014 | 105,586 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (376,980) | (376,980) | ||
Foreign currency translation adjustments | (12,849) | (12,849) | ||
Unrealized gain on hedges, net of tax | 4,200 | 4,200 | ||
Unrealized gain on note receivable, net of tax | 0 | |||
Activity in company stock plans, net and other | 3,443 | $ 3,443 | ||
Activity in company stock plans, net and other (in shares) | 703 | |||
Share-based compensation | 5,463 | $ 5,463 | ||
Cumulative share-based compensation in excess of fair value of modified liability awards | 2,915 | 2,915 | ||
Excess tax from share-based compensation | (703) | (703) | ||
Balance, end of period at Dec. 31, 2015 | 1,278,963 | $ 945,565 | 404,299 | (70,901) |
Balance, end of period (in shares) at Dec. 31, 2015 | 106,289 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (81,445) | (81,445) | ||
Foreign currency translation adjustments | (35,943) | (35,943) | ||
Unrealized gain on hedges, net of tax | 9,870 | 9,870 | ||
Unrealized gain on note receivable, net of tax | 0 | |||
Equity component of debt discount on Convertible Senior Notes due 2022 | 10,719 | $ 10,719 | ||
Re-acquisition of equity component of debt discount on Convertible Senior Notes due 2032 | (1,625) | (1,625) | ||
Issuance of common stock, net of transaction costs | 96,547 | $ 96,547 | ||
Issuance of common stock, net of transaction costs (in shares) | 13,019 | |||
Activity in company stock plans, net and other | 463 | $ 463 | ||
Activity in company stock plans, net and other (in shares) | 1,322 | |||
Share-based compensation | 5,767 | $ 5,767 | ||
Cumulative share-based compensation in excess of fair value of modified liability awards | 203 | 203 | ||
Excess tax from share-based compensation | (1,705) | (1,705) | ||
Balance, end of period at Dec. 31, 2016 | 1,281,814 | $ 1,055,934 | 322,854 | (96,974) |
Balance, end of period (in shares) at Dec. 31, 2016 | 120,630 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 30,052 | 30,052 | ||
Foreign currency translation adjustments | 16,264 | 16,264 | ||
Unrealized gain on hedges, net of tax | 10,514 | 10,514 | ||
Unrealized gain on note receivable, net of tax | 409 | 409 | ||
Equity component of debt discount on Convertible Senior Notes due 2022 | (7) | $ (7) | ||
Issuance of common stock, net of transaction costs | 219,504 | $ 219,504 | ||
Issuance of common stock, net of transaction costs (in shares) | 26,450 | |||
Activity in company stock plans, net and other | (1,887) | $ (1,887) | ||
Activity in company stock plans, net and other (in shares) | 660 | |||
Share-based compensation | 10,730 | $ 10,730 | ||
Balance, end of period at Dec. 31, 2017 | $ 1,567,393 | $ 1,284,274 | $ 352,906 | $ (69,787) |
Balance, end of period (in shares) at Dec. 31, 2017 | 147,740 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 30,052 | $ (81,445) | $ (376,980) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 108,745 | 114,187 | 120,401 |
Non-cash impairment charges | 0 | 45,107 | 361,409 |
Amortization of debt discount | 4,688 | 5,905 | 5,957 |
Amortization of debt issuance costs | 6,154 | 7,733 | 5,664 |
Share-based compensation | 10,877 | 5,862 | 6,543 |
Deferred income taxes | (54,585) | 14,849 | (103,022) |
Equity in losses of investments | 2,368 | 2,166 | 124,345 |
(Gain) loss on disposition of assets, net | 39 | (1,290) | (92) |
Loss on early extinguishment of long-term debt | 397 | 3,540 | 0 |
Unrealized (gains) losses and ineffectiveness on derivative contracts, net | (4,423) | (8,800) | 18,281 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (28,424) | (22,437) | 36,354 |
Other current assets | (15,680) | (2,386) | 7,956 |
Income tax payable | 3,949 | (4,571) | (7,464) |
Accounts payable and accrued liabilities | 33,381 | (630) | (63,817) |
Other non-current, net | (45,900) | (39,076) | (24,730) |
Net cash provided by operating activities | 51,638 | 38,714 | 110,805 |
Cash flows from investing activities: | |||
Capital expenditures | (231,127) | (186,487) | (320,311) |
Distributions from equity investments | 0 | 1,200 | 7,000 |
Proceeds from sale of equity investment | 0 | 25,000 | 0 |
Proceeds from sale of assets | 10,000 | 13,177 | 17,592 |
Net cash used in investing activities | (221,127) | (147,110) | (295,719) |
Cash flows from financing activities: | |||
Issuance of Convertible Senior Notes due 2022 | 0 | 125,000 | 0 |
Repurchase of Convertible Senior Notes due 2032 | 0 | (138,401) | 0 |
Proceeds from term loan | 100,000 | 0 | 0 |
Repayment of term loan | (194,758) | (62,742) | (22,500) |
Proceeds from Nordea Q5000 Loan | 0 | 0 | 250,000 |
Repayment of Nordea Q5000 Loan | (35,715) | (35,714) | (17,857) |
Repayment of MARAD Debt | (6,222) | (5,926) | (5,644) |
Debt issuance costs | (3,717) | (4,655) | (1,737) |
Net proceeds from issuance of common stock | 219,504 | 96,547 | 0 |
Payments related to tax withholding for share-based compensation | (2,042) | (341) | (1,121) |
Proceeds from issuance of ESPP shares | 432 | 708 | 3,484 |
Net cash provided by (used in) financing activities | 77,482 | (25,524) | 204,625 |
Effect of exchange rate changes on cash and cash equivalents | 1,952 | (3,625) | (2,011) |
Net increase (decrease) in cash and cash equivalents | (90,055) | (137,545) | 17,700 |
Cash and cash equivalents: | |||
Balance, beginning of year | 356,647 | 494,192 | 476,492 |
Balance, end of year | $ 266,592 | $ 356,647 | $ 494,192 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Unless the context indicates otherwise, the terms “we,” “us” and “our” in this Annual Report refer collectively to Helix Energy Solutions Group, Inc. and its subsidiaries (“Helix” or the “Company”). We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We provide services primarily in deepwater in the U.S. Gulf of Mexico, North Sea, Asia Pacific and West Africa regions, and in 2017 expanded our operations into Brazil with the commencement of operations of the Siem Helix 1 and Siem Helix 2 vessels for Petróleo Brasileiro S.A. (“Petrobras”). Our Operations We seek to provide services and methodologies that we believe are critical to maximizing production economics. Our “life of field” services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 12). Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the U.S. Gulf of Mexico, North Sea and Brazil. Our Well Intervention segment also includes intervention riser systems (“IRSs”), some of which we rent out on a stand-alone basis, and subsea intervention lubricators (“SILs”). Our well intervention vessels include the Q4000 , the Q5000 , the Seawell , the Well Enhancer , and two chartered newbuild monohull vessels, the Siem Helix 1 and the Siem Helix 2 . We also have a semi-submersible well intervention vessel under construction, the Q7000 . The Siem Helix 1 commenced well intervention operations for Petrobras offshore Brazil in April 2017, and the Siem Helix 2 commenced operations for Petrobras in December 2017. We returned the Skandi Constructor to its owner in March 2017 upon the expiration of the vessel charter. Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and currently operates three ROV support vessels under long-term charter, including the Grand Canyon III that went into service for us in May 2017. We also utilize spot vessels as needed. Our vessel charter for the Deep Cygnus was terminated on February 9, 2018, at which time we returned the vessel to its owner. Our Production Facilities segment includes the Helix Producer I (the “ HP I ”), a ship-shaped dynamically positioned floating production vessel, and the Helix Fast Response System (the “HFRS”), which provides certain operators access to our Q4000 and HP I vessels in the event of a well control incident in the Gulf of Mexico. The HP I has been under contract to the Phoenix field operator since February 2013, currently under a fixed fee agreement through at least June 1, 2023. We are party to an agreement providing various operators with access to the HFRS for well control purposes, which agreement was amended effective February 1, 2017 to extend the term of the agreement by one year to March 31, 2019 and to reduce the retainer fee. The Production Facilities segment also includes our ownership interest in Independence Hub, LLC (“Independence Hub”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 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 former ownership interest in Deepwater Gateway, L.L.C. (“Deepwater Gateway”) and our ownership interest in Independence Hub under the equity method of accounting. All material intercompany accounts and transactions have been eliminated. Basis of Presentation Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and reported in U.S. dollars. 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. We have made all adjustments (which were normal recurring adjustments) that we believe are necessary for a fair presentation of our consolidated financial statements, as applicable. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 may 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. Accounts and Notes Receivable and Allowance for Uncollectible Accounts Accounts and notes receivable are stated at the historical carrying amount net of write-offs and allowance for uncollectible accounts. We establish an allowance for uncollectible accounts based on historical experience as well as any specific collection issues that we have identified. Uncollectible receivables 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 definitively not be collected (Note 15). Property and Equipment Property and equipment is recorded at historical cost. Property and equipment is depreciated on a straight line basis over the estimated useful life of each asset. The cost of improvements is capitalized while the cost of repairs and maintenance is charged to expense as incurred. For the years ended December 31, 2017 , 2016 and 2015 , repair and maintenance expense totaled $28.1 million , $25.5 million and $32.8 million , respectively. Assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s fair value. If, upon review, the sum of undiscounted future cash flows expected to be generated by the asset or asset group is less than its carrying amount, an impairment is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are grouped for impairment purposes at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. 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. 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. These fair value measurements fall within Level 3 of the fair value hierarchy. Assets are classified as held for sale when a formal plan to dispose of the assets exists and those assets meet the held for sale criteria. Assets held for sale are reviewed for potential loss on sale when we commit to a plan to sell and thereafter while those assets are held for sale. Losses are measured as the difference between an asset’s fair value less costs to sell and the asset’s carrying amount. Estimates of anticipated sales prices are judgmental and subject to revision in future periods, although initial estimates are typically based on sales prices for similar assets and other valuation data. Capitalized Interest 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. Capitalized interest is excluded from our interest expense (Note 6). Equity Investments We periodically review our equity investments 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 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 entity and our longer-term intent of retaining our investment in the entity. In the event we incur losses in excess of the carrying amount of an equity investment and reduce our investment balance to zero, we would not record additional losses unless (i) we guaranteed obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee’s return to profitability is imminent. If we provided a commitment to fund losses, we would continue to record losses resulting in a negative equity method investment, which is presented as a liability. Goodwill Goodwill impairment is evaluated using a two-step process. The first step involves comparing a reporting unit’s fair value with its carrying amount. If the reporting unit’s carrying amount exceeds its fair value, the second step is performed by comparing the implied fair value of goodwill with the reporting unit’s carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to that excess. We previously performed an impairment analysis of goodwill at least annually as of November 1 or more frequently whenever events or circumstances occur indicating that it might be impaired. As a result of our 2015 goodwill impairment analysis, we recorded an impairment charge of $16.4 million to write off the goodwill associated with our U.K. well intervention reporting unit. As a result of our 2016 goodwill impairment analysis, we recorded an impairment charge of $45.1 million to write off the entire goodwill balance of our robotics reporting unit. We had no goodwill remaining on our consolidated balance sheets at December 31, 2017 and 2016 . Recertification Costs and Deferred Dry Dock Costs Our vessels are required by regulation to be periodically recertified. 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, 2017 and 2016 , capitalized deferred dry dock costs included within “Other assets, net” in the accompanying consolidated balance sheets (Note 3) totaled $12.4 million and $14.8 million (net of accumulated amortization of $7.1 million and $10.7 million ), respectively. During the years ended December 31, 2017 , 2016 and 2015 , dry dock amortization expense was $6.9 million , $14.0 million and $10.8 million , respectively. Revenue Recognition Revenues from our services are derived from contracts, which are both short-term and long-term in duration. Our services contracts generally contain either lump sum provisions or provisions for specific time, material and equipment charges that 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 are expected to be billed and collected within one year. We monitor the collectability of our outstanding trade receivables on a continual basis in connection with our evaluation of allowance for doubtful accounts. Dayrate Contracts. Revenues generated from specific time, material and equipment contracts are generally earned on a dayrate basis and recognized as amounts are earned in accordance with contract terms. Certain dayrate contracts with built-in rate changes require us to record revenues on a straight-line basis. Similarly, revenues from contracts that stipulate a monthly rate are recognized ratably during the month. We may receive revenues for mobilization of equipment and personnel under dayrate contracts. 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, also are deferred and recognized using the same straight-line method. Mobilization costs to move vessels when a contract does not exist are expensed as incurred. Lump Sum Contracts. Revenues on significant lump sum contracts are generally recognized under the percentage-of-completion method. Under the percentage-of-completion method, we recognize estimated contract revenue based on costs incurred to date as a percentage of total estimated costs. 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. Royalty Interests Income from royalty interests are recognized according to monthly oil and gas production on an entitlement basis. Income for royalty interests is reflected in “Other income - oil and gas” in the consolidated statements of operations. 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 non-U.S. subsidiaries without operations in the U.S. 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, 2017 , we believe that 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. Share-Based Compensation Share-based compensation is measured at the grant date based on the estimated fair value of an award. Share-based compensation based solely on service conditions is recognized on a straight-line basis over the vesting period of the related shares. Forfeitures are recognized as they occur. Tax deduction benefits for a share-based award in excess of recognized compensation cost is reported as a financing cash flow rather than as an operating cash flow. Compensation cost for restricted stock 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. The estimated fair value of performance share units (“PSUs”) is determined using a Monte Carlo simulation model. Compensation cost for PSUs that are accounted for as equity awards is measured based on the estimated grant date fair value and recognized over the vesting period on a straight-line basis. PSUs that are accounted for as liability awards are measured based on the estimated fair value at the balance sheet date and changes in fair value of the awards are recognized in earnings. Cumulative compensation cost for vested liability PSU awards equals the actual cash payout that would occur upon vesting. To the extent the recognized fair value of the modified liability awards at the end of a reporting period is less than the compensation cost associated with the grant date fair value of the original equity awards, the higher amount is recorded as share-based compensation. The amount of cumulative compensation cost recognized in excess of the fair value of the modified liability awards is recorded in equity. Foreign Currency Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect at December 31, 2017 and 2016 , and the resulting translation adjustments, which were unrealized gains (losses) of $16.3 million and $(35.9) million , respectively, are included in Accumulated other comprehensive loss (“Accumulated OCI”), a component of shareholders’ equity. For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in other income or expense in the consolidated statements of operations. For the years ended December 31, 2017 , 2016 and 2015 , our foreign currency transaction gains (losses) totaled $(2.2) million , $0.2 million and $(1.2) million , respectively. These realized amounts are exclusive of any gains or losses from our foreign currency exchange derivative contracts. Derivative Instruments and Hedging Activities Our business is 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. To reduce the impact of these risks on earnings and increase the predictability of our cash flows, from time to time we enter into certain derivative contracts, including interest rate swaps and foreign currency exchange contracts. All derivative instruments are reflected in the accompanying consolidated balance sheets at fair value. 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 fair value of derivative instruments that are designated as cash flow hedges are reported in Accumulated OCI to the extent that the hedges are effective. These changes are subsequently reclassified into earnings when the hedged transactions occur. 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 instrument that does not qualify for hedge accounting is recorded in earnings in the period in which the change occurs. 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 derivative instruments that are designated as hedging instruments 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, gains or losses on the hedging instruments are reclassified from Accumulated OCI into earnings immediately. If the forecasted transaction continues to be probable of occurring, any gains or losses in Accumulated OCI are reclassified into earnings over the remaining period of the original forecasted transaction. Interest Rate Risk From time to time, we enter into interest rate swaps to stabilize cash flows related to our long-term variable interest rate debt. Changes in the fair value of interest rate swaps are reported in Accumulated OCI to the extent the swaps are effective. These changes are subsequently reclassified into earnings when the anticipated interest is recognized as interest expense. The ineffective portion of the interest rate swaps, if any, is recognized immediately in earnings within the line titled “Net interest expense.” Foreign Currency Exchange Rate Risk Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. We enter into foreign currency exchange contracts from time to time to stabilize expected cash outflows related to our vessel charters that are denominated in foreign currencies. Changes in the fair value of foreign currency exchange contracts are reported in Accumulated OCI to the extent the contracts are effective. These changes are subsequently reclassified into earnings when the forecasted vessel charter payments are made and recorded as cost of sales. The ineffective portion of these foreign currency exchange contracts, if any, and changes in the fair value of foreign currency exchange contracts that do not qualify as cash flow hedges are recognized immediately in earnings within the line titled “Other income (expense), net.” Earnings Per Share The presentation of basic earnings per share (“EPS”) amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income applicable to our common shareholders by the weighted average shares of our 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. We have shares of restricted stock issued and outstanding that are currently unvested. Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding unrestricted common stock and the shares of restricted stock 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 EPS amounts under the two class method in periods in which we have earnings. 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. Major Customers and Concentration of Credit Risk The market for our products and services is primarily the offshore oil and gas and renewable industries. 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 which are subject to many external factors that 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 representing 10% or more of our consolidated revenues) is as follows: 2017 — BP ( 19% ), Petrobras ( 13% ) and Talos ( 10% ), 2016 — BP ( 17% ) and Shell ( 11% ), and 2015 — Shell ( 16% ) and Talos ( 11% ). Most of the concentration of revenues was generated by our Well Intervention business. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The 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 approaches as described in Note 16. New Accounting Standards In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU provides a five-step approach to account for revenue arising from contracts with customers. The ASU requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This revenue standard was originally effective for annual reporting periods beginning after December 15, 2016, including interim periods, and was subsequently deferred by one year to annual reporting periods beginning after December 15, 2017. The FASB also issued several subsequent updates containing implementation guidance on principal versus agent considerations (gross versus net revenue presentation), identifying performance obligations and accounting for licenses of intellectual property. Additionally, these updates provide narrow-scope improvements and practical expedients as well as technical corrections and improvements to the guidance. The new revenue standard permits companies to either apply the requirements retrospectively to all prior periods presented or apply the requirements in the year of adoption through a modified retrospective approach with a cumulative adjustment. We have completed our assessment of the differences between the new revenue standard and current accounting practices (gap analysis). We continue to work on expanded disclosure requirements and documentation of new policies, procedures and controls. Although not finalized, based on the implementation efforts performed, management’s assessment is that the new revenue standard is not expected to have a material impact on our consolidated financial statements. We are applying the modified retrospective approach to adopt this guidance effective in the first quarter of 2018. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes.” This ASU requires companies to classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current amounts. The requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount was not affected by this guidance. We adopted this guidance prospectively in the first quarter of 2017. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU amends the existing accounting standards for leases. The amendments are intended to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. Based on our current portfolio of leases and vessel charters, we expect to record right-of-use assets and lease liabilities on our balance sheet upon adoption of this guidance in the first quarter of 2019. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. We adopted this guidance in the first quarter of 2017 with no material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU replaces the current incurred loss model for measurement of credit losses on financial assets including trade receivables with a forward-looking expected loss model based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU improves the financial reporting of hedging relationships to better align risk management activities in financial statements and makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. We do not expect any other recent accounting standards to have a material impact on our financial position, results of operations or cash flows. |
Details Of Certain Accounts
Details Of Certain Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details Of Certain Accounts | Details of Certain Accounts Other current assets consist of the following (in thousands): December 31, 2017 2016 Note receivable (1) $ — $ 10,000 Prepaids 10,102 13,973 Deferred costs (2) 27,204 7,971 Other 4,462 5,444 Total other current assets $ 41,768 $ 37,388 (1) Relates to the balance of the promissory note we received in connection with the sale of our former Ingleside spoolbase in January 2014. Interest on the note was payable quarterly at a rate of 6% per annum. In June 2017, we collected the remaining $10 million principal balance of this note receivable as well as accrued interest. (2) Primarily reflects deferred mobilization costs associated with certain long-term contracts, which are to be amortized within 12 months from the balance sheet date (Note 2). Other assets, net consist of the following (in thousands): December 31, 2017 2016 Note receivable, net (1) $ 3,758 $ 2,827 Prepaids 7,666 6,418 Deferred dry dock costs, net (Note 2) 12,368 14,766 Deferred costs (2) 63,767 30,738 Charter fee deposit (3) 12,544 12,544 Other 5,102 5,256 Total other assets, net $ 105,205 $ 72,549 (1) In 2016, we entered into an agreement with one of our customers to defer their payment obligations to June 30, 2018. On March 30, 2017, we entered into a new agreement with this customer in which we agreed to forgive all but $4.3 million of receivables due from the customer in exchange for its redeemable convertible bonds that approximated that amount. The bonds are redeemable by the customer at any time and the maturity date of the bonds is December 14, 2019. Interest at a rate of 5% per annum is payable annually on the bonds. The amount at December 31, 2017 reflected the fair value of the bonds as of that date (Note 16). The amount at December 31, 2016 was net of allowance of $4.2 million . (2) Primarily reflects deferred mobilization costs to be amortized after 12 months from the balance sheet date through the end of the applicable term of certain long-term contracts (Note 2). (3) Represents deposit to be used to reduce our final charter payments for the Siem Helix 2 . Accrued liabilities consist of the following (in thousands): December 31, 2017 2016 Accrued payroll and related benefits $ 30,685 $ 20,705 Deferred revenue 12,609 8,911 Derivative liability (Note 17) 10,625 18,730 Other 17,761 10,268 Total accrued liabilities $ 71,680 $ 58,614 Other non-current liabilities consist of the following (in thousands): December 31, 2017 2016 Investee losses in excess of investment (Note 5) $ 7,567 $ 10,238 Deferred gain on sale of property (Note 4) 5,838 5,761 Deferred revenue 8,744 8,598 Derivative liability (Note 17) 8,150 20,191 Other 10,391 8,197 Total other non-current liabilities $ 40,690 $ 52,985 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment The following is a summary of the gross components of property and equipment (dollars in thousands): December 31, Estimated Useful Life 2017 2016 Vessels 15 to 30 years $ 2,083,267 $ 1,860,379 ROVs, trenchers and ROVDrills 10 years 298,227 309,603 Machinery, equipment and leasehold improvements 5 to 15 years 314,278 280,908 Total property and equipment $ 2,695,772 $ 2,450,890 Our assessment at December 31, 2015 indicated impairment on the Helix 534 and the HP I. We impaired these assets based on the difference between the carrying amount and the estimated fair value. We recorded an impairment charge of $205.2 million to reduce the carrying amount of the Helix 534 to its estimated fair value of $1.0 million and to write off associated deferred dry dock costs of $9.0 million . The fair value of the Helix 534 was based on its estimated salvage value according to current market pricing. We recorded an impairment charge of $133.4 million to reduce the carrying amount of the HP I to its estimated fair value of $124.3 million . We estimated the fair value of the HP I based on the present value of its expected future cash flows. In addition, we recorded impairment charges of $6.3 million to write off capitalized costs associated with certain vessel projects that we no longer expected to materialize. In January 2016, we sold our office and warehouse property located in Aberdeen, Scotland for approximately $11 million and entered into a separate agreement with the same party to lease back the facility for a lease term of 15 years with two five -year options to extend the lease at our option. A gain of approximately $7.6 million from the sale of this property is deferred and amortized over the 15 -year minimum lease term. In December 2016, we sold the Helix 534 vessel to a third party for approximately $2.8 million , including $0.4 million held in escrow which was not subsequently realized. We recorded a gain of approximately $1.3 million from the sale, net of selling expenses. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | Equity Investments We have a 20% ownership interest in Independence Hub, which owns the “Independence Hub” platform located in Mississippi Canyon Block 920 in a water depth of 8,000 feet. We previously had a 50% ownership interest in Deepwater Gateway, which owns and operates a tension leg platform production hub primarily for Anadarko Petroleum Corporation’s Marco Polo field in the Deepwater Gulf of Mexico. Our Production Facilities segment includes our investment in Independence Hub that is accounted for using the equity method of accounting, and previously included our former ownership interest in Deepwater Gateway. In December 2015, we were notified that the operator of the facility no longer forecasted utilization of the “Independence Hub” platform and planned to turn over the platform for decommissioning. As a result of this determination, Independence Hub recorded an impairment charge of $343.3 million to reduce the carrying amount of the platform assets to their estimated fair value of zero . For the year ended December 31, 2015, we recorded losses totaling $74.9 million to account for our 20% share of losses from Independence Hub and to write off the remaining capitalized interest of $3.6 million and a $1.0 million participation fee that we paid in 2004. For the years ended December 31, 2017 and 2016 , we recorded losses totaling $2.4 million and $2.2 million , respectively, to account for our share of losses from Independence Hub. Since we are committed to providing the necessary level of financial support to enable Independence Hub to pay its obligations as they become due, we recorded liabilities of $9.8 million and $10.2 million at December 31, 2017 and 2016 , respectively, for our share of the estimated obligations, net of remaining working capital. These liabilities are reflected in “Accrued liabilities” and “Other non-current liabilities” in the accompanying consolidated balance sheets. We did not receive any cash distributions from Independence Hub in 2016 or 2017. For the year ended December 31, 2015, we received a cash distribution of $1.8 million . Additionally in December 2015, Deepwater Gateway recorded an impairment charge of $96.7 million to reduce the carrying amount of its long-lived assets to their estimated fair value of $70.8 million . For the year ended December 31, 2015, we recorded losses totaling $49.4 million to account for our 50% share of losses from Deepwater Gateway and to write off the remaining capitalized interest of $1.2 million . These losses included our share of an impairment charge that Deepwater Gateway recorded in December 2015. For the year ended December 31, 2015, we received a cash distribution of $5.2 million from Deepwater Gateway. In February 2016, we received a cash distribution of $1.2 million and sold our ownership interest in Deepwater Gateway to a subsidiary of Genesis for $25 million . Equity method investments were immaterial to our 2016 and 2017 consolidated financial results. For the year ended December 31, 2015, the summarized aggregated revenues, operating loss and net loss related to our equity method investments were $14.8 million , $448.1 million and $448.1 million , respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following (in thousands): December 31, 2017 2016 Former term loan (was scheduled to mature June 2018) $ — $ 192,258 Term Loan (matures June 2020) 97,500 — 2022 Notes (mature May 2022) 125,000 125,000 2032 Notes (mature March 2032) 60,115 60,115 MARAD Debt (matures February 2027) 77,000 83,222 Nordea Q5000 Loan (matures April 2020) 160,714 196,429 Unamortized debt discounts (14,406 ) (19,094 ) Unamortized debt issuance costs (10,296 ) (11,963 ) Total debt 495,627 625,967 Less current maturities (109,861 ) (67,571 ) Long-term debt $ 385,766 $ 558,396 Credit Agreement On June 30, 2017, we entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of lenders led by Bank of America, N.A. (“Bank of America”). The amended and restated credit facility is comprised of a $100 million term loan (the “Term Loan”) and a revolving credit facility (the “Revolving Credit Facility”) of up to $150 million (the “Revolving Loans”). The Revolving Credit Facility permits us to obtain letters of credit up to a sublimit of $25 million . Pursuant to the Credit Agreement, subject to existing lender participation and/or the participation of new lenders, and subject to standard conditions precedent, we may request aggregate commitments up to $100 million with respect to an increase in the Revolving Credit Facility, additional term loans, or a combination thereof. The $100 million proceeds from the Term Loan as well as cash on hand were used to repay the approximately $180 million term loan then outstanding under the credit facility prior to its June 2017 amendment and restatement. As of December 31, 2017 , we had no borrowings under the Revolving Credit Facility and our available borrowing capacity under that facility, based on the applicable leverage ratio covenant, totaled $81.6 million , net of $3.0 million of letters of credit issued under that facility. The Term Loan and the Revolving Loans (together, the “Loans”), at our election, bear interest either in relation to Bank of America’s base rate or to a LIBOR rate. The Term Loan or portions thereof bearing interest at the base rate will bear interest at a per annum rate equal to the base rate plus 3.25% . The Term Loan or portions thereof bearing interest at a LIBOR rate will bear interest per annum at the LIBOR rate selected by us plus a margin of 4.25% . The Revolving 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 1.75% to 3.25% . The Revolving Loans or portions thereof bearing interest at a LIBOR rate will bear interest per annum at the LIBOR rate selected by us plus a margin ranging from 2.75% to 4.25% . A letter of credit fee is payable by us equal to its applicable margin for LIBOR rate Loans times the daily amount available to be drawn under the applicable letter of credit. Margins on the Revolving Loans will vary in relation to the Consolidated Total Leverage Ratio (as defined below) provided for in the Credit Agreement. We also pay a fixed commitment fee of 0.50% per annum on the unused portion of our Revolving Credit Facility. The Term Loan principal is required to be repaid in quarterly installments totaling 5% in the first loan year, 10% in the second loan year and 15% in the third loan year, with a balloon payment at maturity. 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 Credit Facility without premium or penalty, and may reborrow any amounts prepaid up to the amount of the Revolving Credit Facility. The Loans mature on June 30, 2020 . The Credit Agreement and the other documents entered into in connection with the Credit Agreement include terms and conditions, including covenants, which we consider customary for this type of transaction. The covenants include certain restrictions on our and our subsidiaries’ ability to grant liens, incur indebtedness, make investments, merge or consolidate, sell or transfer assets, pay dividends and make capital expenditures. In addition, the Credit Agreement obligates us to meet minimum financial ratio requirements of EBITDA to interest charges (“Consolidated Interest Coverage Ratio”) and funded debt to EBITDA (“Consolidated Total Leverage Ratio”), and provided that if there are no Loans outstanding, the funded debt ratio requirement permits us to offset a certain amount of cash against the funded debt used in the calculation (“Consolidated Net Leverage Ratio”). After the initial Term Loan is repaid in full, if there are any Loans outstanding including unreimbursed draws under letters of credit issued under the Revolving Credit Facility, we are also required to ensure that the ratio of our total secured indebtedness to EBITDA (“Consolidated Secured Leverage Ratio”) does not exceed the maximum permitted ratio. The Credit Agreement also obligates us to maintain certain cash levels depending on the type of indebtedness outstanding. These financial covenant requirements are detailed as follows: (a) The minimum required Consolidated Interest Coverage Ratio: Four Fiscal Quarters Ending Minimum Consolidated Interest Coverage Ratio December 31, 2017 and each fiscal quarter thereafter 2.50 to 1.00 (b) The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Total or Net Leverage Ratio December 31, 2017 5.75 to 1.00 March 31, 2018 5.50 to 1.00 June 30, 2018 5.25 to 1.00 September 30, 2018 5.00 to 1.00 December 31, 2018 through and including March 31, 2019 4.50 to 1.00 June 30, 2019 through and including September 30, 2019 4.25 to 1.00 December 31, 2019 4.00 to 1.00 March 31, 2020 and each fiscal quarter thereafter 3.50 to 1.00 (c) The maximum permitted Consolidated Secured Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Secured Leverage Ratio December 31, 2017 through and including June 30, 2018 3.00 to 1.00 September 30, 2018 and each fiscal quarter thereafter 2.50 to 1.00 (d) The minimum required Unrestricted Cash and Cash Equivalents: Consolidated Total Leverage Ratio Minimum Cash (1) Greater than or equal to 4.00 to 1.00 $100,000,000.00 Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 $50,000,000.00 Less than 3.50 to 1.00 $0.00 (1) This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it on our balance sheet as cash and cash equivalents. As of December 31, 2017 , we were required to, and did, maintain an aggregate cash balance of at least $100 million in compliance with this covenant. We may from time to time designate one or more of our foreign subsidiaries as subsidiaries which are not generally subject to the covenants in the Credit Agreement (the “Unrestricted Subsidiaries”). The debt and EBITDA of Unrestricted Subsidiaries are not included in the calculations of our financial covenants, except for the debt and EBITDA of Helix Q5000 Holdings, S.a.r.l., a wholly owned subsidiary incorporated in Luxembourg (“Q5000 Holdings”). Our obligations under the Credit Agreement are guaranteed by our domestic subsidiaries (except Cal Dive I - Title XI, Inc.) and Canyon Offshore Limited, a wholly owned Scottish subsidiary. Our obligations under the Credit Agreement and of such guarantors under their guarantee are secured by (i) most of the assets of the parent, (ii) the shares of our domestic subsidiaries (other than Cal Dive I - Title XI, Inc.) and Canyon Offshore Limited, and (iii) most of the assets of our domestic subsidiaries (other than Cal Dive I - Title XI, Inc.) and Canyon Offshore Limited. In addition, these obligations are secured by pledges of up to 66% of the shares of certain foreign subsidiaries. In June 2017, we recognized a $0.4 million loss to write off the unamortized debt issuance costs related to certain lenders exiting from the term loan then outstanding under our credit facility prior to its June 2017 amendment and restatement. The loss is presented as “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. In connection with decreases in lenders’ commitments under our revolving credit facility, in June 2017 and February 2016 we recorded interest charges of $1.6 million and $2.5 million , respectively, to accelerate the amortization of a pro-rata portion of debt issuance costs related to the lenders whose commitments were reduced. Convertible Senior Notes Due 2022 On November 1, 2016, we completed a public offering and sale of our Convertible Senior Notes due 2022 (the “2022 Notes”) in the aggregate principal amount of $125 million . The net proceeds from the issuance of the 2022 Notes were $121.7 million , after deducting the underwriter’s discounts and commissions and offering expenses. We used net proceeds from the issuance of the 2022 Notes as well as cash on hand to repurchase and retire $125 million in principal of the 2032 Notes (see “Convertible Senior Notes Due 2032” below) in separate, privately negotiated transactions. The 2022 Notes bear interest at a rate of 4.25% per annum, and are payable semi-annually in arrears on November 1 and May 1 of each year, beginning on May 1, 2017. The 2022 Notes mature on May 1, 2022 unless earlier converted, redeemed or repurchased. During certain periods and subject to certain conditions (as described in the Indenture governing the 2022 Notes) the 2022 Notes are convertible by the holders into shares of our common stock at an initial conversion rate of 71.9748 shares of our common stock per $1,000 principal amount (which represents an initial conversion price of approximately $13.89 per share of common stock), subject to adjustment in certain circumstances as set forth in the Indenture governing the 2022 Notes. We have the right and the intention to settle any such future conversions in cash. Prior to November 1, 2019, the 2022 Notes are not redeemable. On or after November 1, 2019, we may redeem all or any portion of the 2022 Notes, at our option, subject to certain conditions, at a redemption price payable in cash equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest, and a “make-whole premium” with a value equal to the present value of the remaining scheduled interest payments of the 2022 Notes to be redeemed through May 1, 2022. Holders of the 2022 Notes may require us to repurchase the notes following a “fundamental change,” as defined in the indenture governing the 2022 Notes. The Indenture governing the 2022 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee under the Indenture or the holders of not less than 25% in aggregate principal amount then outstanding under the 2022 Notes may declare the entire principal amount of all the notes, and the interest accrued on such notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a principal subsidiary, the principal amount of the 2022 Notes together with any accrued and unpaid interest thereon will automatically be and become immediately due and payable. The 2022 Notes are accounted for by separating the net proceeds between long-term debt and shareholders’ equity. In connection with the issuance of the 2022 Notes, we recorded a debt discount of $16.9 million ( $11.0 million net of tax) as a result of separating the equity component. To arrive at the debt value, we estimated the fair value of the liability component of the 2022 Notes as of October 26, 2016 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 pricing and an expected life of 5.5 years . The effective interest rate for the 2022 Notes is 7.3% after considering the effect of the accretion of the related debt discount that represented the equity component of the 2022 Notes at their inception. The remaining unamortized amount of the debt discount of the 2022 Notes was $13.9 million and $16.5 million at December 31, 2017 and 2016 , respectively. Convertible Senior Notes Due 2032 In March 2012, we completed a public offering and sale of our Convertible Senior Notes due 2032 (the “2032 Notes”) in the aggregate principal amount of $200 million , $60 million of which are currently outstanding. 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 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 our 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. We have the right and the intention to settle any such future conversions in cash. 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, the holders of the 2032 Notes 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 indenture governing the 2032 Notes. We elected to repurchase $7.3 million , $7.6 million and $125 million , respectively, in aggregate principal amount of the 2032 Notes in June, July and November of 2016, respectively. For the year ended December 31, 2016, we recognized a net loss of $3.5 million related to the repurchase of the 2032 Notes, which is presented as “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. On February 14, 2018, pursuant to the terms of the Indenture governing the 2032 Notes, we notified the holders that they have the option to require us to purchase their outstanding 2032 Notes on March 15, 2018. The 2032 Notes are accounted for by separating the net proceeds between long-term debt and shareholders’ equity. In connection with the issuance of the 2032 Notes, we recorded a debt discount of $35.4 million and a separate equity component of $22.5 million . To arrive at the debt value, we estimated the fair value of the liability component of the 2032 Notes as of 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 pricing and an expected life of 6 years . In selecting the expected life, we selected the earliest date the holders 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. The remaining unamortized amount of the debt discount of the 2032 Notes was $0.5 million and $2.6 million at December 31, 2017 and 2016 , respectively. MARAD Debt This U.S. government guaranteed financing (the “MARAD Debt”), pursuant to Title XI of the Merchant Marine Act of 1936 administered by the Maritime Administration, was used to finance the construction of the Q4000 . The MARAD Debt is collateralized by the Q4000 and is guaranteed 50% by us. The MARAD Debt is payable in equal semi-annual installments, matures in February 2027 and bears interest at a rate of 4.93% . Nordea Credit Agreement In September 2014, Q5000 Holdings entered into a credit agreement (the “Nordea Credit Agreement”) with a syndicated bank lending group for a term loan (the “Nordea Q5000 Loan”) in an amount of up to $250 million . The Nordea Q5000 Loan was funded in the amount of $250 million in April 2015 at the time the Q5000 vessel was delivered to us. The parent company of Q5000 Holdings, Helix Vessel Finance S.à r.l., also a wholly owned Luxembourg subsidiary, guaranteed the Nordea Q5000 Loan. The loan is secured by the Q5000 and its charter earnings as well as by a pledge of the shares of Q5000 Holdings. This indebtedness is non-recourse to Helix. The Nordea Q5000 Loan bears interest at a LIBOR rate plus a margin of 2.5% . The Nordea Q5000 Loan matures on April 30, 2020 and is repayable in scheduled quarterly principal installments of $8.9 million with a balloon payment of $80.4 million at maturity. Q5000 Holdings may elect to prepay amounts outstanding under the Nordea Q5000 Loan without premium or penalty, but may not reborrow any amounts prepaid. Quarterly principal installments are subject to adjustment for any prepayments on this debt. In June 2015, we entered into various interest rate swap contracts to fix the one-month LIBOR rate on a portion of our borrowings under the Nordea Q5000 Loan (Note 17). The total notional amount of the swaps (initially $187.5 million ) decreases in proportion to the reduction in the principal amount outstanding under our Nordea Q5000 Loan. The fixed LIBOR rates are approximately 150 basis points. The Nordea Credit Agreement and related loan documents include terms and conditions, including covenants and prepayment requirements, that we consider customary for this type of transaction. The covenants include restrictions on Q5000 Holdings’s ability to grant liens, incur indebtedness, make investments, merge or consolidate, sell or transfer assets, and pay dividends. In addition, the Nordea Credit Agreement obligates Q5000 Holdings to meet certain minimum financial requirements, including liquidity, consolidated debt service coverage and collateral maintenance. Other In accordance with our Credit Agreement, the 2022 Notes, the 2032 Notes, the MARAD Debt agreements and the Nordea Credit Agreement, we are required to comply with certain covenants, including certain financial ratios such as a consolidated interest coverage ratio and various leverage ratios, as well as the maintenance of minimum cash balance, net worth, working capital and debt-to-equity requirements. As of December 31, 2017 , we were in compliance with these covenants. Scheduled maturities of long-term debt outstanding as of December 31, 2017 are as follows (in thousands): Term Loan (1) 2022 Notes 2032 Notes (2) MARAD Debt Nordea Q5000 Loan Total Less than one year $ 7,500 $ — $ 60,115 $ 6,532 $ 35,714 $ 109,861 One to two years 12,500 — — 6,858 35,714 55,072 Two to three years 77,500 — — 7,200 89,286 173,986 Three to four years — — — 7,560 — 7,560 Four to five years — 125,000 — 7,937 — 132,937 Over five years — — — 40,913 — 40,913 Total debt 97,500 125,000 60,115 77,000 160,714 520,329 Current maturities (7,500 ) — (60,115 ) (6,532 ) (35,714 ) (109,861 ) Long-term debt, less current maturities 90,000 125,000 — 70,468 125,000 410,468 Unamortized debt discounts (3) — (13,876 ) (530 ) — — (14,406 ) Unamortized debt issuance costs (4) (1,658 ) (2,295 ) (46 ) (4,513 ) (1,784 ) (10,296 ) Long-term debt $ 88,342 $ 108,829 $ (576 ) $ 65,955 $ 123,216 $ 385,766 (1) Term Loan borrowing pursuant to the Credit Agreement matures in June 2020. (2) The holders of our remaining 2032 Notes may require us to repurchase the notes in March 2018 . Accordingly, these notes are classified as current liabilities. (3) The 2022 Notes will increase to their face amount through accretion of the debt discount through May 2022. The 2032 Notes will increase to their face amount through accretion of the debt discount through March 2018. (4) Debt issuance costs are amortized over the term of the applicable debt agreement. The following table details the components of our net interest expense (in thousands): Year Ended December 31, 2017 2016 2015 Interest expense $ 38,274 $ 45,110 $ 40,024 Interest income (2,590 ) (2,086 ) (2,068 ) Capitalized interest (16,906 ) (11,785 ) (11,042 ) Net interest expense $ 18,778 $ 31,239 $ 26,914 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “2017 Tax Act”) was enacted. The 2017 Tax Act is comprehensive tax reform legislation that contains significant changes to corporate taxation, including a permanent reduction of the corporate income tax rate from 35% to 21% , a mandatory one-time tax on un-repatriated accumulated earnings of foreign subsidiaries, a partial limitation on the deductibility of business interest expense, and a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a partial territorial system (along with rules that create a new U.S. minimum tax on earnings of foreign subsidiaries). We recognized the income tax effects of the 2017 Tax Act in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, to the 2017 Tax Act. SAB 118 allows for a measurement period of up to one year after the enactment date to finalize the recording of the related tax impacts. Our 2017 financial results reflect the provisional income tax effects of the 2017 Tax Act for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined. We did not identify any items for which the income tax effects of the 2017 Tax Act could not be reasonably estimated as of December 31, 2017. Due to the changes to U.S. tax laws as a result of the 2017 Tax Act, we recorded a provisional $51.6 million net income tax benefit during the fourth quarter of 2017 for the estimated tax impacts. This amount is comprised of the following: Reduction of the U.S. Corporate Income Tax Rate We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to reverse. Accordingly, our deferred tax assets and liabilities were re-measured to reflect the reduction in the U.S. corporate income tax rate from 35% to 21% , resulting in a provisional $59.7 million deferred income tax benefit recorded during the fourth quarter of 2017 and a corresponding decrease in net deferred tax liabilities as of December 31, 2017. Transition Tax on Foreign Earnings The one-time transition tax is based on our total post-1986 foreign earnings and profits (“E&P”) deemed repatriated to the U.S. to the extent the E&P has not already been subject to U.S. taxation. We recorded a provisional deferred income tax expense of $8.1 million during the fourth quarter of 2017 related to the one-time transition tax on certain foreign earnings. This resulted in a corresponding provisional decrease in deferred tax assets of $8.1 million due to the utilization of U.S. net operating losses against the deemed mandatory repatriation income inclusion. We believe the provisional amounts recorded during the fourth quarter of 2017 represent a reasonable estimate of the accounting implications of this U.S. tax reform. Our ultimate determination of the tax impacts may differ from the provisional amounts recorded during the fourth quarter of 2017 due to regulatory guidance expected to be issued in the future, tax law technical corrections, and possible changes in the our interpretations, assumptions, and actions taken as a result of tax legislation refinement and clarification. In addition, we are still analyzing certain aspects of the 2017 Tax Act and refining our calculations for historical foreign E&P, which could potentially affect the measurement of these provisional balances. We will continue to evaluate the 2017 Tax Act, and any adjustment to these provisional amounts will be reported in the reporting period in which any such adjustments are determined, which will be no later than the fourth quarter of 2018. We and our subsidiaries file a consolidated U.S. federal income tax return. We believe that our recorded deferred tax assets and liabilities are reasonable. However, tax laws and regulations are subject to interpretation and the outcomes of tax disputes are 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) reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current $ 4,161 $ (27,319 ) $ 1,832 Deferred (54,585 ) 14,849 (103,022 ) $ (50,424 ) $ (12,470 ) $ (101,190 ) Domestic $ (53,044 ) $ (9,631 ) $ (102,978 ) Foreign 2,620 (2,839 ) 1,788 $ (50,424 ) $ (12,470 ) $ (101,190 ) Components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ (221 ) $ (61,484 ) $ (485,760 ) Foreign (20,151 ) (32,431 ) 7,590 $ (20,372 ) $ (93,915 ) $ (478,170 ) Income taxes are provided based on the U.S. statutory rate of 35% and at the local statutory rate for each foreign jurisdiction adjusted for items that are allowed as deductions for federal and foreign income tax reporting purposes, but not for book purposes. The primary differences between the U.S. statutory rate and our effective rate are as follows: Year Ended December 31, 2017 2016 2015 Statutory rate 35.0 % 35.0 % 35.0 % Foreign provision (6.2 ) (5.1 ) (13.7 ) Change in U.S. statutory rate (1) 293.1 — — Mandatory U.S. repatriation (1) (39.7 ) — — Change in tax position (2) (31.1 ) — — Goodwill impairment — (16.8 ) — Other (3.6 ) 0.2 (0.1 ) Effective rate 247.5 % 13.3 % 21.2 % (1) As a result of the U.S. tax law changes, we recorded a net deferred tax benefit of $51.6 million during the fourth quarter of 2017. This amount consists of two components: (i) a $59.7 million deferred tax benefit resulting from the remeasurement of our net deferred tax liabilities in the U.S. based on the new lower corporate income tax rate, and (ii) an $8.1 million deferred tax charge relating to the one-time mandatory tax on previously deferred earnings of certain non-U.S. subsidiaries that are owned either wholly or partially by one of our U.S. subsidiaries. (2) We consider all available evidence, both positive and negative, when determining whether a valuation allowance is required against deferred tax assets. Due to weaker near term outlook and financial results primarily associated with our Robotics segment, we currently do not anticipate generating sufficient foreign source income to fully utilize our foreign tax credits prior to their expiration. We have concluded that it is more likely than not previously recorded deferred tax assets attributable to foreign tax credits will not be realized. As a result of this change in tax position, we recorded a tax charge of $6.3 million in June 2017, which is comprised of a $2.8 million valuation allowance attributable to a foreign tax credit carryforward from 2015 and a $3.5 million charge attributable to the decision to deduct foreign taxes related to 2016 and 2017. 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 are as follows (in thousands): December 31, 2017 2016 Deferred tax liabilities: Depreciation $ 135,824 $ 192,777 Original issuance discount on 2022 Notes and 2032 Notes 7,727 11,802 Prepaid and other 437 1,448 Total deferred tax liabilities $ 143,988 $ 206,027 Deferred tax assets: Net operating losses $ (33,480 ) $ (20,910 ) Reserves, accrued liabilities and other (19,496 ) (38,131 ) Total deferred tax assets (52,976 ) (59,041 ) Valuation allowance 12,337 3,771 Net deferred tax liabilities $ 103,349 $ 150,757 Deferred income tax is presented as: Current deferred tax assets $ — $ (16,594 ) Non-current deferred tax liabilities 103,349 167,351 Net deferred tax liabilities $ 103,349 $ 150,757 At December 31, 2017 , our U.S. net operating losses available for carryforward totaled $115.8 million , and our U.K. net operating losses of our well intervention company available for carryforward totaled $3.9 million . The U.S. net operating loss carryforwards will begin to expire in 2035 if unused. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. Although realization is not assured, management believes it is more likely than not that all of these tax attributes will be utilized. The amount of the deferred tax asset considered realizable, however, could be reduced if estimates of future taxable income during the carryforward period are reduced. At December 31, 2017 , we had a $3.0 million valuation allowance recorded against our U.S. deferred tax assets for foreign tax credits. Management believes it is more likely than not that we will not be able to utilize the foreign tax credits prior to expiration. At December 31, 2017 , we had a $9.4 million valuation allowance related to certain non-U.S. deferred tax assets, primarily net operating losses generated in Brazil and from our oil and gas operations in the U.K., as management believes 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. At December 31, 2017 , we had accumulated undistributed earnings generated by our non-U.S. subsidiaries without operations in the U.S. of approximately $48 million , all of which was subject to the one-time transition tax on foreign earnings required by the 2017 Tax Act or has otherwise been previously taxed. We intend to indefinitely reinvest these earnings, as well as future earnings from our non-U.S. subsidiaries without operations in the U.S., to fund our international operations and foreign credit facility. In addition, we expect future U.S. cash generation will be sufficient to meet future U.S. cash needs. As discussed above, changes in the our interpretations, assumptions, and actions may result from further analysis and legislative clarifications to the 2017 Tax Act that occur during 2018. We account for tax-related interest in interest expense and tax penalties in selling, general and administrative expenses. No significant penalties or interest expense were accrued on our uncertain tax positions. We had unrecognized tax benefits of $0.3 million related to uncertain tax positions as of December 31, 2017 and 2016 , which if recognized would affect the annual effective tax rate. We had no uncertain tax positions as of December 31, 2015. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017 and 2016 is as follows (in thousands): 2017 2016 2015 Balance at January 1, $ 343 $ — $ — Additions for tax positions of prior years — 343 — Reductions for tax positions of prior years (25 ) — — Balance at December 31, $ 318 $ 343 $ — 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 taxing authorities would not have a material impact on our financial position. In 2016, we received $28.4 million in U.S. and foreign income tax refunds for losses that were carried back to prior years. The tax periods from 2013 through 2017 remain open to review and examination by the Internal Revenue Service. In non-U.S. jurisdictions, the open tax periods include 2009 through 2017. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 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. On January 10, 2017, we completed an underwritten public offering (the “Offering”) of 26,450,000 shares of our common stock at a public offering price of $8.65 per share. The net proceeds from the Offering approximated $220 million , after deducting underwriting discounts and commissions and estimated offering expenses. We used the net proceeds from the Offering for general corporate purposes, including debt repayment, capital expenditures, working capital and investments in our subsidiaries. In 2016, we sold a total of 13,018,732 shares of our common stock for $100 million under an at-the-market (“ATM”) equity offering program. The proceeds from this ATM program totaled $96.5 million , net of transaction costs, including commissions of $2.3 million to Wells Fargo Securities, LLC. The components of Accumulated OCI are as follows (in thousands): December 31, 2017 2016 Cumulative foreign currency translation adjustment $ (62,689 ) $ (78,953 ) Unrealized loss on hedges, net of tax (1) (7,507 ) (18,021 ) Unrealized gain on note receivable, net of tax $ 409 $ — Accumulated other comprehensive loss $ (69,787 ) $ (96,974 ) (1) Relates to foreign currency hedges for the Grand Canyon , Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Nordea Q5000 Loan, and are net of deferred income taxes totaling $4.0 million and $9.7 million as of December 31, 2017 and 2016 , respectively (Note 17). |
Stock Buyback Program
Stock Buyback Program | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stock Buyback Program | Stock Buyback Program Our Board of Directors (the “Board”) has 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 share-based compensation plans, including share-based awards issued under our existing long-term incentive plans and shares issued to our employees under our employee stock purchase plans (Note 11). 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. We have not purchased any shares available under this program since 2015. As of December 31, 2017 , 3,234,091 shares of our common stock were available for repurchase under the program. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share 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 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income Shares Income Shares Income Shares Basic: Net income (loss) $ 30,052 $ (81,445 ) $ (376,980 ) Less: Undistributed earnings allocated to participating securities (356 ) — — Undistributed earnings (loss) allocated to common shares $ 29,696 145,295 $ (81,445 ) 111,612 $ (376,980 ) 105,416 Diluted: Undistributed earnings (loss) allocated to common shares $ 29,696 145,295 $ (81,445 ) 111,612 $ (376,980 ) 105,416 Effect of dilutive securities: Share-based awards other than participating securities — 5 — — — — Undistributed earnings reallocated to participating securities — — — — — — Net income (loss) $ 29,696 145,300 $ (81,445 ) 111,612 $ (376,980 ) 105,416 We had net losses for the years ended December 31, 2016 and 2015. Accordingly, our diluted EPS calculation for these periods was equivalent to our basic EPS calculation since diluted EPS excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): Year Ended December 31, 2016 2015 Diluted shares (as reported) 111,612 105,416 Share-based awards 440 59 Total 112,052 105,475 In addition, the following potentially dilutive shares related to the 2022 Notes and the 2032 Notes were excluded from the diluted EPS calculation because we have the right and the intention to settle any such future conversions in cash (Note 6) (in thousands): Year Ended December 31, 2017 2016 2015 2022 Notes 8,997 1,475 — 2032 Notes 2,403 6,891 7,995 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plan We sponsor a defined contribution 401(k) retirement plan. We suspended our discretionary contributions for an indefinite period beginning February 2016. For the years ended December 31, 2016 and 2015, our costs related to the 401(k) plan totaled $0.5 million and $2.8 million , respectively. Employee Stock Purchase Plan We have an employee stock purchase plan (the “ESPP”). The ESPP has 1.5 million shares authorized for issuance, of which 0.6 million shares were available for issuance as of December 31, 2017 . 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 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. In February 2016, we suspended ESPP purchases for the January through April 2016 purchase period and indefinitely imposed a purchase limit of 130 shares per employee for subsequent purchase periods. For the years ended December 31, 2017 , 2016 and 2015 , share-based compensation with respect to the ESPP was $0.1 million , $0.1 million and $1.1 million , respectively. Long-Term Incentive Plan We currently have one active long-term incentive plan, the 2005 Long-Term Incentive Plan, as amended and restated effective January 1, 2017 (the “2005 Incentive Plan”). The 2005 Incentive Plan is administered by the Compensation Committee of our Board. 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 (“RSUs”), PSUs and cash awards. Awards granted to employees under the 2005 Incentive Plan have a vesting period of three years (or 33% per year) with the exception of PSUs, which vest 100% on the three -year anniversary date of the grant. The 2005 Incentive Plan has 10.3 million shares authorized for issuance, which includes a maximum of 2.0 million shares that may be granted as incentive stock options. As of December 31, 2017 , there were 2.4 million shares available for issuance under the 2005 Incentive Plan. The following grants of share-based awards were made in 2017 under the 2005 Incentive Plan: Date of Grant Shares Grant Date Fair Value Per Share Vesting Period January 3, 2017 (1) 671,771 $ 8.82 33% per year over three years January 3, 2017 (2) 671,771 $ 12.64 100% on January 1, 2020 January 3, 2017 (3) 9,956 $ 8.82 100% on January 1, 2019 April 3, 2017 (3) 8,004 $ 7.77 100% on January 1, 2019 July 3, 2017 (3) 14,018 $ 5.64 100% on January 1, 2019 October 2, 2017 (3) 7,654 $ 7.39 100% on January 1, 2019 December 7, 2017 (4) 117,740 $ 6.37 100% on December 7, 2018 (1) Reflects grants of restricted stock to our executive officers and select management employees. (2) Reflects grants of PSUs to our executive officers and select management employees. (3) Reflects grants of restricted stock to certain independent members of our Board who have made an election to take their quarterly fees in stock in lieu of cash. (4) Reflects annual equity grants to each independent member of our Board. In January 2018, we granted our executive officers 449,271 shares of restricted stock and 449,271 PSUs under the 2005 Incentive Plan. The market value of the restricted shares was $7.54 per share or $3.4 million . The grant date fair value of the PSUs was $10.44 per share. Also in January 2018, we granted $5.0 million of fixed value cash awards to select management employees under the 2005 Incentive Plan. Restricted Stock Awards We grant restricted stock to members of our Board, executive officers and select management employees. The following table summarizes information about our restricted stock: Year Ended December 31, 2017 2016 2015 Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Awards outstanding at beginning of year 1,577,973 $ 7.86 661,124 $ 16.28 554,960 $ 17.54 Granted 829,143 8.39 1,298,121 5.70 501,076 15.57 Vested (2) (817,791 ) 8.84 (305,588 ) 16.94 (332,223 ) 16.44 Forfeited (10,107 ) 7.01 (75,684 ) 7.76 (62,689 ) 20.93 Awards outstanding at end of year 1,579,218 $ 7.63 1,577,973 $ 7.86 661,124 $ 16.28 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. (2) Total fair value of restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was $6.9 million , $2.2 million and $5.1 million , respectively. For the years ended December 31, 2017 , 2016 and 2015 , $7.9 million , $5.8 million and $5.5 million , respectively, were recognized as share-based compensation related to restricted stock. Future compensation cost associated with unvested restricted stock at December 31, 2017 totaled approximately $6.8 million . The weighted average vesting period related to unvested restricted stock at December 31, 2017 was approximately 1.3 years. Performance Share Units Awards We grant PSUs to our executive officers and select management employees. The payout at vesting of PSUs is based on the performance of our common stock over a three -year period compared to the performance of other companies in a peer group selected by the Compensation Committee of our Board, with the maximum amount of the award being 200% of the original awarded PSUs and the minimum amount being zero . PSUs granted prior to 2017 may be settled in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee of our Board. In January 2015, in connection with the vesting of the 2012 PSU awards, the decision was made to settle these PSUs in cash (rather than with an equivalent number of shares of our common stock, which was the default payment method for the 2012 PSU awards). Accordingly, PSUs granted before 2017, including those that were previously accounted for as equity awards, are treated as liability awards. PSUs granted in 2017 and 2018 are to be settled solely in shares of our common stock and therefore are accounted for as equity awards. We issued 671,771 PSUs in 2017 with a grant date fair value of $12.64 per unit, 1,161,672 PSUs in 2016 with a grant date fair value of $7.13 per unit and 295,693 PSUs in 2015 with a grant date fair value of $25.06 per unit. For the years ended December 31, 2017 , 2016 and 2015 , $7.4 million , $6.8 million and $0.2 million , respectively, were recognized as share-based compensation related to PSUs. For the year ended December 31, 2016 , we recorded $0.2 million in equity reflecting the cumulative compensation cost recognized in excess of the estimated fair value of the modified liability PSU awards. At December 31, 2017 and 2016 , the liability balance for unvested PSUs was $11.1 million and $7.1 million , respectively. During 2015 , 2016 and 2017 , we paid $4.5 million , $0.2 million and $0.6 million , respectively, to cash settle the PSUs granted in 2012, 2013 and 2014. We paid $0.9 million to cash settle the 2015 grant of PSUs when they vested in January 2018. Long-Term Incentive Cash Awards We have from time to time made long-term incentive cash awards to our executive officers and select management employees. These cash awards were generally indexed to our common stock with the payment amount at each vesting date, if any, determined by the performance of our common stock over the relevant performance period. The cash awards vested equally each year over a three -year period and payments under these awards were made on each anniversary date of the award. Our long-term incentive cash awards were considered liability plans and as such were re-measured to fair value each reporting period with corresponding changes in the liability amount being reflected in our results of operations. No long-term incentive cash awards were granted in the last several years. For the year ended December 31, 2015, we recorded reductions of $3.7 million ( $2.1 million related to our executive officers) of previously recognized compensation cost associated with the cash awards, reflecting the effect that decreases in our stock price had on the value of our liability plan. The liability balance for the cash awards issued was reduced down to zero at December 31, 2016. During 2015, we paid $8.9 million of the liability associated with previously granted long-term incentive cash awards. No cash payout was made in 2016 or 2017 as the stock performance metric for payout was not met. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We have three reportable business segments: Well Intervention, Robotics and Production Facilities. Our U.S., U.K. and Brazil well intervention operating segments are aggregated into the Well Intervention business segment for financial reporting purposes. Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the U.S. Gulf of Mexico, North Sea and Brazil. Our Well Intervention segment also includes IRSs, some of which we rent out on a stand-alone basis, and SILs. Our well intervention vessels include the Q4000 , the Q5000 , the Seawell , the Well Enhancer , and the chartered Siem Helix 1 and Siem Helix 2 vessels. The Siem Helix 1 commenced well intervention operations for Petrobras offshore Brazil in April 2017 and the Siem Helix 2 commenced operations for Petrobras in December 2017. We returned the Skandi Constructor to its owner in March 2017 upon the expiration of the vessel charter. We previously owned the Helix 534 , which we sold in December 2016 (Note 4). Our Robotics segment includes ROVs, trenchers and ROVDrills designed to complement offshore construction and well intervention services, and currently operates three ROV support vessels under long-term charter, including the Grand Canyon III that went into service for us in May 2017. Our vessel charter for the Deep Cygnus was terminated on February 9, 2018, at which time we returned the vessel to its owner. Our Production Facilities segment includes the HP I , the HFRS and our investment in Independence Hub that is accounted for under the equity method, and previously included our former ownership interest in Deepwater Gateway that we sold in February 2016 (Note 5). All material intercompany transactions between the segments have been eliminated. We evaluate our performance based on operating income and income before income taxes of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net revenues — Well Intervention $ 406,341 $ 294,000 $ 373,301 Robotics 152,755 160,580 301,026 Production Facilities 64,352 72,358 75,948 Intercompany elimination (42,065 ) (39,356 ) (54,473 ) Total $ 581,383 $ 487,582 $ 695,802 Income (loss) from operations — Well Intervention (1) $ 52,733 $ 14,910 $ (194,381 ) Robotics (2) (42,289 ) (72,250 ) 27,832 Production Facilities (3) 28,172 33,861 (106,847 ) Corporate and other (40,630 ) (39,384 ) (33,866 ) Intercompany elimination 884 (372 ) (98 ) Total $ (1,130 ) $ (63,235 ) $ (307,360 ) Net interest expense — Well Intervention $ (156 ) $ (109 ) $ (102 ) Robotics (30 ) (25 ) 29 Production Facilities — — 385 Corporate and elimination 18,964 31,373 26,602 Total $ 18,778 $ 31,239 $ 26,914 Equity in losses of investments $ (2,368 ) $ (2,166 ) $ (124,345 ) Income (loss) before income taxes — Well Intervention (1) $ 48,948 $ 18,813 $ (193,572 ) Robotics (2) (4) (40,271 ) (73,533 ) 2,454 Production Facilities (3) 25,804 31,695 (231,577 ) Corporate and other and eliminations (54,853 ) (70,890 ) (55,475 ) Total $ (20,372 ) $ (93,915 ) $ (478,170 ) Income tax provision (benefit) — Well Intervention $ (29,934 ) $ 12,531 $ (1,230 ) Robotics (11,972 ) (9,948 ) 515 Production Facilities 9,032 11,093 (81,052 ) Corporate and other and eliminations (17,550 ) (26,146 ) (19,423 ) Total $ (50,424 ) $ (12,470 ) $ (101,190 ) Year Ended December 31, 2017 2016 2015 Capital expenditures — Well Intervention $ 230,354 $ 185,892 $ 307,879 Robotics 648 720 10,700 Production Facilities — 74 1,867 Corporate and other 125 (199 ) (135 ) Total $ 231,127 $ 186,487 $ 320,311 Depreciation and amortization — Well Intervention $ 68,301 $ 68,392 $ 66,095 Robotics 23,626 25,848 26,724 Production Facilities 13,936 13,952 21,340 Corporate and eliminations 2,882 5,995 6,242 Total $ 108,745 $ 114,187 $ 120,401 (1) Amount in 2016 included a $1.3 million gain on the sale of the Helix 534 in December 2016. Amount in 2015 included impairment charges of $205.2 million for the Helix 534 and $6.3 million for certain capitalized vessel project costs and a $16.4 million goodwill impairment charge related to our U.K. well intervention reporting unit. (2) Amount in 2016 included a $45.1 million goodwill impairment charge related to our robotics reporting unit. (3) Amount in 2015 included a $133.4 million impairment charge for the HP I . (4) Amount in 2015 included unrealized losses totaling $18.3 million on our foreign currency exchange contracts associated with the Grand Canyon , Grand Canyon II and Grand Canyon III chartered vessels. Intercompany segment amounts are derived primarily from equipment and services provided to other business segments at rates consistent with those charged to third parties. Intercompany segment revenues are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Well Intervention $ 11,489 $ 8,442 $ 22,855 Robotics 30,576 30,914 31,618 Total $ 42,065 $ 39,356 $ 54,473 Revenues by individually significant region are as follows (in thousands): Year Ended December 31, 2017 2016 2015 United States $ 283,933 $ 298,279 $ 298,391 North Sea (1) 159,961 137,313 263,438 Brazil 70,710 2,543 28,487 Other 66,779 49,447 105,486 Total $ 581,383 $ 487,582 $ 695,802 (1) Includes revenues of $156.0 million , $123.6 million and $187.7 million , respectively, which were from the U.K. Our assets related to operations, primarily our vessels, operate throughout the year in various regions around the world such as the U.S. Gulf of Mexico, North Sea, Brazil, Asia Pacific and West Africa. The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location of our assets (in thousands): December 31, 2017 2016 United States $ 894,680 $ 956,458 United Kingdom 270,499 299,699 Brazil 334,454 123,461 Singapore (1) 295,798 194,649 Other 10,558 77,343 Total $ 1,805,989 $ 1,651,610 (1) Primarily includes the Q7000 vessel under construction. 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. The following table reflects total assets by reportable segment (in thousands): December 31, 2017 2016 Well Intervention $ 1,830,733 $ 1,596,517 Robotics 179,853 186,901 Production Facilities 138,292 158,192 Corporate and other 213,959 305,331 Total $ 2,362,837 $ 2,246,941 |
Commitments And Contingencies A
Commitments And Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies And Other Matters | Commitments and Contingencies and Other Matters Commitments Commitments Related to Our Fleet We have charter agreements for the Grand Canyon , Grand Canyon II and Grand Canyon III vessels for use in our robotics operations. In February 2016, we amended the charter agreements to reduce the charter rates and, in connection with those reductions, to extend the terms to October 2019 for the Grand Canyon , to April 2021 for the Grand Canyon II and to May 2023 for the Grand Canyon III . We also had a charter agreement for the Deep Cygnus . On February 9, 2018, we terminated our charter for the vessel and returned it to its owner. The charter had originally been scheduled to end on March 31, 2018. In September 2013, we executed a contract with the same shipyard in Singapore that constructed the Q5000 for the construction of a newbuild semi-submersible well intervention vessel, the Q7000 , to be built to North Sea standards. Pursuant to the contract and subsequent amendments, including the third amendment that was entered into in November 2017, 20% of the contract price was paid upon the signing of the contract in 2013, 20% was paid in 2016, 20% was paid in December 2017, 20% is to be paid on December 31, 2018, and 20% is to be paid upon the delivery of the vessel, which at our option can be deferred until December 31, 2019. We are also contractually committed to reimburse the shipyard for its costs in connection with the deferment of the Q7000 ’s delivery beyond 2017. At December 31, 2017 , our total investment in the Q7000 was $295.8 million , including $207.6 million of installment payments to the shipyard. Currently equipment is being manufactured and/or installed for the completion of the vessel. In February 2014, we entered into agreements with Petrobras to provide well intervention services offshore Brazil, and in connection with the Petrobras agreements, we entered into charter agreements with Siem Offshore AS (“Siem”) for two newbuild monohull vessels, the Siem Helix 1 and the Siem Helix 2 . The initial term of the charter agreements with Siem is for seven years from the respective vessel delivery dates with options to extend. The initial term of the agreements with Petrobras is for four years with Petrobras’s options to extend. The Siem Helix 1 vessel was delivered to us and the charter term began on June 14, 2016. The vessel was accepted by Petrobras and commenced operations on April 14, 2017. The Siem Helix 2 was delivered to us and the charter term began on February 10, 2017. The vessel was accepted by Petrobras and commenced operations on December 15, 2017 at contracted rates. At December 31, 2017 , our total investment in the topside equipment for the two vessels was $309.8 million . Lease Commitments We lease facilities and equipment as well as charter vessels under non-cancelable operating leases and vessel charters expiring at various dates through 2031. Future minimum rentals at December 31, 2017 are as follows (in thousands): Vessels Facilities and Other Total 2018 $ 121,811 $ 6,207 $ 128,018 2019 117,731 5,354 123,085 2020 100,373 4,807 105,180 2021 88,425 4,706 93,131 2022 83,617 4,778 88,395 Thereafter 45,858 15,421 61,279 Total lease commitments $ 557,815 $ 41,273 $ 599,088 For the years ended December 31, 2017 , 2016 and 2015 , total rental expense was approximately $114.5 million , $87.8 million and $134.3 million , respectively. We sublease some of our facilities under non-cancelable sublease agreements. For the years ended December 31, 2017 , 2016 and 2015 , total rental income was $1.3 million , $1.6 million and $1.4 million , respectively. As of December 31, 2017 , the minimum rentals to be received in the future totaled $1.4 million . In January 2016, we entered into an agreement to lease back our former office and warehouse property located in Aberdeen, Scotland for 15 years with two five -year options to extend the lease. The annual minimum lease payment is approximately $0.8 million . Contingencies and Claims We believe that there are currently no contingencies that would have a material adverse effect on our financial position, results of operations and cash flows. Litigation We are involved in various other legal proceedings, some 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 and employment-related disputes, in the normal course of business. |
Statement Of Cash Flow Informat
Statement Of Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Statement Of Cash Flow Information | Statement of Cash Flow Information The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2017 2016 2015 Interest paid, net of interest capitalized $ 10,367 $ 18,749 $ 14,555 Income taxes paid 6,015 5,635 16,905 Our non-cash investing activities include property and equipment capital expenditures that are incurred but not yet paid. As of December 31, 2017 and 2016 , these non-cash capital expenditures totaled $16.9 million and $10.1 million , respectively. |
Allowance Accounts
Allowance Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Allowance Accounts | 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, 2017 (in thousands): Allowance for Uncollectible Accounts Deferred Tax Asset Valuation Allowance Balance at December 31, 2014 $ 4,735 $ 23,076 Additions (1) 3,275 — Deductions (2) (7,660 ) — Adjustments (3) — (21,140 ) Balance at December 31, 2015 350 1,936 Additions (1) 1,778 — Deductions (2) (350 ) — Adjustments (4) — 1,835 Balance at December 31, 2016 1,778 3,771 Additions (1) (5) 1,206 2,788 Deductions (2) (232 ) — Adjustments (4) — 5,778 Balance at December 31, 2017 $ 2,752 $ 12,337 (1) The increase in allowance for uncollectible accounts primarily reflects charges associated with the provision for uncertain collection of a portion of our existing trade receivables related to our Robotics segment. (2) The decrease in allowance for uncollectible accounts reflects the write-offs of trade receivables that are either settled or deemed uncollectible. (3) The decrease in valuation allowance primarily reflects a $20.6 million reduction related to the loss of deferred tax assets for net operating losses within our Australian subsidiaries. (4) The increase in valuation allowance primarily reflects additional net operating losses in Brazil and in our Robotics segment in the U.K. for which insufficient future taxable income exists to offset the losses. (5) The addition of a deferred tax asset valuation allowance reflects management’s view that we will not be able to fully realize our foreign tax credits available from 2015 within the carryforward period. Additionally, our non-current note receivable balance as of December 31, 2016 included an allowance of $4.2 million (Note 3). See Note 2 for a detailed discussion regarding our accounting policy on accounts and notes receivable and allowance for uncollectible accounts and Note 7 for a detailed discussion of the valuation allowance related to our deferred tax assets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value are based on one or more of three valuation approaches 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, receivables, accounts payable, long-term debt and various derivative instruments. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments. The fair value of our derivative instruments that are accounted for as cash flow hedges and our note receivable in the form of convertible bonds that are accounted for as investments in available-for-sale debt securities 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, volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. The following tables provide additional information relating to those financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Valuation Approach Level 1 Level 2 Level 3 Total Assets: Note receivable $ — $ 3,758 $ — $ 3,758 (c) Interest rate swaps — 966 — 966 (c) Liabilities: Foreign exchange contracts — 12,467 — 12,467 (c) Total net liability $ — $ 7,743 $ — $ 7,743 Fair Value Measurements at Valuation Approach Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 451 $ — $ 451 (c) Liabilities: Foreign exchange contracts — 38,170 — 38,170 (c) Interest rate swaps — 751 — 751 (c) Total net liability $ — $ 38,470 $ — $ 38,470 The carrying values and estimated fair values of our long-term debt are as follows (in thousands): December 31, 2017 2016 Carrying Value (1) Fair Value (2) Carrying Value (1) Fair Value (2) Former term loan (was scheduled to mature June 2018) $ — $ — $ 192,258 $ 192,258 Term Loan (matures April 2020) 97,500 98,231 — — Nordea Q5000 Loan (matures April 2020) 160,714 160,111 196,429 192,746 MARAD Debt (matures February 2027) 77,000 82,058 83,222 92,049 2022 Notes (mature May 2022) 125,000 124,219 125,000 130,156 2032 Notes (mature March 2032) 60,115 60,040 60,115 59,965 Total debt $ 520,329 $ 524,659 $ 657,024 $ 667,174 (1) Carrying value includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 6 for additional disclosures on our long-term debt. (2) The estimated fair value of the 2022 Notes and the 2032 Notes was determined using Level 1 inputs under the market approach. The fair value of the Nordea Q5000 Loan, the MARAD Debt, the Term Loan, and our previous term loan that was scheduled to mature June 2018 was estimated using Level 2 fair value inputs under the market approach, which was determined using a third party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Activities | Derivative Instruments and Hedging Activities The following table presents the balance sheet location and fair value of the portions of our derivative instruments that was designated as hedging instruments (in thousands): December 31, 2017 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Asset Derivative Instruments: Interest rate swaps Other current assets $ 311 Other current assets $ — Interest rate swaps Other assets, net 655 Other assets, net 451 $ 966 $ 451 Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 7,492 Accrued liabilities $ 14,056 Interest rate swaps Accrued liabilities — Accrued liabilities 751 Foreign exchange contracts Other non-current liabilities 4,975 Other non-current liabilities 13,383 $ 12,467 $ 28,190 The following table presents the balance sheet location and fair value of the portions of our derivative instruments that was not designated as hedging instruments (in thousands): December 31, 2017 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 3,133 Accrued liabilities $ 3,923 Foreign exchange contracts Other non-current liabilities 3,175 Other non-current liabilities 6,808 $ 6,308 $ 10,731 In January 2013, we entered into foreign currency exchange contracts to hedge through September 2017 our foreign currency exposure associated with the Grand Canyon charter payments denominated in Norwegian kroner. In February 2013, we entered into similar foreign currency exchange contracts to hedge our foreign currency exposure associated with the Grand Canyon II and Grand Canyon III charter payments denominated in Norwegian kroner through July 2019 and February 2020, respectively. In December 2015, we de-designated the foreign currency exchange contracts associated with the charter payment obligations for the Grand Canyon II and Grand Canyon III vessels that no longer qualified for cash flow hedge accounting treatment and we re-designated the hedging relationship between a portion of these contracts and our forecasted Grand Canyon II and Grand Canyon III charter payments of NOK 434.1 million and NOK 185.2 million , respectively, that were expected to remain highly probable of occurring. As a result, we recognized unrealized losses of $18.0 million related to the foreign currency exchange contracts associated with the portion of previously forecasted charter payments that would no longer be made. Reflected in “Other income (expense), net” in the accompanying consolidated statements of operations are these unrealized losses, as well as subsequent changes in unrealized losses associated with the portions of the foreign currency exchange contracts that are no longer designated as cash flow hedges. Hedge ineffectiveness also is reflected in “Other income (expense), net” in the accompanying consolidated statements of operations. For the year ended December 31, 2017 , there were no gains or losses associated with hedge ineffectiveness. For the years ended December 31, 2016 and 2015, we recorded gains (losses) of $0.1 million and $(5.1) million , respectively, related to hedge ineffectiveness. In September 2013, we entered into various interest rate swap contracts to fix the interest rate on $148.1 million of our term loan borrowings. The term of these swap contracts, which were settled monthly, expired in October 2016. Additionally, in June 2015 we entered into various interest rate swap contracts to fix the interest rate on $187.5 million of our Nordea Q5000 Loan borrowings (Note 6). These swap contracts, which are settled monthly, began in June 2015 and extend through April 2020. Our interest rate swap contracts qualify for cash flow hedge accounting treatment. The amount of ineffectiveness associated with our interest rate swap contracts was immaterial for all periods presented. The following tables present the impact that derivative instruments designated as hedging instruments had on our Accumulated OCI (net of tax) and our consolidated statements of operations (in thousands). We estimate that as of December 31, 2017 , $4.7 million of net losses in Accumulated OCI associated with our derivative instruments is expected to be reclassified into earnings within the next 12 months. Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) Year Ended December 31, 2017 2016 2015 Foreign exchange contracts $ 9,732 $ 9,397 $ 4,734 Interest rate swaps 782 473 (534 ) $ 10,514 $ 9,870 $ 4,200 Location of Loss Reclassified from Accumulated OCI into Earnings Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) Year Ended December 31, 2017 2016 2015 Foreign exchange contracts Cost of sales $ (12,300 ) $ (10,827 ) $ (11,516 ) Interest rate swaps Net interest expense (615 ) (2,024 ) (2,143 ) $ (12,915 ) $ (12,851 ) $ (13,659 ) The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations (in thousands): Location of Gain (Loss) Recognized in Earnings on Derivative Instruments Gain (Loss) Recognized in Earnings on Derivative Instruments Year Ended December 31, 2017 2016 2015 Foreign exchange contracts Other income (expense), net $ 818 $ 1,198 $ (18,014 ) $ 818 $ 1,198 $ (18,014 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Offshore marine construction activities may fluctuate as a result of weather conditions as well as 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 (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2017 Net revenues $ 104,528 $ 150,329 $ 163,260 $ 163,266 Gross profit (loss) (825 ) 18,367 21,141 23,483 Net income (loss) (1) (16,415 ) (6,403 ) 2,290 50,580 Basic earnings (loss) per common share $ (0.11 ) $ (0.04 ) $ 0.02 $ 0.34 Diluted earnings (loss) per common share $ (0.11 ) $ (0.04 ) $ 0.02 $ 0.34 Quarter Ended March 31, June 30, September 30, December 31, 2016 Net revenues $ 91,039 $ 107,267 $ 161,245 $ 128,031 Gross profit (loss) (16,930 ) 5,658 40,184 17,604 Net income (loss) (2) (27,823 ) (10,671 ) 11,462 (54,413 ) Basic earnings (loss) per common share $ (0.26 ) $ (0.10 ) $ 0.10 $ (0.46 ) Diluted earnings (loss) per common share $ (0.26 ) $ (0.10 ) $ 0.10 $ (0.46 ) (1) Amount in the fourth quarter of 2017 included a $51.6 million income tax benefit as a result of the U.S. tax law changes enacted in December 2017. (2) Amount in the fourth quarter of 2016 included a $45.1 million goodwill impairment charge related to our robotics reporting unit (Note 2). |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
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 former ownership interest in Deepwater Gateway, L.L.C. (“Deepwater Gateway”) and our ownership interest in Independence Hub under the equity method of accounting. All material intercompany accounts and transactions have been eliminated. |
Basis of Presentation | Basis of Presentation Our consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and reported in U.S. dollars. 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. We have made all adjustments (which were normal recurring adjustments) that we believe are necessary for a fair presentation of our consolidated financial statements, as applicable. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 may 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. |
Accounts and Notes Receivable and Allowance for Uncollectible Accounts | Accounts and Notes Receivable and Allowance for Uncollectible Accounts Accounts and notes receivable are stated at the historical carrying amount net of write-offs and allowance for uncollectible accounts. We establish an allowance for uncollectible accounts based on historical experience as well as any specific collection issues that we have identified. Uncollectible receivables 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 definitively not be collected (Note 15). |
Property and Equipment | Property and Equipment Property and equipment is recorded at historical cost. Property and equipment is depreciated on a straight line basis over the estimated useful life of each asset. The cost of improvements is capitalized while the cost of repairs and maintenance is charged to expense as incurred. For the years ended December 31, 2017 , 2016 and 2015 , repair and maintenance expense totaled $28.1 million , $25.5 million and $32.8 million , respectively. Assets used in operations are assessed for impairment whenever changes in facts and circumstances indicate that the carrying amount of an asset or asset group may not be recoverable because such carrying amount may exceed the asset’s or asset group’s fair value. If, upon review, the sum of undiscounted future cash flows expected to be generated by the asset or asset group is less than its carrying amount, an impairment is recorded. The amount of the impairment recorded is calculated as the difference between the carrying amount of the asset or asset group and its estimated fair value. Individual assets are grouped for impairment purposes at the lowest level where there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. 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. 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. These fair value measurements fall within Level 3 of the fair value hierarchy. Assets are classified as held for sale when a formal plan to dispose of the assets exists and those assets meet the held for sale criteria. Assets held for sale are reviewed for potential loss on sale when we commit to a plan to sell and thereafter while those assets are held for sale. Losses are measured as the difference between an asset’s fair value less costs to sell and the asset’s carrying amount. Estimates of anticipated sales prices are judgmental and subject to revision in future periods, although initial estimates are typically based on sales prices for similar assets and other valuation data. |
Capitalized Interest | Capitalized Interest 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. Capitalized interest is excluded from our interest expense (Note 6). |
Equity Investments | Equity Investments We periodically review our equity investments 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 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 entity and our longer-term intent of retaining our investment in the entity. In the event we incur losses in excess of the carrying amount of an equity investment and reduce our investment balance to zero, we would not record additional losses unless (i) we guaranteed obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee’s return to profitability is imminent. If we provided a commitment to fund losses, we would continue to record losses resulting in a negative equity method investment, which is presented as a liability. |
Goodwill | Goodwill Goodwill impairment is evaluated using a two-step process. The first step involves comparing a reporting unit’s fair value with its carrying amount. If the reporting unit’s carrying amount exceeds its fair value, the second step is performed by comparing the implied fair value of goodwill with the reporting unit’s carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to that excess. We previously performed an impairment analysis of goodwill at least annually as of November 1 or more frequently whenever events or circumstances occur indicating that it might be impaired. As a result of our 2015 goodwill impairment analysis, we recorded an impairment charge of $16.4 million to write off the goodwill associated with our U.K. well intervention reporting unit. As a result of our 2016 goodwill impairment analysis, we recorded an impairment charge of $45.1 million to write off the entire goodwill balance of our robotics reporting unit. We had no goodwill remaining on our consolidated balance sheets at December 31, 2017 and 2016 . |
Recertification Costs and Deferred Dry Dock Costs | Recertification Costs and Deferred Dry Dock Costs Our vessels are required by regulation to be periodically recertified. 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, 2017 and 2016 , capitalized deferred dry dock costs included within “Other assets, net” in the accompanying consolidated balance sheets (Note 3) totaled $12.4 million and $14.8 million (net of accumulated amortization of $7.1 million and $10.7 million ), respectively. During the years ended December 31, 2017 , 2016 and 2015 , dry dock amortization expense was $6.9 million , $14.0 million and $10.8 million , respectively. |
Revenue Recognition | Revenue Recognition Revenues from our services are derived from contracts, which are both short-term and long-term in duration. Our services contracts generally contain either lump sum provisions or provisions for specific time, material and equipment charges that 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 are expected to be billed and collected within one year. We monitor the collectability of our outstanding trade receivables on a continual basis in connection with our evaluation of allowance for doubtful accounts. Dayrate Contracts. Revenues generated from specific time, material and equipment contracts are generally earned on a dayrate basis and recognized as amounts are earned in accordance with contract terms. Certain dayrate contracts with built-in rate changes require us to record revenues on a straight-line basis. Similarly, revenues from contracts that stipulate a monthly rate are recognized ratably during the month. We may receive revenues for mobilization of equipment and personnel under dayrate contracts. 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, also are deferred and recognized using the same straight-line method. Mobilization costs to move vessels when a contract does not exist are expensed as incurred. Lump Sum Contracts. Revenues on significant lump sum contracts are generally recognized under the percentage-of-completion method. Under the percentage-of-completion method, we recognize estimated contract revenue based on costs incurred to date as a percentage of total estimated costs. 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. Royalty Interests Income from royalty interests are recognized according to monthly oil and gas production on an entitlement basis. Income for royalty interests is reflected in “Other income - oil and gas” in the consolidated statements of operations. |
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 non-U.S. subsidiaries without operations in the U.S. 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, 2017 , we believe that 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. |
Share-Based Compensation | Share-Based Compensation Share-based compensation is measured at the grant date based on the estimated fair value of an award. Share-based compensation based solely on service conditions is recognized on a straight-line basis over the vesting period of the related shares. Forfeitures are recognized as they occur. Tax deduction benefits for a share-based award in excess of recognized compensation cost is reported as a financing cash flow rather than as an operating cash flow. Compensation cost for restricted stock 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. The estimated fair value of performance share units (“PSUs”) is determined using a Monte Carlo simulation model. Compensation cost for PSUs that are accounted for as equity awards is measured based on the estimated grant date fair value and recognized over the vesting period on a straight-line basis. PSUs that are accounted for as liability awards are measured based on the estimated fair value at the balance sheet date and changes in fair value of the awards are recognized in earnings. Cumulative compensation cost for vested liability PSU awards equals the actual cash payout that would occur upon vesting. To the extent the recognized fair value of the modified liability awards at the end of a reporting period is less than the compensation cost associated with the grant date fair value of the original equity awards, the higher amount is recorded as share-based compensation. The amount of cumulative compensation cost recognized in excess of the fair value of the modified liability awards is recorded in equity. |
Foreign Currency | Foreign Currency Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. Results of operations for our non-U.S. dollar subsidiaries are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these non-U.S. dollar subsidiaries are translated into U.S. dollars using the exchange rate in effect at December 31, 2017 and 2016 , and the resulting translation adjustments, which were unrealized gains (losses) of $16.3 million and $(35.9) million , respectively, are included in Accumulated other comprehensive loss (“Accumulated OCI”), a component of shareholders’ equity. For transactions denominated in a currency other than a subsidiary’s functional currency, the effects of changes in exchange rates are reported in other income or expense in the consolidated statements of operations. For the years ended December 31, 2017 , 2016 and 2015 , our foreign currency transaction gains (losses) totaled $(2.2) million , $0.2 million and $(1.2) million , respectively. These realized amounts are exclusive of any gains or losses from our foreign currency exchange derivative contracts. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Our business is 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. To reduce the impact of these risks on earnings and increase the predictability of our cash flows, from time to time we enter into certain derivative contracts, including interest rate swaps and foreign currency exchange contracts. All derivative instruments are reflected in the accompanying consolidated balance sheets at fair value. 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 fair value of derivative instruments that are designated as cash flow hedges are reported in Accumulated OCI to the extent that the hedges are effective. These changes are subsequently reclassified into earnings when the hedged transactions occur. 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 instrument that does not qualify for hedge accounting is recorded in earnings in the period in which the change occurs. 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 derivative instruments that are designated as hedging instruments 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, gains or losses on the hedging instruments are reclassified from Accumulated OCI into earnings immediately. If the forecasted transaction continues to be probable of occurring, any gains or losses in Accumulated OCI are reclassified into earnings over the remaining period of the original forecasted transaction. Interest Rate Risk From time to time, we enter into interest rate swaps to stabilize cash flows related to our long-term variable interest rate debt. Changes in the fair value of interest rate swaps are reported in Accumulated OCI to the extent the swaps are effective. These changes are subsequently reclassified into earnings when the anticipated interest is recognized as interest expense. The ineffective portion of the interest rate swaps, if any, is recognized immediately in earnings within the line titled “Net interest expense.” Foreign Currency Exchange Rate Risk Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. We enter into foreign currency exchange contracts from time to time to stabilize expected cash outflows related to our vessel charters that are denominated in foreign currencies. Changes in the fair value of foreign currency exchange contracts are reported in Accumulated OCI to the extent the contracts are effective. These changes are subsequently reclassified into earnings when the forecasted vessel charter payments are made and recorded as cost of sales. The ineffective portion of these foreign currency exchange contracts, if any, and changes in the fair value of foreign currency exchange contracts that do not qualify as cash flow hedges are recognized immediately in earnings within the line titled “Other income (expense), net.” |
Earnings Per Share | Earnings Per Share The presentation of basic earnings per share (“EPS”) amounts on the face of the accompanying consolidated statements of operations is computed by dividing the net income applicable to our common shareholders by the weighted average shares of our 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. We have shares of restricted stock issued and outstanding that are currently unvested. Holders of such shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our outstanding unrestricted common stock and the shares of restricted stock 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 EPS amounts under the two class method in periods in which we have earnings. 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. |
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 and renewable industries. 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 which are subject to many external factors that 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 representing 10% or more of our consolidated revenues) is as follows: 2017 — BP ( 19% ), Petrobras ( 13% ) and Talos ( 10% ), 2016 — BP ( 17% ) and Shell ( 11% ), and 2015 — Shell ( 16% ) and Talos ( 11% ). Most of the concentration of revenues was generated by our Well Intervention business. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The 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 approaches as described in Note 16. |
New Accounting Standards | New Accounting Standards In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU provides a five-step approach to account for revenue arising from contracts with customers. The ASU requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This revenue standard was originally effective for annual reporting periods beginning after December 15, 2016, including interim periods, and was subsequently deferred by one year to annual reporting periods beginning after December 15, 2017. The FASB also issued several subsequent updates containing implementation guidance on principal versus agent considerations (gross versus net revenue presentation), identifying performance obligations and accounting for licenses of intellectual property. Additionally, these updates provide narrow-scope improvements and practical expedients as well as technical corrections and improvements to the guidance. The new revenue standard permits companies to either apply the requirements retrospectively to all prior periods presented or apply the requirements in the year of adoption through a modified retrospective approach with a cumulative adjustment. We have completed our assessment of the differences between the new revenue standard and current accounting practices (gap analysis). We continue to work on expanded disclosure requirements and documentation of new policies, procedures and controls. Although not finalized, based on the implementation efforts performed, management’s assessment is that the new revenue standard is not expected to have a material impact on our consolidated financial statements. We are applying the modified retrospective approach to adopt this guidance effective in the first quarter of 2018. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes.” This ASU requires companies to classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current amounts. The requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount was not affected by this guidance. We adopted this guidance prospectively in the first quarter of 2017. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU amends the existing accounting standards for leases. The amendments are intended to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. Based on our current portfolio of leases and vessel charters, we expect to record right-of-use assets and lease liabilities on our balance sheet upon adoption of this guidance in the first quarter of 2019. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. We adopted this guidance in the first quarter of 2017 with no material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU replaces the current incurred loss model for measurement of credit losses on financial assets including trade receivables with a forward-looking expected loss model based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU improves the financial reporting of hedging relationships to better align risk management activities in financial statements and makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. We do not expect any other recent accounting standards to have a material impact on our financial position, results of operations or cash flows. |
Details Of Certain Accounts (Ta
Details Of Certain Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): December 31, 2017 2016 Note receivable (1) $ — $ 10,000 Prepaids 10,102 13,973 Deferred costs (2) 27,204 7,971 Other 4,462 5,444 Total other current assets $ 41,768 $ 37,388 (1) Relates to the balance of the promissory note we received in connection with the sale of our former Ingleside spoolbase in January 2014. Interest on the note was payable quarterly at a rate of 6% per annum. In June 2017, we collected the remaining $10 million principal balance of this note receivable as well as accrued interest. (2) Primarily reflects deferred mobilization costs associated with certain long-term contracts, which are to be amortized within 12 months from the balance sheet date (Note 2). |
Schedule of other assets, net | Other assets, net consist of the following (in thousands): December 31, 2017 2016 Note receivable, net (1) $ 3,758 $ 2,827 Prepaids 7,666 6,418 Deferred dry dock costs, net (Note 2) 12,368 14,766 Deferred costs (2) 63,767 30,738 Charter fee deposit (3) 12,544 12,544 Other 5,102 5,256 Total other assets, net $ 105,205 $ 72,549 (1) In 2016, we entered into an agreement with one of our customers to defer their payment obligations to June 30, 2018. On March 30, 2017, we entered into a new agreement with this customer in which we agreed to forgive all but $4.3 million of receivables due from the customer in exchange for its redeemable convertible bonds that approximated that amount. The bonds are redeemable by the customer at any time and the maturity date of the bonds is December 14, 2019. Interest at a rate of 5% per annum is payable annually on the bonds. The amount at December 31, 2017 reflected the fair value of the bonds as of that date (Note 16). The amount at December 31, 2016 was net of allowance of $4.2 million . (2) Primarily reflects deferred mobilization costs to be amortized after 12 months from the balance sheet date through the end of the applicable term of certain long-term contracts (Note 2). (3) Represents deposit to be used to reduce our final charter payments for the Siem Helix 2 . |
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands): December 31, 2017 2016 Accrued payroll and related benefits $ 30,685 $ 20,705 Deferred revenue 12,609 8,911 Derivative liability (Note 17) 10,625 18,730 Other 17,761 10,268 Total accrued liabilities $ 71,680 $ 58,614 |
Schedule of other non-current liabilities | Other non-current liabilities consist of the following (in thousands): December 31, 2017 2016 Investee losses in excess of investment (Note 5) $ 7,567 $ 10,238 Deferred gain on sale of property (Note 4) 5,838 5,761 Deferred revenue 8,744 8,598 Derivative liability (Note 17) 8,150 20,191 Other 10,391 8,197 Total other non-current liabilities $ 40,690 $ 52,985 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of gross components of property and equipment | The following is a summary of the gross components of property and equipment (dollars in thousands): December 31, Estimated Useful Life 2017 2016 Vessels 15 to 30 years $ 2,083,267 $ 1,860,379 ROVs, trenchers and ROVDrills 10 years 298,227 309,603 Machinery, equipment and leasehold improvements 5 to 15 years 314,278 280,908 Total property and equipment $ 2,695,772 $ 2,450,890 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following (in thousands): December 31, 2017 2016 Former term loan (was scheduled to mature June 2018) $ — $ 192,258 Term Loan (matures June 2020) 97,500 — 2022 Notes (mature May 2022) 125,000 125,000 2032 Notes (mature March 2032) 60,115 60,115 MARAD Debt (matures February 2027) 77,000 83,222 Nordea Q5000 Loan (matures April 2020) 160,714 196,429 Unamortized debt discounts (14,406 ) (19,094 ) Unamortized debt issuance costs (10,296 ) (11,963 ) Total debt 495,627 625,967 Less current maturities (109,861 ) (67,571 ) Long-term debt $ 385,766 $ 558,396 |
Schedule of debt covenants | (a) The minimum required Consolidated Interest Coverage Ratio: Four Fiscal Quarters Ending Minimum Consolidated Interest Coverage Ratio December 31, 2017 and each fiscal quarter thereafter 2.50 to 1.00 (b) The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Total or Net Leverage Ratio December 31, 2017 5.75 to 1.00 March 31, 2018 5.50 to 1.00 June 30, 2018 5.25 to 1.00 September 30, 2018 5.00 to 1.00 December 31, 2018 through and including March 31, 2019 4.50 to 1.00 June 30, 2019 through and including September 30, 2019 4.25 to 1.00 December 31, 2019 4.00 to 1.00 March 31, 2020 and each fiscal quarter thereafter 3.50 to 1.00 (c) The maximum permitted Consolidated Secured Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Secured Leverage Ratio December 31, 2017 through and including June 30, 2018 3.00 to 1.00 September 30, 2018 and each fiscal quarter thereafter 2.50 to 1.00 (d) The minimum required Unrestricted Cash and Cash Equivalents: Consolidated Total Leverage Ratio Minimum Cash (1) Greater than or equal to 4.00 to 1.00 $100,000,000.00 Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 $50,000,000.00 Less than 3.50 to 1.00 $0.00 (1) This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it on our balance sheet as cash and cash equivalents. As of December 31, 2017 , we were required to, and did, maintain an aggregate cash balance of at least $100 million in compliance with this covenant. |
Schedule of maturities of long-term debt outstanding | Scheduled maturities of long-term debt outstanding as of December 31, 2017 are as follows (in thousands): Term Loan (1) 2022 Notes 2032 Notes (2) MARAD Debt Nordea Q5000 Loan Total Less than one year $ 7,500 $ — $ 60,115 $ 6,532 $ 35,714 $ 109,861 One to two years 12,500 — — 6,858 35,714 55,072 Two to three years 77,500 — — 7,200 89,286 173,986 Three to four years — — — 7,560 — 7,560 Four to five years — 125,000 — 7,937 — 132,937 Over five years — — — 40,913 — 40,913 Total debt 97,500 125,000 60,115 77,000 160,714 520,329 Current maturities (7,500 ) — (60,115 ) (6,532 ) (35,714 ) (109,861 ) Long-term debt, less current maturities 90,000 125,000 — 70,468 125,000 410,468 Unamortized debt discounts (3) — (13,876 ) (530 ) — — (14,406 ) Unamortized debt issuance costs (4) (1,658 ) (2,295 ) (46 ) (4,513 ) (1,784 ) (10,296 ) Long-term debt $ 88,342 $ 108,829 $ (576 ) $ 65,955 $ 123,216 $ 385,766 (1) Term Loan borrowing pursuant to the Credit Agreement matures in June 2020. (2) The holders of our remaining 2032 Notes may require us to repurchase the notes in March 2018 . Accordingly, these notes are classified as current liabilities. (3) The 2022 Notes will increase to their face amount through accretion of the debt discount through May 2022. The 2032 Notes will increase to their face amount through accretion of the debt discount through March 2018. (4) Debt issuance costs are amortized over the term of the applicable debt agreement. |
Components of net interest expense | The following table details the components of our net interest expense (in thousands): Year Ended December 31, 2017 2016 2015 Interest expense $ 38,274 $ 45,110 $ 40,024 Interest income (2,590 ) (2,086 ) (2,068 ) Capitalized interest (16,906 ) (11,785 ) (11,042 ) Net interest expense $ 18,778 $ 31,239 $ 26,914 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax provision (benefit) on continuing operations | Components of income tax provision (benefit) reflected in the consolidated statements of operations consist of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current $ 4,161 $ (27,319 ) $ 1,832 Deferred (54,585 ) 14,849 (103,022 ) $ (50,424 ) $ (12,470 ) $ (101,190 ) Domestic $ (53,044 ) $ (9,631 ) $ (102,978 ) Foreign 2,620 (2,839 ) 1,788 $ (50,424 ) $ (12,470 ) $ (101,190 ) |
Schedule of components of income (loss) before income taxes | Components of income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ (221 ) $ (61,484 ) $ (485,760 ) Foreign (20,151 ) (32,431 ) 7,590 $ (20,372 ) $ (93,915 ) $ (478,170 ) |
Schedule of differences between the U.S. statutory rate and effective rate from continuing operations | The primary differences between the U.S. statutory rate and our effective rate are as follows: Year Ended December 31, 2017 2016 2015 Statutory rate 35.0 % 35.0 % 35.0 % Foreign provision (6.2 ) (5.1 ) (13.7 ) Change in U.S. statutory rate (1) 293.1 — — Mandatory U.S. repatriation (1) (39.7 ) — — Change in tax position (2) (31.1 ) — — Goodwill impairment — (16.8 ) — Other (3.6 ) 0.2 (0.1 ) Effective rate 247.5 % 13.3 % 21.2 % (1) As a result of the U.S. tax law changes, we recorded a net deferred tax benefit of $51.6 million during the fourth quarter of 2017. This amount consists of two components: (i) a $59.7 million deferred tax benefit resulting from the remeasurement of our net deferred tax liabilities in the U.S. based on the new lower corporate income tax rate, and (ii) an $8.1 million deferred tax charge relating to the one-time mandatory tax on previously deferred earnings of certain non-U.S. subsidiaries that are owned either wholly or partially by one of our U.S. subsidiaries. (2) We consider all available evidence, both positive and negative, when determining whether a valuation allowance is required against deferred tax assets. Due to weaker near term outlook and financial results primarily associated with our Robotics segment, we currently do not anticipate generating sufficient foreign source income to fully utilize our foreign tax credits prior to their expiration. We have concluded that it is more likely than not previously recorded deferred tax assets attributable to foreign tax credits will not be realized. As a result of this change in tax position, we recorded a tax charge of $6.3 million in June 2017, which is comprised of a $2.8 million valuation allowance attributable to a foreign tax credit carryforward from 2015 and a $3.5 million charge attributable to the decision to deduct foreign taxes related to 2016 and 2017. |
Schedule of deferred income taxes | 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 are as follows (in thousands): December 31, 2017 2016 Deferred tax liabilities: Depreciation $ 135,824 $ 192,777 Original issuance discount on 2022 Notes and 2032 Notes 7,727 11,802 Prepaid and other 437 1,448 Total deferred tax liabilities $ 143,988 $ 206,027 Deferred tax assets: Net operating losses $ (33,480 ) $ (20,910 ) Reserves, accrued liabilities and other (19,496 ) (38,131 ) Total deferred tax assets (52,976 ) (59,041 ) Valuation allowance 12,337 3,771 Net deferred tax liabilities $ 103,349 $ 150,757 Deferred income tax is presented as: Current deferred tax assets $ — $ (16,594 ) Non-current deferred tax liabilities 103,349 167,351 Net deferred tax liabilities $ 103,349 $ 150,757 |
Reconciliation of beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017 and 2016 is as follows (in thousands): 2017 2016 2015 Balance at January 1, $ 343 $ — $ — Additions for tax positions of prior years — 343 — Reductions for tax positions of prior years (25 ) — — Balance at December 31, $ 318 $ 343 $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated OCI | The components of Accumulated OCI are as follows (in thousands): December 31, 2017 2016 Cumulative foreign currency translation adjustment $ (62,689 ) $ (78,953 ) Unrealized loss on hedges, net of tax (1) (7,507 ) (18,021 ) Unrealized gain on note receivable, net of tax $ 409 $ — Accumulated other comprehensive loss $ (69,787 ) $ (96,974 ) (1) Relates to foreign currency hedges for the Grand Canyon , Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Nordea Q5000 Loan, and are net of deferred income taxes totaling $4.0 million and $9.7 million as of December 31, 2017 and 2016 , respectively (Note 17). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computations of basic and diluted EPS | 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 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income Shares Income Shares Income Shares Basic: Net income (loss) $ 30,052 $ (81,445 ) $ (376,980 ) Less: Undistributed earnings allocated to participating securities (356 ) — — Undistributed earnings (loss) allocated to common shares $ 29,696 145,295 $ (81,445 ) 111,612 $ (376,980 ) 105,416 Diluted: Undistributed earnings (loss) allocated to common shares $ 29,696 145,295 $ (81,445 ) 111,612 $ (376,980 ) 105,416 Effect of dilutive securities: Share-based awards other than participating securities — 5 — — — — Undistributed earnings reallocated to participating securities — — — — — — Net income (loss) $ 29,696 145,300 $ (81,445 ) 111,612 $ (376,980 ) 105,416 |
Schedule of shares excluded from the diluted per share calculations | Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): Year Ended December 31, 2016 2015 Diluted shares (as reported) 111,612 105,416 Share-based awards 440 59 Total 112,052 105,475 In addition, the following potentially dilutive shares related to the 2022 Notes and the 2032 Notes were excluded from the diluted EPS calculation because we have the right and the intention to settle any such future conversions in cash (Note 6) (in thousands): Year Ended December 31, 2017 2016 2015 2022 Notes 8,997 1,475 — 2032 Notes 2,403 6,891 7,995 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based awards | The following grants of share-based awards were made in 2017 under the 2005 Incentive Plan: Date of Grant Shares Grant Date Fair Value Per Share Vesting Period January 3, 2017 (1) 671,771 $ 8.82 33% per year over three years January 3, 2017 (2) 671,771 $ 12.64 100% on January 1, 2020 January 3, 2017 (3) 9,956 $ 8.82 100% on January 1, 2019 April 3, 2017 (3) 8,004 $ 7.77 100% on January 1, 2019 July 3, 2017 (3) 14,018 $ 5.64 100% on January 1, 2019 October 2, 2017 (3) 7,654 $ 7.39 100% on January 1, 2019 December 7, 2017 (4) 117,740 $ 6.37 100% on December 7, 2018 (1) Reflects grants of restricted stock to our executive officers and select management employees. (2) Reflects grants of PSUs to our executive officers and select management employees. (3) Reflects grants of restricted stock to certain independent members of our Board who have made an election to take their quarterly fees in stock in lieu of cash. (4) Reflects annual equity grants to each independent member of our Board. |
Summary of information about restricted stock | The following table summarizes information about our restricted stock: Year Ended December 31, 2017 2016 2015 Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Shares Grant Date Fair Value (1) Awards outstanding at beginning of year 1,577,973 $ 7.86 661,124 $ 16.28 554,960 $ 17.54 Granted 829,143 8.39 1,298,121 5.70 501,076 15.57 Vested (2) (817,791 ) 8.84 (305,588 ) 16.94 (332,223 ) 16.44 Forfeited (10,107 ) 7.01 (75,684 ) 7.76 (62,689 ) 20.93 Awards outstanding at end of year 1,579,218 $ 7.63 1,577,973 $ 7.86 661,124 $ 16.28 (1) Represents the weighted average grant date fair value, which is based on the quoted closing market price of our common stock on the trading day prior to the date of grant. (2) Total fair value of restricted stock that vested during the years ended December 31, 2017 , 2016 and 2015 was $6.9 million , $2.2 million and $5.1 million , respectively. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of financial data by reportable segment | Certain financial data by reportable segment are summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net revenues — Well Intervention $ 406,341 $ 294,000 $ 373,301 Robotics 152,755 160,580 301,026 Production Facilities 64,352 72,358 75,948 Intercompany elimination (42,065 ) (39,356 ) (54,473 ) Total $ 581,383 $ 487,582 $ 695,802 Income (loss) from operations — Well Intervention (1) $ 52,733 $ 14,910 $ (194,381 ) Robotics (2) (42,289 ) (72,250 ) 27,832 Production Facilities (3) 28,172 33,861 (106,847 ) Corporate and other (40,630 ) (39,384 ) (33,866 ) Intercompany elimination 884 (372 ) (98 ) Total $ (1,130 ) $ (63,235 ) $ (307,360 ) Net interest expense — Well Intervention $ (156 ) $ (109 ) $ (102 ) Robotics (30 ) (25 ) 29 Production Facilities — — 385 Corporate and elimination 18,964 31,373 26,602 Total $ 18,778 $ 31,239 $ 26,914 Equity in losses of investments $ (2,368 ) $ (2,166 ) $ (124,345 ) Income (loss) before income taxes — Well Intervention (1) $ 48,948 $ 18,813 $ (193,572 ) Robotics (2) (4) (40,271 ) (73,533 ) 2,454 Production Facilities (3) 25,804 31,695 (231,577 ) Corporate and other and eliminations (54,853 ) (70,890 ) (55,475 ) Total $ (20,372 ) $ (93,915 ) $ (478,170 ) Income tax provision (benefit) — Well Intervention $ (29,934 ) $ 12,531 $ (1,230 ) Robotics (11,972 ) (9,948 ) 515 Production Facilities 9,032 11,093 (81,052 ) Corporate and other and eliminations (17,550 ) (26,146 ) (19,423 ) Total $ (50,424 ) $ (12,470 ) $ (101,190 ) Year Ended December 31, 2017 2016 2015 Capital expenditures — Well Intervention $ 230,354 $ 185,892 $ 307,879 Robotics 648 720 10,700 Production Facilities — 74 1,867 Corporate and other 125 (199 ) (135 ) Total $ 231,127 $ 186,487 $ 320,311 Depreciation and amortization — Well Intervention $ 68,301 $ 68,392 $ 66,095 Robotics 23,626 25,848 26,724 Production Facilities 13,936 13,952 21,340 Corporate and eliminations 2,882 5,995 6,242 Total $ 108,745 $ 114,187 $ 120,401 (1) Amount in 2016 included a $1.3 million gain on the sale of the Helix 534 in December 2016. Amount in 2015 included impairment charges of $205.2 million for the Helix 534 and $6.3 million for certain capitalized vessel project costs and a $16.4 million goodwill impairment charge related to our U.K. well intervention reporting unit. (2) Amount in 2016 included a $45.1 million goodwill impairment charge related to our robotics reporting unit. (3) Amount in 2015 included a $133.4 million impairment charge for the HP I . (4) Amount in 2015 included unrealized losses totaling $18.3 million on our foreign currency exchange contracts associated with the Grand Canyon , Grand Canyon II and Grand Canyon III chartered vessels. |
Summary of intercompany segment revenues | Intercompany segment revenues are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Well Intervention $ 11,489 $ 8,442 $ 22,855 Robotics 30,576 30,914 31,618 Total $ 42,065 $ 39,356 $ 54,473 |
Schedule of revenue by individually significant region | Revenues by individually significant region are as follows (in thousands): Year Ended December 31, 2017 2016 2015 United States $ 283,933 $ 298,279 $ 298,391 North Sea (1) 159,961 137,313 263,438 Brazil 70,710 2,543 28,487 Other 66,779 49,447 105,486 Total $ 581,383 $ 487,582 $ 695,802 (1) Includes revenues of $156.0 million , $123.6 million and $187.7 million , respectively, which were from the U.K. |
Schedule of property and equipment, net of accumulated depreciation, by individually significant region | The following table provides our property and equipment, net of accumulated depreciation, by individually significant geographic location of our assets (in thousands): December 31, 2017 2016 United States $ 894,680 $ 956,458 United Kingdom 270,499 299,699 Brazil 334,454 123,461 Singapore (1) 295,798 194,649 Other 10,558 77,343 Total $ 1,805,989 $ 1,651,610 (1) Primarily includes the Q7000 vessel under construction. |
Schedule of total assets by reportable segment | The following table reflects total assets by reportable segment (in thousands): December 31, 2017 2016 Well Intervention $ 1,830,733 $ 1,596,517 Robotics 179,853 186,901 Production Facilities 138,292 158,192 Corporate and other 213,959 305,331 Total $ 2,362,837 $ 2,246,941 |
Commitments And Contingencies35
Commitments And Contingencies And Other Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments | Future minimum rentals at December 31, 2017 are as follows (in thousands): Vessels Facilities and Other Total 2018 $ 121,811 $ 6,207 $ 128,018 2019 117,731 5,354 123,085 2020 100,373 4,807 105,180 2021 88,425 4,706 93,131 2022 83,617 4,778 88,395 Thereafter 45,858 15,421 61,279 Total lease commitments $ 557,815 $ 41,273 $ 599,088 |
Statement Of Cash Flow Inform36
Statement Of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental cash flow information | The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2017 2016 2015 Interest paid, net of interest capitalized $ 10,367 $ 18,749 $ 14,555 Income taxes paid 6,015 5,635 16,905 |
Allowance Accounts (Tables)
Allowance Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of activity in valuation accounts | The following table sets forth the activity in our valuation accounts for each of the three years in the period ended December 31, 2017 (in thousands): Allowance for Uncollectible Accounts Deferred Tax Asset Valuation Allowance Balance at December 31, 2014 $ 4,735 $ 23,076 Additions (1) 3,275 — Deductions (2) (7,660 ) — Adjustments (3) — (21,140 ) Balance at December 31, 2015 350 1,936 Additions (1) 1,778 — Deductions (2) (350 ) — Adjustments (4) — 1,835 Balance at December 31, 2016 1,778 3,771 Additions (1) (5) 1,206 2,788 Deductions (2) (232 ) — Adjustments (4) — 5,778 Balance at December 31, 2017 $ 2,752 $ 12,337 (1) The increase in allowance for uncollectible accounts primarily reflects charges associated with the provision for uncertain collection of a portion of our existing trade receivables related to our Robotics segment. (2) The decrease in allowance for uncollectible accounts reflects the write-offs of trade receivables that are either settled or deemed uncollectible. (3) The decrease in valuation allowance primarily reflects a $20.6 million reduction related to the loss of deferred tax assets for net operating losses within our Australian subsidiaries. (4) The increase in valuation allowance primarily reflects additional net operating losses in Brazil and in our Robotics segment in the U.K. for which insufficient future taxable income exists to offset the losses. (5) The addition of a deferred tax asset valuation allowance reflects management’s view that we will not be able to fully realize our foreign tax credits available from 2015 within the carryforward period. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of other financial instruments measured at fair value on a recurring basis | The following tables provide additional information relating to those financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Valuation Approach Level 1 Level 2 Level 3 Total Assets: Note receivable $ — $ 3,758 $ — $ 3,758 (c) Interest rate swaps — 966 — 966 (c) Liabilities: Foreign exchange contracts — 12,467 — 12,467 (c) Total net liability $ — $ 7,743 $ — $ 7,743 Fair Value Measurements at Valuation Approach Level 1 Level 2 Level 3 Total Assets: Interest rate swaps $ — $ 451 $ — $ 451 (c) Liabilities: Foreign exchange contracts — 38,170 — 38,170 (c) Interest rate swaps — 751 — 751 (c) Total net liability $ — $ 38,470 $ — $ 38,470 |
Schedule of carrying values and estimated fair values of long-term debt | The carrying values and estimated fair values of our long-term debt are as follows (in thousands): December 31, 2017 2016 Carrying Value (1) Fair Value (2) Carrying Value (1) Fair Value (2) Former term loan (was scheduled to mature June 2018) $ — $ — $ 192,258 $ 192,258 Term Loan (matures April 2020) 97,500 98,231 — — Nordea Q5000 Loan (matures April 2020) 160,714 160,111 196,429 192,746 MARAD Debt (matures February 2027) 77,000 82,058 83,222 92,049 2022 Notes (mature May 2022) 125,000 124,219 125,000 130,156 2032 Notes (mature March 2032) 60,115 60,040 60,115 59,965 Total debt $ 520,329 $ 524,659 $ 657,024 $ 667,174 (1) Carrying value includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 6 for additional disclosures on our long-term debt. (2) The estimated fair value of the 2022 Notes and the 2032 Notes was determined using Level 1 inputs under the market approach. The fair value of the Nordea Q5000 Loan, the MARAD Debt, the Term Loan, and our previous term loan that was scheduled to mature June 2018 was estimated using Level 2 fair value inputs under the market approach, which was determined using a third party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms. |
Derivative Instruments And He39
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of balance sheet location and fair value of derivative instruments designated as hedging instruments | The following table presents the balance sheet location and fair value of the portions of our derivative instruments that was designated as hedging instruments (in thousands): December 31, 2017 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Asset Derivative Instruments: Interest rate swaps Other current assets $ 311 Other current assets $ — Interest rate swaps Other assets, net 655 Other assets, net 451 $ 966 $ 451 Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 7,492 Accrued liabilities $ 14,056 Interest rate swaps Accrued liabilities — Accrued liabilities 751 Foreign exchange contracts Other non-current liabilities 4,975 Other non-current liabilities 13,383 $ 12,467 $ 28,190 |
Schedule of balance sheet location and fair value of derivative instruments not designated as hedging instruments | The following table presents the balance sheet location and fair value of the portions of our derivative instruments that was not designated as hedging instruments (in thousands): December 31, 2017 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 3,133 Accrued liabilities $ 3,923 Foreign exchange contracts Other non-current liabilities 3,175 Other non-current liabilities 6,808 $ 6,308 $ 10,731 |
Schedule of impact of derivative instruments designated as hedging instruments on Accumulated OCI | The following tables present the impact that derivative instruments designated as hedging instruments had on our Accumulated OCI (net of tax) and our consolidated statements of operations (in thousands). We estimate that as of December 31, 2017 , $4.7 million of net losses in Accumulated OCI associated with our derivative instruments is expected to be reclassified into earnings within the next 12 months. Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) Year Ended December 31, 2017 2016 2015 Foreign exchange contracts $ 9,732 $ 9,397 $ 4,734 Interest rate swaps 782 473 (534 ) $ 10,514 $ 9,870 $ 4,200 |
Schedule of loss reclassified from Accumulated OCI into earnings | Location of Loss Reclassified from Accumulated OCI into Earnings Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) Year Ended December 31, 2017 2016 2015 Foreign exchange contracts Cost of sales $ (12,300 ) $ (10,827 ) $ (11,516 ) Interest rate swaps Net interest expense (615 ) (2,024 ) (2,143 ) $ (12,915 ) $ (12,851 ) $ (13,659 ) |
Schedule of impact of derivative instruments not designated as hedging instruments on consolidated statement of operations | The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations (in thousands): Location of Gain (Loss) Recognized in Earnings on Derivative Instruments Gain (Loss) Recognized in Earnings on Derivative Instruments Year Ended December 31, 2017 2016 2015 Foreign exchange contracts Other income (expense), net $ 818 $ 1,198 $ (18,014 ) $ 818 $ 1,198 $ (18,014 ) |
Quarterly Financial Informati40
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of consolidated quarterly financial information | The following is a summary of consolidated quarterly financial information (in thousands, except per share amounts): Quarter Ended March 31, June 30, September 30, December 31, 2017 Net revenues $ 104,528 $ 150,329 $ 163,260 $ 163,266 Gross profit (loss) (825 ) 18,367 21,141 23,483 Net income (loss) (1) (16,415 ) (6,403 ) 2,290 50,580 Basic earnings (loss) per common share $ (0.11 ) $ (0.04 ) $ 0.02 $ 0.34 Diluted earnings (loss) per common share $ (0.11 ) $ (0.04 ) $ 0.02 $ 0.34 Quarter Ended March 31, June 30, September 30, December 31, 2016 Net revenues $ 91,039 $ 107,267 $ 161,245 $ 128,031 Gross profit (loss) (16,930 ) 5,658 40,184 17,604 Net income (loss) (2) (27,823 ) (10,671 ) 11,462 (54,413 ) Basic earnings (loss) per common share $ (0.26 ) $ (0.10 ) $ 0.10 $ (0.46 ) Diluted earnings (loss) per common share $ (0.26 ) $ (0.10 ) $ 0.10 $ (0.46 ) (1) Amount in the fourth quarter of 2017 included a $51.6 million income tax benefit as a result of the U.S. tax law changes enacted in December 2017. (2) Amount in the fourth quarter of 2016 included a $45.1 million goodwill impairment charge related to our robotics reporting unit (Note 2). |
Organization (Details)
Organization (Details) | 12 Months Ended | |
Dec. 31, 2017segment | Feb. 23, 2018vessel | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Scenario, Forecast [Member] | Well Intervention [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of chartered vessels | 2 | |
Scenario, Forecast [Member] | Robotics [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of chartered vessels | 3 |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies - Property And Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Repair and maintenance expense | $ 28.1 | $ 25.5 | $ 32.8 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 0 | $ 45,107 | $ 16,399 | |
Robotics [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 45,100 | $ 45,100 | ||
Well Intervention [Member] | United Kingdom [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 16,400 |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies - Recertification Costs And Deferred Dry Dock Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Deferred dry dock costs, net | $ 12,368 | $ 14,766 | |
Deferred dry dock costs accumulated amortization | 7,100 | 10,700 | |
Dry dock amortization expense | $ 6,900 | $ 14,000 | $ 10,800 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Dry dock amortization period | 30 months | ||
Dry dock recertification process period | 1 month | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Dry dock amortization period | 60 months | ||
Dry dock recertification process period | 2 months |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Foreign currency translation gains (losses) included in Accumulated OCI | $ 16,264 | $ (35,943) | $ (12,849) |
Foreign currency transaction gains (losses) | $ (2,200) | $ 200 | $ (1,200) |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies - Major Customers And Concentration Of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
BP [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 19.00% | 17.00% | |
Petrobras [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 13.00% | ||
Talos [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 10.00% | 11.00% | |
Shell [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of concentration risk | 11.00% | 16.00% |
Details Of Certain Accounts - O
Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Note receivable | $ 0 | $ 10,000 | |
Prepaids | 10,102 | 13,973 | |
Deferred costs | 27,204 | 7,971 | |
Other | 4,462 | 5,444 | |
Total other current assets | $ 41,768 | $ 37,388 | |
Noncurrent note receivable, interest rate (as a percent) | 6.00% | ||
Proceeds from collection of note receivable | $ 10,000 |
Details Of Certain Accounts -48
Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Note receivable, net | $ 3,758 | $ 2,827 | |
Prepaids | 7,666 | 6,418 | |
Deferred dry dock costs, net (Note 2) | 12,368 | 14,766 | |
Deferred costs | 63,767 | 30,738 | |
Charter fee deposit | 12,544 | 12,544 | |
Other | 5,102 | 5,256 | |
Total other assets, net | $ 105,205 | 72,549 | |
Redeemable convertible bonds, face amount | $ 4,300 | ||
Noncurrent note receivable, interest rate (as a percent) | 5.00% | ||
Allowance for note receivable | $ 4,200 |
Details Of Certain Accounts - A
Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll and related benefits | $ 30,685 | $ 20,705 |
Deferred revenue | 12,609 | 8,911 |
Derivative liability (Note 17) | 10,625 | 18,730 |
Other | 17,761 | 10,268 |
Total accrued liabilities | $ 71,680 | $ 58,614 |
Details Of Certain Accounts -50
Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Investee losses in excess of investment (Note 5) | $ 7,567 | $ 10,238 |
Deferred gain on sale of property (Note 4) | 5,838 | 5,761 |
Deferred revenue | 8,744 | 8,598 |
Derivative liability (Note 17) | 8,150 | 20,191 |
Other | 10,391 | 8,197 |
Total other non-current liabilities | $ 40,690 | $ 52,985 |
Property And Equipment - Gross
Property And Equipment - Gross Components Of Property And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,695,772 | $ 2,450,890 |
Vessels [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,083,267 | 1,860,379 |
Vessels [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years | |
Vessels [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
ROVs, trenchers and ROVDrills [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 298,227 | 309,603 |
Estimated useful life | 10 years | |
Machinery, equipment and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 314,278 | $ 280,908 |
Machinery, equipment and leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Machinery, equipment and leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years |
Property And Equipment - Narrat
Property And Equipment - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | $ 0 | $ 0 | $ 345,010 | |
Gain on disposition of assets, net | $ (39) | 1,290 | 92 | |
Helix 534 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | 205,200 | |||
Estimated fair value | 1,000 | |||
Write off of deferred dry dock costs | 9,000 | |||
Sales price of property and equipment | $ 2,800 | |||
Unrecorded gain contingency | 400 | $ 400 | ||
Gain on disposition of assets, net | $ 1,300 | |||
HP I [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset impairment charges | 133,400 | |||
Estimated fair value | 124,300 | |||
Capitalized Vessel Project Costs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges to write off capitalized costs | $ 6,300 |
Property And Equipment - Sale L
Property And Equipment - Sale Leaseback Transaction (Details) - Scotland [Member] $ in Millions | 1 Months Ended |
Jan. 31, 2016USD ($)renewal_option | |
Sale Leaseback Transaction [Line Items] | |
Proceeds from sale leaseback transaction | $ 11 |
Term of lease agreement | 15 years |
Number of renewal options | renewal_option | 2 |
Term of renewal option | 5 years |
Deferred gain from sale leaseback transaction | $ 7.6 |
Equity Investments - Narrative
Equity Investments - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2004USD ($) | Dec. 31, 2017USD ($)ft | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Loss from equity method investments | $ 2,368,000 | $ 2,166,000 | $ 124,345,000 | |||
Investee losses in excess of investment | 7,567,000 | 10,238,000 | ||||
Distributions from equity investments | 0 | 1,200,000 | 7,000,000 | |||
Sale of ownership interest for cash | $ 0 | 25,000,000 | 0 | |||
Summarized financial information, revenue | 14,800,000 | |||||
Summarized financial information, operating loss | (448,100,000) | |||||
Summarized financial information, net loss | $ (448,100,000) | |||||
Independence Hub, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of ownership interest | 20.00% | 20.00% | 20.00% | |||
Water depth (in feet) | ft | 8,000 | |||||
Impairment charge | $ 343,300,000 | |||||
Estimated fair value | 0 | $ 0 | ||||
Loss from equity method investments | $ 2,400,000 | 2,200,000 | 74,900,000 | |||
Capitalized interest | $ 3,600,000 | 3,600,000 | ||||
Participation fee | $ 1,000,000 | |||||
Investee losses in excess of investment | $ 9,800,000 | $ 10,200,000 | ||||
Distributions from equity investments | $ 1,800,000 | |||||
Deepwater Gateway, L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of ownership interest | 50.00% | 50.00% | ||||
Impairment charge | $ 96,700,000 | |||||
Estimated fair value | 70,800,000 | $ 70,800,000 | ||||
Loss from equity method investments | 49,400,000 | |||||
Capitalized interest | $ 1,200,000 | 1,200,000 | ||||
Distributions from equity investments | $ 1,200,000 | $ 5,200,000 | ||||
Sale of ownership interest for cash | $ 25,000,000 |
Long-Term Debt - Schedule Of Lo
Long-Term Debt - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Mar. 31, 2012 |
Debt Instrument [Line Items] | |||||
Carrying value | $ 520,329 | ||||
Unamortized debt discounts | (14,406) | $ (19,094) | |||
Unamortized debt issuance costs | (10,296) | (11,963) | |||
Total debt | 495,627 | 625,967 | |||
Less current maturities | (109,861) | (67,571) | |||
Long-term debt | 385,766 | 558,396 | |||
Former Term Loan Maturing June 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value | 0 | 192,258 | |||
Term Loan Maturing June 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value | 97,500 | $ 100,000 | 0 | ||
Unamortized debt discounts | 0 | ||||
Unamortized debt issuance costs | (1,658) | ||||
Less current maturities | (7,500) | ||||
Long-term debt | 88,342 | ||||
Convertible Senior Notes Maturing May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value | 125,000 | 125,000 | $ 125,000 | ||
Unamortized debt discounts | (13,876) | (16,500) | $ (16,900) | ||
Unamortized debt issuance costs | (2,295) | ||||
Less current maturities | 0 | ||||
Long-term debt | 108,829 | ||||
Convertible Senior Notes Maturing March 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value | 60,115 | 60,115 | $ 200,000 | ||
Unamortized debt discounts | (530) | (2,600) | $ (35,400) | ||
Unamortized debt issuance costs | (46) | ||||
Less current maturities | (60,115) | ||||
Long-term debt | (576) | ||||
MARAD Debt Maturing February 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value | 77,000 | 83,222 | |||
Unamortized debt discounts | 0 | ||||
Unamortized debt issuance costs | (4,513) | ||||
Less current maturities | (6,532) | ||||
Long-term debt | 65,955 | ||||
Nordea Q5000 Loan Maturing April 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value | 160,714 | $ 196,429 | |||
Unamortized debt discounts | 0 | ||||
Unamortized debt issuance costs | (1,784) | ||||
Less current maturities | (35,714) | ||||
Long-term debt | $ 123,216 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2017 | Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 520,329,000 | |||||
Proceeds from term loan | 100,000,000 | $ 0 | $ 0 | |||
Repayment of former term loan | 194,758,000 | 62,742,000 | 22,500,000 | |||
Loss on early extinguishment of long-term debt | (397,000) | (3,540,000) | 0 | |||
Amortization of debt issuance costs | 6,154,000 | 7,733,000 | $ 5,664,000 | |||
Amended and Restated Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of shares of foreign subsidiaries as pledges (up to) | 66.00% | 66.00% | ||||
Term Loan Maturing June 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 100,000,000 | $ 100,000,000 | 97,500,000 | $ 0 | ||
Proceeds from term loan | $ 100,000,000 | |||||
Frequency of periodic payment | quarterly | |||||
Term Loan Maturing June 2020 [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 3.25% | |||||
Term Loan Maturing June 2020 [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 4.25% | |||||
Term Loan Maturing June 2020 [Member] | First Loan Year [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal payment (as a percent) | 5.00% | |||||
Term Loan Maturing June 2020 [Member] | Second Loan Year [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal payment (as a percent) | 10.00% | |||||
Term Loan Maturing June 2020 [Member] | Third Loan Year [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal payment (as a percent) | 15.00% | |||||
Revolving Credit Facility Maturing June 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 150,000,000 | 150,000,000 | ||||
Additional commitments (up to) | $ 100,000,000 | 100,000,000 | ||||
Available borrowing capacity | 81,600,000 | |||||
Letters of credit issued | $ 3,000,000 | |||||
Commitment fee percentage | 0.50% | |||||
Maturity date | Jun. 30, 2020 | |||||
Amortization of debt issuance costs | 1,600,000 | |||||
Revolving Credit Facility Maturing June 2020 [Member] | Minimum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||
Revolving Credit Facility Maturing June 2020 [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.75% | |||||
Revolving Credit Facility Maturing June 2020 [Member] | Maximum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 3.25% | |||||
Revolving Credit Facility Maturing June 2020 [Member] | Maximum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 4.25% | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 25,000,000 | 25,000,000 | ||||
Term Loan Maturing June 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of former term loan | $ 180,000,000 | |||||
Loss on early extinguishment of long-term debt | $ (400,000) | |||||
Revolving Credit Facility Maturing June 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of debt issuance costs | $ 2,500,000 |
Long-Term Debt - Schedule Of Co
Long-Term Debt - Schedule Of Consolidated Interest Coverage Ratio (Details) | Jun. 30, 2017 |
December 31, 2017 and Each Fiscal Quarter Thereafter [Member] | Amended and Restated Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Minimum Consolidated Interest Coverage Ratio | 2.50 |
Long-Term Debt - Schedule Of 58
Long-Term Debt - Schedule Of Consolidated Total Or Net Leverage Ratio (Details) - Amended and Restated Credit Agreement [Member] | Jun. 30, 2017 |
December 31, 2017 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 5.75 |
Maximum Consolidated Net Leverage Ratio | 5.75 |
March 31, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 5.50 |
Maximum Consolidated Net Leverage Ratio | 5.50 |
June 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 5.25 |
Maximum Consolidated Net Leverage Ratio | 5.25 |
September 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 5 |
Maximum Consolidated Net Leverage Ratio | 5 |
December 31, 2018 Through and Including March 31, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 4.50 |
Maximum Consolidated Net Leverage Ratio | 4.50 |
June 30, 2019 Through and Including September 30, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 4.25 |
Maximum Consolidated Net Leverage Ratio | 4.25 |
December 31, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 4 |
Maximum Consolidated Net Leverage Ratio | 4 |
March 31, 2020 and Each Fiscal Quarter Thereafter [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total Leverage Ratio | 3.50 |
Maximum Consolidated Net Leverage Ratio | 3.50 |
Long-Term Debt - Schedule Of 59
Long-Term Debt - Schedule Of Consolidated Secured Leverage Ratio (Details) - Amended and Restated Credit Agreement [Member] | Jun. 30, 2017 |
December 31, 2017 Through and Including June 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Secured Leverage Ratio | 3 |
September 30, 2018 and Each Fiscal Quarter Thereafter [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Secured Leverage Ratio | 2.50 |
Long-Term Debt - Schedule Of Un
Long-Term Debt - Schedule Of Unrestricted Cash And Cash Equivalents (Details) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Minimum Cash | $ 100,000,000 | |
Greater Than or Equal to 4.00x [Member] | Amended and Restated Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Cash | $ 100,000,000 | |
Greater Than or Equal to 3.50x But Less Than 4.00x [Member] | Amended and Restated Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Cash | 50,000,000 | |
Less Than 3.50x [Member] | Amended and Restated Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Cash | $ 0 |
Long-Term Debt - Convertible Se
Long-Term Debt - Convertible Senior Notes Due 2022 (Details) $ / shares in Units, $ in Thousands | Nov. 01, 2016USD ($)$ / shares | Mar. 31, 2012USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 520,329 | |||||
Unamortized debt discount | 14,406 | $ 19,094 | ||||
Convertible Senior Notes Maturing May 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 125,000 | 125,000 | 125,000 | |||
Net proceeds from debt issuance | $ 121,700 | |||||
Interest rate (as a percent) | 4.25% | |||||
Frequency of periodic payment | semi-annually | |||||
Maturity date | May 1, 2022 | |||||
Initial conversion ratio | 0.0719748 | |||||
Initial conversion price per share (in dollars per share) | $ / shares | $ 13.89 | |||||
Redemption price as a percentage of principal amount | 100.00% | |||||
Minimum percentage in aggregate principal amount | 25.00% | |||||
Unamortized debt discount | $ 16,900 | 13,876 | 16,500 | |||
Carrying amount of equity component | $ 11,000 | |||||
Expected life used to estimate fair value | 5 years 6 months | |||||
Effective interest rate (as a percent) | 7.30% | |||||
Convertible Senior Notes Maturing March 2032 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 200,000 | 60,115 | 60,115 | |||
Repurchased principal amount | $ 125,000 | $ 7,600 | $ 7,300 | |||
Interest rate (as a percent) | 3.25% | |||||
Frequency of periodic payment | semi-annually | |||||
Maturity date | Mar. 15, 2032 | |||||
Initial conversion ratio | 0.0399752 | |||||
Initial conversion price per share (in dollars per share) | $ / shares | $ 25.02 | |||||
Redemption price as a percentage of principal amount | 100.00% | |||||
Unamortized debt discount | $ 35,400 | $ 530 | $ 2,600 | |||
Carrying amount of equity component | $ 22,500 | |||||
Expected life used to estimate fair value | 6 years | |||||
Effective interest rate (as a percent) | 6.90% |
Long-Term Debt - Convertible 62
Long-Term Debt - Convertible Senior Notes Due 2032 (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | |||||||
Principal amount | $ 520,329 | ||||||
Loss on early extinguishment of long-term debt | (397) | $ (3,540) | $ 0 | ||||
Unamortized debt discount | 14,406 | 19,094 | |||||
Convertible Senior Notes Maturing March 2032 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 200,000 | 60,115 | 60,115 | ||||
Interest rate (as a percent) | 3.25% | ||||||
Frequency of periodic payment | semi-annually | ||||||
Maturity date | Mar. 15, 2032 | ||||||
Initial conversion ratio | 0.0399752 | ||||||
Initial conversion price per share (in dollars per share) | $ 25.02 | ||||||
Redemption price as a percentage of principal amount | 100.00% | ||||||
Repurchase price as a percentage of principal amount | 100.00% | ||||||
Repurchased principal amount | $ 125,000 | $ 7,600 | $ 7,300 | ||||
Loss on early extinguishment of long-term debt | (3,500) | ||||||
Unamortized debt discount | $ 35,400 | $ 530 | $ 2,600 | ||||
Carrying amount of equity component | $ 22,500 | ||||||
Expected life used to estimate fair value | 6 years | ||||||
Effective interest rate (as a percent) | 6.90% |
Long-Term Debt - MARAD Debt (De
Long-Term Debt - MARAD Debt (Details) - MARAD Debt Maturing February 2027 [Member] | 1 Months Ended | |
Aug. 31, 2002 | Sep. 30, 2005 | |
Debt Instrument [Line Items] | ||
Guarantor obligations (as a percent) | 50.00% | |
Frequency of periodic payment | semi-annual | |
Maturity date | February 2027 | |
Interest rate (as a percent) | 4.93% |
Long-Term Debt - Nordea Credit
Long-Term Debt - Nordea Credit Agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | ||||||
Funded amount | $ 0 | $ 0 | $ 250,000 | |||
Nordea Q5000 Loan Maturing April 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 250,000 | |||||
Funded amount | $ 250,000 | |||||
Maturity date | Apr. 30, 2020 | |||||
Frequency of periodic payment | quarterly | |||||
Scheduled principal installments | $ 8,900 | |||||
Balloon payment | $ 80,400 | |||||
Nordea Q5000 Loan Maturing April 2020 [Member] | Interest Rate Swaps [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notional amount | $ 187,500 | |||||
Fixed LIBOR rate on interest rate swaps (as a percent) | 1.50% | |||||
Nordea Q5000 Loan Maturing April 2020 [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.50% |
Long-Term Debt - Maturities Of
Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Mar. 31, 2012 | |
Debt Instrument [Line Items] | |||||
Less than one year | $ 109,861 | ||||
One to two years | 55,072 | ||||
Two to three years | 173,986 | ||||
Three to four years | 7,560 | ||||
Four to five years | 132,937 | ||||
Over five years | 40,913 | ||||
Total debt | 520,329 | ||||
Less current maturities | (109,861) | $ (67,571) | |||
Long-term debt, less current maturities | 410,468 | ||||
Unamortized debt discounts | (14,406) | (19,094) | |||
Unamortized debt issuance costs | (10,296) | (11,963) | |||
Long-term debt | 385,766 | 558,396 | |||
Term Loan Maturing June 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Less than one year | 7,500 | ||||
One to two years | 12,500 | ||||
Two to three years | 77,500 | ||||
Three to four years | 0 | ||||
Four to five years | 0 | ||||
Over five years | 0 | ||||
Total debt | 97,500 | $ 100,000 | 0 | ||
Less current maturities | (7,500) | ||||
Long-term debt, less current maturities | 90,000 | ||||
Unamortized debt discounts | 0 | ||||
Unamortized debt issuance costs | (1,658) | ||||
Long-term debt | 88,342 | ||||
Convertible Senior Notes Maturing May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Less than one year | 0 | ||||
One to two years | 0 | ||||
Two to three years | 0 | ||||
Three to four years | 0 | ||||
Four to five years | 125,000 | ||||
Over five years | 0 | ||||
Total debt | 125,000 | 125,000 | $ 125,000 | ||
Less current maturities | 0 | ||||
Long-term debt, less current maturities | 125,000 | ||||
Unamortized debt discounts | (13,876) | (16,500) | $ (16,900) | ||
Unamortized debt issuance costs | (2,295) | ||||
Long-term debt | 108,829 | ||||
Convertible Senior Notes Maturing March 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Less than one year | 60,115 | ||||
One to two years | 0 | ||||
Two to three years | 0 | ||||
Three to four years | 0 | ||||
Four to five years | 0 | ||||
Over five years | 0 | ||||
Total debt | 60,115 | 60,115 | $ 200,000 | ||
Less current maturities | (60,115) | ||||
Long-term debt, less current maturities | 0 | ||||
Unamortized debt discounts | (530) | (2,600) | $ (35,400) | ||
Unamortized debt issuance costs | (46) | ||||
Long-term debt | $ (576) | ||||
Earliest put date | March 2018 | ||||
MARAD Debt Maturing February 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Less than one year | $ 6,532 | ||||
One to two years | 6,858 | ||||
Two to three years | 7,200 | ||||
Three to four years | 7,560 | ||||
Four to five years | 7,937 | ||||
Over five years | 40,913 | ||||
Total debt | 77,000 | 83,222 | |||
Less current maturities | (6,532) | ||||
Long-term debt, less current maturities | 70,468 | ||||
Unamortized debt discounts | 0 | ||||
Unamortized debt issuance costs | (4,513) | ||||
Long-term debt | 65,955 | ||||
Nordea Q5000 Loan Maturing April 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Less than one year | 35,714 | ||||
One to two years | 35,714 | ||||
Two to three years | 89,286 | ||||
Three to four years | 0 | ||||
Four to five years | 0 | ||||
Over five years | 0 | ||||
Total debt | 160,714 | $ 196,429 | |||
Less current maturities | (35,714) | ||||
Long-term debt, less current maturities | 125,000 | ||||
Unamortized debt discounts | 0 | ||||
Unamortized debt issuance costs | (1,784) | ||||
Long-term debt | $ 123,216 |
Long-Term Debt - Interest Expen
Long-Term Debt - Interest Expense And Capitalized Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 38,274 | $ 45,110 | $ 40,024 |
Interest income | (2,590) | (2,086) | (2,068) |
Capitalized interest | (16,906) | (11,785) | (11,042) |
Net interest expense | $ 18,778 | $ 31,239 | $ 26,914 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2018 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||||
Statutory rate | 35.00% | 35.00% | 35.00% | |||
Future enacted statutory rate | 21.00% | |||||
Provisional net income tax benefit due to Tax Cuts and Jobs Act | $ 51,600 | |||||
Provisional income tax benefit due to remeasurement of deferred taxes | 59,700 | |||||
Provisional income tax expense due to transition tax on foreign earnings | 8,100 | |||||
Decrease in deferred tax assets due to deemed mandatory repatriation | 8,100 | |||||
Valuation allowance | 12,337 | $ 12,337 | $ 3,771 | |||
Undistributed earnings of foreign subsidiaries | 48,000 | 48,000 | ||||
Unrecognized tax benefits | 318 | 318 | 343 | $ 0 | $ 0 | |
Income tax refunds | $ 28,400 | |||||
U.S. [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforward | 115,800 | 115,800 | ||||
Valuation allowance | 3,000 | 3,000 | ||||
Foreign [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforward | 3,900 | 3,900 | ||||
Valuation allowance | $ 9,400 | $ 9,400 |
Income Taxes - Schedule Of Comp
Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 4,161 | $ (27,319) | $ 1,832 |
Deferred | (54,585) | 14,849 | (103,022) |
Income tax provision (benefit) | $ (50,424) | $ (12,470) | $ (101,190) |
Income Taxes - Schedule Of Co69
Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) By Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (53,044) | $ (9,631) | $ (102,978) |
Foreign | 2,620 | (2,839) | 1,788 |
Income tax provision (benefit) | $ (50,424) | $ (12,470) | $ (101,190) |
Income Taxes - Schedule Of Co70
Income Taxes - Schedule Of Components Of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (221) | $ (61,484) | $ (485,760) |
Foreign | (20,151) | (32,431) | 7,590 |
Loss before income taxes | $ (20,372) | $ (93,915) | $ (478,170) |
Income Taxes - Schedule Of Inco
Income Taxes - Schedule Of Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||
Statutory rate | 35.00% | 35.00% | 35.00% | ||
Foreign provision (as a percent) | (6.20%) | (5.10%) | (13.70%) | ||
Change in U.S. statutory rate (as a percent) | 293.10% | 0.00% | 0.00% | ||
Mandatory U.S. repatriation (as a percent) | (39.70%) | 0.00% | 0.00% | ||
Change in tax position (as a percent) | (31.10%) | 0.00% | 0.00% | ||
Goodwill impairment (as a percent) | 0.00% | (16.80%) | 0.00% | ||
Other (as a percent) | (3.60%) | 0.20% | (0.10%) | ||
Effective rate | 247.50% | 13.30% | 21.20% | ||
Net deferred tax benefit due to U.S. tax law changes | $ 51.6 | ||||
Deferred tax benefit due to remeasurement of deferred taxes | 59.7 | ||||
Deferred tax charge due to mandatory repatriation on non-U.S. earnings | $ 8.1 | ||||
Tax charge related to change in tax position on foreign taxes | $ 6.3 | ||||
Change in tax position on foreign taxes reflected as valuation allowance | 2.8 | ||||
Change in tax position on foreign taxes reflected as prior period tax deduction | $ 3.5 |
Income Taxes - Schedule Of Defe
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | ||
Depreciation | $ 135,824 | $ 192,777 |
Original issuance discount on 2022 Notes and 2032 Notes | 7,727 | 11,802 |
Prepaid and other | 437 | 1,448 |
Total deferred tax liabilities | 143,988 | 206,027 |
Deferred tax assets: | ||
Net operating losses | (33,480) | (20,910) |
Reserves, accrued liabilities and other | (19,496) | (38,131) |
Total deferred tax assets | (52,976) | (59,041) |
Valuation allowance | 12,337 | 3,771 |
Net deferred tax liabilities | 103,349 | 150,757 |
Current deferred tax assets | 0 | (16,594) |
Non-current deferred tax liabilities | $ 103,349 | $ 167,351 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 343 | $ 0 | $ 0 |
Additions for tax positions of prior years | 0 | 343 | 0 |
Reductions for tax positions of prior years | (25) | 0 | 0 |
Balance at end of period | $ 318 | $ 343 | $ 0 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 10, 2017 | |
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 240,000,000 | 240,000,000 | |||
Preferred stock, shares authorized | 5,000,000 | ||||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | ||||
Net proceeds from issuance of common stock | $ 219,504 | $ 96,547 | $ 0 | ||
Common stock, no par, 240,000 shares authorized, 147,740 and 120,630 shares issued, respectively | $ 1,284,274 | 1,055,934 | |||
Underwritten Public Equity Offering [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued | 26,450,000 | ||||
Price per share issued (in dollars per share) | $ 8.65 | ||||
Net proceeds from issuance of common stock | $ 220,000 | ||||
ATM Program [Member] | |||||
Class of Stock [Line Items] | |||||
Net proceeds from issuance of common stock | 96,500 | ||||
Common stock, no par, 240,000 shares authorized, 147,740 and 120,630 shares issued, respectively | 100,000 | ||||
Payments for commissions | $ 2,300 | ||||
ATM Program [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued | 13,018,732 |
Shareholders' Equity - Componen
Shareholders' Equity - Components Of Accumulated OCI (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Stockholders' Equity Note [Abstract] | ||
Cumulative foreign currency translation adjustment | $ (62,689) | $ (78,953) |
Unrealized loss on hedges, net of tax | (7,507) | (18,021) |
Unrealized gain on note receivable, net of tax | 409 | 0 |
Accumulated other comprehensive loss | (69,787) | (96,974) |
Deferred income taxes | $ 4,000 | $ 9,700 |
Stock Buyback Program (Details)
Stock Buyback Program (Details) | Dec. 31, 2017shares |
Equity [Abstract] | |
Remaining number of shares available to be repurchased | 3,234,091 |
Earnings Per Share - Computatio
Earnings Per Share - Computation Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic: | |||
Net income (loss) | $ 30,052 | $ (81,445) | $ (376,980) |
Less: Undistributed earnings allocated to participating securities | (356) | 0 | 0 |
Undistributed earnings (loss) allocated to common shares | $ 29,696 | $ (81,445) | $ (376,980) |
Weighted average number of shares outstanding - basic (in shares) | 145,295 | 111,612 | 105,416 |
Effect of dilutive securities: | |||
Undistributed earnings (loss) allocated to common shares | $ 29,696 | $ (81,445) | $ (376,980) |
Share-based awards other than participating securities | $ 0 | $ 0 | $ 0 |
Share-based awards other than participating securities (in shares) | 5 | 0 | 0 |
Undistributed earnings reallocated to participating securities | $ 0 | $ 0 | $ 0 |
Net income (loss) | $ 29,696 | $ (81,445) | $ (376,980) |
Weighted average number of shares outstanding, diluted | 145,300 | 111,612 | 105,416 |
Earnings Per Share - Excluded S
Earnings Per Share - Excluded Securities On Diluted Shares Calculation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Diluted shares (as reported) | 145,300 | 111,612 | 105,416 |
Total (in shares) | 112,052 | 105,475 | |
Share-Based Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 440 | 59 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially Dilutive Shares Excluded From Dilutive EPS Calculation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Convertible Senior Notes Maturing May 2022 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 8,997 | 1,475 | 0 |
Convertible Senior Notes Maturing March 2032 [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 2,403 | 6,891 | 7,995 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2018USD ($)$ / sharesshares | Feb. 29, 2016shares | Dec. 31, 2017USD ($)long-term_incentive_stock-based_plan$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock plans | long-term_incentive_stock-based_plan | 1 | ||||
Granted (in shares) | shares | 829,143 | 1,298,121 | 501,076 | ||
Granted (in dollars per share) | $ / shares | $ 8.39 | $ 5.70 | $ 15.57 | ||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Long-term incentive cash awards granted | $ 5 | ||||
E S P P [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for issuance (in shares) | shares | 1,500,000 | ||||
Shares available for issuance (in shares) | shares | 600,000 | ||||
Period common stock may be purchased through payroll deductions | 4 months | ||||
Percentage of share of non-vested stock considered as call option | 85.00% | ||||
Purchase limit per employee (in shares) | shares | 130 | ||||
Share-based compensation | $ 0.1 | $ 0.1 | $ 1.1 | ||
2005 Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for issuance (in shares) | shares | 10,300,000 | ||||
Shares available for issuance (in shares) | shares | 2,400,000 | ||||
Vesting period | 3 years | ||||
Award vesting percentage | 33.00% | ||||
2005 Incentive Plan [Member] | Maximum Shares as Incentive Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for issuance (in shares) | shares | 2,000,000 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ 7.9 | 5.8 | 5.5 | ||
Future share-based compensation | $ 6.8 | ||||
Weighted average vesting period | 1 year 3 months | ||||
Restricted Stock [Member] | January 2018 Restricted Stock Grant [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 449,271 | ||||
Granted (in dollars per share) | $ / shares | $ 7.54 | ||||
Total market value of shares granted | $ 3.4 | ||||
PSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ 7.4 | $ 6.8 | $ 0.2 | ||
Vesting period | 3 years | ||||
Award vesting percentage | 100.00% | ||||
Granted (in shares) | shares | 671,771 | 1,161,672 | 295,693 | ||
Granted (in dollars per share) | $ / shares | $ 12.64 | $ 7.13 | $ 25.06 | ||
Recorded liability | $ 11.1 | $ 7.1 | |||
Long-term incentive cash awards paid | $ 0.6 | 0.2 | $ 4.5 | ||
PSUs [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 200.00% | ||||
PSUs [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 0.00% | ||||
PSUs [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Long-term incentive cash awards paid | $ 0.9 | ||||
PSUs [Member] | January 2018 PSU Grant [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 449,271 | ||||
Granted (in dollars per share) | $ / shares | $ 10.44 | ||||
Modified Liability PSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense in excess of fair value recorded in equity | 0.2 | ||||
Long-Term Incentive Cash Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred compensation arrangement with individual award vesting period | 3 years | ||||
Deferred compensation cash-based arrangement, liability | 0 | ||||
Long-term incentive cash awards paid | $ 0 | 0 | 8.9 | ||
Long-Term Incentive Cash Awards [Member] | Adjustment [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | (3.7) | ||||
Long-Term Incentive Cash Awards [Member] | Adjustment [Member] | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | (2.1) | ||||
401(k) Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employer contribution to 401(k) plan | $ 0.5 | $ 2.8 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Shares Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Shares | 829,143 | 1,298,121 | 501,076 |
Grant Date Fair Value Per Share | $ 8.39 | $ 5.70 | $ 15.57 |
January 3, 2017 - 33% Per Year over Three Years [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Jan. 3, 2017 | ||
Shares | 671,771 | ||
Grant Date Fair Value Per Share | $ 8.82 | ||
Vesting Percentage | 33.00% | ||
Vesting Period | 3 years | ||
January 3, 2017 - 100% on January 1, 2020 [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Jan. 3, 2017 | ||
Shares | 671,771 | ||
Grant Date Fair Value Per Share | $ 12.64 | ||
Vesting Percentage | 100.00% | ||
Vesting Date | Jan. 1, 2020 | ||
January 3, 2017 - 100% on January 1, 2019 [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Jan. 3, 2017 | ||
Shares | 9,956 | ||
Grant Date Fair Value Per Share | $ 8.82 | ||
Vesting Percentage | 100.00% | ||
Vesting Date | Jan. 1, 2019 | ||
April 3, 2017 - 100% on January 1, 2019 [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Apr. 3, 2017 | ||
Shares | 8,004 | ||
Grant Date Fair Value Per Share | $ 7.77 | ||
Vesting Percentage | 100.00% | ||
Vesting Date | Jan. 1, 2019 | ||
July 3, 2017 - 100% on January 1, 2019 [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Jul. 3, 2017 | ||
Shares | 14,018 | ||
Grant Date Fair Value Per Share | $ 5.64 | ||
Vesting Percentage | 100.00% | ||
Vesting Date | Jan. 1, 2019 | ||
October 2, 2017 - 100% on January 1, 2019 [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Oct. 2, 2017 | ||
Shares | 7,654 | ||
Grant Date Fair Value Per Share | $ 7.39 | ||
Vesting Percentage | 100.00% | ||
Vesting Date | Jan. 1, 2019 | ||
December 7, 2017 - 100% on December 7, 2018 [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Date of Grant | Dec. 7, 2017 | ||
Shares | 117,740 | ||
Grant Date Fair Value Per Share | $ 6.37 | ||
Vesting Percentage | 100.00% | ||
Vesting Date | Dec. 7, 2018 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule Of Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | |||
Awards outstanding at beginning of year (in shares) | 1,577,973 | 661,124 | 554,960 |
Granted (in shares) | 829,143 | 1,298,121 | 501,076 |
Vested (in shares) | (817,791) | (305,588) | (332,223) |
Forfeited (in shares) | (10,107) | (75,684) | (62,689) |
Awards outstanding at end of year (in shares) | 1,579,218 | 1,577,973 | 661,124 |
Grant Date Fair Value | |||
Awards outstanding at beginning of year (in dollars per share) | $ 7.86 | $ 16.28 | $ 17.54 |
Granted (in dollars per share) | 8.39 | 5.70 | 15.57 |
Vested (in dollars per share) | 8.84 | 16.94 | 16.44 |
Forfeited (in dollars per share) | 7.01 | 7.76 | 20.93 |
Awards outstanding at end of year (in dollars per share) | $ 7.63 | $ 7.86 | $ 16.28 |
Fair value of awards vested | $ 6.9 | $ 2.2 | $ 5.1 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2017segment | Feb. 23, 2018vessel | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Scenario, Forecast [Member] | Robotics [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of chartered vessels | vessel | 3 |
Business Segment Information 84
Business Segment Information - Summary Of Financial Data By Segment (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | $ 163,266 | $ 163,260 | $ 150,329 | $ 104,528 | $ 128,031 | $ 161,245 | $ 107,267 | $ 91,039 | $ 581,383 | $ 487,582 | $ 695,802 | |
Income (loss) from operations | (1,130) | (63,235) | (307,360) | |||||||||
Net interest expense | 18,778 | 31,239 | 26,914 | |||||||||
Equity in losses of investments | (2,368) | (2,166) | (124,345) | |||||||||
Income (loss) before income taxes | (20,372) | (93,915) | (478,170) | |||||||||
Income tax provision (benefit) | (50,424) | (12,470) | (101,190) | |||||||||
Capital expenditures | 231,127 | 186,487 | 320,311 | |||||||||
Depreciation and amortization | 108,745 | 114,187 | 120,401 | |||||||||
Gain on disposition of assets, net | (39) | 1,290 | 92 | |||||||||
Asset impairment charges | 0 | 0 | 345,010 | |||||||||
Goodwill impairment charge | 0 | 45,107 | 16,399 | |||||||||
Unrealized losses on foreign exchange contracts | (4,423) | (8,800) | 18,281 | |||||||||
United Kingdom [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 156,000 | 123,600 | 187,700 | |||||||||
Helix 534 [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on disposition of assets, net | $ 1,300 | |||||||||||
Asset impairment charges | 205,200 | |||||||||||
Capitalized Vessel Project Costs [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment charges to write off capitalized costs | 6,300 | |||||||||||
HP I [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset impairment charges | 133,400 | |||||||||||
Intercompany Elimination [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | (42,065) | (39,356) | (54,473) | |||||||||
Income (loss) from operations | 884 | (372) | (98) | |||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income (loss) from operations | (40,630) | (39,384) | (33,866) | |||||||||
Income (loss) before income taxes | (54,853) | (70,890) | (55,475) | |||||||||
Income tax provision (benefit) | (17,550) | (26,146) | (19,423) | |||||||||
Capital expenditures | 125 | (199) | (135) | |||||||||
Corporate and Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net interest expense | 18,964 | 31,373 | 26,602 | |||||||||
Depreciation and amortization | 2,882 | 5,995 | 6,242 | |||||||||
Well Intervention [Member] | United Kingdom [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill impairment charge | 16,400 | |||||||||||
Well Intervention [Member] | Helix 534 [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on disposition of assets, net | $ 1,300 | |||||||||||
Asset impairment charges | 205,200 | |||||||||||
Well Intervention [Member] | Capitalized Vessel Project Costs [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment charges to write off capitalized costs | 6,300 | |||||||||||
Well Intervention [Member] | Reportable Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 406,341 | 294,000 | 373,301 | |||||||||
Income (loss) from operations | 52,733 | 14,910 | (194,381) | |||||||||
Net interest expense | (156) | (109) | (102) | |||||||||
Income (loss) before income taxes | 48,948 | 18,813 | (193,572) | |||||||||
Income tax provision (benefit) | (29,934) | 12,531 | (1,230) | |||||||||
Capital expenditures | 230,354 | 185,892 | 307,879 | |||||||||
Depreciation and amortization | 68,301 | 68,392 | 66,095 | |||||||||
Well Intervention [Member] | Intercompany Elimination [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | (11,489) | (8,442) | (22,855) | |||||||||
Robotics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill impairment charge | $ 45,100 | 45,100 | ||||||||||
Unrealized losses on foreign exchange contracts | 18,300 | |||||||||||
Robotics [Member] | Reportable Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 152,755 | 160,580 | 301,026 | |||||||||
Income (loss) from operations | (42,289) | (72,250) | 27,832 | |||||||||
Net interest expense | (30) | (25) | 29 | |||||||||
Income (loss) before income taxes | (40,271) | (73,533) | 2,454 | |||||||||
Income tax provision (benefit) | (11,972) | (9,948) | 515 | |||||||||
Capital expenditures | 648 | 720 | 10,700 | |||||||||
Depreciation and amortization | 23,626 | 25,848 | 26,724 | |||||||||
Robotics [Member] | Intercompany Elimination [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | (30,576) | (30,914) | (31,618) | |||||||||
Production Facilities [Member] | HP I [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset impairment charges | 133,400 | |||||||||||
Production Facilities [Member] | Reportable Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net revenues | 64,352 | 72,358 | 75,948 | |||||||||
Income (loss) from operations | 28,172 | 33,861 | (106,847) | |||||||||
Net interest expense | 0 | 0 | 385 | |||||||||
Income (loss) before income taxes | 25,804 | 31,695 | (231,577) | |||||||||
Income tax provision (benefit) | 9,032 | 11,093 | (81,052) | |||||||||
Capital expenditures | 0 | 74 | 1,867 | |||||||||
Depreciation and amortization | $ 13,936 | $ 13,952 | $ 21,340 |
Business Segment Information 85
Business Segment Information - Summary Of Intercompany Segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ (163,266) | $ (163,260) | $ (150,329) | $ (104,528) | $ (128,031) | $ (161,245) | $ (107,267) | $ (91,039) | $ (581,383) | $ (487,582) | $ (695,802) |
Intercompany Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 42,065 | 39,356 | 54,473 | ||||||||
Intercompany Elimination [Member] | Well Intervention [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 11,489 | 8,442 | 22,855 | ||||||||
Intercompany Elimination [Member] | Robotics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 30,576 | $ 30,914 | $ 31,618 |
Business Segment Information 86
Business Segment Information - Revenue By Geographical Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 163,266 | $ 163,260 | $ 150,329 | $ 104,528 | $ 128,031 | $ 161,245 | $ 107,267 | $ 91,039 | $ 581,383 | $ 487,582 | $ 695,802 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 283,933 | 298,279 | 298,391 | ||||||||
North Sea [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 159,961 | 137,313 | 263,438 | ||||||||
United Kingdom [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 156,000 | 123,600 | 187,700 | ||||||||
Brazil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 70,710 | 2,543 | 28,487 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 66,779 | $ 49,447 | $ 105,486 |
Business Segment Information 87
Business Segment Information - Property And Equipment Net Of Accumulated Depreciation By Geographic Region (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 1,805,989 | $ 1,651,610 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 894,680 | 956,458 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 270,499 | 299,699 |
Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 334,454 | 123,461 |
Singapore [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 295,798 | 194,649 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 10,558 | $ 77,343 |
Business Segment Information 88
Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,362,837 | $ 2,246,941 |
Reportable Segments [Member] | Well Intervention [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,830,733 | 1,596,517 |
Reportable Segments [Member] | Robotics [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 179,853 | 186,901 |
Reportable Segments [Member] | Production Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 138,292 | 158,192 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 213,959 | $ 305,331 |
Commitments And Contingencies89
Commitments And Contingencies And Other Matters - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($)renewal_option | Feb. 28, 2014vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Total investment | $ 2,695,772 | $ 2,450,890 | |||
Total rental expense | 114,500 | 87,800 | $ 134,300 | ||
Total rental income | 1,300 | $ 1,600 | $ 1,400 | ||
Minimum rentals to be received in the future | 1,400 | ||||
Scotland [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Term of lease agreement | 15 years | ||||
Number of renewal options | renewal_option | 2 | ||||
Term of renewal option | 5 years | ||||
Annual minimum lease payment | $ 800 | ||||
Q7000 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Total investment | $ 295,800 | ||||
Q7000 [Member] | Contract Signing [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of contract price | 20.00% | ||||
Q7000 [Member] | Due 2016 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of contract price | 20.00% | ||||
Q7000 [Member] | Due December 2017 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of contract price | 20.00% | ||||
Q7000 [Member] | Due December 31, 2018 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of contract price | 20.00% | ||||
Q7000 [Member] | Vessel Delivery [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of contract price | 20.00% | ||||
Monohull Vessels [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of chartered vessels | vessel | 2 | ||||
Topside Equipment [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Total investment | $ 309,800 | ||||
Shipyard In Singapore [Member] | Q7000 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Total investment | $ 207,600 | ||||
Siem [Member] | Monohull Vessels [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Term of charter agreement | 7 years | ||||
Petrobras [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Term of contract | 4 years |
Commitments And Contingencies90
Commitments And Contingencies And Other Matters - Lease Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 128,018 |
2,019 | 123,085 |
2,020 | 105,180 |
2,021 | 93,131 |
2,022 | 88,395 |
Thereafter | 61,279 |
Total lease commitments | 599,088 |
Vessels [Member] | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 121,811 |
2,019 | 117,731 |
2,020 | 100,373 |
2,021 | 88,425 |
2,022 | 83,617 |
Thereafter | 45,858 |
Total lease commitments | 557,815 |
Facilities and Other [Member] | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 6,207 |
2,019 | 5,354 |
2,020 | 4,807 |
2,021 | 4,706 |
2,022 | 4,778 |
Thereafter | 15,421 |
Total lease commitments | $ 41,273 |
Statement Of Cash Flow Inform91
Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid, net of interest capitalized | $ 10,367 | $ 18,749 | $ 14,555 |
Income taxes paid | $ 6,015 | $ 5,635 | $ 16,905 |
Statement Of Cash Flow Inform92
Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Non-cash capital expenditures | $ 16.9 | $ 10.1 |
Allowance Accounts - Summary Of
Allowance Accounts - Summary Of Activity In Valuation Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Adjustments | $ (20,600) | ||
Allowance for Uncollectible Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the beginning of period | $ 1,778 | $ 350 | 4,735 |
Additions | 1,206 | 1,778 | 3,275 |
Deductions | (232) | (350) | (7,660) |
Adjustments | 0 | 0 | 0 |
Balance at the end of period | 2,752 | 1,778 | 350 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at the beginning of period | 3,771 | 1,936 | 23,076 |
Additions | 2,788 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Adjustments | 5,778 | 1,835 | (21,140) |
Balance at the end of period | $ 12,337 | $ 3,771 | $ 1,936 |
Allowance Accounts - Narrative
Allowance Accounts - Narrative (Details) $ in Millions | Dec. 31, 2016USD ($) |
Valuation and Qualifying Accounts [Abstract] | |
Allowance for note receivable | $ 4.2 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | $ 7,743 | $ 38,470 |
Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 12,467 | 38,170 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 751 | |
Note Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,758 | |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 966 | 451 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Note Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | 7,743 | 38,470 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 12,467 | 38,170 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 751 | |
Fair Value, Inputs, Level 2 [Member] | Note Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3,758 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 966 | 451 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Note Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values And Estimated Fair Values Of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Mar. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | $ 520,329 | ||||
Former Term Loan Maturing June 2018 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 0 | $ 192,258 | |||
Fair value | 0 | 192,258 | |||
Term Loan Maturing June 2020 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 97,500 | $ 100,000 | 0 | ||
Fair value | 98,231 | 0 | |||
Nordea Q5000 Loan Maturing April 2020 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 160,714 | 196,429 | |||
Fair value | 160,111 | 192,746 | |||
MARAD Debt Maturing February 2027 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 77,000 | 83,222 | |||
Fair value | 82,058 | 92,049 | |||
Convertible Senior Notes Maturing May 2022 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 125,000 | 125,000 | $ 125,000 | ||
Fair value | 124,219 | 130,156 | |||
Convertible Senior Notes Maturing March 2032 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 60,115 | 60,115 | $ 200,000 | ||
Fair value | 60,040 | 59,965 | |||
Total Debt [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 520,329 | 657,024 | |||
Fair value | $ 524,659 | $ 667,174 |
Derivative Instruments And He97
Derivative Instruments And Hedging Activities - Derivative Instruments Designated As Hedging Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Asset derivative instruments designated as hedging instruments | $ 966 | $ 451 |
Liability derivative instruments designated as hedging instruments | 12,467 | 28,190 |
Other Assets, Net [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivative instruments designated as hedging instruments | 655 | 451 |
Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivative instruments designated as hedging instruments | 0 | 751 |
Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivative instruments designated as hedging instruments | 7,492 | 14,056 |
Other Non-Current Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivative instruments designated as hedging instruments | $ 4,975 | $ 13,383 |
Derivative Instruments And He98
Derivative Instruments And Hedging Activities - Derivative Instruments Not Designated As Hedging Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Liability derivative instruments not designated as hedging instruments | $ 6,308 | $ 10,731 |
Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Liability derivative instruments not designated as hedging instruments | 3,133 | 3,923 |
Other Non-Current Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Liability derivative instruments not designated as hedging instruments | $ 3,175 | $ 6,808 |
Derivative Instruments And He99
Derivative Instruments And Hedging Activities - Narrative (Details) NOK in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015NOK | Jun. 30, 2015USD ($) | Sep. 30, 2013USD ($) | |
Derivative [Line Items] | |||||||
Unrealized losses related to foreign exchange contracts | $ 18 | ||||||
Loss in Accumulated OCI to be reclassified within twelve months | $ 4.7 | ||||||
Grand Canyon II [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount | NOK | NOK 434.1 | ||||||
Grand Canyon III [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount | NOK | NOK 185.2 | ||||||
Interest Rate Swaps [Member] | Former Term Loan Maturing June 2018 [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 148.1 | ||||||
Interest Rate Swaps [Member] | Nordea Q5000 Loan Maturing April 2020 [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 187.5 | ||||||
Other Income (Expense), Net [Member] | |||||||
Derivative [Line Items] | |||||||
Gains (losses) on hedge ineffectiveness | $ 0 | $ 0.1 | $ (5.1) |
Derivative Instruments And H100
Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Designated As Hedging Instruments On Accumulated OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) | $ 10,514 | $ 9,870 | $ 4,200 |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) | 9,732 | 9,397 | 4,734 |
Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) | $ 782 | $ 473 | $ (534) |
Derivative Instruments And H101
Derivative Instruments And Hedging Activities - Loss Reclassified From Accumulated OCI Into Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | $ (12,915) | $ (12,851) | $ (13,659) |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | (12,300) | (10,827) | (11,516) |
Interest Rate Swaps [Member] | Net Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | $ (615) | $ (2,024) | $ (2,143) |
Derivative Instruments And H102
Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Not Designated As Hedging Instruments On Consolidated Statement Of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Earnings on Derivative Instruments | $ 818 | $ 1,198 | $ (18,014) |
Foreign Exchange Contracts [Member] | Other Income (Expense), Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Earnings on Derivative Instruments | $ 818 | $ 1,198 | $ (18,014) |
Quarterly Financial Informat103
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 163,266 | $ 163,260 | $ 150,329 | $ 104,528 | $ 128,031 | $ 161,245 | $ 107,267 | $ 91,039 | $ 581,383 | $ 487,582 | $ 695,802 |
Gross profit (loss) | 23,483 | 21,141 | 18,367 | (825) | 17,604 | 40,184 | 5,658 | (16,930) | $ 62,166 | $ 46,516 | $ (233,774) |
Net income (loss) | $ 50,580 | $ 2,290 | $ (6,403) | $ (16,415) | $ (54,413) | $ 11,462 | $ (10,671) | $ (27,823) | |||
Basic earnings (loss) per common share (in dollars per share) | $ 0.34 | $ 0.02 | $ (0.04) | $ (0.11) | $ (0.46) | $ 0.10 | $ (0.10) | $ (0.26) | $ 0.20 | $ (0.73) | $ (3.58) |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.34 | $ 0.02 | $ (0.04) | $ (0.11) | $ (0.46) | $ 0.10 | $ (0.10) | $ (0.26) | $ 0.20 | $ (0.73) | $ (3.58) |
Quarterly Financial Information [Line Items] | |||||||||||
Income tax benefit due to U.S. tax law changes | $ 51,600 | ||||||||||
Goodwill impairment | $ 0 | $ 45,107 | $ 16,399 | ||||||||
Robotics [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Goodwill impairment | $ 45,100 | $ 45,100 |