Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000098222 | |
Entity Registrant Name | TIDEWATER INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-6311 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-0487776 | |
Entity Address, Address Line One | 842 West Sam Houston Parkway North, Suite 400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77024 | |
City Area Code | 713 | |
Local Phone Number | 470-5300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 52,762,223 | |
Warrants to Purchase Shares of Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase shares of common stock | |
Trading Symbol | TDW.WS | |
Security Exchange Name | NYSE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | TDW | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 280,853 | $ 274,437 |
Restricted cash | 6,474 | 1,241 |
Trade and other receivables, net of allowance for credit losses of $3,687 and $15,914 at March 31, 2024 and December 31, 2023, respectively | 285,968 | 268,352 |
Marine operating supplies | 24,767 | 31,933 |
Prepaid expenses and other current assets | 17,447 | 15,172 |
Total current assets | 615,509 | 591,135 |
Net properties and equipment | 1,286,618 | 1,315,122 |
Deferred drydocking and survey costs | 128,639 | 106,698 |
Other assets | 30,408 | 32,449 |
Total assets | 2,077,816 | 2,062,774 |
Current liabilities: | ||
Accounts payable | 51,774 | 44,931 |
Accrued expenses | 132,190 | 125,590 |
Current portion of long-term debt | 103,009 | 103,077 |
Other current liabilities | 52,164 | 55,133 |
Total current liabilities | 339,137 | 328,731 |
Long-term debt | 620,329 | 631,361 |
Other liabilities | 63,197 | 64,985 |
Commitments and contingencies | ||
Equity: | ||
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,759,223 and 52,259,303 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 53 | 52 |
Additional paid-in capital | 1,646,061 | 1,671,759 |
Accumulated deficit | (594,347) | (637,838) |
Accumulated other comprehensive income | 5,209 | 5,266 |
Total stockholders’ equity | 1,056,976 | 1,039,239 |
Noncontrolling interests | (1,823) | (1,542) |
Total equity | 1,055,153 | 1,037,697 |
Total liabilities and equity | 2,077,816 | 2,062,774 |
Swire Pacific Offshore Holdings Ltd. [Member] | ||
Current assets: | ||
Indemnification assets | $ 16,642 | $ 17,370 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for credit losses | $ 3,687 | $ 15,914 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 52,759,223 | 52,259,303 |
Common stock, shares outstanding (in shares) | 52,759,223 | 52,259,303 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenue | $ 321,164 | $ 193,104 |
Costs and expenses: | ||
Vessel operating costs | 167,556 | 115,459 |
Costs of other operating revenues | 1,150 | 1,151 |
General and administrative | 25,329 | 23,545 |
Depreciation and amortization | 56,270 | 30,666 |
Gain on asset dispositions, net | (11,039) | (2,216) |
Total costs and expenses | 239,266 | 168,605 |
Operating income | 81,898 | 24,499 |
Other income (expense): | ||
Foreign exchange gain (loss) | (4,085) | 2,348 |
Equity in net losses of unconsolidated companies | (5) | 0 |
Interest income and other, net | 1,483 | 130 |
Interest and other debt costs, net | (19,476) | (4,190) |
Total other expense | (22,083) | (1,712) |
Income before income taxes | 59,815 | 22,787 |
Income tax expense | 13,070 | 11,971 |
Net income | 46,745 | 10,816 |
Net income (loss) attributable to noncontrolling interests | (281) | 78 |
Net income attributable to Tidewater Inc. | $ 47,026 | $ 10,738 |
Basic income per common share (in dollars per share) | $ 0.9 | $ 0.21 |
Diluted income per common share (in dollars per share) | $ 0.89 | $ 0.21 |
Weighted average common shares outstanding (in shares) | 52,320 | 50,604 |
Dilutive effect of warrants, restricted stock units and stock options (in shares) | 580 | 1,368 |
Adjusted weighted average common shares (in shares) | 52,900 | 51,972 |
Vessel [Member] | ||
Revenues: | ||
Revenue | $ 318,686 | $ 191,180 |
Product and Service, Other [Member] | ||
Revenues: | ||
Revenue | $ 2,478 | $ 1,924 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 46,745 | $ 10,816 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on note receivable | 80 | (132) |
Change in liability of pension plans | (137) | (190) |
Total comprehensive income | $ 46,688 | $ 10,494 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net income | $ 46,745 | $ 10,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 38,811 | 21,048 |
Amortization of deferred drydocking and survey costs | 17,459 | 9,618 |
Amortization of debt premium and discounts | 1,814 | 420 |
Amortization of below market contracts | (1,206) | 0 |
Provision for deferred income taxes | 73 | 35 |
Gain on asset dispositions, net | (11,039) | (2,216) |
Stock-based compensation expense | 2,766 | 2,103 |
Changes in assets and liabilities, net of effects of business acquisition: | ||
Trade and other receivables | (17,616) | (25,733) |
Accounts payable | 6,843 | 25,829 |
Accrued expenses | 6,600 | 1,830 |
Deferred drydocking and survey costs | (40,018) | (31,325) |
Other, net | 3,533 | 369 |
Net cash provided by operating activities | 54,765 | 12,794 |
Cash flows from investing activities: | ||
Proceeds from asset dispositions | 12,463 | 5,716 |
Additions to properties and equipment | (10,942) | (8,651) |
Net cash provided by (used in) investing activities | 1,521 | (2,935) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (12,500) | 0 |
Purchase of common stock | (3,501) | 0 |
Acquisition of non-controlling interest in a majority owned subsidiary | 0 | (1,427) |
Debt issuance costs | (135) | 0 |
Share based awards reacquired to pay taxes | (28,462) | (3,747) |
Net cash used in financing activities | (44,598) | (5,174) |
Net change in cash, cash equivalents and restricted cash | 11,688 | 4,685 |
Cash, cash equivalents and restricted cash at beginning of period | 277,965 | 167,977 |
Cash, cash equivalents and restricted cash at end of period | 289,653 | 172,662 |
Restricted Cash | 2,300 | |
Supplemental disclosure of cash flow information: | ||
Interest, net of amounts capitalized | 15,621 | 98 |
Income taxes | $ 15,603 | $ 17,057 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at December 31, 2023 and 2022 at Dec. 31, 2022 | $ 51 | $ 1,556,990 | $ (699,649) | $ 8,576 | $ 22 | $ 865,990 |
Total comprehensive income (loss) | 0 | 0 | 10,738 | (322) | 78 | 10,494 |
Amortization of share-based awards | 0 | (1,644) | 0 | 0 | 0 | (1,644) |
Acquisition of non-controlling interest in a majority owned subsidiary | 0 | (1,427) | 0 | 0 | 0 | (1,427) |
Balance at March 31, 2024 and 2023 at Mar. 31, 2023 | 51 | 1,553,919 | (688,911) | 8,254 | 100 | 873,413 |
Balance at December 31, 2023 and 2022 at Dec. 31, 2023 | 52 | 1,671,759 | (637,838) | 5,266 | (1,542) | 1,037,697 |
Total comprehensive income (loss) | 0 | 0 | 47,026 | (57) | (281) | 46,688 |
Issuance of common stock | 1 | (1) | 0 | 0 | 0 | 0 |
Repurchase and retirement of common stock | 0 | 0 | (3,535) | 0 | 0 | (3,535) |
Amortization of share-based awards | 0 | (25,697) | 0 | 0 | 0 | (25,697) |
Balance at March 31, 2024 and 2023 at Mar. 31, 2024 | $ 53 | $ 1,646,061 | $ (594,347) | $ 5,209 | $ (1,823) | $ 1,055,153 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 INTERIM FINANCIAL STATEMENTS The accompanying unaudited condensed consolidated financial statements reflect the financial position, results of operations, comprehensive income, cash flows, and changes in stockholders’ equity of Tidewater Inc., a Delaware corporation, and its consolidated subsidiaries, collectively referred to as the “company”, “Tidewater”, “we”, “our”, or “us”. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10 December 31, 2023 February 29, 2024 2023 not may Our quarterly results for the three March 31, 2024 December 31, 2023 10Q third 2023. July 5, 2023, July 2028. 8 We have determined that, under the provisions of FASB Accounting Standard Codification (ASC) 805, Our financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all subsidiaries (entities in which we have a controlling financial interest), and all intercompany accounts and transactions have been eliminated. We use the equity method to account for equity investments over which we exercise significant influence but do not not Certain prior year amounts have been reclassified to conform to the current year presentation. Unless otherwise specified, all per share information included in this document is on a diluted basis. |
Note 2 - Recently Issued or Ado
Note 2 - Recently Issued or Adopted Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 2 RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS In November 2023, 2023 07, December 15, 2023 December 15, 2024. In December 2023, 2023 09, December 15, 2024. |
Note 3 - Allowance for Credit L
Note 3 - Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | ( 3 ALLOWANCE FOR CREDIT LOSSES Expected credit losses are recognized on the initial recognition of our trade accounts receivable and contract assets. In each subsequent reporting period, even if a loss has not Activity in the allowance for credit losses for the three March 31, 2024 Trade (In Thousands) and Other Receivables Balance at January 1, 2024 $ 15,914 Current period credit for expected credit losses (987 ) Write offs (A) (10,908 ) Other (332 ) Balance at March 31, 2024 $ 3,687 (A) Write off of the remaining balance due from our Nigerian joint venture. |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 4 REVENUE RECOGNITION See “Note ( 12 Contract Balances At March 31, 2024 At March 31, 2024 2024 2026. |
Note 5 - Stockholders' Equity a
Note 5 - Stockholders' Equity and Dilutive Equity Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | ( 5 STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS Earnings per share For the three March 31, 2024 2023, Accumulated Other Comprehensive Income The following tables present the changes in accumulated other comprehensive income (OCI) by component, net of tax: (In Thousands) Three Months Ended March 31, 2024 March 31, 2023 Balance at December 31, 2023 and 2022 $ 5,266 $ 8,576 Unrealized gain (loss) on note receivable 80 (132 ) Pension benefits recognized in OCI (137 ) (190 ) Balance at March 31, 2024 and 2023 $ 5,209 $ 8,254 Dilutive Equity Instruments The following table presents the changes in the number of common shares, incremental “in-the-money” warrants, restricted stock units and stock options outstanding: Total shares outstanding including warrants, restricted stock units and stock options March 31, 2024 March 31, 2023 Common shares outstanding 52,759,223 50,780,847 New creditor warrants (strike price $ 0.001 81,244 81,244 GulfMark creditor warrants (strike price $ 0.01 88,887 107,877 Restricted stock units and stock options 582,908 1,637,393 Total 53,512,262 52,607,361 We also have 783,009 “out-of-the-money” warrants outstanding and exercisable for 861,310 shares (based on a 1 1.1 March 31, 2024 November 24, 2024. August 1, 2023, July 31, 2023. July 2023, July 31, 2023. No Common Stock Repurchases In February 2024, March 31, 2024, |
Note 6 - Income Taxes
Note 6 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 6 INCOME TAXES Income tax rates and taxation systems in the jurisdictions where we and our subsidiaries conduct business vary and our subsidiaries are frequently subjected to minimum taxation regimes. In some jurisdictions, tax liabilities are based on gross revenues, statutory deemed profits or other factors, rather than on net income. We use a discrete effective tax rate method to calculate taxes for interim periods instead of applying the annual effective tax rate to an estimate of the full fiscal year due to the level of volatility and unpredictability of earnings in our industry, both overall and by jurisdiction. For the three March 31, 2024 The tax liabilities for uncertain tax positions are primarily attributable to permanent establishment issues related to foreign jurisdictions, subpart F income inclusions and withholding taxes on foreign services. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. As of December 31, 2023 March 31, 2024 March 31, 2024 2022 Management assesses all available positive and negative evidence to permit use of existing deferred tax assets. With limited exceptions, we are no March 2017. not |
Note 7 - Employee Benefit Plans
Note 7 - Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 7 EMPLOYEE BENEFIT PLANS U.S. Defined Benefit Pension Plan We sponsor a defined benefit pension plan (pension plan) that was frozen in 2010 not 2019. Supplemental Executive Retirement Plan We support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) that was closed to new participants during 2010. three March 31, 2024 2023 2024. March 31, 2024 December 31, 2023 Net Periodic Benefit Costs The net periodic benefit cost for our defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) is comprised of the following components: (In Thousands) Three Months Ended March 31, 2024 March 31, 2023 Pension Benefits: Interest cost $ 630 $ 846 Expected return on plan assets (445 ) (688 ) Amortization of net actuarial gains (30 ) (66 ) Net periodic pension cost $ 155 $ 92 The components of the net periodic pension cost are included in the caption “Interest income and other, net.” |
Note 8 - Debt
Note 8 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 DEBT The following is a summary of all debt outstanding: (In Thousands) March 31, 2024 December 31, 2023 Senior bonds: Senior Secured Term Loan (A) $ 300,000 $ 312,500 10.375 250,000 250,000 8.50 175,000 175,000 Supplier Facility Agreements 13,836 14,151 $ 738,836 $ 751,651 Debt discount and issuance costs (15,498 ) (17,213 ) Less: Current portion of long-term debt (103,009 ) (103,077 ) Total long-term debt $ 620,329 $ 631,361 (A) As of March 31, 2024 December 31, 2023 3 (B) As of March 31, 2024 December 31, 2023 2 July 2028 (C) As of March 31, 2024 December 31, 2023 2 November 2026 (D) Approximately $5.0 million of the amount in restricted cash on the condensed consolidated balance sheet at March 31, 2024 Senior Secured Term Loan Tidewater entered into a Credit Agreement, by and among Tidewater, as parent guarantor, TDW International Vessels (Unrestricted), LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“TDW International”), as borrower, certain other unrestricted subsidiaries of Tidewater, as other security parties, the lenders party thereto, DNB Bank ASA, New York Branch (“DNB Bank”), as facility agent and DNB Markets, Inc. (“DNB Markets”), as bookrunner and mandated lead arranger (the “Credit Agreement”), which was fully drawn on July 5, 2023, The Senior Secured Term Loan is composed of a $100.0 million Tranche A loan and a $225.0 million Tranche B loan, each maturing on July 5, 2026. July 2024, three may 100% 66% 50% The Credit Agreement contains three not 2:1. 10.375% Senior Unsecured Notes due July 2028 On July 3, 2023, 99%, 1933, The Senior Unsecured Notes were issued pursuant to the Bond Terms, dated as of June 30, 2023 not The Senior Unsecured Notes matures on July 3, 2028. January 3 July 3 January 3, 2024. July 3, 2025 The Senior Unsecured Notes contain two November 16, 2023, 20 8.5% November 2026 The 2026 November 15, 2021 ( 2026 The 2026 The 2026 November 16, 2026. 2026 May November 2026 May 16, 2024 The 2026 two 2026 Supplier Facility Agreements We signed agreements for the construction of ten may March 31, 2024 EUR13.9 four ten first six three four fourth 2023 fourth second 2024. no Credit Facility Agreement We have entered into a Credit Facility Agreement providing for a Super Senior Secured Revolving Credit Facility maturing on November 16, 2026 2026 . |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 9 COMMITMENTS AND CONTINGENCIES Currency Devaluation and Fluctuation Risk Due to our international operations, we are exposed to foreign currency exchange rate fluctuations against the U.S. dollar. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk for changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not not Legal Proceedings We are named defendants or parties in certain lawsuits, claims or proceedings incidental to our business and involved from time to time as parties to governmental investigations or proceedings arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | ( 10 FAIR VALUE MEASUREMENTS Other Financial Instruments Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. In the second 2022, seven three March 31, 2024 March 31, 2024 2. |
Note 11 - Properties and Equipm
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block] | ( 11 PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES As of March 31, 2024 December 31, 2023 EUR2.7 may 2024 2025 EUR10.7 A summary of properties and equipment is as follows: (In Thousands) March 31, 2024 December 31, 2023 Properties and equipment: Vessels and related equipment $ 1,712,643 $ 1,716,339 Other properties and equipment 41,625 32,447 1,754,268 1,748,786 Less accumulated depreciation and amortization 467,650 433,664 Properties and equipment, net $ 1,286,618 $ 1,315,122 A summary of accrued expenses is as follows: (In Thousands) March 31, 2024 December 31, 2023 Payroll and related payables $ 38,936 $ 34,989 Accrued vessel expenses 46,381 48,076 Accrued interest expense 19,202 17,128 Other accrued expenses 27,671 25,397 $ 132,190 $ 125,590 A summary of other current liabilities is as follows: (In Thousands) March 31, 2024 December 31, 2023 Taxes payable $ 43,164 $ 44,461 Other 9,000 10,672 $ 52,164 $ 55,133 A summary of other liabilities is as follows: (In Thousands) March 31, 2024 December 31, 2023 Pension liabilities $ 19,094 $ 19,003 Liability for uncertain tax positions 24,742 27,319 Other 19,361 18,663 $ 63,197 $ 64,985 |
Note 12 - Segment and Geographi
Note 12 - Segment and Geographic Distribution of Operations | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 12 SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS Each of our five The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the three March 31, 2024 2023 (In Thousands) Three Months Ended March 31, 2024 March 31, 2023 Revenues: Vessel revenues: Americas $ 63,941 $ 47,687 Asia Pacific 47,781 22,024 Middle East 37,932 30,762 Europe/Mediterranean 80,381 31,250 West Africa 88,651 59,457 Other operating revenues 2,478 1,924 Total $ 321,164 $ 193,104 Vessel operating profit (loss): Americas $ 10,126 $ 7,962 Asia Pacific 14,847 5,568 Middle East 1,529 (344 ) Europe/Mediterranean 14,757 2,036 West Africa 41,010 17,221 Other operating profit 1,328 773 83,597 33,216 Corporate expenses (12,738 ) (10,933 ) Gain on asset dispositions, net 11,039 2,216 Operating income $ 81,898 $ 24,499 Depreciation and amortization: Americas $ 10,943 $ 8,194 Asia Pacific 4,032 1,465 Middle East 7,273 5,735 Europe/Mediterranean 21,438 7,350 West Africa 11,838 7,521 Corporate 746 401 Total $ 56,270 $ 30,666 Additions to properties and equipment: Americas $ 3,495 $ 521 Asia Pacific 194 4,403 Middle East 834 1,550 Europe/Mediterranean 5,493 232 West Africa 211 589 Corporate 715 1,356 Total $ 10,942 $ 8,651 The following table provides a comparison of total assets at March 31, 2024 December 31, 2023 (In Thousands) March 31, 2024 December 31, 2023 Total assets: Americas $ 388,140 $ 418,151 Asia Pacific 193,734 167,085 Middle East 183,945 191,927 Europe/Mediterranean 669,886 671,626 West Africa 438,677 421,054 Corporate 203,434 192,931 $ 2,077,816 $ 2,062,774 |
Note 13 - Asset Dispositions, A
Note 13 - Asset Dispositions, Assets Held for Sale and Asset Impairments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | ( 13 ASSET DISPOSITIONS, ASSETS HELD FOR SALE AND ASSET IMPAIRMENTS During the three March 31, 2024 three March 31, 2023, three March 31, 2023 March 31, 2024 December 31, 2023 |
Note 3 - Allowance for Credit_2
Note 3 - Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Trade (In Thousands) and Other Receivables Balance at January 1, 2024 $ 15,914 Current period credit for expected credit losses (987 ) Write offs (A) (10,908 ) Other (332 ) Balance at March 31, 2024 $ 3,687 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity and Dilutive Equity Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Three Months Ended March 31, 2024 March 31, 2023 Balance at December 31, 2023 and 2022 $ 5,266 $ 8,576 Unrealized gain (loss) on note receivable 80 (132 ) Pension benefits recognized in OCI (137 ) (190 ) Balance at March 31, 2024 and 2023 $ 5,209 $ 8,254 |
Schedule of Total Shares Outstanding Including Warrants and Restricted Stock Units [Table Text Block] | Total shares outstanding including warrants, restricted stock units and stock options March 31, 2024 March 31, 2023 Common shares outstanding 52,759,223 50,780,847 New creditor warrants (strike price $ 0.001 81,244 81,244 GulfMark creditor warrants (strike price $ 0.01 88,887 107,877 Restricted stock units and stock options 582,908 1,637,393 Total 53,512,262 52,607,361 |
Note 7 - Employee Benefit Pla_2
Note 7 - Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | (In Thousands) Three Months Ended March 31, 2024 March 31, 2023 Pension Benefits: Interest cost $ 630 $ 846 Expected return on plan assets (445 ) (688 ) Amortization of net actuarial gains (30 ) (66 ) Net periodic pension cost $ 155 $ 92 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | (In Thousands) March 31, 2024 December 31, 2023 Senior bonds: Senior Secured Term Loan (A) $ 300,000 $ 312,500 10.375 250,000 250,000 8.50 175,000 175,000 Supplier Facility Agreements 13,836 14,151 $ 738,836 $ 751,651 Debt discount and issuance costs (15,498 ) (17,213 ) Less: Current portion of long-term debt (103,009 ) (103,077 ) Total long-term debt $ 620,329 $ 631,361 |
Note 11 - Properties and Equi_2
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (In Thousands) March 31, 2024 December 31, 2023 Properties and equipment: Vessels and related equipment $ 1,712,643 $ 1,716,339 Other properties and equipment 41,625 32,447 1,754,268 1,748,786 Less accumulated depreciation and amortization 467,650 433,664 Properties and equipment, net $ 1,286,618 $ 1,315,122 |
Schedule of Accrued Liabilities [Table Text Block] | (In Thousands) March 31, 2024 December 31, 2023 Payroll and related payables $ 38,936 $ 34,989 Accrued vessel expenses 46,381 48,076 Accrued interest expense 19,202 17,128 Other accrued expenses 27,671 25,397 $ 132,190 $ 125,590 |
Other Current Liabilities [Table Text Block] | (In Thousands) March 31, 2024 December 31, 2023 Taxes payable $ 43,164 $ 44,461 Other 9,000 10,672 $ 52,164 $ 55,133 |
Other Liabilities [Table Text Block] | (In Thousands) March 31, 2024 December 31, 2023 Pension liabilities $ 19,094 $ 19,003 Liability for uncertain tax positions 24,742 27,319 Other 19,361 18,663 $ 63,197 $ 64,985 |
Note 12 - Segment and Geograp_2
Note 12 - Segment and Geographic Distribution of Operations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In Thousands) Three Months Ended March 31, 2024 March 31, 2023 Revenues: Vessel revenues: Americas $ 63,941 $ 47,687 Asia Pacific 47,781 22,024 Middle East 37,932 30,762 Europe/Mediterranean 80,381 31,250 West Africa 88,651 59,457 Other operating revenues 2,478 1,924 Total $ 321,164 $ 193,104 Vessel operating profit (loss): Americas $ 10,126 $ 7,962 Asia Pacific 14,847 5,568 Middle East 1,529 (344 ) Europe/Mediterranean 14,757 2,036 West Africa 41,010 17,221 Other operating profit 1,328 773 83,597 33,216 Corporate expenses (12,738 ) (10,933 ) Gain on asset dispositions, net 11,039 2,216 Operating income $ 81,898 $ 24,499 Depreciation and amortization: Americas $ 10,943 $ 8,194 Asia Pacific 4,032 1,465 Middle East 7,273 5,735 Europe/Mediterranean 21,438 7,350 West Africa 11,838 7,521 Corporate 746 401 Total $ 56,270 $ 30,666 Additions to properties and equipment: Americas $ 3,495 $ 521 Asia Pacific 194 4,403 Middle East 834 1,550 Europe/Mediterranean 5,493 232 West Africa 211 589 Corporate 715 1,356 Total $ 10,942 $ 8,651 (In Thousands) March 31, 2024 December 31, 2023 Total assets: Americas $ 388,140 $ 418,151 Asia Pacific 193,734 167,085 Middle East 183,945 191,927 Europe/Mediterranean 669,886 671,626 West Africa 438,677 421,054 Corporate 203,434 192,931 $ 2,077,816 $ 2,062,774 |
Note 1 - Interim Financial St_2
Note 1 - Interim Financial Statements (Details Textual) $ in Millions | Jul. 05, 2023 USD ($) | Mar. 31, 2024 | Jul. 03, 2023 |
Unsecured Debt [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.375% | 10.375% | 10.375% |
Vessels From Solstad Offshore ASA [Member] | |||
Number of Platform Support Vessels | 37 | ||
Payments to Acquire Productive Assets | $ 594.2 |
Note 3 - Allowance for Credit_3
Note 3 - Allowance for Credit Losses - Schedule for Allowance for Credit Losses on Financing Receivables (Details) - Trade Accounts Receivable [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Balance | $ 15,914 | |
Current period credit for expected credit losses | (987) | |
Write offs (A) | (10,908) | [1] |
Other | (332) | |
Balance | $ 3,687 | |
[1]Write off of the remaining balance due from our Nigerian joint venture. |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - Vessel [Member] $ in Millions | Mar. 31, 2024 USD ($) |
Prepaid Expenses and Other Current Assets [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | $ 5.5 |
Other Assets [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 1.8 |
Accounts Payable and Accrued Liabilities [Member] | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 5.7 |
Other Liabilities [Member] | |
Contract with Customer, Liability, Noncurrent | $ 2.6 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity and Dilutive Equity Instruments (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2023 | Mar. 31, 2024 | Feb. 29, 2024 | Mar. 31, 2023 | |
Share Repurchase Program [Member] | ||||
Share Repurchase Program, Authorized, Amount | $ 48.6 | |||
Stock Repurchased and Retired During Period, Shares (in shares) | 38,831 | |||
Stock Repurchased and Retired During Period, Value | $ 3.5 | |||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 90.15 | |||
Out-of-the-money Warrants [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 783,009 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 861,310 | |||
New Creditor Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | ||
GLF Equity Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 100 | |||
Series A Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 57.06 | |||
Series B Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 62.28 | |||
Series A and B Warrants [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 2,000,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,900,000 | |||
Proceeds from Warrant Exercises | $ 111.5 | |||
Class of Warrant or Right, Expired (in shares) | 3,100,000 |
Note 5 - Stockholders' Equity_4
Note 5 - Stockholders' Equity and Dilutive Equity Instruments - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at December 31, 2023 and 2022 | $ 1,037,697 | $ 865,990 |
Unrealized gain (loss) on note receivable | 80 | (132) |
Balance at March 31, 2024 and 2023 | 1,055,153 | 873,413 |
AOCI Attributable to Parent [Member] | ||
Balance at December 31, 2023 and 2022 | 5,266 | 8,576 |
Unrealized gain (loss) on note receivable | 80 | (132) |
Balance at March 31, 2024 and 2023 | 5,209 | 8,254 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Before reclassifications | $ (137) | $ (190) |
Note 5 - Stockholders' Equity_5
Note 5 - Stockholders' Equity and Dilutive Equity Instruments - Dilutive Equity Instruments (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Common stock, shares outstanding (in shares) | 52,759,223 | 52,259,303 | 50,780,847 |
Total (in shares) | 53,512,262 | 52,607,361 | |
Restricted Stock Units and Stock Options [Member] | |||
Common stock shares reserved (in shares) | 582,908 | 1,637,393 | |
New Creditor Warrants [Member] | |||
Common stock shares reserved (in shares) | 81,244 | 81,244 | |
GulfMark Creditor Warrants [Member] | |||
Common stock shares reserved (in shares) | 88,887 | 107,877 |
Note 5 - Stockholders' Equity_6
Note 5 - Stockholders' Equity and Dilutive Equity Instruments - Dilutive Equity Instruments (Details) (Parentheticals) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
New Creditor Warrants [Member] | ||
Strike price per common share (in dollars per share) | $ 0.001 | $ 0.001 |
GulfMark Creditor Warrants [Member] | ||
Strike price per common share (in dollars per share) | $ 0.01 | $ 0.01 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Tax Assets, Net | $ 601 | $ 589.5 |
Deferred Tax Assets, Valuation Allowance | 603.3 | $ 591.7 |
SPO [Member] | ||
Deferred Tax Assets, Net | 80.1 | |
Deferred Tax Assets, Valuation Allowance | $ 80.1 |
Note 7 - Employee Benefit Pla_3
Note 7 - Employee Benefit Plans (Details Textual) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.4 | $ 0.4 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1.2 | ||
Defined Benefit Plan, Benefit Obligation | $ 17.1 | $ 17.3 |
Note 7 - Employee Benefit Pla_4
Note 7 - Employee Benefit Plans - Net Periodic Benefit Costs (Details) - Pension Plan And Supplemental Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest cost | $ 630 | $ 846 |
Expected return on plan assets | (445) | (688) |
Amortization of net actuarial gains | (30) | (66) |
Net periodic pension cost | $ 155 | $ 92 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Thousands, € in Millions | Jul. 05, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Jul. 03, 2023 USD ($) | Nov. 16, 2021 USD ($) |
Restricted Cash, Current | $ 6,474 | $ 1,241 | ||||
Long-Term Debt, Gross | 738,836 | 751,651 | ||||
Long-Term Debt, Current Maturities | 103,009 | 103,077 | ||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||
Long-Term Line of Credit | 0 | |||||
Nordic Bond [Member] | ||||||
Long-Term Debt, Fair Value | $ 182,200 | 181,700 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | 8.50% | |||
Restricted Cash, Current | $ 5,000 | |||||
Debt Instrument, Covenant, Minimum Free Liquidity Amount | $ 20,000 | |||||
Debt Instrument, Covenant, Minimum Free Liquidity, Percentage of Net Interest Bearing Debt | 10% | |||||
Debt Instrument, Covenant, Percentage of Minimum Equity Ratio | 30% | |||||
Nordic Bond [Member] | GOLP and TMII [Member] | ||||||
Debt Instrument, Collateral, Percentage of Equity Interests | 66% | |||||
Supplier Facility Agreements [Member] | ||||||
Debt Instrument, Face Amount | 15,200 | € 13.9 | ||||
Long-Term Debt, Gross | $ 13,836 | 14,151 | ||||
Supplier Facility Agreements [Member] | Maximum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | ||||
Supplier Facility Agreements [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | 2.70% | ||||
Secured Debt [Member] | ||||||
Long-Term Debt, Fair Value | $ 301,300 | 313,700 | ||||
Debt Instrument, Face Amount | $ 325,000 | |||||
Long-Term Debt, Gross | 318,300 | 300,000 | 312,500 | |||
Debt Instrument, Covenant, Free Liquidity Test, Amount | $ 20,000 | |||||
Debt Instrument, Covenant, Free Liquidity Test, Percentage | 10% | |||||
Debt Instrument, Covenant, Minimum Equity Ratio | 30% | |||||
Secured Debt [Member] | Tranche A Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 100,000 | |||||
Long-Term Debt, Current Maturities | 50,000 | |||||
Long-Term Line of Credit, Noncurrent | $ 50,000 | |||||
Secured Debt [Member] | Tranche A Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5% | |||||
Secured Debt [Member] | Tranche A Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 8% | |||||
Secured Debt [Member] | Tranche B Term Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 225,000 | |||||
Debt Instrument, Term (Year) | 3 years | |||||
Secured Debt [Member] | Tranche B Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||
Unsecured Debt [Member] | ||||||
Long-Term Debt, Fair Value | $ 267,600 | 260,200 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.375% | 10.375% | 10.375% | 10.375% | ||
Debt Instrument, Face Amount | $ 250,000 | |||||
Long-Term Debt, Gross | $ 250,000 | $ 250,000 | 243,100 | |||
Debt Instrument, Covenant, Free Liquidity Test, Amount | $ 20,000 | |||||
Debt Instrument, Covenant, Free Liquidity Test, Percentage | 10% | |||||
Debt Instrument, Covenant, Minimum Equity Ratio | 30% |
Note 8 - Debt - Summary of Debt
Note 8 - Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 05, 2023 | Jul. 03, 2023 |
Long-term debt, gross | $ 738,836 | $ 751,651 | ||
Debt discount and issuance costs | (15,498) | (17,213) | ||
Less: Current portion of long-term debt | (103,009) | (103,077) | ||
Total long-term debt | 620,329 | 631,361 | ||
Supplier Facility Agreements [Member] | ||||
Long-term debt, gross | 13,836 | 14,151 | ||
Secured Debt [Member] | ||||
Long-term debt, gross | 300,000 | 312,500 | $ 318,300 | |
Unsecured Debt [Member] | ||||
Long-term debt, gross | 250,000 | 250,000 | $ 243,100 | |
Nordic Bond [Member] | ||||
Long-term debt, gross | $ 175,000 | $ 175,000 |
Note 8 - Debt - Summary of De_2
Note 8 - Debt - Summary of Debt Outstanding (Details) (Parentheticals) | Mar. 31, 2024 | Jul. 05, 2023 | Jul. 03, 2023 |
Unsecured Debt [Member] | |||
Interest rate | 10.375% | 10.375% | 10.375% |
Nordic Bond [Member] | |||
Interest rate | 8.50% |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2022 | |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment and Tax | $ 0.1 | |
Debt Security, Corporate, Non-US [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | |
PEMEX [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 8.4 | $ 8.6 |
Note 11 - Properties and Equi_3
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities (Details Textual) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 | |
Number of Vessels | 214 | 214 | 217 |
Alucat Crew Boats [Member] | |||
Number of Vessels | 6 | 6 | |
Down Payment To Start Construction On Crew Boats | $ 2.9 | € 2.7 | |
Expected Cost of Boats | $ 11.6 | € 10.7 |
Note 11 - Properties and Equi_4
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Vessels and related equipment | $ 1,712,643 | $ 1,716,339 |
Other properties and equipment | 41,625 | 32,447 |
Property, Plant and Equipment, Gross | 1,754,268 | 1,748,786 |
Less accumulated depreciation and amortization | 467,650 | 433,664 |
Properties and equipment, net | $ 1,286,618 | $ 1,315,122 |
Note 11 - Properties and Equi_5
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payroll and related payables | $ 38,936 | $ 34,989 |
Accrued vessel expenses | 46,381 | 48,076 |
Accrued interest expense | 19,202 | 17,128 |
Other accrued expenses | 27,671 | 25,397 |
Accrued Liabilities, Current | $ 132,190 | $ 125,590 |
Note 11 - Properties and Equi_6
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Taxes payable | $ 43,164 | $ 44,461 |
Other | 9,000 | 10,672 |
Other Liabilities, Current | $ 52,164 | $ 55,133 |
Note 11 - Properties and Equi_7
Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities and Other Liabilities - Other liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Pension liabilities | $ 19,094 | $ 19,003 |
Liability for uncertain tax positions | 24,742 | 27,319 |
Other | 19,361 | 18,663 |
Other Liabilities, Noncurrent | $ 63,197 | $ 64,985 |
Note 12 - Segment and Geograp_3
Note 12 - Segment and Geographic Distribution of Operations (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Operating Segments | 5 |
Note 12 - Segment and Geograp_4
Note 12 - Segment and Geographic Distribution of Operations - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue | $ 321,164 | $ 193,104 | |
Corporate expenses | 239,266 | 168,605 | |
Gain on asset dispositions, net | 11,039 | 2,216 | |
Operating income | 81,898 | 24,499 | |
Depreciation and amortization | 56,270 | 30,666 | |
Property Plant And Equipment Additions | 10,942 | 8,651 | |
Total assets | 2,077,816 | $ 2,062,774 | |
Vessel [Member] | |||
Revenue | 318,686 | 191,180 | |
Product and Service, Other [Member] | |||
Revenue | 2,478 | 1,924 | |
Operating Segments [Member] | |||
Gross Profit | 83,597 | 33,216 | |
Operating Segments [Member] | Product and Service, Other [Member] | |||
Revenue | 2,478 | 1,924 | |
Gross Profit | 1,328 | 773 | |
Operating Segments [Member] | Americas [Member] | |||
Depreciation and amortization | 10,943 | 8,194 | |
Property Plant And Equipment Additions | 3,495 | 521 | |
Total assets | 388,140 | 418,151 | |
Operating Segments [Member] | Americas [Member] | Vessel [Member] | |||
Revenue | 63,941 | 47,687 | |
Gross Profit | 10,126 | 7,962 | |
Operating Segments [Member] | Asia Pacific [Member] | |||
Depreciation and amortization | 4,032 | 1,465 | |
Property Plant And Equipment Additions | 194 | 4,403 | |
Total assets | 193,734 | 167,085 | |
Operating Segments [Member] | Asia Pacific [Member] | Vessel [Member] | |||
Revenue | 47,781 | 22,024 | |
Gross Profit | 14,847 | 5,568 | |
Operating Segments [Member] | Middle East [Member] | |||
Depreciation and amortization | 7,273 | 5,735 | |
Property Plant And Equipment Additions | 834 | 1,550 | |
Total assets | 183,945 | 191,927 | |
Operating Segments [Member] | Middle East [Member] | Vessel [Member] | |||
Revenue | 37,932 | 30,762 | |
Gross Profit | 1,529 | (344) | |
Operating Segments [Member] | Europe and Mediterranean [Member] | |||
Depreciation and amortization | 21,438 | 7,350 | |
Property Plant And Equipment Additions | 5,493 | 232 | |
Total assets | 669,886 | 671,626 | |
Operating Segments [Member] | Europe and Mediterranean [Member] | Vessel [Member] | |||
Revenue | 80,381 | 31,250 | |
Gross Profit | 14,757 | 2,036 | |
Operating Segments [Member] | West Africa [Member] | |||
Depreciation and amortization | 11,838 | 7,521 | |
Property Plant And Equipment Additions | 211 | 589 | |
Total assets | 438,677 | 421,054 | |
Operating Segments [Member] | West Africa [Member] | Vessel [Member] | |||
Revenue | 88,651 | 59,457 | |
Gross Profit | 41,010 | 17,221 | |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||
Corporate expenses | (12,738) | (10,933) | |
Depreciation and amortization | 746 | 401 | |
Property Plant And Equipment Additions | 715 | $ 1,356 | |
Total assets | $ 203,434 | $ 192,931 |
Note 13 - Asset Dispositions,_2
Note 13 - Asset Dispositions, Assets Held for Sale and Asset Impairments (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | |
Number Of Vessels Sold Or Scrapped | 3 | 5 | |
Proceeds from Sale of Vessels | $ 12.5 | $ 5.7 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 11 | $ 2.2 | |
Number of Vessels, Held for Sale | 0 | 3 | 0 |
Asset Held For Sale, Net Book Value | $ 0.7 |