224,299,000

476,070,000

634,793,000

Costs and expenses:

Operating expenses

131,658,000

219,260,000

296,500,000

General and administrative expenses

93,071,000

82,566,000

71,301,000

Amortization

20,485,000

26,463,000

44,149,000

43,358,000

48,297,000

54,245,000

Costs and Expenses, Total

288,572,000

376,586,000

466,195,000

Gain on sale of assets

54,000

44,060,000

822,000

Operating income (loss)

(64,219,000)

143,544,000

169,420,000

Other income (expense):

Interest income

1,490,000

1,525,000

1,086,000

Interest expense

(48,675,000)

(39,496,000)

(30,733,000)

Other income

2,052,000

1,005,000

501,000

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

(45,133,000)

(36,966,000)

(29,146,000)

(109,352,000)

106,578,000

140,274,000

Income tax expense (benefit)

(45,506,000)

39,757,000

52,367,000

Income (loss) from continuing operations

(63,846,000)

66,821,000

87,907,000

^[1]

Income from discontinued operations, net of tax

^[2]

618,000

Net income (loss)

$ (63,846,000)

$ 66,821,000

$ 88,525,000

Basic earnings (loss) per common share from continuing operations

$ (1.76)

$ 1.87

$ 2.43

Basic earnings per common share from discontinued operations

0.00

0.02

Basic earnings (loss) per common share

(1.76)

1.87

2.45

Diluted earnings (loss) per common share from continuing operations

(1.76)

1.84

2.40

Diluted earnings per common share from discontinued operations

0.00

0.01

Diluted earnings (loss) per common share

$ (1.76)

$ 1.84

$ 2.41

Weighted average basic shares outstanding

36,248

35,755

36,172

Weighted average diluted shares outstanding

36,248

36,302

36,692

[1]

On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction.

[2]

Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss.

Consolidated Statements Of Comprehensive Income (Loss) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

^[1],[2]

Sep. 30, 2016

^[1],[2]

Jun. 30, 2016

^[1],[2]

Mar. 31, 2016

^[1],[2]

Dec. 31, 2015

^[2]

Sep. 30, 2015

^[2]

Jun. 30, 2015

^[2]

Mar. 31, 2015

^[2]

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Net income (loss)

$ (19,243)

$ (16,503)

$ (20,586)

$ (7,514)

$ (2,671)

$ 14,424

$ 19,215

$ 35,853

$ (63,846)

$ 66,821

$ 88,525

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax

14,321

(3,174)

(107)

Other comprehensive income:

Total comprehensive income (loss)

$ (49,525)

$ 63,647

$ 88,418

[1]

Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015.

[2]

The sum of the four quarters may not equal annual results due to rounding.

Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning Balance (in shares) at Dec. 31, 2013		36,095,000
Beginning Balance at Dec. 31, 2013	$ 1,295,428	$ 361	$ 724,379	$ 571,483	$ (795)
Excess tax benefit (shortfall) from sharebased payments	292		292
Shares issued under employee benefit programs, Shares		353,000
Shares issued under employee benefit programs	$ 2,186	$ 4	2,182
Stock Repurchased and Retired During Period, Shares	(891,396)	(891,000)
Stock Repurchased and Retired During Period, Value	$ (25,000)	$ (9)		(24,991)
Stock-based compensation expense	9,441		9,441
Net income (Loss)	88,525			88,525
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(107)				(107)
Ending Balance (in shares) at Dec. 31, 2014		35,557,000
Ending Balance at Dec. 31, 2014	1,370,765	$ 356	736,294	635,017	(902)
Excess tax benefit (shortfall) from sharebased payments	(572)		(572)
Shares issued under employee benefit programs, Shares		428,000
Shares issued under employee benefit programs	$ 1,859	$ 4	1,855
Stock Repurchased and Retired During Period, Shares	0
Stock-based compensation expense	$ 10,464		10,464
Net income (Loss)	66,821			66,821
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(3,174)				(3,174)
Ending Balance (in shares) at Dec. 31, 2015		35,985,000
Ending Balance at Dec. 31, 2015	1,446,163	$ 360	748,041	701,838	(4,076)
Excess tax benefit (shortfall) from sharebased payments	(1,863)		(1,863)
Shares issued under employee benefit programs, Shares		482,000
Shares issued under employee benefit programs	$ 849	$ 5	844
Stock Repurchased and Retired During Period, Shares	0
Stock-based compensation expense	$ 7,372		7,372
Net income (Loss)	(63,846)			(63,846)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	14,321				14,321
Ending Balance (in shares) at Dec. 31, 2016		36,467,000
Ending Balance at Dec. 31, 2016	$ 1,402,996	$ 365	$ 754,394	$ 637,992	$ 10,245

Consolidated Statements Of Cash Flows - USD ($)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Income (loss) from continuing operations

$ (63,846,000)

$ 66,821,000

$ 87,907,000

^[1]

Adjustments to reconcile income from continuing operations to net cash provided by operating activities:

Stock-based compensation expense

93,071,000

82,566,000

71,301,000

Amortization

20,485,000

26,463,000

44,149,000

9,983,000

10,293,000

10,324,000

Addition to (reduction of) provision for bad debts

(757,000)

(816,000)

282,000

Deferred tax expense (benefit)

(43,051,000)

34,086,000

50,440,000

Amortization of deferred financing costs

11,371,000

9,675,000

8,154,000

Gain on sale of assets

(54,000)

(44,060,000)

(822,000)

Changes in operating assets and liabilities:

Accounts receivable

58,322,000

39,743,000

(38,500,000)

Other current and long-term assets

2,272,000

(8,472,000)

8,393,000

Deferred drydocking charges

(3,978,000)

(13,267,000)

(43,609,000)

Accounts payable

(10,901,000)

(10,486,000)

(4,146,000)

Accrued liabilities and other liabilities

(15,292,000)

6,448,000

(13,981,000)

Accrued interest

(31,000)

(95,000)

Net cash provided by operating activities

53,050,000

215,843,000

163,106,000

CASH FLOWS FROM INVESTING ACTIVITIES:

Costs incurred for OSV newbuild program 5

(76,277,000)

(190,070,000)

(343,989,000)

Net proceeds from sale of assets

524,000

152,000,000

7,178,000

Vessel capital expenditures

(20,689,000)

(86,792,000)

(55,089,000)

Non-vessel capital expenditures

(569,000)

(16,487,000)

(9,615,000)

Net Cash Provided by (Used in) Investing Activities, Continuing Operations

(97,011,000)

(141,349,000)

(401,515,000)

CASH FLOWS FROM FINANCING ACTIVITIES:

Tax benefit from share-based payments

292,000

Repurchase of common stock

(25,000,000)

Deferred financing costs

(1,102,000)

(2,089,000)

Net cash proceeds from other shares issued

1,300,000

3,112,000

5,044,000

Net Cash Provided by (Used in) Financing Activities, Continuing Operations

198,000

1,023,000

(19,664,000)

Net Cash Provided by (Used in) Discontinued Operations

Net cash provided by operating activities

2,374,000

Net cash provided by investing activities

1,638,000

Net cash provided by discontinued operations

4,012,000

Effects of exchange rate changes on cash

989,000

(839,000)

(107,000)

Net increase (decrease) in cash and cash equivalents

(42,774,000)

74,678,000

(254,168,000)

Cash and cash equivalents at beginning of period

259,801,000

185,123,000

439,291,000

Cash and cash equivalents at end of period

217,027,000

259,801,000

185,123,000

SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:

Cash paid for interest

50,152,000

50,492,000

50,548,000

Cash paid for income taxes

$ 3,732,000

$ 4,808,000

$ 5,679,000

[1]	On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction.

Organization	12 Months Ended
Organization	Dec. 31, 2016
Text Block [Abstract]
Nature of Operations	Organization Nature of Operations Hornbeck Offshore Services, Inc., or the Company, was incorporated in the state of Delaware in 1997. The Company, through its subsidiaries, operates offshore supply vessels, or OSVs, multi-purpose support vessels, or MPSVs, and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the U.S. Gulf of Mexico, or GoM, Latin America and select international markets, as well as specialty services for the U.S. military. All significant intercompany accounts and transactions have been eliminated.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Significant Accounting Policies

Summary of Significant Accounting Policies

Revenue Recognition

The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel.

Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements.

Cash and Cash Equivalents

Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less.

Accounts Receivable

Accounts receivable consists of trade receivables, net of reserves and amounts to be rebilled to customers.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost.

The estimated useful lives by classification are as follows:



Offshore supply vessels		25 years
Multi-purpose support vessels		25 years
Non-vessel related property, plant and equipment		3-28 years

See “Considerations Regarding Impairment of Long-Lived Assets” below for more information.

Deferred Charges

The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt.

Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease.

Mobilization Costs

The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As a result of the sale of the Downstream segment during 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million on these state operating losses was reversed since the losses were written off upon ceasing to do business in those particular jurisdictions. As of December 31, 2016, the Company believed that it is more likely than not that foreign tax credits expiring in 2019 will not be fully utilized. In the fourth quarter of 2016, the Company elected to establish a valuation allowance of $2.3 million for the portion of such credits that it has concluded may not be utilized by December 31, 2019.

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Legal Liabilities

In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations.

Concentration of Credit Risk

Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. As of December 31, 2016, one customer represented 14% of the Company's net

accounts receivable balance.

The following table represents the allowance for doubtful accounts (in thousands):



	December 31,
	2016			2015			2014
Balance, beginning of year	$	2,877		$	3,693		$	3,411
Changes to provision	(757		)	(816		)	282
Balance, end of year	$	2,120		$	2,877		$	3,693

Foreign Currency Transaction Gains and Losses

Foreign currency transaction gains and losses are recorded in the period incurred except for advances to and investments in foreign subsidiaries. Foreign currency gains and losses related to advances to or investments in foreign operations are accounted for as a foreign currency translation adjustment and recorded as other comprehensive income. Foreign currency transaction adjustments for fiscal years 2016, 2015 and 2014 were not material to the financial statements. The balance in accumulated other comprehensive income as of December 31, 2016 relates primarily to the Company’s long term investments in its foreign subsidiaries.

Considerations Regarding Impairment of Long-Lived Assets

In accordance with ASC360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset's carrying value might not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows is less than the carrying amounts of the asset group, the assets would be written down to their estimated fair values based on the expected discounted future cash flows or appraised values attributable to the assets. The future cash flows are subjective and are based on the Company's current assumptions regarding future dayrates, utilization, operating expense, G&A expense and recertification costs that could differ from actual results.

As of June 30, 2016, the Company determined that it observed indicators of impairment related to its vessels. This resulted from the rapid deterioration of its second quarter 2016 operating results, as well as the uncertainty regarding future market conditions and the related impact on the Company's projected operating results. For the purposes of calculating the undiscounted cash flows, the Company groups its vessels into two groups, OSVs and MPSVs, and used a probability-weighted undiscounted cash flow projection to test for recoverability. After reviewing the results of this calculation, the Company determined that each of its asset groups has sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such group. During the second half of 2016, the Company reviewed the assumptions used in preparing the undiscounted cash flow projections and it concluded that such assumptions remain consistent with current market conditions. In addition, the Company has not observed any additional indicators of impairment related to its vessels during the second half of 2016 and the assumptions used to determine undiscounted cash flows remain appropriate. No triggering events occurred in 2015 or 2014 and the Company did not record any impairment losses related to its long-lived assets during those periods. The Company will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn persists.

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:



Standards that have not been adopted
Accounting Standards Update (ASU) No. 2017-04, "Simplifying the Accounting for Goodwill Impairment"	The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017.	January 1, 2020	The Company believes that the implementation of this new guidance will not have a material impact on the consolidated financial statements.

ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business	This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application.	January 1, 2018	The Company is evaluating the effect of this new standard on its financial statements and related disclosures.

ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory"	The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted.	January 1, 2018	The Company is evaluating the effect of this new standard on its financial statements and related disclosures.

ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments"	The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted.	January 1, 2018	The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements.



Standard	Description	Date of Adoption	Effect on the financial statements and other significant matters
Standards that have not been adopted
ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments"	This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted.	January 1, 2020	The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements.

ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting"	This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification of related amounts within the statement of cash flows. Early adoption is permitted.	January 1, 2017	This standard requires excess tax benefits or deficiencies, relating to the vesting of restricted stock unit awards or the exercise of stock options, to be reflected as a component of the tax rate whereas they were previously recognized as equity. This may cause volatility to its effective tax rate as outstanding stock options are exercised or restricted stock awards vest. Additionally, our Consolidated Statements of Cash Flows will include excess tax benefits as an operating activity.

ASU No. 2016-02, "Leases" (Topic 842)	This standard requires lessees to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. ASU 2016-02 requires a modified retrospective application. Early adoption is permitted.	January 1, 2019	The Company is evaluating the effect of this new standard on its financial statements and related disclosures.

ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606)	This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application.	January 1, 2018	The Company has performed an initial evaluation of this standard and its impact on the financial statements. This included tasks such as identifying contracts, identifying performance obligations and reviewing the applicable revenue streams. In this review, nothing has been identified that would require a change in the current accounting for revenue. The Company will continue to review these new requirements prior to implementation which is expected under the modified retrospective method.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per common share was calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share was calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s earnings per share (in thousands, except for per share data):



	Year Ended December 31,
	2016			2015		2014
Income (loss) from continuing operations	$	(63,846	)	$	66,821	$	87,907
Income from discontinued operations, net of tax ⁽¹⁾	—			—		618
Net income (loss)	$	(63,846	)	$	66,821	$	88,525
Weighted average number of shares of common stock outstanding	36,248			35,755		36,172
Add: Net effect of dilutive stock options and unvested restricted stock ^(2)(3)(4)	—			547		520
Weighted average number of dilutive shares of common stock outstanding	36,248			36,302		36,692
Earnings (loss) per common share:
Basic earnings (loss) per common share from continuing operations	$	(1.76	)	$	1.87	$	2.43
Basic earnings per common share from discontinued operations	—			—		0.02
Basic earnings (loss) per common share	$	(1.76	)	$	1.87	$	2.45
Diluted earnings (loss) per common share from continuing operations	$	(1.76	)	$	1.84	$	2.40
Diluted earnings per common share from discontinued operations	—			—		0.01
Diluted earnings (loss) per common share	$	(1.76	)	$	1.84	$	2.41


⁽¹⁾	On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction.

⁽²⁾

⁽³⁾

For the years ended December 31, 2016, 2015 and 2014, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of our 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 6 for further information.


⁽⁴⁾	Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):



	December 31,
	2016			2015
Offshore supply vessels and multi-purpose support vessels	$	2,825,389		$	2,409,221
Non-vessel related property, plant and equipment	132,320			132,034
Less: Accumulated depreciation	(539,561		)	(452,134		)
	2,418,148			2,089,121
Construction in progress	160,240			485,540
	$	2,578,388		$	2,574,661

In November 2011, the Company announced, and later expanded, its fifth OSV newbuild program. This program consisted of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MSPVs. As of December 31, 2016, the Company had placed in service 22 vessels under this newbuild program. During February 2016, the Company announced plans to enhance the marketability of the four then-remaining 310 class MPSVs. The first two of those MPSVs, which were delivered in the third quarter of 2016, were enhanced by increasing the berthing capacity, expanding the cargo carrying capabilities and expanding the work area for ROVs. The functionality of each of the second two MPSVs, which are still under construction, will be increased by adding a 60-foot mid-body plug, installing of an additional crane, increasing the berthing capacity, expanding the cargo-carrying capacities and expanding the work areas for ROVs. These latter two MPSVs have been upgraded to a 400 class designation.

In August 2016, the Company announced that it had reached an agreement with the shipyard to postpone the delivery of the final two 400 class MPSVs to be delivered under this program to the first and third quarters of 2018 without any additional cost to the Company. In addition, the payment terms for the remainder of the contract were adjusted to shift $43.3 million of construction milestone draws from the remainder of 2016 and 2017 into 2018.

Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million. From the inception of this program through December 31, 2016, the Company has incurred $1,264.0 million, or 94.7%, of total expected project costs.

During 2015, the Company closed on the sale of four 250EDF class OSVs, the HOS Arrowhead, the HOS Black Powder, the HOS Eagleview and the HOS Westwind, which were previously chartered to the U.S. Navy, for cash consideration of $152.0 million. The sale resulted in a pre-tax gain of approximately $44.1 million ($27.6 million after-tax or $0.76 per diluted share). These vessels are now managed by the Company for the U.S. Navy.

Long-Term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands):



	December 31,
	2016		2015
5.875% senior notes due 2020, net of deferred financing costs of $3,025 and $3,944	$	371,975	$	371,056
5.000% senior notes due 2021, net of deferred financing costs of $4,111 and $5,080	445,889		444,920
1.500% convertible senior notes due 2019, net of original issue discount of $31,093 and $41,600 and deferred financing costs of $3,061 and $4,095	265,846		254,305
Revolving credit facility due 2020	—		—
	$	1,083,710	$	1,070,281

The table below summarizes the Company's cash interest payments (in thousands):



	Semi-Annual Cash Interest Payment		Payment Dates
5.875% senior notes due 2020	$	11,000	April 1 and October 1
5.000% senior notes due 2021	11,300		March 1 and September 1
1.500% convertible senior notes due 2019	2,300		March 1 and September 1

Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands):



2017	$	—
2018	—
2019	300,000
2020	375,000
2021	450,000
Thereafter	—
	$	1,125,000

2020 Senior Notes

On March 2, 2012, the Company issued $375.0 million in aggregate principal amount of 2020 senior notes, governed by an indenture, or the 2012 indenture. The net proceeds to the Company from the offering were approximately $367.4 million, net of transaction costs. The Company used $259.9 million of such proceeds on March 16, 2012 to repurchase approximately 84% of its outstanding 2014 senior notes pursuant to its tender offer for such notes. The Company used $49.5 million of proceeds on April 30, 2012 to redeem the remaining 16% of the outstanding 2014 senior notes. The repurchase and redemption of the 2014 senior notes resulted in a loss on early extinguishment of debt of approximately $6.0 million in 2012. The remaining proceeds were used for general corporate purposes, including the construction of vessels under the Company's fifth OSV newbuild program. The 2020 senior notes mature on April 1, 2020 and the effective interest rate is 6.08%. No principal payments are due until maturity. Pursuant to a registered exchange offer, the 2020 senior notes issued in March 2012 that were initially sold pursuant to a private placement were exchanged by the holders for 2020 senior notes with substantially the same terms, except that the issuance of the 2020 senior notes in the exchange offer was registered under the Securities Act. The original 2020 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of the same 2012 indenture.

2021 Senior Notes

On March 14, 2013, the Company issued $450.0 million in aggregate principal amount of 2021 senior notes, governed by an indenture, or the 2013 indenture. The net proceeds to the Company from the offering were approximately $442.4 million, net of transaction costs. The Company used $252.7 million of such proceeds to repurchase approximately 94% of the outstanding 2017 senior notes pursuant to its tender offer for such notes. The Company used approximately $16.6 million of proceeds on May 13, 2013 to redeem the remaining 6% of the outstanding 2017 senior notes. The repurchase and redemption of the 2017 senior notes resulted in a loss on early extinguishment of debt of approximately $25.8 million in 2013. The remaining proceeds have been available for general corporate purposes, including funding for the acquisition, construction or retrofit of vessels. The 2021 senior notes mature on March 1, 2021 and the effective interest rate is 5.21%. No principal payments are due until maturity. Pursuant to a registered exchange offer, the 2021 senior notes issued in March 2013 that were initially sold pursuant to a private placement were exchanged by the holders for 2021 senior notes with substantially the same terms, except that the issuance of the 2021 senior notes in the exchange offer was registered under the Securities Act. The original 2021 senior notes and the similar notes exchanged were issued under and are entitled to the benefits of the same 2013 indenture.

The 2020 senior notes and 2021 senior notes are senior unsecured obligations and rank equally in right of payment with other existing and future senior indebtedness and senior in right of payment to any subordinated indebtedness that may be incurred by the Company in the future. Hornbeck Offshore Services, Inc., as the parent company issuer of the 2020 senior notes and the 2021 senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability, or the ability of any guarantor, to obtain funds from its subsidiaries by such means as a dividend or loan. The Company may, at its option, redeem all or part of the 2020 senior notes or 2021 senior notes from time to time at specified redemption prices and subject to certain conditions required by the indentures. The Company is permitted under the terms of the indentures to incur additional indebtedness in the future, provided that certain financial conditions set forth in the indentures are satisfied by the Company.

2019 Convertible Senior Notes

On August 13, 2012, the Company issued $300.0 million of 2019 convertible senior notes, which mature on September 1, 2019. Because the 2019 convertible senior notes are considered to be cash convertible debt, the Company has separately accounted for the liability and equity components of the 2019 convertible senior notes by allocating the $300.0 million in proceeds from the issuance between the liability component and the embedded conversion option, or the equity component. The allocation was conducted by estimating an interest rate at the time of issuance of the 2019 convertible senior notes for similar debt instruments that do not include an embedded conversion feature. A non-convertible interest rate of 5.75% was used to compute the initial fair value of the liability component of $227.6 million. For purposes of the fair value measurement, the Company determined that the valuation of the 2019 convertible senior notes falls under Level 2 of the fair value hierarchy. The excess of the $300.0 million of proceeds from the issuance of the 2019 convertible senior notes over the $227.6 million initial amount allocated to the liability component, or $72.4 million, was allocated to the embedded conversion option, or equity component. This excess was treated as an imputed original issue discount and is being amortized through interest expense, using the effective interest method, over the seven-year term of the 2019 convertible senior notes, which runs through September 1, 2019. The effective interest rate for these notes is 6.23%.

The initial conversion rate of the 2019 convertible senior notes is 18.5718 shares per $1,000 principal amount of notes, which equates to a conversion price of approximately $53.85 per share. The conversion rate was based on the last reported sale price of the Company’s common shares on the New York Stock Exchange of $39.16 on August 7, 2012. The conversion rate will be subject to adjustment in some events but will not be adjusted for accrued interest. In addition,

following certain corporate transactions that constitute “fundamental changes” (as defined in the indenture for the 2019 convertible senior notes), the conversion rate will be increased for holders who elect to convert notes in connection with

such corporate transactions in certain circumstances.

The 2019 convertible senior notes are convertible based on the applicable conversion rate only under the following circumstances:


•	prior to June 1, 2019, during any fiscal quarter (and only during that fiscal quarter) commencing after December 31, 2012, if the last reported sale price of the Company’s common stock is greater than or equal to 135% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; or


•	prior to June 1, 2019, during the 5 business-day period after any 10 consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day in the measurement period was less than 95% of the product of the last reported sale price of the Company’s common stock and the conversion rate on such trading day; or


•	upon the occurrence of specified corporate transactions, as defined in the indenture governing the 2019 convertible senior notes; or


•	beginning on June 1, 2019 until the close of business on the second scheduled trading day preceding the maturity date.

Upon conversion, the Company will satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election.

If the holders of the 2019 convertible senior notes exercise the conversion provisions of the 2019 convertible senior notes and the Company elects to settle such conversions partially in cash (which it presently intends to do at least up to the principal amount of the notes), the Company will need to remit such cash amount to the converting holders. For that reason, in any period during which the 2019 convertible senior notes are convertible as provided above, the Company would classify the entire principal amount of the outstanding 2019 convertible senior notes as a current liability in the respective quarter. This evaluation of the classification of amounts outstanding associated with the 2019 convertible senior notes will occur every calendar quarter.

The 2019 convertible senior notes are not redeemable at the option of the Company prior to their maturity. No sinking fund is provided for the 2019 convertible senior notes and the 2019 convertible senior notes are not subject to legal defeasance. If the Company experiences specified types of corporate transactions, including certain change of control events or a de-listing of the Company’s common stock, holders of the 2019 convertible senior notes may require the Company to purchase all or a portion of their 2019 convertible senior notes. Any repurchase of the convertible senior notes pursuant to these provisions will be for cash at a price equal to 100% of the principal amount of the notes to be purchased plus any accrued and unpaid interest to, but excluding, the purchase date.

In connection with the sale of the 2019 convertible senior notes, the Company entered into convertible senior note hedge transactions with respect to its common stock with affiliates of the initial purchasers of the notes, Barclays, Inc., JP Morgan Chase and Wells Fargo Bank, or the counterparties. Each of the 2019 convertible senior note hedge transactions is a privately-negotiated transaction that is economically equivalent to the purchase of call options on the Company’s common stock with strike prices equal to the conversion price of the 2019 convertible senior notes, and is intended to mitigate dilution to the Company’s stockholders and/or offset cash payment due upon the potential future conversion of the 2019 convertible senior notes. Under the 2019 convertible senior note hedge transactions, subject to customary anti-dilution provisions, the counterparties are required to deliver to the Company the approximate number of shares of the Company’s common stock and/or an amount of cash that the Company is obligated to deliver to the holders of the 2019 convertible senior notes assuming the conversion of such notes.

The Company also entered into separate privately-negotiated warrant transactions, whereby the Company sold to each of the counterparties call options to acquire approximately the same number of shares of its common stock underlying the convertible senior note hedge transactions, subject to customary anti-dilution adjustments, at a strike price of $68.53 per share of common stock, which represented a 75.0% premium over the closing price of the Company’s shares of common stock on August 7, 2012. Upon the exercise of the warrants, if the market price of the common stock exceeds the strike price of the warrants on any day within the valuation period, the Company will be required to deliver the corresponding value to the counterparties, at its option in cash or shares of its common stock. The 2019 convertible senior note hedge and warrant transactions are separate and legally distinct instruments that bind the Company and the counterparties and have no binding effect on the holders of the 2019 convertible senior notes.

For income tax reporting purposes, the Company has elected to integrate the 2019 convertible senior notes and the note hedge transactions. Integration of the 2019 convertible senior note hedge with the 2019 convertible senior notes creates an in-substance original issue debt discount for income tax reporting purposes and, therefore, the cost of the 2019 convertible senior note hedge is accounted for as interest expense over the term of the 2019 convertible senior notes for income tax reporting purposes. The associated income tax deductions will be recognized in the period that the deduction is taken for income tax reporting purposes. The Company has also treated the proceeds from the sale of warrants as a non-taxable increase in additional paid-in capital in stockholders’ equity.

The Company used a portion of the $290.8 million in net proceeds of the 2019 convertible senior notes offering, along with a portion of the $48.2 million in proceeds from the sale of warrants, to fund the $73.0 million cost of convertible senior note hedge transactions. The Company used a portion of the remaining net proceeds of approximately $266.0 million from the sale of the 2019 convertible senior notes and the sale of the warrants to retire its 2026 convertible senior notes, which were converted or redeemed by the Company in November 2013.

The Company incurred $9.3 million of fees and other costs related to the issuance of the 2019 convertible senior notes. These fees and other origination costs have been allocated to the liability and equity components of the 2019 convertible senior notes in proportion to their allocated values. Approximately $2.2 million of these fees and other origination costs were recorded as a reduction in additional paid-in capital. The remaining $7.1 million of fees and other costs are being amortized as interest expense over the seven-year term of the 2019 convertible senior notes, which runs through September 1, 2019.

Hornbeck Offshore Services, Inc., as the parent company issuer of the 2019 convertible senior notes, has no independent assets or operations other than its ownership interest in its subsidiaries and affiliates. There are no significant restrictions on the Company’s ability or the ability of any guarantor to obtain funds from its subsidiaries by such means as a dividend or loan. The 2019 convertible senior notes are general unsecured, senior obligations of the Company, ranking equally in right of payment with all of its existing and future senior indebtedness, including its 2020 and 2021 senior notes.

The 2019 convertible senior notes, the 2020 senior notes and the 2021 senior notes are guaranteed by certain of the Company’s subsidiaries. The guarantees are full and unconditional, joint and several, and prior to the fourth quarter of 2015, all of the Company's non-guarantor subsidiaries were minor as defined in the Securities and Exchange Commission regulations.

Revolving Credit Facility

On July 29, 2016, the Company amended its existing revolving credit facility. The amended facility provides continued access to a reduced level of standby liquidity for working capital and general corporate purposes, including acquisitions, newbuild and conversion programs and other capital expenditures. The changes to the Company’s revolving credit facility were effective July 29, 2016, and commenced with the fiscal quarter ending September 30, 2016. The more significant changes to the facility are noted below:


•	reduce the borrowing base from $300.0 million to $200.0 million;


•	increase the unused commitment fee to 50 basis points for all pricing levels;


•	increase the London Interbank Offered Rate, or LIBOR, spreads on funded borrowings by 25 basis points for all pricing levels;


•	increase the minimum collateral-to-loan value ratio from 150% of the borrowing base to 200% of the borrowing base, which resulted in a decrease in the fair value of collateral pledged from $450.0 million to $400.0 million;


•	delay the previously scheduled step-down in the total debt-to-capitalization ratio, as defined, from 55% to 50% by six quarters to commence with the fiscal quarter ending September 30, 2018;


•	reduce the minimum interest coverage ratio from 3.00x to 1.00x with a step-up to 1.25x for the fiscal quarter ending September 30, 2018 and a step-up to 1.50x for the fiscal quarter ending March 31, 2019;

•

allow the Company the option of making a one-time election to suspend the interest coverage ratio for a holiday period of no more than four quarters, ending no later than December 31, 2017, with a single permitted rescission. If the Company elects to exercise the interest coverage holiday, then the borrowing base will be capped at $75.0 million during the holiday and the LIBOR spreads for funded borrowings will be increased by an additional 50 basis points during and after the interest coverage holiday;


•	include an anti-cash hoarding provision that limits the Company's cash balance to no more than $50.0 million at any time during which the revolving credit facility is drawn;


•	increase minimum liquidity (cash and credit facility availability) required for prepayment of the Company's 2019 convertible senior notes, 2020 senior notes, and 2021 senior notes from $100.0 million to $150.0 million subject to a maximum senior secured leverage ratio of 2-to-1;


•	permit the Company to create one or more Investment Entities, as defined. The Investment Entities would be capitalized (i) by the Company, by transferring certain vessels identified in the First Amendment and (ii) by one or more unaffiliated third parties, by depositing cash, with the cash funding being available for acquisitions;

•

amend the definitions of EBITDA and Pro Forma EBITDA to provide that, commencing with the earlier of (a) the first full fiscal quarter after the expiration of the interest coverage holiday and (b) the fiscal quarter ending March 31, 2018, or the Applicable Period, and until the third immediately following fiscal quarter thereafter, EBITDA and Pro Forma EBITDA, as applicable, shall mean, with respect to the Company and its consolidated subsidiaries, (a) for the Applicable Period, EBITDA, or Pro Forma EBITDA, as applicable, for such fiscal quarter multiplied by four, (b) for the Applicable Period and the immediately following fiscal quarter, EBITDA, or Pro Forma EBITDA, as applicable, for such fiscal quarters multiplied by two, and (c) for the Applicable Period and the two immediately following fiscal quarters, EBITDA, or Pro Forma EBITDA, as applicable, for such fiscal quarters multiplied by one and one-third;


•	reduce the amount of liens permitted to secure debt (other than the Amended Facility) of any loan party from $50.0 million at any one time to $15.0 million, and to prohibit such liens during the interest coverage holiday;


•	condition Restricted Payments, as defined, on pro forma compliance with the interest coverage ratio and the total debt-to-capitalization ratio and compliance with a maximum senior secured leverage ratio of 2-to-1;

•

increase the amount of cash or cash equivalents on deposit or unused availability under the Amended Facility or a combination of both from $20.0 million to $100.0 million and require a maximum senior secured leverage ratio of 2-to-1 in order to permit a loan party to merge with another person, acquire or form a new subsidiary, make an investment (other than in an Investment Entity) or acquire any vessel or other capital assets; and

•

limit sales or other dispositions of property or subsidiaries owning properties, other than inventory, certain equipment or investments in the Investment Entities, to (i) less than twenty percent of the consolidated net tangible assets of the Company if at the time of such sale or disposition the senior secured leverage ratio is less than or equal to 2-to-1, or (ii) less than ten percent of the consolidated net tangible assets of the Company if at the time of such sale or disposition the senior secured leverage ratio is greater than 2-to-1.

Other than these key changes, all other definitions and substantive terms in the Company’s credit agreement governing its revolving credit facility were unchanged by the July 2016 amendment and remain in effect through the remaining life of the facility.

As of December 31, 2016, there were no amounts drawn under the Company’s $200.0 million revolving credit facility and no letters of credit were outstanding. As of December 31, 2016, the Company was in compliance with all financial covenants contained in its amended revolving credit facility.

The credit agreement governing the amended revolving credit facility and the indentures governing the Company’s 2020 senior notes and 2021 senior notes impose certain operating and financial restrictions on the Company. Such restrictions affect, and in many cases limit or prohibit, among other things, the Company’s ability to incur additional indebtedness, make capital expenditures, redeem equity, create liens, sell assets and make dividend or other restricted payments.

The Company estimates the fair value of its 2020 senior notes, 2021 senior notes and 2019 convertible senior notes by primarily using quoted market prices. The fair value of the Company’s revolving credit facility, when there are outstanding balances, approximates its carrying value. Given the observable nature of the inputs to these estimates, the fair values presented below for long-term debt have been assigned a Level 2, of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):



	December 31, 2016						December 31, 2015
	Face Value		Carrying Value		Fair Value		Face Value		Carrying Value		Fair Value
5.875% senior notes due 2020	$	375,000	$	371,975	$	270,938	$	375,000	$	371,056	$	257,813
5.000% senior notes due 2021	450,000		445,889		301,343		450,000		444,920		308,250
1.500% convertible senior notes due 2019	300,000		265,846		216,195		300,000		254,305		170,340
	$	1,125,000	$	1,083,710	$	788,476	$	1,125,000	$	1,070,281	$	736,403

Capitalized Interest

Interest expense excludes capitalized interest related to the construction or conversion of vessels in the approximate amount of $16.7 million, $24.7 million, and $33.2 million, for the years ended December 31, 2016, 2015, and 2014, respectively.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock The Company’s certificate of incorporation authorizes 5.0 million shares of preferred stock. The Board of Directors has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the Company’s stockholders. Stockholder Rights Plan On July 1, 2013, the Company’s Board of Directors implemented a stockholder rights plan establishing one right for each outstanding share of common stock. The rights become exercisable, and transferable apart from the Company’s common stock, 10 business days following a public announcement that a person or group has acquired beneficial ownership of, or has commenced a tender or exchange offer for, 10% or more of the Company’s common stock. This stockholder rights plan is substantially similar to the Company's prior stockholder rights plan that expired on June 17, 2013. Repurchases of Common Stock On October 28, 2014, the Company's Board of Directors authorized the Company to repurchase up to $150.0 million in shares of its common stock using different methods including, but not limited to, open-market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The timing and amount of the repurchases will depend on several factors, such as market conditions, applicable legal requirements, available liquidity, the discretion of management and other appropriate factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. During the fourth quarter of 2014, the Company repurchased and retired 891,396 shares at an average price of $28.05 per share. The repurchased shares cost a total of $25.0 million and represent roughly 2.5% of the Company's total shares outstanding prior to the commencement of the program. The Company has not repurchased any additional shares subsequent to December 31, 2014.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Stock-Based Compensation

Incentive Compensation Plan

The Company’s stock-based incentive compensation plan covers a maximum of 4.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to officers, other employees and directors. As of December 31, 2016, there were 542,266 shares available for future issuance to employees under the incentive compensation plan. The issuance of shares of common stock under the incentive compensation plan has been registered on Form S-8 with the Securities and Exchange Commission.

The financial impact of stock-based compensation expense related to the Company’s incentive compensation plan on its operating results are reflected in the table below (in thousands, except for per share data):



	Year Ended December 31,
	2016		2015		2014
Income before taxes	$	9,983	$	10,293	$	10,324
Net income	$	5,829	$	6,454	$	6,471
Earnings per common share:
Basic	$	0.16	$	0.18	$	0.18
Diluted	$	0.16	$	0.18	$	0.18

The accounting rules also require the benefits of tax deductions in excess of recognized compensation expense to be reported as financing cash flows, rather than as operating cash flows. The Company recorded the impact on cash flows from operating activities for tax shortfalls of approximately $1.9 million and $0.6 million for the years ended December 31, 2016 and 2015, respectively. The Company recorded the impact on cash flows used in financing activities for tax windfalls of approximately $0.3 million for the year ended December 31, 2014. Net cash proceeds from the exercise of stock options were $0.0 million, $0.1 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. The income tax expense (benefit) from stock option exercises and restricted stock vesting was $(1.9) million, $(0.6) million and $0.3 million for the respective periods.

Stock Options

The Company is authorized to grant stock options under its incentive compensation plan in which the purchase price of the stock subject to each option is established as the closing price on the New York Stock Exchange of the Company’s common stock on the date of grant and accordingly is not less than the fair market value of the stock on the date of grant. All options granted expire ten years after the date of grant, have an exercise price equal to or greater than the actual or estimated market price of the Company’s stock on the date of grant and vest over a three-year period. The Company has not granted stock options to any directors, executive officers or employees since 2011. The Company has recorded approximately $0.0 million, $0.0 million and $0.1 million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with stock options.

The following table represents the Company’s stock option activity for the year ended December 31, 2016 (in thousands, except per share data and years):



	Number of Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2016	304		$	28.11	3.2	$	—
Grants	—		—		—	—
Exercised	—		—		—	—
Forfeited or expired	(119	)	33.15		n/a	n/a
Options outstanding at December 31, 2016	185		$	24.86	4.1	$	—
Exercisable options outstanding at December 31, 2016	185		$	24.86	4.1	$	—

The following table represents the Company’s stock option activity for the year ended December 31, 2015 (in thousands, except per share data and years):



	Number of Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2015	345		$	27.98	3.7	$	59
Grants	—		—		—	—
Exercised	(1	)	22.28		n/a	2
Forfeited or expired	(40	)	27.27		n/a	n/a
Options outstanding at December 31, 2015	304		$	28.11	3.2	$	—
Exercisable options outstanding at December 31, 2015	304		$	28.11	3.2	$	—

The following table represents the Company’s stock option activity for the year ended December 31, 2014 (in thousands, except per share data and years):



	Number of Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2014	405		$	27.16	4.2	$	8,951
Grants	—		—		—	—
Exercised	(60	)	22.49		n/a	684
Forfeited or expired	—		—		—	—
Options outstanding at December 31, 2014	345		$	27.98	3.7	$	59
Exercisable options outstanding at December 31, 2014	345		$	27.98	3.7	$	59

Restricted Stock

Equity-Settled Restricted Stock

The Company’s incentive compensation plan allows the Company to issue restricted stock units, with either performance-based or time-based vesting provisions. The Company has granted performance-based restricted stock unit awards, which calculates the shares to be received based on the Company’s achievement of certain internal performance criteria over a three-year period as defined by the restricted stock unit agreement governing such awards. Performance for these types of awards has historically been measured by a number of factors that may differ from year to year, including such examples as the Company achieving a targeted return on invested capital, operating profit margin compared to peers, and safety record. The actual number of shares that could be received by the award recipients for the years in question can range from 0% to 150% of the Company’s base share awards depending on the number and/or extent of performance goals attained by the Company. Compensation expense related to performance-based restricted stock unit awards is recognized over the period the restrictions lapse, from one to three years, based on the market price of the Company's stock on the date of grant applied to the shares that are expected to vest. The compensation expense related to time-based restricted stock unit awards, which is amortized over a one to three-year vesting period, is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. As of December 31, 2016, the Company had unamortized stock-based compensation expense of $4.6 million, which will be recognized on a straight-line basis over the remaining vesting period, or 1.1 years. In addition, the Company has recorded approximately $6.8 million, $9.3 million and $9.0 million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with restricted stock-based unit awards.

The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share
Restricted stock unit awards:
Restricted stock unit awards as of January 1, 2016	726		$	30.12
Granted during the period	537		6.44
Change in estimated payout of performance unit awards⁽¹⁾	(95	)	27.52
Cancellations during the period	—		—
Vested	(348	)	23.50
Outstanding, as of December 31, 2016	820		$	17.72

⁽¹⁾Annually the Company reviews the performance compared to pre-determined targets for outstanding performance unit awards. Based on current projections, the Company may increase or decrease the anticipated payout based on its historical operating results and near-term projections.

The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share
Restricted stock unit awards:
Restricted stock unit awards as of January 1, 2015	590		$	37.13
Granted during the period⁽¹⁾	479		21.40
Cancellations during the period	(104	)	21.84
Vested	(239	)	33.60
Outstanding, as of December 31, 2015	726		$	30.12


⁽¹⁾	Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards.

The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share
Restricted stock unit awards:
Restricted stock unit awards as of January 1, 2014	570		$	31.61
Granted during the period⁽¹⁾	274		42.61
Cancellations during the period	—		—
Vested	(254	)	30.68
Outstanding, as of December 31, 2014	590		$	37.13


⁽¹⁾	Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards.

Cash-Settled Restricted Stock

The Company’s incentive compensation plan allows the Company to issue restricted stock units with cash-settled vesting provisions. The compensation expense related to cash-settled restricted stock unit awards is amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. The cash-settled restricted stock units are re-measured quarterly based on the period-end market price of the Company's common stock and are classified as a liability, due to the settlement of these awards in cash. As of December 31, 2016, the Company had unamortized cash-settled restricted stock compensation expense of $5.1 million, which will be recognized on a straight-line basis over the remaining vesting period, or 1.8 years. In addition, the Company recorded approximately $2.6 million, $(0.2) million, and $(0.1) million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with cash-settled restricted stock unit awards.

The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share⁽¹⁾
Cash-Settled restricted stock unit awards:
Cash-settled restricted stock unit awards as of January 1, 2016	82		$	30.61
Granted during the period⁽²⁾	991		6.14
Cancellations during the period	(5	)	19.05
Vested	(15	)	34.32
Outstanding, as of December 31, 2016	1,053		$	7.60


⁽¹⁾	The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.


⁽²⁾	Includes only the base shares awarded for both time-based and performance based awards. The performance-based awards have the potential to vest at up to 150% of the aggregate total of the base share awards.

The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share⁽¹⁾
Cash-Settled restricted stock unit awards:
Cash-settled restricted stock unit awards as of January 1, 2015	153		$	38.43
Granted during the period	47		21.84
Cancellations during the period	(1	)	30.87
Vested	(117	)	37.25
Outstanding, as of December 31, 2015	82		$	30.61


⁽¹⁾	The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.

The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share⁽¹⁾
Cash-Settled restricted stock unit awards:
Cash-settled restricted stock unit awards as of January 1, 2014	139		$	37.25
Granted during the period	35		43.00
Cancellations during the period	(3	)	39.14
Vested	(18	)	37.88
Outstanding, as of December 31, 2014	153		$	38.43


⁽¹⁾	The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.

Employee Stock Purchase Plan

On May 3, 2005, the Company established the Hornbeck Offshore Services, Inc. 2005 Employee Stock Purchase Plan, or ESPP, which was adopted by the Company’s Board of Directors and approved by the Company’s stockholders. Under the ESPP, the Company is presently authorized to issue up to 2.2 million shares of common stock to eligible employees of the Company and its designated subsidiaries. Employees have the opportunity to purchase shares of the Company’s common stock at periodic intervals through accumulated payroll deductions that will be applied at semi-annual intervals to purchase shares of common stock at a discount from the market price as defined by the ESPP. The ESPP is designed to satisfy the requirements of Section 423 of the Internal Revenue Code of 1986, as amended, and thereby allows participating employees to defer recognition of taxes when purchasing the shares of common stock at a 15% discount under the ESPP. The Company has an effective Registration Statement on Form S-8 with the Commission registering the issuance of shares of common stock under the ESPP. As of December 31, 2016, there were 1.1 million shares available for future issuance to employees under the ESPP. The Company recorded approximately $0.6 million, $1.2 million, and $1.2 million of compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with the ESPP.

The fair value of the employees’ stock purchase rights granted under the ESPP was estimated using the Black-Scholes model with the following assumptions for the years ended December 31, 2016 and 2015:



	2016			2015
Dividend yield	—		%	—		%
Expected volatility	91.6		%	61.3		%
Risk-free interest rate	0.5		%	0.3		%
Expected term (months)	6			6
Weighted-average grant-date fair value per share	$	3.14		$	4.86

Commitments and Contingencies

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following components (in thousands):



	Year Ended December 31,
	2016			2015			2014
Deferred tax liabilities:
Fixed assets	$	490,221		$	472,817		$	489,060
Deferred charges and other liabilities	10,908			11,317			18,013
Total deferred tax liabilities	501,129			484,134			507,073
Deferred tax assets:
Net operating loss carryforwards	(111,147		)	(52,374		)	(116,676		)
Allowance for doubtful accounts	(763		)	(1,036		)	(1,330		)
Stock-based compensation expense	(4,033		)	(4,830		)	(4,246		)
Alternative minimum tax credit carryforward	(20,863		)	(20,863		)	(20,863		)
Foreign tax credit carryforward	(17,554		)	(17,972		)	(12,332		)
Other	(6,044		)	(5,440		)	(5,676		)
Total deferred tax assets	(160,404		)	(102,515		)	(161,123		)
Valuation allowance	2,295			—			1,011
Total deferred tax liabilities, net	$	343,020		$	381,619		$	346,961

The components of the income tax expense follow (in thousands):



	Year Ended December 31,
	2016			2015		2014
Current tax expense (benefit):
U.S.	$	709		$	—	$	—
Foreign	(257		)	5,671		1,927
Total current tax expense	452			5,671		1,927
Deferred tax expense:
U.S.	(45,958		)	34,086		50,440
Total tax expense (benefit)	$	(45,506	)	$	39,757	$	52,367

Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands):



	Year Ended December 31,
	2016			2015		2014
U.S.	$	(93,704	)	$	65,894	$	105,066
Foreign	(15,648		)	40,684		35,208
Total income (loss) from continuing operations before income taxes	$	(109,352	)	$	106,578	$	140,274

At December 31, 2016, the Company had federal tax net operating loss carryforwards of approximately $315.2 million, which will expire in 2031 through 2036 and foreign tax credit carryforwards of approximately $16.4 million, which will expire in 2019 through 2026. The Company has state tax net operating loss carryforwards of approximately $88.5 million, which will expire in 2030 through 2036 and can only be utilized if the Company generates taxable income in that particular jurisdiction.

As a result of the sale of the Downstream segment during the third quarter of 2013, the Company believed that certain state operating loss carryforwards might not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional valuation allowance of $0.1 million related to those state operating losses. During 2015, the total valuation allowance of $1.0 million was reversed as these state operating losses were written off upon ceasing to do business in those particular jurisdictions. During the fourth quarter of 2016, the Company recorded a valuation allowance of $2.3 million related to foreign tax credits expiring in 2019. The Company has weighed the evidence, primarily net book income projections, and has concluded that it is more likely than not that the Company will not generate sufficient taxable income to utilize these credits by their expiration date of December 31, 2019.

The Company is no longer subject to tax audits by federal, state or local taxing authorities for years prior to 2012. The Company has ongoing examinations by various foreign tax authorities but does not believe that the results of these examinations will have a material adverse effect on the Company’s financial position or results of operations.

The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands):



	Year Ended December 31,
	2016			2015			2014
Statutory rate	$	(38,274	)	$	37,302		$	49,096
State taxes, net	(1,094		)	1,066			1,403
Non-deductible expense	1,070			1,440			1,927
Valuation allowance	2,295			(1,011		)	99
Income excluded from U.S. taxable income	(9,478		)	—			—
Foreign taxes and other	(25		)	960			(158		)
	$	(45,506	)	$	39,757		$	52,367

Due to a favorable election included in the Company's 2015 tax return, which was filed during the fourth quarter of 2016, the results of one of the Company's vessels was excluded from U.S. taxable income and was taxed based on its daily notional shipping income, as defined. This resulted in a favorable impact on deferred tax expense of $9.5 million. The Company does not anticipate having any vessels qualify for this election in the foreseeable future.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Vessel Construction

In November 2011, the Company announced, and later expanded, its fifth OSV newbuild program. This program consisted of vessel construction contracts with three domestic shipyards to build four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of December 31, 2016, the Company had placed in service 22 vessels under such program. The two remaining vessels under this 24-vessel domestic newbuild program are currently expected to be placed in service during 2018. Based on current contracts and internal estimates, the aggregate total cost of this program, before construction period interest, is expected to be approximately $1,335.0 million. From the inception of this program through December 31, 2016, the Company had incurred construction costs of approximately $1,264.0 million, or 94.7%, of total expected project costs.

Operating Leases

The Company is obligated under certain operating leases for office space and shore-base facilities. The Covington facility lease provides for an initial term expiring in September 2025 with three additional five-year renewal period options. The Company leases two adjacent shore-base facilities in Port Fourchon. At December 31, 2016, the leases had approximately two years remaining on their existing terms and the Company has multiple renewal options on such facilities. Rent expense related to operating leases was approximately $4.0 million, $4.1 million and $3.9 million for the years ending December 31, 2016, 2015 and 2014, respectively.

Future minimum payments under noncancelable leases for years subsequent to 2016 are as follows (in thousands):



Year Ended December 31,
2017	$	2,826
2018	2,377
2019	2,409
2020	2,456
2021	2,524
Thereafter	24,662
Total	$	37,254

Contingencies

In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management’s opinion that the Company’s liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows.

During 2013, the Company commenced the process of assigning the in-country vessel management services for its four vessels operating in Brazil from a third party provider to a wholly-owned subsidiary of the Company. As a result, this assignment may be interpreted by local authorities as a new importation of these vessels resulting in an importation assessment ranging from $0.5 million to $3.5 million. The Company disagrees with this interpretation. During the third quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims and this decision has been appealed to a higher court. As of December 31, 2016, these potential duties have not been assessed or recorded in its financial statements. While the Company cannot estimate the amounts or timing of the resolution of this matter, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact on its interim or annual results of operations.

During 2012, a customer, ATP Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code, which in June 2014 was converted to a Chapter 7 case. Pre-petition receivables from ATP were $4.8 million and the Company has recorded $0.9 million in reserves. The Company believes its claim is secured under the Louisiana Oil Well Lien Act. A legal challenge related to the Company's liens has been raised in the bankruptcy proceedings by parties whose interests are affected by the liens. The Company, together with its outside legal counsel, believe its lien position is valid, but the Bankruptcy Court has disagreed. The matter is now being reviewed on appeal by the federal district court in Houston, Texas. An unfavorable final judgment would render the Company's position to that of an unsecured creditor in the bankruptcy proceeding. While the Company believes that the net receivables are collectible based on its position with respect to its liens, it will continue to monitor the proceedings, which may result in actual collections that may materially differ from the current estimate.

Vessel charters with Petrobras included limitations regarding fuel consumption. Petrobras had asserted claims against the Company relating to excess fuel consumption in 2010 and 2011. The Company’s exposure for these assessments, net of amounts accrued, was in the range of approximately $0.5 million to $3.0 million. The Company disagreed with a majority of these assessments. During the second quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims. Subsequent to this ruling, Petrobras had filed and was denied multiple appeals. Petrobras had requested a final review of the case by the Supreme Court and, during the fourth quarter of 2016, this request was denied.

Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On August 29, 2013, the Company closed the sale of substantially all of the assets and business of its Downstream segment's tug and tank barge fleet. Excluded from the sale were three older, lower-horsepower tugs considered to be non-core assets. During the year ended December 31, 2014, the remaining tugs were sold for net cash proceeds of $1.6 million. These latter sales resulted in a pre-tax gain of approximately 0.9 million ($0.6 million after-tax or $0.02 per diluted share). The historical results for the Downstream segment and the gain on the sale of the three tugs have been presented as discontinued operations for 2014, the only applicable period in the accompanying condensed consolidated financial statements.

Summarized results of the Downstream segment from discontinued operations are as follows (in thousands):



	Year Ended December 31,
	2016		2015		2014
Revenue	$	—	$	—	$	12
Gain on sale of assets	—		—		867
Operating Income	—		—		555
Income before income taxes	—		—		966
Income tax expense	—		—		348
Income from discontinued operations	—		—		618

At the closing of the sale of the tug and barge assets and the Downstream business in 2013, the Company entered into transition service agreements with Genesis to facilitate the transition of the sale of the business, including ship management agreements and a crew management agreement, pursuant to which the Company provided services related to the operation and management of certain vessels as well as supplying some of the marine crews for those vessels during the transition period. As of December 31, 2014, all of the transition service agreements had terminated.

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Employment Agreements

12 Months Ended

Dec. 31, 2016

Employment Agreements

The Company has employment agreements with certain members of its executive management team. These agreements include, among other things, contractually stated base level salaries and a structured cash incentive compensation program dependent upon the Company achieving certain targeted financial results. The agreements typically provide for certain targets such as an EBITDA target, an Operating Margin target and a Safety target, which may be varied from time to time by agreement between the Company and the management executive, as well as a discretionary component. In the event such a member of the executive management team is terminated due to certain events as defined in such officer’s agreement, the employee will continue to receive salary, bonus and other payments for the full remaining term of the agreement. The current term of these employment agreements expires on December 31, 2019 and automatically extends each year thereafter on January 1st, for an additional year.

Condensed Consolidating Guarantor Financial Information (Notes)

12 Months Ended

Dec. 31, 2016

Condensed Financial Statements

Condensed Consolidating Financial Statements of Guarantors

The following tables present the condensed consolidating historical financial statements as of December 31, 2016 and 2015, and for each of the two years ended December 31, 2016, for the domestic subsidiaries of the Company that serve as guarantors of the Company's 2019 convertible senior notes, 2020 senior notes and 2021 senior notes and the financial results for the Company's subsidiaries that do not serve as guarantors. The guarantor subsidiaries of the 2019 convertible senior notes, 2020 senior notes and 2021 senior notes are 100% owned by the Company. The guarantees are full and unconditional and joint and several. The guarantees are full and unconditional and joint and several and, prior to 2015, all of the Company's non-guarantor subsidiaries were minor as defined in the Securities and Exchange Commission regulations. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries.

Condensed Consolidating Balance Sheet

(In thousands, except per share data)



	Year Ended December 31, 2016
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidating			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	9	$	212,196	$	4,822		$	—		$	217,027
Accounts receivable, net of allowance for doubtful accounts of $2,120	—		30,846		5,704			—			36,550
Other current assets	15		16,176		787			—			16,978
Total current assets	24		259,218		11,313			—			270,555
Property, plant and equipment, net	—		2,449,473		128,915			—			2,578,388
Deferred charges, net	2,581		15,724		772			—			19,077
Intercompany receivable	1,779,872		680,663		107,038			(2,567,573		)	—
Investment in subsidiaries	768,718		8,602		(4,283		)	(773,037		)	—
Other assets	1,744		6,239		2,272			—			10,255
Total assets	$	2,552,939	$	3,419,919	$	246,027		$	(3,340,610	)	$	2,878,275
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	11,325	$	449		$	—		$	11,774
Accrued interest	14,763		—		—			—			14,763
Accrued payroll and benefits	—		8,104		492			—			8,596
Other accrued liabilities	—		8,463		1,547			—			10,010
Total current liabilities	14,763		27,892		2,488			—			45,143
Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197	1,083,710		—		—			—			1,083,710
Deferred tax liabilities, net	—		337,503		5,517			—			343,020
Intercompany payables	61,715		2,264,900		245,276			(2,571,891		)	—
Other liabilities	—		3,416		(10		)	—			3,406
Total liabilities	1,160,188		2,633,711		253,271			(2,571,891		)	1,475,279
Stockholders’ equity:
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding	—		—		—			—			—
Common stock: $0.01 par value; 100,000 shares authorized; 36,467 shares issued and outstanding	365		—		—			—			365
Additional paid-in capital	754,394		37,978		4,319			(42,297		)	754,394
Retained earnings	637,992		748,080		(21,658		)	(726,422		)	637,992
Accumulated other comprehensive income	—		150		10,095			—			10,245
Total stockholders’ equity	1,392,751		786,208		(7,244		)	(768,719		)	1,402,996
Total liabilities and stockholders’ equity	$	2,552,939	$	3,419,919	$	246,027		$	(3,340,610	)	$	2,878,275

Condensed Consolidating Balance Sheet

(In thousands, except per share data)



	Year Ended December 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidating			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	10	$	252,651	$	7,140		$	—		$	259,801
Accounts receivable, net of allowance for doubtful accounts of $2,877	—		41,963		48,418			821			91,202
Other current assets	12		12,955		66			—			13,033
Total current assets	22		307,569		55,624			821			364,036
Property, plant and equipment, net	—		2,472,367		102,294			—			2,574,661
Deferred charges, net	3,198		56,021		(23,946		)	—			35,273
Intercompany receivable	1,751,046		186,054		59,413			(1,996,513		)	—
Investment in subsidiaries	783,709		8,602		(4,283		)	(788,028		)	—
Other assets	1,743		6,648		2,055			—			10,446
Total assets	$	2,539,718	$	3,037,261	$	191,157		$	(2,783,720	)	$	2,984,416
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	34,214	$	1,521		$	7		$	35,742
Accrued interest	14,795		—		—			—			14,795
Accrued payroll and benefits	—		9,913		452			—			10,365
Other accrued liabilities	—		16,989		6,623			—			23,612
Total current liabilities	14,795		61,116		8,596			7			84,514
Long-term debt, net of original issue discount of $41,600 and deferred financing costs of $13,119	1,070,281		—		—			—			1,070,281
Deferred tax liabilities, net	—		381,619		—			—			381,619
Intercompany payables	4,403		1,801,829		193,786			(2,000,018		)	—
Other liabilities	—		1,839		—			—			1,839
Total liabilities	1,089,479		2,246,403		202,382			(2,000,011		)	1,538,253
Stockholders’ equity:
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding	—		—		—			—			—
Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding	360		—		—			—			360
Additional paid-in capital	748,043		37,976		4,319			(42,297		)	748,041
Retained earnings	701,836		752,763		(11,349		)	(741,412		)	701,838
Accumulated other comprehensive income (loss)	—		119		(4,195		)	—			(4,076		)
Total stockholders’ equity	1,450,239		790,858		(11,225		)	(783,709		)	1,446,163
Total liabilities and stockholders’ equity	$	2,539,718	$	3,037,261	$	191,157		$	(2,783,720	)	$	2,984,416

Condensed Consolidating Statement of Operations

(In thousands)



	Year Ended December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
Revenues	$	—		$	213,563		$	8,707		$	2,029	$	224,299
Costs and expenses:
Operating expenses	—			114,783			14,904			1,971		131,658
Depreciation	—			88,443			4,628			—		93,071
Amortization	—			19,024			1,461			—		20,485
General and administrative expenses	184			39,479			3,637			58		43,358
	184			261,729			24,630			2,029		288,572
Gain on sale of assets	—			53			1			—		54
Operating loss	(184		)	(48,113		)	(15,922		)	—		(64,219		)
Other income (expense):
Interest income	—			984			506			—		1,490
Interest expense	(48,673		)	—			(2		)	—		(48,675		)
Equity in earnings (losses) of consolidated subsidiaries	(14,989		)	—			—			14,989		—
Other income (expense), net	—			(2,272		)	4,324			—		2,052
	(63,662		)	(1,288		)	4,828			14,989		(45,133		)
Income (loss) before income taxes	(63,846		)	(49,401		)	(11,094		)	14,989		(109,352		)
Income tax benefit	—			(44,721		)	(785		)	—		(45,506		)
Net income (loss)	$	(63,846	)	$	(4,680	)	$	(10,309	)	$	14,989	$	(63,846	)

Condensed Consolidating Statements of Comprehensive Income

(In thousands)



	Year Ended December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
Net income (loss)	$	(63,846	)	$	(4,680	)	$	(10,309	)	$	14,989	$	(63,846	)
Other comprehensive income:
Foreign currency translation gain	—			31			14,290			—		14,321
Total comprehensive income (loss)	$	(63,846	)	$	(4,649	)	$	3,981		$	14,989	$	(49,525	)

Condensed Consolidating Statement of Operations

(In thousands)



	Year ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating			Consolidated
Revenues	$	—		$	426,419		$	50,952		$	(1,301	)	$	476,070
Costs and expenses:
Operating expenses	—			178,748			41,514			(1,002		)	219,260
Depreciation	—			81,522			1,044			—			82,566
Amortization	—			25,782			681			—			26,463
General and administrative expenses	189			44,398			3,861			(151		)	48,297
	189			330,450			47,100			(1,153		)	376,586
Gain on sale of assets	—			44,060			—			—			44,060
Operating income (loss)	(189		)	140,029			3,852			(148		)	143,544
Other income (expense):
Interest income	—			1,125			400			—			1,525
Interest expense	(39,460		)	—			(36		)	—			(39,496		)
Equity in earnings (losses) of consolidated subsidiaries	106,798			—			—			(106,798		)	—
Other income (expense), net	—			(4,053		)	5,238			(180		)	1,005
	67,338			(2,928		)	5,602			(106,978		)	(36,966		)
Income (loss) before income taxes	67,149			137,101			9,454			(107,126		)	106,578
Income tax expense	—			35,194			4,563			—			39,757
Net income (loss)	$	67,149		$	101,907		$	4,891		$	(107,126	)	$	66,821

Condensed Consolidating Statements of Comprehensive Income

(In thousands)



	Year Ended December 31, 2015
	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating			Consolidated
Net income (loss)	$	67,149	$	101,907		$	4,891		$	(107,126	)	$	66,821
Other comprehensive income:
Foreign currency translation loss	—		(81		)	(3,093		)	—			(3,174		)
Total comprehensive income (loss)	$	67,149	$	101,826		$	1,798		$	(107,126	)	$	63,647

Condensed Consolidating Statements of Cash Flows

(In thousands)



	Year Ended December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(199	)	$	55,677		$	(2,428	)	$	—	$	53,050
CASH FLOWS FROM INVESTING ACTIVITIES:
Costs incurred for OSV newbuild program #5	—			(76,615		)	338			—		(76,277		)
Net proceeds from sale of assets	—			523			1			—		524
Vessel capital expenditures	—			(19,604		)	(1,085		)	—		(20,689		)
Non-vessel capital expenditures	—			(467		)	(102		)	—		(569		)
Net cash used in investing activities	—			(96,163		)	(848		)	—		(97,011		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred financing costs	(1,102		)	—			—			—		(1,102		)
Net cash proceeds from other shares issued	1,300			—			—			—		1,300
Net cash provided by financing activities	198			—			—			—		198
Effects of exchange rate changes on cash	—			31			958			—		989
Net decrease in cash and cash equivalents	(1		)	(40,455		)	(2,318		)	—		(42,774		)
Cash and cash equivalents at beginning of period	10			252,651			7,140			—		259,801
Cash and cash equivalents at end of period	$	9		$	212,196		$	4,822		$	—	$	217,027
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest	$	50,152		$	—		$	—		$	—	$	50,152
Cash paid for income taxes	$	—		$	1,292		$	2,440		$	—	$	3,732

Condensed Consolidating Statements of Cash Flows

(In thousands)



	Year Ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(1,029	)	$	109,987		$	106,885		$	—	$	215,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Costs incurred for OSV newbuild program #5	—			(120,767		)	(69,303		)	—		(190,070		)
Net proceeds from sale of assets	—			152,000			—			—		152,000
Vessel capital expenditures	—			(55,724		)	(31,068		)	—		(86,792		)
Non-vessel capital expenditures	—			(16,211		)	(276		)	—		(16,487		)
Net cash used in investing activities	—			(40,702		)	(100,647		)	—		(141,349		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred financing costs	(2,089		)	—			—			—		(2,089		)
Net cash proceeds from other shares issued	3,112			—			—			—		3,112
Net cash provided by financing activities	1,023			—			—			—		1,023
Effects of exchange rate changes on cash	—			(81		)	(758		)	—		(839		)
Net increase (decrease) in cash and cash equivalents	(6		)	69,204			5,480			—		74,678
Cash and cash equivalents at beginning of period	16			183,447			1,660			—		185,123
Cash and cash equivalents at end of period	$	10		$	252,651		$	7,140		$	—	$	259,801
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest	$	50,492		$	—		$	—		$	—	$	50,492
Cash paid for income taxes	$	—		$	582		$	4,226		$	—	$	4,808

Supplemental Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Supplemental Selected Quarterly Financial Data

Supplemental Selected Quarterly Financial Data (Unaudited) (in thousands, except per share data):

The following table contains selected unaudited quarterly financial data from the consolidated statements of operations for each quarter of fiscal years 2016 and 2015. The operating results for any quarter are not necessarily indicative of results for any future period.



	Quarter Ended
	Mar 31			Jun 30			Sep 30			Dec 31
Fiscal Year 2016⁽¹⁾⁽²⁾
Revenues	$	76,820		$	53,673		$	51,927		$	41,879
Operating loss	(780		)	(21,510		)	(14,445		)	(27,484		)
Net loss	(7,514		)	(20,586		)	(16,503		)	(19,243		)
Earnings (loss) per common share:
Basic loss per common share	$	(0.21	)	$	(0.57	)	$	(0.45	)	$	(0.53	)
Diluted loss per common share	$	(0.21	)	$	(0.57	)	$	(0.45	)	$	(0.53	)
Fiscal Year 2015⁽¹⁾⁽²⁾
Revenues	$	134,624		$	136,446		$	116,281		$	88,719
Operating income⁽³⁾	66,898			39,355			32,809			4,482
Net income (loss)	35,853			19,215			14,424			(2,671		)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	1.01		$	0.54		$	0.40		$	(0.07	)
Diluted earnings (loss) per common share	$	0.99		$	0.53		$	0.40		$	(0.07	)


⁽¹⁾	The sum of the four quarters may not equal annual results due to rounding.

⁽²⁾

⁽³⁾

During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million. The sale resulted in a pre-tax gain of approximately $33.1 million ($20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million. The sale resulted in a pre-tax gain of approximately $11.0 million ($6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2016
Revenue Recognition	Revenue Recognition The Company charters its OSVs and MPSVs to clients under time charters based on a daily rate of hire and recognizes revenue as earned on a daily basis during the contract period of the specific vessel. Deferred revenue represents payments received from customers or billings submitted to customers in advance of providing vessel access through time charters or other contracted arrangements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments in money market funds, deposits and investments available for current use with an initial maturity of three months or less.
Accounts Receivable	Accounts Receivable Accounts receivable consists of trade receivables, net of reserves and amounts to be rebilled to customers.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is recorded at cost. Depreciation and amortization of equipment and leasehold improvements are computed using the straight-line method based on the estimated useful lives of the related assets. Major modifications and improvements, which extend the useful life of the vessel, are capitalized and amortized over the remaining useful life of the vessel. Gains and losses from retirements or other dispositions are recognized as incurred. Salvage values for new generation marine equipment are estimated to be 25% of the originally recorded cost.
Deferred Charges	Deferred Charges The Company’s vessels are required by regulation to be recertified after certain periods of time. The Company defers the drydocking expenditures incurred due to regulatory marine inspections and amortizes the costs on a straight-line basis over the period to be benefited from such expenditures (generally 30 months). Financing charges are amortized over the term of the related debt. Deferred charges also include prepaid lease expenses related to the Company’s shore-base port facility. Such prepaid lease expenses are being amortized on a straight-line basis over the effective remaining term of the lease.
Precontract Costs, Policy	Mobilization Costs The Company incurs mobilization costs to transit its vessels to and from certain regions and/or for long-term contracts. These costs, which are typically expensed as incurred, include, but are not limited to, fuel, crew wages, vessel modification and pre-positioning expenses, materials and supplies and importation taxes.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes includes provisions for federal, state and foreign income taxes. Interest and penalties relating to uncertain tax positions are recorded as general and administrative expenses. In addition, the Company provides a valuation allowance for deferred tax assets if it is more likely than not that such items will either expire before the Company is able to realize the benefit or the future deductibility is uncertain. As a result of the sale of the Downstream segment during 2013, the Company believed that certain state operating loss carryforwards would not be realizable and thus recorded a valuation allowance of $0.9 million for the year ended December 31, 2013. During 2014, the Company recorded an additional $0.1 million related to these state operating losses. During 2015, the total valuation allowance of $1.0 million on these state operating losses was reversed since the losses were written off upon ceasing to do business in those particular jurisdictions. As of December 31, 2016, the Company believed that it is more likely than not that foreign tax credits expiring in 2019 will not be fully utilized. In the fourth quarter of 2016, the Company elected to establish a valuation allowance of $2.3 million for the portion of such credits that it has concluded may not be utilized by December 31, 2019.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Commitments and Contingencies, Policy	Legal Liabilities In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, or governmental investigations. These matters may involve large or unspecified damages or penalties that may be sought from the Company and may require years to resolve. The Company records a liability related to a loss contingency to such legal matters in accrued liabilities if the Company determines the loss to be both probable and estimable. The liability is recorded for an amount that is management’s best estimate of the loss, or when a best estimate cannot be made, the minimum loss amount of a range of possible outcomes. Significant judgment is required in estimating such liabilities, the results of which can vary significantly from the actual outcomes of lawsuits, administrative proceedings or governmental investigations.
Concentration of Credit Risk	Concentration of Credit Risk Customers are primarily major and independent, domestic and international, oil and oil service companies, as well as national oil companies and the U.S. military. The Company’s customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company usually does not require collateral. The Company provides an estimate for uncollectible accounts based primarily on management’s judgment using the relative age of customer balances, historical losses, current economic conditions and individual evaluations of each customer to make adjustments to the allowance for doubtful accounts. As of December 31, 2016, one customer represented 14% of the Company's net accounts receivable balance.
Foreign Currency Transactions and Translations Policy	Foreign Currency Transaction Gains and Losses Foreign currency transaction gains and losses are recorded in the period incurred except for advances to and investments in foreign subsidiaries. Foreign currency gains and losses related to advances to or investments in foreign operations are accounted for as a foreign currency translation adjustment and recorded as other comprehensive income. Foreign currency transaction adjustments for fiscal years 2016, 2015 and 2014 were not material to the financial statements. The balance in accumulated other comprehensive income as of December 31, 2016 relates primarily to the Company’s long term investments in its foreign subsidiaries.
Impairment of Long-Lived Assets	Considerations Regarding Impairment of Long-Lived Assets In accordance with ASC360, the Company periodically reviews long-lived asset valuations when events or changes in circumstances indicate that an asset's carrying value might not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of its long-lived assets by comparing the projected future undiscounted cash flows associated with the related long-lived asset group over their remaining estimated useful lives. If the sum of the estimated undiscounted cash flows is less than the carrying amounts of the asset group, the assets would be written down to their estimated fair values based on the expected discounted future cash flows or appraised values attributable to the assets. The future cash flows are subjective and are based on the Company's current assumptions regarding future dayrates, utilization, operating expense, G&A expense and recertification costs that could differ from actual results. As of June 30, 2016, the Company determined that it observed indicators of impairment related to its vessels. This resulted from the rapid deterioration of its second quarter 2016 operating results, as well as the uncertainty regarding future market conditions and the related impact on the Company's projected operating results. For the purposes of calculating the undiscounted cash flows, the Company groups its vessels into two groups, OSVs and MPSVs, and used a probability-weighted undiscounted cash flow projection to test for recoverability. After reviewing the results of this calculation, the Company determined that each of its asset groups has sufficient projected undiscounted cash flows to recover the remaining book value of the Company's long-lived assets within such group. During the second half of 2016, the Company reviewed the assumptions used in preparing the undiscounted cash flow projections and it concluded that such assumptions remain consistent with current market conditions. In addition, the Company has not observed any additional indicators of impairment related to its vessels during the second half of 2016 and the assumptions used to determine undiscounted cash flows remain appropriate. No triggering events occurred in 2015 or 2014 and the Company did not record any impairment losses related to its long-lived assets during those periods. The Company will continue to closely monitor market conditions and potential impairment indicators as long as this market downturn persists.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Estimated Useful Lives by Classification

The estimated useful lives by classification are as follows:



Offshore supply vessels		25 years
Multi-purpose support vessels		25 years
Non-vessel related property, plant and equipment		3-28 years

See “Considerations Regarding Impairment of Long-Lived Assets” below for more information.

Allowance for Doubtful Accounts

The following table represents the allowance for doubtful accounts (in thousands):



	December 31,
	2016			2015			2014
Balance, beginning of year	$	2,877		$	3,693		$	3,411
Changes to provision	(757		)	(816		)	282
Balance, end of year	$	2,120		$	2,877		$	3,693

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:

Schedule of New Accounting Pronouncements Not yet Adopted



Standards that have not been adopted
Accounting Standards Update (ASU) No. 2017-04, "Simplifying the Accounting for Goodwill Impairment"	The standard removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 requires prospective application. Early adoption is permitted for any impairment tests performed after January 1, 2017.	January 1, 2020	The Company believes that the implementation of this new guidance will not have a material impact on the consolidated financial statements.

ASU No. 2017-01, "Business Combinations" (Topic 805): Clarifying the Definition of a Business	This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires prospective application.	January 1, 2018	The Company is evaluating the effect of this new standard on its financial statements and related disclosures.

ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory"	The standard requires the recognition of the tax effects of an intra-entity asset transfers in the period in which the transfer takes place. The new guidance does not apply to intra-entity transfers of inventory. ASU No. 2016-16 requires a modified retrospective approach. Early adoption is permitted.	January 1, 2018	The Company is evaluating the effect of this new standard on its financial statements and related disclosures.

ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments"	The standard clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU No. 2016-15 requires retrospective application. Early adoption is permitted.	January 1, 2018	The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements.



Standard	Description	Date of Adoption	Effect on the financial statements and other significant matters
Standards that have not been adopted
ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments"	This standard requires measurement and recognition of expected credit losses for financial assets held. ASU No. 2016-13 requires modified retrospective application. Early adoption is permitted.	January 1, 2020	The Company believes that the implementation of this new guidance will not have a material impact on it consolidated financial statements.

ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting"	This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification of related amounts within the statement of cash flows. Early adoption is permitted.	January 1, 2017	This standard requires excess tax benefits or deficiencies, relating to the vesting of restricted stock unit awards or the exercise of stock options, to be reflected as a component of the tax rate whereas they were previously recognized as equity. This may cause volatility to its effective tax rate as outstanding stock options are exercised or restricted stock awards vest. Additionally, our Consolidated Statements of Cash Flows will include excess tax benefits as an operating activity.

ASU No. 2016-02, "Leases" (Topic 842)	This standard requires lessees to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. ASU 2016-02 requires a modified retrospective application. Early adoption is permitted.	January 1, 2019	The Company is evaluating the effect of this new standard on its financial statements and related disclosures.

ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606)	This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application.	January 1, 2018	The Company has performed an initial evaluation of this standard and its impact on the financial statements. This included tasks such as identifying contracts, identifying performance obligations and reviewing the applicable revenue streams. In this review, nothing has been identified that would require a change in the current accounting for revenue. The Company will continue to review these new requirements prior to implementation which is expected under the modified retrospective method.

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

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-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reconciliation of Earnings Per Share

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

The table below reconciles the Company’s earnings per share (in thousands, except for per share data):



	Year Ended December 31,
	2016			2015		2014
Income (loss) from continuing operations	$	(63,846	)	$	66,821	$	87,907
Income from discontinued operations, net of tax ⁽¹⁾	—			—		618
Net income (loss)	$	(63,846	)	$	66,821	$	88,525
Weighted average number of shares of common stock outstanding	36,248			35,755		36,172
Add: Net effect of dilutive stock options and unvested restricted stock ^(2)(3)(4)	—			547		520
Weighted average number of dilutive shares of common stock outstanding	36,248			36,302		36,692
Earnings (loss) per common share:
Basic earnings (loss) per common share from continuing operations	$	(1.76	)	$	1.87	$	2.43
Basic earnings per common share from discontinued operations	—			—		0.02
Basic earnings (loss) per common share	$	(1.76	)	$	1.87	$	2.45
Diluted earnings (loss) per common share from continuing operations	$	(1.76	)	$	1.84	$	2.40
Diluted earnings per common share from discontinued operations	—			—		0.01
Diluted earnings (loss) per common share	$	(1.76	)	$	1.84	$	2.41


⁽¹⁾	On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction.

⁽²⁾

⁽³⁾


⁽⁴⁾	Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Outstanding Long-Term Debt

As of the dates indicated below, the Company had the following outstanding long-term debt (in thousands):



	December 31,
	2016		2015
5.875% senior notes due 2020, net of deferred financing costs of $3,025 and $3,944	$	371,975	$	371,056
5.000% senior notes due 2021, net of deferred financing costs of $4,111 and $5,080	445,889		444,920
1.500% convertible senior notes due 2019, net of original issue discount of $31,093 and $41,600 and deferred financing costs of $3,061 and $4,095	265,846		254,305
Revolving credit facility due 2020	—		—
	$	1,083,710	$	1,070,281

The table below summarizes the Company's cash interest payments (in thousands):



	Semi-Annual Cash Interest Payment		Payment Dates
5.875% senior notes due 2020	$	11,000	April 1 and October 1
5.000% senior notes due 2021	11,300		March 1 and September 1
1.500% convertible senior notes due 2019	2,300		March 1 and September 1

Annual Maturities of Debt

Annual maturities of debt, excluding the potential effects of conditions discussed in Convertible Senior Notes, during each year ending December 31, are as follows (in thousands):



2017	$	—
2018	—
2019	300,000
2020	375,000
2021	450,000
Thereafter	—
	$	1,125,000

Schedule of Face Value, Carrying Value and Fair Value [Line Items]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands):



	December 31, 2016						December 31, 2015
	Face Value		Carrying Value		Fair Value		Face Value		Carrying Value		Fair Value
5.875% senior notes due 2020	$	375,000	$	371,975	$	270,938	$	375,000	$	371,056	$	257,813
5.000% senior notes due 2021	450,000		445,889		301,343		450,000		444,920		308,250
1.500% convertible senior notes due 2019	300,000		265,846		216,195		300,000		254,305		170,340
	$	1,125,000	$	1,083,710	$	788,476	$	1,125,000	$	1,070,281	$	736,403

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
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Financial Impact of Stock-Based Compensation Expense Charges

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016



	Year Ended December 31,
	2016		2015		2014
Income before taxes	$	9,983	$	10,293	$	10,324
Net income	$	5,829	$	6,454	$	6,471
Earnings per common share:
Basic	$	0.16	$	0.18	$	0.18
Diluted	$	0.16	$	0.18	$	0.18

Summary of Stock Option Activity

The following table represents the Company’s stock option activity for the year ended December 31, 2015 (in thousands, except per share data and years):



	Number of Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2015	345		$	27.98	3.7	$	59
Grants	—		—		—	—
Exercised	(1	)	22.28		n/a	2
Forfeited or expired	(40	)	27.27		n/a	n/a
Options outstanding at December 31, 2015	304		$	28.11	3.2	$	—
Exercisable options outstanding at December 31, 2015	304		$	28.11	3.2	$	—

The following table represents the Company’s stock option activity for the year ended December 31, 2016 (in thousands, except per share data and years):



	Number of Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2016	304		$	28.11	3.2	$	—
Grants	—		—		—	—
Exercised	—		—		—	—
Forfeited or expired	(119	)	33.15		n/a	n/a
Options outstanding at December 31, 2016	185		$	24.86	4.1	$	—
Exercisable options outstanding at December 31, 2016	185		$	24.86	4.1	$	—

The following table represents the Company’s stock option activity for the year ended December 31, 2014 (in thousands, except per share data and years):



	Number of Shares		Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at January 1, 2014	405		$	27.16	4.2	$	8,951
Grants	—		—		—	—
Exercised	(60	)	22.49		n/a	684
Forfeited or expired	—		—		—	—
Options outstanding at December 31, 2014	345		$	27.98	3.7	$	59
Exercisable options outstanding at December 31, 2014	345		$	27.98	3.7	$	59

Summary of Restricted Stock Award Activity

The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share
Restricted stock unit awards:
Restricted stock unit awards as of January 1, 2016	726		$	30.12
Granted during the period	537		6.44
Change in estimated payout of performance unit awards⁽¹⁾	(95	)	27.52
Cancellations during the period	—		—
Vested	(348	)	23.50
Outstanding, as of December 31, 2016	820		$	17.72

The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share
Restricted stock unit awards:
Restricted stock unit awards as of January 1, 2014	570		$	31.61
Granted during the period⁽¹⁾	274		42.61
Cancellations during the period	—		—
Vested	(254	)	30.68
Outstanding, as of December 31, 2014	590		$	37.13


⁽¹⁾	Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards.

The following table summarizes the equity-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share
Restricted stock unit awards:
Restricted stock unit awards as of January 1, 2015	590		$	37.13
Granted during the period⁽¹⁾	479		21.40
Cancellations during the period	(104	)	21.84
Vested	(239	)	33.60
Outstanding, as of December 31, 2015	726		$	30.12


⁽¹⁾	Includes the base share awards for time-based awards. Includes the full amount of both base and bonus share awards for performance-based awards granted during the period, which represents up to 150% of the aggregate total of the base share awards.

Schedule of Other Share-based Compensation, Activity [Table Text Block]

The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2015 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share⁽¹⁾
Cash-Settled restricted stock unit awards:
Cash-settled restricted stock unit awards as of January 1, 2015	153		$	38.43
Granted during the period	47		21.84
Cancellations during the period	(1	)	30.87
Vested	(117	)	37.25
Outstanding, as of December 31, 2015	82		$	30.61


⁽¹⁾	The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.

The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2014 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share⁽¹⁾
Cash-Settled restricted stock unit awards:
Cash-settled restricted stock unit awards as of January 1, 2014	139		$	37.25
Granted during the period	35		43.00
Cancellations during the period	(3	)	39.14
Vested	(18	)	37.88
Outstanding, as of December 31, 2014	153		$	38.43


⁽¹⁾	The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.

The following table summarizes the cash-settled restricted stock unit awards activity during the year ended December 31, 2016 (in thousands, except per share data):



	Number of Shares		Weighted Avg. Fair Value Per Share⁽¹⁾
Cash-Settled restricted stock unit awards:
Cash-settled restricted stock unit awards as of January 1, 2016	82		$	30.61
Granted during the period⁽²⁾	991		6.14
Cancellations during the period	(5	)	19.05
Vested	(15	)	34.32
Outstanding, as of December 31, 2016	1,053		$	7.60


⁽¹⁾	The weighted average fair value per share is determined by the stock price on the date of grant for time-based shares.


⁽²⁾	Includes only the base shares awarded for both time-based and performance based awards. The performance-based awards have the potential to vest at up to 150% of the aggregate total of the base share awards.

Summary of Weighted Average Assumptions and Fair Value of Options under ESPP



	2016			2015
Dividend yield	—		%	—		%
Expected volatility	91.6		%	61.3		%
Risk-free interest rate	0.5		%	0.3		%
Expected term (months)	6			6
Weighted-average grant-date fair value per share	$	3.14		$	4.86

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Long Term Deferred Tax Liabilities Net

The net long-term deferred tax liabilities in the accompanying consolidated balance sheets include the following components (in thousands):



	Year Ended December 31,
	2016			2015			2014
Deferred tax liabilities:
Fixed assets	$	490,221		$	472,817		$	489,060
Deferred charges and other liabilities	10,908			11,317			18,013
Total deferred tax liabilities	501,129			484,134			507,073
Deferred tax assets:
Net operating loss carryforwards	(111,147		)	(52,374		)	(116,676		)
Allowance for doubtful accounts	(763		)	(1,036		)	(1,330		)
Stock-based compensation expense	(4,033		)	(4,830		)	(4,246		)
Alternative minimum tax credit carryforward	(20,863		)	(20,863		)	(20,863		)
Foreign tax credit carryforward	(17,554		)	(17,972		)	(12,332		)
Other	(6,044		)	(5,440		)	(5,676		)
Total deferred tax assets	(160,404		)	(102,515		)	(161,123		)
Valuation allowance	2,295			—			1,011
Total deferred tax liabilities, net	$	343,020		$	381,619		$	346,961

Components of Income Tax Expenses

The components of the income tax expense follow (in thousands):



	Year Ended December 31,
	2016			2015		2014
Current tax expense (benefit):
U.S.	$	709		$	—	$	—
Foreign	(257		)	5,671		1,927
Total current tax expense	452			5,671		1,927
Deferred tax expense:
U.S.	(45,958		)	34,086		50,440
Total tax expense (benefit)	$	(45,506	)	$	39,757	$	52,367

Income (Loss) Before Income Taxes Based on Jurisdiction Earned

Income from continuing operations before income taxes, based on jurisdiction earned, was as follows (in thousands):



	Year Ended December 31,
	2016			2015		2014
U.S.	$	(93,704	)	$	65,894	$	105,066
Foreign	(15,648		)	40,684		35,208
Total income (loss) from continuing operations before income taxes	$	(109,352	)	$	106,578	$	140,274

Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision

The following table reconciles the difference between the Company’s income tax provision calculated at the federal statutory rate of 35% and the actual income tax provision (in thousands):



	Year Ended December 31,
	2016			2015			2014
Statutory rate	$	(38,274	)	$	37,302		$	49,096
State taxes, net	(1,094		)	1,066			1,403
Non-deductible expense	1,070			1,440			1,927
Valuation allowance	2,295			(1,011		)	99
Income excluded from U.S. taxable income	(9,478		)	—			—
Foreign taxes and other	(25		)	960			(158		)
	$	(45,506	)	$	39,757		$	52,367

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Discontinued Operations, Income Statement and Balance Sheet

Summarized results of the Downstream segment from discontinued operations are as follows (in thousands):



	Year Ended December 31,
	2016		2015		2014
Revenue	$	—	$	—	$	12
Gain on sale of assets	—		—		867
Operating Income	—		—		555
Income before income taxes	—		—		966
Income tax expense	—		—		348
Income from discontinued operations	—		—		618

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Balance Sheet

Condensed Consolidating Balance Sheet

(In thousands, except per share data)



	Year Ended December 31, 2016
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidating			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	9	$	212,196	$	4,822		$	—		$	217,027
Accounts receivable, net of allowance for doubtful accounts of $2,120	—		30,846		5,704			—			36,550
Other current assets	15		16,176		787			—			16,978
Total current assets	24		259,218		11,313			—			270,555
Property, plant and equipment, net	—		2,449,473		128,915			—			2,578,388
Deferred charges, net	2,581		15,724		772			—			19,077
Intercompany receivable	1,779,872		680,663		107,038			(2,567,573		)	—
Investment in subsidiaries	768,718		8,602		(4,283		)	(773,037		)	—
Other assets	1,744		6,239		2,272			—			10,255
Total assets	$	2,552,939	$	3,419,919	$	246,027		$	(3,340,610	)	$	2,878,275
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	11,325	$	449		$	—		$	11,774
Accrued interest	14,763		—		—			—			14,763
Accrued payroll and benefits	—		8,104		492			—			8,596
Other accrued liabilities	—		8,463		1,547			—			10,010
Total current liabilities	14,763		27,892		2,488			—			45,143
Long-term debt, net of original issue discount of $31,093 and deferred financing costs of $10,197	1,083,710		—		—			—			1,083,710
Deferred tax liabilities, net	—		337,503		5,517			—			343,020
Intercompany payables	61,715		2,264,900		245,276			(2,571,891		)	—
Other liabilities	—		3,416		(10		)	—			3,406
Total liabilities	1,160,188		2,633,711		253,271			(2,571,891		)	1,475,279
Stockholders’ equity:
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding	—		—		—			—			—
Common stock: $0.01 par value; 100,000 shares authorized; 36,467 shares issued and outstanding	365		—		—			—			365
Additional paid-in capital	754,394		37,978		4,319			(42,297		)	754,394
Retained earnings	637,992		748,080		(21,658		)	(726,422		)	637,992
Accumulated other comprehensive income	—		150		10,095			—			10,245
Total stockholders’ equity	1,392,751		786,208		(7,244		)	(768,719		)	1,402,996
Total liabilities and stockholders’ equity	$	2,552,939	$	3,419,919	$	246,027		$	(3,340,610	)	$	2,878,275

Condensed Consolidating Balance Sheet

(In thousands, except per share data)



	Year Ended December 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidating			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	10	$	252,651	$	7,140		$	—		$	259,801
Accounts receivable, net of allowance for doubtful accounts of $2,877	—		41,963		48,418			821			91,202
Other current assets	12		12,955		66			—			13,033
Total current assets	22		307,569		55,624			821			364,036
Property, plant and equipment, net	—		2,472,367		102,294			—			2,574,661
Deferred charges, net	3,198		56,021		(23,946		)	—			35,273
Intercompany receivable	1,751,046		186,054		59,413			(1,996,513		)	—
Investment in subsidiaries	783,709		8,602		(4,283		)	(788,028		)	—
Other assets	1,743		6,648		2,055			—			10,446
Total assets	$	2,539,718	$	3,037,261	$	191,157		$	(2,783,720	)	$	2,984,416
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	—	$	34,214	$	1,521		$	7		$	35,742
Accrued interest	14,795		—		—			—			14,795
Accrued payroll and benefits	—		9,913		452			—			10,365
Other accrued liabilities	—		16,989		6,623			—			23,612
Total current liabilities	14,795		61,116		8,596			7			84,514
Long-term debt, net of original issue discount of $41,600 and deferred financing costs of $13,119	1,070,281		—		—			—			1,070,281
Deferred tax liabilities, net	—		381,619		—			—			381,619
Intercompany payables	4,403		1,801,829		193,786			(2,000,018		)	—
Other liabilities	—		1,839		—			—			1,839
Total liabilities	1,089,479		2,246,403		202,382			(2,000,011		)	1,538,253
Stockholders’ equity:
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding	—		—		—			—			—
Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding	360		—		—			—			360
Additional paid-in capital	748,043		37,976		4,319			(42,297		)	748,041
Retained earnings	701,836		752,763		(11,349		)	(741,412		)	701,838
Accumulated other comprehensive income (loss)	—		119		(4,195		)	—			(4,076		)
Total stockholders’ equity	1,450,239		790,858		(11,225		)	(783,709		)	1,446,163
Total liabilities and stockholders’ equity	$	2,539,718	$	3,037,261	$	191,157		$	(2,783,720	)	$	2,984,416

Condensed Income Statement

Condensed Consolidating Statement of Operations

(In thousands)



	Year Ended December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
Revenues	$	—		$	213,563		$	8,707		$	2,029	$	224,299
Costs and expenses:
Operating expenses	—			114,783			14,904			1,971		131,658
Depreciation	—			88,443			4,628			—		93,071
Amortization	—			19,024			1,461			—		20,485
General and administrative expenses	184			39,479			3,637			58		43,358
	184			261,729			24,630			2,029		288,572
Gain on sale of assets	—			53			1			—		54
Operating loss	(184		)	(48,113		)	(15,922		)	—		(64,219		)
Other income (expense):
Interest income	—			984			506			—		1,490
Interest expense	(48,673		)	—			(2		)	—		(48,675		)
Equity in earnings (losses) of consolidated subsidiaries	(14,989		)	—			—			14,989		—
Other income (expense), net	—			(2,272		)	4,324			—		2,052
	(63,662		)	(1,288		)	4,828			14,989		(45,133		)
Income (loss) before income taxes	(63,846		)	(49,401		)	(11,094		)	14,989		(109,352		)
Income tax benefit	—			(44,721		)	(785		)	—		(45,506		)
Net income (loss)	$	(63,846	)	$	(4,680	)	$	(10,309	)	$	14,989	$	(63,846	)

Condensed Consolidating Statement of Operations

(In thousands)



	Year ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating			Consolidated
Revenues	$	—		$	426,419		$	50,952		$	(1,301	)	$	476,070
Costs and expenses:
Operating expenses	—			178,748			41,514			(1,002		)	219,260
Depreciation	—			81,522			1,044			—			82,566
Amortization	—			25,782			681			—			26,463
General and administrative expenses	189			44,398			3,861			(151		)	48,297
	189			330,450			47,100			(1,153		)	376,586
Gain on sale of assets	—			44,060			—			—			44,060
Operating income (loss)	(189		)	140,029			3,852			(148		)	143,544
Other income (expense):
Interest income	—			1,125			400			—			1,525
Interest expense	(39,460		)	—			(36		)	—			(39,496		)
Equity in earnings (losses) of consolidated subsidiaries	106,798			—			—			(106,798		)	—
Other income (expense), net	—			(4,053		)	5,238			(180		)	1,005
	67,338			(2,928		)	5,602			(106,978		)	(36,966		)
Income (loss) before income taxes	67,149			137,101			9,454			(107,126		)	106,578
Income tax expense	—			35,194			4,563			—			39,757
Net income (loss)	$	67,149		$	101,907		$	4,891		$	(107,126	)	$	66,821

Condensed Statement of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income

(In thousands)



	Year Ended December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
Net income (loss)	$	(63,846	)	$	(4,680	)	$	(10,309	)	$	14,989	$	(63,846	)
Other comprehensive income:
Foreign currency translation gain	—			31			14,290			—		14,321
Total comprehensive income (loss)	$	(63,846	)	$	(4,649	)	$	3,981		$	14,989	$	(49,525	)

Condensed Consolidating Statements of Comprehensive Income

(In thousands)



	Year Ended December 31, 2015
	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating			Consolidated
Net income (loss)	$	67,149	$	101,907		$	4,891		$	(107,126	)	$	66,821
Other comprehensive income:
Foreign currency translation loss	—		(81		)	(3,093		)	—			(3,174		)
Total comprehensive income (loss)	$	67,149	$	101,826		$	1,798		$	(107,126	)	$	63,647

Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows

(In thousands)



	Year Ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(1,029	)	$	109,987		$	106,885		$	—	$	215,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Costs incurred for OSV newbuild program #5	—			(120,767		)	(69,303		)	—		(190,070		)
Net proceeds from sale of assets	—			152,000			—			—		152,000
Vessel capital expenditures	—			(55,724		)	(31,068		)	—		(86,792		)
Non-vessel capital expenditures	—			(16,211		)	(276		)	—		(16,487		)
Net cash used in investing activities	—			(40,702		)	(100,647		)	—		(141,349		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred financing costs	(2,089		)	—			—			—		(2,089		)
Net cash proceeds from other shares issued	3,112			—			—			—		3,112
Net cash provided by financing activities	1,023			—			—			—		1,023
Effects of exchange rate changes on cash	—			(81		)	(758		)	—		(839		)
Net increase (decrease) in cash and cash equivalents	(6		)	69,204			5,480			—		74,678
Cash and cash equivalents at beginning of period	16			183,447			1,660			—		185,123
Cash and cash equivalents at end of period	$	10		$	252,651		$	7,140		$	—	$	259,801
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest	$	50,492		$	—		$	—		$	—	$	50,492
Cash paid for income taxes	$	—		$	582		$	4,226		$	—	$	4,808



	Year Ended December 31, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(199	)	$	55,677		$	(2,428	)	$	—	$	53,050
CASH FLOWS FROM INVESTING ACTIVITIES:
Costs incurred for OSV newbuild program #5	—			(76,615		)	338			—		(76,277		)
Net proceeds from sale of assets	—			523			1			—		524
Vessel capital expenditures	—			(19,604		)	(1,085		)	—		(20,689		)
Non-vessel capital expenditures	—			(467		)	(102		)	—		(569		)
Net cash used in investing activities	—			(96,163		)	(848		)	—		(97,011		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred financing costs	(1,102		)	—			—			—		(1,102		)
Net cash proceeds from other shares issued	1,300			—			—			—		1,300
Net cash provided by financing activities	198			—			—			—		198
Effects of exchange rate changes on cash	—			31			958			—		989
Net decrease in cash and cash equivalents	(1		)	(40,455		)	(2,318		)	—		(42,774		)
Cash and cash equivalents at beginning of period	10			252,651			7,140			—		259,801
Cash and cash equivalents at end of period	$	9		$	212,196		$	4,822		$	—	$	217,027
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES:
Cash paid for interest	$	50,152		$	—		$	—		$	—	$	50,152
Cash paid for income taxes	$	—		$	1,292		$	2,440		$	—	$	3,732

Supplemental Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Unaudited Quarterly Financial Data



	Quarter Ended
	Mar 31			Jun 30			Sep 30			Dec 31
Fiscal Year 2016⁽¹⁾⁽²⁾
Revenues	$	76,820		$	53,673		$	51,927		$	41,879
Operating loss	(780		)	(21,510		)	(14,445		)	(27,484		)
Net loss	(7,514		)	(20,586		)	(16,503		)	(19,243		)
Earnings (loss) per common share:
Basic loss per common share	$	(0.21	)	$	(0.57	)	$	(0.45	)	$	(0.53	)
Diluted loss per common share	$	(0.21	)	$	(0.57	)	$	(0.45	)	$	(0.53	)
Fiscal Year 2015⁽¹⁾⁽²⁾
Revenues	$	134,624		$	136,446		$	116,281		$	88,719
Operating income⁽³⁾	66,898			39,355			32,809			4,482
Net income (loss)	35,853			19,215			14,424			(2,671		)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	1.01		$	0.54		$	0.40		$	(0.07	)
Diluted earnings (loss) per common share	$	0.99		$	0.53		$	0.40		$	(0.07	)


⁽¹⁾	The sum of the four quarters may not equal annual results due to rounding.

⁽²⁾

⁽³⁾

Summary of Significant Accounting Policies - Estimated Useful Lives by Classification (Detail)	12 Months Ended
	Dec. 31, 2016
Offshore Supply Vessels
Significant Accounting Policies [Line Items]
Estimated useful life	25 years
Multi Purpose Support Vessel
Significant Accounting Policies [Line Items]
Estimated useful life	25 years
Non-vessel related property, plant and equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Non-vessel related property, plant and equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life	28 years

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands		12 Months Ended
	Dec. 31, 2016 mo customer	Dec. 31, 2016 USD ($) mo	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Significant Accounting Policies [Line Items]
Number of Customers \| customer	1
Amortization period for deferred charges \| mo	30	30
Valuation Allowance, Deferred Tax Asset, Change in Amount \| $		$ 2,295	$ (1,011)	$ 99	$ 912
Maximum
Significant Accounting Policies [Line Items]
Salvage values for marine equipment	25.00%	25.00%
Other Capitalized Property Plant and Equipment [Member] \| Minimum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life		3 years
Other Capitalized Property Plant and Equipment [Member] \| Maximum
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life		28 years
Accounts Receivable [Member] \| Customer E [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	14.00%

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Provision for Doubtful Accounts	$ (757)	$ (816)	$ 282
Balance, beginning of year	2,877	3,693	3,411
Balance, end of year	$ 2,120	$ 2,877	$ 3,693

Earnings (Loss) Per Share - Reconciliation of Earnings (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

^[3],[4]

Sep. 30, 2016

^[3],[4]

Jun. 30, 2016

^[3],[4]

Mar. 31, 2016

^[3],[4]

Dec. 31, 2015

^[4]

Sep. 30, 2015

^[4]

Jun. 30, 2015

^[4]

Mar. 31, 2015

^[4]

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Earnings Per Share [Abstract]

Income (loss) from continuing operations

$ (63,846)

$ 66,821

$ 87,907

^[1]

Income from discontinued operations, net of tax (1)

^[2]

618

Net income (loss)

$ (19,243)

$ (16,503)

$ (20,586)

$ (7,514)

$ (2,671)

$ 14,424

$ 19,215

$ 35,853

$ (63,846)

$ 66,821

$ 88,525

Weighted average number of shares of common stock outstanding

36,248,000

35,755,000

36,172,000

Add: Net effect of dilutive stock options and unvested restricted stock (2)(3)(4)

^[5],[6]

547,000

520,000

Weighted average number of dilutive shares of common stock outstanding

36,248,000

36,302,000

36,692,000

Basic earnings (loss) per common share from continuing operations

$ (1.76)

$ 1.87

$ 2.43

Basic earnings per common share from discontinued operations

0.00

0.02

Basic earnings (loss) per common share

$ (0.53)

$ (0.45)

$ (0.57)

$ (0.21)

$ (0.07)

$ 0.40

$ 0.54

$ 1.01

(1.76)

1.87

2.45

Diluted earnings (loss) per common share from continuing operations

(1.76)

1.84

2.40

Diluted earnings per common share from discontinued operations

0.00

0.01

Diluted earnings (loss) per common share

$ (0.53)

$ (0.45)

$ (0.57)

$ (0.21)

$ (0.07)

$ 0.40

$ 0.53

$ 0.99

$ (1.76)

$ 1.84

$ 2.41

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Anti-dilutive shares excluded from the calculation of diluted earnings per share

975

322

[1]	On August 29, 2013, the Company closed the sale of its Downstream segment. See Note 14 for further discussion of this transaction.
[2]	Due to a net loss for 2016, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 975 shares of common stock for the year ended December 31, 2016. The Company had 322 anti-dilutive stock options for the year ended December 31, 2015. The Company had no anti-dilutive stock options for the year ended December 31, 2014. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss.
[3]	Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015.
[4]	The sum of the four quarters may not equal annual results due to rounding.
[5]	Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 8 for further information regarding certain of the Company’s restricted stock unit awards.
[6]	For the years ended December 31, 2016, 2015 and 2014, the 2019 convertible senior notes issued in August 2012 were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of our 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. See Note 6 for further information.

Defined Contribution Plan - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($) yr	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Minimum age to be eligible for participation \| yr	18
Period of service to be eligible for participation	3 months
Percentage of earnings that can be deferred	60.00%
Employer contribution \| $	$ 0	$ 0	$ 6,000,000

Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (539,561)	$ (452,134)
Property Plant And Equipment Excluding Construction In Progress Net	2,418,148	2,089,121
Construction in progress	160,240	485,540
Property, plant and equipment, net	2,578,388	2,574,661
Offshore supply vessels and multi-purpose support vessels
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	2,825,389	2,409,221
Non-vessel related property, plant and equipment
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 132,320	$ 132,034

Property, Plant and Equipment - Additional Information (Detail)				1 Months Ended	12 Months Ended
	Feb. 17, 2016 Vessel	Aug. 28, 2015 USD ($) Vessel $ / shares	Feb. 27, 2015 USD ($) Vessel $ / shares	Nov. 30, 2011 Shipyard Vessel	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($) Vessel	Dec. 31, 2015 USD ($) Vessel $ / shares	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
Aggregate cost of OSV newbuild program excluding construction period interest \| $						$ 1,335,000,000
Cost incurred on OSV newbuild program \| $						$ 1,264,000,000
Percentage of total project cost						94.70%
NumberofVesselsSold \| Vessel		1	3				4
Proceeds from Sale of Other Property, Plant, and Equipment \| $		$ 38,000,000	$ 114,000,000				$ 152,000,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property \| $		11,000,000	33,100,000			$ 54,000	44,060,000	$ 822,000
Gain (Loss) on Disposition of Assets \| $		$ 6,700,000	$ 20,700,000				$ 27,600,000
Gain (Loss) on Disposition of Assets, net of tax per share \| $ / shares		$ 0.19	$ 0.57				$ 0.76
Newbuild program 5
Property, Plant and Equipment [Line Items]
Number Of Construction Shipyards, Domestic \| Shipyard				3
Number of Vessels Placed in Service \| Vessel						22
Aggregate cost of OSV newbuild program excluding construction period interest \| $						$ 1,335,000,000
Cost incurred on OSV newbuild program \| $						$ 1,264,000,000
Percentage of total project cost						94.70%
Newbuild program 5 \| Subsequent Event
Property, Plant and Equipment [Line Items]
Estimated Construction Cost, Year Five \| $					$ 43,300,000
Newbuild program 5 \| Offshore Supply Vessel Class 300
Property, Plant and Equipment [Line Items]
Number of vessels to be constructed \| Vessel				4
Newbuild program 5 \| Offshore Supply Vessel Class 310
Property, Plant and Equipment [Line Items]
Number of vessels to be constructed \| Vessel				5
Newbuild program 5 \| Offshore Supply Vessel Class 320
Property, Plant and Equipment [Line Items]
Number of vessels to be constructed \| Vessel				10
Newbuild program 5 \| Multi Purpose Supply Vessel Class 310
Property, Plant and Equipment [Line Items]
Number of vessels to be constructed \| Vessel	2			3		4
Newbuild program 5 \| Multi Purpose Support Vessel
Property, Plant and Equipment [Line Items]
Number of vessels to be constructed \| Vessel				3
Newbuild program 5 \| Multi Purpose Supply Vessel Class 400
Property, Plant and Equipment [Line Items]
Number of vessels to be constructed \| Vessel	2			2

Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands			12 Months Ended
	Apr. 01, 2017	Mar. 01, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 14, 2013	Aug. 13, 2012	Mar. 02, 2012
Debt Instrument [Line Items]
Deferred Finance Costs, Net			$ 10,197	$ 13,119
Senior notes, original issue discount			31,093	41,600
Long-term debt, Excluding Current Maturities			1,083,710	1,070,281
Cash paid for interest			50,152	50,492	$ 50,548
Long-term Debt			1,083,710	1,070,281
Debt Instrument, Face Amount			1,125,000	1,125,000
Debt, Fair Value			$ 788,476	$ 736,403
Senior Notes 5.875 Percent Due 2020
Debt Instrument [Line Items]
Interest Rate			5.875%	5.875%
Deferred Finance Costs, Net			$ 3,025	$ 3,944
Senior Notes			371,975	371,056
Debt Instrument, Face Amount			375,000	375,000				$ 375,000
Debt, Fair Value			$ 270,938	$ 257,813
Senior Notes 5.000 Percent Due 2021
Debt Instrument [Line Items]
Interest Rate			5.00%	5.00%
Deferred Finance Costs, Net			$ 4,111	$ 5,080
Senior Notes			445,889	444,920
Debt Instrument, Face Amount			450,000	450,000
Convertible 5.000 Percent Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 450,000
Debt, Fair Value			$ 301,343	$ 308,250
Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Interest Rate			1.50%	1.50%
Deferred Finance Costs, Net			$ 3,061	$ 4,095
Senior notes, original issue discount			31,093	41,600
Senior Notes			265,846	254,305
Debt Instrument, Face Amount			300,000	300,000			$ 300,000
Debt, Fair Value			216,195	170,340
Revolving Credit Facility Due 2016
Debt Instrument [Line Items]
Long-term Line of Credit			$ 0	$ 0
Subsequent Event [Member] \| Senior Notes 5.875 Percent Due 2020
Debt Instrument [Line Items]
Cash paid for interest	$ 11,000
Subsequent Event [Member] \| Senior Notes 5.000 Percent Due 2021
Debt Instrument [Line Items]
Cash paid for interest		$ 11,300
Subsequent Event [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Cash paid for interest		$ 2,300

Long-Term Debt - Annual Maturities of Debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 13, 2012	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2015	Mar. 02, 2012
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,125,000			$ 1,125,000
Convertible One Point Five Percent Senior Notes Due Twenty Nineteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000	$ 300,000			300,000
Debt Instrument Maturity Year		2019
Debt Instrument, Maturity Date	Sep. 01, 2019
Senior Notes Five Point Zero Zero Zero Percent Due Twenty Twenty One [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 450,000			450,000
Debt Instrument Maturity Year			2021
Debt Instrument, Maturity Date			Mar. 01, 2021
Senior Notes Five Point Eight Seven Five Percent Due Twenty Twenty [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 375,000			$ 375,000	$ 375,000
Debt Instrument Maturity Year				2020
Debt Instrument, Maturity Date				Apr. 01, 2020

Long-Term Debt - Additional Information (Details)												1 Months Ended	3 Months Ended	12 Months Ended				42 Months Ended
Long-Term Debt - Additional Information (Details)	Oct. 01, 2016	Sep. 01, 2016	Jul. 28, 2016 USD ($)	Apr. 01, 2016	Mar. 01, 2016	Mar. 14, 2013 USD ($)	Aug. 13, 2012 USD ($) $ / shares	Aug. 13, 2012 USD ($) $ / shares	Apr. 30, 2012 USD ($)	Mar. 16, 2012 USD ($)	Mar. 02, 2012 USD ($)	Aug. 07, 2012 $ / shares	Sep. 30, 2018	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2012 USD ($)	Feb. 06, 2020 USD ($)	Jul. 29, 2016 USD ($)
Debt Instrument [Line Items]
Deferred Finance Costs, Net														$ 10,197,000	$ 13,119,000
Debt Instrument, Principal amount														$ 1,125,000,000	1,125,000,000
Loss on early extinguishment of debt																$ (25,800,000)	$ (6,000,000)
Proceeds from Convertible Debt								$ 300,000,000
Debt Instrument, Convertible, Conversion Ratio							18.5718
Conversion Price per Share \| $ / shares							$ 53.85	$ 53.85
Market Price Per Share \| $ / shares												$ 39.16
Repurchase Price As Percentage Of Principal Amount Of Senior Notes														100.00%
Proceeds from Issuance of Warrants								$ 48,200,000
Purchase Of Convertible Note Hedges								73,000,000
Debt, Fair Value														$ 788,476,000	736,403,000
Capitalized interest, approximate amount														$ 16,700,000	$ 24,700,000	$ 33,200,000
Senior notes 6.125 Percent Due 2014
Debt Instrument [Line Items]
Percentage Of debt outstanding tendered									16.00%	84.00%
Senior Notes 8.000 Percent Due 2017
Debt Instrument [Line Items]
Percentage Of debt outstanding tendered						94.00%
Senior Notes 5.875 Percent Due 2020
Debt Instrument [Line Items]
Debt Interest Rate														5.875%	5.875%
Deferred Finance Costs, Net														$ 3,025,000	$ 3,944,000
Debt Instrument, Principal amount											$ 375,000,000			375,000,000	375,000,000
Proceeds from Issuance of Senior Long-term Debt											$ 367,400,000
Repayments of Senior Debt						$ 16,600,000			$ 49,500,000	$ 259,900,000
Debt Instrument Maturity Year																	2020
Debt Instrument, Maturity Date																	Apr. 01, 2020
Debt Instrument, Effective Interest Rate																	6.08%
Senior Notes														371,975,000	371,056,000
Debt, Fair Value														$ 270,938,000	$ 257,813,000
Senior Notes 5.000 Percent Due 2021
Debt Instrument [Line Items]
Debt Interest Rate														5.00%	5.00%
Deferred Finance Costs, Net														$ 4,111,000	$ 5,080,000
Debt Instrument, Principal amount														450,000,000	450,000,000
Debt Instrument Maturity Year																2021
Debt Instrument, Maturity Date																Mar. 01, 2021
Senior Notes														445,889,000	444,920,000
Convertible 5.000 Percent Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Principal amount						450,000,000
Proceeds from Issuance of Senior Long-term Debt						442,400,000
Repayments of Senior Debt						$ 252,700,000
Percentage Of debt outstanding tendered						6.00%
Debt Instrument, Effective Interest Rate						5.21%
Debt, Fair Value														$ 301,343,000	$ 308,250,000
Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Debt Interest Rate														1.50%	1.50%
Deferred Finance Costs, Net														$ 3,061,000	$ 4,095,000
Debt Instrument, Principal amount							$ 300,000,000	300,000,000						$ 300,000,000	300,000,000
Proceeds from Issuance of Senior Long-term Debt								266,000,000
Debt Issuance Costs, Gross							$ 9,300,000	$ 9,300,000
Debt Instrument Maturity Year														2019
Debt Instrument, Maturity Date							Sep. 01, 2019
Debt Instrument, Effective Interest Rate							6.23%	6.23%
Proceeds from Convertible Debt								$ 300,000,000
Discount Rate Used To Determine Liability Fair Value							5.75%	5.75%
Debt Instrument Convertible Carrying Amount Of Liability Component							$ 227,600,000	$ 227,600,000
Debt Instrument, Convertible, Carrying Amount of Equity Component							72,400,000	72,400,000
Debt Instrument Maturity Period														7 years
Decrease In Additional Paid In Capital																	$ 2,200,000
Amortization Of Deferred Financing Costs To Interest Expense														$ 7,100,000
Senior Notes														265,846,000	254,305,000
Debt, Fair Value														216,195,000	$ 170,340,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from Convertible Debt								290,800,000
Amended Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount																			$ 400,000,000
PledgedCollateralAsPercentageOfBorrwingBase																			200.00%
Revolving credit facility, Current Borrowing Capacity														$ 200,000,000					$ 200,000,000
Line of Credit Facility, Maximum Borrowing Capacity																			75,000,000
Line of Credit Facility, Covenant, Minimum Liquidity for Prepayment																			150,000,000
Line of Credit Facility, Covenant, Amount Of Liens Permitted To Secure Debt																			$ 15,000,000
Before Amendment [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral Amount			$ 450,000,000
PledgedCollateralAsPercentageOfBorrwingBase			150.00%
Revolving credit facility, Current Borrowing Capacity			$ 300,000,000
Line of Credit Facility, Covenant, Debt to Capitalization, Percent														55.00%
Line of Credit Facility, Covenant, Minimum Liquidity for Prepayment			100,000,000
Line of Credit Facility, Covenant, Amount Of Liens Permitted To Secure Debt			50,000,000
Line of Credit Facility, Covenant, Amount of Cash or Cash Equivalents on Deposit or Unused Availability			$ 20,000,000
Semi Annual Payment First Payment [Member] \| Senior Notes 5.875 Percent Due 2020
Debt Instrument [Line Items]
Debt Instrument, Interest payable date				--04-01
Semi Annual Payment First Payment [Member] \| Senior Notes 5.000 Percent Due 2021
Debt Instrument [Line Items]
Debt Instrument, Interest payable date					--03-01
Semi Annual Payment First Payment [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Debt Instrument, Interest payable date					--03-01
Semi Annual Payment Second Payment [Member] \| Senior Notes 5.875 Percent Due 2020
Debt Instrument [Line Items]
Debt Instrument, Interest payable date	--10-01
Semi Annual Payment Second Payment [Member] \| Senior Notes 5.000 Percent Due 2021
Debt Instrument [Line Items]
Debt Instrument, Interest payable date		--09-01
Semi Annual Payment Second Payment [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Debt Instrument, Interest payable date		--09-01
Warrant [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Principal Amount Senior Notes for conversion							1,000	1,000
Debt Instrument Convertible Conversion Warrant Strike Price \| $ / shares												$ 68.53
Debt Instrument Convertible Conversion Premium												75.00%
Conversion Condition Two [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Principal Amount Senior Notes for conversion							$ 1,000	$ 1,000
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes							5 days
Number of consecutive trading days used in conversion analysis							10 days
Trading price per 1000 principal amount of notes, percent							95.00%
Conversion Condition One [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Debt Instrument Conversion Circumstance Percentage Stock Price Of Stock Conversion Threshold							135.00%
Number of consecutive trading days used in conversion analysis							30 days
Minimum \| Conversion Condition One [Member] \| Convertible 1.500 Percent Senior Notes Due 2019
Debt Instrument [Line Items]
Number Of Trading Days Whether Consecutive Or Not For First Condition Of Convertibility Of Notes							20 days
Subsequent Event [Member] \| Amended Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Covenant, Debt to Capitalization, Percent													50.00%
Line of Credit Facility, Covenant, Maximum Cash Balance When Drawn																		$ 50,000,000
Line of Credit Facility, Covenant, Maximum Senior Secured Leverage Ratio																		2
Line of Credit Facility, Covenant, Amount of Cash or Cash Equivalents on Deposit or Unused Availability																		$ 100,000,000

Stockholders' Equity - Additional Information (Detail)		12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Jul. 01, 2013	Dec. 31, 2016 Right shares	Dec. 31, 2015 shares	Dec. 31, 2014 USD ($) $ / shares shares	Oct. 28, 2014 USD ($)
Stockholders Equity Note [Line Items]
Preferred stock, shares authorized \| shares		5,000,000	5,000,000
Stockholder rights plan for each outstanding share of common stock \| Right		1
Business days after public announcement	10 days
Authorized amount \| $					$ 150,000,000.0
Stock Repurchased and Retired During Period, Shares \| shares		0	0	891,396
Stock repurchased and retired during period,average price paid per share \| $ / shares				$ 28.05
Stock repurchased and retired during period, value \| $				$ 25,000,000
Stock Repurchase Program, Percent of Shares Repurchased to Shares Outstanding				2.50%
Minimum
Stockholders Equity Note [Line Items]
Percentage of tender offer or exchange for rights to become exercisable		10.00%

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 1,900	$ 600
Number of shares available for grants in future	542,266
Tax deduction (benefit), excess of compensation	$ (1,900)	(600)	$ 300
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net	0	0	292
Proceeds from Stock Options Exercised	$ 0	100	1,400
Stock option expiration period from the date of grant				10 years
Stock-based incentive compensation plan, maximum number of shares covered	4,950,000
Share-based Compensation	$ 9,983	10,293	10,324
Vesting Period (in years)				3 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 0	0	$ 100
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period (in years)	3 years
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Thresholds For Potential Shares To Be Issued	0.00%
Vesting Period (in years)	1 year
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Thresholds For Potential Shares To Be Issued	150.00%		150.00%
Vesting Period (in years)	3 years
Time Based Restricted Stock Units (RSU) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period (in years)	1 year
Time Based Restricted Stock Units (RSU) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period (in years)	3 years
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock based compensation expense	$ 4,600
Unamortized stock based compensation expense, recognition period	1 year 1 month 24 days
Share-based Compensation	$ 6,800	9,300	$ 9,000
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock based compensation expense	$ 5,100
Unamortized stock based compensation expense, recognition period	1 year 9 months 27 days
Share-based Compensation	$ 2,600	(200)	(100)
Vesting Period (in years)	3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangements By Share Based Payment Award Discount From Market Price	15.00%
Number of shares available for grants in future	1,103,731
Stock-based incentive compensation plan, maximum number of shares covered	2,200,000
Share-based Compensation	$ 600	$ 1,200	$ 1,200

Stock-Based Compensation - Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 9,983	$ 10,293	$ 10,324
Net income	$ 5,829	$ 6,454	$ 6,471
Earnings per common share:
Basic (usd per share)	0.16	0.18	0.18
Diluted (usd per share)	0.16	0.18	0.18

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of Shares
Options outstanding at Beginning of Year	304	345	405
Grants	0	0	0
Exercised	0	(1)	(60)
Forfeited or expired	119	40	0
Options outstanding at End of Year	185	304	345	405
Exercisable options outstanding	185	304	345
Weighted Average Exercise Price
Options outstanding at Beginning of Year	$ 28.11	$ 27.98	$ 27.16
Grants	0	0	0
Exercised	0.00	22.28	22.49
Forfeited or expired	33.15	27.27	0.00
Options outstanding at End of Year	24.86	28.11	27.98	$ 27.16
Exercisable options outstanding	$ 24.86	$ 28.11	$ 27.98
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years)			0 years
Share Based Compensation Arrangement By Share Based Payment Award Nonvested Options Granted In Period Weighted Average Remaining Contractual Term (Years)	0 years	0 years	0 years
Weighted Average Remaining Contractual Term (years)
Options outstanding at Beginning of Year	4 years 1 month 12 days	3 years 2 months 12 days	3 years 8 months 12 days	4 years 2 months 12 days
Options outstanding at End of Year	4 years 1 month 12 days	3 years 2 months 12 days	3 years 8 months 12 days	4 years 2 months 12 days
Exercisable options outstanding	4 years 1 month 12 days	3 years 2 months 12 days	3 years 8 months 6 days
Aggregate Intrinsic Value
Options outstanding at Beginning of Year	$ 0	$ 59	$ 8,951
Grants	0	0	0
Exercised	0	2	684
Options outstanding at End of Year	0	0	59	$ 8,951
Exercisable options outstanding	$ 0	$ 0	$ 59

Stock-Based Compensation - Summary of Nonvested Stock Option Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsinPeriodWeightedAverageRemainingContractualTerm(Years)			0 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(15)	(117)	(18)
Weighted-Average Grant-Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 34.32	$ 37.25	$ 37.88
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested	820	726	590	570
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	537	479	274
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled In Period	0	(104)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(348)	(239)	(254)
Weighted-Average Grant-Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 17.72	$ 30.12	$ 37.13	$ 31.61
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	6.44	21.40	42.61
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Cancelled And Forfeited In Period Weighted Average Grant Date Fair Value	0.00	21.84	0.00
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 23.50	$ 33.60	$ 30.68

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Change In Estimated Payout of Performance Unit Awards	(95)
Vested	(15)	(117)	(18)
Weighted Avg. Fair Value Per Share
Change In Estimated Payout of Performance Unit Awards, Weighted Average Fair Value Per Share	$ 27.52
Vested	$ 34.32	$ 37.25	$ 37.88
Restricted Stock
Number of Shares
Restricted stock awards at Beginning of Year	726	590	570
Granted during the period	537	479	274
Cancellations during the period	0	(104)	0
Vested	(348)	(239)	(254)
Outstanding, at End of Year	820	726	590
Weighted Avg. Fair Value Per Share
Restricted stock awards at Beginning of Year	$ 30.12	$ 37.13	$ 31.61
Granted during the period	6.44	21.40	42.61
Cancellations during the period	0.00	21.84	0.00
Vested	23.50	33.60	30.68
Outstanding, at End of Year	$ 17.72	$ 30.12	$ 37.13
Phantom Share Units (PSUs)
Number of Shares
Restricted stock awards at Beginning of Year	82	153	139
Granted during the period	991	47	35
Cancellations during the period	(5)	(1)	(3)
Outstanding, at End of Year	1,053	82	153
Weighted Avg. Fair Value Per Share
Restricted stock awards at Beginning of Year	$ 30.61	$ 38.43	$ 37.25
Granted during the period	6.14	21.84	43.00
Cancellations during the period	19.05	30.87	39.14
Outstanding, at End of Year	$ 7.60	$ 30.61	$ 38.43

Stock-Based Compensation - Summary of Weighted Average Assumptions and Fair Value of Options under ESPP (Detail) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	91.60%	61.30%
Risk-free interest rate	0.49%	0.30%
Expected term (months)	6 months	6 months
Weighted-average grant-date fair value per share	$ 3.14	$ 4.86

Income Taxes - Components of Long Term Deferred Tax Liabilities Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred tax liabilities:
Fixed assets	$ 490,221	$ 472,817	$ 489,060
Deferred charges and other liabilities	10,908	11,317	18,013
Deferred Tax Liabilities, Gross, Noncurrent	501,129	484,134	507,073
Deferred tax assets:
Net operating loss carryforwards	(111,147)	(52,374)	(116,676)
Allowance for doubtful accounts	(763)	(1,036)	(1,330)
Stock-based compensation expense	(4,033)	(4,830)	(4,246)
Alternative minimum tax credit carryforward	(20,863)	(20,863)	(20,863)
Foreign tax credit carryforward	(17,554)	(17,972)	(12,332)
Other	(6,044)	(5,440)	(5,676)
Total deferred tax assets	(160,404)	(102,515)	(161,123)
Valuation allowance	2,295	0	1,011
Deferred tax liabilities, net
Total deferred tax liabilities	$ 343,020	$ 381,619	$ 346,961

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Federal tax operating loss carryforwards, net	$ 315,200
Foreign tax credit carryforward	16,400
State tax operating loss carryforwards, net	88,500
Valuation Allowance, Deferred Tax Asset, Change in Amount	$ 2,295	$ (1,011)	$ 99	$ 912
Federal statutory rate	35.00%
Internal Revenue Service (IRS) \| Minimum
Income Taxes [Line Items]
Operating loss carry forward, expiration year	2031
Internal Revenue Service (IRS) \| Maximum
Income Taxes [Line Items]
Operating loss carry forward, expiration year	2036
Foreign markets \| Minimum
Income Taxes [Line Items]
Tax credit carry forward, expiration year	2019
Foreign markets \| Maximum
Income Taxes [Line Items]
Tax credit carry forward, expiration year	2026
State and Local Jurisdiction \| Minimum
Income Taxes [Line Items]
Operating loss carry forward, expiration year	2030
State and Local Jurisdiction \| Maximum
Income Taxes [Line Items]
Operating loss carry forward, expiration year	2036

Income Taxes - Components of Income Tax Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S.	$ 709	$ 0	$ 0
Foreign	(257)	5,671	1,927
Total current tax expense	452	5,671	1,927
U.S.	(45,958)	34,086	50,440
Total tax expense (benefit)	$ (45,506)	$ 39,757	$ 52,367

Income Taxes - Income (Loss) Before Income Taxes Based on Jurisdiction Earned (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
U.S.	$ (93,704)	$ 65,894	$ 105,066
Foreign	(15,648)	40,684	35,208
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (109,352)	$ 106,578	$ 140,274

Income Taxes - Reconciliation of Difference Between Company's Income Tax Provision Calculated at Federal Statutory Rate and Actual Income Tax Provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Provision of Income Taxes [Line Items]
Statutory rate	$ (38,274)	$ 37,302	$ 49,096
State taxes, net	(1,094)	1,066	1,403
Non-deductible expense	1,070	1,440	1,927
Valuation Allowance, Deferred Tax Asset, Change in Amount	2,295	(1,011)	99	$ 912
Effective Income Tax Rate Reconciliation Income Excluded from U.S. Taxable Income	(9,478)	0	0
Foreign taxes and other	(25)	960	(158)
Total tax expense (benefit)	$ (45,506)	$ 39,757	$ 52,367

Commitments and Contingencies - Additional Information (Detail) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 17, 2016 Vessel	Nov. 30, 2011 Vessel Shipyard	Jun. 30, 2013	Dec. 31, 2016 USD ($) Vessel Contract	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 Vessel	Jun. 30, 2012 Contract	Dec. 20, 2005 Contract
Commitments and Contingencies Disclosure [Line Items]
Aggregate cost of OSV newbuild program excluding construction period interest				$ 1,335.0
Cost incurred on OSV newbuild program				$ 1,264.0
Percentage of total project cost				94.70%
Operating leases rent expense				$ 4.0	$ 4.1	$ 3.9
Amount owed by ATP, reserves				$ 0.9
Covington facility lease
Commitments and Contingencies Disclosure [Line Items]
Lease expiration date				2025-09
Number of lease renewal options \| Contract								3
Operating lease, renewal option term			5 years
Shore-base facility lease
Commitments and Contingencies Disclosure [Line Items]
Number of lease renewal options \| Contract									4
New facility lease
Commitments and Contingencies Disclosure [Line Items]
Number of lease renewal options \| Contract				3
Operating lease, remaining term				2 years
Importation assessment \| Brazil
Commitments and Contingencies Disclosure [Line Items]
Number of Vessels operating in Brazil \| Vessel							4
Newbuild program 5
Commitments and Contingencies Disclosure [Line Items]
Number Of Construction Shipyards, Domestic \| Shipyard		3
Number of Vessels Placed in Service \| Vessel				22
Number Of Vessels \| Vessel		24		2
Aggregate cost of OSV newbuild program excluding construction period interest				$ 1,335.0
Cost incurred on OSV newbuild program				$ 1,264.0
Percentage of total project cost				94.70%
Newbuild program 5 \| Offshore Supply Vessel Class 300
Commitments and Contingencies Disclosure [Line Items]
Number of vessels to be constructed \| Vessel		4
Newbuild program 5 \| Offshore Supply Vessel Class 310
Commitments and Contingencies Disclosure [Line Items]
Number of vessels to be constructed \| Vessel		5
Newbuild program 5 \| Offshore Supply Vessel Class 320
Commitments and Contingencies Disclosure [Line Items]
Number of vessels to be constructed \| Vessel		10
Newbuild program 5 \| Multi Purpose Supply Vessel Class 310
Commitments and Contingencies Disclosure [Line Items]
Number of vessels to be constructed \| Vessel	2	3		4
Newbuild program 5 \| Multi Purpose Supply Vessel Class 400
Commitments and Contingencies Disclosure [Line Items]
Number of vessels to be constructed \| Vessel	2	2
ATP Oil and Gas, Inc [Member]
Commitments and Contingencies Disclosure [Line Items]
Amount owed by ATP				$ 4.8
Minimum \| Importation assessment \| Brazil
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Estimate of Possible Loss				0.5
Minimum \| Petrobas [Member] \| Brazil
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Estimate of Possible Loss				0.5
Maximum \| Importation assessment \| Brazil
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Estimate of Possible Loss				3.5
Maximum \| Petrobas [Member] \| Brazil
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Estimate of Possible Loss				$ 3.0

Commitments and Contingencies - Future Minimum Payments Under Noncancelable Leases (Detail) $ in Thousands	Dec. 31, 2016 USD ($)
Operating Leased Assets [Line Items]
2017	$ 2,826
2018	2,377
2019	2,409
2020	2,456
2021	2,524
Thereafter	24,662
Total	$ 37,254

Deferred Charges (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]
Deferred drydocking costs, net of accumulated amortization of $41,784 and $38,429 respectively	$ 13,808	$ 29,228
Prepaid lease expense, net of amortization of $1,542 and $1,384 respectively	2,688	2,847
Debt Issuance Costs, Line of Credit Arrangements, Net	2,581	3,198
Total	$ 19,077	$ 35,273

Deferred Charges (Additional Information) (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items]
Deferred financing costs, accumulated amortization	$ 349	$ 4,070
Deferred drydocking costs, accumulated amortization	34,313	41,784
Prepaid lease expense, net of amortization	$ 1,700	$ 1,542

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
Accrued Rent	$ 4,763	$ 4,339
Deferred Revenue	2,245	5,734
Taxes Payable, Current	215	3,958
Other Accrued Liabilities	2,787	9,581
Other Accrued Liabilities, Current	$ 10,010	$ 23,612

Major Customers - Revenues from Customer Exceeding 10% (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Customer A
Revenue, Major Customer [Line Items]
Percentage of total revenue by customer	21.00%	20.00%	14.00%
Customer B
Revenue, Major Customer [Line Items]
Percentage of total revenue by customer	15.00%
Customer C
Revenue, Major Customer [Line Items]
Percentage of total revenue by customer	13.00%
Customer D
Revenue, Major Customer [Line Items]
Percentage of total revenue by customer		10.00%

Discontinued Operations - Income Statement from Discontinued Operations (Details)

12 Months Ended

Aug. 29, 2013

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

$ / shares

Discontinued Operations and Disposal Groups [Abstract]

Number of Assets excluded from sale

Proceeds from Sale of Other Property, Plant and Equipment, Discontinued Operations

$ 1,600,000

Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax

$ 0

867,000

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

$ 600,000

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Share | $ / shares

$ 0.02

Revenue

$ 12,000

Operating Income

555,000

Income before income taxes

966,000

Income tax expense

348,000

Income from discontinued operations

^[1]

$ 0

$ 618,000

[1]

Condensed Consolidating Guarantor Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 217,027	$ 259,801	$ 185,123	$ 439,291
Accounts Receivable, Net, Current	36,550	91,202
Other Assets, Current	16,978	13,033
Assets, Current	270,555	364,036
Property, plant and equipment, net	2,578,388	2,574,661
Deferred costs, Noncurrent	19,077	35,273
Due from Related Parties, Noncurrent	0	0
Equity Method Investments	0	0
Other assets, Noncurrent	10,255	10,446
Assets	2,878,275	2,984,416
Accounts payable, Current	11,774	35,742
Interest Payable, Current	14,763	14,795
Employee-related Liabilities, Current	8,596	10,365
Other accrued liabilities, Current	10,010	23,612
Total current liabilities	45,143	84,514
Long-term debt, Excluding Current Maturities	1,083,710	1,070,281
Deferred Tax Liabilities, Net, Noncurrent	343,020	381,619
Due to Related Parties	0	0
Other Liabilities, Noncurrent	3,406	1,839
Liabilities	1,475,279	1,538,253
Preferred stock, Value, Issued	0	0
Common stock, Value, Issued	365	360
Additional paid-in capital	754,394	748,041
Retained earnings (Accumulated Deficit)	637,992	701,838
Accumulated Other Comprehensive Income (Loss), Net of Tax	10,245	(4,076)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,402,996	1,446,163
Liabilities and Equity	2,878,275	2,984,416
Consolidation, Eliminations [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0
Accounts Receivable, Net, Current	0	821
Other Assets, Current	0	0
Assets, Current	0	821
Property, plant and equipment, net	0	0
Deferred costs, Noncurrent	0	0
Due from Related Parties, Noncurrent	(2,567,573)	(1,996,513)
Equity Method Investments	(773,037)	(788,028)
Other assets, Noncurrent	0	0
Assets	(3,340,610)	(2,783,720)
Accounts payable, Current	0	7
Interest Payable, Current	0	0
Employee-related Liabilities, Current	0	0
Other accrued liabilities, Current	0	0
Total current liabilities	0	7
Long-term debt, Excluding Current Maturities	0	0
Deferred Tax Liabilities, Net, Noncurrent	0	0
Due to Related Parties	(2,571,891)	(2,000,018)
Other Liabilities, Noncurrent	0	0
Liabilities	(2,571,891)	(2,000,011)
Preferred stock, Value, Issued	0	0
Common stock, Value, Issued	0	0
Additional paid-in capital	(42,297)	(42,297)
Retained earnings (Accumulated Deficit)	(726,422)	(741,412)
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(768,719)	(783,709)
Liabilities and Equity	(3,340,610)	(2,783,720)
Parent Company [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	9	10	16
Accounts Receivable, Net, Current	0	0
Other Assets, Current	15	12
Assets, Current	24	22
Property, plant and equipment, net	0	0
Deferred costs, Noncurrent	2,581	3,198
Due from Related Parties, Noncurrent	1,779,872	1,751,046
Equity Method Investments	768,718	783,709
Other assets, Noncurrent	1,744	1,743
Assets	2,552,939	2,539,718
Accounts payable, Current	0	0
Interest Payable, Current	14,763	14,795
Employee-related Liabilities, Current	0	0
Other accrued liabilities, Current	0	0
Total current liabilities	14,763	14,795
Long-term debt, Excluding Current Maturities	1,083,710	1,070,281
Deferred Tax Liabilities, Net, Noncurrent	0	0
Due to Related Parties	61,715	4,403
Other Liabilities, Noncurrent	0	0
Liabilities	1,160,188	1,089,479
Preferred stock, Value, Issued	0	0
Common stock, Value, Issued	365	360
Additional paid-in capital	754,394	748,043
Retained earnings (Accumulated Deficit)	637,992	701,836
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,392,751	1,450,239
Liabilities and Equity	2,552,939	2,539,718
Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	212,196	252,651	183,447
Accounts Receivable, Net, Current	30,846	41,963
Other Assets, Current	16,176	12,955
Assets, Current	259,218	307,569
Property, plant and equipment, net	2,449,473	2,472,367
Deferred costs, Noncurrent	15,724	56,021
Due from Related Parties, Noncurrent	680,663	186,054
Equity Method Investments	8,602	8,602
Other assets, Noncurrent	6,239	6,648
Assets	3,419,919	3,037,261
Accounts payable, Current	11,325	34,214
Interest Payable, Current	0	0
Employee-related Liabilities, Current	8,104	9,913
Other accrued liabilities, Current	8,463	16,989
Total current liabilities	27,892	61,116
Long-term debt, Excluding Current Maturities	0	0
Deferred Tax Liabilities, Net, Noncurrent	337,503	381,619
Due to Related Parties	2,264,900	1,801,829
Other Liabilities, Noncurrent	3,416	1,839
Liabilities	2,633,711	2,246,403
Preferred stock, Value, Issued	0	0
Common stock, Value, Issued	0	0
Additional paid-in capital	37,978	37,976
Retained earnings (Accumulated Deficit)	748,080	752,763
Accumulated Other Comprehensive Income (Loss), Net of Tax	150	119
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	786,208	790,858
Liabilities and Equity	3,419,919	3,037,261
Non-Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	4,822	7,140	$ 1,660
Accounts Receivable, Net, Current	5,704	48,418
Other Assets, Current	787	66
Assets, Current	11,313	55,624
Property, plant and equipment, net	128,915	102,294
Deferred costs, Noncurrent	772	(23,946)
Due from Related Parties, Noncurrent	107,038	59,413
Equity Method Investments	(4,283)	(4,283)
Other assets, Noncurrent	2,272	2,055
Assets	246,027	191,157
Accounts payable, Current	449	1,521
Interest Payable, Current	0	0
Employee-related Liabilities, Current	492	452
Other accrued liabilities, Current	1,547	6,623
Total current liabilities	2,488	8,596
Long-term debt, Excluding Current Maturities	0	0
Deferred Tax Liabilities, Net, Noncurrent	5,517	0
Due to Related Parties	245,276	193,786
Other Liabilities, Noncurrent	(10)	0
Liabilities	253,271	202,382
Preferred stock, Value, Issued	0	0
Common stock, Value, Issued	0	0
Additional paid-in capital	4,319	4,319
Retained earnings (Accumulated Deficit)	(21,658)	(11,349)
Accumulated Other Comprehensive Income (Loss), Net of Tax	10,095	(4,195)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(7,244)	(11,225)
Liabilities and Equity	$ 246,027	$ 191,157

Condensed Consolidating Guarantor Financial Information Condensed Consolidating Statement of Operations (Details) - USD ($)

3 Months Ended

12 Months Ended

Aug. 28, 2015

Feb. 27, 2015

Dec. 31, 2016

^[1],[2]

Sep. 30, 2016

^[1],[2]

Jun. 30, 2016

^[1],[2]

Mar. 31, 2016

^[1],[2]

Dec. 31, 2015

^[2]

Sep. 30, 2015

^[2]

Jun. 30, 2015

^[2]

Mar. 31, 2015

^[2]

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Condensed Income Statements, Captions [Line Items]

$ 41,879,000

$ 51,927,000

$ 53,673,000

$ 76,820,000

$ 88,719,000

$ 116,281,000

$ 136,446,000

$ 134,624,000

$ 224,299,000

$ 476,070,000

$ 634,793,000

131,658,000

219,260,000

296,500,000

93,071,000

82,566,000

71,301,000

20,485,000

26,463,000

44,149,000

43,358,000

48,297,000

54,245,000

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

288,572,000

376,586,000

466,195,000

$ 11,000,000

$ 33,100,000

54,000

44,060,000

822,000

$ (27,484,000)

$ (14,445,000)

$ (21,510,000)

$ (780,000)

$ 4,482,000

$ 32,809,000

^[3]

$ 39,355,000

$ 66,898,000

^[3]

(64,219,000)

143,544,000

169,420,000

1,490,000

1,525,000

1,086,000

(48,675,000)

(39,496,000)

(30,733,000)

2,052,000

1,005,000

501,000

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

(45,133,000)

(36,966,000)

(29,146,000)

(109,352,000)

106,578,000

140,274,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

(45,506,000)

39,757,000

$ 52,367,000

(63,846,000)

66,821,000

Consolidation, Eliminations [Member]

Condensed Income Statements, Captions [Line Items]

2,029,000

(1,301,000)

1,971,000

(1,002,000)

58,000

(151,000)

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

2,029,000

(1,153,000)

(148,000)

14,989,000

(106,798,000)

(180,000)

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

14,989,000

(106,978,000)

14,989,000

(107,126,000)

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

14,989,000

(107,126,000)

Parent Company [Member]

Condensed Income Statements, Captions [Line Items]

184,000

189,000

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

184,000

189,000

(184,000)

(189,000)

(48,673,000)

(39,460,000)

(14,989,000)

106,798,000

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

(63,662,000)

67,338,000

(63,846,000)

67,149,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

(63,846,000)

67,149,000

Guarantor Subsidiaries [Member]

Condensed Income Statements, Captions [Line Items]

213,563,000

426,419,000

114,783,000

178,748,000

88,443,000

81,522,000

19,024,000

25,782,000

39,479,000

44,398,000

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

261,729,000

330,450,000

53,000

44,060,000

(48,113,000)

140,029,000

984,000

1,125,000

(2,272,000)

(4,053,000)

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

(1,288,000)

(2,928,000)

(49,401,000)

137,101,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

(44,721,000)

35,194,000

(4,680,000)

101,907,000

Non-Guarantor Subsidiaries [Member]

Condensed Income Statements, Captions [Line Items]

8,707,000

50,952,000

14,904,000

41,514,000

4,628,000

1,044,000

1,461,000

681,000

3,637,000

3,861,000

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

24,630,000

47,100,000

1,000

(15,922,000)

3,852,000

506,000

400,000

(2,000)

(36,000)

4,324,000

5,238,000

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

4,828,000

5,602,000

(11,094,000)

9,454,000

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

(785,000)

4,563,000

$ (10,309,000)

$ 4,891,000

[1]	Results for the fiscal years 2016 and 2015 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2016. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during the year ended December 31, 2016. The Company had an average of 18.0 OSVs and no MPSVs stacked during fiscal 2015.
[2]	The sum of the four quarters may not equal annual results due to rounding.
[3]	During the first quarter of 2015, the Company closed on the sale of three 250EDF class OSVs that were previously chartered to the U.S Navy for cash consideration of $114.0 million. The sale resulted in a pre-tax gain of approximately $33.1 million ($20.7 million after-tax or $0.57 per diluted share). During the third quarter of 2015, the Company closed on the sale of one 250EDF class OSV that was previously chartered to the U.S Navy for cash consideration of $38.0 million. The sale resulted in a pre-tax gain of approximately $11.0 million ($6.7 million after-tax or $0.19 per diluted share). See Note 5 for further discussion.

Condensed Consolidating Guarantor Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Statement of Comprehensive Income Captions [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (63,846)	$ 66,821
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment	14,321	(3,174)	$ (107)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(49,525)	63,647	$ 88,418
Consolidation, Eliminations [Member]
Condensed Statement of Comprehensive Income Captions [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	14,989	(107,126)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	14,989	(107,126)
Parent Company [Member]
Condensed Statement of Comprehensive Income Captions [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(63,846)	67,149
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(63,846)	67,149
Guarantor Subsidiaries [Member]
Condensed Statement of Comprehensive Income Captions [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(4,680)	101,907
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment	31	(81)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(4,649)	101,826
Non-Guarantor Subsidiaries [Member]
Condensed Statement of Comprehensive Income Captions [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(10,309)	4,891
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment	14,290	(3,093)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 3,981	$ 1,798

Condensed Consolidating Guarantor Financial Information Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 53,050	$ 215,843	$ 163,106
Costs Incurred For Offshore Supply Vessels Newbuild Program	(76,277)	(190,070)	(343,989)
Proceeds from Sale of Property, Plant, and Equipment	524	152,000	7,178
Payments to Acquire Property, Plant, and Equipment	(20,689)	(86,792)	(55,089)
Payments to Acquire Other Property, Plant, and Equipment	(569)	(16,487)	(9,615)
Net Cash Provided by (Used in) Investing Activities	(97,011)	(141,349)
Payments of Financing Costs	(1,102)	(2,089)	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	1,300	3,112	5,044
Net Cash Provided by (Used in) Financing Activities	198	1,023
Effect of Exchange Rate on Cash and Cash Equivalents	989	(839)	(107)
Cash and Cash Equivalents, Period Increase (Decrease)	(42,774)	74,678	(254,168)
Cash and cash equivalents, at Carrying Value	217,027	259,801	185,123	$ 439,291
Cash Paid for Interest	50,152	50,492	50,548
Income Taxes Paid	3,732	4,808	5,679
Consolidation, Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	0	0
Costs Incurred For Offshore Supply Vessels Newbuild Program	0	0
Proceeds from Sale of Property, Plant, and Equipment	0	0
Payments to Acquire Property, Plant, and Equipment	0	0
Payments to Acquire Other Property, Plant, and Equipment	0	0
Net Cash Provided by (Used in) Investing Activities	0	0
Payments of Financing Costs	0	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Net Cash Provided by (Used in) Financing Activities	0	0
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Cash and Cash Equivalents, Period Increase (Decrease)	0	0
Cash and cash equivalents, at Carrying Value	0	0	0
Cash Paid for Interest	0	0
Income Taxes Paid	0	0
Parent Company [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	(199)	(1,029)
Costs Incurred For Offshore Supply Vessels Newbuild Program	0	0
Proceeds from Sale of Property, Plant, and Equipment	0	0
Payments to Acquire Property, Plant, and Equipment	0	0
Payments to Acquire Other Property, Plant, and Equipment	0	0
Net Cash Provided by (Used in) Investing Activities	0	0
Payments of Financing Costs	(1,102)	(2,089)
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	1,300	3,112
Net Cash Provided by (Used in) Financing Activities	198	1,023
Effect of Exchange Rate on Cash and Cash Equivalents	0	0
Cash and Cash Equivalents, Period Increase (Decrease)	(1)	(6)
Cash and cash equivalents, at Carrying Value	9	10	16
Income Taxes Paid	0	0
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	55,677	109,987
Costs Incurred For Offshore Supply Vessels Newbuild Program	(76,615)	(120,767)
Proceeds from Sale of Property, Plant, and Equipment	523	152,000
Payments to Acquire Property, Plant, and Equipment	(19,604)	(55,724)
Payments to Acquire Other Property, Plant, and Equipment	(467)	(16,211)
Net Cash Provided by (Used in) Investing Activities	(96,163)	(40,702)
Payments of Financing Costs	0	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Net Cash Provided by (Used in) Financing Activities	0	0
Effect of Exchange Rate on Cash and Cash Equivalents	31	(81)
Cash and Cash Equivalents, Period Increase (Decrease)	(40,455)	69,204
Cash and cash equivalents, at Carrying Value	212,196	252,651	183,447
Cash Paid for Interest	0	0
Income Taxes Paid	1,292	582
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net Cash Provided by (Used in) Operating Activities	(2,428)	106,885
Costs Incurred For Offshore Supply Vessels Newbuild Program	338	(69,303)
Proceeds from Sale of Property, Plant, and Equipment	1	0
Payments to Acquire Property, Plant, and Equipment	(1,085)	(31,068)
Payments to Acquire Other Property, Plant, and Equipment	(102)	(276)
Net Cash Provided by (Used in) Investing Activities	(848)	(100,647)
Payments of Financing Costs	0	0
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options	0	0
Net Cash Provided by (Used in) Financing Activities	0	0
Effect of Exchange Rate on Cash and Cash Equivalents	958	(758)
Cash and Cash Equivalents, Period Increase (Decrease)	(2,318)	5,480
Cash and cash equivalents, at Carrying Value	4,822	7,140	$ 1,660
Income Taxes Paid	$ 2,440	$ 4,226

Supplemental Selected Quarterly Financial Data (Unaudited) - Supplemental Selected Quarterly Financial Data (Unaudited) (Detail) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2016

^[1],[2]

Sep. 30, 2016

^[1],[2]

Jun. 30, 2016

^[1],[2]

Mar. 31, 2016

^[1],[2]

Dec. 31, 2015

^[2]

Sep. 30, 2015

^[2]

Jun. 30, 2015

^[2]

Mar. 31, 2015

^[2]

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Quarterly Financial Information [Line Items]

Vessel revenues

$ 41,879,000

$ 51,927,000

$ 53,673,000

$ 76,820,000

$ 88,719,000

$ 116,281,000

$ 136,446,000

$ 134,624,000

$ 224,299,000

$ 476,070,000

$ 634,793,000