Annual report pursuant to Section 13 and 15(d)

Summary of Quarterly Results of Operations (Detail)

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Summary of Quarterly Results of Operations (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Quarterly Financial Information [Line Items]                      
Revenue $ 129,237 [1] $ 141,793 [2] $ 137,227 $ 113,083 $ 88,406 $ 85,827 $ 87,251 $ 46,348 [3] $ 521,340 $ 307,832 $ 248,286
Gross profit (9,354) [1] (13,379) [2] 13,905 12,668 5,246 4,004 4,846 (9,568) [3] 3,840 4,528 23,271
Net Income $ (8,090) [1] $ (10,372) [2] $ 7,592 $ 6,779 $ 1,766 $ 1,559 $ 1,835 $ (6,964) [3] $ (4,091) $ (1,804) $ 13,093
Basic EPS $ (0.56) [1] $ (0.72) [2] $ 0.52 $ 0.47 $ 0.12 $ 0.11 $ 0.13 $ (0.49) [3] $ (0.29) $ (0.13) $ 0.90
Diluted EPS $ (0.56) [1] $ (0.72) [2] $ 0.52 $ 0.47 $ 0.12 $ 0.11 $ 0.13 $ (0.49) [3] $ (0.29) $ (0.13) $ 0.90
[1] We determined the contract receivable balance owed by Bluewater Industries on the Cheviot project as describe in Note 2 would not likely be collected in full and recorded a $14.5 million reserve as of December 31, 2012.
[2] We recognized contract losses of $20.6 million in the three-month period ended September 30, 2012 which resulted in an unfavorable reduction in gross margin during the period of $26.8 million as required under the accounting for loss contracts under percentage of completion accounting. This loss was mainly due to the increase in estimated man-hours to complete one of our major deepwater contracts. These increased man-hours were primarily driven by revisions and delivery delays to specifications and designs by our customer in the third quarter of 2012 causing out-of-sequence work schedules to be used while executing the project. The customer also extended delivery of the first phase of the project as a result of these revisions. On March 7, 2013 we executed change orders with the customer which settled issues raised in a claim for additional costs on this project. Revenue for this claim was recorded in the three-month period ended December 31, 2012.
[3] On April 8, 2011, we received an unfavorable ruling regarding a disputed claim for costs incurred in connection with an April 2008 accident at our Texas facility involving four cranes. As a result, we recognized all recorded amounts as asset impairments in cost of revenue of $7.7 million, of which $5.9 million related to disputed crane rental costs and $1.8 million related to the remaining net book value of one of the cranes involved in the accident that is now deemed a total loss.