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Early Lease Buy Out
9 Months Ended
Sep. 30, 2014
Early Lease Buy Out [Abstract]  
Early Lease Buy Out

Note 21Early Lease Buy Out

On February 22, 2012, we completed a sale and leaseback arrangement with Wells Fargo Bank NW of our 2007 PCTC vessel.    We leased the vessel back under a ten year lease agreement with early buyout options that could be exercised in 2017 and 2019.  The lease was classified as an operating lease, with the $14.9 million gain on this sale-leaseback deferred and recognized over the term of the lease.  On August 26, 2014, we determined that it was preferential under current market conditions to buy back this vessel with the intent to reflag this vessel to International flag in anticipation of deploying the vessel at a higher operating margin later in 2014.  We reached an agreement with the lessor to repurchase the vessel for $55.6 million and recorded the remaining unamortized deferred gain of $11.2 million as a reduction in the cost basis of the purchased asset.