DISCONTINUED OPERATION

6 Months Ended

Jun. 30, 2012

DISCONTINUED OPERATION

NOTE 2 – DISCONTINUED OPERATION

Charter Fleet Business

On March 19, 2012, we completed the sale of our former charter fleet business, which operated 10 of the 14 vessels acquired in our 2007 Secunda Acquisition. The cash proceeds from the charter fleet sale were approximately $61 million, resulting in a gain on the sale of approximately $0.3 million.

The following table presents selected financial information regarding the results of operations attributable to our charter fleet business:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012(1)		2011
	(Unaudited) (In thousands)
Revenues	$	—	$	11,062	$	8,184	$	20,566
Income before provision for income taxes		—		2,330		3,497		4,741
Provision for income taxes		—		720		—		1,469
Income from discontinued operations, net of tax	$	—	$	1,610	$	3,497	$	3,272

⁽¹⁾   Includes the charter fleet operations through March 19, 2012.

The following table presents the carrying values of the major classes of assets and liabilities held for sale that are included in our condensed consolidated balance sheet as of December 31, 2011:

	December 31, 2011
	(In thousands)
Other assets	$	3,197
Property, plant and equipment—net		45,892
Other assets		9,679
Total long-term assets held for sale	$	55,571