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Acquisitions
12 Months Ended
Dec. 31, 2015
Business Combinations [Abstract]  
Acquisitions

NOTE 18—ACQUISITIONS

In December 2014, J. Ray McDermott, S.A. (“JRMSA”), a wholly owned subsidiary of MDR, exercised its option to purchase Oceanteam ASA’s 50% ownership interest in the entities which owned the NO 102. We have consolidated these entities since acquiring a 50% ownership interest in 2009. The cash consideration paid was approximately $33 million, and we recorded a corresponding decrease in noncontrolling interest of approximately $44 million, and an increase in capital in excess of par value of approximately $11 million.

In 2013, we acquired all of the issued and outstanding shares of capital stock of Deepsea Group Limited, a United Kingdom-based company that provides subsea and other engineering services to international energy companies, primarily through offices in the United Kingdom and the United States. The total consideration we paid for the acquisition was approximately $9 million, which includes cash ($6 million) and the delivery of 313,580 restricted shares of MDR common stock (out of treasury). The transaction was accounted for using the acquisition method and, accordingly, assets acquired and liabilities assumed were recorded at their respective fair values.  

In 2013, we entered into two joint ventures with TH Heavy Engineering Berhad (“THHE”), whereby we acquired a 30% interest in a subsidiary of THHE, THHE Fabricators Sdn. Bhd., and THHE acquired a 30% interest in our Malaysian subsidiary, Berlian McDermott Sdn. Bhd. As of December 31, 2013, we recorded an equity method investment of approximately $26 million, a non-controlling interest of approximately $21 million and an increase in capital in excess of par value of approximately $5 million arising from these transactions. In 2014, we finalized our accounting for these transactions and recorded a decrease in an equity method investment of approximately $5 million and a decrease in capital in excess of par value of approximately $2 million. As a result of these adjustments in 2014, as of December 31, 2014, we had recorded an equity method investment of approximately $21 million, a non-controlling interest of approximately $21 million, and an increase in capital in excess of par value of approximately $3 million.