Business Combinations And Goodwill

12 Months Ended

Dec. 31, 2020

Business Combinations and Goodwill [Abstract]

Business Combinations And Goodwill

Note 7 — Business Combinations and Goodwill

In May 2019, we acquired a 70% controlling interest in STL, a subsea engineering firm based in Aberdeen, Scotland, for $5.1 million. The holders of the remaining 30% noncontrolling interest currently have the right to put their shares to us in June 2024. These redeemable noncontrolling interests have been recognized as temporary equity. STL is included in our Well Intervention segment (Note 15) and its revenue and earnings are immaterial to our consolidated results.

As a result of the decline in oil prices as well as energy and energy services valuations during the first quarter 2020 due to the ongoing COVID-19 pandemic and the OPEC+ price war, we impaired all of our goodwill, which consisted entirely of our goodwill in STL.

The changes in the carrying amount of goodwill are as follows (in thousands): 

	Well Intervention
Balance at December 31, 2018	$	—
Additions (1)	6,855
Other adjustments (2)	302
Balance at December 31, 2019	7,157
Other adjustments (2)	(468)
Impairment loss (3)	(6,689)
Balance at December 31, 2020	$	—

(1)Relates to goodwill arising from the acquisition of a controlling interest in STL in May 2019.

(2)Relates to foreign currency adjustments.

(3)Relates to the impairment of the entire STL goodwill balance in March 2020.