Business Combinations And Goodwill

12 Months Ended

Dec. 31, 2021

Business Combinations and Goodwill [Abstract]

Business Combinations And Goodwill

Note 7 — Business Combinations and Goodwill

Oil prices as well as energy and energy services valuations experienced significant decline during the first quarter 2020 due to the COVID-19 pandemic and the price war among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other non-OPEC producer nations (collectively with OPEC members, “OPEC+”). As a result, we impaired all of our goodwill, which consisted entirely of goodwill attributable to the acquisition in May 2019 of a 70% controlling interest in STL, a subsea engineering firm based in Aberdeen, Scotland. In June 2021, we acquired the remaining 30% noncontrolling interest in STL. These redeemable noncontrolling interests had been recognized as temporary equity. STL is included in our Well Intervention segment and its revenue and earnings are immaterial to our consolidated results.

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

	Well Intervention
Balance at December 31, 2019	$	7,157
Impairment loss		(6,689)
Foreign currency adjustments		(468)
Balance at December 31, 2020	$	—