(2)Discontinued Operations

During the first quarter of 2014, the Company conducted a strategic review and analysis of its subsea construction business. As of September 30, 2014, the Company was committed to sell the assets of and exit its subsea construction business. The disposition of assets is expected to be completed by the end of the first half of 2015.

During the first quarter of 2014, the Company also made a decision to discontinue its conventional decommissioning business. As of September 30, 2014, the Company was committed to sell the assets of and exit its conventional decommissioning business. The disposition of the assets is expected to be completed by the end of the first half of 2015.

Both of the subsea construction business and conventional decommissioning business were included in the Technical Solutions segment, formerly referred to as the Subsea and Technical Solutions segment. As of September 30, 2014, the assets and liabilities of these businesses were classified as held for sale. For the three and nine months ended September 30, 2014 and 2013, the results of operations of these businesses are reported as discontinued operations in the consolidated statements of operations.

The following summarizes certain financial information of the businesses reported as discontinued operations (in thousands):



	Three Months Ended September 30,
	2014		2013
Revenues	$	34,210	$	92,203

Income/(loss) from discontinued operations, net of tax benefit of $4,063 and tax expense of $485, respectively		(5,886)		2,366



	Nine Months Ended September 30,
	2014		2013
Revenues	$	111,735	$	209,394

Loss from discontinued operations, net of tax benefit of $10,131 and $3,786, respectively		(15,735)		(20,045)

The following summarizes the assets and liabilities related to the businesses reported as discontinued operations (in thousands):



	September 30, 2014		December 31, 2013
Accounts receivable, net	$	25,415	$	26,858
Prepaid expenses		5,810		8,164
Inventory and other current assets		30,891		63,618
Current assets	$	62,116	$	98,640
Property, plant and equipment, net		219,223		217,089
Intangible and other long-term assets, net		4,420		4,854
Long-term assets	$	223,643	$	221,943
Accounts payable		21,478		13,449
Accrued expenses		37,362		52,133
Current liabilities	$	58,840	$	65,582
Other long-term liabilities	$	18,009	$	21,801

Assets and liabilities held for sale include a capital lease for a dynamically positioned subsea vessel. Such amounts are recorded at the present value of the lease payments. The vessel’s gross asset value under the capital lease was approximately $37.6 million at inception and accumulated depreciation through September 30, 2014 and December 31, 2013 was approximately $17.4 million and $16.4 million, respectively. As of September 30, 2014, $18.0 million of other long-term liabilities and $4.5 million of accounts payable related to this capital lease are included in the liabilities held for sale. As of December 31, 2013, $21.4 million of other long-term liabilities and $4.2 million of accounts payable related to this capital lease are included in the liabilities held for sale.