Dispositions

3 Months Ended

Mar. 31, 2015

Dispositions [Abstract]

Dispositions

(2)Discontinued Operations

During 2014, the Company conducted a strategic review and analysis of its subsea construction business.  As of March  31, 2015, the Company was committed to sell the remaining assets of and exit its subsea construction business.  The disposition of the remaining assets of this business is expected to be completed during 2015.

During 2014, the Company also made a decision to discontinue its conventional decommissioning business.  As of March  31, 2015, the Company was committed to sell the assets of and exit its conventional decommissioning business.  The disposition of the assets of this business is expected to be completed during 2015.

Both of the subsea construction business and conventional decommissioning business were included in the Technical Solutions segment.  As of March 31, 2015, the assets and liabilities of these businesses were classified as held for sale.  For the three months ended March 31, 2015 and 2014, 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 March 31,
	2015		2014
Revenues	$	2,940	$	39,002
Loss from discontinued operations, net of tax benefit of $1,373 and $2,758, respectively		(9,640)		(5,954)

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

	March 31, 2015		December 31, 2014
Accounts receivable, net	$	3,286	$	16,701
Prepaid expenses		1,734		2,463
Inventory and other current assets		5,433		5,576
Current assets	$	10,453	$	24,740
Property, plant and equipment, net		134,452		91,171
Intangible and other long-term assets, net		-		769
Long-term assets	$	134,452	$	91,940
Accounts payable		2,801		20,530
Accrued expenses		15,198		24,496
Current liabilities	$	17,999	$	45,026
Other long-term liabilities	$	-	$	16,814

During 2015, the Company spent $67.4 million to purchase two leased vessels.  The purchase price for one of the vessels included the extinguishment of the related capital lease obligation of $20.9million. These purchases were made to facilitate the disposition of the vessels during 2015.