Discontinued Operations

3 Months Ended

Mar. 31, 2016

Dispositions [Abstract]

Discontinued Operations

(12)Discontinued Operations

During the first quarter of 2016, the Company’s management determined that the conventional decommissioning business no longer met the held for sale criteria at March 31, 2016.  Accordingly, property, plant and equipment related to the conventional decommissioning business was reclassified back to continuing operations.

At March 31, 2016, the assets of the subsea construction business were being actively marketed and the Company’s management is committed to selling the remaining assets.  AtMarch 31, 2016, the assets and liabilities of the subsea construction business were classified as held for sale. 

The following table summarizes the components of loss from discontinued operations, net of tax (in thousands):

	Three Months Ended March 31,
	2016		2015
Revenues	$	-	$	2,940
Loss from discontinued operations, net of tax benefit of $0 and $1,373, respectively		(2,267)		(9,640)

For the three months ended March 31, 2015, loss from discontinued operations included $0.5 million of loss related to the conventional decommissioning business.

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

	March 31, 2016		December 31, 2015
Current assets	$	2,713	$	2,600
Property, plant and equipment, net		64,000		92,634
Total assets	$	66,713	$	95,234
Current liabilities	$	3,495	$	4,661

At December 31, 2015, assets held for sale included $26.6 million of property, plant and equipment related to the conventional decommissioning business.  The Company continues to actively market these assets.