Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations [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.  Accordingly, property, plant and equipment related to the conventional decommissioning business was reclassified back to continuing operations.

At December 31, 2016, the assets of the subsea construction business were being actively marketed and the Company’s management was committed to selling the remaining assets, which were classified as held for sale and were included in the Technical Solutions segment.

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

	Years ended December 31,
	2016		2015		2014
Revenues	$	-	$	18,723	$	145,463
Loss from discontinued operations, net of tax expense/(benefit) of $1,908, ($5,626) and ($19,330), respectively	$	(53,559)	$	(46,955)	$	(22,973)

For 2015 and 2014, loss from discontinued operations included $7.5million and $21.7 million, respectively, of loss related to the conventional decommissioning business.

During 2016, loss from discontinued operations included $33.0 million for the reduction in value of marine vessels in the subsea construction business.

During 2015, loss from discontinued operations included $25.8 million and $8.8 million for the reduction in value of marine vessels in the subsea construction and conventional decommissioning businesses, respectively.

During 2014, loss from discontinued operations included an $18.8 million gain related to the sale of marine vessels and equipment in the subsea construction business.

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

		December 31,
		2016		2015
Current assets	$	158	$	2,600
Property, plant and equipment, net		27,000		92,634
Total assets	$	27,158	$	95,234
Current liabilities	$	8,653	$	4,661

At December 31, 2015, assets held for sale also included $26.6 million of property, plant and equipment related to the conventional decommissioning business.