Dispositions

3 Months Ended

Mar. 31, 2012

Dispositions [Abstract]

Dispositions

(3) Dispositions

On February 15, 2012, the Company sold one of its derrick barges and received proceeds of approximately $44.5 million, inclusive of selling costs. The Company recorded a pre-tax loss of approximately $3.1 million, inclusive of approximately $9.7 million of goodwill, during the three months ended March 31, 2012 in connection with this sale. This business was previously reported in the subsea and well enhancement segment. The operating results and the loss on the sale of this disposal have been accounted for as discontinued operations.

On March 30, 2012, the Company sold the 18 liftboats and related assets comprising its marine segment. The Company received cash proceeds of approximately $141.4 million inclusive of estimated working capital, subject to adjustment, and selling costs. In connection with the sale, the Company repaid approximately $12.5 million in U.S. Government guaranteed long-term financing (see note 8). Additionally, the Company paid approximately $4.0 million of make-whole premiums and wrote off approximately $0.7 million of unamortized loan costs as a result of this repayment. The Company’s total pre-tax loss on the disposal of this segment is approximately $56.1 million, which includes a $46.1 million write off of long-lived assets and goodwill that was recorded in the fourth quarter of 2011 in order to approximate the segment’s indicated fair value and an additional loss of $10.0 million recorded in the first quarter of 2012. The loss of $10.0 million in the first quarter of 2012 includes an approximate $3.6 million loss on sale of assets and approximately $6.5 million of additional costs related to the disposition. During the three months ended March 31, 2011, the Company sold three liftboats from the marine segment for approximately $5.8 million and recorded a pre-tax gain of approximately $2.7 million. The segment’s operating results and the loss on the sale of this disposal group have been accounted for as discontinued operations.

The following table summarizes the components of income (loss) from discontinued operations, net of tax for the three months ended March 31, 2012 and 2011 (in thousands):

	2012			2011
Revenues	$	16,235		$	28,985
Income (loss) from discontinued operations before income tax		(6,735	)		6,139
Income tax expense (benefit)		(1,227	)		2,220
Gain (loss) on disposition, net of tax		(10,729	)		1,707
Income (loss) from discontinued operations, net of tax	$	(16,237	)	$	5,626

The following table presents the assets and liabilities of these disposal groups at December 31, 2011 (in thousands):

Accounts receivable, net	$	16,342
Prepaid expenses		1,900
Inventory and other current assets		2,371
Current assets of discontinued operations	$	20,613
Property, plant and equipment, net		170,222
Goodwill		9,740
Intangible and other long-term assets, net		3,875
Long-term assets of discontinued operations	$	183,837
Accounts payable	$	1,231
Accrued expenses		13,421
Current maturities of long-term debt		810
Current liabilities of discontinued operations	$	15,462
Long-term debt	$	11,736