Quarterly report pursuant to Section 13 or 15(d)

Noncontrolling Interests in Subsidiaries (Notes)

v3.7.0.1
Noncontrolling Interests in Subsidiaries (Notes)
6 Months Ended
Jun. 30, 2017
Noncontrolling Interest [Abstract]  
Noncontrolling Interests in Subsidiaries Disclosure [Text Block]
NONCONTROLLING INTERESTS IN SUBSIDIARIES
Noncontrolling interests in the Company’s consolidated subsidiaries were as follows (in thousands):
 
Noncontrolling Interests
 
June 30, 2017
 
December 31, 2016
Falcon Global
50%
 
$
14,855

 
$

Windcat Workboats
12.5%
 
2,695

 
5,266

Other
1.8%
 
284

 
278

 
 
 
 
 
$
17,834

 
$
5,544


Falcon Global. Falcon Global owns and operates two foreign-flag liftboats. In March 2017, the Company’s partner declined to participate in a capital call from Falcon Global and, as a consequence, the Company obtained 100% voting control of Falcon Global in accordance with the terms of the operating agreement and began consolidating Falcon Global’s net assets effective March 31, 2017 (see Note 4). As of June 30, 2017, the net assets of Falcon Global were $29.7 million. During the six months ended June 30, 2017, the net loss of Falcon Global was $5.0 million, of which $2.5 million was attributable to noncontrolling interests.
Windcat Workboats. Windcat Workboats owns and operates the Company’s wind farm utility vessels that are primarily used to move personnel and supplies in the major offshore wind markets of Europe. During the six months ended June 30, 2017, the Company acquired an additional 12.5% of Windcat Workboats from noncontrolling interests for $3.7 million. As of June 30, 2017, the net assets of Windcat Workboats were $21.6 million. During the six months ended June 30, 2017, the net loss of Windcat Workboats was $0.7 million, of which $0.2 million was attributable to noncontrolling interests. During the six months ended June 30, 2016, the net loss of Windcat Workboats was $3.3 million, of which $0.8 million was attributable to noncontrolling interests.