Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Noncontrolling Interests in Subsidiaries

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Note 10 - Noncontrolling Interests in Subsidiaries
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Noncontrolling Interest Disclosure [Text Block]
10.
NONCONTROLLING INTERESTS IN SUBSIDIARIES
 
Noncontrolling interests in the Company’s consolidated subsidiaries were as follows (in thousands):
 
   
Noncontrolling
Interests
   
June 30, 201
8
   
December 31, 201
7
 
Falcon Global Holdings
   
28.0%
    $
26,967
    $
12,087
 
Windcat Workboats
   
12.5%
     
2,201
     
2,608
 
Other
   
1.8%
     
287
     
280
 
     
 
    $
29,455
    $
14,975
 
 
Falcon Global Holdings.  
The Company formed FGH, a joint venture between the Company and MOI.  The Company and MOI contributed certain liftboat vessels and other related assets to FGH and its designated subsidiaries and assumed certain operating liabilities and indebtedness associated with the liftboat vessels and related assets, including a previous joint venture (“Falcon Global International” or “FGI”) that owned and operated
two
liftboats.  The transaction consolidates the
15
liftboat vessels operated by the Company and
six
liftboat vessels previously operated by MOI.  
 The total capital contributed to FGH was approximately
$112.5
million of which,
$43.3
million was transferred from FGI and
$18.8
million was contributed by MOI
and recorded at fair value, with the remaining capital contributed by the Company.  As a result of the transaction, the noncontrolling interest in the joint venture held by MOI is
28.0%.
 
During the
six
months ended
June 30, 2018,
the net loss of Falcon Global Holdings was
$14.4
million, of which
$4.0
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. As of
June 30, 2018,
the net assets of Windcat Workboats were
$17.6
million. During the
six
months ended
June 30, 2018,
the net loss of Windcat Workboats was
$3.3
million, of which
$0.4
million was attributable to noncontrolling interests.