Annual report pursuant to Section 13 and 15(d)

Note 2 - Business Acquisitions

v3.19.1
Note 2 - Business Acquisitions
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
2.
BUSINESS ACQUISITIONS
 
Falcon Global Holdings
.  On
February 8, 2018,
the Company acquired a
72%
controlling interest in Falcon Global Holdings LLC ("FGH"), a joint venture between the Company and Montco Offshore, LLC ("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 consolidated 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,
$18.8
million was contributed by MOI and recorded at fair value, with the remaining capital contributed by the Company. The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in
no
goodwill being recorded.
 
Sea-Cat Crewzer
.  On
April 28, 2017,
the Company acquired a
100%
controlling interest in Sea-Cat Crewzer, which owns and operates
two
high-speed offshore catamarans, through the acquisition of its partners'
50%
ownership interest for
$4.4
million in cash (see Note
4
). The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in
no
goodwill being recorded. 
 
Sea-Cat Crewzer II
.  On
April 28, 2017,
the Company acquired a
100%
controlling interest in Sea-Cat Crewzer II, which owns and operates
two
high-speed offshore catamarans, through the acquisition of its partners'
50%
ownership interest for
$11.3
million in cash (see Note
4
). The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in
no
goodwill being recorded.
 
Purchase Price Allocation.
The allocation of the purchase price for the Company's acquisitions for the years ended
December 
31
was as follows (in thousands):
 
   
2018
   
2
017
 
Trade and other receivables
  $
    $
235
 
Other current assets
   
211
     
4,148
 
Investments, at Equity, and Advances to 50% or Less Owned Companies
   
     
(15,700
)
Property and Equipment
   
140,257
     
61,626
 
Accounts payable
   
     
747
 
Other current liabilities
   
     
(76
)
Long-Term Debt
   
(106,640
)    
(41,186
)
Other
   
     
(43
)
Minority Interest     
(18,828
)    
 
Purchase price
(1)
  $
15,000
    $
9,751
 

(
1
)
Purchase price in
2018
was used to pay MOI's debtor-in-possession obligations.
Purchase price in
2017
is net of cash acquired totaling
$5.9
million.