Annual report pursuant to Section 13 and 15(d)

Note 13 - Noncontrolling Interests in Subsidiaries

v3.19.1
Note 13 - Noncontrolling Interests in Subsidiaries
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Noncontrolling Interest Disclosure [Text Block]
13.
NONCONTROLLING INTERESTS IN SUBSIDIARIES
 
Noncontrolling interests in the Company's consolidated subsidiaries as of
December 31
were as follows (in thousands):
 
   
Noncontrolling
Interests
   
2018
   
2017
 
Falcon Global Holdings
   
28.0%
      $
26,989
    $
12,087
 
Windcat Workboats
   
12.5%
       
2,115
     
2,608
 
Other
   
1.8%
       
300
     
280
 
     
 
      $
29,404
    $
14,975
 
 
Falcon Global Holdings.
 On
February 8, 2018,
a wholly-owned subsidiary of SEACOR Marine and MOI formed and capitalized a joint venture named Falcon Global Holdings LLC to operate the Company's liftboat fleet.  In connection therewith and MOI’s plan of reorganization, which was confirmed on
January 18, 2018,
MOI emerged from its Chapter
11
bankruptcy case. In accordance with the terms of a Joint Venture Contribution and Formation Agreement, the Company and MOI contributed certain liftboat vessels and other related assets to FGH and its designated subsidiaries and FGH and its designated subsidiaries assumed certain operating liabilities and indebtedness associated with the liftboat vessels and related assets. 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. The Company consolidates FGH as the Company holds 
72%
of the equity interest in FGH and is entitled to appoint a majority of the board of managers of FGH.
 
During the year ended
December 31, 2018,
the net loss of FGH was
$14.3
million, of which
$4.0
million was attributable to noncontrolling interest. As of
December 31, 2018,
the net assets of FGH were
$98.1
million.
 
Windcat Workboats.
Windcat Workboats Holdings Ltd. ("Windcat Workboats") owns and operates the Company's crew transfer vessels that are primarily used to move personnel and supplies in the major offshore wind markets of Europe. During the year ended
December 31, 2017,
the Company acquired an additional
12.5%
of Windcat Workboats from noncontrolling interests for
$3.7
million. As of
December 
31,
2018
and
2017,
the net assets of Windcat Workboats were
$16.9
million and
$21.1
million, respectively. During the year ended
December 31, 2018,
the net loss of Windcat Workboats was
$3.1
million, of which
$0.4
million was attributable to noncontrolling interests.  During the year ended
December 
31,
2017,
the net loss of Windcat Workboats was
$2.1
million, of which
$0.4
million was attributable to noncontrolling interests. During the year ended
December 
31,
2016,
the net loss of Windcat Workboats was
$4.5
million, of which
$1.1
million was attributable to noncontrolling interests.