Quarterly report pursuant to Section 13 or 15(d)

Noncontrolling Interests in Subsidiaries

v3.19.1
Noncontrolling Interests in Subsidiaries
3 Months Ended
Mar. 31, 2019
Disclosure Text Block [Abstract]  
Noncontrolling Interests in Subsidiaries

11.

NONCONTROLLING INTERESTS IN SUBSIDIARIES

Noncontrolling interests in the Company’s consolidated subsidiaries were as follows (in thousands):

 

 

 

Noncontrolling

Interests

 

 

March 31,

2019

 

 

December 31,

2018

 

Falcon Global Holdings

 

28%

 

 

$

24,261

 

 

$

26,989

 

Windcat Workboats

 

0%

 

(1)

 

 

 

 

2,115

 

Other

 

1.8%

 

 

 

305

 

 

 

300

 

 

 

 

 

 

 

$

24,566

 

 

$

29,404

 

 

(1)

As of March 31, 2019; at December 31, 2018, noncontrolling interest was 12.5%.

 

Falcon Global Holdings.   The Company consolidates Falcon Global Holdings LLC (“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 three months ended March 31, 2019 and 2018, the net loss of FGH was $9.7 million and $9.3 million, respectively, of which $2.7 million and $2.6 million, respectively, was attributable to noncontrolling interests.

 

Windcat Workboats. Prior to January 25, 2019, Seabulk Overseas, a wholly owned subsidiary of the Company, owned 87% of Windcat Workboats.  On January 25, 2019, Seabulk Overseas acquired a 6.25% minority interest in Windcat Workboats that it did not previously own.  Seabulk Overseas acquired the remaining 6.25% interest in Windcat Workboats that the Company did not already own on March 15, 2019. For the three months ended March 31, 2018, the net loss of Windcat Workboats was $1.9 million and $0.2 million was attributed to noncontrolling interests.