Note 4 - Vessel Acquisitions, Dispositions and New-build Program

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(

4

) VESSEL ACQUISITIONS, DISPOSITIONS AND NEW-BUILD PROGRAM

During

2016,

the Predecessor sold

one

older vessel from our North Sea region fleet and

three

vessels from our Southeast Asia fleet for combined proceeds of

$6.5

million. The sales of these vessels generated a combined loss on sales of assets of

$8.6

million. In

March 2017,

the Predecessor sold

two

fast supply

vessels and recorded combined losses on sales of assets of

$5.3

million.

At

December 31, 2015,

we had

two

vessels under construction in the U.S. that were significantly delayed. In

March 2016,

we resolved certain matters under dispute with the shipbuilder and reset the contract schedules so that we would take delivery of the

first

vessel in mid-

2016

and the

second

vessel in mid-

2017,

at which time a final payment of

$26.0

million would be due. We took delivery of the

first

of these vessels during the

second

quarter of

2016.

Under the settlement, we could elect

not

to take delivery of the

second

vessel and forego the final payment, in which case the shipbuilder would retain the vessel. In

May 2017,

we elected

not

to take the vessel. We have

no

further purchase obligations under such contract.

We had a vessel under construction in Norway that was scheduled to be completed and delivered during the

first

quarter of

2016;

however, in the

fourth

quarter of

2015

we amended our contract with the shipbuilder to delay delivery of the vessel until

January 2017.

Concurrently, in order to delay the payment of a substantial portion of the construction costs, we agreed to pay monthly installments through

May 2016

totaling

92.2

million NOK (or approximately

$11.0

million) and to pay a final installment on delivery in

January 2017

of

195.0

million NOK (or approximately

$23.3

million at delivery). We paid such final installment and took delivery of this vessel in

January 2017.

Vessel Additions Since December 31, 2016
Vessel	Region	Type (1)	Year Built	Length (feet)	BHP (2)	DWT (3)	Month Delivered
North Barents	N. Sea	LgPSV	2017	304	11,935	4,700	Jan-17

Vessels Disposed of Since December 31, 2016
Vessel	Region	Type (1)	Year Built	Length (feet)	BHP (2)	DWT (3)	Month Disposed
Mako	Americas	FSV	2008	181	7,200	552	Mar-17
Tiger	Americas	FSV	2009	181	7,200	552	Mar-17

(

1

)

LgPSV - Large Platform Supply Vessel, SpV - Special Purpose Vessel, SmAHTS - Small Anchor Handling Vessel

(

2

)

BHP - Brake Horsepower

(

3

)

DWT - Deadweight Tons