Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

9. Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW and OPT, consist of the following:

	Estimated Useful Lives	2019
		Gross Book Value		Accumulated Amortization			Foreign Currency Translation		Net Book Value
	(In thousands)
Trademarks	15 years	$	8,159	$	(512	)	$	47	$	7,694
Patents	15 - 30 years		5,945		(2,529	)		-		3,416
Customer relationships	5 - 15 years		25,787		(4,954	)		122		20,955
Non-compete agreements	3 years		171		(170	)		-		1
Organizational Costs	indefinite		172		-			7		179
		$	40,234	$	(8,165	)	$	176	$	32,245

	Estimated Useful Lives	2018
		Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	indefinite	$	8,236	$	-		$	(72	)	$	8,164
Patents	15 - 30 years		6,026		(1,925	)		(11	)		4,090
Customer relationships	5 - 15 years		25,703		(2,953	)		(260	)		22,490
Non-compete agreements	3 years		171		(113	)		-			58
Organizational costs	indefinite		172		-			-			172
		$	40,308	$	(4,991	)	$	(343	)	$	34,974

In December 2018, the overall offshore market conditions declined. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential delays associated with certain of our long term projects. As a result, we determined that the trademark asset is no longer indefinite lived and determined a 15 -year useful life to be appropriate based on our current market forecast.

Amortization expense was $2.9 million for each of the years 2019, 2018 and 2017. Based on the carrying value of intangible assets at December 31, 2019, amortization expense for the subsequent five years is estimated to be as follows: 2020 — $3.0 million; 2021 — $2.9 million; 2022 — $2.9 million ; and 2023 — $2.8 million; 2024 — $2.6 million.