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Investments, At Equity, And Advances To 50% Or Less Owned Companies
6 Months Ended
Jun. 30, 2013
Equity Method Investment, Summarized Financial Information [Abstract]  
Investments, At Equity, And Advances To 50% Or Less Owned Companies
INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% OR LESS OWNED COMPANIES
C-Lift. C-Lift was a 50-50 joint venture established to construct and operate liftboats. On June 6, 2013, the Company acquired a 100% controlling interest in C-Lift through its acquisition of its partner's 50% interest for $12.7 million in cash subject to certain working capital adjustments (see Note 4). Upon the acquisition, the Company adjusted its investment in C-Lift to fair value resulting in the recognition of a gain of $4.2 million, net of tax, which is included in equity in earnings of 50% or less owned companies in the accompanying condensed consolidated statements of income.
Sea-Cat Crewzer II. On January 23, 2013 the Company and another offshore support vessel operator formed Sea-Cat Crewzer II LLC (“Sea-Cat Crewzer II”), a 50-50 joint venture to own and operate two high speed offshore catamaran crew boats. Upon formation, the Company and its partner each contributed capital of $11.5 million in cash. Sea-Cat Crewzer II then immediately purchased one high speed offshore catamaran crew boat from the Company for $24.1 million ($23.0 million in cash and $1.1 million in seller financing).
MexMar. During the six months ended June 30, 2013, the Company made an additional cash investment of $5.9 million in Mantenimiento Express Maritimo, S.A.P.I. de C.V. ("MexMar"), an Offshore Marine Services Mexican joint venture. During the six months ended June 30, 2013, MexMar purchased one offshore support vessel from the Company for $36.4 million ($30.4 million in cash and $6.0 million in seller financing). During the six months ended June 30, 2013, MexMar repaid the $6.0 million of seller financing and the Company provided an additional $1.7 million advance for the purchase of another offshore support vessel.
SCFCo Holdings. SCFCo Holdings LLC (“SCFCo”) was established to operate towboats and dry cargo barges on the Parana-Paraguay Rivers and a terminal facility at Port Ibicuy, Argentina. During the six months ended June 30, 2013, the Company contributed additional capital of $2.9 million to fund SCFCo’s operations, provided net temporary working capital advances of $1.8 million and received working capital repayments of $1.8 million. As of June 30, 2013, the total outstanding balance of working capital advances was $2.3 million.
Bunge-SCF Grain. Bunge-SCF Grain LLC (“Bunge-SCF Grain”) was established to construct and operate a terminal grain elevator in Fairmont City, Illinois. During the six months ended June 30, 2013, the Company and its partner each made a working capital advance of $2.5 million to Bunge-SCF Grain and received $0.5 million of repayments on working capital advances. As of June 30, 2013, the total outstanding balance of working capital advances was $7.0 million.
Witt O'Brien's. During the six months ended June 30, 2013, the Company received dividends of $1.2 million from Witt O'Brien's LLC.
Other. During the six months ended June 30, 2013, the Company made a $0.5 million capital contribution to one of its industrial aviation businesses in Asia and received dividends of $0.4 million from certain offshore marine services joint ventures.
Subsequent to June 30, 2013, the Company contributed $42.1 million in net cash and other consideration valued at $14.9 million that included certain progress payments made toward the construction of two Liquefied Petroleum Gas tankers (Very Large Gas Carriers, otherwise known as "VLGC's"), the construction contracts for the two VLGC's and the related options to construct additional VLGC's to Dorian LPG Ltd. in exchange for a noncontrolling ownership interest.
Guarantees. The Company has guaranteed the payment of amounts owed by one of its joint ventures under a vessel charter and has guaranteed amounts owed under banking facilities by certain of its joint ventures. As of June 30, 2013, the total amount guaranteed by the Company under these arrangements was $14.9 million. In addition, as of June 30, 2013, the Company had uncalled capital commitments to two of its joint ventures for a total of $2.4 million.