

2.	BUSINESS ACQUISITIONS

Witt O'Brien's. On July 11, 2014, the Company acquired a controlling interest in Witt O’Brien’s through the acquisition of its partner’s 45.8% equity interest for $35.4 million in cash (see Note 4). The Company performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in $48.1 million of goodwill being recorded.

CCM. On October 31, 2016, the Company acquired certain assets from Central Contracting & Marine, Inc. (“CCM”) consisting primarily of terminal and fleeting assets, including five harbor boats, for $18.1 million in cash. The Company performed a preliminary fair value analysis and the purchase price was allocated to the acquired assets based on their fair values resulting in no goodwill being recorded.

SeaJon II. On December 2, 2016, the Company acquired a controlling interest in SeaJon II LLC (“SeaJon II”), which owns one U.S.-flag offshore tug, through the acquisition of its partner’s 50% equity interest for $3.4 million in cash (see Note 4). The Company performed a preliminary fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in no goodwill being recorded.

Cypress CKOR. On December 12, 2016, the Company obtained a 100% controlling interest in Cypress CKOR LLC (“Cypress CKOR”), an owner of one offshore support vessel, for one dollar and the assumption of $3.1 million in debt. The Company performed a preliminary fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in no goodwill being recorded.

Purchase Price Allocation. The allocation of the purchase price for the Company’s acquisitions for the years ended December 31 was as follows (in thousands):



	2016			2015			2014
Restricted cash	$	275		$	—		$	—
Trade and other receivables	2,187			—			31,079
Other current assets	150			—			1,925
Investments, at Equity, and Advances to 50% or Less Owned Companies	(3,437		)	—			(49,968		)
Property and Equipment	17,132			—			519
Goodwill	—			3,157			44,967
Intangible Assets	7,098			(3,157		)	24,901
Other Assets	—			—			111
Accounts payable	238			—			(1,709		)
Other current liabilities	(13		)	—			(12,274		)
Long-Term Debt	(3,091		)	—			(3,266		)
Deferred Income Taxes	—			—			91
Other Liabilities	—			—			(1,376		)
Purchase price⁽¹⁾	$	20,539		$	—		$	35,000

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(1)	Purchase price is net of cash acquired totaling $0.9 million and $0.4 million in 2016 and 2014, respectively.