Goodwill

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 6 — Goodwill

The changes in the carrying amount of goodwill are as follows (in thousands): 

	Well Intervention
Balance at December 31, 2019	$	7,157
Impairment loss (1)	(6,689)
Other adjustments (2)	(468)
Balance at June 30, 2020	$	—

(1)As a result of the decline in oil prices as well as energy and energy services valuations during the first quarter 2020 due to the ongoing COVID-19 pandemic and the price war among members of the Organization of Petroleum Exporting Countries (“OPEC”) and other non-OPEC producer nations (collectively with OPEC members, “OPEC+”), we identified that it was more likely than not that the fair value of goodwill associated with our STL acquisition was less than its carrying amount. Based on the result of our goodwill impairment test as of March 31, 2020, we recorded a charge to write off the carrying amount of the goodwill. The fair value of the reporting unit used to determine the impairment was estimated using a discounted cash flow approach.

(2)Relates to foreign currency adjustments.