GAIN ON DISPOSITION OF ASSETS, NET

12 Months Ended

Dec. 31, 2018

Gain Loss On Disposition Of Assets [Abstract]

GAIN ON DISPOSITION OF ASSETS, NET

(17) GAIN ON DISPOSITION OF ASSETS, NET

We seek opportunities to dispose our older vessels when market conditions warrant and opportunities arise. As such, vessel dispositions vary from year to year, and gains on sales of assets may also fluctuate significantly from period to period. The majority of our vessels are sold to buyers with whom we do not compete in the offshore energy industry.

The number of vessels disposed along with the gain on the dispositions, are as follows:

	Successor					Predecessor
			Period from			Period from
	Twelve Months		August 1, 2017			April 1, 2017		Twelve Months
	Ended		through			through		Ended
(In thousands, except number of vessels disposed)	December 31, 2018		December 31, 2017			July 31, 2017		March 31, 2017
Gain (loss) on vessels disposed	$	10,935		(163	)		509		(102	)
Number of vessels disposed		38		11			7		12

Included in gain on dispositions of assets, net for the period from August 1, 2017 through December 31, 2017 are gains on the sale of the company’s eight ROVs of $7.1 million.  The eight ROVs represent substantially all of the company’s subsea assets which had a net book value immediately prior to the sale of $15.7 million. Included in other operating revenues for the period from August 1, 2017 through December 31, 2017, the period from April 1, 2017 through July 31, 2017 and the year ended March 31, 2017 were $2.5 million, $0.8 million and $3.2 million, respectively, of revenues related to the company’s subsea business.

Included in gain on dispositions of assets, net for the period from April 1, 2017 through July 31, 2017 are amortized gains on sale/leaseback transactions of $3.0 million which reflects gains recognized through the Petition Date of May 17, 2017. Unamortized deferred gains as of the Petition Date of $105.9 million were credited to reorganization items as a result of the lease rejections. Please refer to Note (4) for additional information regarding our rejection of our sale leaseback vessels in conjunction with the Plan.

Included in gain on dispositions of assets, net for the year ended March 31, 2017 are amortized gains on sale/leaseback transactions of $23.4 million.