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ACQUISITION
 12 Months Ended
Mar. 31, 2015
ACQUISITION
(2)   ACQUISITION

Troms Offshore Supply AS

On June 4, 2013, the company, through a subsidiary, acquired Troms Offshore Supply AS, a Norwegian company (Troms Offshore). At the time of the acquisition, Troms Offshore owned four deepwater PSVs, and had two additional deepwater PSVs under construction, one delivered shortly after the acquisition and the other delivered in January 2014. The purchase price (not including transaction costs) consisted of a $150.0 million cash payment to the shareholders of Troms Offshore and the assumption of approximately $261.3 million of combined Troms Offshore obligations, comprised of net interest-bearing debt and the remaining installment payments due on vessels under construction. The company has performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in $42.2 million of goodwill, all of which was allocated to our Sub-Saharan Africa/Europe segment.

The following table summarizes the allocation of the purchase price for the acquisition of Troms Offshore:

 

(In thousands)             

Cash

    $         22,263     

Trade receivables and other current assets

      9,816     

Vessels (A)

      245,605     

Goodwill (B)

      42,160     

Payable and other liabilities

      (13,020 )   

Notes payable

      (156,824 )     

Total purchase price

    $         150,000     

 

 

(A)

Includes $10.7 million in costs attributed to vessels under construction.
(B)

Subsequently written off in December 2014.

 

The effect of the acquisition on pro forma results of operations and the consolidated statement of operations for the years ended March 31, 2014 and 2013 are immaterial and therefore not presented.