(14)

GAIN ON DISPOSITION OF ASSETS, NET

The company seeks opportunities to dispose its 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 the company’s vessels are sold to buyers who do not compete with the company in the offshore energy industry.

The number of vessels disposed along with the gain on the dispositions for the years ended March 31, are as follows:


(In thousands, except number of vessels disposed)	2015		2014		2013
Gain on vessels disposed	$	2,988		12,247		12,191
Number of vessels disposed		13		48		32

Also included in gain on dispositions of assets, net in fiscal 2015 are amortized gains on sale/leaseback transactions of $17.7 million as well as a gain related to the reversal of an accrued $3 million liability related to contingent consideration potentially payable to the former owners of Troms Offshore based on the achievement by the Troms operation of certain performance metrics subsequent to its acquisition by the company. The company’s current expectation is that such performance metrics will not be achieved. Included in gain on dispositions of assets, net in fiscal 2014 and fiscal 2013 are gains of $4 million and $2.3 million, respectively related to the sale of the company’s two shipyards. Please refer to Note (13) above for a discussion on asset impairment.