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GAIN (LOSS) ON DISPOSITION OF ASSETS, NET

12 Months Ended

Dec. 31, 2019

Gain Loss On Disposition Of Assets [Abstract]

GAIN (LOSS) ON DISPOSITION OF ASSETS, NET

(8)	GAIN (LOSS) 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 (loss) on the dispositions, are as follows:

	Successor							Predecessor
					Period from			Period from
	Year		Year		August 1, 2017			April 1, 2017
	Ended		Ended		through			through
(In thousands, except number of vessels disposed)	December 31, 2019		December 31, 2018		December 31, 2017			July 31, 2017
Gain (losses) on vessels disposed	$	2,434	$	10,935	$	(163	)	$	509
Number of vessels disposed		40		38		11			7

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 which represent substantially all of the company’s subsea assets.

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 2017 Petition Date. Unamortized deferred gains as of the Petition Date of $105.9 million were credited to reorganization items as a result of the lease rejections.