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Note 7 - Affiliates Balances | 3 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
(7) | AFFILIATES BALANCES
We maintained the following balances with our unconsolidated affiliates:
(In thousands) |  | March 31, 2021 |  |  | December 31, 2020 |
Due from affiliates: |  |  |  |  |  |  |  |
Angolan joint venture (Sonatide) |  | $ | 41,843 |  |  | $ | 41,623 |
Nigeria joint venture (DTDW) |  |  | 20,631 |  |  |  | 20,427 |
|  |  | 62,474 |  |  |  | 62,050 |
Due to affiliates: |  |  |  |  |  |  |  |
Sonatide |  | $ | 35,725 |  |  | $ | 32,767 |
DTDW |  |  | 20,631 |  |  |  | 20,427 |
|  |  | 56,356 |  |  |  | 53,194 |
Net due from affiliates |  | $ | 6,118 |  |  | $ | 8,856 |
Amounts due from Sonatide Amounts due from Sonatide represent cash received by Sonatide from customers and due to us, amounts due from customers that are expected to be remitted to us by Sonatide and costs incurred by us on behalf of Sonatide. The following table displays the activity in the due from affiliate account related to Sonatide for the period indicated:
|  | Three Months |
|  | Ended |
(In thousands) |  | March 31, 2021 |
Due from Sonatide at December 31, 2020 |  | $ | 41,623 |
Revenue earned by the company through Sonatide |  |  | 8,695 |
Less amounts received from Sonatide |  |  | (8,162 | )
Other |  |  | (313 | )
Total due from Sonatide at March 31, 2021 |  | $ | 41,843 |
The amounts due from Sonatide are denominated in U.S. dollars; however, the underlying third-party customer payments to Sonatide were satisfied, in part, in Angolan kwanzas. In late 2019, we were informed that, as part of a broad privatization program, Sonangol, our partner in Sonatide, intends to seek to divest itself from the Sonatide joint venture. After offsetting the amounts due to Sonatide, the net amount due from Sonatide at March 31, 2021 was approximately $6.1 million. Sonatide had approximately $9.5 million of cash on hand (approximately $1.0 million denominated in Angolan kwanzas) at March 31, 2021 plus approximately $9.2 million of net trade accounts receivable to satisfy the net due from Sonatide. Given prior discussions with our partner regarding how the net losses from the devaluation of certain Angolan kwanza denominated accounts should be shared, we continue to evaluate our net due from Sonatide balance for possible additional impairment in future periods based in part on available liquidity held by Sonatide. Amounts due to Sonatide Amounts due to Sonatide represent commissions payable and other costs paid by Sonatide on our behalf. The following table displays the activity in the due to affiliate account related to Sonatide for the period indicated:
|  | Three Months |
|  | Ended |
(In thousands) |  | March 31, 2021 |
Due to Sonatide at December 31, 2020 |  | $ | 32,767 |
Plus additional commissions payable to Sonatide |  |  | 814 |
Plus amounts paid by Sonatide on behalf of the company |  |  | 2,089 |
Other |  |  | 55 |
Total due to Sonatide at March 31, 2021 |  | $ | 35,725 |
Company operations in Angola Vessel revenues generated by our Angolan operations, percent of consolidated vessel revenues, average number of company owned vessels and average number of stacked company owned vessels of our Angolan operations for the periods indicated were as follows:
|  | Three Months Ended |
|  | March 31, 2021 |  |  | March 31, 2020 |
Revenues of Angolan operations (in thousands) |  | $ | 9,292 |  |  | $ | 12,137 |
Percent of consolidated vessel revenues |  |  | 11 | % |  |  | 11 | %
Number of company owned vessels in Angola |  |  | 22 |  |  |  | 28 |
Number of stacked company owned vessels in Angola |  |  | 6 |  |  |  | 11 |
Amounts due from DTDW We own 40% of DTDW in Nigeria. Our partner, who owns 60%, is a Nigerian national. DTDW owns one offshore service vessel and has long-term debt of $4.7 million which is secured by the vessel and guarantees from the DTDW partners (in proportion to their ownership interests). We also, from time to time, operate company owned vessels in Nigeria for which our partner receives a commission. As of March 31, 2021, we had no company owned vessels operating in Nigeria and the DTDW owned vessel was not employed. As a result, the near-term cash flow projections indicate that DTDW does not have sufficient funds to meet its obligations to us or to the holder of its long-term debt. Based on current situations, operations in Nigeria have been severely impacted and the scope of our activity is winding down. We have created a fully reserved position in our consolidated balance sheet to account for our expected liabilities related to the debt guarantee and certain obligations of the joint venture. On April 22, 2021 we paid approximately $2.0 million which represents our portion of the joint venture debt guarantee.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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