XML 39 R23.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Note 15 - Subsequent Event | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements |
Subsequent Events [Text Block] |
(15) | SUBSEQUENT EVENTS
Sonatide Acquisition In January 2022 we acquired the 51% equity interest in the Sonatide joint venture owned by our former joint venture partner, pursuant to a Sale and Purchase Agreement between Sonangol Holdings, LDA and us for $11.2 million in cash. This acquisition gives us complete control of our operations in Angola. The acquisition date fair value of the 49% equity interest in Sonatide held by us was zero and we do not expect to recognize a significant gain (loss) or goodwill as a result of remeasuring to the fair value of our equity interest. The fair value of our equity interest was determined using the consideration paid to our 51% joint venture partner, adjusted for the difference in our ownership interest, less a control premium. The control premium was calculated using the expected future commissions to be received by our joint venture partner that will no longer be paid times our EBITDA (earnings before interest, taxes, depreciation and amortization) multiple as determined by the independent investment analysts that follow our company. Business combination related costs were expensed as incurred in general and administrative expense and consisted of various advisory, legal, accounting, valuation and other professional fees which were not material to our consolidated results of operations for the year ended December 31, 2021. Swire Pacific Offshore Holdings Ltd. Acquisition On March 9, 2022, we entered into a definitive agreement to acquire Swire Pacific Offshore Holdings Ltd. (“SPO”) which owns 50 offshore support vessels operating primarily in West Africa, Southeast Asia and the Middle East. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2022. At the closing of the transaction, we will pay $42.0 million in cash and issue 8,100,000 warrants, each of which is exercisable at $0.001 per share for one share of our common stock. The cash portion of the purchase price is subject to customary adjustment mechanisms related to SPO’s closing date working capital, cash and indebtedness.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration