Investment in Variable Interest Entity |
3 Months Ended |
|---|---|
Mar. 31, 2017 | |
| Text Block [Abstract] | |
| Investment in Variable Interest Entity | 11. INVESTMENT IN VARIABLE INTEREST ENTITY We account for our investment in our West African operations as a variable interest entity, which is defined as an entity that either (a) has insufficient equity to permit the entity to finance its operations without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. As of March 31, 2017, we had a 49% investment in the common stock of PHI Century Limited (“PHIC”), a Ghanaian entity. We acquired our 49% interest on May 26, 2011, PHIC’s date of incorporation. The purpose of PHIC is to provide oil and gas flight services in Ghana and the West African region. For the quarter ended March 31, 2017, we recorded a loss in equity of unconsolidated affiliate of $1.0 million relative to our 49% equity ownership. We had $3.3 million of trade receivables as of March 31, 2017 from PHIC. Our investment in the common stock of PHIC is included in Other assets on our Condensed Consolidated Balance Sheets and was $0.3 million and $0.2 million at March 31, 2017 and December 31, 2016, respectively. |