Non-core is management speak for whatever they are selling. It's...

Non-core is management speak for whatever they are selling. It's a core holding for the acquiring company now.
I am a big fan of vertically integrated companies capturing all the value, they will still work with these bases and shipyards but now they will get Tolled for it with profits going elsewhere.
Look at the earnings of these things a few years ago, vs now. The accounting /bookvalues of can be very different to the actual value, the bases may be recorded at historical cost from the 1990's for all I know.
Clearly Toll got and absolute bargain and MRM got shafted hard. But the shareprice is very low.