Long Term Debt |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long Term Debt | 4. LONG-TERM DEBT The Company’s long-term debt obligations as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
As of June 30, 2026, the Company was in compliance with all debt covenants and lender requirements. During the second quarter of 2026, the Company exercised its right to cancel the remaining $24.6 million of Tranche B of the 2024 SMFH Credit Facility available to be drawn to fund construction of two new PSVs because the Company has fully funded the amounts remaining to be paid for the two PSVs through vessel and other asset sales. Letters of Credit. As of June 30, 2026 and December 31, 2025, the Company had outstanding letters of credit of $0.4 million securing lease obligations, labor and performance guaranties. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||