Note 14 - Potential Acquisition |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2026 | |||
| Notes to Financial Statements | |||
| Business Combination [Text Block] |
On February 22, 2026, we entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações S.A and its affiliate Atlantic Offshore Services S.A. (collectively, the Wilson Companies) from Wilson Sons S.A., Ultranav International II, S.A. and Remolcadores Ultratug Limitada (collectively, the Wilson Sellers). The Wilson Companies own 22 platform supply vessels operating in Brazil. We will pay the Wilson Sellers an aggregate cash purchase price of $500.0 million on a debt free, cash free basis, subject to adjustments, including a reduction for the assumption of the Wilson Companies’ debt which was approximately $231.0 million as of June 30, 2026. The final debt amount will be determined upon completion of this transaction. We have received all required local regulatory approvals, including approval from the Brazilian Antitrust Authority, and have obtained all of the change-of-control waivers required under the Wilson Companies credit facilities. We will continue to complete documentation relating to the remaining closing matters, including amendments to the credit facilities, and now expect to close around September 1, 2026.
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