v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy:
Level 1Level 2
Level 3(a)
Total
(in thousands)
As of June 30, 2026
Assets:
Derivative financial instruments—designated as cash flow hedging instruments$— $63 $— $63 
Derivative financial instruments—not designated as hedging instruments— 445 — 445 
Total assets$— $508 $— $508 
Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments$— $18 $— $18 
Derivative financial instruments—not designated as hedging instruments— 2,375 — 2,375 
Total liabilities$— $2,393 $— $2,393 
As of December 31, 2025
Assets:
Derivative financial instruments—designated as cash flow hedging instruments$— $1,262 $— $1,262 
Derivative financial instruments—not designated as hedging instruments— 140 — 140 
Total assets$— $1,402 $— $1,402 
Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments$— $35 $— $35 
Derivative financial instruments—not designated as hedging instruments— 520 — 520 
Total liabilities$— $555 $— $555 
(a).The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. has been remeasured to zero as of June 30, 2026 and December 31, 2025.
Schedule of Fair Value of Derivative Instruments and Maturity Analysis of Derivative Cash Flows
The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.
Total6 months
and less		6-12
months		1-2
years
(in thousands)
As of June 30, 2026
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts GBP£891 £891 £— £— 
Average forward rate (GBP/NOK)13.79 — — 
Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts GBP£245 £245 £— £— 
Average forward rate (GBP/NOK)13.90 — — 
As of December 31, 2025
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts USD$13,812 $13,812 $— $— 
Average forward rate (USD/NOK)10.58 — — 
Notional amounts EUR€490 €490 €— €— 
Average forward rate (EUR/NOK)12.14 — — 
Notional amounts GBP£2,076 £1,185 £891 £— 
Average forward rate (GBP/NOK)13.85 13.79 — 
Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts EUR€150 €150 €— €— 
Average forward rate (EUR/NOK)12.03 — — 
Notional amounts GBP£940 £695 £245 £— 
Average forward rate (GBP/NOK)13.92 13.90 — 
Non-Designated Hedges
The table below presents the notional value of the non-designated derivative financial instruments and a maturity analysis of the related derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.
Total6 months
and less		6-12
months		1-2
years
(in thousands)
As of June 30, 2026
Foreign exchange forward contracts:
Notional amounts NOKNOK69,800 NOK28,200 NOK41,600 NOK— 
Average forward rate (NOK/USD)0.10 0.10 — 
Notional amounts GBP£11,200 £6,100 £5,100 £— 
Average forward rate (GBP/USD)1.35 1.35 — 
Notional amounts EUR€42,100 €22,800 €19,300 €— 
Average forward rate (EUR/USD)1.20 1.21 — 
As of December 31, 2025
Foreign exchange forward contracts:
Notional amounts NOKNOK131,200 NOK97,900 NOK16,500 NOK16,800 
Average forward rate (NOK/USD)0.10 0.10 0.10 
Notional amounts GBP£13,800 £6,000 £5,300 £2,500 
Average forward rate (GBP/USD)1.35 1.35 1.34 
Notional amounts EUR€49,300 €21,600 €18,900 €8,800 
Average forward rate (EUR/USD)1.19 1.20 1.21