An unknown buyer entered into an agreement to acquire Foundation Drilling Assets from Shimmick Corporation (NasdaqGM:SHIM) for $17.5 million on May 13, 2024. Total consideration of $17.5 million, consisting of $15 million in cash and a $2.5 million promissory note. The Company will continue working on certain existing foundation projects, which are largely expected to be completed by the end of the year.

The net proceeds will be used to repay borrowings under the Revolving Credit Facility. The Company expects transaction to close in the second quarter of fiscal 2024. As per the filling of May 20, 2024, the transaction is expected to close in May 2024.