<SEC-DOCUMENT>0000950170-24-087237.txt : 20240919
<SEC-HEADER>0000950170-24-087237.hdr.sgml : 20240919
<ACCEPTANCE-DATETIME>20240729143240
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-24-087237
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULF ISLAND FABRICATION INC
		CENTRAL INDEX KEY:			0001031623
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				721147390
		STATE OF INCORPORATION:			LA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2170 BUCKTHORNE PL
		STREET 2:		SUITE 420
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		713-714-6123

	MAIL ADDRESS:	
		STREET 1:		2170 BUCKTHORNE PL
		STREET 2:		SUITE 420
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
 <head>
  <title>CORRESP</title>
 </head>
 <body style="margin: auto!important;padding: 8px;">
  <div style="min-height:0.6in;"></div>
  <p style="margin-left:0.92%;font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:left;"><img src="img196362699_0.jpg" alt="img196362699_0.jpg" style="width:247px;height:44px;">&#160;</p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">July 29, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Securities and Exchange Commission</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Division of Corporation Finance</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">100 F Street, N.E.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Washington D.C. 20549</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Re: Gulf Island Fabrication, Inc.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for the Fiscal Year Ended December 31, 2023</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Filed March 8, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">File No. 001-34279</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Ladies &amp; Gentlemen:</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:3.607%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Gulf Island Fabrication, Inc. (&#x201c;we&#x201d; or the &#x201c;Company&#x201d;) received the Staff&#x2019;s comment letter (dated July 22, 2024) on July 22, 2024, relating to the above listed filing of the Company (the &#x201c;Comment Letter&#x201d;). We submit the following in response to the Comment Letter. The numbered paragraphs below repeat the comments in the Comment Letter for your convenience, followed by the Company&#x2019;s response to each comment.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:3pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for the Fiscal Year Ended December 31, 2023</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Note 4. Credit Facilities and Debt, Note Agreement, page F-19</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Comment:</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:-3.742%;padding-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">1.	We note that you issued a promissory note with a principal balance of $20.0 million in connection with the resolution of the MPSV Litigation and Settlement Agreement. Please tell us where you reflected this promissory note in your statement of cash flows and explain your basis including specific authoritative guidance that supports your accounting treatment.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Response:</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">As discussed in more detail in our response to Comment #2, we determined that the $20.0 million amount payable to Zurich (defined within Comment #2) resulting from the Settlement Agreement and Note Agreement (both defined within Comment #2) fell under the guidance contained within ASC 606, </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Revenue From Contracts With Customers&#x201d;</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Specifically, the Settlement Agreement resulted in a noncurrent contract liability (reflected as a charge against previously recognized revenue) that we accounted for in accordance with the refund liabilities subsection of ASC 606. ASC 606-10-32-10 states:</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;An entity shall recognize a refund liability if the entity receives consideration from a customer and expects to refund some or all of that consideration to the customer.&#x201d;</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Further, we considered the liability to be an operating liability as it related to an adjustment to the transaction price of a contract with a customer as discussed in more detail in our response to Comment #2. This contract liability was subsequently replaced with a long-term debt obligation resulting from the Note Agreement.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">  </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="page-node-content"><div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:0.5in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.0701388888888888in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">1</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.0701388888888888in;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p></div></div>
  <hr style="page-break-after:always;">
  <div style="min-height:0.6in;"></div>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">On page F-23 of our Form 10-K for the fiscal year ended December 31, 2023 (&#x201c;2023 10-K&#x201d;), within </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Note 7. Commitments and Contingencies, Resolution of MPSV Litigation</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, we disclosed:</font></p>
  <p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:10.935%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;The charge was reflected as a reduction to previously recognized revenue on the MPSV construction contracts&#133;and </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">is included in the changes in noncurrent assets and liabilities, net on our Statement of Cash Flows</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">. The </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">liability was replaced with the Note Agreement in the fourth quarter 2023</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> and is reflected as current and long-term debt on our Balance Sheet at December 31, 2023.&#x201d;</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">We evaluated the classification of the aforementioned in our Statement of Cash Flows using the guidance within ASC 230, </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Statement of Cash Flows.&#x201d;</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ASC 230-10-45-28 states:</font></p>
  <p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:10.935%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Entities that choose not to provide information about major classes of operating cash receipts and payments by the direct method as encouraged in paragraph 230-10-45-25 shall determine and report the same amount for net cash flow from operating activities indirectly by adjusting net income of a business entity or change in net assets of a not-for-profit (NFP) to reconcile it to net cash flow from operating activities (the indirect or reconciliation method). That requires adjusting net income of a business entity or change in net assets of an NFP to remove both of the following:</font></p>
  <div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:10.935%;min-width:3.333%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">(a)</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">The effects of all deferrals of past operating cash receipts and payments, such as changes during the period in inventory, deferred income, and the like, and </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">accruals of expected future operating cash receipts and payments, such as changes during the period in receivables and payables</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.&#x201d;</font></div></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Note 7. Commitments and Contingencies, Resolution of MPSV Litigation, page F-23</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Comment:</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:-3.742%;padding-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">2.	We note that the charge related to the resolution of the MPSV Litigation was recorded as a reduction to revenue. Please tell us your basis for this accounting treatment, including the specific authoritative guidance that supports your analysis.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Response:</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">As background to our response and as summarized in our 2023 10-K, we had contracts with a customer (&#x201c;Hornbeck&#x201d;) for the construction of two marine vessels. In 2018, Hornbeck terminated the contracts and made claims against the performance bonds issued by our surety (&#x201c;Zurich&#x201d;) in connection with the contracts. As a result, we filed a lawsuit against Hornbeck to enforce our rights under the contracts. Hornbeck subsequently asserted counterclaims against us and Zurich. Our lawsuit against Hornbeck and their counterclaims against us and Zurich are collectively referred to herein as the &#x201c;Litigation&#x201d;.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">On October 4, 2023, the Litigation was dismissed in full (&#x201c;Litigation Settlement&#x201d;) at the request of the parties to the Litigation after the parties reached an agreement in principle. In connection with such agreement, we entered into an agreement (&#x201c;Settlement Agreement&#x201d;) with Zurich pursuant to which we agreed to release possession of the vessels to Zurich and pay Zurich $20.0 million through the issuance of a promissory note to Zurich (&#x201c;Note Agreement&#x201d;), with payments commencing on December 31, 2024. Additionally, we agreed to forgo pursuing recovery from Hornbeck of our $12.5 million net contract asset related to the contracts subject to the Litigation. As a result of the Settlement Agreement and Note Agreement, and the write-off of the net contract asset, we recognized a charge of $32.5 million as a reduction to previously recognized revenue on the contracts.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="page-node-content"><div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:0.5in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.0701388888888888in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">2</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.0701388888888888in;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p></div></div>
  <hr style="page-break-after:always;">
  <div style="min-height:0.6in;"></div>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">While the Note Agreement will result in future payments to Zurich by us, we concluded that the ultimate beneficiary of these payments is Hornbeck as Hornbeck made a demand on the performance bonds issued by Zurich in connection with the contracts, and it is our understanding that Zurich intends to complete construction of the vessels for Hornbeck and will utilize such funds to complete the vessels. It is further our understanding that no cash payments had been made to Hornbeck from Zurich as of December 31, 2023. The Note Agreement and related future payments are solely the result of the contracts with Hornbeck. Further, without the Settlement Agreement and Note Agreement, the Litigation Settlement would not have occurred. Accordingly, the charge resulting from the aforementioned is an adjustment to the transaction price of the contracts as the future payments are directly the result of the contracts with Hornbeck and reflect consideration indirectly benefiting Hornbeck. In addition, the decision to forgo pursuing recovery of the net contract asset from Hornbeck is an adjustment to our previous estimates of variable consideration on the contracts. Accordingly, the charge resulting from the write-off of the net contract asset is an adjustment to the transaction price of the contracts. As a result of the aforementioned, the impact of both the Note Agreement ($20.0 million) and write-off of the net contract asset ($12.5 million) are considered revenue transactions.</font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">We evaluated our accounting for the aforementioned charge using the guidance within ASC 606 and specifically, the </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Consideration Payable to a Customer and Variable Consideration&#x201d;</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> subsections. ASC 606-10-32-25 states:</font></p>
  <p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:10.926%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Consideration payable to a customer includes (a) cash amounts that an entity pays, or expects to pay, to the customer (or to other parties that purchase the entity&#x2019;s goods or services from the customer).&#133;&#x201d;</font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ASC 606-10-32-25 further states:</font></p>
  <p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:10.926%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;An entity shall account for consideration payable to a customer as </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">a reduction of the transaction price and, therefore, of revenue</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> unless the payment to the customer is in exchange for a distinct good or service (as described in paragraphs 606-10-25-18 through 25-22) that the customer transfers to the entity. </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">If the consideration payable to a customer includes a variable amount, an entity shall estimate the transaction price (including whether the estimate of variable consideration is constrained) in accordance with paragraphs 606-10-32-5 through 32-13.</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201d;</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </font></p>
  <p style="text-indent:3.608%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:7.602%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ASC 606-10-32-27 states:</font></p>
  <p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;margin-right:10.926%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">&#x201c;Accordingly, if consideration payable to a customer is accounted for as a reduction of the transaction price, an entity shall recognize the reduction of revenue when (or as) the later of the either of the following events occurs:</font></p>
  <div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:6pt;margin-right:10.935%;min-width:3.333%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:3.571084182443509%;display:inline-flex;justify-content:flex-start;">(a)</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">The entity recognizes revenue for the transfer of the related goods or services to the customer.</font></div></div>
  <div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;margin-right:10.935%;min-width:3.333%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:3.571084182443509%;display:inline-flex;justify-content:flex-start;">(b)</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">The entity pays or promises to pay the consideration (even if the payment is conditional on a future event). The promise might be implied by the entity&#x2019;s customary business practices.&#x201d;</font></div></div>
  <p style="text-indent:3.607%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">If any member of the Staff has any questions concerning these matters or needs additional information or clarification, he or she should contact the undersigned at (713) 714-6123.</font></p>
  <p style="text-indent:4.516%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:50%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Sincerely,</font></p>
  <p style="font-size:10pt;margin-top:0.55pt;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:14pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0.55pt;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="white-space:pre-wrap;font-size:14pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:50%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Westley S. Stockton</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">________________</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="margin-left:50%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Westley S. Stockton</font></p>
  <p style="margin-left:50%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Chief Financial Officer</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
  <p style="margin-left:50%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:50%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:7.593%;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div class="page-node-content"><div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:0.5in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.0701388888888888in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">3</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.0701388888888888in;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;">&#160;</font></p></div></div>
  <hr style="page-break-after:always;">
 </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img196362699_0.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img196362699_0.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !T HL# 2(  A$! Q$!_\0
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MON8UB*+=E-?>CT^BDI:Y#H"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@!&Z&OQ-K]LFZ&OQ-K[_A3_E__ -N_^W'R6?;T
MOG^@4445]\?*!172^!/AMXG^)NJ_V=X7T6ZUBZ&-_D*!'$#G!DD;"H#@X+$
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MC?\ #Q+X=?\ 0#\4?^ UM_\ 'Z]6.58V<5*-)M,\^6886+<7-71]2T5\M?\
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M?BFU\#^$]7\07T<TMGIEK)=S1VZ@R,B*6(4$@$X'<BOG/_AXC\.O^@)XH_\
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M&#DD<M;%4<.TJLK7/J6BD4Y4&N!^,_QGT7X&>%[77==M;^\M+B\6Q1-.C1Y
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M"&4Y!![BGU^0'Z&%?G-_P4&_Y+C9?]@2W_\ 1LU?HS7YS?\ !0;_ )+C9?\
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M.\FE]Y[%6HJ4)5);)7/6:2ORW_X;,^,7_0XM_P""ZT_^-4?\-F?&+_H<6_\
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M\+;?AH:X_ *&#BH;P_I_YGHG[$/Q2'C[X/0:3=3!]6\-E;"13C)M\'[.V
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MA>'Q>W^HW+85$E;:BY&7<YPJC/+'@5]SVO\ P3Q^',%PDDNK^)+A%8-Y3W4
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M>6I^8/[;<3Q_M(>)692%>*T92>X^S1C/Y@_E7MO_  3<NPVF>/;;O'-92?\
M?2S#_P!EK"_X*)_#Z>U\1>'O&L,>;.Z@_LNY90 $F0O)&3W)96<>PB^E>2_L
MF_&VU^"GQ*-QJ[3#P]JL/V.]:++"$[@8YR@^]L.0<<A7? )X/U#@\=D:A1U:
MBOOC:_Y'A*2PN9N531-O\?\ AS]2**K:?J-KJUA;WME<PWEG<1K+#<6[AXY$
M895E8<$$$$$58S7YD]-&?;)WU/#_ -M69(_V:_%JNZJTC6:H"<%C]KA.!ZG
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M<3_[Y#_"OSD>?D?^[R_Q?HA:KZAJ%MI5A<WMY<1VMI;1---/,P5(T4$LS$\
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M[?<?GI\.?ACXD^*_B*+1O#6FR7]TQ!EEQB&W3^_*_1%X/7DG@ D@']._V?\
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ML1A*>*MSWT/!S3)<-F_)]8;]V]K.V]O)]CX&_P"&1/B3_P! RT_\#8_\:/\
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MM@HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
B*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
