Over the past couple of years, the company has made a number of strategic acquisitions and divestitures to focus its business on water solutions and move away from energy-related work, which previously made up one-third of the business, before divestitures began in 2022. We see this transition as a credit positive given the strong and stable demand for water infrastructure services and higher margins within the end market than that in the energy market. Azuria has an exclusivity agreement to acquire a trenchless water rehabilitation services provider. This acquisition will expand Azuria?s geographic reach in the U.S. We believe this acquisition is aligned with the company?s growth strategy and complementary to its service mix. Azuria placed a $75 million fungible
