The rumor I heard was that after a shoot Wagner came back to the boat and found Wood and Walken doing the horizontal bop. Wagner kicked Walken off yacht and soon after a fight ensued whereby Wood was knocked unconscious overboard.
5.56mm
That seems like the most reasonable scenario.
I doubt anything would have occurred to Natalie if Walken was there.
Walken seems like a guy who could "take care of business" if he had to.