Tidewater (NYSE: TDW) reported Q3 EPS of ($1.16), versus $0.00 reported last year. Revenue for the quarter came in at $99.19 million versus the consensus estimate of $104.75 million.

John Rynd, Tidewater President and Chief Executive Officer commented, “Our third quarter results reflect a market that is continuing to show signs of improvement. Trends in tendering, requests for quotes and customer dialogue are all positive, but we do not expect to see material improvements in activity or average day rates until the second half of 2019 or later. In short, the offshore market is moving in the right direction, but we think the pace of improvement will be gradual and the path toward a broad-based industry recovery will likely include a number of turns, twists and possible setbacks. For the just-completed September quarter, market dynamics generally fell in line with our expectations, with lower vessel operating margin reflecting higher than anticipated maintenance costs and rate pressure in several regions. Utilization of our active fleet, while also down from last quarter, remained higher than what we experienced earlier in the year, further indicating that we are continuing to work our way out of a market trough. We are pleased to maintain positive EBITDA and positive cash flow from operations this quarter, as well as year to date, reflecting our commitment to achieving these and other financial targets. Assuming favorable outcomes to stockholder votes, we expect to complete our previously announced combination with GulfMark on November 15 and our team’s near-term efforts will be focused on executing our integration plan, with the objective of achieving targeted cost and operational synergies as efficiently and effectively as possible. We continue to believe that the combination of Tidewater and GulfMark creates clear and compelling value for stakeholders of both companies.”

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