Record-High Quarterly Results Since 2014
Third quarter results produced the highest quarterly results since 2014, with revenues of $377 million, gross profit of $66 million, and net income of $22 million.
Strong Performance in Brazil and Robotics
Brazil operations achieved 100% utilization for several vessels, and the Robotics segment had a strong quarter with 7 vessels operating, including trenching and ROV support.
Positive Cash Flow and Strong Balance Sheet
Generated positive operating cash flow of $24 million and free cash flow of $23 million in Q3. Ended Q3 with $338 million in cash and $430 million in liquidity.
Long-Term Contracts Secured
Executed a 3-year contract with a minimum 150-day commitment in the Gulf of America and a 4-year agreement with NKT for subsea trencher operations.