Financial Data and Key Metrics Changes - Revenues in Q3 2025 were $377 million, up from $302 million in Q2 2025, with a gross profit of $66 million compared to $15 million in Q2, and a net income of $22 million versus a net loss of $3 million in Q2 [7] - Year-to-date revenues reached $957 million, with gross profits of $109 million and a net income of $23 million, alongside an adjusted EBITDA of $198 million [7] - Cash and cash equivalents increased to $338 million, with total liquidity at $430 million at the end of the quarter [15] Business Line Data and Key Metrics Changes - The well intervention segment saw high utilization of the Q4000, which is currently engaged in a multi-well program for Shell [9] - Robotics had a strong quarter, operating seven vessels and achieving high utilization across trenching and ROV support projects [11] - The shallow water abandonment business experienced increased activity levels, with 100% utilization for the Hedron heavy lift barge [12] Market Data and Key Metrics Changes - Brazil operations reported strong utilization with three vessels actively working, while the Gulf of Mexico shelf showed improved results following a later start to the season [8] - The North Sea market faced challenges, with the Seawell remaining warm stacked due to market turmoil [10] - The robotics segment is expected to maintain robust activity levels, with numerous sizable contracted works extending into 2026 and beyond [12] Company Strategy and Development Direction - The company is navigating a cyclical oil and gas market, currently positioned at the cusp of an upcycle, with expectations for increased demand in the coming years [22][23] - Focus on managing costs amid rising supply chain and labor costs, with an emphasis on operational efficiency and margin improvement [28] - The company anticipates a strong performance in the robotics segment, with expectations for continued growth in trenching and site clearance markets [57] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025 but highlighted the potential for strong earnings in 2026, particularly in the Gulf of Mexico and shallow water abandonment markets [16][24] - The outlook for Brazil remains positive, with expectations for continued high utilization and potential contract extensions [67] - Seasonal impacts are expected in Q4, particularly in the North Sea and Gulf of Mexico, but management remains optimistic about overall performance [17][21] Other Important Information - The company has a strong balance sheet with negative net debt of $31 million and minimal debt obligations until 2029 [15] - A new three-year contract with a minimum 150-day commitment for the Q units in the Gulf of Mexico was executed [8] Q&A Session Summary Question: Outlook for Q4000 and potential work deferrals - Management indicated that while there is always a risk of deferrals, visibility for 2026 is stronger than in 2025, and they are considering a West Africa campaign to hedge against utilization risks [34][35] Question: Expectations for shallow water abandonment market in 2026 - Management expects an increase in activity but at reduced rates due to competitive pressures, with a stronger market anticipated by 2027 [39][40] Question: Update on subsea robotics for Q4 - A decrease in trenchers from six to four is expected in Q4 due to seasonal weather impacts, which may also affect rates [46][48] Question: Rising supply chain costs and mitigation strategies - Rising costs are being observed across labor and materials, with strategies focused on supplier consolidation and cost management [62][63] Question: Market conditions in Brazil - Brazil is viewed as a buoyant market, with strong contracts in place and ongoing interest from operators [67]