Core Insights - Subsea 7 S.A. has been awarded a significant contract by Ocean Winds for the BC-Wind project, marking its third contract in the Polish offshore wind market [1][3] - The BC-Wind project will be located in the Baltic Sea, approximately 23 kilometers off the Polish coast, and will consist of 26 wind turbine generators [2] - Seaway7's responsibilities include the transport and installation of 26 transition pieces and an offshore substation, with offshore activities expected to begin in 2027 [2] Company Overview - Subsea 7 is recognized as a global leader in delivering offshore projects and services, focusing on creating sustainable value and being a preferred partner in the energy industry [3] - The company aims to support the evolving energy sector by providing efficient offshore solutions [3]

Night Watch Investment Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund LP appreciated by 4.28% net of fees, and YTD, its performance stood at 25.88%. The portfolio continued its strong performance in the quarter. The market also experienced a strong recovery in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2025. In its third-quarter 2025 in ...

Press Release Nokia and Tampnet partner to expand 5G offshore connectivity in the Gulf of Mexico Nokia and Tampnet are unlocking new capabilities for offshore industries, from remote monitoring and predictive maintenance to advanced safety.Building on the world’s first offshore platform with a 5G edge network deployed in Norway earlier this year, they are now ramping up the global deployment of Nokia 5G AirScale radios, including in the Gulf.Together, Nokia and Tampnet are setting new standards for offshore ...

The share price of Tidewater Inc. (NYSE:TDW) fell by 5.91% between November 19 and November 26, 2025, putting it among the Energy Stocks that Lost the Most This Week. Here is Why Tidewater (TDW) Fell This Week Photo by Shaah Shahidh on Unsplash Tidewater Inc. (NYSE:TDW), together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. Tidewater Inc. (NYSE:TDW) announced mix ...

Core Insights - Tidewater Inc. (NYSE:TDW) experienced an 11.1% increase in share price from November 7 to November 14, 2025, ranking among the top gaining energy stocks for the week [1] Financial Performance - Tidewater reported a mixed performance for Q3 on November 10, with a loss per share of $0.02, which was $0.43 below estimates, primarily due to a nonrecurring debt expense leading to a net loss [3] - Despite the loss, the company's revenue exceeded expectations, driven by a higher-than-expected average day rate and slightly better utilization [3] - The company updated its FY 2025 revenue guidance to a range of $1.33 billion to $1.35 billion and initiated FY 2026 revenue guidance of $1.32 billion to $1.37 billion [3] Analyst Ratings - Following the mixed Q3 report, Evercore ISI reduced its price target for Tidewater from $67 to $65 while maintaining an 'In Line' rating [4] - The analyst noted that Tidewater's early 2026 outlook appears conservative but acknowledged the company's transitional phase and the importance of broader industry recovery [4]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenues of $178 million and an EBITDA-equivalent cash flow of $113 million, with a total EBITDA of $473 million over the past 12 months, indicating strong operational stability [3][6] - The net income for the quarter was $8.6 million, translating to $0.07 per share, with total operating expenses reduced to $69 million from $86 million in the previous quarter [16][17] Business Line Data and Key Metrics Changes - The container vessel segment contributed $82 million to adjusted EBITDA, while the car carrier fleet added $23 million, and the tanker segment generated $44 million [14] - Dry bulk contributed $6 million, down from $19 million, due to the divestiture of 13 dry bulk carriers as part of the fleet renewal strategy [14][15] Market Data and Key Metrics Changes - The charter backlog stands at approximately $4 billion, with two-thirds contracted to investment-grade counterparties, providing strong cash flow visibility [6][17] - The overall utilization across the shipping fleet in Q3 was about 98.7%, with adjusted utilization at 99.9% [9] Company Strategy and Development Direction - The company is focused on fleet renewal, having sold five older dry bulk vessels and redelivered eight Cape-sized bulkers, which has improved operational and fuel efficiency [4][8] - Investments in cleaner technology are ongoing, with 11 vessels now capable of operating on LNG fuel, including five newbuildings under construction [4][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about securing new employment for the Hercules drilling rig, despite its current idle status [5][19] - The company emphasizes the importance of energy efficiency and emissions reduction to attract and retain high-quality charterers, with ongoing investments in modernizing the fleet [11][12] Other Important Information - The company has returned approximately $2.9 billion to shareholders over 87 consecutive quarters, with a dividend yield of over 10% based on the recent share price [6][17] - The company has about $80 million remaining on a $100 million share buyback program, having repurchased $10 million worth of shares at an average price of $7.98 per share [26] Q&A Session Summary Question: Expectations for Hercules leasing in the new year and impact of Gulf of Mexico lease sale - Management is exploring all opportunities for the Hercules rig, focusing on areas where it has unique capabilities, such as the North Sea and Canadian markets [19][20] Question: Consideration of well intervention opportunities for Hercules - The company is open to any opportunity for the Hercules, including well intervention or exploration drilling, and has made upgrades to the rig for development drilling [22] Question: Outlook for securing long-term work for tankers - It is too early to secure long-term work for vessels rolling off charters, but there is significant value linked to profit-sharing features in existing contracts [23] Question: Update on the $100 million buyback - Approximately $80 million remains on the buyback program, with $10 million repurchased so far this year [26] Question: Impact of Houthi attacks on commercial shipping in the Red Sea - Management is cautious and believes a slow return to normal activity in the Red Sea is likely, with potential reductions in operating expenses if vessels return to the region [28][29] Question: Purchase obligations in charter contracts - The company has transformed its business model to focus on time charters, reducing the prevalence of purchase obligations in contracts [30] Question: Outlook for new transactions outside the container segment - The company is open to opportunities across various maritime segments, focusing on strong counterparties and favorable deal structures [31][32]

Core Viewpoint - BW Offshore is set to release its Q3 2025 results on November 14, 2025, at 07:30 CET, followed by a conference call with the CEO and CFO at 09:00 CET [1]. Group 1: Company Overview - BW Offshore specializes in innovative floating production solutions and operates a fleet of Floating Production Storage and Offloading (FPSO) units [3]. - The company has a strong ambition for growth, leveraging four decades of offshore operations and project execution to create tailored offshore energy solutions for evolving global markets [3]. - BW Offshore employs approximately 900 individuals and is publicly listed on the Oslo Stock Exchange [3]. Group 2: Conference Call Details - The Q3 2025 presentation will be available via a webcast with supporting slides and a Q&A module [2]. - There may be a 30-second delay when following the webcast compared to the main conference call, and it is recommended to use an updated browser, preferably Chrome [2].

Core Insights - Great Lakes Dredge & Dock Corporation reported a strong third quarter for 2025, with net income of $17.7 million and adjusted EBITDA of $39.3 million, driven by effective project execution and high equipment utilization [2][4][10] - The company's dredging backlog stood at $934.5 million as of September 30, 2025, with an additional $193.5 million in low bids and options pending award, indicating strong revenue visibility for the remainder of 2025 and into 2026 [4][10][16] Financial Performance - Revenue for the third quarter was $195.2 million, an increase of $4.0 million compared to the same period in 2024, primarily due to higher capital project revenue [10][16] - Gross profit was $43.8 million, with a gross profit margin of 22.4%, both showing improvement from the previous year's figures of $36.2 million and 19.0% respectively [16] - Operating income increased to $28.1 million from $16.7 million in the prior year's third quarter, attributed to improved gross profit and lower general and administrative expenses [16][25] Operational Highlights - The company has maintained uninterrupted operations during the recent government shutdown, ensuring full project execution and support to the U.S. Army Corps of Engineers [6][14] - Significant projects in the dredging backlog include major port deepening LNG projects, with operations for two projects having commenced in Q3 2024 and another expected to start in early 2026 [5][10] Capital Structure and Investments - An amendment to the revolving credit facility was completed, increasing the amount by $100 million to a total of $430 million, which reduced annual interest expenses by nearly $6 million [7] - Total capital expenditures for the third quarter were $32.8 million, including investments in new vessels such as the Acadia and Amelia Island [16][25] Market Position and Strategy - Great Lakes is the largest provider of dredging services in the U.S. and is expanding into the offshore energy sector, with a focus on safeguarding critical subsea infrastructure [21][17] - The company is actively pursuing opportunities in oil and gas pipeline protection and international offshore wind projects to ensure sustained utilization of its new vessels [17][9]

Core Viewpoint - Oceaneering International, Inc. has been awarded a contract by bp Exploration (Caspian Sea) Ltd. for riserless light well intervention services in the Azeri-Chirag-Deepwater Gunashli oilfield, indicating a continued partnership and trust in Oceaneering's capabilities [1][3]. Group 1: Contract Details - The contract involves a multi-well mechanical wireline intervention campaign utilizing Oceaneering's deepwater riserless light well intervention systems integrated onto a customer-provided subsea construction vessel [2]. - Project management, engineering, and systems integration services will be provided by both local and international personnel from Oceaneering [2]. - Engineering and premobilization activities have already begun, with field operations expected to start in the fourth quarter of 2025 [2]. Group 2: Company Background - Oceaneering is a global technology company that delivers engineered services and products, as well as robotic solutions, to various industries including offshore energy, defense, aerospace, and manufacturing [4].

Core Insights - Offshore energy firm Petrofac has filed for administration due to financial strain and the termination of a major contract with Dutch grid operator TenneT, affecting 2,000 jobs in Scotland [1] Company Summary - Petrofac has experienced a challenging financial year, leading to its decision to file for administration [1] - The termination of a significant contract with TenneT has been a critical factor in the company's financial difficulties [1] - The administration filing puts approximately 2,000 jobs at risk in Scotland, highlighting the potential impact on the local economy [1] Industry Summary - The offshore energy sector is facing increased pressures, as evidenced by Petrofac's situation, which may indicate broader challenges within the industry [1] - The loss of major contracts, such as the one with TenneT, suggests potential volatility and risk for companies operating in this space [1]