Financial Performance - Total revenues for Q2 2025 were $376 million, compared to $351 million in Q1 2025[19] - Adjusted EBITDA for Q2 2025 was $61 million, compared to $58 million in Q1 2025[20] - Offshore Energy Services revenues increased by $13 million from Q1 2025 to Q2 2025, reaching $253 million[26, 28] - Government Services revenues increased by $66 million from Q1 2025 to Q2 2025, reaching $93 million[31] - Other Services revenues increased by $63 million from Q1 2025 to Q2 2025, reaching $31 million[36] Outlook - The company raised its 2025 total revenue outlook to $1460 - $1560 million[40] - The company raised its 2026 total revenue outlook to $1620 - $1740 million[40] - The company raised its 2025 Adjusted EBITDA outlook to $240 - $260 million[40] - The company raised its 2026 Adjusted EBITDA outlook to $300 - $335 million[40] Capital Allocation - The company made $153 million of accelerated principal payments on its UKSAR Debt facility[21, 51] - The company repurchased 119841 shares of common stock for $39 million at an average cost of $3241 per share[21, 51]

Financial Performance - Revenues for Q1 2025 were $350.53 million, a decrease of $3 million compared to Q4 2024, primarily due to seasonality in Other Services, offset by higher revenues from new Government Services contracts[17, 77] - Adjusted EBITDA for Q1 2025 was $57.71 million, consistent with the $57.84 million in Q4 2024, as lower revenues were offset by lower operating and general & administrative expenses[18, 76] - Offshore Energy Services revenues remained consistent at $240 million in both Q4 2024 and Q1 2025, with regional variations: Europe decreased by $4.5 million, Americas increased by $1.9 million, and Africa increased by $2.2 million[21, 22] - Government Services revenues increased by $3.4 million from $82.56 million in Q4 2024 to $85.94 million in Q1 2025, driven by the Irish Coast Guard (IRCG) contract[25, 28, 77] - Other Services revenues decreased by $6 million from $30.8 million in Q4 2024 to $24.8 million in Q1 2025, due to seasonality in Australia, unfavorable foreign exchange, and lower dry-leasing revenues[33, 37, 77] Outlook and Strategy - The company affirms its 2025 revenue outlook to be between $1.42 billion and $1.615 billion, and 2026 revenue outlook to be between $1.525 billion and $1.775 billion[39] - The company anticipates completing the transitions of the new IRCG and UKSAR2G contracts and upgrading the fleet with new OES configured AW189 helicopters[69] - The company plans to initiate a quarterly dividend program beginning in Q1 2026, with an initial dividend payment of $0.125 per share ($0.50 per share annualized)[69] Balance Sheet and Liquidity - The company has $191.1 million of unrestricted cash and total liquidity of $254.3 million as of March 31, 2025[48, 50] - The company's net debt is $527 million as of March 31, 2025[50] - The company has a contractual backlog of approximately $4.2 billion as of March 31, 2025, with $3.1 billion (73%) from Government Services and $1.1 billion (27%) from Offshore Energy Services[52, 54, 55]