Tidewater's earnings have fallen deeper into the loss column but the OSV owner is still keeping a positive outlook.
The John Rynd-led company reported a $16m net loss attributable to common shareholders for the second quarter versus a $10.9m deficit during the same period last year.
After excluding net income attributable to non-controlling interests, loss came in at $15.6m versus $11.2m.
Tidewater recorded $0.42 loss per share, missing Wall Street consensus of $0.34 loss per share but $0.02 better than the year-ago result.
Revenue totaled $125.9m, up from $105.6m, thanks to a North Sea market that was "seasonally stronger than anticipated" amid higher demand for deepwater vessels, chief executive John Rynd said.
He said Tidewater's market position will help create a higher bottom line during a slowly improving market.
"We do not envision significant market advancement over the second half of 2019, but we do see ongoing signs of improvement, and our outlook for the offshore market remains on a positive long-term slope with reasons for optimism in each of our primary markets," he said.
