Tidewater’s bottom line has returned to profit as the offshore-vessel market stayed robust during what is typically considered a slow season for the sector.

The owner of more than 200 offshore support vessels (OSVs) reported a profit of $10.7m for the first quarter, up from a loss of $12.2m posted during the same period last year.

This profit resulted in $0.21 earnings per share (EPS) for the quarter that missed analyst consensus of $0.23 but beat the $0.24 loss per share registered in the first quarter of 2022.

Revenue saw a huge improvement, rising to $193m for the quarter from $106m for the first three months of 2022. It was the company’s highest quarterly revenue recorded since the fourth quarter of 2015, Tidewater said.

“We are encouraged by the continued momentum we saw during the first quarter and the new cyclical revenue and global average day rate high-water marks, especially for what is anticipated to be the slowest quarter of the year due to seasonality in certain markets,” chief executive Quintin Kneen said in a statement.

“Consolidated global average day rates continued the upward trend we saw throughout 2022, with the average day rate increasing nearly $1,100 per day sequentially.”

Revenue for Tidewater’s West Africa segment more than doubled to $59.5m for the three-month period from $26.4m a year earlier. Revenue for its Americas division improved 68% to $47.7m.

Looking forward, Tidewater, which acquired 37 PSVs from Solstad during the quarter, reiterated its full-year revenue guidance of $1.03bn for 2023.

That is up from the $648m in revenue earned during all of 2022.