Tidewater reported slimmer red ink in the second quarter as the offshore vessel giant’s chief executive pointed to a significant upward turn in the market that bodes well for the road ahead.

The Houston company, which completed its takeover of Swire Pacific Offshore (SPO), reported a net loss of $25.6m during the quarter ended 30 June, down from $29.5m a year earlier.

An 81.7%