Tidewater chief executive Quintin Kneen is refusing to put a number on it, but he expects his fleet to earn substantial rates as the offshore vessel market finally recovers.

Kneen said the Houston-based, New York-listed offshore giant saw it sfleet earn $20,000 per day at the peak of the last market more than a decade ago and that there is reason to believe that number will be higher next year.

“The fleet today is a much better and higher spec fleet than the Tidewater fleet was at the end of the last cycle,” Kneen said on the company’s second-quarter earnings call on Friday, noting its 2018 merger with GulfMark and its recent acquisition of Swire Pacific Offshore improved its fleet.