Tidewater has expressed optimism toward the offshore oil and gas markets into next year after higher day rates led to improved third-quarter earnings.

On Monday, the New York-listed offshore vessel owner reported $26.2m in net profit for the quarter, up substantially from $5.38m in net profit for the same period last year.

Third-quarter revenue came in at $299m, up from $192m a year earlier, primarily due to Tidewater’s average day rates improving to nearly $17,900 during the quarter from nearly $16,100 per day a year earlier.