Key Highlights

  • Forum Energy Technologies reported Revenue of $237 million and diluted EPS of $0.93, against a $1.76 loss.
  • Innovex International reported revenue of $265 million, up 10%, and adjusted EBITDA of $55 million.
  • W&T Offshore reported revenue of $167.1 million and Operating Income of $11.8 million.
  • SEACOR Marine reported a $9.5 million net loss as average day rates rose to $21,100.
  • Civeo raised 2026 revenue guidance to $710 million to $720 million.

Which energy services and offshore companies reported third quarter 2026 results?

Five companies serving oil, gas and offshore energy markets reported third quarter 2026 results, and the figures below come from their individual Earnings write ups. Forum Energy Technologies (NYSE:FET) reported revenue of $236.8 million on October 29, 2026, with diluted EPS of $0.93 versus a loss of $1.76. Innovex International (NYSE:INVX) reported revenue of $265.1 million, up about 10.4% on a calculated basis, and Net Income of $26.3 million.

W&T Offshore (NYSE:WTI) reported revenues of $167.1 million and a net loss of $13.6 million, while SEACOR Marine (NYSE:SMHI) reported revenue of $57.3 million and a net loss of $9.5 million. Civeo (NYSE:CVEO) reported revenue of $193.1 million, up 13%, and net income of $5.2 million, or $0.50 per diluted share.

Forum Energy Technologies: How did EPS swing to $0.93 from a $1.76 loss?

Revenue rose from $196.2 million a year earlier and was 5% above the second quarter. Drilling and Completions revenue was $147.2 million, and Artificial Lift and Downhole revenue was $89.9 million, helped by the Premiere Torque Rings acquisition.

Net income was $11.2 million, against a net loss of $20.6 million, while adjusted EPS was $1.51. Orders were $243.8 million, a book-to-bill ratio of 103%, down from 122%. Free Cash Flow was $30 million, up 214%, and net Debt fell to $97.0 million from $114.8 million at June 30, 2026, taking net Leverage to 0.9 times from 1.1 times. The company flagged freight and Tariff costs as a Margin pressure in Artificial Lift and Downhole.

Innovex International: Why did net income fall while adjusted EBITDA rose?

Net income of $26.3 million compares with $39.2 million a year earlier, when results included a $40.9 million net gain on asset sales. Adjusted EBITDA rose to $55.4 million, or 21% of revenue, from $43.6 million and 18%.

The company paid $63.3 million for acquisitions in the quarter, and cash ended at $188.8 million with no bank debt. A $53.4 million legal settlement accrual remains on the balance sheet. It highlighted a subsea wellhead contract of more than $30 million in Indonesia.

W&T Offshore: How did operating income swing to $11.8 million?

Revenues rose from $127.5 million, and the average realized oil price was $85.06 per barrel against $64.62. Of the $36.6 million increase in oil, NGL and Natural Gas revenues, $32.4 million came from higher prices and $4.2 million from volume.

Operating income compared with a $12.6 million operating loss. Below that line, a net derivative loss of $15.8 million contributed to the $13.6 million net loss, which narrowed from $71.5 million as income tax expense dropped to $0.5 million from $56.0 million. Cash was $191.3 million, up from $140.6 million at year end, and long-term debt was $351.0 million. Production was 3,514 MBoe, up from 3,275 MBoe.

SEACOR Marine: Why is there a net loss when day rates climbed?

The average time charter day rate rose to $21,100 from $19,490, but available days fell to 3,496 from 4,321 after vessel sales, and revenue slipped to $57.3 million from $59.2 million. Direct operating expenses fell to $38.3 million from $47.7 million.

The prior year quarter included $30.2 million of gains on asset dispositions, which helps explain the swing from $9.0 million of net income to a $9.5 million loss. Cash, cash equivalents and restricted cash totaled $75.6 million. Outstanding debt was $313.0 million at September 30, 2026, and the board is evaluating strategic alternatives.

Civeo: What drove 38% Canadian revenue growth and a guidance raise?

Higher occupancy at oil sands lodges, reflecting stronger than expected turnaround activity, lifted Canadian revenue 38% and Canadian adjusted EBITDA 47%. Australian revenue rose 4% to $129.5 million, though its adjusted EBITDA fell 7%.

Adjusted EBITDA was $30.1 million, against $28.6 million, and Operating Cash Flow was $26.4 million, against $13.8 million. Civeo raised full year 2026 revenue guidance to $710 million to $720 million and adjusted EBITDA guidance to $89 million to $92 million.

How do the five reports compare on growth, margins and profit?

Combined revenue for the five companies was about $919.4 million (calculated). W&T Offshore's revenue growth of about 31.1% (calculated, $167.1 million against $127.5 million) sits roughly 34.3 percentage points above SEACOR Marine's decline of about 3.2% (calculated).

Net income margins diverged. On a calculated basis, Innovex International's $26.3 million is about 9.9% of revenue and Forum Energy Technologies' $11.2 million is about 4.7%, while Civeo's $5.2 million is about 2.7%. W&T Offshore's net loss is about 8.1% of revenue and SEACOR Marine's is about 16.6% (both calculated).

Adjusted EBITDA margins were closer. Forum Energy Technologies' $36.0 million is about 15.2% of revenue (calculated), Civeo's $30.1 million is about 15.6% (calculated), and Innovex International reported 21%.

What to Watch Next: fourth-quarter guidance, dividends and vessel deliveries

Forum Energy Technologies guided fourth quarter revenue to $230 million to $250 million and full year 2026 revenue to $900 million to $920 million, with adjusted EBITDA of $123 million to $129 million. Innovex International guided fourth quarter revenue to $260 million to $270 million and adjusted EBITDA to $53 million to $58 million. Both held earnings calls on October 30, 2026.

W&T Offshore declared a $0.01 quarterly Dividend payable November 19, 2026, to holders of record on November 12, 2026, and amended its Credit agreement on October 1, 2026. Civeo expects Canadian revenue, in local currency, to rise roughly 30% year over year in the back half of 2026 after contracting about 700 mobile fleet rooms.

SEACOR Marine expects two platform Supply vessels to arrive in the fourth quarter of 2026 and the first quarter of 2027. It set no timetable for its strategic review, announced July 29, 2026.