Innovex expects 2027 revenue up roughly 10% as subsea pipeline grows and Venezuela ramps

Management described Q3 as a quarter of stronger margins and cash generation alongside stepped-up commercial wins, while positioning 2027 around offshore/subsea conversion and a potentially expanding Venezuela contribution. For Q4, management guided to a similar revenue band as the prior quarter's Q3 outlook but cited Saudi softness, U.S. seasonality, and conflict-driven logistics costs as offsets, while reiterating a longer-term margin goal of 25% and pointing to a growing subsea backlog and a capital-light approach to new markets.