The 14-time major champion was at his breath-taking best early in the third round and was six under at the turn at TPC Sawgrass.
Woods initially continued that form on the way home and was joint-fifth at eight under through 12 after consecutive birdies brought the nine-under 63 course record into view.
However, Woods was unable to maintain the hot streak and a poor tee shot brought a first bogey of the day at the 14th.
His frustration was evident as his putting, which had been clinical until that point, deserted him towards the end of the round – Woods finishing with four straight pars.
The two-time champion still managed to post his lowest round at the tournament and he was joint eighth alongside Jordan Spieth.
Indeed, Spieth matched Woods’ seven-under 65 as he twice hit three birdies in a row and managed nine in total.
The pair were still some way off the lead with leader Webb Simpson, who tees off later on Saturday, at 15 under.
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