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(Alliance News) - Gulf Marine Services PLC on Tuesday said it expects earnings for 2022 to be in line with expectations.
Gulf Marine Services is an Abu Dhabi-based provider of support vessels for offshore oil, gas and renewables industries.
The company said it expects earnings before interest, tax, depreciation and amortisation for 2022 to be in line with the previously announced range of USD70 million to USD72 million. In 2021, the company reported Ebitda of USD64.1 million.
For 2023, Gulf Marine Services expects Ebitda to be between USD75 million and USD83 million.
The company explained that the expected increase is driven by a combination of higher utilisation levels and increase in day rates. Gulf Marine Services expects utilisation levels to increase to 93% from 88% and day rates to increase by 8% across the fleet.
It added that its backlog stands at USD369 million, which it said reflects the demand for its vessels. The backlog at the same point last year was USD216 million.
Executive Chair Mansour Al Alami said: "Our markets continue to show signs of strength. Vessel utilization and day rates are continuing to remain resilient amid high demand for our vessels. As we progress in to 2023, we aim to mitigate the impact of external pressures, including continued high inflation and higher worldwide interest rates, on our margins and maintain our focus on deleveraging and delivering on operational efficiencies."
Shares in Gulf Marine were down 2.3% at 4.65 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News reporter
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