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(Alliance News) - Gulf Marine Services PLC on Thursday raised full-year guidance as it begins to see benefits of the cost saving and securing additional businesses.
Gulf Marine provides self-propelled self-elevating support vessels, know as jackup barges, to oil & gas and renewable energy firms.
Gulf Marine said its 2020 earnings before interest, tax, depreciation and amortization guidance is in the range of USD57 million - USD62 million.
For 2019, the company said it expects earnings before interest, tax, depreciation and amortization to be at the higher end of USD48 million - USD50 million range.
The company said its expected 2020 performance will reflect the annualised impact of further cost savings, achieved over the past six months.
The expected performance in 2020 will also reflect new business wins, which has underpinned a material increase in vessel utilization, the company said.
Gulf Marine also said that 73% of fleet utilization has already been secured on committed contracts for 2020, compared to 69% achieved in 2019.
Tim Summers, executive chair, said: "Our business has been through a challenging twelve months, but we are now beginning to see the benefits of everyone's hard work across the organization: driving cost savings, improving operational efficiency and securing additional business."
Gulf Marine Services shares were up 7.2% in London at 8.13 pence each in London.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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