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Share Price: 23.00

Bid: 22.80

Ask: 23.30

Change: -0.10 (-0.43%)

Spread: 0.50 (2.193%)

Open: 22.90

High: 23.30

Low: 22.70

Prev. Close: 23.10

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Gulf Marine Services Secures Two Vessel Contract Extensions

Mon, 21st Dec 2020 11:35

(Alliance News) - Gulf Marine Services PLC on Monday said it has won two contract extensions totalling a further thirteen months with an unnamed oil & gas engineering, procurement and construction contractor.

The UAE-based marine services provider stated the contract extensions for two K-Class vessels will increase secured fleet utilisation for 2021 to 75%, compared to 66% for 2020 at the same time last year.

"We enter 2021 with a significant improvement to the secured utilisation position than we did last year, which is encouraging and gives us added comfort for the year ahead. It is equally encouraging to have contracts extended by our clients as it demonstrates the strong relationship we have with them and their willingness to work with GMS going forward," said Executive Chair Mansour Al Alami.

Shares in Gulf Marine were trading 9.1% higher at 6.28 pence each on Monday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

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4 Apr 2024 11:50

Gulf Marine shares rise as posts annual growth and sets out guidance

(Alliance News) - Gulf Marine Services PLC on Thursday reported double-digit earnings growth in 2023, and it set out its lofty 2024 guidance.

4 Apr 2024 09:43

Gulf Marine Services annual profits grow, FY24 outlook strong

(Sharecast News) - Energy industry services business Gulf Marine Services said on Thursday that both revenue and profits had grown in 2023.

11 Mar 2024 11:57

Gulf Marine Services inks contract for vessel in Middle East

(Alliance News) - Gulf Marine Services PLC said it has signed the first of a two phase, four-year, contract for one of its vessels operating in the Middle East.

28 Feb 2024 12:04

Gulf Marine Services wins contract and award for Middle East vessels

(Alliance News) - Gulf Marine Services PLC on Wednesday said it extended a contract for one of its vessels which is currently operating in the Middle East, alongside receiving a letter of award for a separate vessel in the region.

17 Jan 2024 11:50

Gulf Marine Services raises 2023 earnings guidance to 20% increase

(Alliance News) - Gulf Marine Services PLC on Wednesday updated its guidance for 2023, saying it now expects to report higher earnings than originally expected.

8 Jan 2024 11:06

IN BRIEF: Gulf Marine Services inks contracts for small class vessels

Gulf Marine Services PLC - Provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors - Announces contract extension for one small class vessel and a new contract for another small class vessel. Says that both the extension and the new contract are for vessels in the Gulf Cooperation Council. The contract extension, surpassing the initially issued duration, is for a period of an additional 176 days. The new contract is for a total duration of 210 days.

6 Nov 2023 11:19

IN BRIEF: Gulf Marine Services ups full year outlook

Gulf Marine Services PLC - London-based provider of self-propelled and self-elevating support vessels, to customers in the oil, gas, and renewables sectors - Lifts annual outlook. Now expects earnings before interest, tax, depreciation and amortisation in the range of USD83 million to USD86 million for 2023, lifted from its previous USD77 million to USD85 million outlook. "Given significant improvement in backlog visibility and market outlook evidenced in the recently announced contract awards, alongside future opportunities we're bidding for, we are confident to increase our market guidance for 2023 and to provide an even higher initial guidance for 2024," it says. For 2024, it predicts an Ebitda in the range of USD87 million to USD95 million.

1 Nov 2023 10:04

Gulf Marine Services shares jump on three contract awards

(Alliance News) - Gulf Marine Services PLC shares rose on Wednesday, after it announced two contract extensions and one new deal.

31 Aug 2023 17:40

EARNINGS SUMMARY: Gulf Keystone swings to loss; Gulf Marine optimistic

(Alliance News) - The following is a round-up of earnings of London-listed companies, issued on Thursday and not separately reported by Alliance News:

18 Jul 2023 16:55

TRADING UPDATES: Andrada raises GBP7.7 million; Ixico signs contract

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

12 Jun 2023 10:38

Gulf Marine extends two contracts in Gulf Cooperation Council region

(Alliance News) - Gulf Marine Services PLC on Monday said it won two contract extensions in the Gulf Cooperation Council region, which it said reflected "highly favourable" market and the quality of its fleets.

7 Jun 2023 14:33

IN BRIEF: Gulf Marine Services says 45% vote against chair as director

Gulf Marine Services PLC - United Arab Emirates-based lift boat company - Notes that 45% of shares cast at AGM vote against the re-appointment of Chair Mansour Al Alami as director of company. Further, 49% shares cast vote against authorising the allotment of shares and over 50% of shares cast vote against disapplying pre-emption rights in connection with a rights issue. The special resolution regarding the disapplication of pre-emption rights is the only one resolution that does not pass. It needed 75% approval.

24 Apr 2023 12:20

Gulf Marine revenue rises; expects improved performance in 2023

(Alliance News) - Gulf Marine Services PLC on Monday said revenue was up in 2022, boosted by higher vessel rates, as it expects continued improvement on day rates in 2023.

29 Mar 2023 11:03

IN BRIEF: Gulf Marine Services receives two contracts for vessel

Gulf Marine Services PLC - provides self‐propelled, self‐elevating support vessels for the offshore oil, gas and renewables industries - Announces award of two new contracts for one of its small class vessels in the Gulf Cooperation Council region. Says the daily rates secured for these contracts reflect strong demand for our vessels. The first contract will begin at the end of the first quarter, while the second contract will begin at the start of the third quarter. Says both contracts will span a cumulative period of 272 days.

10 Feb 2023 14:35

Director dealings: Gulf Marine Services director makes share purchase

(Sharecast News) - Gulf Marine Services revealed on Friday that non-executive director Charbel El Khoury had acquired 500,000 ordinary shares in the London-listed boat operator.

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