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(Alliance News) - Gulf Marine Services PLC shares were down on Friday, after it said it might need to adjust its 2022 guidance as its client World Marine Offshore AS has filed for bankruptcy.
Gulf Marine Services is an Abu Dhabi-based provider of support vessels for offshore oil, gas and renewables industries. Its shares were down 8.0% to 4.65 pence each in London on Friday morning.
The company said its contract to support the construction and development of a major offshore wind farm in France was due to complete in the first quarter of 2023.
Gulf Marine Services explained that it has outstanding receivables from World Marine Offshore of around EUR4 million, though it is not clear how much it will be able to recover and therefore if any adjustment to 2022 guidance will be necessary.
Gulf Marine Services said: "The group is currently investigating the intentions of the trustee of the bankruptcy with regard to the contract and will be taking the various necessary steps to recover the funds outstanding, and protecting its rights as a creditor."
However, the company reconfirmed its earnings before interest, tax, depreciation and amortisation guidance for 2023 of between USD75 million and USD83 million. On Tuesday, the company said it expects Ebitda for 2022 to be between USD70 million and USD72 million. In 2021, Gulf Marine Services had an adjusted Ebitda of USD64.1 million.
By Sophie Rose, Alliance News reporter
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