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LONDON (Alliance News) - Gulf Marine Services PLC Thursday said it is trading is in line with expectations and continues to see high demand for its services.
In an interim management service for the period January 1 to May 7, the company - which operates independent self-propelled Self Elevated Support Vessel fleets - said it has a significant backlog of work providing good visibility on future earnings. The order book at the end of March stood at GBP395 million.
During the first quarter Gulf Marine Services said it achieved overall fleet utilisation of 95%. However, it said it experienced some problems with one short-term oil and gas contract which was scheduled to start in February.The company said although its vessel was ready the customer delayed the start date and the work will now not proceed.
"In the meantime, we have redeployed the vessel on short term wind farm work which replaces the period initially envisaged. We are continuing to seek follow-on work for this vessel," it said.
Looking ahead, Gulf Marine Services said opportunities for new contracts across the fleet remain "buoyant," particularly in the Middle East, and therefore is optimistic that its business development activities will generate further new leads and work.
At the end of March, the group had net debt of USD165 million together with undrawn bank facilities of USD130 million.
The stock was trading at 161.50 pence Thursday, down 0.50 pence or 0.3%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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