Last checked at 
(Alliance News) - Gulf Marine Services PLC on Thursday reported double-digit earnings growth in 2023, and it set out its lofty 2024 guidance.
Shares in Gulf Marine jumped 11% to 21.76 pence each in London on Thursday morning.
The provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewable energy sectors said pretax profit jumped 66% to USD44.9 million from USD27.1 million the year before. This was due to impairment losses of property equipment reducing by 73% to USD3.6 million from USD13.2 million the year before.
Revenue in 2023 rose 14% to USD151.6 million from USD133.2 million the year before. This was driven by increased utilisation on E-Class and K-Class vessels and higher average day rates across all vessel classes, Gulf Marine explained.
Earnings before interest, tax, depreciation and amortisation were 22% higher at USD87.5 million from USD71.5 million.
Looking ahead, Gulf Marine said it expects an adjusted Ebitda of between USD92 million and USD100 million.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
