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LONDON (Alliance News) - Gulf Marine Services PLC shares were higher in early trade on Wednesday after the company said it is set to meet expectations for the full year as its new-build programme remains on track and its backlog increased on the back of recent contract wins.
Gulf Marine shares were up 1.8% to 139.94 pence in early trade to make the company one of the best performers in the FTSE All Share after it said it is on track to meet expectations for the full year. The shares hit an intraday high of 142.75p at the open.
The self-propelled self-elevating support vessels provider said its new build programme remains on track to deliver a 66% increase in the company's fleet size by 2016.
It said it has sustained a high utilisation volume across its fleet, with 95% achieved at the end of the third quarter and charter days maintained at good levels.
On the back of recent contract wins, the company's order backlog has increased to USD547 million, providing good visibility on its future earnings.
"The outlook, driven by our core brownfield (opex-focused) oil and gas client base, underpins our expectation of continued strong demand going forward. This, together with our ongoing new build programme, will help to maximise opportunities with existing and new clients," said Gulf Marine Chief Executive Officer Duncan Anderson.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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