LONDON (Alliance News) - Gulf Marine Services PLC on Wednesday said it has performed solidly in the year to date, with robust fleet utilisation and charter day rates still at good levels.
The company, which provides self-propelled self-elevating support vessels to the offshore energy sector, said its fleet utilisation is at 95% and said its secured order backlog is currently at USD685 million, of which USD367 million are firm and USD318 million are options.
Gulf Marine said its new-build programme, to increase its fleet size by two thirds between 2014 and 2016, is on track and on budget.
"The outlook continues to be for strong demand driven primarily by our core Opex-related brownfield oil and gas client base, and in particular in the low cost production areas of the Middle East," said Duncan Anderson, Gulf Marine's chief executive.
Shares in Gulf Marine were down 0.6% to 123.30 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Gulf Marine Services (GMS)