(Alliance News) - Gulf Marine Services PLC on Thursday upped its full-year guidance following recent contract awards.
The oilfield services firm expects full-year earnings before interest, taxation, depreciation and amortisation in the range of USD48 million to USD50 million. It previously guided for Ebitda between USD45 million and USD48 million.
The new guidance points to at best, a 14% year-on-year reduction in Ebitda, from USD58 million.
Executive Chair Tim Summers said: "With new leadership, Gulf Marine Services is clearly focused on building a track record of delivery for all stakeholders, and the recent contract awards, along with the progress on costs and improvement in operational practices, has provided much needed momentum to the business.
"Activity across the sector is increasing, and we are committed to building a flexible and cost-effective service for our customers."
Earlier in November, the company said it was awarded a four-year contract for a K-Class small vessel, from an unnamed Middle East national oil company.
This followed a similar K-Class vessel deal it secured in October.
No financial details were disclosed, nor did not name the customer, but said it is an engineering, procurement and construction contractor.
Gulf Marine shares were 3.5% higher at 8.80 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Gulf Marine Services (GMS)