(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
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Gulf Marine Services (GMS)