Gulf Marine Services PLC - United Arab Emirates-based lift boat company - Expects earnings before interest, tax, depreciation and amortisation for 2022 to be between USD70 million to USD72 million, which is within the previous given guidance range. Says vessel utilisation is projected to be 87%, up from 85% in 2021. Gulf Marine says "the increase in utilization is despite some unfavourable weather conditions and options on contracts not having been exercised".
Chair Mansour Alami says: "Our markets continue to improve, and demand remains strong, as reflected by the increase in utilization and day rates seen in recent contract wins. These contracts, for work in the Gulf and North Sea, increased our backlog to USD378 million. Our focus remains on deleveraging and on delivering operational effectiveness for the remainder of this year and into 2023."
Current stock price: 5.54 pence, down 4.5% on Friday in London
12-month change: up 0.4%
By Xindi Wei, Alliance News reporter
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Gulf Marine Services (GMS)