Gulf Marine Services PLC - United Arab Emirates-based lift boat company - For 2021, vessel utilisation remained in line with expectations at 85%, leading to expectations of earnings before interest, tax, depreciation and amortisation to come between USD63 million and USD65 million, up from USD50.5 million the year before.
For 2022, overall secured vessel utilisation stands at 78%, while average secured dayrates for 2022 are 10% ahead of 2021 actual levels.
For 2022, Ebitda is expected to come in line with market expectations in the range of USD70 million and USD80 million.
"Our markets continue to improve with dayrates on recent contract awards showing healthy increases from legacy contracts and secured utilisation for 2022 already close to where we finished 2021, underpinning the expected improvement in the performance of the business," said Executive Chair Mansour Al Alami.
Current stock price: 5.73 pence, down 10% on Monday
12-month change: up 64%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Gulf Marine Services (GMS)