Gulf Marine Services PLC - Abu Dhabi-based provider of support vessels for offshore oil, gas and renewables industries - Reports first half pretax profit USD2.0 million, swinging from loss of USD25.9 million in the same period a year prior. Makes interim revenue USD51.4 million, up slightly from USD49.8 million. Declares no interim dividend, and notes secured backlog of USD215.4 million at June 30, compared to USD238.6 million year-on-year.
Looking ahead, says a "strong pipeline of long-term contracts currently being tendered", alongside a combined total charter period of 3.4 years for contract awards announced so far this year.
"The first half performance is a reflection of legacy contracts. As we progress into the second half of the year and beyond, these contracts will increasingly unwind and we will realise the benefits of improved day rates achieved on more recently awarded contracts that better reflect the improved market conditions," says Chair Mansour Al Alami.
Current stock price: 4.37 pence
Year-to-date change: up 7.4%
By Josie O'Brien; josieobrien@alliancenews.com
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Gulf Marine Services (GMS)