REG - Gulf Marine Services - Trading Statement

Gulf Marine ServicesAnnouncement

10/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230110:nRSJ1513Ma&default-theme=true

RNS Number : 1513M  Gulf Marine Services PLC  10 January 2023

January 10, 2023

 

 

Gulf Marine Services PLC

("Gulf Marine Services", "GMS"," The Company" or "the Group")

 

Trading Update

GMS, a leading provider of advanced self‐propelled, self‐elevating support
vessels serving the offshore oil, gas and renewables industries, is pleased to
provide the following trading update:

EBIDTA for the year ending Dec 31(st) 2022 is expected to be in line with the
previously announced range of USD 70-72m, with EBITDA guidance for the year
ending 31 December 2023 expected to be between US$75‐US$83m.

This increase from 2022 levels is driven predominately by a combination of
higher utilization levels (expected to increase from 88% to 93%) and increase
in day rates (expected to increase by 8% across the fleet).

Our backlog stands at USD 369 million (USD 216.0 million at the same point in
2022), a level reflecting the demand for our vessels.

Mansour Al Alami GMS Executive Chairman said:

"GMS continues to make good progress on the back of improved efficiencies and
strengthened markets. This further improvement in the Company's financial
performance in 2022 comes on the back of progressive improvements over recent
years, with 2022 EBITDA c.40% higher than that announced in 2020.

Our markets continue to show signs of strength. Vessel utilization and day
rates are continuing to remain resilient amid high demand for our vessels. As
we progress in to 2023, we aim to mitigate the impact of external pressures,
including continued high inflation and higher worldwide interest rates, on our
margins and maintain our focus on deleveraging and delivering on operational
efficiencies".

 

‐ENDS‐

Enquiries:

Gulf Marine Services PLC Tel: +44 (0)20 7603 1515

Mansour Al Alami

Executive Chairman

 

Celicourt Communications Tel: +44 (0) 208 434 2643

Mark Antelme

Philip Dennis

 

 

Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was
founded in Abu Dhabi in 1977 and has become a world leading provider of
advanced self‐propelled self‐elevating support vessels (SESVs). The fleet
serves the oil, gas and renewable energy industries from its offices in the
United Arab Emirates, Saudi Arabia and Qatar.

The Group's assets are capable of serving clients' requirements across the
globe, including those in the Middle East, South East Asia, West Africa, North
America, the Gulf of Mexico and Europe. The GMS fleet of 13 SESVs is amongst
the youngest in the industry. The vessels support GMS's clients in a broad
range of offshore oil and gas platform refurbishment and maintenance
activities, well intervention work and offshore wind turbine maintenance work
(which are opex‐led activities), as well as offshore oil and gas platform
installation and decommissioning and offshore wind turbine installation (which
are capex‐led activities).

The SESVs are categorized by size ‐ K‐Class (Small), S‐Class (Mid) and
E‐Class (Large) ‐ with these capable of operating in water depths of 45m
to 80m depending on leg length. The vessels are four‐legged and are
self‐propelled, which means they do not require tugs or similar support
vessels for moves between locations in the field; this makes them
significantly more cost‐effective and time‐efficient than conventional
offshore support vessels without self‐propulsion. They have a large deck
space, crane capacity and accommodation facilities (for up to 300 people) that
can be adapted to the requirements of the Group's clients.

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsplc.com

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered
to form a part of or be incorporated into this announcement.

Cautionary Statement

This announcement includes statements that are forward‐looking in nature.
All statements other than statements of historical fact are capable of
interpretation as forward‐looking statements. These statements may
generally, but not always, be identified by the use of words such as 'will',
'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project',
'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims',
'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. By their nature these
forward‐looking statements involve numerous assumptions, risks and
uncertainties, both general and specific, as they relate to events and depend
on circumstances that might occur in the future. Accordingly, the actual
results, operations, performance or achievements of the Company and its
subsidiaries may be materially different from any future results, operations,
performance or achievements expressed or implied by such forward‐looking
statements, due to known and unknown risks, uncertainties and other factors.
Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any
obligation to publicly update or revise any forward‐ looking statement as a
result of new information, future events or other information. No part of this
announcement constitutes, or shall be taken to constitute, an invitation or
inducement to invest the Company or any other entity and must not be relied
upon in any way in connection with any investment decision. All written and
oral forward‐looking statements attributable to the Company or to persons
acting on the Company's behalf are expressly qualified in their entirety by
the cautionary statements referred to above. This information is provided by
RNS, the news service of the London Stock Exchange. RNS is approved by the
Financial Conduct Authority to act as a Primary Information Provider in the
United Kingdom. Terms and conditions relating to the use and distribution of
this information may apply. For further information, please contact
rns@lseg.com or visit www.rns.com (http://www.rns.com) . RNS may use your IP
address to confirm compliance with the terms and conditions, to analyze how
you engage with the information contained in this communication, and to share
such analysis on an anonymized basis with others as part of our commercial
services. For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy Policy. This
information is provided by RNS, the news service of the London Stock Exchange.
RNS is approved by the Financial Conduct Authority to act as a Primary
Information Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com
(http://www.rns.com) . RNS may use your IP address to confirm compliance with
the terms and conditions, to analyze how you engage with the information
contained in this communication, and to share such analysis on an anonymized
basis with others as part of our commercial services. For further information
about how RNS and the London Stock Exchange use the personal data you provide
us, please see our Privacy Policy.

END

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTMZGGMNLNGFZM