REG - Gulf Marine Services - Trading Update

Gulf Marine ServicesAnnouncement

09/12/2022 07:00

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RNS Number : 0888J  Gulf Marine Services PLC  09 December 2022

December 9, 2022

 

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.

EBITDA for the year to 31 December 2022 is expected to be between
US$70‐US$72m, which is within the previous guidance range given.

 

Vessel utilization for 2022 is projected to be 87%, up from 85% in 2021, and
day rates are on average up 7% versus last year.  The increase in utilization
is despite some unfavorable weather conditions and options on contracts not
having been exercised.

Mansour Al Alami GMS Executive Chairman said:

"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 (Firm + Options), increased our
backlog to US$378 million. Our focus remains on deleveraging and on delivering
Operational effectiveness for the remainder of this year and into 2023."

 

-ENDS-

 

Enquiries:

Gulf Marine Services PLC

Mansour Al Alami

Executive Chairman

Tel: +44 (0)20 7603 1515

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 categorised 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 ofthe 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.

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