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Gulf Marine Services says performance ahead of target as contract wins boost utilisation rates
StockMarketWire.com
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Support vessels provider Gulf Marine Services said performance in the nine months of the year so far, remained ahead of its expectations.
Nine-month 2020 adjusted EBITDA delivery remained above its targets, an increase of 25% versus the comparative period in 2019, the company said.
Contracted fleet utilisation stood at 84% for fiscal 2020 following recent contract awards from clients, which had further increased the order book.
Three new contracts or extensions, representing 18 months of contract coverage had been secured in MENA since the company's interim 2020 results were announced in August 2020.
Since the last market update, further vessels had been secured under contract, with total fleet contracted utilization already at 69% for 2021. As a comparison, at the same time in 2019, only 56% had been secured for 2020, the company said.
The company said four vessels reported COVID-19 cases, and effective measures had been put in place to manage the impact.
GMS Evolution had continued to support well intervention work for a major Middle East NOC client, with operations completed on 13 wells so far.
The relocation of GMS would reduce the combined office and yard costs by around 40% annually from 4Q2020 onwards, the company said. Relocation costs had been more than covered by sales of equipment no longer required within the new footprint.
'The board once again reconfirms the previous 2020 guidance, originally issued in January, of $57-62 million adjusted EBITDA, with the expected outturn at the upper end of the range,' it added.
At 8:43am: (LON:GMS) Gulf Marine Services PLC share price was +0.54p at 6.74p
Story provided by StockMarketWire.com
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