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Gulf Marine Services annual losses widen on impairment, exceptions costs
StockMarketWire.com
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Oil and gas support vessels supplier Gulf Marine Services reported wider annual losses as impairment, further restructuring and exceptional costs weighed on results.
For the year to 31 December 2020, pre-tax losses widened US$ 123 million from US$ 81.8 million year-on-year as revenue fell 6% to US$ 102.5 million.
The wider losses were attributed to impairment, further restructuring and exceptional costs of US$ 5.6 million and the total write-off of US$ 16.2 million relating to the renegotiation of bank facilities in June 2020.
Utilisation improved to 81% from 69% in 2019, with improvements seen in both of the company's core markets of MENA and North West Europe.
'The group's financial performance to the end of March 2021 remains in line with our business plan. With 80% of vessel utilisation already secured, the Board is confident of delivering further improved results,' the company said.
At 9:15am: (LON:GMS) Gulf Marine Services PLC share price was 0p at 7.07p
Story provided by StockMarketWire.com
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