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Gulf Marine Services PLC on Friday said it swung to an annual profit last year, as demand for its vessels surged.
Gulf Marine Services is an Abu Dhabi-based provider of support vessels for offshore oil, gas and renewables industries.
Pretax profit for 2021 was $32.9 million versus a loss of $123.0 million in 2020. Revenue increased 12% to $115.1 million from $102.5 million. The firm reversed impairments worth $15.0 million, compared to impairment expenses of $87.2 million in 2020. Citing the impairments, the company sees improvements to longterm market conditions.
Demand for its vessels jumped to ‘utilisation being the highest in the last six years’, Gulf Marine Services said. In the Middle East, vessel demand outstrips supply, the company added. The secured utilisation for 2022 stands at currently 88% compared to actual utilisation of 81% in 2021.
Adjusted earnings before interest, tax, depreciation and amortisation were $64.1 million, up from $50.4 million in 2020. For 2022, Gulf Marine expects Ebitda of $70 million to $80 million as it sees further improvement on day rates.
Gulf Marine Services shares were 0.7% lower at 7.27 pence each in London on Friday morning.
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