Gulf Marine Services (GMS) confirmed that, while its underlying trading is broadly in line with market expectations, the ongoing oil price slump could put the squeeze on margins for new business contracts.
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GMS, a Middle East-based provider of advanced self-propelled self-elevating support vessels (SESV), has been able to maintain high utilisation rates across its SESV fleet, while the new-build programme, which will increase the fleet size from nine to 15 SESVs during the period 2014 to 2016, is progressing well. The GMS order book is still in good shape, and the company has commenced its first decommissioning project - a highly promising area of the oil service market.
