- 2023 cash profit up 22 per cent to $87.5mn
- 2024 cash profit guidance of $92-100mn
- Utilisation rates and day rates continue to rise
- Net debt slashed
Gulf Marine Services (GMS:22.1p), an operator of advanced self-propelled self-elevating support vessels in the Middle East, delivered results slightly ahead of upgraded guidance, and that’s after raising expectations multiple times in the past 12 months.
Full-year cash profit surged 22 per cent to $87.5mn on 14 per cent higher revenue of $151mn, buoyed by activity programmes for key clients (ADNOC, Saudi Aramco and Qatar Energy) which have been boosting upstream spend. The revenue growth reflects higher utilisation rates (up from 88 to 94 per cent) and day rates (up 10 per cent to $30,300) for GMS’s fleet.