- 2024 cash profit guidance raised to $92-100mn
- Net debt of $268mn reduced from $375mn in 2021
Gulf Marine Services (GMS:17.7p), a leading energy sector focused operator of advanced self-propelled self-elevating support vessels (SESVs) in the Middle East, has announced three new contract awards and upgraded 2024 earnings guidance.
The contracts boost the group’s last reported order backlog from $326m to $463mn, or 3.1 times last year’s revenue. The ongoing tightening of the liftboat market is underpinned by significant activity programmes for key clients (ADNOC, Saudi Aramco and Qatar Energy) which have been increasing upstream spending. In turn, this is driving up both utilisation rates (up from 88 to 93 per cent in 2023) and day rates (up 10 per cent to $30,200) for GMS’s fleet.