26th May 2020 17:20
(Alliance News) -Â Gulf Marine Services PLC on Tuesday said it has been awarded a new contract as it reconfirmed its guidance for 2020.
Gulf Marine Services said it has been awarded a seven month contract for an E-class vessel. The firm will provide support for offshore activities on behalf of a Middle East client, and the vessel will be mobilised for the start of operations during the summer of 2020.
The company has also secured a two-month contract extension of a Kclass vessel, also for a Middle East-based client. This increases its total fleet utilisation to 82% for 2020.
The last time the fleet operated at these levels of utilisation was in 2015 on a calendar year basis, Gulf Marine Services noted.
Turning to trading, Gulf Marine Services said its year-to-date performance remains ahead of its business plan.
Contract rates reflect current market conditions and remain within expectations.
Guidance for 2020, of earnings before interest, tax, depreciation and amortisation between USD57 million to USD62 million, has been reconfirmed.
"Despite challenging conditions in the upstream energy industry, the company is trading successfully. Our continued focus on cost reduction, and improving the efficiency of our operations, underpins our ability to win business and compete strongly," said Chair Tim Summers.
Shares in Gulf Marine Services closed down 2.15 at 10.21 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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