12th Sep 2024 10:01
Gulf Marine Services PLC - Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector - Announces a new long-term contract, in the Gulf Cooperation Council region, for one of its support vessels spanning five years with an option to extend. The contract takes the company's backlog to USD464 million.
GMS increases guidance for 2024 adjusted earnings before interest, tax, depreciation, and amortisation, to a range of USD95 million to USD100 million versus USD92 million to USD100 million communicated previously. At the lower end, this reflects an 8.6% increase from USD87.5 million in 2023.
Chief Financial Officer Alex Aclimandos says: "Our net debt today stands at USD224 million. Supported by the projected lower cost of financing and the continuing demand for our vessels, the business will generate free cashflow that will help us achieve our various objectives to increase our shareholders investment value. As for our guidance for 2025, we are in the process of revisiting it and shall share it with you in the next couple of months."
Current stock price: 17.03 pence, up 9.9% in London on Thursday morning
12-month change: up 95%
By Elijah Dale, Alliance News reporter
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