Gulf Marine Services PLC on Wednesday updated its guidance for 2023, saying it now expects to report higher earnings than originally expected.

The London-based provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewable energy sectors said adjusted earnings before interest, tax, depreciation and amortisation for 2023 will be about $86 million, having previously guided between $83 million and $86 million.

This would be a 20% increase from the $71.5 million recorded in 2022.

The company reconfirmed its adjusted Ebitda guidance for 2024 at $87 million to $95 million, as much as a 10% increase from 2023.

Shares in Gulf Marine Services were up 5.0% to 14.85 pence each in London on Wednesday morning.

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