Gulf Marine Services PLC on Thursday reported double-digit earnings growth in 2023, and it set out its lofty 2024 guidance.

Shares in Gulf Marine jumped 11% to 21.76 pence each in London on Thursday morning.

The provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewable energy sectors said pretax profit jumped 66% to $44.9 million from $27.1 million the year before. This was due to impairment losses of property equipment reducing by 73% to $3.6 million from $13.2 million the year before.

Revenue in 2023 rose 14% to $151.6 million from $133.2 million the year before. This was driven by increased utilisation on E-Class and K-Class vessels and higher average day rates across all vessel classes, Gulf Marine explained.

Earnings before interest, tax, depreciation and amortisation were 22% higher at $87.5 million from $71.5 million.

Looking ahead, Gulf Marine said it expects an adjusted Ebitda of between $92 million and $100 million.

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