Gulf Marine Services PLC - Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector - Wins a new contract for an undisclosed value for one of its vessels operating in the Middle East. Executive Chair Mansour Al Alami says: ‘We are delighted to have secured this contract at an improved day rate for one of our small-class vessels. This confirms the continuous demand for all the vessel classes we operate.’
This follows the upgraded forecast announced at the end of October to the company’s adjusted earnings before interest, tax, depreciation and amortisation, as Gulf Marine Services lifted its guidance to between $96 million and $101 million for 2024. This would represent between a 9.7% and 15% growth from $87.5 million the year before. Gulf Marine Services reported adjusted Ebitda of $76.1 million for the nine months that ended September 30, up 12% year-on-year from $67.7 million, and revenue of $126.1 million, an 11% rise from $113.3 million last year.
Current stock price: 17.72 pence, up 1.8% in London on Wednesday morning
12-month change: up 49%
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