Business
Results Release Date & Trading Update
Results Release Date & Trading Update.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6107N\n Gulf Marine Services PLC\n 01 October 2021\n \n \n \n \n 1 October 2021\n \n \n \n \n \n Gulf Marine Services PLC\n \n \n \n \n \n ('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\n \n \n 2021 Interim Financial Results Release Date &\n \n \n Trading Update\n \n \n \n \n \n GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to confirm that it will be releasing its 2021 interim financial results the week commencing 11 October 2021 and that the underlying trading performance of the business remains in line with management expectations.\n \n \n \n \n \n H1 2021 Highlights\n \n \n \n \n \n · H1 revenue increased 3% to US$ 51.4 million (H1 2020: US$ 49.8 million).\n \n · H1 EBITDA increased by 16% to US$ 26.5 million (H1 2020: US$ 22.9 million) with EBITDA margin increasing to 52% (H1 2020: 46%).\n \n · G&A administrative expenses reduced to US$ 4.9million (H1 2020: US$ 6.6million).\n \n · EBITDA 2021 guidance of US$ 63-67 million underpinned by secured utilisation of 92% in second half\n \n · Significant reduction in interest costs in 2021 / 22 through new bank deal.\n \n · Net debt1 reduction to $376m supported by successful US$ 27.8m equity raise in June 2021.\n \n · 7 contract awards announced in 2021, with a combined total charter period of 3.4 years. \n \n · A return to profitability, the first time since 2016.\n \n \n \n \n \n Outlook \n \n \n · Secured backlog is US$ 215.4 million as at 30 June 2021, (H1 2020 US$ 238.6 million).\n \n · Strong pipeline of long-term contracts currently being tendered.\n \n The improvement in GMS's secured utilisation, coupled with the overall improvement in utilisation experienced in the wider market, is leading to a reduction in the oversupply of vessels that we have seen in recent years. We believe this positions the Company well to benefit from an improvement on day rates, as contracts from our strong pipeline of current tender opportunities are awarded.\n \n Market demand is being supported by commodity prices, driving renewed interest in capex work, combined with ongoing maintenance activity. It is also being driven by windfarm installation and maintenance, particularly in Ch...