TIDMGMS
RNS Number : 3007Z
Gulf Marine Services PLC
24 January 2022
24 January 2022
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
Trading Update
GMS, a leading provider of advanced self-propelled,
self-elevating support vessels serving the offshore oil, gas and
renewables industries, is pleased to provide the following trading
update.
Vessel utilisation for 2021 was in-line with expectations at
85%. As a result, EBITDA is expected to be between US$63-US$65m and
within the previous guidance range given.
Recent contract awards have positioned the company well for
2022. Utilisation across the Company's larger and mid-size, high
earning E&S class vessels, is currently 94% contracted, with
overall secured vessel utilisation standing at 78%.
Average secured dayrates for 2022 are currently 10% ahead of
2021 actual levels. The Company expects dayrates to continue to
improve further, based on a strong pipeline of new opportunities
and as the market continues to tighten.
A two-year option period on a K Class contract has been
exercised and the current Backlog (Firm + Options) stands at US
$216 million.
EBITDA guidance for 2022 is expected to be in the range of
$70-$80m million, which remains in-line with market expectations,
and is supported by the improved trading conditions.
The Company is also pleased to announce the appointment of Arden
Partners PLC as its joint corporate broker to act alongside Panmure
Gordon.
Mansour Al Alami GMS Executive Chairman said:
"Our markets continue to improve with dayrates on recent
contract awards showing healthy increases from legacy contracts and
secured utilisation for 2022 already close to where we finished
2021, underpinning the expected improvement in the performance of
the business."
-ENDS-
Enquiries: Tel: +44 (0)20 7603
1515
Gulf Marine Services
PLC
Mansour Al Alami
Executive Chairman
Celicourt Communications Tel: +44 (0) 208
Mark Antelme 434 2643
Philip Dennis
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock
Exchange, was founded in Abu Dhabi in 1977 and has become a world
leading provider of advanced self-propelled self-elevating support
vessels (SESVs). The fleet serves the oil, gas and renewable energy
industries from its offices in the United Arab Emirates, Saudi
Arabia and Qatar. The Group's assets are capable of serving
clients' requirements across the globe, including those in the
Middle East, South East Asia, West Africa, North America, the Gulf
of Mexico and Europe.
The GMS fleet of 13 SESVs is amongst the youngest in the
industry, with an average age of eight years. The vessels support
GMS's clients in a broad range of offshore oil and gas platform
refurbishment and maintenance activities, well intervention work
and offshore wind turbine maintenance work (which are opex-led
activities), as well as offshore oil and gas platform installation
and decommissioning and offshore wind turbine installation (which
are capex-led activities).
The SESVs are categorised by size - K-Class (Small), S-Class
(Mid) and E-Class (Large) - with these capable of operating in
water depths of 45m to 80m depending on leg length. The vessels are
four-legged and are self-propelled, which means they do not require
tugs or similar support vessels for moves between locations in the
field; this makes them significantly more cost-effective and
time-efficient than conventional offshore support vessels without
self-propulsion. They have a large deck space, crane capacity and
accommodation facilities (for up to 300 people) that can be adapted
to the requirements of the Group's clients.
Gulf Marine Services PLC's Legal Entity Identifier is
213800IGS2QE89SAJF77
www.gmsplc.com
Disclaimer
The content of the Gulf Marine Services PLC website should not
be considered to form a part of or be incorporated into this
announcement.
Cautionary Statement
This announcement includes statements that are forward-looking
in nature. All statements other than statements of historical fact
are capable of interpretation as forward-looking statements. These
statements may generally, but not always, be identified by the use
of words such as 'will', 'should', 'could', 'estimate', 'goals',
'outlook', 'probably', 'project', 'risks', 'schedule', 'seek',
'target', 'expects', 'is expected to', 'aims', 'may', 'objective',
'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we
see' or similar expressions. By their nature these forward-looking
statements involve numerous assumptions, risks and uncertainties,
both general and specific, as they relate to events and depend on
circumstances that might occur in the future.
Accordingly, the actual results, operations, performance or
achievements of the Company and its subsidiaries may be materially
different from any future results, operations, performance or
achievements expressed or implied by such forward-looking
statements, due to known and unknown risks, uncertainties and other
factors. Neither Gulf Marine Services PLC nor any of its
subsidiaries undertake any obligation to publicly update or revise
any forward-looking statement as a result of new information,
future events or other information. No part of this announcement
constitutes, or shall be taken to constitute, an invitation or
inducement to invest the Company or any other entity and must not
be relied upon in any way in connection with any investment
decision. All written and oral forward-looking statements
attributable to the Company or to persons acting on the Company's
behalf are expressly qualified in their entirety by the cautionary
statements referred to above.
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END
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