TIDMGMS
RNS Number : 8827Z
Gulf Marine Services PLC
17 January 2024
January 17(th) 2024
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
Revising guidance on the back of stronger utilisation
Gulf Marine Services (GMS), a leading provider of self-propelled
and self-elevating support vessels for the offshore oil, gas, and
renewables sectors, is pleased to announce it now anticipates
adjusted EBITDA to be approx. US$86m (previously: US$83m to US$86m)
for the 12 months ended December 2023 and reconfirms its adjusted
EBITDA guidance for the 12 months ending December 2024 at US$87m to
US$95m. We also target adjusted EBITDA in the range of US$92m to
US$100m for 2025.
Mansour Al Alami, GMS Executive Chairman, expressed his
enthusiasm, stating:
"Our vessels and services continue to experience robust demand,
and we anticipate favourable conditions persisting in the
foreseeable future. We achieved a utilization of 94% in 2023, our
daily chartered rates averaged at US$30.2k and we ended the year
with a backlog of US$315m. As we proceed with our prudent
deleveraging efforts to shift value from lenders to shareholders,
we are also initiating plans to reward our shareholders. Recently
approved by the Board, our residual dividend policy aims to strike
a balance between funding growth initiatives and providing returns
to shareholders. Management is currently assessing the timing for
its implementation, a consideration that was not on the table until
recently."
GMS Chief Financial Officer, Alex Aclimandos, added:
"In order to enhance transparency and keep our investors more
informed about GMS's actual performance, we will commence quarterly
publication of our results starting in the second half of
2024."
"EBITDA growth continues to make a positive contribution to our
deleveraging journey. We now expect to end 2023 with a Net Leverage
Ratio* in the range of 3.05 to 3.15:1. For 2024, we expect to reach
by year end a Net Leverage Ratio* in the range of 2.3 to 2.7:1. For
perspective, this compares to a Net Leverage Ratio* of 8.1:1 at the
end of 2020, 5.8:1 at the end of 2021 and 4.4:1 at the end of
2022."
(*) Net Leverage Ratio represents the ratio of net bank debt to
Adjusted EBITDA (with Adjusted EBITDA being operating profit after
adding back depreciation, amortisation, non-operational items and
impairment charges.)
-ENDS-
Enquiries: Tel: +44 (0)20 7603
1515
Gulf Marine Services
PLC
Mansour Al Alami
Executive Chairman
Celicourt Communications Tel: +44 (0)20 7770
Mark Antelme 6424
Philip Dennis
Ali AlQahtani
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. 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
All forward-looking statements included in this announcement
carry significant risks and actual results can materially differ.
Gulf Marine Services PLC assumes no liability whatsoever in
relation to confirm these forward-looking statements.
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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January 17, 2024 02:00 ET (07:00 GMT)
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