Gulf Marine Services (GMS) has announced interim results for the first half of the year with a positive outlook for the remainder of 2022.
Revenue increased to $66.4 million, topping last year’s results by more than $15 million due to an increase in both utilisation and average day rates, according to the company’s statement.
EBITDA rose by 41 per cent totalling $37.3 million, with the EBITDA margin increasing to 56 per cent.
GMS reported that its net profit has continued its positive trend, climbing to $13.1 million.
Net debt has reduced by $29.9 million to $341.4 million.
Given positive results achieved during the first half of this year, the group has confirmed its EBITDA outlook for 2022, standing at around $70-80 million.
“I am pleased to report GMS operational results for first half of the year which provides us a solid platform for achieving our full year EBITDA guidance,” said Mansour Al Alami, Executive Chairman, GMS.
“The first half performance reflected higher day rates, improved utilisation and efforts made on continuous cost savings. We will realise the benefits of improved day rates on new contract awards announced during H1 2022.
“As the Middle Eastern market continues to increase production, we expect an increase in demand for our sector, which in turn will lead to an increase in day rates and utilisation over time.”
As demand in the market continues to grow, the group anticipates improvements in day rates and utilisation, though at a slower pace than originally forecasted.