TIDMGMS
RNS Number : 6359V
Gulf Marine Services PLC
15 April 2021
15 April 2021
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
2020 Financial Results Release Date &
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 announce it has secured two
additional short-term contracts for its E-Class large vessels, in
the MENA and North West Europe regions.
In advance of announcing its Final Results, scheduled for the
week commencing 3 May, the Company is also pleased to confirm
headline financial numbers for the year to 31 December 2020,
in-line with the guidance provided in the March Trading Update, and
that underlying trading in the current year continues to remain
strong and in-line with the business plan.
2020 Financial Highlights, subject to final audit:
-- Revenue: $102m
-- Adjusted EBITDA: $50m
-- Net Debt: $405m
Trading Update
GMS is pleased to announce that it has secured two additional
short-term contracts for its larger E-Class vessels, with an EPC
client in the MENA region and a Windfarm Developer in North West
Europe. Commencing in Q2 2021, the combined contracts will run for
a period of seven months.
Including these additional contract wins, current backlog stands
at $207m, with revenue of $112m and 78% utilisation now secured for
2021 (firm and options). This reflects the Company's continued
commitment to maximise value from its assets, combined with
positive momentum in its core markets.
The high level of work secured to date and a strong pipeline of
tendering activity, gives the Board increased confidence in the
outlook for the current year, with the potential for an improved
EBITDA performance, underpinned by solid utilisation, ongoing
management of costs and the potential for improving day rates in
the second half of 2021.
Mansour Al Alami, GMS Executive Chairman, said:
"GMS is continuing to return to a position of strength. In
addition to recently securing a debt deal, on significantly
improved terms, that creates a platform for the Company's future
growth, we are maximising the return on our assets, through
improving utilisation and a reduced cost base, which is expected to
lead to an improvement in EBITDA. In the medium and longer term,
GMS is also likely to benefit from the recovery in the oil &
gas sector, and a strengthening of the renewable energy market in
Europe."
-ENDS-
Enquiries: Tel: +44 (0)20 7603
1515
Gulf Marine Services
PLC
Mansour Al Alami
Executive Chairman
Celicourt Communications Tel: +44 (0) 207
Mark Antelme 520 9263
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.
Evolution Cantilever Capability
GMS Evolution and her cantilever work over system has been
designed and built to enable heavier work over scopes from a
self-propelled jack up barge. The optimised design enables
execution of Heavy Well Intervention (HWI) benefitting from the
efficiencies of our 4-Legged self-propelled jack up barges provide.
The type of HWI work that can be carried out include:
Electrical Submersible Pump (ESP) change out
-- Plug and abandonment:
-- Re-completion
-- Side-tracks
-- Slot Recovery
-- Work Overs
-- Coil Tubing
And the benefits include:
-- Significant time savings moving between locations resulting
in workover programmes being completed significantly quicker
therefore allowing clients to maximise production levels
-- No requirement to hire tugs to assist with drilling rig moves
Gulf Marine Services PLC's Legal Entity Identifier is
213800IGS2QE89SAJF77
www.gmsuae.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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