GMS posts steady results

Continued profits: GMS saw its profits rise slightly in the first half of the year

Offshore contractor Gulf Marine Services (GMS) has posted steady results for the first half of the year as revenues nudged up 5%.

The company posted a profit of $33.1 million for the six months to 30 June, slightly above last year’s first half net profit of $32.1 million.

The rise in profits came as revenues edged up from $86.6 million a year ago, to $90.7 million over the first half of 2014.

GMS chief executive Duncan Anderson said the company had achieved a good start to the year, sustaining high levels of fleet utilisation of over 90%.

“The important step forward for the group is the addition of six new jackup vessels which will expand the self-elevating support vessels fleet by two thirds by 2016,” he said.  

“This is progressing well and as scheduled, with GMS Enterprise, our latest large class vessel and the first of the six new additions, due for completion next month and already pre-contracted by an engineering, procurement and construction contractor working for a MENA-based national oil company.”

As of 25 August GMS’s backlog stood at $361 million, comprising of firm and extension options but no letters of intent.

The company added that the outlook, based on its current pipeline of contracts under negotiation and other tender opportunities, suggested overall stronger demand driven primarily by its core brownfield oil and gas customer base.

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