Gulf Marine Services (GMS), a UAE-based provider of self-propelled self-elevating support vessels (SESVs), on Tuesday reported a rise in its 1H 2015 revenue.
Namely, GMS’ revenue was $98.2 million, up from $90.7 million a year ago. The company’s net profit also rose to $35 million, up from $33.1 million in the second half of 2014.
Duncan Anderson, Chief Executive Officer for GMS, said the company maintained high fleet utilisation of 98% with charter day rates in line with guidance.
He also highlighted the fact that most of its backlog is linked towards Opex-related work, giving the company “greater resilience to ride out the current challenges facing the industry”.
Anderson said: “We expect earnings to increase in the second half of 2015 now that two of our three new build vessels scheduled for this year have been delivered and because of the reduction in special projects and vessel modifications. Net income for the full year is expected to be broadly in line with expectations.
GMS has a new build program, started in 2014, which will expand the fleet of SESVs from nine to 15 vessels by 2016. While the company said the project was progressing on time and to budget, there is also room for an additional fleet extension, helped by favorable activity levels in the Middle East and North Africa region (MENA) region.
Anderson added: “Looking further ahead, our remaining fleet expansion programme is progressing on time and to budget. We are keeping a watchful eye on the impact of the reduced oil price. Although day rates are subdued in Europe, activity levels in the MENA region remain particularly buoyant and we are continuing to review the prospects for further development of the scale of our fleet beyond the current expansion programme. Our growing fleet provides cost-effective and flexible solutions to our clients and as a result we see ourselves as well-positioned to capture further market share.”
