Global Marine Energy.

HIGHLIGHTS.....GME is entering a period of sustained profitability," Findlay added.
Oilfield services player Global Marine Energy has seen in pre-tax losses widen in the first half of the year thanks to the impact of some legacy contracts and extra overheads, but said it expects to book a "significant profit" in the second half from underlying business and existing contracts.


The oilfield services business posted first-half loss of £3.91 million ($7.7 million), compared with £486,554 in the year ago period. Turnover for the full year increased to £5.7 million from £4.1 million in 2005, in line with forecasts.

GME said its expansion into new territories is proving successful with its order book at £53.8 million at the end of the first half, and with levels of enquiry remaining high.

Chief executive Paul Findlay said results of many operational changes will be seen in "the coming six months and onwards" as the company delivers its contracts and introduces profit.

"GME is entering a period of sustained profitability," Findlay added.