Gulf Marine Services PLC 2020 Guidance (9515Z)
January 16 2020 - 2:00AM
UK Regulatory
TIDMGMS
RNS Number : 9515Z
Gulf Marine Services PLC
16 January 2020
16 January 2020
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
2020 Guidance
GMS today provides guidance for its anticipated 2020 EBITDA
outturn.
Guidance for 2020 EBITDA is in the range of $57 - $62m, compared
to an expected 2019 outturn at the higher end of the previously
disclosed $48 - $50m range. GMS's expected 2020 performance will
reflect the annualised impact of further cost savings achieved over
the past six months, together with success in winning new business,
which has underpinned a material increase in vessel utilisation.
Fleet utilisation of 73% has already been secured on committed
contracts for 2020 (including options), which represents good
progress versus the 69% utilisation level achieved in 2019.
Tim Summers, Executive Chairman, commented:
"Our business has been through a challenging twelve months, but
we are now beginning to see the benefits of everyone's hard work
across the organisation: driving cost savings, improving
operational efficiency and securing additional business."
- Ends -
Enquiries
For further information please contact:
Gulf Marine Services Brunswick
PLC Patrick Handley - UK
Tim Summers Will Medvei - UK
Executive Chairman Tel: +44 (0) 20 7404 5959
Tony Hunter Jade Mamarbachi - UAE
Company Secretary Tel: +971 (0) 50 600 3829
Tel: +44 (0) 207 603
1515
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 the United Kingdom. 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.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSFMFAIESSESF
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