Abu Dhabi: Gulf Marine Services, (GMS) an Abu Dhabi based oilfield services company said that its net profit increased by nine per cent in 2014 to $75.6 million (Dh277.5 million) from $69.4 million a year earlier.
The company listed on London Stock Exchange announced its full year results yesterday. According to it, the revenue increased by 7 per cent to $196.6 million.
Duncan Anderson, GMS Chief Executive, said the firm delivered a strong performance in 2014 and expected this to continue this year.
“The group carried out the business strategy we set out at IPO, maintaining high utilisation levels of 97 per cent for the SESV [Self Elevating Support Vessel] fleet and achieving charter rates in line with expectations.”
“The new build programme, which will expand the fleet by two-thirds during the period 2014 to 2016, progressed as scheduled with a Large Class vessel delivered to its first contract in fourth quarter 2014, and two further new vessels contracted well ahead of their second quarter 2015 scheduled build completion. As our fleet continues to grow we believe 2015 will be a year of progress.”
He said despite falling oil prices the outlook for the company remains good.
Gulf Marine Services provides self-propelled self-elevating support vessels for the offshore oil, gas and renewable energy sectors and has offices in the UAE, Saudi Arabia and United Kingdom.
The group won six new contracts in 2014 and had three significant contract extensions. The company said its fleet expansion programme, which is fully-financed, will help drive significant growth in 2015 and 2016.
