Abu Dhabi: Gulf Marine Services (GMS), the provider of advanced self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors on Wednesday published its interim management statement for the period July 1 to November 4, 2014
The company said its solid performance has continued. “We have sustained high utilisation across the entire fleet with 95 per cent being achieved up to the end of Q3 2014 and charter day rates being maintained at good levels,” the company said in a statement. The current secured backlog of $547 million provides good visibility on future earnings, the company said.
It confirmed a major new contract award for one of their large class vessels to support well service and maintenance work in the Dutch sector of the North Sea. The four-year charter for an international oil company will commence in the second quarter of 2015.
GMS Enterprise, a large class vessel commenced its charter immediately following build completion in September. Pepper, an enhanced small class vessel is currently under construction and is expected to directly commence its first charter in Q1 2015 following deliveryAtthe end of Q3 2014, the Group had net debt of approximately $180 million (cash of $84 million, bank debt of $264 million) together with undrawn bank facilities of $110 million, the company said. Results for the full year are anticipated to remain in line with expectations.
Duncan Anderson, Chief Executive Officer of GMS, said the demand for SESVs across the MENA region is excellent and the market for their assets in Europe also remains strong with their entire fleet of ten SESVs currently chartered.
“Our backlog has increased by nearly 50% since August with recent contract wins. Our clients are responding to the low-cost benefits that our SESVs solution provides them, which is increasingly relevant in the current oil price environment,” he said.
