Gulf Marine Services’ revenues up 12 percent in 2015

Gulf Marine Services, a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas industry, has posted a 12% rise in revenues for 2015 compared to the year-before. 

The company’s revenues for 2015 increased from $196.6 million in 2014 to $219.7 million in 2015.

During 2015, 72% of total group revenue was derived from customers located in the Middle East and North Africa region, while the remaining 28% of revenue was earned from customers located in Northern Europe.

Further, GMS posted a net profit for 2015 of $75.0 million, compared to net profit of $75.6 million in the year-before.

The group has a secured backlog of $443.9 million as at March 1, 2016 comprising firm and extension options for existing charters. Approximately 50% of this backlog was secured in 2015 when the oil price averaged $53 per barrel.

GMS’ capital expenditure during 2015 was higher than the one in the year before amounting to $205.4 million, compared to $140.7 million in 2014.

The net debt position at the end of 2015 was $398.9 million, compared to $273.6 million in 2014.

Duncan Anderson, Chief Executive Officer for GMS, commented: “The turbulence we have seen in oil and gas markets in 2015, we expect to continue throughout 2016. In recent conversations with clients it is clear that they continue to seek incremental cost savings both through the efficiencies that we can deliver through better working practices and innovative offerings, through lower charter rates, and in one instance, through the early termination of an existing vessel contract. “

Capital expenditure for 2016 is forecast to be approximately $ 150 million, which comprises $51 million for the acquisition of a leased small class vessel in 1Q 2016 and new build and modification capital expenditure of approximately $100 million.

Offshore Energy Today Staff

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