Gulf Marine Services, the provider of self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, published its Interim Management Statement for the period 1 January to 7 May 2014.
The Group has a very significant backlog (the order book at the end of March 2014 was $395 million comprising of firm and extension options) providing good visibility on future earnings.
During Quarter 1, they achieved overall fleet utilisation of 95%. Due to the contractor’s delay for a short-term oil and gas contract in the North Sea, GMS was forced to redeploy one of its vessels on a short term wind farm work which replaced the period initially envisaged.
The new build programme remains on schedule and on budget.
For this period they achieved some key milestones including the delivery in February of the hull for GMS Enterprise to their yard in Abu Dhabi, where it is currently being fitted out with completion scheduled for September. At the beginning of May GMS also commenced construction in China of the hull for their first Mid-Size vessel GMS Shamal.
Duncan Anderson, Chief Executive Officer of GMS, commented:
“Following our successful IPO, we continue to see strong demand for our assets in brownfield oil and gas recovery, well services and maintenance. Our new build projects remain on schedule to meet extensive tender demand going forward which will further strengthen our long term order book in 2014 and 2015.”