By Michael Susin
Gulf Marine Services upgraded its full-year guidance and expects earnings to improve further in 2024, driven by a significant improvement in backlog visibility and market outlook.
The London-listed provider of support vessels for the offshore oil, gas and renewables industries on Monday said it expects earnings before interest, taxes, depreciation and amortization in the range of $83 million to $86 million, compared with previous guidance range of $77 million to $85 million.
For 2024, the group sees Ebitda improving to between $87 million and $95 million.
“We continue to see strong interest for our vessels to support maintenance projects as well as new initiatives to meet growing energy requirements […]. The recent contracts announcement allows us to benefit from a more balanced geographical distribution of our fleet,” Chair Mansour Al Alami said.
Write to Michael Susin at michael.susin@wsj.com
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