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London-listed liftboat operator Gulf Marine Services (GMS) has won a new long-term contract for one of its vessels in the Gulf Cooperation Council (GCC) region.
The contract spans a total of five years, inclusive of optional extensions, and contributes to further improvement in fleetwide average day rates. This contract takes the company’s backlog to $464m.
GMS also revised its adjusted EBITDA guidance for 2024 to be in the range of $95m to $100m, versus the previous guidance of $92m to $100m.
“This award reinforces the continued high demand for our vessels and reflects the strong utilization of our fleet in the region,” said Mansour Al Alami, GMS executive chairman.
The liftboat operator stated that the new deal confirmed favourable fundamentals for its business going forward and allowed it to continue to successfully deleverage. The company’s current net debt stands at $224m.
“Supported by the projected lower cost of financing and the continuing demand for our vessels, the business will generate free cashflow that will help us achieve our various objectives to increase our shareholders’ investment value,” said Alex Aclimandos, GMS CFO. |
