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Trading statements

Gulf Marine Services on track

11 May 2016 09:49

Gulf Marine Services continues to focus on maximising vessel utilisation and maintained a high rate of 93% for the first quarter.

New build SESV GMS Sharqi, which was completed on time and within budget, was delivered at the end of Q1 2016 and has commenced its inaugural charter in the MENA region for two months (one month firm and a one month option). The Large Class vessel GMS Evolution remains on schedule for delivery in Q4 2016, completing the new build programme. The group says there are no current plans to increase the fleet size beyond this.

As at 1 May, the group had net debt of approximately US$ 408.5 million (including obligations under finance leases of US$41.7 million) together with undrawn bank facilities of US$200.0 million. Current trading is in line with previously issued guidance for 2016 results. Given the current market environment, the group has implemented a number of cost-saving measures and will continue to manage its cost base appropriately as the new build programme concludes.

Chief executive Duncan Anderson said: "The sustained low oil price continues to affect our industry and our focus remains on maximising vessel utilisation and maintaining our strong client relationships in the MENA region and Europe, while managing our costs appropriately. Our clients are seeking to lower their overall costs and we are confident we have the right business model in place to meet their needs, helping them carry out their operations as efficiently as possible using our young and flexible fleet of sophisticated SESVs."

At 9:49am: (LON:GMS) Gulf Marine Services PLC share price was -0.12p at 47.63p

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