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Trading statements

GMS focuses on vessel utilisation

01 November 2016 15:24

Gulf Marine Services says it continues to focus on maximising vessel utilisation in the current market environment and has achieved a utilisation level across the SESV fleet of 78% for the nine-month period to the end of Q3 2016.

A contract and operational update for the period from 1 July to 30 September says there is some evidence of an increase in flow of tender opportunities both in the Middle East and Europe which, if the Group's tendering is successful, should help fleet utilisation. A letter of intent was announced on 30 August 2016 for an 18-month contract (including options) that is anticipated to commence in Q2 2017 for a Large Class vessel in Europe.

The completed legal documentation is expected this month.

GMS says that as discussed in the 2016 interim results, a series of cost-saving initiatives has been implemented, including efficiencies in the supply chain, crew costs and overhead base (primarily through reorganisation and rationalisation).

Vessels that are off hire are being maintained in readiness for rapid deployment at a cost of around US$ 2000 per vessel per day at the Group's yard in Abu Dhabi, which represents a much lower cost compared to third party shipyards and ports.

The Group says it will continue to manage its cost base appropriately in the current environment.

At 3:24pm: (LON:GMS) Gulf Marine Services PLC share price was +4.5p at 49.75p

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