Gulf Marine Services reiterates full-year outlook, shares spark

(Sharecast News) - Shares in Gulf Marine Services sparked on Tuesday, after the London-listed firm said it remained on course to meet increased full-year guidance. Revenues at GMS, which provides support vessels to the offshore oil, gas and renewables industries, jumped 10% in the nine months to 30 September, to $138.3m.

Adjusted earnings before interest, tax, depreciation and amortisation rose 7% to $81.5m.

Revenues were boosted by improved fleet average day rates, which rose to $36,000 from $32,800 a year previously, as well as operating one additional leased vessel for five months.

That helped offset a 4% fall in fleet utilisation, due to planned maintenance and geopolitical disruption in the Gulf in June.

As a result, GMS said it was "highly confident" about achieving adjusted EBITDA guidance for the full year of between $101m and $109m.

GMS boosted the full-year outlook last month, from between $100m and $108m, following a strong first half.

As at 0930 BST, shares in GMS were up 8% at 16.11p.

GMS, which was founded in in 1977 in Abu Dhabi, currently has 14 self-elevating support vessels.