ABU DHABI - Gulf Marine Services PLC (GMS), a prominent provider of advanced self-elevating support vessels for the offshore energy industry, has updated its earnings guidance, indicating a positive financial trajectory for the upcoming years. The company now projects its 2024 adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) to be at the high end of the previously provided range of $98-100 million.
Looking ahead to 2025, GMS has revised its adjusted EBITDA forecast upward to a range of $100-108 million, marking an increase from the earlier estimate of $92-100 million. This revised guidance reflects the company's confidence in its financial performance and operational efficiencies.
Alex Aclimandos, the Chief Financial Officer of GMS, expressed enthusiasm about the revised figures, stating that the increase in EBITDA, coupled with reduced finance costs, is expected to enhance the company's ability to deliver value to both clients and investors. Aclimandos emphasized the company's transition towards becoming a more agile organization.
Mansour Al Alami, the Executive Chairman of GMS, attributed the improved guidance to robust demand for the company's vessels, which has led to strong results. He noted that the forecasted utilization rates and contracted daily charter rates are anticipated to support the achievement of the updated EBITDA figures.
The announcement, which contains inside information, complies with the Market Abuse Regulation (EU) requirements as incorporated into UK law. The positive update is likely to be of interest to investors and stakeholders within the offshore energy sector, as it signals GMS's continued growth and financial health.
The information for this article is based on a press release statement from Gulf Marine Services PLC.
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