Gulf Marine Services Reports Revenue Growth and Strategic Advances in 2024

Gulf Marine Services ( (GB:GMS) ) has shared an update.

Gulf Marine Services PLC reported a 10% increase in revenue to $167.5 million for 2024, driven by improved fleet day rates, despite a 9% drop in net profit to $38.3 million. The company successfully refinanced a $300 million loan, reducing net bank debt by 25% and improving its net leverage ratio to 2.0. Operationally, GMS secured new contracts totaling 23.8 years and maintained strong fleet utilization at 92%, while achieving zero lost time and recordable injury rates. The company aims to further enhance shareholder value through strategic debt reduction, improved EBITDA, and a robust pipeline of opportunities in the offshore energy sector.

More about Gulf Marine Services

Gulf Marine Services PLC (GMS) is a leading provider of self-propelled, self-elevating support vessels for the offshore energy industry. The company focuses on delivering high-quality marine services, primarily to the oil, gas, and renewable energy sectors, with a strong presence in the Middle East and Europe.

YTD Price Performance: 5.56%

Average Trading Volume: 3,408,435

Technical Sentiment Signal: Buy

Current Market Cap: £171.3M

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