Support vessel provider Gulf Marine Services reported that it continues to see high demand for its self-elevating vessels that serve the offshore oil and gas and renewable energy sectors. The firm said that it has a very significant backlog of orders, with its order book at the end of March standing at $395 million and providing good visibility of future earnings.
During the first quarter of the year, Gulf Marine said that it achieved overall fleet utilization of 95 percent. Opportunities for new contracts across its fleet remain "buoyant", particularly in its Middle Eastern market.
The firm added that its new build program remains on schedule and on budget. In February the hull for the GMS Enterprise was delivered to the firm's yard in Abu Dhabi, where it is being fitted out with completion scheduled for September. At the beginning of May it also began construction in China of a hull for its first Mid-Size vessel, GMS Shamal.
Gulf Marine, which raised $110 million in an initial public offering in mid-March, had net debt of $165 million at the end of March, with undrawn bank facilities of $130 million.
Gulf Marine CEO Duncan Anderson commented in a company statement:
"Following our successful IPO, we continue to see strong demand for our assets in brownfield oil and gas recovery, well services and maintenance. Our new build projects remain on schedule to meet extensive tender demand going forward which will further strengthen our long term order book in 2014 and 2015."
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