- Gulf Marine Services downgraded its outlook on earnings after revising activity levels for its fleet following a detailed review.

The company warned that 2019 earnings (EBITDA) would be lower than in 2018, in an expected range of $45 to $48m. The company had previously said it expected overall 2019 trading to come in at similar levels to 2018.

'The revised EBITDA forecast has been compiled following a vessel-by-vessel analysis and having made a prudent, revised assessment of the existing contractual and new business prospects,' the company said. Looking ahead to 2020, the order book showed improvement, with almost half of the company's fleet already secured on firm contracts for the year, which was a stronger position than at the same point 12 months ago.

'Nevertheless, market conditions remain challenging, although there are a number of material new tender opportunities which GMS is pursuing in the near term,' the company warned.

At 9:48am: [LON:GMS] Gulf Marine Services PLC share price was -0.55p at 8.45p

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