StockMarketWire.com - Oil services provider Gulf Marine Services reconfirmed the previous core earnings guidance and said that year-to-date performance was ahead of expectations.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2020 was maintained in the range of $57-to-$62m.

Year-to-date performance remains ahead of the business plan, with the total GMS fleet utilisation standing at 82% for 2020, and 85% for the second half of the year, the company said.

With a further 53% of the fleet contracted for 2021 and 37% contracted for 2022, the business was 'well positioned to maintain current utilization levels through 2021,' the company said.

As part of the ongoing cost reduction drive, GMS said it would relocate from the Musaffah base in fourth quarter of the year, splitting the yard facility and offices.

This move would 'reduce the combined office & yard costs by 40% annually from 4Q2020 onwards. The office will remain in Abu Dhabi,' it added.



At 8:32am: [LON:GMS] Gulf Marine Services PLC share price was +0.85p at 12.25p



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