- Gulf Marine Services said it expected adjusted core earnings in the upper range of guidance after reporting narrower first-half losses on lower costs.

Full-year adjusted 2020 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance of US$ 57.0-to-62.0m was reconfirmed and now expected to be at the upper end of the range, the company said.

For the six months ended 30 June, pre-tax losses narrowed to $5.8m from $15.8m on-year as revenue fell 9% to $49.8m on-year.

The fall in revenue was blamed on lower day rates for all vessel classes, though partially offset by an improvement in utilisation.

Average fleet utilisation increased to 78%, a 9% increase, despite the impact of COVID-19 on tender activity and operations, the company said.

At 9:58am: [LON:GMS] Gulf Marine Services PLC share price was 0p at 10.75p

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