Gulf Marine Services : losses sink by $124.3m due to Covid and boat repairs
May 14, 2021 at 03:50 am EDT
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Offshore industries boat provider Gulf Marine Services reported losses of $124.3m this morning, despite its revenue sinking by just six per cent last year.
Despite boat utilisation surging 81 per cent, up 12 per cent from 2019 figures, its sales fell by $3.7m from 2019 to $70.9m, the group said in its full year unaudited results for the year ending 31 December.
Shares were down 2.29 per cent this morning, with prices sitting at 7.24p per share.
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The company was hit by a collision of unforeseen costs with Covid-19 and relocating two vessels from Europe to the Middle East, which totalled $6.8m and $2.3m respectively.
Gulf Marine Services (GMS), which offers offshore oil, gas and renewables industries vessels, also spent $87.7m in total on seven boat impairments last year.
The patched-up boats took the year’s losses to $124.3m. GMS enjoyed a total write-off of $16.2m relating to the renegotiation of bank facilities in June last year.
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The boat impairments did not hinder operations too much, however, as the group reported operational downtime as less than two per cent.
GMS also welcomed a board shuffle, with Mansour Al Alami joining as executive chairman in November, succeeding Tim Summers.
Also joining in November was Rashid Al Jarwan as an independent non-executive director and Hassan Heikal as non-executive director. Heikal was promoted to deputy chairman in February this year.
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Gulf Marine Services PLC is a United Kingdom-based operator of self-propelled and self-elevating support vessels (SESVs). The Company and its subsidiaries are investing in, establishing and managing commercial and industrial projects, as well as chartering and operating a fleet of vessels. The Company constructs and maintains its vessels in Abu Dhabi. The vessels are capable of operations in the Middle East, South East Asia, West Africa and Europe. It operates through three segments: Small Class vessels, which include the Naashi, Kamikaze, Kikuyu, Kawawa, Kudeta, Keloa, Kinoa and Pepper vessels; Mid-Size Class vessels, which include the Shamal and Scirocco vessels; Large Class vessels, which include the Endeavour, Endurance and Enterprise vessels, and Other vessels, which include over two legacy non-SESV vessels and an accommodation barge (Khawla), which do not form part of the Small, Mid-Size or Large Class vessels segments.
GULF MARINE SERVICES PLC 
