Home News Gulf Marine Services posts .4m loss in H1-18

Gulf Marine Services posts $4.4m loss in H1-18

Gulf Marine Services (GMS), listed on London Stock Exchange, reported a loss of $4.4 million (Dh16.1 million) for the first six months of 2018 mainly due to deferred contract start dates. The company, however, said it is optimistic of attaining profits in the second-half.
Revenues in the first half reached $56.1 million compared to $58.5 million in 2017. “We have had a very busy six months with three new contracts secured and an unprecedented six vessel mobilisations in the period,” Duncan Anderson, CEO for GMS, said in a statement. “Encouragingly, both Ebitda and the Ebitda margin showed sequential improvement against the second-half of last year and whilst it is disappointing that the Group has reported a loss in the half year, the principal cause of this was some of our clients requesting later contract start dates.”
“These have now all successfully commenced and we expect a return to profitability in the second-half of 2018. While the delays have been somewhat frustrating, our financial performance in 2019 will be positively impacted by these recently commenced contracts,” he added.
The Abu Dhabi-based company that supports the offshore, oil, gas and renewable energy sectors with advanced self-propelled self-elevating support vessels (SESVs) secured three contracts in the first half of 2018 with a combined charter period of four years.

Soure: Gulf News


The Liberum
The Liberum runs on your donation. Fight with us for a free society.
Donation Form (#6)

More articles you might like

New TV show ‘Phoenix Oracle’ about the fascinating history of the Phoenicians, is set to launch in early 2024 (with first trailer)

‘Phoenix Oracle,’ a new 12-episode-TV Show inspired by the work of Lebanese author Karim El […]

The Relevance Paradox: Storytelling in Times of Turmoil

I woke up this morning feeling particularly lucky - I'm healthy, and that's huge. Lately, […]
- by Arthur Blok on 13/11/2023

Dutch Business Magnate Michel Perridon surprises Dubai with yet another exclusive gathering

What do polo, Bugatti, champagne, caviar, and Dubai have in common? This extravagant mix was […]
- by The Liberum on 12/11/2023

No apology is necessary, but accountability will be inevitable

Britain’s prime minister recently rejected slavery reparation calls, so contrition for giving away Palestine on […]

Parallel dimensions – When Chinese and Arabic science fiction almost meet

One last report about the Chengdu WorldCon that I attended last month. When two parts […]

Controlling your Emotions

Whenever many ideas start storming in my brain, I need to write.  It calms me […]