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Offshore wind vessel provider Gulf Marine Services reported wider losses on lower revenue and asset write downs
For 2019, pre-tax losses widened to $81.8m from $2.4m on-year as revenue fell 12% to $108.7m reflecting lower rates and shifts in the utilisation mix, the company said.
The deeper loss was mainly driven by the impact of impairment charges totalling US$59.1m, on two of its E-Class vessels and two smaller charges on the Naashi and a S-Class cantilever, and US$6.3m of restructuring costs, the company said.
Average fleet utilisation stable was flat on-year at 69%. Average E-Class utilisation fell, reflecting soft market conditions in North West Europe. S-Class and K-Class utilisation improved, reflecting strengthening demand in Middle East and North Africa (MENA).
The company said its cost savings programme had delivered further gains during 2020 and was currently running ahead of plan.
Nine of the total fleet of 13 vessels was already fully contracted for 2020, with utilisation for the year currently standing at 76% and contracted utilisation for 2021 at 49%.
At 8:28am: (LON:GMS) Gulf Marine Services PLC share price was -0.72p at 5.6p