Gulf Marine Services (GMS) has seen its profit for 2016 slide but remains optimistic thanks to increasing tender activity in its core operating regions.
The Abu Dhabi-based company reported annual earnings of $29.4m, down from $75m in 2015 as it took an impairment charge of $21.3m on non-core assets and a leased vessel.
Its revenue sat at $179.4m, against $219.7m a year earlier, while adjusted EBITDA declined from $138.5m to $106.8m.
On a more positive note, GMS reported fleet utilisation of 70% despite the challenging market.
Duncan Anderson, chief executive of GMS, said: “The group has delivered a solid set of 2016 results in line with expectations in challenging market conditions.
“Increasing tender activity is presenting significant opportunities for GMS in our core regions of Europe and the Middle East and we are looking forward to broadening significantly our cost-effective well intervention services in 2017, when the cantilever system becomes operational.”
Anderson added the company is in a good position to capitalise on new contract opportunities as the market recovers thanks to its modern fleet.
