Gulf Marine Services swings to loss in 'challenging market environment'

Gulf's revenues fell 37% to $112.9m, dragging gross profits down to less than half of what it posted a year earlier at $36m, while adjusted EBITDA was slashed 45.2% to $58.5m - a figure the firm saw fit to point out in what had been a "challenging market environment".

However, GMS did make good progress in reducing its total net borrowings to $372.8m from $413.6m twelve months earlier.

As a whole, for the year ended 31 December, GMS posted an $18.2m loss for the year, a 161.9% year-on-year swing that included a non-cash impairment charge of $7.3m in the first half, and the expensing of $15.6m worth of costs relating to its debt modification.

Duncan Anderson, GMS's chief executive, said, "Looking ahead to 2018, the group expects to continue to benefit from its reputation for providing best-in-class SESV operations within our sector. Our expertise, combined with supplying our clients with bespoke solutions that can help them realise meaningful cost efficiencies in their own operations, makes us well-placed to capitalise on a market recovery."

Gulf posted a diluted loss per share of 5.31 US cents, versus the 8.34 US cent earning returned a year earlier.

As of 1200 GMT, shares had lost 1.66% to 36.38p