Gulf Marine Services boosted by positive outlook for second half


Marine Services (GMS) yesterday revealed increased revenues and slightly decreased earnings for the first half of the year.

The UAE-based firm, which operates a global fleet of support vessels for the off-shore gas industry, reported that revenue for the year to the end of June was $98.2m (£62.6m), up from $90.7m.

The company’s adjusted net profit was down slightly, from $38.1m to $35m this year.

The firm’s report said it expected a “significant increase in earnings” for the second half of the year as it will undertake fewer special projects.

GMS chief executive Duncan Anderson said: “The group has delivered a solid performance in the first half of the year.”

Shares in GMS rose by 8.11 per cent to 110p yesterday.