GMS reports profit, eyes better days

GMS reports profit, eyes better days

Gulf Marine Services (GMS) expects day rates to improve in the second half of the year driving EBITDA higher.

Revenues reached $51.4 million in the first half of 2021, up from $49.8mn year on year. G&A expenses were down to $4.9mn, from $6.6mn, while EBITDA increased to $26.5mn, from $22.9mn.

The company has forecast full-year EBITDA to reach $63-67mn. This suggests the second half of the year will provide around twice the amount recorded in the first half.