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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gulf Marine Services Plc | LSE:GMS | London | Ordinary Share | GB00BJVWTM27 | ORD 2P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.40 | -1.74% | 22.60 | 655,246 | 11:01:55 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 22.30 | 22.60 | 22.70 | 22.50 | 22.60 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ship Building And Repairing | USD 133.16M | USD 25.33M | USD 0.0249 | 9.08 | 229.71M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 13:37:35 | O | 82,261 | 22.2511 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 18/4/2024 | 17:55 | UK RNS | Gulf Marine Services PLC Annual Report & Notice of AGM |
| 04/4/2024 | 11:50 | ALNC |  Gulf Marine shares rise as posts annual growth and sets out guidance |
| 04/4/2024 | 07:00 | UK RNS | Gulf Marine Services PLC Final Results |
| 11/3/2024 | 11:57 | ALNC | Gulf Marine Services inks contract for vessel in Middle East |
| 11/3/2024 | 07:00 | UK RNS | Gulf Marine Services PLC New Contract Announcement and Letter of Award |
| 28/2/2024 | 12:04 | ALNC | Gulf Marine Services wins contract and award for Middle East vessels |
| 28/2/2024 | 08:14 | UK RNS | Gulf Marine Services PLC Contract |
| 17/1/2024 | 11:50 | ALNC | Gulf Marine Services raises 2023 earnings guidance to 20% increase |
| 17/1/2024 | 07:00 | UKREG | Gulf Marine Services PLC Revised Guidance |
| 08/1/2024 | 11:06 | ALNC | IN BRIEF: Gulf Marine Services inks contracts for small class vessels |
Gulf Marine Services (GMS) Share Charts1 Year Gulf Marine Services Chart |
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1 Month Gulf Marine Services Chart |
Intraday Gulf Marine Services Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 26/4/2024 | 12:55 | Gulf Marine Services plc | 2,333 |
| 14/10/2016 | 16:51 | gold mines of sardinia | 1 |
| 28/4/2009 | 23:09 | GOLD MINES OF SARDINIA - Agreement Finalised | 19 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 12:37:35 | 22.25 | 82,261 | 18,303.98 | O |
| 12:33:04 | 22.37 | 22,322 | 4,992.58 | O |
| 12:32:51 | 22.30 | 101 | 22.52 | O |
| 12:31:28 | 22.47 | 31,500 | 7,077.96 | O |
| 12:12:59 | 22.47 | 13,167 | 2,958.62 | O |
| Top Posts |
|---|
Posted at 26/4/2024 09:20 by Gulf Marine Services Daily Update Gulf Marine Services Plc is listed in the Ship Building And Repairing sector of the London Stock Exchange with ticker GMS. The last closing price for Gulf Marine Services was 23p.Gulf Marine Services currently has 1,016,415,000 shares in issue. The market capitalisation of Gulf Marine Services is £229,709,790. Gulf Marine Services has a price to earnings ratio (PE ratio) of 9.08. This morning GMS shares opened at 22.60p |
Posted at 22/4/2024 15:49 by thebd11 GMS are over in London this week I believe meeting with institutions. V decent levels of interest I've been told. Should be a good sign! |
Posted at 12/4/2024 09:12 by hpcg runster - the continuing story is the turnover of contract terms from low rates to higher rates. In other words this line from the statement:Average day rates across the fleet increased by 10% to US$ 30.3k compared to the previous year's US$ 27.5k with improvements across all vessel classes, particularly for E-Class whereby, the day rates improved by 17% to US$ 41.4k (2022: US$ 35.4k). K-Class and S-Class rates increased by 7% and 5%, respectively. This is a multi-year and ongoing process as units on older and lower rate contracts complete their existing contract and enter into new ones with step change higher rates. This situation, in my experience of booms and bust in the oil services industry end in 2 ways. Firstly a conventional oil price crisis where E&Ps pull in spending. Contracted hardware is a late cycle story as old rates run on and the new lower rate regime merges in. Usually come the end of an oil up-cycle contract terms are relatively long as there is competition to secure vessels, and terms are better for longer periods. The second way asset contract prices crash is after a "new paradigm in oil" and external money floods in. This has often been Norwegian asset owners using German bank funding, but the last time this happened, in 2006, Dubai money also contributed. Drilling ships, seismic vessels and support vessels have only just stopped paying the price for that excess. Right now this seems very unlikely but I keep my eye out. |
Posted at 04/4/2024 10:06 by hpcg A lot of the highlights are highlighted, so everyone will have seen already. A few more buried nuggets I found of interest, with my comments in braces:* Recently approved by the Board, our residual dividend policy seeks to strike a balance between investing in the business and providing returns to shareholders. {They alluded to dividends in the last RNS. I am not a big fan, but they are required to attract a certain type of investor, and income funds.} * The Group is in the process of refinancing its term facility in advance of the bullet payment becoming due in June 2025. Management's ongoing discussions with various lending entities are aimed at securing terms that align with our long-term strategic objectives, ensuring continued financial stability. We are optimistic about the outcome of these negotiations and will keep shareholders updated as we navigate this pivotal phase in our financial planning. The Board expresses confidence in our ability to secure favourable terms that will contribute to the sustained success and growth. {We should be able to get a reduced interest rate margin from current 310 bps IMO} * The Group improved its Lost Time Injury Rate (LTIR) going from 0.1 in 2022 to zero in 2023. However, two medical treatment cases were recorded taking the Total Recordable Injury Rate (TRIR) from 0.1 in 2022 to 0.18 in 2023. These levels continue to be below industry average. {Good safety goes hand in hand with good operations, and 0 is the only acceptable number of LTIs - the treatment trend needs reversing. Safety can get compromised under tight financial conditions, a false economy. Glad to see that is not the case.} * Average day rates across the fleet increased by 10% to US$ 30.3k compared to the previous year's US$ 27.5k with improvements across all vessel classes, particularly for E-Class whereby, the day rates improved by 17% to US$ 41.4k (2022: US$ 35.4k). K-Class and S-Class rates increased by 7% and 5%, respectively. {There is below a table of revenue and operating profit per class. S-class, thankfully the smallest segment, saw profit decline marginally as rate increases did not keep up with inflation. Note that part of the thesis here is that debts are inflated away; inflation so long as rates keep up and margins are maintained enhance absolute cash available for debt repayment.} * Reported general and administrative expenses amounted to US$14.6 million, up from US$13.2 million in 2022, driven by increased staff costs and professional fees. {Basically 10% inflation, but they say there are fees around reporting commitments to lenders, and we can expect come of those to drop out, see below.} * Key benefits of being below 4:1 times is it allows GMS to meet its covenants, to pay dividends and to cut some debt monitoring fees. * The Group's capital expenditure relating to drydocking and improvements of the vessels increased to US$ 11.3 million, 2022: US$ 9.1 million. {Money is still being spent on maintaining the assets.} * Net bank debt reduced to US$ 267.3 million (2022: US$ 315.8 million). This was a result of management's commitment to accelerate deleveraging. The Group repaid US$ 56.2 million (2022: US$ 51.4 million) towards its term loan, of which, US$ 26.2 million (2022: US$ 3.8 million) were over and above its contractual obligation for 2023. A total of US$ 33.7 million (2022: US$ 3.8 million) was prepaid during 2023. {$56mn taken off debt whilst also paying $31mn in interest. That collectively is funds available to shareholders in a debt free world, minus taxes. £67mn at 1.3 exchange rate. Should be higher in 2024 as rates have firmed.} |
Posted at 27/3/2024 06:55 by xxx The recovery yeasterday may relate to the announcement of a bid for a fellow quoted OSV company quoted in Australia and operating in Asia [MRM]It received a cash bid from private equity at a claimed x7.7 current year EBITDA.[ using H1 earnings x2] Though they have some govt work and subsea ops which look better quality, the vessels are less specialised. Applying that same multiple to us and using the midpoint guidance of $91m for 2024 gives an EV of $700.7m for GMS. Not only is that a long way from here, but it is interesting to note that MMA shares jumped to a premium ie the bid is unlikely to be acceptedat this price. In addition the bidders plan to keep all the staff ie it is a bet on the sector, not synergies or cost cutting... |
Posted at 18/3/2024 06:58 by catsick Interesting if you google simon thompson gms there us a free ic alpha report you can download on gms, 6 months ago simon was targeting 20p when it was at 9p ,I guess the latest target much higher.... |
Posted at 12/3/2024 13:49 by wigwammer I suspect it tells you rather a lot about the cost of entry. If you want to compete with GMS by building a comparable fleet - the book value plus net debt is round about the cost. Far cheaper to buy GMS at a material discount to book than the organic alternative. |
Posted at 28/2/2024 19:17 by hpcg At one point in 2022 I started to map out contracts per rig but that was too much work when the revenue and share price started moving anyway (with some named some not it was logic puzzle). I would think 2024 must be near enough booked, at least in the Gulf. |
Posted at 11/11/2023 11:15 by hpcg xxx - I've not seen the report directly so I don't know. I've corrected the link - the closing bracket had become integrated. As I said, as at June, and I presume later, Praetorian Capital has no GMS holding. I mention them because many investors are familiar with Kuppy and his approach, and he has be vocal about offshore oil services. Their big holding in the space is Valaris.The GMS share price really took off after an offshore conference in Sweden where more or less all the operators said they were not going to build any more kit. What people not familiar with the industry might not know is that the cyclicality is not caused directly by the oil price, but as a derivative of the oil price cycle. After a few years of strong oil prices service providers will have rebuilt their balance sheets and oil companies will sign up long term lucrative contracts to secure the equipment they need. At that point service providers draw a straight line upward pointing line on demand and choose to massively expand their fleets using debt. This leads to an horrific and long lasting trough when oil prices turn over and oil companies draw in their budgets. If no one falls into this trap, or for that matter financiers just aren't interested then there is nicely balanced supply and demand which is resulting in stable cash flows with good visibility. Rates should keep up with inflation, margins should be maintained which leads to wads of free cash to pay down debt and in 2-3 years make returns to shareholders. Of course there is some far out longevity in terms of servicing offshore wind farms, but market dynamics there do not allow for boom-bust cycles so fleet sizes should very much remain balanced. |
Posted at 19/7/2021 13:57 by mudbath The Executive Chairman commented on June 30th 2021 :-"The Company's performance is underpinned by positive market conditions, supporting utilisation, contracted activity...(all 13 vessels in our fleet are all under contract which is something we haven't seen since 2016 and is a very good indicator of an improving market. The 23-month contract award for the E-Class vessel was at rates significantly higher than we have seen in recent times and we would expect improvement in day rates to continue as the supply/demand dynamics improve in our favour)....the pipeline of opportunities and day rates. It is also supported by the actions taken by the Board to actively manage costs, improve operational efficiencies, and put in place an improved capital structure, which will benefit the Company's near and long-term prospects. Combined, this all serves to reset the GMS story, driving benefits for the Company, its employees, contractors, partners and investors." Just how long will the GMS share price dally in this very low 3p arena ? |
Posted at 07/7/2021 13:34 by mudbath A steady climb in the GMS share price looks to be underway and possibly gaining some momentum.A buy(and a half)at these low levels despite the known risks. |
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