Gulf Marine Services Share Discussion Threads

[nurdin] 09/5/2014 09:48

Have dipped my toe here...:o)

[mintitan] 09/5/2014 07:13

Yes robthebruce it is. On the back of the IMS, I would expect to see some press comment over the next week or so and the profile of GMS raised accordingly.

[robthebruce] 08/5/2014 20:23

The key to this is asset utilisation rates and the introduction of new build vessels. Good to see both aspects of the business are doing well.

[robthebruce] 08/5/2014 16:44

After such a nice update, it would be good if there was a bit of press comment.

[mintitan] 08/5/2014 07:51

Great IMS. Like you said rogash, very reassuring that demand is so strong they could relocate the vessel without a lag. I would expect some nice contract wins to support the tender activity too which should give the company more recognition and and the share price a further push. Good work GMS!

[rogash] 08/5/2014 07:38

Amazing they could re-allocate a vessel so quickly.

[robthebruce] 08/5/2014 07:27

Good RNS

INTERIM MANAGEMENT STATEMENT



Gulf Marine Services (LSE:GMS), the leading provider of self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, today publishes its Interim Management Statement for the period 1 January to 7 May 2014.



Operations



We continue to see high demand for our services with a strong pipeline of opportunities. The Group has a very significant backlog (the order book at the end of March 2014 was $395 million comprising of firm and extension options) providing good visibility on future earnings. Current trading is in line with expectations.



During Quarter 1, the Group achieved overall fleet utilisation of 95%. Against this background, a short-term oil and gas contract in the North Sea (3 month time period) for one of our Large size vessels was scheduled to commence in February 2014; although our vessel was ready, the customer delayed the start date and the work will now not proceed. In the meantime, we have redeployed the vessel on short term wind farm work which replaces the period initially envisaged. We are continuing to seek follow-on work for this vessel. Opportunities for new contracts across the fleet remain buoyant, particularly in the Middle East, and the Group is optimistic that its business development activities will generate further new leads and work.



The new build programme remains on schedule and on budget. We achieved some key milestones within the period including the delivery in February of the hull for GMS Enterprise to our yard in Abu Dhabi, where it is currently being fitted out with completion scheduled for September. At the beginning of May we also commenced construction in China of the hull for our first Mid-Size vessel GMS Shamal.



Financial Position



The Group has both a strong balance sheet and a robust cash generating position which provides a good platform for growth. The balance sheet was recently bolstered with equity capital through the successful Initial Public Offering (IPO) on 19 March 2014. The IPO raised gross proceeds of approximately $110 million, which will be used to further advance the new build programme. As at the end of March 2014, the Group had net debt of $165 million (cash of $105 million, bank debt of $270 million) together with undrawn bank facilities of $130 million.



Duncan Anderson, Chief Executive Officer of GMS, commented:



"Following our successful IPO, we continue to see strong demand for our assets in brownfield oil and gas recovery, well services and maintenance. Our new build projects remain on schedule to meet extensive tender demand going forward which will further strengthen our long term order book in 2014 and 2015."



- ends -

[robthebruce] 07/5/2014 22:30

Lol No, not the naked trader. I wanted the name RobbyB but it was taken. After a poor few weeks over at blinkx, I am ready for a more reliable share, hopefully like GMS.

[modform] 07/5/2014 21:43

You are not the naked trader Robby, just spelling your name with y rather than ie. The company is in the neish market, with double digit growth, and low pe. The type of company you want in the current climate

[robthebruce] 07/5/2014 10:46

Hi, I have bought a few of these this morning. They look like a good prospect and appear to have been overlooked IMHO, perhaps because they are new to the market and people want a bit of prior history. However, their business is not reliant on the oil price, their vessels offer significant advantages over the competition and they seem to be targeting geographic areas with good growth prospects. I am looking forward to the trading update. Cheers, Robby.

[greasemonkey101] 07/5/2014 07:34

Thanks Johnv.Cheers

[johnv] 06/5/2014 19:56

Grease, a tipsheet sister to SCSW, see link

hxxp://www.momentuminvestor.co.uk/

click on the about tab, for small company tipsheet

[greasemonkey101] 06/5/2014 19:30

Johnv, What do you mean by momentum investor? Is this a blog that someone writes??Cheers in advanceAndy

[johnv] 06/5/2014 09:16

Tipped by the Momentum Investor a few weeks ago, hence NT jumped on it. They mention earnings of 18.4,21.8 & then 26.0p for next three years. 19% growth rate with PEGs of 0.5 all the way.

[mintitan] 02/5/2014 07:07

Nice to see momentum building before the IMS due soon.

[snowydays] 01/5/2014 16:55

Sorry, wrong thread.

[protean] 01/5/2014 13:22

NT buying again at 159p:

[mintitan] 29/4/2014 12:53

220p would do nicely for starters! But here for the long haul as can see this double in time and more. Still excellent value with the IMS imminent, momentum should continue nicely. Been under the radar until now. Naked Trader expects they could become the new KENZ!

[simon42] 29/4/2014 12:01

I'm in and I think this is the best value in its sector.

[philo124] 29/4/2014 11:44

Sorry was in a bar in Spain (28C) and was a little distracted when my broker rang so didn't post the detail that thankfully cottoner has now.

[cottoner] 29/4/2014 11:37

Now being covered by Barclays.


Latest broker views

Date Broker New target Recomm.

29 APR BARCLAYS 220.00 OVERWEIGHT

7 APR CANACCORD 175.00 BUY

[philo124] 29/4/2014 11:37

There's been a positive broker rec with no TP.

[gswredland] 29/4/2014 10:48

Yep looking good guys!

[mintitan] 29/4/2014 10:35

Nice strong buying today.