Gulf Marine Services Share Discussion Threads

[blusteradjuster] 26/9/2022 08:49

134 million shares - compared with the many times that already in issue.

They may as well get on with it - sell the rumour, buy the fact.

[trident5] 26/9/2022 08:47

Well, look at the cash flow - profits were largely influenced by a write back of an impairment charge and debt is only down because of the proceeds of the share issue back in June; day rates were only up "marginally". And debt is in dollars too - so no impact there of any consequence as that's where any profits have to be cycled off to.

2H will see either a big dilutive equity raise or the issue of warrants.

[pictureframe] 26/9/2022 08:45

THIS > last sentance

As described in the 2021 annual report, the Group's current bank terms are to raise US$ 50 million equity before the end of the year or, if failing to do so, to issue of 87.6 million warrants giving potential rights to 134 million shares at a specific price if exercised. The position as at 30 June 2022 remains the same as that described in the 2021 annual report and neither of the two contractual scenarios have been ruled out. The Board considers the likelihood of issuance of warrants to be more likely than not.

[blusteradjuster] 26/9/2022 08:44

First part of the outlook statement probably did the damage.

The manic-depressive markets are having a dive into depression, bond yields are accelerating even though the commodity-price inflation that they’re supposed to correct has already corrected. First time we see inflation figures (which are backward-looking by definition) showing weakness, bond yields will dip and the market depression will flip.

The last part of the outlook statement was more telling - longer-term outlook is positive, which is why US and European leaders keep kissing Middle Eastern butt.

[babbler] 26/9/2022 08:34

plus. they earn in dollars and the pound is dying making their earnings even better.

[babbler] 26/9/2022 08:33

likewise. Strange reaction to debt down profits up. Hey ho.

[catsick] 26/9/2022 08:32

I don't see what is so terrible about these results, paying down debt fast making decent profits and pricing getting better, don't see why some conservative wording gets the shares hammered

[trident5] 26/9/2022 08:02

New management seem to be finding it just as hard here as the old management team.

[gen_romer] 08/9/2022 11:40

struggle to stay above 7p let alone find the 20p target price

[richtea2517] 01/9/2022 17:50

Except today :)

[richtea2517] 16/8/2022 15:14

Price action looking promising

[nchanning] 16/8/2022 10:31

I notice in the last few months the contracted offshore rig count in the Arabian Gulf has begun to increase sharply after flatlining for years . I wonder if we might see a sudden squeeze in the market for support vessels and a sharp increase in day rates for GMS https://www.statista.com/statistics/1251105/middle-east-offshore-oil-rig-count-by-contract-type/

[blueball] 12/8/2022 13:18

top riser today.

[catsick] 12/8/2022 13:17

Yes the Arden note is very detailed and very bullish, 20p would be a massive result and it doesn't require much more to happen than what is already set in motion as far as utilisation and day rates ...

[richtea2517] 11/8/2022 12:07

Let's hope so Might sell half around then

[loglorry1] 10/8/2022 09:35

Arden out with a very long research note today with a target price of 20p. It's on research tree for those with a subscription.

[gen_romer] 26/7/2022 12:54

i mean net debt should be 330m at H1 this year.
also in the news,their competitor zakher marine acquired today

[gen_romer] 26/7/2022 12:48

Receivables were up end of the year, but they have received 30m from that pile since then - expect it to be 330m at mid year

[loglorry1] 25/7/2022 17:41

"operations reduced debt by $3m"

I don't think this is correct. Receivables were up sharply too.

[mudbath] 25/7/2022 17:20

Actuals might, as we shall find out at the appropriate moment.

[blusteradjuster] 25/7/2022 16:57

406.3 - 371.2 - 28 = 7.1

Interest rate expectations are overblown - it’s just that the peloton isn’t ready to admit it yet.

When enough front runners change the mood, expectations will turn quickly.

[loglorry1] 25/7/2022 16:42

All good points.

So you don't think EBITDA of $70-80m forecast for 2022 will reduce the debt significantly?

[mudbath] 25/7/2022 16:39

Why quote a rise of just 2% for the increase in LIBOR.
Last years average was just 0.2 %
For the current year LIBOR could rise above 4%.
I will stick with my conservative £11 million increase in finance costs thanks.

[trident5] 25/7/2022 16:24

$28m of that reduction was provided by us, the shareholders.

So, operations reduced debt by $3m - at that rate we need a century plus to pay it off.

[loglorry1] 25/7/2022 15:46

"Adjusted earnings before interest, tax, depreciation and amortisation were USD64.1 million, up from USD50.4 million in 2020. For 2022, Gulf Marine expects Ebitda of USD70 million to USD80 million as it sees further improvement on day rates."


"Net bank debt[3] reduced to US$ 371.2 million (2020: US$ 406.3 million). Net leverage ratio[4] reduced to 5.8 times (2020: 8.0 times)."

See AR for y/e 2021