Gulf Marine Services (GB:GMS) has released an update.
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Gulf Marine Services (GMS) has announced securing a new long-term contract in the European offshore wind sector and the extension of two Middle East contracts, increasing their backlog by 25 months to a robust USD 505 million, reflecting 3.3 times their 2023 revenue. The company is experiencing strong market demand, leading to a faster-than-expected deleveraging process, with net debt decreasing to USD 221 million. These developments reinforce GMS’s commitment to Europe’s clean energy transition and highlight its operational excellence in delivering cost-effective offshore energy support solutions.
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