Gulf Marine Services (GB:GMS) has released an update.
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Gulf Marine Services (GMS) is buoyed by a new five-year contract award in the GCC, bolstering its backlog to USD 464 million and contributing to an improved fleetwide average day rate. The company has also upgraded its 2024 adjusted EBITDA guidance to a range of USD 95-100 million, reflecting strong market demand and fleet utilization. GMS’s financial position is further strengthened by a reduction in net debt to USD 224 million, enhancing shareholder value with projected free cash flow.
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