Gulf Marine Services, listed on London Stock Exchange, posted a loss of $18.2 million (Dh66.85 million) for 2017 due to lower revenues as well as due to non-cash impairment charge of $7.3 million and offset of $15.6 million of costs relating to the debt modification, the company said on Tuesday.
The Abu Dhabi-based company which supports the offshore, oil, gas and renewable energy sectors with self-propelled self-elevating support vessels (SESVs) made a loss of $18.2 million in 2017 compared to a profit of $29.4 million in 2016.
Revenues of the company reached $112.9 million last year compared to $179.4 million during the previous year. The company will not be paying dividend for 2017 as the group focuses on reducing bank debt.
Gulf Marine Services has a fleet of 13 vessels that help in offshore oil and gas platform refurbishment and maintenance activities, offshore wind turbine maintenance work, as well as offshore oil and gas platform installation and decommissioning, among other things.
“The prolonged downturn affected both our vessel utilisation and charter rates and is reflected in significantly reduced profitability reported by GMS for 2017,” said Duncan Anderson, chief executive officer of the firm.