Gulf Marine Services PLC on Monday said revenue was up in 2022, boosted by higher vessel rates, as it expects continued improvement on day rates in 2023.

The Abu Dhabi-based provider of support vessels for offshore oil, gas and renewables industries reported revenue for 2022 of $133.2 million, increasing 16% from $115.1 million the year prior. The increase in revenue was driven by increased utilisation of E-class vessels and higher average day rates across all of its vessel classes.

Pretax profit was $27.1 million, down 18% from $32.9 million a year ago. The firm noted that administrative expenses increased to $13.2 million, up 7.3% from $12.3 million the year prior, as a result of higher professional fees.

Basic earnings per share fell 44% to 2.49 US cents, from 4.48 cents in 2021.

Gulf Marine did not declare a dividend for 2022, unchanged from a year ago.

Looking ahead, the firm said it expects day rates to continue to rise in 2022, as demand continues to outstrip supply. Utilisation rates for vessels currently stands at 95%, with 84% being secured, up from 88% in 2022.

The company noted that it also anticipates that its financial performance will continue to improve in 2023.

Chair Mansour Al Alami said: ‘We are proud of the results achieved in 2022 as they set the path for further growth in 2023 and beyond. Our safety record remains very satisfactory. We also delivered on our plans to control emissions.’

Gulf Marine shares rose 1.0% to 4.67 pence each in London on Monday afternoon.

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