London-listed Gulf Marine Services reported revenue and adjusted earnings both down in 2020, mainly as a result of the impact of Covid-19 on vessel rates.
Gulf Marine Services said in its 2020 full year results that revenue fell 6% to $102.5m from $108.7m in 2019, while adjusted EBITDA was down 2% to $50.4m.
Utilisation improved to 81% from 69% in 2019, with improvements in both of the company’s core markets of MENA and north west Europe, the company said.
It added that the increased utilisation helped to offset the decrease in average rates of 18%, arising from the Covid-19 operating environment, where delayed contract awards meant that two E-Class vessels were working at K-Class rates in order to meet demand.
Utilisation levels in North West Europe, where there is now one vessel operating, improved to 92% in the year from 49% in 2019, with all contracts solely related to the offshore renewables market.
The overall secured backlog was $199m as of 6 May 2021, compared with $240m as at 31 March 2020.
The decrease reflected delays in some contract awards arising from Covid-19, the company said.