Gulf Marine Services said it continues to focus on maximising vessel utilisation and maintained a high rate of 93% for the first quarter.
The company, which provides self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, said it is cutting costs as it progresses with its new build programme.
Its new SESV GMS Sharqi, which was completed on time and within budget, was delivered at the end of Q1 2016 and has commenced its inaugural charter in the MENA region for two months (one month firm and a one month option).
The Large Class vessel GMS Evolution remains on schedule for delivery in quarter four 2016, completing the new build programme.
Gulf said there are no current plans to increase the fleet size beyond this.
The company, announcing its first quarter results, said it continues to focus on maximising vessel utilisation and maintained a high rate of 93% for Q1 2016. The secured backlog as at May 1 is $413million.
The group has net debt of approximately $408.5million (including obligations under finance leases of US$41.7 million) together with undrawn bank facilities of $200million.
Chief executive Duncan Anderson, said: “The sustained low oil price continues to affect our industry and our focus remains on maximising vessel utilisation and maintaining our strong client relationships in the MENA region and Europe, while managing our costs appropriately.”