A number of “frustrating” delays in contracts starting led to vessel contractor Gulf Marine Services (GMS) posting a loss in the first half of the year.
Pre-tax losses for the Abu-Dhabi headquartered firm was £1.9million, down from a near £1.8m profit in the same period last year.
GMS, which has a base in Westhill, Aberdeenshire, said the “principal cause” of the loss was some clients requesting later contract start dates.
However, Chief executive Duncan Anderson said the firm is on track to return to profitability in the second half of the year.
He said: “Whilst it is disappointing that the Group has reported a loss in the half year, the principal cause of this was some of our clients requesting later contract start dates.
“These have now all successfully commenced and we expect a return to profitability in the second half of 2018.
“While the delays have been somewhat frustrating, our financial performance in 2019 will be positively impacted by these recently commenced contracts.”
GMS said it expects more opportunities against the backdrop of the “more stable oil price environment”.
The firm said it has also seen “ongoing development” of the renewables sector in Europe, reporting work in the UK with two new clients over the period.
GMS relocated one of its large-class vessels from UAE to the UK, joining another of its large-class vessels for the construction of the Hornsea One project, the world’s largest offshore wind development.
A third large-class vessel has been chartered for another windfarm project in the region.
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