Gulf Marine predicts earnings will fall in 2016
Gulf Marine Services has warned 2016 will be another difficult year as the company expects earnings to fall and debt to rise as it copes with the oil and gas downturn.
Gulf Marine
Gulf Marine contract change signals southern North Sea decommissioning
A maiden decommissioning contract for Middle East firm Gulf Marine Services (GMS) spells the end for oil and gas assets in the southern North Sea. The assets were not named by GMS and the Abu Dhabi-based firm would not say who its revised contract is with, but it is thought the work involves a jack-up accommodation barge – the GMS Endurance – currently on hire to US company ConocoPhillips. Houston-based ConocoPhillips did not respond to inquiries yesterday. GMS said one of its large class advanced self-propelled self-elevating support vessels (SESVs) was moving from well service and maintenance work to support decommissioning this summer. It has been under contract to the client for southern North Sea work since the third quarter of 2012. The sudden switch to decommissioning activity cuts short well service and maintenance work that was expected to continue to at least the first quarter of next year.