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Gulf Marine Services upgraded its outlook on profit following successful contract awards and continued progress on optimising and reducing costs.
The earnings (EBITDA) guidance for 2019 was lifted to a range of $48m to $50m from $45m to $48m previously.
The end of year run-rate for general and administrative (G&A) costs would be approximately 12% of 2019 revenue, representing a reduction in annualised G&A costs of around one-quarter since 2018, GMS said.
'This organisational simplification, along with optimisation of third-party spend, has resulted in the recent target of $8.5m of annualised savings being improved with the new target now set at $10m. This compares to the original target of $6m, set earlier in the year,' it added.
At 10:06am: (LON:GMS) Gulf Marine Services PLC share price was +0.01p at 8.51p