Gulf Marine Services (GMS), the supplier of offshore support for the energy industry, has announced a two-year extension for one of its mid-sized self-elevating vessels currently operating in the Arabian Gulf area.
This contract takes the firm’s backlog to $607 million or more than three times this year’s projected revenue.
| Price: 19.3p +2.9% | P/E: 8.5x |
| Market Cap: £223m | Yield: n/a |
GMS shares popped 12% a week ago when it announced a new contract for one of its large vessels also operating in the Middle East.
Clearly demand for its services remains robust, so a period of hefty downgrades to forecasts we might start to see revisions turn up, backing the move in the share price.
Read the press release here: https://www.gmsplc.com/
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