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Gulf Marine Services upgraded its 2023 Ebitda guidance as it anticipates demand to remain high.

The Abu Dhabi-based marine-services company said Thursday that it currently expects 2023 earnings before interest, taxes, depreciation and amortization to be in the range of $77 million and $85 million, $2.0 million higher on both the lower and the higher ends of the previous estimate.

The upgrade reflects continued robust demand due to a combination of high market activity and limited vessel availability, which is likely to increase the utilization levels in the second half of 2023.

The company reported a pretax profit for the first half of $10.0 million, down from $14.6 million the same period a year ago. Revenue, however, rose to $74.3 million from $66.4 million.

By Michael Susin

Dow Jones News