Abu Dhabi-based Gulf Marine Services (GMS) posted a small dip in adjusted net profit to $ 17.6 million in full-year 2022 versus $18 million in the prior year, adding that it expects strong pipeline opportunities to boost performance this year.

In a regulatory statement on Monday, the London LSE-listed GMS reiterated its 2023 EBITDA guidance of between $75-$83 million.

Revenue increased by 15.7% to $133.2 million on increased utilisation mainly on E-class vessels and higher average day rates across all vessel classes.

GMS, which provides support vessels for offshore oil and gas and other energy installations, said adjusted EBITDA margin decreased to 54% due to the recognition of a charge for the bankruptcy of a client as well as other one-off costs.

(Writing by Brinda Darasha; editing by Seban Scaria)