Abu Dhabi-based Gulf Marine Services (GMS) said one of its clients in Europe, World Marine Offshore A/S has filed for bankruptcy.
In a regulatory statement on Friday, the London LSE-listed GMS said it has outstanding receivables from WMO of approximately 4 million euros ($4.3 million), from its contract to support the construction and development of a major offshore wind farm in France, which was due to complete in Q1 2023.
GMS, which provides support vessels for offshore oil and gas and other energy installations, said while it will be taking the various necessary steps to recover the funds outstanding, it is not yet clear how much of the outstanding EUR4 million it will be able to recover, and "therefore if any adjustment to 2022 guidance will be necessary."
The company, however, reconfirmed its EBITDA guidance for 2023, which was issued earlier this week, of between $75 million and $83 million.
(Reporting by Brinda Darasha; editing by Seban Scaria)