Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels, has reduced net debt further during the first quarter of the year to $256.4 million, with a net leverage ratio of 2.96 times. Net debt was $267.3 million at year end on December 31, 2023.
The company also made an additional prepayment of $5.0 million towards its debt repayments in the last week, reducing net debt to $250.4 million, a company release said.
Ongoing efforts to reduce leverage are creating value for the shareholders and are improving GMS’s financial position. Achieving a senior net leverage ratio below three times puts GMS in a stronger position to obtain favourable terms on its debt refinancing.
It also allows the company to benefit from a ten-basis points reduction in funding costs, effective from April 1, 2024, as per the current debt agreements.--TradeArabia News Service
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