Shares in Gulf Marine Services PLC (AIM:GMS) opened higher after the company firmed up earnings guidance at the top end of the projected range.
It expects underlying profit (EBITDA) to be US$86 million for 2023 and reiterated its forecast for 2024 of US$87-US$95 million, saying demand for its oilfield vessels and mobile drilling platforms remained strong.
The focus moving into the new year will be on rewarding investors as well as funding growth, the market was told.
"As we proceed with our prudent deleveraging efforts to shift value from lenders to shareholders, we are also initiating plans to reward our shareholders," said chief executive Mansour Al Alami.
"Recently approved by the board, our residual dividend policy aims to strike a balance between funding growth initiatives and providing returns to shareholders. Management is currently assessing the timing for its implementation, a consideration that was not on the table until recently."
At 8.10 am, the stock was up 0.05p at 14.2p.