Harvey Gulf OSV
New Orleans headquartered Harvey Gulf International Marine stated today that it raised EBITDA (Earnings Before Interest, Tax, Depreciation as well as Amortization) by 33% in the 3rd quarter.
The privately-owned firm associated the boost to a proceeded, effective global development. However, it additionally cautioned that completion of the recession in the OSV field is “still years away,” as well as the market requires more debt consolidation as well as SG&A (Selling, General as well as Administrative Expenses), decreases.
“The positive third quarter results are certainly attributable to Harvey Gulf’s expanding global operations,” stated chief executive officerShane Guidry “Today we are working successfully in Trinidad, Guyana, México, Nigeria, Suriname, theGulf of Mexico, and California. We also just won work in two additional South and Central American countries, which will be announced in the near future.”
“Consolidation should be a focus of investors, as this is the best way to outlast this downturn, eliminate more costs, improve margins and produce better returns. This industry can, and will, produce meaningful returns once this downturn ends, which I expect sometime in late 2021 to mid 2022,” stated Guidry.
