20th Oct 2026 07:00
20th October 2026
Gulf Marine Services PLC
(‘Gulf Marine Services’, ‘GMS’, ‘the Company’ or ‘the Group’)
Highlights of unaudited results for 9M 2026, Operations Update and Guidance
GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce highlights of its unaudited operational results for the nine months period ended 30 September 2026 (9M 2026).
Overview:
| 9M 2026 | 9M 2025 | %Change |
Adjusted revenue (US$’m)1 | 151.8 | 138.3 | +10% |
Adjusted EBITDA (US$’m) | 81.5 | 81.5 | 0% |
Net bank debt (US$’m) | 175.4 | 172.2 | +2% |
Net leverage ratio | 1.55:1 | 1.63:1 | -5% |
Utilisation of vessels | 80% | 88% | -8% |
Average day rates (US$’k) | 39.1 | 36.0 | +9% |
Backlog as of last day of the period (US$’m) | 616.0 | 457.5 | +35% |
(1). Adjustments for removing the impact of finance lease accounting relating to a leased vessel.
Highlights:
Adjusted revenue increased by 10% to US$ 151.8 million (9M 2025: US$ 138.3 million), mainly driven by: | |
| Operation of a brand-new acquired mid-class vessel in Latin America during Q3 2026 |
| Improvement in fleet average day rates to US$ 39.1k (9M 2025: US$ 36.0k) |
| Partially offset by a decrease in average fleet utilisation to 80% (9M 2025: 88%), due to the impact of war in the Gulf and planned preparation of vessels during the first quarter of 2026, ahead of their new contracts. |
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War in the Gulf is now estimated to have caused US$ 10.1 million in lost revenue as we progress in revenue loss recovery. In addition, there is US$ 1.8 million in direct incremental costs resulting from higher war risk insurance premiums. | |
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Net leverage ratio at 30 September 2026 was 1.55x (31 December 2025: 1.39x) due to partly financing the acquisition of a brand-new vessel through US$ 37.4 million loan was merged into the existing bank facilities in Q3 2026 at the same terms and conditions.. This is below the Group’s 2.0x target. | |
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The Board continues to defer the implementation of shareholder distribution policy until there is a greater clarity on the geopolitical risks impacting the Gulf.
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Outlook:
We maintain our guidance for the Adjusted EBITDA for 2026 to be in the range of US$ 105 - 115 million, assuming the geopolitical situation doesn’t materially impact vessel utilization. | |
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Backlog increased to US$ 616 million (31 December 2025: US$ 606 million). This underscores the ongoing strength in demand for our vessels. |
Alex Aclimandos, Chief Financial Officer at GMS said:
“GMS had a noticeable improvement in Q3 2026 financial performance, following first-half disruptions from regional Gulf conflict. This is mainly highlighted by our successful expansion into Latin America using our brand-new acquired mid-class vessel and strong average day rates. While this momentum positions us for a stronger second half, we remain vigilant in monitoring military activity in the Gulf to proactively manage any potential utilization risks.”
-ENDS-
Enquiries: Gulf Marine Services PLC Mansour Al Alami Executive Chairman Alex Aclimandos Chief Financial Officer
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Tel: +44 (0)20 7603 1515 |
Celicourt Communications Philip Dennis Mark Antelme Kristine Qevani | Tel: +44 (0) 20 7770 6424 |
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world-leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the offshore energy industries from its offices in the United Arab Emirates, Saudi Arabia, and Qatar. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North and South America, the Gulf of Mexico, and Europe.
The GMS fleet of 15 SESVs is amongst the youngest in the industry. The vessels support GMS's clients in a broad range of offshore platform refurbishment and maintenance activities, well intervention work, and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).
The SESVs are categorised by size - K-Class (Small), S-Class (Mid), and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity, and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
www.gmsplc.com
Disclaimer
The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.
Cautionary Statement
This announcement includes statements that are forward-looking in nature. All statements other than statements of historical fact are capable of interpretation as forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'will', 'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature these forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific, as they relate to events and depend on circumstances that might occur in the future.
Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.
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