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Gulf Marine ServicesAnnouncement

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RNS Number : 0286D  Gulf Marine Services PLC  05 May 2026

 

May 5, 2026

 

 

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

 

 

 

Contract Award in New Markets

Gulf Marine Services ("GMS" or the "Company"), a leading provider of
self-propelled, self-elevating support vessels ("SESVs") to the offshore
energy industry, is pleased to announce the award of two significant
contracts, marking its entry into both Africa and Latin America-regions where
the Company has not previously operated.

The first contract relates to the deployment of the Company's newly acquired
vessel, which has been secured on a total 170-day firm and options charter at
attractive day rates. This award represents a strong endorsement of the
vessel's capabilities and underpins the Company's strategy of investing in
high-quality assets to meet growing global demand.

The second contract represents a strategic milestone for the Company, as it
enters a new line of business: third-party vessel management. Under this
agreement, the Company will provide for a year a full technical and
operational management services for an externally owned vessel operating in
Africa. This development expands the Company's service offering and opens a
new, asset-light revenue stream.

Current backlog now stands at USD 666 million.

Mansour Al Alami, Executive Chairman of GMS, commented:

"These two contract awards mark an important step forward in our growth and
diversification strategy. Entering Africa and Latin America broadens our
global presence, while the third-party vessel management contract highlights
our ability to leverage our operational expertise beyond our owned and leased
fleet. We are particularly pleased to have secured strong rates for our newly
acquired vessel, reinforcing the value of our recent investment. The Company
looks forward to delivering these projects safely and efficiently and to
building long-term relationships in these new markets. We are also pleased to
confirm that these developments are in line with our expectations, and we
maintain our adjusted EBITDA guidance for 2026 in the range of USD 105 million
to USD 115 million."

-ENDS-

 

 

 Enquiries:                 Tel: +44 (0)20 7603 1515

Gulf Marine Services PLC

 Mansour Al Alami

 Executive Chairman
 Celicourt Communications   Tel: +44 (0) 208 434 2643

 Mark Antelme

 Philip Dennis

 Kristine Qevani

 

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 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 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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