REG - Gulf Marine Services - Half-year Report
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RNS Number : 4930Y Gulf Marine Services PLC 09 September 2025
09 September 2025
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')
Announcement of Interim results for the six months period ended 30 June 2025
GMS, a leading provider of advanced self-propelled, self-elevating support
vessels serving the offshore oil, gas and renewables industries, is pleased to
announce its interim results for the six months period ended 30 June 2025 (H1
2025).
Overview
H1 2023 H1 2024 H1 2025 H1 2025 versus
US$ m US$ m US$ m H1 2024 change
Revenue 74.3 80.7 87.1 8%
Adjusted EBITDA(1) 44.3 47.7 50.8 6%
Net profit 8.7 7.4 3.9 -47%
Net leverage ratio(1) 3.75:1 2.62:1 1.73:1 -34%
Net bank debt(1) 294.3 238.5 179.4 -25%
H1 Financial and Operational Highlights:
· The Group achieved revenue of US$ 87.1 million for the first half of 2025,
reflecting an increase of 8% compared to US$ 80.7 million in H1 2024. The
increase in revenue was attributed to improvements in fleet average day rates
to US$35.1k (H1 2024: US$ 32.4k) as well as operating an additional leased
vessel for two months. The increase was partially offset by a decrease in
fleet average utilisation from 91% in H1 2024 to 87% in H1 2025. This decrease
was largely attributed to planned maintenance and drydocking downtime,
mobilisation to prepare the vessels for the next contracts and geopolitical
instability in the Middle East.
· Adjusted EBITDA grew by 6% to US$ 50.8 million (H1 2024: US$ 47.7 million)
driven by the increase in revenue. Adjusted EBITDA margin is 58% (H1 2024:
59%).
· Net leverage ratio(1) on 30 June 2025 further improved to 1.73:1 (31 December
2024: 2.0:1) driven by continued improvement in adjusted EBITDA and lower net
bank debt(1). Net bank debt(1) lowered by US$ 21.8 million to US$ 179.4
million (31 December 2024: US$ 201.2 million).
· Finance expenses decreased by 34% to US$ 8.1 million (H1 2024: US$ 12.3
million), driven by the reduction in gross debt and interest margin. The
reduction of interest margin was due to the successful refinancing of the loan
facility on 30 December 2024.
· The Group's net profit for the first half of 2025 decreased by 47% to US$ 3.9
million (H1 2024: US$ 7.4 million). This is due to higher tax expense,
depreciation and amortisation offset by improvement in EBITDA, lower charges
on finance costs and fair value of warrants. The increase in tax expenses is
primarily due to the one-time impact of the tax ruling received, which was
announced on 14 May 2025.
· The basic earnings per share for the period decreased to US$ 0.35, as compared
to US$ 0.68 in the first half of 2024. Further, the diluted earnings per share
for the period decreased to US$ 0.34 compared to US$ 0.63 in the first half of
2024.
( )
(1) This represents an Alternative Performance Measure (APM) as defined in the
Glossary which is included in Note 24 to the interim consolidated Financial
Statements.
Outlook:
· GMS expects 2025 adjusted EBITDA to reach USD 101‐109 million, an increase
from the previously forecasted EBITDA guidance of USD 100‐108 million.
· Despite some uncertainty regarding geopolitical issues and some increased
supply from new vessels entering the market in the coming months, we continue
to target an EBITDA in the range of US$ 105-115 million for 2026.
· Secured backlog was US$ 517.4 million on 30 June 2025 (30 June 2024: US$ 426.8
million), which reflects the additional contract awards announced over the
last 12 months, offset by the revenue recognised. This underscores the ongoing
strength in demand for our vessels across the various markets in which we
operate.
· Based on these results and current information we have on hand, the Company is
on track to declare shareholder rewards, in line with its shareholder
rewarding policy as announced on 01 August 2024.
Mansour Al Alami, Executive Chairman, GMS said:
"With leverage at a healthy level, we have strengthened the resilience and
agility of the Company, while fulfilling our commitment to generating
long-term value for our shareholders. Despite ongoing operational and market
challenges, including recent geopolitical tensions, we grew the business and
remain confident of stronger performance through the rest of the year. The
successful introduction of a new vessel further underscores our readiness to
capitalise on emerging market opportunities."
Enquiries:
Gulf Marine Services PLC
Mansour Al Alami Tel: +44 (0)20 7603 1515
Executive Chairman
Alex Aclimandos
Chief Financial Officer
Celicourt Communications Tel: +44 (0) 20 7770 6424
Philip Dennis
Mark Antelme
Ali AlQahtani
Chairman's Review
Group performance
In the first half of 2025, the Group achieved an 8% increase in revenue,
despite decline in average fleet utilisation to 87%, impacted by scheduled
maintenance, drydocking, and the time needed to mobilise vessels for upcoming
contracts amid on-going geopolitical tensions in the Middle East. The fleet
average day rates improved across all vessel classes, and the Group started to
operate an additional leased vessel for two months that started a contract in
the Middle East in May 2025. The revenue growth contributed to improved
adjusted EBITDA of US$ 50.8 million, compared to US$ 47.7 million reported
in H1 2024.
Business Development
The contract awards during the period have a combined total charter period of
8.1 (H1 2024 14.3) years.
Capital structure and liquidity
The Group's focus is providing a balanced capital allocation, optimising
business opportunities and maximising shareholder value. The successful
refinancing on improved terms by end of 2024 reaffirms its ability to deliver
on these commitments.
The net leverage ratio was reduced to 1.73 times as of 30 June 2025, an
improvement from 2.0 times on 31 December 2024. This was driven by a reduction
in net bank debt to US$ 179.4 million (31 December 2024: US$ 201.2 million)
and improved trailing 12-month adjusted EBITDA. Interest margin decreased upon
the conclusion of refinancing before the end of 2024.
The Group has available working capital facility of US$ 23.4 million (31
December 2024: US$ 28.0 million).
Outlook
Our commitment to creating long-term value for shareholders is clear. GMS now
expects 2025 adjusted EBITDA in the range of USD 101‐109 million, up from
prior guidance of US$ 100-108 million. We are on track to deliver shareholder
returns through dividends and/or share buybacks.
Mansour Al Alami
Executive Chairman
08 September 2025
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, Qatar and the United Kingdom. The Group's assets are
capable of serving clients' requirements across the globe, including those in
the Middle East, Europe, South East Asia, West Africa, North and South
America, and the Gulf of Mexico.
The GMS fleet of 14 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.
Financial Review
H1 2023 H1 2024 H1 2025 H1 2025 versus
US$ m US$ m US$ m H1 2024 change
Revenue 74.3 80.7 87.1 8%
Gross profit 34.8 38.8 35.9 -7%
Adjusted EBITDA 44.3 47.7 50.8 6%
Net profit 8.7 7.4 3.9 -47%
Net leverage ratio 3.75:1 2.62:1 1.73:1 -34%
Net bank debt 294.3 238.5 179.4 -25%
Revenue and segmental profit
The Group reported 8% increase in revenue, reaching US$ 87.1 million compared
to the previous period's US$ 80.7 million, driven by an increase in average
day rates for the period by 8% as well as operating an additional leased
vessel for two months. The increase is partially offset by a decrease in fleet
average utilisation from 91% in H1 2024 to 87% in H1 2025.
Average day rates across the fleet increased by 8% to US$ 35.1k compared to
the previous period's US$ 32.4k, with improvements across all vessel classes.
Average fleet utilisation decreased to 87% compared to H1 2024's 91%. Notably,
S-Class vessels achieved 96% (H1 2024: 86%) utilisation; however, it is not
enough to offset the decreases in other vessel classes impacted by scheduled
maintenance, drydocking, and the time needed to mobilise vessels for upcoming
contracts amid on-going geopolitical tensions in the Middle East.
The table below shows the contribution to revenue and segment gross profit
made by each vessel class during the period:
Revenue Gross profit before adjustment for depreciation, amortisation and impairment
charges
(US$'000)
Vessel class
H1 2025 H1 2024 H1 2025 H1 2024
K-Class vessels 26,109 28,178 14,167 17,383
S-Class vessels 22,755 18,947 16,973 12,951
E-Class vessels 38,202 33,593 26,462 24,231
Total 87,066 80,718 57,602 54,565
Cost of sales and general & administrative expenses
Cost of sales as a percentage of revenue increased to 59% (H1 2024: 52%).
Depreciation and amortisation charged to cost of sales increased to US$ 22.1
million (H1 2024: US$ 15.5 million) driven by new leases, additional capital
expenditure incurred during the current and prior period, and impact of
reversal of previously recognised impairments as at 31 December 2024.
Underlying general and administrative expenses(1) (which excludes depreciation
and amortisation) remains flat at 8% as a percentage of revenue.
(1)Represents general and administrative costs excluding depreciation,
amortisation and other exceptional costs. A reconciliation of this measure is
provided in Note 5 to the condensed consolidated interim financial statements
Finance expenses
Finance expenses decreased by 34% to US$ 8.1 million (H1 2024: US$ 12.3
million), driven by the reduction in gross debt and interest margin. The
reduction of interest margin was due to the successful refinancing of the loan
facility on 30 December 2024.
Warrants
Ordinary shares issued during the period was 82.2 million (H1 2024: 53.5
million) resulting from the exercise of warrants. On 30 June 2025, the
outstanding 846,550 warrants were not exercised and have now expired.
For further details, please refer to the derivative financial instruments
disclosure in Note 18 to the condensed consolidated interim financial
statements.
Tax expenses
Tax expense increased to US$ 12.9 million (H1 2024: US$ 2.5 million) primarily
due to provisions recorded by the Group with respect to its operations in
certain jurisdictions as well as related to one-time impact of the tax ruling
received, as announced on 14 May 2025.
Earnings
Net profit for the period decreased by 47% to US$ 3.9 million compared to US$
7.4 million reported in H1 2024. Mainly driven by the higher tax charges and
cost of sales (as explained above), offsetting the growth in revenue and
reductions in finance costs and impact of change in the fair value of
derivative.
Cash flow and liquidity
The Group generated operating cash flows of US$ 41.2 million (H1 2023: US$
45.6 million) during the period, spent US$ 53.3 million (H1 2024: US$ 40.6
million) on its financing activities while the net cash outflow from investing
activities increased to US$ 12.9 million (H1 2024: US$ 6.3 million).
Total repayments on bank borrowings increased to US$ 46.8 million (H1 2024:
US$ 30.0 million). Other major outflows in investing activities are related
interest payments on bank borrowings, which reduced to US$ 7.3 million (H1
2024: US$ 12.0 million) and lease payments of US$ 5.3 million (H1 2024: US$
2.3 million). During the period, the amount received from warrants exercised
is US$ 6.1 million (H1 2024: US$ 3.9 million).
A suitable spending on capital expenditures to maintain the fleet to a level
that ensures safe operations and meet client requirements increased to US$
12.9 million (H1 2024: US$ 6.3 million), after the net movement of the related
accruals. The Group was able to ramp-up its spending during the period as the
new bank facility provides more flexibility on capital allocations.
The Group has available working capital facility of US$ 23.4 million (31
December 2024: US$ 28.0 million).
Balance sheet
Total non-current assets at 30 June 2025 increased to US$ 611.0 million (31
December 2024: US$ 608.3 million), primarily due to new leases that brought
right-of-use assets to increase to US$ 8.9 million (31 December 2024:
US$ 4.2 million) as well as capital expenditures of US$ 15.3
million (H1 2024: US$ 6.4 million). Depreciation charge for the period
amounted to US$ 22.4 million (H1 2024: US$ 17.9 million).
Total current assets at 30 June 2025 decreased to US$ 59.0 million (31
December 2024: US$ 74.8 million). Cash and cash equivalents decreased to US$
15.0 million (31 December 2024: US$ 40.0 million) mainly due to higher
payments of bank borrowings and capital expenditures. Further, accrued revenue
increased to US$ 12.3 million (31 December 2024: US$ 4.2 million).
The total liabilities decreased to US$ 263.4 million (31 December 2024: US$
300.4 million), mainly due to reduction in bank borrowings amounting to US$
46.3 million and a decrease in the derivative financial instruments by US$ 9.2
million as a result of exercise and expiration of the remaining warrants.
These decreases were offset by the increases in trade and other payables by
US$ 9.0 million as well as lease liabilities by US$ 4.8 million and tax
liabilities by US$ 4.9 million.
Total equity increased to US$ 406.6 million (31 December 2024: US$ 382.7
million). The exercise of warrants resulted in issuance of 82.2 million
ordinary shares and the release of warrants liability into equity. This
resulted in the increase in share capital and share premium by US$ 19.4
million. Further, the profit during the period is US$ 3.9 million (H1 2024:
US$ 7.4 million).
Net Bank Debt and Borrowings
In December 2024, the Group concluded the refinancing of a US$ 300.0 million
facility (US$ 250.0 million term loan to be paid over five years and US$ 50.0
million working capital facility) denominated in United Arab Emirates Dirhams
(AED). The refinancing was secured at a more favourable interest margin and
terms compared to the previous debt facility.
Net bank debt reduced to US$ 179.4 million (31 December 2024: US$ 201.2
million).
Subsequent to the reporting period, the Group entered into agreements with
certain members of its banking syndicate to hedge its exposure against
movement in the exchange rate between US$ and AED.
Going concern
Over the years, the Group was able to reduce the net leverage ratio to 1.73
times as at 30 June 2025 (from as high as 8.06 times as at 31 December 2020),
which strengthens its agility and resilience.
The Group's forecasts indicate that it will have sufficient liquidity to meet
its obligations for at least the next 12 months. Accordingly, the condensed
consolidated interim financial statements of the Group for the current period
have been prepared on the Going Concern basis. For further details please
refer the going concern disclosure in Note 2 to the condensed consolidated
interim financial statements.
Related party transactions
Total related party transactions amounted to US$ 29k (H1 2024: US$ 682k) with
affiliates of MZI Holding Limited, the Group's largest shareholder (22.71%).
All related party transactions disclosed herein have been conducted at arm's
length and entered into after a competitive bidding process. This process
ensures that the terms and conditions of such transactions are fair,
reasonable, and comparable to those that would be available in similar
transactions with unrelated third parties.
Risks and uncertainties
Several risks and uncertainties could significantly influence the Group's
performance for the rest of 2025. The Directors believe that the principal
risks and uncertainties have remained consistent since the release of the
Annual Report for the year ended 31 December 2024. For a comprehensive
analysis of these risks and the Group's mitigation strategies, please refer to
pages 24 to 30 of the 2024 Annual Report, available at www.gmsplc.com
(http://www.gmsplc.com) .
-
· Utilisation levels might decline due to several key factors: dependent on few
major customers; cyclical nature of industry; more tonnage is anticipated to
be available in the market this year and in 2026; risk of obsolescence of our
K-Class vessels due to large number of new builds currently under
construction; and increased standard specifications required by customers
which could necessitate costly upgrades to remain compliant.
· National Oil Companies (NOCs) in the Middle East have local content
requirements in their tender processes, favouring suppliers that enhance
local investment and spending. This could prevent GMS from securing new
contracts or result in financial losses and reduced profit margins on existing
contracts, ultimately impacting operating cash flows and net profitability.
· Geo-political events may disrupt safe operations of vessels due to restricted
crew travel. A serious environmental or safety incident involving our
employees, visitors, or contractors could severely impact both our commercial
interests and our reputation. Inadequate preparation for critical situations,
including sudden equipment failure, the inability to meet client requirements
and unpredictable weather events, could negatively impact the business.
Insufficient insurance coverage may lead to significant financial loss.
· Exposure to short-term liquidity management risks due to mismatch between cash
inflows and outflows, delinquency or slow paying clients and unexpected
expenses. All bank covenants are closely monitored due to the Group's
performance being very sensitive to many internal and external factors such as
utilisation, operational downtime, interest rates and other variables. Breach
of covenant will trigger an event of default that would give lenders the right
to accelerate loan repayments and ultimately exercise security over the
Group's assets.
· Attracting, retaining, recruiting and developing a skilled workforce. Losing
skills or failing to attract new talent to the business has the potential to
undermine performance.
· Political instability in the regions in which Group operates may adversely
impact its operations. As the majority of crew for certain key positions come
from Eastern Europe and Southeast Asia, political instability may hamper the
recruitment, retention and deployment of personnel. High interest rate and
inflation will have an impact on the Group's liquidity and profitability.
· Failure to comply with anti-bribery and corruption regulations could damage
stakeholder relationships and result in significant reputational and financial
harm. The Group is operating in various jurisdictions, so it is governed by a
complex web of international conventions, as well as federal and local laws,
regulations, and guidelines related to health, safety, and environmental
protection. Compliance with these increasingly stringent requirements is
becoming more costly and complex. Failure to identify and adhere to all
applicable laws and regulations across various jurisdictions could result in
regulatory investigations. Failure to provide timely and accurate financial
reports and information to the market, as required by regulators, or to comply
with tax regulations (including transfer pricing requirements) in the
countries where the Group operates, could result in significant administrative
and financial penalties.
· Phishing attempts result in inappropriate transactions, data leakage and
financial loss. The Group is at risk of loss and reputational damage through
financial cyber-crime.
· Climate change presents both transition and physical risks to the Group.
Transition risks include the global shift toward decarbonisation, which may
alter investor sentiment making new investors harder to find. Physical risks
involve rising temperatures affecting working hours and rising sea levels
impacting operations. New legislation could require us to increase reporting
and possibly substitute our products and vessels for greener alternatives.
RESPONSIBILITY STATEMENT
Financial information for the period ended 30 June 2025.
We confirm to the best of our knowledge:
a) the condensed set of financial statements, which has been prepared in
accordance with the applicable set of accounting standards, gives a true and
fair view of the assets, liabilities, financial position and profit or loss of
Gulf Marine Services plc and its undertakings, included in the consolidation
as a whole as required by DTR 4.2.4R;
b) the interim management report includes a fair review of the information
required by DTR 4.2.7R; and
c) the interim management report includes a fair review of the information
required by DTR 4.2.8R.
By order of the Board
Mansour Al Alami Alex Aclimandos
Executive Chairman Chief Financial Officer
08 September 2025
08 September 2025
Independent Review Report to Gulf Marine Services PLC ("the Entity")
Conclusion
We have been engaged by the Entity to review the Entity's condensed set of
consolidated financial statements in the half-yearly financial report for the
six months ended 30 June 2025 which comprises the condensed consolidated
statement of comprehensive income, the condensed consolidated statement of
financial position, the condensed consolidated statement of changes in equity,
the condensed consolidated statement of cash flows, a summary of material
accounting policies and other explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of consolidated financial statements in the
half-yearly financial report for the six months ended 30 June 2025 is not
prepared, in all material respects in accordance with International Accounting
Standard 34 Interim Financial Reporting ("IAS 34") as contained in the UK
adopted International Accounting Standards and the Disclosure Guidance and
Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the
UK FCA").
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
We read the other information contained in the half-yearly financial report to
identify material inconsistencies with the information in the condensed set of
consolidated financial statements and to identify any information that is
apparently materially incorrect based on, or materially inconsistent with, the
knowledge acquired by us in the course of performing the review. If we become
aware of any apparent material misstatements or inconsistencies we consider
the implications for our report.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Entity to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Entity will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
The directors are responsible for preparing the condensed set of consolidated
financial statements included in the half-yearly financial report in
accordance with IAS 34 as adopted for use in the UK.
As disclosed in note 1, the annual financial statements of the Entity for the
year ended 31 December 2024 are prepared in accordance with UK-adopted
international accounting standards.
In preparing the condensed set of consolidated financial statements, the
directors are responsible for assessing the Entity's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend
to liquidate the Entity or to cease operations, or have no realistic
alternative but to do so.
Our responsibility
Our responsibility is to express to the Entity a conclusion on the condensed
set of consolidated financial statements in the half-yearly financial report
based on our review.
Our conclusion, including our conclusions relating to going concern, are based
on procedures that are less extensive than audit procedures, as described in
the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Entity in accordance with the terms of our
engagement to assist the Entity in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the Entity
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Entity for our review work, for this
report, or for the conclusions we have reached.
KPMG
8 September 2025
Chartered Accountants
1 Harbourmaster place,
IFSC,
Dublin 1,
Ireland.
GULF MARINE SERVICES PLC
Condensed Consolidated Statement of Comprehensive Income
for the period ended 30 June 2025
Six months period ended 30 June
2025 2024
US$'000 US$'000
Notes (Unaudited) (Unaudited)
Revenue 4,8 87,066 80,718
Cost of sales (51,548) (41,667)
Expected credit losses - net of recoveries 4 343 (211)
Gross profit 35,861 38,840
General and administrative expenses (7,465) (9,043)
Operating profit 28,396 29,797
Other income 1,423 10
Finance income 7 83
Finance expenses 9 (8,077) (12,300)
Impact of change in fair value of derivative 18 (4,152) (7,460)
Foreign exchange loss, net (795) (263)
Profit for the period before taxation 16,802 9,867
Taxation charge for the period 6 (12,857) (2,499)
Profit for the period 3,945 7,368
Other comprehensive income - items that may be reclassified to profit or loss:
Exchange differences on translating foreign operations 472 (44)
Total comprehensive income for the period 4,417 7,324
Profit attributable to:
Owners of the Company 3,849 7,023
Non-controlling interest 96 345
3,945 7,368
Total comprehensive income attributable to:
Owners of the Company 4,321 6,979
Non-controlling interest 96 345
4,417 7,324
Earnings per share
Basic (cents per share) 7 0.35 0.68
Diluted (cents per share) 7 0.34 0.63
All results are derived from continuing operations in each period. There are
no discontinued operations in either period.
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
GULF MARINE SERVICES PLC
Condensed Consolidated Statement of Financial Position
as at 30 June 2025
30 June 31 December
2025 2024
US$'000 US$'000
Notes (Unaudited) (Audited)
ASSETS
Non-current assets
Property and equipment 10 587,451 592,233
Dry docking expenditure 11 14,679 11,867
Right-of-use assets 12 8,900 4,225
Total non-current assets 611,030 608,325
Current assets
Trade receivables 13 24,119 25,575
Prepayments, advances and other receivables 14 19,891 9,229
Cash and cash equivalents 14,964 40,007
Total current assets 58,974 74,811
Total assets 670,004 683,136
EQUITY AND LIABILITIES
Capital and reserves
Share capital - Ordinary 15 33,584 31,472
Capital redemption reserve 16 46,445 46,445
Share premium account 18 129,299 111,995
Group restructuring reserve (49,710) (49,710)
Restricted reserve 272 272
Capital contribution 9,177 9,177
Translation reserve (2,160) (2,632)
Share based payment reserve 21 88 -
Retained earnings 236,528 232,679
Attributable to the Owners of the Company 403,523 379,698
Non-controlling interest 3,094 2,998
Total equity 406,617 382,696
Current liabilities
Trade and other payables 46,825 37,795
Current tax liability 15,360 10,430
Bank borrowings - scheduled repayments within one year 17 27,652 39,597
Lease liabilities 12 8,685 3,503
Derivative financial instruments 18 - 9,192
Total current liabilities 98,522 100,517
Non-current liabilities
Provision for employees' end of service benefits 2,374 2,640
Bank borrowings - scheduled repayments more than one year 17 162,055 196,425
Lease liabilities 12 436 858
Total non-current liabilities 164,865 199,923
Total liabilities 263,387 300,440
Total equity and liabilities 670,004 683,136
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
GULF MARINE SERVICES PLC
Condensed Consolidated Statement of Changes in Equity
for the period ended 30 June 2025
Share capital - Ordinary Share premium account Group restructuring reserve Share based payment reserve Capital contribution Translation Attributable to the owners of the Company Total
Capital redemption Reserve Non- controlling interest equity
Reserve Restricted Retained
reserve earnings
US$'000 US$'000 US$'000 US$'000 US$'000 US$'0-00 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
As at 1 January 2025 31,472 46,445 111,995 (49,710) 272 - 9,177 (2,632) 232,679 379,698 2,998 382,696
Profit for the period - - - - - - - - 3,849 3,849 96 3,945
Other comprehensive income for the period
Exchange differences on foreign operations - - - - - - - 472 - 472 - 472
Total comprehensive income for the period - - - - - - - 472 3,849 4,321 96 4,417
Transactions with owners of the Company
Issue of share capital
2,112 - 17,304* - - - - - - 19,416 - 19,416
Share based payment charge - - - - - 88 - - - 88 - 88
Total transactions with owners of the Company 2,112 - 17,304 - - 88 - - - 19,504 - 19,504
As at 30 June 2025 33,584 46,445 129,299 (49,710) 272 88 9,177 (2,160) 236,528 403,523 3,094 406,617
As at 1 January 2024 30,117 46,445 99,105 (49,710) 272 - 9,177 (2,542) 194,703 327,567 2,714 330,281
Profit for the period - - - - - - - - 7,023 7,023 345 7,368
Other comprehensive income for the period
Exchange differences on foreign operations - - - - - - - (44) - (44) - (44)
Total comprehensive income for the period - - - - - - - (44) 7,023 6,979 345 7,324
Transactions with owners of the Company
Issue of share capital
1,355 - 12,973** - - - - - - 14,328 - 14,328
Share issuance cost - - (83) - - - - - - (83) - (83)
Total transactions with owners of the Company 1,355 - 12,890 - - - - - - 14,245 - 14,245
As at 30 June 2024 31,472 46,445 111,995 (49,710) 272 - 9,177 (2,586) 201,726 348,791 3,059 351,850
* Addition to share premium amount reflects cash proceeds US$ 4.0m and release
of warrants liability of US$ 13.3m upon exercise of warrants.
**Addition to share premium amount reflects cash proceeds US$ 2.5m and release
of warrants liability of US$ 10.4m upon exercise of warrants.
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
GULF MARINE SERVICES PLC
Condensed Consolidated Statement of Cash Flows
for the period ended 30 June 2025
Six-month period ended 30 June
2025 2024
US$'000 US$'000
(Unaudited) (Unaudited)
Profit for the period 3,945 7,368
Adjustments for:
Depreciation of property and equipment (Note 10) 13,632 13,018
Amortisation of dry-docking expenditure (Note 11) 3,679 2,568
Depreciation of right-of-use asset 5,068 2,268
Amortisation of borrowing cost 513 -
Income tax expense (Note 6) 12,857 2,499
End of service benefits charge 440 228
Movement in ECL provision during the period (343) 211
Share based payment charge 88 -
Finance income (7) (83)
Finance expenses (Note 9) 7,564 12,300
Impact of change in fair value of warrant (Note 18) 4,152 7,460
Other income (1,423) (10)
Cash flow from operating activities before movement in working capital 50,165 47,827
Changes in trade receivables 1,799 (7)
Changes in prepayments, advances and other receivables (10,176) (3,926)
Changes in trade and other payables 7,160 3,298
Cash generated from operations 48,948 47,192
Taxation paid (7,051) (1,358)
End of service benefits paid (706) (216)
Net cash generated from operating activities 41,191 45,618
Investing activities
Payments for additions of property and equipment (7,366) (1,236)
Dry docking expenditure paid (5,572) (5,115)
Interest received 7 83
Net cash used in investing activities (12,931) (6,268)
Financing activities
Repayment of bank borrowings (46,828) (30,000)
Principal elements of lease payments (4,983) (2,090)
Proceeds from issue of share capital on exercise of warrants 6,072 3,897
Share issuance cost - (83)
Interest paid on bank borrowings (7,264) (12,048)
Interest paid on leases (300) (252)
Net cash used in financing activities (53,303) (40,576)
Net decrease in cash and cash equivalents (25,043) (1,226)
Cash and cash equivalents at the beginning of the period 40,007 8,666
Cash and cash equivalents at the end of the period 14,964 7,440
The accompanying notes form an integral part of these condensed consolidated
interim financial statements.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025
1 Corporate information
Gulf Marine Services PLC ("GMS" or the "Company") is a Company which is
registered and was incorporated in England and Wales on 24 January 2014. The
Company is a public limited liability company with operations mainly in the
Gulf Cooperation Council (GCC) and Europe. The address of the registered
office of the Company is 107 Hammersmith Road, London, W14 0QH. The registered
number of the Company is 08860816.
The principal activities of GMS and its subsidiaries (together referred to as
the "Group") are chartering and operating a fleet of specially designed and
built vessels. All information in the notes relate to the Group, not the
Company unless otherwise stated.
The Group is engaged in providing self-propelled, self-elevating support
vessels (SESVs) that present a stable platform for delivery of a wide range of
services throughout the total lifecycle of offshore oil, gas and renewable
energy activities, and which are capable of operations in the GCC and other
regions.
The condensed consolidated interim financial statements of the Group for the
six-month period ended 30 June 2025 were authorised for issue on 08 September
2025. The condensed consolidated interim financial statements do not comprise
statutory accounts within the meaning of Section 434 of the Companies Act
2006. The condensed consolidated interim financial statements have been
reviewed, not audited.
The Group issued statutory consolidated financial statements for the year
ended 31 December 2024, which were prepared in accordance with UK adopted
International Accounting Standards in conformity with requirements of the
Companies Act 2006. Those consolidated financial statements were approved by
the Board of Directors on 08 April 2025. The report of the auditor on those
consolidated financial statements did not contain any statement under section
498(2) or 498(3) of the Companies Act 2006. A copy of the statutory
consolidated financial statements for year ended 31 December 2024 has been
delivered to the Registrar of Companies.
During the period, the Group has issued ordinary shares on March and June 2025
(refer to Note 15 and 18 for further details).
2 Material accounting policies
The accounting policies and methods of computation adopted in the preparation
of these condensed consolidated interim financial statements are consistent
with those followed in the preparation of the Group's annual consolidated
financial statements for the year ended 31 December 2024 as disclosed in the
Annual Report, except for the adoption of new standards and interpretations
effective as of 01 January 2025, which are described in more details below.
The condensed consolidated interim financial statements have been prepared on
the historical cost basis, except for derivative financial instruments that
are measured at fair values at the end of each reporting period. Historical
cost is generally based on the fair value of the consideration given in
exchange for assets.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
2 Material accounting policies (continued)
Basis of preparation
The annual consolidated financial statements of the Group will be prepared in
accordance with UK adopted International Accounting Standards in conformity
with requirements of the Companies Act 2006. The interim set of condensed
consolidated financial statements included in this half-yearly financial
report has been prepared in accordance with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority and with International
Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the
United Kingdom.
The condensed consolidated interim financial statements do not include all the
information required for full annual consolidated financial statements and
should be read in conjunction with the Group's audited consolidated financial
statements for the year ended 31 December 2024. In addition, results for the
six-month period ended 30 June 2025 are not necessarily indicative of the
results that may be expected for the financial year ending 31 December 2025.
The condensed consolidated statement of comprehensive income for the six-month
period ended 30 June 2025 is not affected significantly by seasonality of
results.
Going concern
As at 30 June 2025, the Group was in a net current liability position of US$
39.5 million (31 December 2024: US$ 25.7 million). Despite this, the Group
closely monitors its liquidity position and expects to meet its short-term
obligations as they fall due.
The Group has a loan facility of a US$ 300.0 million (AED 1,101.5 million)
comprising a US$ 250.0 million
(AED 924.0 million) term loan amortised over five years and a US$ 50.0 million
(AED 177.5 million) working capital facility, denominated in United Arab
Emirates Dirhams (AED). The working capital facility includes a cash
commitment of US$ 20.0 million (31 December 2024: US$ 20.0 million), but if no
cash is drawn, the full facility remains available for performance bonds and
guarantees. The working capital facility expires alongside the main debt
facility in December 2029.
The Group closely monitors its liquidity and is expected to meet its
short-term obligations over the next twelve months. During the period, the
Group made a loan repayment of US$ 46.8 million (AED 173.7 million). The loan
repayment was made after taking into account the forecast cash flows in the
second half of 2025.
The Group's forecasts indicate that it will have sufficient liquidity to meet
its obligations for at least 12 months from the date of approval of these
condensed consolidated interim financial statements. Accordingly, these
condensed consolidated interim financial statements for the period ended 30
June 2025 have been prepared on a going concern basis.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
2 Material accounting policies (continued)
New and amended standards adopted by the Group
The following new and revised IFRSs have been adopted in these condensed
consolidated interim financial statements.
New accounting standards or amendments Effective date
- Amendments to IAS 21 Lack of Exchangeability 1 January 2025
The application of these new and revised IFRSs has not had any material impact
on the amounts reported for the current and prior periods and did not require
any retrospective adjustments but may affect the accounting for future
transactions or arrangements. The full revised accounting policies applicable
from 1 January 2025 will be provided in the Group's annual consolidated
financial statements for the year ending 31 December 2025.
At the date of the condensed consolidated interim financial statements, the
following other standards, amendments and Interpretations have not been
effective and have not been early adopted by the Group:
New accounting standards or amendments Effective date
- Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of 1 January 2026
financial instruments and power purchase arrangements
- Annual Improvements to IFRS Accounting Standards - Volume 11 1 January 2026
- IFRS 18 Presentation and Disclosures in Financial Statements 1 January 2027
IFRS 18 will replace IAS 1 for reporting periods commencing on or after 1
January 2027. The following key changes will apply;
1. All income and expenses in the statement of profit or loss will be
presented under five categories, namely operating, investing, financing,
discontinued operations and income tax categories.
2. Operating profit will be defined as a residual capturing all income and
expenses not classified as investing or financing items.
3. The operating profit line will be the start of the cash flow statement.
4. Additional disclosures will be included in the accounts on management
defined performance measures.
5. Enhanced guidance is provided on how to group items in the primary
financial statements and the notes.
The Group is still assessing the impact of the new standard with respect to
the structure of the income statement and how information is grouped in the
financial statements including items labelled as other.
- IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
- Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Available for optional adoption / effective date deferred indefinitely
Investor and its Associate or Joint Venture
--
Management anticipates that these new standards, interpretations and
amendments will be adopted in the Group's condensed consolidated interim
financial statements as and when they are applicable and the impact of
adoption of these new standards, interpretations and amendments is currently
being assessed on the condensed consolidated interim financial statements of
the Group before the period of initial application.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
3 Key sources of Estimation Uncertainty and Critical
Accounting Judgements
In preparing these condensed consolidated interim financial statements,
management has made judgements and estimates that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty include the
impairment and reversal of previous impairment of property and equipment, fair
valuation of warrants and impairment of financial assets as described in the
last annual consolidated financial statements.
The critical accounting judgment relating to a subsidiary of the Group that
received a tax assessment from the Saudi tax authorities (ZATCA) regarding the
transfer pricing of our inter-group bareboat agreement is removed because a
final assessment has been made and amount settled in May 2025 - refer note 6.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
4 Segment reporting
The segment information provided to the chief operating decision makers for
the operating and reportable segments for the period include the following:
Gross profit before adjustments for depreciation, amortisation and impairment
charges
Revenue
6 months ended 30 June 6 months ended 30 June
2025 2024 2025 2024
US$'000 US$'000 US$'000 US$'000
K-Class vessels 26,109 28,178 14,167 17,383
S-Class vessels 22,755 18,947 16,973 12,951
E-Class vessels 38,202 33,593 26,462 24,231
_______ _______ _______ _______
Total revenue 87,066 80,718 57,602 54,565
_______ _______ _______ _______
Less:
Depreciation charged to cost of sales (18,404) (12,946)
Amortisation charged to cost of sales (3,680) (2,568)
Expected credit losses - net of recoveries 343 (211)
_______ _______
Gross profit 35,861 38,840
_______ _______
General and administrative expenses (7,465) (9,043)
Other income 1,423 10
Finance income 7 83
Finance expense (refer Note 9) (8,077) (12,300)
Impact of change in fair value of derivatives (4,152) (7,460)
Foreign exchange loss, net (795) (263)
_______ _______
Profit before taxation 16,802 9,867
Segment revenue reported above represents revenue generated from external
customers. There were no inter-segment sales in either of the periods. Segment
assets and liabilities, including depreciation, amortisation and additions to
non-current assets, are not reported to the chief operating decision maker on
a segmental basis and, therefore, are not disclosed.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
5 Presentation of non-GAAP results
The following table provides a reconciliation between the statutory and
non-statutory financial results:
Period ended 30 June 2025 Period ended 30 June 2024
Adjusted non-GAAP results Adjusting items Statutory total Adjusted non-GAAP results Adjusting items Statutory total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Revenue 87,066 - 87,066 80,718 - 80,718
Cost of sales
- Vessel operating expenses before depreciation, amortisation and impairment (29,464) - (29,464) (26,153) - (26,153)
- Depreciation and amortisation (22,084) - (22,084) (15,514) - (15,514)
Expected credit losses 343 - 343 (211) - (211)
Gross profit 35,861 - 35,861 38,840 - 38,840
General and administrative
- Amortisation (250) - (250) (2,268) - (2,268)
- Depreciation (45) - (45) (72) - (72)
- Other administrative costs (7,170) - (7,170) (6,703) - (6,703)
Operating profit 28,396 - 28,396 29,797 - 29,797
Other income* 14 1,409* 1,423 10 - 10
Finance income 7 - 7 83 - 83
Finance expense (8,077) - (8,077) (12,300) - (12,300)
Impact of change in fair value of warrants (4,152) - (4,152) (7,460) - (7,460)
Foreign exchange loss, net (795) - (795) (263) - (263)
Profit before taxation 15,393 1,409 16,802 9,867 - 9,867
Taxation charge
- Current year tax charge (1,313) - (1,313) (2,499) - (2,499)
- Change in estimate of tax provisions - (11,544) (11,544) - - -
Profit for the year 14,080 (10,135) 3,945 7,368 - 7,368
Profit attributable to:
Owners of the Company 13,984 (10,135) 3,849 7,023 - 7,023
Non-controlling interest 96 - 96 345 - 345
Earnings per share (basic) 1.26 (0.91) 0.35 0.68 - 0.68
Earnings per share (diluted) 1.23 (0.89) 0.34 0.63 - 0.63
Supplementary non
statutory information
Operating profit 28,396 - 28,396 29,797 - 29,797
Add: Depreciation and amortisation 22,379 - 22,379 17,854 - 17,854
Adjusted EBITDA 50,775 - 50,775 47,651 - 47,651
*These exceptional items relate to the reversal of legal and exceptional tax
penalty provisions recognised in the prior years.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
6 Taxation
Tax is calculated at the rates prevailing in the respective jurisdictions in
which the Group operates. The overall effective rate is the aggregate of taxes
paid in jurisdictions where income is subject to tax (being principally Qatar,
the United Kingdom, Saudi Arabia and United Arab Emirates), divided by the
Group's profit.
30 June 2025 30 June 2024
US$'000 US$'000
Profit from operations before tax 16,802 9,867
Tax at the UK corporation tax rate of 25% (2024: 25%) 4,201 2,467
Effect of different tax rates in overseas jurisdictions (579) (671)
Expense not deductible for tax purposes (199) -
Overseas taxes 400 956
Increase in unrecognised deferred tax 1,484 2,145
Change in estimates of tax provisions 11,528 930
Income not taxable for tax purposes (3,978) (3,328)
Total tax charge 12,857 2,499
The Group's effective tax rate was 76.5% for the period ended June 2025 (Six
months ended June 2024: 25.3%).
The current tax charge of US$ 12.9 million (six-month period ended June 2024:
US$ 2.5 million) included withholding tax amounting to US$ 0.7 million
(six-month period ended June 2024: US$ 1.0 million) and US$ 11.5 million
related to change in estimates for prior years.
A subsidiary of the Group received a tax assessment from the Saudi tax
authorities (ZATCA) for an amount of
US$ 9.2 million (including delay fines) related to the transfer pricing of
inter-group bareboat agreement, for the period from 2017 to 2019. On 12 May
2025, the Tax Violations and Disputes Appellate Committee (TVDAC) delivered
its unfavourable judgment and, consequently, the Group has paid a total of US$
5.7 million with respect to this assessment. The Group has obtained a waiver
of penalties from ZATCA during the period.
On 9 December 2022, the UAE Ministry of Finance released Federal Decree-Law
No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax
Law or the Law) to enact a Federal Corporate Tax regime in the UAE. This Law
has become effective for accounting periods beginning on or after 1 June 2023.
The Group's UAE operations is subject to a 9% corporation tax rate with effect
from 01 January 2024. A rate of 0% apply to taxable income not exceeding AED
375,000.
GMS has considered deferred tax implications in the preparation of these
condensed consolidated interim financial statements in respect of property and
equipment and potential timing differences that could give rise to a deferred
tax liability. There are currently no UAE tax laws that would impact treatment
of depreciation and amortization of property and equipment, that would result
in such a timing difference. Hence, management has concluded that no
adjustments to these condensed consolidated interim financial statements are
necessary.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
7 Earnings per share
6 months ended 30 June 2025 6 months ended 30 June 2024
Earnings for the purpose of calculating the basic and diluted earnings per 3,849 7,023
share being profit for the period attributable to Owners of the Company
(US$'000)
Earnings for the purpose of calculating the adjusted basic and diluted profit 13,984 7,023
per share (US$'000) (Note 5)
Weighted average number of shares ('000) 1,110,462 1,031,709
Weighted average diluted number of shares ('000) 1,140,943 1,116,317
Basic earnings per share (cents) 0.35 0.68
Diluted earnings per share (cents) 0.34 0.63
Adjusted earnings per share(1) (cents) 1.26 0.68
Adjusted diluted earnings per share(1) (cents) 1.23 0.63
Basic earnings per share is calculated by dividing the earnings attributable
to equity holders of the Company for the period (as disclosed in the condensed
consolidated statement of comprehensive income) by the weighted average number
of ordinary shares in issue during the period.
Adjusted earnings per share is calculated on the same basis as basic earnings
but uses the adjusted profit attributable to equity holders of the Company for
the period (refer Note 5). The adjusted earnings per share is presented as the
Directors consider it provides an additional indication of the underlying
performance of the Group.
Diluted earnings per share is calculated by dividing the earnings attributable
to owners of the Company for the period by the weighted average number of
ordinary shares in issue during the period adjusted for the weighted average
effect of warrants, long term incentive plan and deferred share bonus plan
outstanding during the period.
Adjusted diluted earnings per share is calculated on the same basis but uses
adjusted profit (refer Note 5) attributable to the equity shareholders of the
Company.
The following table shows a reconciliation between basic and diluted average
number of shares:
30 June 2025 30 June 2024
000's 000's
Weighted average basic number of shares in issue 1,110,462 1,031,709
Weighted average effect of warrants 29,481 84,608
Weighted average effect of Deferred share bonus plan 271 -
Weighted average effect of Long term incentive plan 729 -
Weighted average diluted number of shares in issue 1,140,943 1,116,317
Refer Note 18 for details on exercise of warrants.
(1) This represents an Adjusted Performance Measure (APM) as defined in the
Glossary which is included in Note 24 to the condensed consolidated interim
financial statements.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
8 Revenue
30 June 2025 30 June 2024
US$'000 US$'000
Charter hire 39,025 40,496
Lease income 34,900 28,666
Messing and accommodation 6,951 6,106
Maintenance service 3,836 3,293
Mobilisation and demobilization 2,212 1,783
Sundry income 142 374
87,066 80,718
Revenue recognized - over time 86,876 80,344
Revenue recognized - point in time 190 374
87,066 80,718
Revenue by geographical segment is based on the geographical location of the
customer as shown below:
30 June 2025 30 June 2024
US$'000 US$'000
United Arab Emirates 23,392 23,561
Saudi Arabia 24,538 19,931
Qatar 29,950 28,073
Total - Middle East 77,880 71,565
Total - Europe 9,186 9,153
Total - Worldwide 87,066 80,718
The Group operates in both the oil and gas and renewables sector. Oil and gas
revenues are driven from both client operating cost expenditure and capex
expenditure. Renewables are primarily driven by windfarm developments from
client expenditure. Details are shown below:
Oil and gas 77,880 71,565
Renewables 9,186 9,153
87,066 80,718
9 Finance expenses
30 June 2025 30 June 2024
US$'000 US$'000
Interest on bank borrowings 6,805 11,628
Interest on finance leases 300 252
Other finance expenses 459 420
Amortisation of borrowings issue cost 513 -
8,077 12,300
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
10 Property and equipment
Vessels Vessel spares, fitting and other equipment Others Capital work-in-progress Total
US$'000 US$'000 US$'000 US$'000 US$'000
Cost
Balance as at 1 January 2025 898,200 64,259 2,250 9,855 974,564
Additions 6,340 1,106 31 1,373 8,850
Transfers 3,189 185 - (3,374) -
Balance as at 30 June 2025 907,729 65,550 2,281 7,854 983,414
Accumulated Depreciation and impairment
Balance at 1 January 2025 349,139 28,144 2,203 2,845 382,331
Depreciation expense 11,682 1,905 45 - 13,632
Balance as at 30 June 2025 360,821 30,049 2,248 2,845 395,963
Net Book Value as at 30 June 2025 546,908 35,501 33 5,009 587,451
Vessels Vessel spares, fitting and other equipment Others Capital work-in-progress Total
US$'000 US$'000 US$'000 US$'000 US$'000
Cost
Balance as at 1 January 2024 898,200 60,757 2,250 10,569 971,776
Additions - - - 2,788 2,788
Transfers - 3,502 - (3,502) -
Balance as at 31 December 2024 898,200 64,259 2,250 9,855 974,564
Accumulated Depreciation and impairment
Balance at 1 January 2024 335,987 24,471 2,061 2,845 365,364
Depreciation expense 22,379 3,673 142 - 26,194
Impairment charge 9,394 - - - 9,394
Reversal of impairment (18,621) - - - (18,621)
Balance as at 31 December 2024 349,139 28,144 2,203 2,845 382,331
Net Book Value as at 31 December 2024 549,061 36,115 47 7,010 592,233
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
11 Dry docking expenditure
30 June 31 December
2025
2024
US$'000 US$'000
At 1 January 11,867 11,204
Expenditure incurred during the period/year 6,491 5,987
Amortised during the period/year (3,679) (5,324)
14,679 11,867
12 Right-of-use assets and lease liabilities
During the period, the Group entered into a lease agreement for a vessel. On
lease commencement, the Group recognised US$ 8.1 million of right of use asset
and lease liability.
13 Trade receivables
30 June 31 December
2025
2024
US$'000 US$'000
Trade receivables 28,008 29,807
Less: Allowance for expected credit losses (3,889) (4,232)
Net trade receivables 24,119 25,575
14 Prepayments, advances and other receivables
30 June 31 December
2025
2024
US$'000 US$'000
Accrued revenue 12,292 4,237
Prepayments 2,410 2,073
Advances to suppliers 4,901 2,824
Deposits 213 95
Other receivables 75 -
19,891 9,229
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
15 Share capital
Ordinary shares at £0.02 per share
Number of ordinary shares
('000) US$'000
At 1 January 2025 1,069,946 31,472
Issue of share capital (Note 18) 82,220 2,112
As at 30 June 2025 1,152,166 33,584
Number of ordinary shares
('000) US$'000
At 1 January 2024 1,016,415 30,117
Issue of share capital (Note 18) 53,531 1,355
As at 31 December 2024 1,069,946 31,472
Prior to an equity raise on 28 June 2021 the Group underwent a capital
reorganisation where all existing ordinary shares with a nominal value of 10
pence per share were subdivided and re-designated into 1 ordinary share with a
nominal value of 2 pence and 1 deferred share with a nominal value of 8 pence
each. The previously recognised share capital balance relating to the old 10p
ordinary shares was allocated pro rata to the new subdivided 2p ordinary
shares and 8p deferred shares. The deferred shares had no voting rights and no
right to the profits generated by the Group. On winding-up or other return of
capital, the holders of deferred shares had extremely limited rights, if any.
The Group had the right but not the obligation to buyback all of the deferred
shares for an amount not exceeding £1.00 in aggregate, which with the
shareholders approval, was completed on 30 June 2022. Accordingly, 350,487,787
deferred shares were cancelled. Following the cancellation of the Deferred
shares on 30 June 2022, a transfer of $46.4 million was made from Share
capital - Deferred to a Capital redemption reserve. There was no dilution to
the shares ownership as a result of the share reorganisation.
Under the Companies Act, a share buy‑back by a public company can only be
financed through distributable reserves or the proceeds of a fresh issue of
shares made for the purpose of financing a share buyback. The Company had
sufficient reserves to purchase the Deferred shares for £1.00.
The Group has issued ordinary share capital on the exercise of previously
issued warrants to its lenders which has resulted in issuance of ordinary
shares of 82,219,697 (2024: 53,531,734) on 03 March 2025 and 25 June 2025
(refer Note 18).
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
16 Capital redemption reserve
The capital redemption reserve with a value of US$ 46.4 million was created on
30 June 2022 when the Company purchased and then cancelled 350,487,787
deferred ordinary shares (refer Note 15). The capital redemption reserve is
not distributable.
17 Bank borrowings
Secured borrowings at amortised cost are as follows:
30 June 31 December
2025
2024
US$'000 US$'000
Term loans 194,361 241,189
Less: Unamortised issue costs (4,654) (5,167)
189,707 236,022
30 June 31 December
2025
2024
US$'000 US$'000
At 1 January 236,022 275,939
Repayment of bank borrowings (46,828) (275,939)
Additional bank borrowings - 241,189
Unamortised issue costs incurred - (5,173)
Amortisation of issue costs 513 6
At 31 December 189,707 236,022
Bank borrowings are presented in the condensed consolidated interim financial
position as follows:
30 June 31 December
2025
2024
US$'000 US$'000
Non-current
Bank borrowings 162,055 196,425
Current
Bank borrowings - scheduled repayments within one year 27,652 39,597
189,707 236,022
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
-----
17 Bank Borrowings (continued)
Net debt as at the end of the period/year was as follows:
30 June 31 December
2025
2024
US$'000 US$'000
Bank borrowings excluding unamortised issue costs 194,361 241,189
Less: Cash and cash equivalents (14,964) (40,007)
Total 179,397 201,182
On 30 December 2024, the Group completed the refinancing of its existing bank
borrowings. The purpose of the refinancing was primarily to settle in full all
the amounts outstanding under the previous debt facility (which was scheduled
to mature on 30 June 2025) as well as to fund the fees and expenses in
relation to this transaction. The principal terms of the outstanding
facility are as follows:
· The facility is denominated in UAE Dirhams (AED) and consist of a term loan of
AED 924.0 million
(US$ 250.0 million) and revolving credit facility of AED 177.5 million (US$
50.0 million).
· The term loan will have a tenor of five years, where 80% of the term loan is
payable in 19 equal quarterly instalments and the remaining 20% is payable on
maturity.
· The term loan carries floating rate linked to Emirates Interbank Offered Rate
(EIBOR) plus a margin based on a ratchet depending on the Group's leverage
level.
· The facility is secured by mortgage of 13 vessels owned by the Group with a
net book value of US$ 546.9 million, including the assignment of trade
receivables amounting to US$ 24.1 million, bank balance amounting to US$ 15.0
million and insurance proceeds.
· The facility is subject to certain financial covenants such as Interest Cover,
Debt Service Cover, Gearing Ratio and Senior Net Leverage which are to be
tested every six months. The financial covenant related to Security Cover is
tested annually. All applicable financial covenants under the Group's debt
facility were met as of 30 June 2025 and are expected to be compliant in the
next 12 months from the approval of these condensed consolidated interim
financial statements.
The Group is exposed to interest rate risk on its bank borrowings which are
subject to floating interest rates. The sensitivity analyses below have been
determined based on the exposure to interest rates for non-derivative
instrument at the end of the reporting period. For floating rate liabilities,
the analysis is prepared assuming the amount of liability outstanding at the
end of the reporting period was outstanding for the whole period.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
17 Bank Borrowings (continued)
If interest rates had been 100 basis points higher/lower and all other
variables were held constant, the profit for the period ended 30 June 2025
would decrease/increase by US$ 1.1 million (six-month period ended June 2024:
US$ 1.2 million). This is mainly attributable to the Group's exposure to
interest rates on its variable rate borrowings.
18 Derivative financial instruments
--
Warrants
Under the terms of the Group's old loan facility, the Group was required to
issue warrants to its lenders as GMS had not raised US$ 50.0 million of equity
by 31 December 2022.
On 2 January 2023, as the US$ 50.0 million equity raise did not take place,
therefore 87,621,947 warrants were issued to the lenders. Based on the final
report prepared by a Calculation Agent, the warrants give right to their
holders to acquire 137,075,773 shares at an exercise price of 5.75 pence per
share for a total consideration of GBP £7.9 million. Warrant holders had the
right to exercise their warrants up to the end of the term of the loan
facility, being 30 June 2025.
During the period, 52,556,697 (six-month period ended 30 June 2024:
34,218,700) warrants were exercised by the holders resulting in issuance of
82,219,697 (six-month period ended 30 June 2025: 53,531,734) new ordinary
shares with a nominal value of 2p per share and share premium of 3.75p per
share. The fair value of the warrants that were exercised was recalculated at
the time of exercise. The fair value of warrant exercised was calculated at
US$ 13.3 million (six-month period ended 30 June 2024: US$ 10.4 million). This
fair value is added to the actual cash raised of US$ 6.1 million (six-month
period ended 30 June 2024: US$ 3.9 million), in line with Companies Act 2006
to give a total increase in share capital and share premium of US$ 19.4
million (30 June 2024: US$ 14.3 million). Issue costs of nil (six-month period
ended 30 June 2024: US$83k) have been reduced from the share premium
account. Shares issued as a result of the exercise of warrants were ordinary
shares with identical rights and privileges as the existing shares of the
Group.
As at 31 December 2024, 53,403,247 warrants remained outstanding with a fair
value of US$ 9.2 million, as determined by an independent valuation expert.
The valuation was conducted using a Monte Carlo simulation model, which
incorporated assumptions about the USD/GBP exchange rate and the Group's share
price movements over the life of the warrants. The simulation considers
sensitivity by building models of possible results by substituting a range of
values. Warrants valuation as at 31 December 2024 represented a Level 3 fair
value measurement under the IFRS 13 hierarchy.
Following the expiry of the warrants on 30 June 2025, 846,550 warrants
remained unexercised. These were derecognised, and the related fair value of
US$ 0.1 million was recognised in the profit or loss during the period.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
18 Derivative financial instruments (continued)
IFRS 13 fair value hierarchy
The Group has no other financial instruments that are classified as Level 3 in
the fair value hierarchy in the current period that are determined by
reference to significant unobservable inputs. There have been no transfers of
assets or liabilities between levels of the fair value hierarchy. There are no
non-recurring fair value measurements.
Derivative financial instruments are made up as follows:
30 June 31 December
2025
2024
US$'000 US$'000
At 1 January 9,192 14,275
Impact of change in fair value of warrants exercised 4,298 5,348
Derecognition of un-exercised warrants (146) -
Impact on profit or loss 4,152 5,348
Derecognition of warrants exercised (13,344) (10,431)
At 30 June - 9,192
19 Contingent liabilities
As at 30 June 2025, the banks acting for Gulf Marine Services FZE, one of the
subsidiaries of the Group, had issued bid bonds and performance bonds
amounting to US$ 26.6 million (31 December 2024: US$ 31.1 million), all of
which were counter-indemnified by other subsidiaries of the Group.
20 Capital commitments
30 June 31 December
2025
2024
US$'000 US$'000
Contractual capital commitments 10,428 6,678
Capital commitments comprise mainly capital expenditure, which has been
contractually agreed with suppliers for future periods for equipment or the
refurbishment of existing vessels.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
21 Long term incentive plans
Long term incentive plans (LTIPs)
On 11 June 2025, the Group has LTIPs which were granted to senior
management. The LTIP awards will generally vest three years from the grant
date, subject to the achievement of market vesting conditions aligned with
shareholder interests. The maximum number of Company's shares under this LTIP
is 6,595,292.
LTIP awards are not subject to a post-vesting holding period, except for those
granted to the Executive Chairman, which have a two-year post-vesting holding
period.
Equity-settled share-based payments were measured at fair value at the date of
grant. The fair value was determined, using the Monte Carlo simulation method,
at the grant date of equity-settled share-based payments, is expensed on a
straight-line basis over the vesting period, based on an estimate of the
number of shares that will ultimately vest. The fair value of each award was
determined by taking into account the performance conditions, the term of the
award, the share price at grant date, the expected price volatility of the
underlying share, post-vesting period and the risk-free interest rate for the
term of the award.
Deferred share bonus plan (DSBP)
On the same day LTIPs were granted to senior management, the Group also
granted its Executive Chairman a DSBP award. This award, which is equivalent
to 271,403 shares of the Company, pertains to the relevant proportion of the
2024 annual bonus deferred under the terms of the shareholder-approved
Directors' Remuneration Policy. These shares will generally vest after two
years from 1 January 2025.
The DSBP award is not subject to any market-based performance or service
conditions, the fair value of the award is considered to be the closing share
price as at the date of grant.
The number of share awards granted by the Group during the period/year is
given in the table below:
30 June 31 December
2025
2024
Granted in the period 6,866,695 -
At the end of the period 6,866,695 -
The total expense recognised during the period with respect to LTIPs and DSBP
amounted to US$ 88k
(30 June 2024: nil).
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
21 Long term incentive plans (continued)
LTIP DSBP
Grant date 11 June 2025 11 June 2025
Share price at grant date £0.21 £0.21
Exercise price £0.00 £0.00
1 January 2025 to
Performance measurement period 31 December 2027 -
Vesting date 11 June 2028 1 January 2027
Dividend yield 0.0% -
Risk-free rate 3.8% -
Fair value £1,064,561 £56,316
The future share prices of the Company and each of the companies in the peer
group were projected by taking into account (1) the expected volatility of the
share prices over the simulation period, (2) expected correlation of the share
prices each of the companies in the peer group with the share price of the
Company over the simulation period and (3) discount rate of 3.8% based on the
3-year UK Government bond yields. A 10% discount for lack of marketability was
applied to reflect lower liquidity compared to if the awards were not subject
to a holding period.
22 Related party transactions
Significant transactions with related parties during the period were as
follows:
30 June 2025 30 June 2024
US$'000 US$'000
Emirates Insurance Company 24 -
Catering services for vessel Pepper from -
National Catering Company Limited WLL
82
Vessel maintenance and overhaul services from Sigma Enterprise Company LLC -
597
Laboratory services from Aman Integrated Solutions LLC 5 3
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
22 Related party transactions (Continued)
Related party balances included in trade and other payables are as follows:
31 December 2024
30 June 2025 US$'000
US$'000
Sigma Enterprise Company LLC 333 500
Aman Integrated Solutions LLC 10 18
Emirates Insurance Company 4 -
23 Events after the reporting period
Subsequent to the period end, the Group has entered into derivative agreements
with certain members of its banking syndicate to hedge its exposure against
movement in exchange rate between US Dollars and AED.
24 Glossary
Alternative Performance Measure (APMs) - An APM is a financial measure of
historical or future financial performance, financial position, or cash flows,
other than a financial measure defined or specified in the applicable
financial reporting framework.
APMs are non-GAAP measures that are presented to provide readers with
additional financial information that is regularly reviewed by management and
the Directors consider that they provide a useful indicator of underlying
performance. Adjusted results are also an important measure providing useful
information as they form the basis of calculations required for the Group's
covenants. However, this additional information presented is not uniformly
defined by all companies including those in the Group's industry. Accordingly,
it may not be comparable with similarly titled measures and disclosures by
other companies.
Additionally, certain information presented is derived from amounts calculated
in accordance with IFRS but is not itself an expressly permitted GAAP measure.
Such measures should not be viewed in isolation or as an alternative to the
equivalent GAAP measure. In response to the Guidelines on APMs issued by the
European Securities and Markets Authority (ESMA), we have provided additional
information on the APMs used by the Group.
Adjusted earnings per share - represents the adjusted earnings attributable to
equity holders of the Company for the period divided by the weighted average
number of ordinary shares in issue during the period. The adjusted earnings
attributable to equity shareholders of the Company is used for the purpose of
basic gain per share adjusted for any exceptional items.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
24 Glossary (continued)
Adjusted diluted earnings per share - represents the adjusted earnings
attributable to equity holders of the Company for the period divided by the
weighted average number of ordinary shares in issue during the period,
adjusted for the weighted average effect of share options outstanding during
the period. The adjusted earnings attributable to equity shareholders of the
Company is used for the purpose of basic gain per share adjusted by adding
back impairment charges or writeback of impairment loss, and costs to acquire
new bank facilities. This measure provides additional information regarding
earnings per share attributable to the underlying activities of the business.
A reconciliation of this measure is provided in Note 5 and 7.
Adjusted net profit - represents net profit after adding back costs of
renegotiating bank terms. This measure provides additional information in
assessing the Group's total performance that management is more directly able
to influence and, on a basis, comparable from period to period. A
reconciliation of this measure is provided in note 5 of these results.
Average fleet utilisation - represents the percentage of available days in a
relevant period during which the fleet of SESVs is under contract and in
respect of which a customer is paying a day rate for the charter of the SESVs.
Average fleet utilisation is calculated by adding the total contracted days in
the period of each SESV, divided by the total number of days in the period
multiplied by the number of SESVs in the fleet.
Adjusted EBITDA - represents operating profit after adding back depreciation,
amortisation, non-operational items, impairment charges or reversal of
impairment charges. This measure provides additional information in assessing
the Group's underlying performance that management is more directly able to
influence in the short term and on a basis comparable from period to period
.
Adjusted EBITDA margin - represents adjusted EBITDA divided by revenue. This
measure provides additional information on underlying performance as a
percentage of total revenue derived from the Group.
Adjusted gross profit/(loss) - represents gross profit/loss after deducting
reversal of impairment/adding back impairment charges. This measure provides
additional information on the core profitability of the Group. A
reconciliation of this measure is provided in Note 5.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
24 Glossary (continued)
Cost of sales excluding depreciation and amortisation- represents cost of
sales excluding depreciation and amortisation. This measure provides
additional information of the Group's cost for operating the vessels. A
reconciliation is shown below:
30 June 30 June
2025
2024
US$'000 US$'000
Statutory cost of sales 51,548 41,667
Less: depreciation and amortisation (Note 5) (22,084) (15,514)
29,464 26,153
EBITDA - represents earnings before interest, tax, depreciation and
amortisation, which represents operating profit after adding back depreciation
and amortisation. This measure provides additional information of the
underlying operating performance of the Group. A reconciliation of this
measure is provided in Note 5.
In the current and comparative six months period there were no non-operational
items or impairment charges or reversal of impairment charges and therefore
EBITDA is equivalent to adjusted EBITDA.
Margin - revenue less cost of sales before depreciation, amortization and
impairment as identified in Note 5 of the condensed consolidated interim
financial statements.
Net bank debt - represents the total bank borrowings less cash and cash
equivalents. This measure provides additional information of the Group's
financial position. A reconciliation is shown below:
30 June 31 December
2025
2024
US$'000 US$'000
Bank borrowings excluding unamortised issue costs 194,361 241,189
Less: cash and cash equivalents (14,964) (40,007)
179,397 201,182
Net cash flow before debt service - the sum of cash generated from operations
and investing activities.
Segment adjusted gross profit - represents gross profit after adding back
depreciation, amortisation and impairment charges or reversal of impairment
charges. This measure provides additional information on the core
profitability of the Group attributable to each reporting segment. A
reconciliation of this measure is provided in Note 4.
GULF MARINE SERVICES PLC
Notes to the Condensed Consolidated Interim Financial Statements
for the period ended 30 June 2025 (continued)
24 Glossary (continued)
Underlying performance - day to day trading performance that management are
directly able to influence in the short term.
Other Definitions
Average day rates we calculate the average day rates by dividing total charter hire revenue per
month by total hire days per month throughout the period and then calculating
a monthly average.
Backlog represents firm contracts and extension options held by clients. Backlog
equals (charter day rate x remaining days contracted) + ((estimated average
Persons On Board x daily messing rate) x remaining days contracted)
+contracted remaining unbilled mobilisation and demobilisation fees. Includes
extension options.
Borrowing rate EIBOR plus margin.
Calendar days takes base days at 365 and only excludes periods of time for construction and
delivery time for newly constructed vessels.
Costs capitalised represent qualifying costs that are capitalised as part of as cost of the
vessel rather than being expensed as they meet the recognition criteria of IAS
16 Property, Plant and Equipment.
Day rates rate per day charge to customers per hire of vessel as agreed in the contract.
Demobilisation fee paid for the vessel re-delivery at the end of a contract, in which client
is allowed to offload equipment and personnel.
DEPS/DLPS diluted earnings/losses per share.
EIBOR The Emirates Interbank Offered Rate
Employee retention percentage of staff who continued to be employed during the period (excluding
retirements and redundancies) taken as number of resignations during the
period divided by the total number of employees at the period end.
EPC engineering, procurement and construction.
ESG environmental, social and governance.
Finance service the aggregate of
a) Net finance charges for that period; and
b) All scheduled payments of principal and any other schedule payments in the
nature of principal payable by the Group in that period in respect of
financing:
i) Excluding any amounts falling due in that period under any
overdraft, working capital or revolving facility which were available for
simultaneous redrawing under the terms of that facility;
ii) Excluding any amount of PIK that accretes in that period;
iii) Including the amount of the capital element of any amounts payable
under any Finance Lease in respect of that period; and
iv) Adjusted as a result of any voluntary or mandatory prepayment
Debt Service Cover represents the ratio of Adjusted EBITDA to debt service.
GCC Gulf Cooperation Council
GMS core fleet consists of 14 SESVs
Interest Cover represents the ratio of Adjusted EBITDA to Net finance charges.
IOC Independent Oil Company.
KPIs Key performance indicators.
Lost Time Injuries any workplace injuries sustained by an employee while on the job that prevents
them from being able to perform their job for a period of one or more days.
Lost Time Injury Rate (LTIR) the lost time injury rate per 200,000 man hours which is a measure of the
frequency of injuries requiring employee absence from work for a period of one
or more days.
Mobilisation fee paid for the vessel readiness at the start of a contract, in which client
is allowed to load equipment and personnel.
Net finance charges represents finance charges as defined by the terms of the Group's banking
facility for that period less interest income for that period.
Net leverage ratio represents the ratio of net bank debt to Adjusted EBITDA.
NOC National Oil Company.
OSW Offshore Wind.
PIK Payment In Kind. Under the banking documents dated 31 March 2021, PIK is
calculated at 5.0% per annum on the total term facilities outstanding amount
and reduces to:
a 2.5% per annum when Net Leverage is between 4.0X and 5.0x
b Nil when Net Leverage reduces below 4.0x
PIK stops accruing at the PIK end date which is the earlier of leverage
falling below 4.0X or loans being discharged.
Restricted work day case (RWDC) any work-related injury other than a fatality or lost work day case which
results in a person being unfit for full performance of the regular job on any
day after the occupational injury.
Secured day rates day rates from signed contracts firm plus options held by clients.
Secured utilisation contracted days of firm plus option periods of charter hire from existing
signed contracts.
Security Cover (loan to value) the ratio (expressed as a percentage) of Total Net Bank Debt at that time to
the Market Value of the Secured Vessels.
SESV Self-Elevating Support Vessels.
SG&A spend means that the selling, general and administrative expenses calculated on an
accruals basis should be no more than the SG&A maximum spend for any
relevant period.
SOFR Secured Overnight Financing Rate
Total Recordable Injury Rate (TRIR) calculated on the injury rate per 200,000 man hours and includes all our
onshore and offshore personnel and subcontracted personnel. Offshore personnel
are monitored over a 24-hour period.
Underlying G&A underlying general and administrative (G&A) expenses excluding
depreciation and amortisation, restructuring costs, and exceptional legal
costs.
Utilisation the percentage of calendar days in a relevant period during which an SESV is
under contract and in respect of which a customer is paying a day rate for the
charter of the SESV.
Vessel operating expense Cost of sales before depreciation, amortisation and impairment, refer to Note
5.
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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