REG - Gulf Marine Services - Vessel Acquisition

Gulf Marine ServicesAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260126:nRSZ2563Qa&default-theme=true

RNS Number : 2563Q  Gulf Marine Services PLC  26 January 2026

January 26, 2026

Gulf Marine Services PLC

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

Acquisition of a new vessel

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 that it has entered into an agreement
to acquire a new mid-class vessel.

This vessel is expected to join the Group's 14 vessels fleet in the coming two
weeks and will enable GMS to capitalise on the current strong market demand.
The acquisition also supports the Group's stated strategic objective of
doubling its 2024 adjusted EBITDA by 2030.

The acquisition has been partially financed through a USD 37.4 million 90-day
interim loan provided by a local Middle Eastern bank that is part of the
Company's existing lending syndicate, pending the completion of participation
by the remaining lenders. The cost of funding and covenant package are
consistent with those agreed with lenders and completed on 30 December 2024.
The balance of the acquisition cost has been funded from the Company's own
cash resources. Following completion of the acquisition, the Group's net
leverage remains below 2.0x, excluding any EBITDA contribution from the
acquired vessel.

The vessel has been earmarked for a number of identified commercial
opportunities. Further announcements relating to backlog and revised adjusted
EBITDA guidance for 2026 will be made in due course.

Mansour Al Alami, Executive Chairman of GMS, commented:

"We are delighted to announce this acquisition and would like to thank all
those involved. This represents the first vessel acquisition by GMS in a
decade and marks an important milestone for the Company. The addition of this
vessel supports our growth ambitions, while preserving our financial strength
and operational flexibility. Subject to market conditions, we look forward to
pursuing further acquisitions, and to commencing our shareholder reward
programme in the coming months."

Alex Aclimandos, Chief Financial Officer of GMS added: "We are very pleased
with the lenders' response, which reflects our shared view of the industry and
their confidence in GMS's management. This support is a strong endorsement of
the successful turnaround the Company has delivered over the past few years.
We now look forward to returning to shareholders 20 to 30 percent of adjusted
net income."

This announcement contains inside information and is provided in accordance
with the requirements of Article 17 of the Market Abuse Regulation (EU) No.
596/2014 (as it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended).

-ENDS-

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

Gulf Marine Services PLC

 Mansour Al Alami

 Executive Chairman

 Alex Aclimandos

 Chief Financial Officer
 Celicourt Communications   Tel: +44 (0) 208 434 2643

 Philip Dennis

 Mark Antelme

 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRPPUGAGUPQGMA



            Copyright 2019 Regulatory News Service, all rights reserved