UAE's Gulf Marine Services swings to H1 net loss, revenue falls due to Gulf conflict

Gulf Marine Services

07/09/2026 07:14

Overview
UAE offshore vessel operator's H1 2026 adjusted revenue declined 3% yr/yr due to Gulf conflict
Gross profit dropped sharply, mainly from impairment losses and operational disruptions
Company incurred net loss for H1 2026, compared to net profit in prior year

Outlook
GMS targets FY2026 adjusted EBITDA of US$ 105-115 mln, assuming no renewed Gulf conflict
Company expects H2 2026 earnings recovery from Latin America expansion and vessel redeployment in Europe
GMS continues to defer shareholder distribution policy due to Gulf geopolitical risks

Result Drivers
GULF CONFLICT - Co said revenue and profit were hit by vessel evacuations and operational disruptions caused by the conflict in the Gulf
IMPAIRMENT LOSS - Co recognised US$ 22.7 mln impairment on property and equipment, mainly due to ongoing geopolitical situation in Gulf region
LOWER FLEET UTILISATION - Average fleet utilisation fell to 75% from 87%, affected by Gulf conflict and planned vessel preparation in Europe

Company press release: ID:nRSG5625Ta

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Net Loss
 
$14.80 mln
 
H1 Gross Profit
 
$2 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for Gulf Marine Services PLC is GBp31.00, about 67.4% above its September 4 closing price of GBp18.52
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

Reuters Recommended Reads
Sept 4 - Gulf shipping traffic via Hormuz keeps below 10-day average, data shows
Sept 7 - Ship fuel shortage looms as refiners strained by war favour other products
Sept 4 - UAE shares jump as PMI shows solid growth in August

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)