REG - Gulf Marine Services - Results for the 9 months end September

Gulf Marine ServicesAnnouncement

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RNS Number : 1122E  Gulf Marine Services PLC  21 October 2025

 

 

 

21 October 2025

Interim Results

Gulf Marine Services PLC

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

Highlights of unaudited results for 9M 2025, Operations Update and Guidance

GMS, a leading provider of advanced self-propelled, self-elevating support
vessels serving the offshore oil, gas and renewables industries, is pleased to
announce highlights of its unaudited operational results for the nine months
period ended 30 September 2025 (9M 2025).

 

Overview

                                               9M 2025  9M 2024  % Change
 Revenue (US$'m)                               138.3    126.1    +10%
 Adjusted EBITDA (US$'m)                       81.5     76.1     +7%
 Net debt (US$'m)                              172.2    221.2    -22%
 Net leverage ratio                            1.63:1   2.31:1   -30%
 Utilisation of vessels                        88%      92%      -4%
 Average day rates (US$'k)                     36.0     32.8     +10%
 Backlog as of last day of the period (US$'m)  457.5    465.5    -2%

 

Highlights:

 

 ●    Net leverage ratio reduced to 1.63x (31 December 2024: 2.0x, September 2024:
      2.31x) due to improved adjusted EBITDA and lower net bank debt of US$ 172.2
      million (31 December 2024: US$ 201.2 million; 30 September 2024: US$ 221.2
      million).

 ●    Revenue increased by 10% to US$ 138.3 million (9M 2024: US$ 126.1 million),
      mainly driven by:

      ●     Improvement in fleet average day rates to US$ 36.0k (9M 2024: US$
      32.8k)

      ●     Operation of one additional leased vessel for five months

      ●     Partially offset by a decrease in fleet utilization to 88% (9M
      2024: 92%) due to planned maintenance, drydock activities, new contract
      preparation and geopolitical disruption in the Gulf during June 2025.

 ●    Adjusted EBITDA increased by 7% to US$ 81.5 million (9M 2024: US$ 76.1
      million) reflecting higher revenues. Adjusted EBITDA margin stood at 59% (9M
      2024: 60%)

 ●    Finance expenses decreased by 35% to US$ 11.6 million (9M 2024: US$ 17.9
      million) reflecting:

      ●     Reduction in gross debt and interest rates

      ●    Successful refinancing of the loan facility on 30 December 2024,
      resulting in a lower interest margin

 

Outlook:

 

 ●    GMS remains highly confident in achieving its increased Adjusted EBITDA
      guidance for 2025 of US$ 101 - 109 million (previously US$ 100 - 108 million)
      as well as our leverage target for the year. The Group continues to target
      Adjusted EBITDA of US$ 105 - 115 million for 2026.

 ●    In line with the shareholder rewarding policy announced on 01 August 2024, GMS
      is on track to declare shareholder rewards based on the above performance and
      current financial visibility.

 

Alex Aclimandos, Chief Financial Officer at GMS said:

 

"As we enter the final quarter of 2025, GMS confirms it remains on track to
meet its 2025 objectives, despite absorbing adverse one-time events such as
the Saudi tax judgment, the warrants exercise and the operational challenges
resulting from the conflict in the Gulf during June 2025. The increase in
EBITDA enables continued deleveraging of the balance sheet, keeps us on
schedule for the execution of the shareholder reward programme in the coming
months, and positions the Group well for future opportunities."

 

 Enquiries:

 Gulf Marine Services PLC  Tel: +44 (0)20 7603 1515

 Mansour Al Alami

 Executive Chairman

 Alex Aclimandos

 Chief Financial Officer

 Celicourt Communications  Tel: +44 (0) 20 7770 6424

 Philip Dennis

 Mark Antelme

 Ali AlQahtani

 

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 and the Americas.

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

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