Revised Guidance

Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, is pleased to announce it now anticipates adjusted EBITDA to be approx. US$86m (previously: US$83m to US$86m) for the 12 months ended December 2023 and reconfirms its adjusted EBITDA guidance for the 12 months ending December 2024 at US$87m to US$95m. We also target adjusted EBITDA in the range of US$92m to US$100m for 2025.

Mansour Al Alami, GMS Executive Chairman, expressed his enthusiasm, stating:

"Our vessels and services continue to experience robust demand, and we anticipate favourable conditions persisting in the foreseeable future. We achieved a utilization of 94% in 2023, our daily chartered rates averaged at US$30.2k and we ended the year with a backlog of US$315m. As we proceed with our prudent deleveraging efforts to shift value from lenders to shareholders, we are also initiating plans to reward our shareholders. Recently approved by the Board, our residual dividend policy aims to strike a balance between funding growth initiatives and providing returns to shareholders. Management is currently assessing the timing for its implementation, a consideration that was not on the table until recently."

GMS Chief Financial Officer, Alex Aclimandos, added:

"In order to enhance transparency and keep our investors more informed about GMS's actual performance, we will commence quarterly publication of our results starting in the second half of 2024."

"EBITDA growth continues to make a positive contribution to our deleveraging journey. We now expect to end 2023 with a Net Leverage Ratio* in the range of 3.05 to 3.15:1. For 2024, we expect to reach by year end a Net Leverage Ratio* in the range of 2.3 to 2.7:1. For perspective, this compares to a Net Leverage Ratio* of 8.1:1 at the end of 2020, 5.8:1 at the end of 2021 and 4.4:1 at the end of 2022."

(*) Net Leverage Ratio represents the ratio of net bank debt to Adjusted EBITDA (with Adjusted EBITDA being operating profit after adding back depreciation, amortisation, non-operational items and impairment charges.)