Update on Debt Position
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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 that its net debt further decreased during the first quarter of the year to USD 256.4 million as of 31 March 2024, with a net leverage ratio of 2.96 times, in-line with its strategy.Net debt was USD 267.3 million at year end on 31 December 2023.
The Company is also pleased to report that it made an additional prepayment of USD 5.0 million towards its debt repayments in the last week, reducing net debt to USD 250.4 million.
Ongoing efforts to reduce leverage are creating value for the shareholders and are improving GMS's financial position. Achieving a senior net leverage ratio below three times puts GMS in a stronger position to obtain favourable terms on its debt refinancing. It also allows the Company to benefit from a ten-basis points reduction in funding costs, effective from 1 April 2024, as per the current debt agreements.
| Enquiries: Gulf Marine Services PLC Mansour Al Alami Executive Chairman | Tel: +44 (0)20 7603 1515 |
| Celicourt Communications Mark Antelme Philip Dennis | Tel: +44 (0) 208 434 2643 |
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