Results for the 9 months end September
Gulf Marine Services PLC reported its unaudited results for the first nine months of 2025, revealing a 10% increase in revenue to $138.3 million, up from $126.1 million in the same period last year. Adjusted EBITDA also rose by 7% to $81.5 million, compared to $76.1 million in 9M 2024. The company's net debt decreased by 22% to $172.2 million. The net leverage ratio improved to 1.63:1. Vessel utilization experienced a slight decrease to 88%, while average day rates increased by 10% to $36.0k. The backlog as of the period's end was $457.5 million. GMS is confident in achieving its increased Adjusted EBITDA guidance for 2025 of $101 - $109 million and targets Adjusted EBITDA of $105 - $115 million for 2026.
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Highlights of unaudited results for 9M 2025, Operations Update and Guidance
GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce highlights of its unaudited operational results for the nine months period ended 30 September 2025 (9M 2025).
Overview
| 9M 2025 | 9M 2024 | % Change | |
|---|---|---|---|
| Revenue (US$'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."
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