Vessel Acquisition

Gulf Marine Services ("GMS" or the "Company"), a leading provider of self-propelled, self-elevating support vessels ("SESVs") to the offshore energy industry, is pleased to announce that it has entered into an agreement to acquire a new mid-class vessel.

This vessel is expected to join the Group's 14 vessels fleet in the coming two weeks and will enable GMS to capitalise on the current strong market demand. The acquisition also supports the Group's stated strategic objective of doubling its 2024 adjusted EBITDA by 2030.

The acquisition has been partially financed through a USD 37.4 million 90-day interim loan provided by a local Middle Eastern bank that is part of the Company's existing lending syndicate, pending the completion of participation by the remaining lenders. The cost of funding and covenant package are consistent with those agreed with lenders and completed on 30 December 2024. The balance of the acquisition cost has been funded from the Company's own cash resources. Following completion of the acquisition, the Group's net leverage remains below 2.0x, excluding any EBITDA contribution from the acquired vessel.

The vessel has been earmarked for a number of identified commercial opportunities. Further announcements relating to backlog and revised adjusted EBITDA guidance for 2026 will be made in due course.

Mansour Al Alami, Executive Chairman of GMS, commented:

"We are delighted to announce this acquisition and would like to thank all those involved. This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the Company. The addition of this vessel supports our growth ambitions, while preserving our financial strength and operational flexibility. Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months."

Alex Aclimandos, Chief Financial Officer of GMS added: "We are very pleased with the lenders' response, which reflects our shared view of the industry and their confidence in GMS's management. This support is a strong endorsement of the successful turnaround the Company has delivered over the past few years. We now look forward to returning to shareholders 20 to 30 percent of adjusted net income."