Contract

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 the award of two significant contracts, marking its entry into both Africa and Latin America-regions where the Company has not previously operated.

The first contract relates to the deployment of the Company's newly acquired vessel, which has been secured on a total 170-day firm and options charter at attractive day rates. This award represents a strong endorsement of the vessel's capabilities and underpins the Company's strategy of investing in high-quality assets to meet growing global demand.

The second contract represents a strategic milestone for the Company, as it enters a new line of business: third-party vessel management. Under this agreement, the Company will provide for a year a full technical and operational management services for an externally owned vessel operating in Africa. This development expands the Company's service offering and opens a new, asset-light revenue stream.

Current backlog now stands at USD 666 million.

Mansour Al Alami, Executive Chairman of GMS, commented:

"These two contract awards mark an important step forward in our growth and diversification strategy. Entering Africa and Latin America broadens our global presence, while the third-party vessel management contract highlights our ability to leverage our operational expertise beyond our owned and leased fleet. We are particularly pleased to have secured strong rates for our newly acquired vessel, reinforcing the value of our recent investment. The Company looks forward to delivering these projects safely and efficiently and to building long-term relationships in these new markets. We are also pleased to confirm that these developments are in line with our expectations, and we maintain our adjusted EBITDA guidance for 2026 in the range of USD 105 million to USD 115 million."