1st Quarter Results
Gulf Marine Services PLC reported unaudited Q1 2026 results showing a 10% decrease in revenue to US$38.0 million and a 24% drop in EBITDA to US$19.5 million, primarily due to the evacuation of four vessels in a GCC country impacting vessel utilisation to 74% from 89% in Q1 2025, though average day rates increased by 8% to US$37.0k. The company acquired a new vessel for US$37.4 million, increasing its fleet to 15, and maintained its 2026 adjusted EBITDA guidance of US$105 million to US$115 million, with a backlog of US$666 million as of May 4th, 2026. The net leverage ratio stood at 1.81:1, below the 2.0x target, and a decision on distributions was deferred due to geopolitical uncertainty.
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GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce highlights of its unaudited operational results for the three months period ended 31 March 2026 (Q1 2026).
Overview
| Q 1 2026 | Q1 2025 | %Change | |
|---|---|---|---|
| Revenue (US$'m) | 38.0 | 42.3 | -10% |
| EBITDA (US$'m) | 19.5 | 25.6 | -24% |
| EBITDA Margin | 51.3% | 60.5% | -15% |
| Net bank debt (US$'m) | 193.1 | 187.4 | +3% |
| Net leverage ratio | 1.81:1 | 1.79:1 | +1% |
| Utilisation of vessels | 74% | 89% | -15% |
| Average day rates (US$'k) | 37.0 | 34.2 | +8% |
| B acklog as of last day of the period ( US$'m) | 660 | 570 | +16% |
| Highlights: | |||
| · | The results reflect the impact of the war in the Gulf, as at 31 March 2026. As announced in early March, we were instructed to evacuate the Company's four vessels in one of the GCC countries as a precautionary measure. These developments halted the Group's operations in that country and reduced our average utilisation to 74% in Q1 (Q1 2025: 89%). Utilisation was also affected by the preparation of a vessel ahead of its contract commencing in Europe. As a result, both revenue and adjusted EBITDA were lower compared to Q1 2025. While we remain in discussions with the client on how to address the situation, no revenue from those evacuated vessels was recognized in March. | ||
| · | GMS acquired a brand-new mid-class vessel in January, bringing the total fleet being operated by the Company to 15 vessels. The acquisition is in-line with the Company's ambition to double 2024 EBITDA by 2030. The acquisition has been partially financed through a US$ 37.4 million bridge loan currently in the process of being merged into the existing bank facilities. | ||
| · | Net leverage ratio at 31 March was 1.81x (Q1 2025: 1.79x), below the 2.0x long-term target. The increase reflected the financing for the vessel acquisition. | ||
| · | The Board has deferred the decision to declare a distribution at this time pending further assessment of the geopolitical situation, while reaffirming the capital allocation policy. | ||
| Outlook: | |||
| · | As of early April, GMS's crew started to get back on board all the evacuated vessels. The client joined on 2 vessels a few days later. This is a welcomed positive development. | ||
| · | A vessel has been redeployed to Europe and started operations in April 2026. This enhances our presence in the renewables sector, while further diversifying our geographical footprint, which was primarily concentrated in the Middle East during 2025. | ||
| · | We recently announced that our newly acquired vessel is heading to Latin America as it secured a contract there. We also announced that we entered into an agreement to manage and operate a third party vessel in Africa. | ||
| · | Our adjusted EBITDA guidance between US$ 105 million to US$ 115 million for 2026 is maintained. | ||
| · | Our backlog, which provides future earnings visibility, further increased to US$ 666 million as of May 4 th , 2026. We also anticipate continued improvement on average day rates as the legacy contracts are being renewed at higher day rates. | ||
Alex Aclimandos, Chief Financial Officer at GMS said:
"We are encouraged that the actions taken over the past few years have strengthened our resilience and agility, enabling us to absorb recent shocks and positioning us well to capture the anticipated post-war growth in demand, in the GCC region. While the war in the Gulf has disrupted and delayed some of our plans, we had anticipated that Q1 would be a transitional quarter, with one of our larger vessels relocating to Europe, another transitioning between contracts, a third undergoing major refurbishment, and the addition of a newly acquired mid-class vessel."
| Enquiries: Gulf Marine Services PLC Mansour Al Alami Executive Chairman Alex Aclimandos Chief Financial Officer | Tel: +44 (0)20 7603 1515 |
| Celicourt Communications Mark Antelme Philip Dennis Kristine Qevani | Tel: +44 (0) 20 7770 6424 |
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