Update to Debt Facilities

Gulf Marine Services (GMS), a leading provider of self-propelled self-elevating support vessels to the offshore energy industry, is pleased to announce that it has converted its January 2026 bridge loan used to acquire a new vessel into a long-term term loan and secured an additional AED-equivalent US$7.5 million working capital facility to support its growing operations.

The conversion does not increase the Company's overall indebtedness and simply reflects the transition of short-term acquisition financing into a facility structure more appropriate to the long-term ownership of the vessel.

The bridging facility has been converted within the Company's existing syndicated lending arrangements, with the same syndicate of lenders as its current facility, being HSBC, First Abu Dhabi Bank (FAB) and Commercial Bank of Dubai (CBD), and on the same commercial terms as those originally agreed for both the existing loan and the bridge facility, including margin, covenant package, and security arrangements. No new lenders have joined the syndicate and no amendment to pricing has been made in connection with the conversion.

Key terms of the Facility:

• Original bridge facility amount: The equivalent in AED of US$37.4 million, drawn in January 2026 to fund the acquisition of a new vessel.
• Facility structure now converted into a long-term five-year loan.
• Margin/Interest rate: Unchanged from current facilities.
• Syndicate: HSBC, First Abu Dhabi Bank (FAB) and Commercial Bank of Dubai (CBD).

Increase of the Working Capital Facility:

The equivalent in AED of an additional US$ 7.5 million to its working capital facility was obtained from the Commercial Bank of Dubai to support the expected growing operations in new geographies. Up to 40% of the facility can be drawn in cash. The utilized amount of the facility carries an interest rate of 2.25% + EIBOR, in line with the existing working capital facility in which Commercial Bank of Dubai and the two other lenders participate.

Alex Aclimandos, Chief Financial Officer of GMS, commented:

"The successful conversion of this facility onto a long-term basis reflects the continued support of our banking syndicate and provides the Company with cost-effective financing appropriate to the useful life of the Vessel. As for the working capital facility, while 40% of the increase can be drawn in cash, we expect its use to be limited to the issuance of bonds and other bank guarantees."