3rd Quarter Results
9M 2026 revenue up 10% to US$151.8m, EBITDA flat, backlog up 35% but utilisation down to 80% due to Gulf conflict.
- Adjusted revenue US$151.8m (prior US$138.3m)
- Adjusted EBITDA US$81.5m (prior US$81.5m)
- Net bank debt US$175.4m (prior US$172.2m)
- Net leverage ratio 1.55:1 (prior 1.63:1)
- Vessel utilisation 80% (prior 88%)
- Backlog US$616.0m (prior US$457.5m)
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GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce highlights of its unaudited operational results for the nine months period ended 30 September 2026 (9M 2026).
Overview:
| 9M 2026 | 9M 2025 | %Change | |
|---|---|---|---|
| Adjusted revenue (US$’m) 1 | 151.8 | 138.3 | +10% |
| Adjusted EBITDA (US$’m) | 81.5 | 81.5 | 0% |
| Net bank debt (US$’m) | 175.4 | 172.2 | +2% |
| Net leverage ratio | 1.55:1 | 1.63:1 | -5% |
| Utilisation of vessels | 80% | 88% | -8% |
| Average day rates (US$’k) | 39.1 | 36.0 | +9% |
| Backlog as of last day of the period (US$’m) | 616.0 | 457.5 | +35% |
(1). Adjustments for removing the impact of finance lease accounting relating to a leased vessel.
Highlights:
Adjusted revenue increased by 10% to US$ 151.8 million (9M 2025: US$ 138.3 million), mainly driven by:
Operation of a brand-new acquired mid-class vessel in Latin America during Q3 2026
Improvement in fleet average day rates to US$ 39.1k (9M 2025: US$ 36.0k)
Partially offset by a decrease in average fleet utilisation to 80% (9M 2025: 88%), due to the impact of war in the Gulf and planned preparation of vessels during the first quarter of 2026, ahead of their new contracts.
War in the Gulf is now estimated to have caused US$ 10.1 million in lost revenue as we progress in revenue loss recovery. In addition, there is US$ 1.8 million in direct incremental costs resulting from higher war risk insurance premiums.
Net leverage ratio at 30 September 2026 was 1.55x (31 December 2025: 1.39x) due to partly financing the acquisition of a brand-new vessel through US$ 37.4 million loan was merged into the existing bank facilities in Q3 2026 at the same terms and conditions.. This is below the Group’s 2.0x target.
The Board continues to defer the implementation of shareholder distribution policy until there is a greater clarity on the geopolitical risks impacting the Gulf.
Outlook:
We maintain our guidance for the Adjusted EBITDA for 2026 to be in the range of US$ 105 - 115 million, assuming the geopolitical situation doesn’t materially impact vessel utilization.
Backlog increased to US$ 616 million (31 December 2025: US$ 606 million). This underscores the ongoing strength in demand for our vessels.
Alex Aclimandos, Chief Financial Officer at GMS said:
“GMS had a noticeable improvement in Q3 2026 financial performance, following first-half disruptions from regional Gulf conflict. This is mainly highlighted by our successful expansion into Latin America using our brand-new acquired mid-class vessel and strong average day rates. While this momentum positions us for a stronger second half, we remain vigilant in monitoring military activity in the Gulf to proactively manage any potential utilization risks.”
| Enquiries: Gulf Marine Services PLC Mansour Al Alami Executive Chairman Alex Aclimandos Chief Financial Officer | Tel: +44 (0)20 7603 1515 |
| Celicourt Communications Philip Dennis Mark Antelme Kristine Qevani | Tel: +44 (0) 20 7770 6424 |
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