Business
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$666 million as of May 4th, 2026. The net leverage ratio stood at 1.81:1, below the 2.0x target, and a decision on distributions was deferred due to geopolitical uncertainty. Disclaimer*
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n\n\n \n \n\n\n8th May 2026\nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\nHighlights of unaudited results for Q1 2026, Operations Update and Guidance\n\nGMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce highlights of its unaudited operational results for the three months period ended 31 March 2026 (Q1 2026).\n \nOverview\n\n\n\n\n \n\n\nQ1 2026\n\n\nQ1 2025\n\n\n%Change\n\n\n\n\nRevenue (US$'m)\n\n\n38.0\n\n\n42.3\n\n\n-10%\n\n\n\n\nEBITDA (US$'m)\n\n\n19.5\n\n\n25.6\n\n\n-24%\n\n\n\n\nEBITDA Margin\n\n\n51.3%\n\n\n60.5%\n\n\n-15%\n\n\n\n\nNet bank debt (US$'m)\n\n\n193.1\n\n\n187.4\n\n\n+3%\n\n\n\n\nNet leverage ratio\n\n\n1.81:1\n\n\n1.79:1\n\n\n+1%\n\n\n\n\nUtilisation of vessels\n\n\n74%\n\n\n89%\n\n\n-15%\n\n\n\n\nAverage day rates (US$'k)\n\n\n37.0\n\n\n34.2\n\n\n+8%\n\n\n\n\nBacklog as of last day of the period (US$'m)\n\n\n660\n\n\n570\n\n\n+16%\n\n\n\n\n \nHighlights:\n\n\n\n\n· \n\n\nThe 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.\n \n\n\n\n\n· \n\n\nGMS 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.\n \n\n\n\n\n· \n\n\nNet 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...