Business
Q1 Update
Q1 Update.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n\n\n \n\n\n\nGulf Marine Services PLC\n7 May 2025\nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\nHighlights of unaudited results for Q1 2025, 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 2025 (Q1 2025).\n \nOverview:\n\n\n\n\n \n\n\nQ1 2025\n\n\nQ1 2024\n\n\nChange%\n\n\n\n\nRevenue (US$'m)\n\n\n42.3\n\n\n37.1\n\n\n+14%\n\n\n\n\nGross profit (US$'m)\n\n\n19.9\n\n\n17.0\n\n\n+17%\n\n\n\n\nAdjusted EBITDA (US$'m)\n\n\n25.6\n\n\n21.2\n\n\n+21%\n\n\n\n\nNet Debt (US$'m)\n\n\n187.4\n\n\n256.5\n\n\n-27%\n\n\n\n\nNet Leverage Ratio\n\n\n1.79:1\n\n\n2.96:1\n\n\n-39%\n\n\n\n\nUtilisation of vessels\n\n\n89%\n\n\n86%\n\n\n3%\n\n\n\n\nDay Rates average (US$'k)\n\n\n34.2\n\n\n31.8\n\n\n8%\n\n\n\n\nBacklog as of last day of the period (US$ millions)\n\n\n570\n\n\n459\n\n\n24%\n\n\n\n\n \nHighlights:\n\n· Revenue increased to US$ 42.3 million (Q1 2024: US$ 37.1 million), driven by higher fleet average day rates of US$ 34.2k (Q1 2024: US$ 31.8k) and fleet utilisation of 89% (Q1 2024: 86%). Growth was further supported by increased contributions from ancillary services such as mobilisation, catering, and manpower etc.\n \n· Adjusted EBITDA grew by 21% to US$ 25.6 million (Q1 2024: US$ 21.2 million) driven mainly by higher revenue. Adjusted EBITDA margin also improved to 61% (Q1 2024: 57%).\n \n· The net leverage ratio is now down to 1.79x (31 December 2024: 2.0x) driven by continued improved adjusted EBITDA and lower net bank debt of US$ 187.4 million (31 December 2024: US$ 201.2 million, and 31 March 2024: US$ 256.5 million). The Group continued to make prepayments towards its loan, further strengthening its financial position.\n \n· Gross profit margin improved to 47% (Q1 2024: 46%).\n \n· Finance expenses decreased by 31% to US$ 4.3 million (Q1 2024: US$ 6.1 million), primarily due to re...