Gulf Marine Services Plc · LSE:GMS
Gulf Marine Services — Investor Presentation (April 2026)
25 slides from Gulf Marine Services's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
Investor Presentation April 2026
Slide 2: Disclaimer
Disclaimer • This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities or interests described within it in any jurisdiction. • Any forward-looking statements contained in this presentation or communicated du
Slide 3: Presenting Team
Presenting Team ALEX ACLIMANDOS MANSOUR AL ALAMI Chief Financial Officer Executive Chairman of the Board Over 30 years with first-tier companies viz. Procter & 40-year career across the Middle East, Gamble, ABB and Alvarez and Marsal in oil & gas. In his recent role, Alex was the Chief Financial Off
Slide 4: Overview
Overview Overview of GMS Asset Class Overview • Established in 1977, Premium listed on the London Stock Exchange • GMS is a leading provider and operator of 15 advanced self-propelled, self-elevating Large Class (E Class) Mid-Size Class (S Class) Small Class (K Class) support vessels. Fourteen are o
Slide 5: Explaining the GMS Model
Explaining the GMS Model Core areas of Contract durations Vessels chartered on operation vary depending on a time basis client and workscope • NOC based opex, including well • NOC c. 3-5 years charters, EPC • Daily charter rate payable and platform maintenance and c. 3 -24 months charters, • Operati
Slide 6: Why to invest in GMS shares
Why to invest in GMS shares Proven Turnaround – Successfully transformed the business over the past four years. Stronger Financials – Net leverage ratio 1 reduced to below 2.0x, enhancing financial stability. 2 Strong Cash Generation – A profitable business with consistent cash flow. 3 Earnings Visi
Slide 7: Key Highlights
Key Highlights All amounts in US$ (except utilisation and leverage) Revenue Utilisation Rates +12% -5% +11% 2025: 188.1m 2025: 36.6K 2025: 87% 2024: 167.5m 2024: 33.1K 2024: 92% EBITDA Net Debt Leverage +12% -22% -0.61x 2025: 112.9 m 2025: 157m 2025: 1.39x 2024: 100.4m 2024: 201m 2024: 2.00x 7
Slide 8: Historical Financial Information
Historical Financial Information Previous management and board New management and board US$m 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Average Utilisation 98.00% 70.00% 61.00% 69.00% 69.00% 81.00% 84.00% 88.00% 94.00% 92.00% 87.00% Average Dayrate (US ‘000s) 59 50 39 36 30 25 26 28 30 3
Slide 9: Supply and Demand Dynamics are maintaining high Dayrates and high Utilisation
Supply and Demand Dynamics are maitaining high Dayrates and high Utilisation; Average Dayrate (USD ‘000s) Utilisation % Day charter rates are still far from their 2015 peak of 59; whereas the utilization rate is back to high levels. 9
Slide 10: Proven Track Record in Achieving Efficiencies and Effectively Managing Costs
Proven Track Record in Achieving Efficiencies and Effectively Managing Costs Operating Costs % of Revenue (%) Adjusted EBITDA Margin (%) 41.3% 39.8% 51.3 50.4 64.1 71.5 87.5 100.4 112.9 38.4% 35.8% 35.2% Adj EBITDA 33.3% 32.6% Adj EBITDA margin Opex % of revenue 58% 60% 60% 56% 54% G&A % of revenue
Slide 11: Successful Deleveraging via Debt Repayment Acceleration
Successful Deleveraging via Debt Repayment Acceleration Net Debt (US$ m) Net Debt / EBITDA (x) 406.2 390.1 371.3 8.1 x 7.6 x 315.8 267.3 5.8 x 201.2 4.4 x 156.6 3.1 x 2.0 x 1.39 x 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 The sustained deleveraging has enhanced overall ba
Slide 12: A Successful Turnaround Driven by Re-building a Healthy Backlog Pipeline
A Successful Turnaround Driven by Re-building a Healthy Backlog Pipeline Evolution of Backlog (US$ m) and split per year Backlog at c. 3.5x 2025A revenue (ensuring clear visibility on revenues through the next three years) 12
Slide 13: Backlog: Secure future revenue as of April 1st, 2026
Backlog: Secure future revenue as of April 1st, 2026 2026 2027 2028 2029 2030 2031 2032 2033 Vessel Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Kikuyu Endeavour Enterprise Pepper Evolution Shamal Endurance Scirocco Caracara Firm Sharqi Option Keloa Kawawa Kamikaze Kude
Slide 14: The Way Ahead
The Way Ahead 2026 Outlook Our Plan • Backlog at US$660m = c. 3.5x 2025A revenue. • Continue to take actions to promote creating • EBITDA Guidance for 2026 at US$105m to value for shareholders. We are targeting to US$115m is currently being assessed due to on- double EBITDA by 2030 from 2024 level,
Slide 15: Impact of conflict in the Gulf
Impact of conflict in the Gulf Situation as of April 18th, 2026 • We were requested to evacuate all our four vessels operating in Qatar . • Neither Saudi Arabia nor UAE followed a similar precautionary path and it is business as usual there. • Discussions are taking place with client to agree on how
Slide 16: Appendices
Appendices
Slide 17: Fleet Overview
Fleet Overview Key Specifications of the Entire GMS Fleet Comparative Vessel Capabilities Variable Load Main Semi-subs / Name of Standard Leg Jackup Accomodation Propulsion (VDL) Elevated/ Deck Area Crane Description of Capabilities GMS Fleet Construction Vessel POB Length Drilling Rigs Rigs Vessels
Slide 18: Safety Record
No. of Recordable Injuries Per Year 2.5 Safety Record 2 2 2 1.5 • No recordable injuries in 2025. Recordable injuries include Loss time 1 1 injuries (LTI), Restricted Work Cases (RWC) and Medical Treatment 0.5 Cases (MTC). 0 0 0 0 2020 2021 2022 2023 2024 2025 • Our LTIR and TRIR trend in the last f
Slide 19: Environmental Performance
Environmental Performance • GMS has implemented several measures to reduce emissions over the last 5 years. Some of those measures are: Switching refrigerants to lower emission ones Sequestering some of our CO2 emissions via tree planting • 46,732 tCO2e Reducing plastic water bottle usage offs
Slide 20: Global SESV Footprint
Global SESV Footprint GMS’s core geographies of the Middle East and Western Europe are the largest SESV markets in the world Region SESVs Shallow Fixed Platforms OWF Turbines Key Highlights - Major SESV region Western Europe 25 3,705 712 6,972 - Sizeable OG market - Largest OWF market and emerging O
Slide 21: Offshore Energy Investment Outlook
Offshore Energy Investment Outlook Investment in offshore energy projects is expected to increase significantly over the next five years, driven by a combination of a resurgent oil & gas sector as well as the rapidly growing offshore wind industry Global Energy Demand & Global Energy Demand by Globa
Slide 22: Both global oil & gas production are expected to increase in the coming decade
Both global oil & gas production are expected to increase in the coming decade, with offshore growing share of supply Global Energy Demand and O&G Production Outlook Global Oil Production by Region Global Gas Production by Region mmboe/d mmboe/d • BP Energy Outlook 2025 forecasts global primary ener
Slide 23: GMS successfully completed the refinance of its debt in 2024
GMS successfully completed the refinance of its debt in 2024 • A club of 3 lenders, 2 being current lenders. • Five years conventional term loan in AED, with working capital facility of USD 50 million. • Pricing at 2.5% + Eibor if net leverage is between 2x and 2.5x • Pricing goes to 2.0% + Eibor wh
Slide 24: Board of Directors
Board of Directors MANSOUR AL ALAMI LORD ST JOHN OF BLETSO JYRKI KOSKELO Executive Chairman of the Board Senior Independent Non-Executive Director Independent Non-Executive Director Mansour Al Alami joined the Board of GMS in Anthony St John is a cross bench peer in the House of Jyrki Koskelo joined
Slide 25: Board of Directors (Cont'd)
Board of Directors (Cont’d) CHARBEL EL KHOURY HAIFA AL MUBARAK Non-Executive Director Independent Non-Executive Director Charbel El Khoury joined the Board of GMS in August Ms Al Mubarak joined the Board of GMS in October 2021. He is Group CEO of Mazrui International LLC 2023. Ms Al Mubarak is the C
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