Gulf Marine Services Reports Revenue Growth Despite H1 2025 Challenges

Gulf Marine Services PLC (LSE:GMS) posted an 8% increase in revenue for the first half of 2025, reaching US$87.1 million, driven by higher fleet average day rates and the addition of a leased vessel to operations. While fleet utilization declined due to maintenance and geopolitical tensions, adjusted EBITDA rose 6% to US$50.8 million. Net profit, however, fell 47% to US$3.9 million, impacted by higher tax and depreciation charges.

The company reduced both net leverage and bank debt, reflecting improved financial health. Looking ahead, GMS expects adjusted EBITDA for 2025 to range between US$101 million and US$109 million, supported by a secured backlog of US$517.4 million, signaling continued demand for its services. The company remains committed to shareholder returns through dividends and share buybacks despite market challenges.

Gulf Marine Services’ outlook is underpinned by solid financial performance and attractive valuation, although technical indicators suggest some short-term bearish momentum. Corporate developments add minor uncertainty but do not materially affect the overall assessment.

Company Overview

Founded in Abu Dhabi in 1977 and listed on the London Stock Exchange, Gulf Marine Services PLC provides advanced self-propelled, self-elevating support vessels (SESVs) for the offshore oil, gas, and renewable energy sectors. Operating a fleet of 14 SESVs—among the youngest in the industry—the company offers global services including platform refurbishment, maintenance, well intervention, and wind turbine support across the Middle East, Europe, Southeast Asia, West Africa, the Americas, and the Gulf of Mexico.

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