Gulf Marine Services PLC (LSE:GMS) has reported a solid financial performance for the first nine months of 2025, with revenue rising 10% year-on-year to $138.3 million. This growth was underpinned by higher fleet day rates and the deployment of an additional leased vessel.
Although vessel utilization saw a slight dip due to planned maintenance and geopolitical headwinds, the company achieved a 22% reduction in net debt and improved its net leverage ratio, reinforcing its balance sheet strength. Management reaffirmed confidence in meeting its adjusted EBITDA guidance for the year and signaled a continued commitment to its shareholder reward program.
Despite external risks such as geopolitical conflicts and ongoing tax rulings, Gulf Marine Services remains well positioned to capture future opportunities.
The company’s outlook reflects a robust operational and financial position supported by strong earnings momentum and appealing valuation metrics. However, bearish technical indicators suggest some near-term market caution, though these factors are not expected to materially affect the company’s underlying trajectory.
Company Overview
Founded in Abu Dhabi in 1977, Gulf Marine Services PLC is a leading operator of self-propelled, self-elevating support vessels (SESVs), serving the offshore oil, gas, and renewable energy sectors. The company’s 14-vessel fleet operates globally from bases in the UAE, Saudi Arabia, Qatar, and the UK, supporting offshore platform maintenance, refurbishment, and wind turbine installation across various water depths. Gulf Marine Services is listed on the London Stock Exchange.
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