Gulf Marine Services (LSE:GMS) reported a net loss of $14.8 million for the six months ended 30 June 2026, compared with a profit of $3.9 million a year earlier, after conflict in the Gulf disrupted vessel operations during the period.
The company said four vessels were temporarily evacuated as a result of the conflict, contributing to fleet utilisation of 75%. Adjusted revenue declined 3% year-on-year to $84.1 million, while adjusted EBITDA fell 14% to $43.8 million.
GMS recorded impairment charges of $22.7 million relating to property and equipment, while gross profit declined to $2 million. Adjusted net profit was approximately half the level reported in the corresponding period of 2025.
The company’s shareholder distribution policy remains on hold.
Average day rates increased 7% during the period. GMS also acquired a new mid-class vessel, increasing its operated fleet to 15 vessels.
Net leverage increased to 1.75x, remaining below the company’s target of 2.0x.
GMS is pursuing additional business in Latin America and has entered into a vessel management agreement in Africa. The company reported a secured backlog of $659 million by mid-August.
The group maintained its full-year 2026 adjusted EBITDA guidance of between $105 million and $115 million. The guidance is conditional on there being no renewed escalation of military conflict in the Gulf.
More about Gulf Marine Services
Gulf Marine Services PLC is a London-listed provider of self-propelled, self-elevating support vessels for the offshore energy industry.
Founded in Abu Dhabi in 1977, the group operates a fleet of 15 vessels and has offices in the United Arab Emirates, Saudi Arabia, Qatar and the United Kingdom. It is also expanding its activities into Latin America and Africa.
The company’s vessels support offshore oil, gas and energy projects, with revenue generated through fleet utilisation, day rates and charter contracts. GMS also provides third-party vessel management services.
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