Gulf Marine Services (LSE:GMS) has confirmed that all four support vessels previously evacuated from a Gulf state due to regional geopolitical tensions have now resumed operations under their original contracts. The company said the successful redeployment of the vessels allows it to maintain its guidance for 2026 adjusted EBITDA of between USD 105 million and USD 115 million.
Management continues to engage with customers to evaluate the overall financial impact of the temporary disruption, although the return of the vessels marks a significant step towards normalised operations.
Fleet Redeployment Highlights Operational Resilience
Executive Chairman Mansour Al Alami described the return of the vessels to service as an important milestone for the business. The company said the swift restoration of operations reflects both the strength of its customer relationships and its ability to execute effectively in challenging circumstances.
The redeployment ensures that all affected assets are once again contributing to contracted activity, supporting the group’s earnings outlook for the year.
Confidence in Underlying Market Conditions
Despite the recent disruption, Gulf Marine Services remains positive about the underlying strength of its markets. Management pointed to continued demand for offshore support services across the Gulf region and believes the company remains well positioned to benefit from ongoing activity in the energy sector.
The board indicated that the temporary interruption has not altered its expectations for the broader business, although discussions with clients remain ongoing regarding any residual commercial impacts.
Positioned to Support Offshore Energy Activity
The company continues to focus on delivering support services to offshore operators across a range of maintenance, intervention and installation projects. Its fleet utilisation and long-term customer relationships remain key drivers of performance as demand for offshore infrastructure support remains resilient.
Market Considerations
The company’s outlook is supported by strengthening financial fundamentals, including debt reduction, sustained profitability and generally positive free cash flow generation. However, a decline in net income during 2025 and weaker free cash flow performance remain factors weighing on sentiment. Technical indicators currently present a mixed picture, while valuation metrics sit broadly in the middle of the sector range and offer limited additional support.
More About Gulf Marine Services
Gulf Marine Services is a London-listed offshore support vessel operator established in Abu Dhabi in 1977. The company specialises in self-propelled, self-elevating vessels that provide services to offshore energy operators, including platform maintenance, well intervention, installation and decommissioning projects.
The group operates a fleet of 15 vessels from bases in the UAE, Saudi Arabia and Qatar and serves customers across the Middle East, Southeast Asia, West Africa, North America and Europe. Its K-Class, S-Class and E-Class vessels are designed to operate in water depths ranging from 45 metres to 80 metres and can accommodate up to 300 personnel while offering substantial deck space and crane capacity.
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