Gulf Marine Services (LSE:GMS) has reported a 10% increase in adjusted revenue to $151.8 million for the first nine months of 2026, while announcing that shareholder distributions will be deferred amid continuing geopolitical uncertainty in the Gulf region.
The offshore support vessel operator said revenue growth was supported by higher average vessel day rates and the deployment of a newly acquired mid-class vessel in Latin America.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) remained broadly unchanged at $81.5 million during the period.
However, vessel utilisation declined to 80%, reflecting operational disruption associated with the conflict in the Gulf.
The company estimated that the disruption resulted in approximately $10.1 million of lost revenue, while additional war risk insurance costs also affected operations.
Despite these challenges, Gulf Marine Services reported an increase in its contracted order backlog to $616 million, providing visibility over future vessel activity.
The group operates a fleet of 15 self-propelled, self-elevating support vessels used in offshore oil, gas and renewable energy operations.
Its vessels support activities including platform maintenance, well intervention and offshore wind construction across international markets.
The company’s expansion into Latin America represents a further step in its geographical diversification strategy, with the recently acquired vessel contributing to revenue during the reporting period.
However, the acquisition was partly financed through additional borrowing, contributing to an increase in net bank debt.
Gulf Marine Services reported leverage of 1.55 times, remaining below its stated target ceiling of 2.0 times.
Management maintained its full-year 2026 adjusted EBITDA guidance of between $105 million and $115 million.
The company also confirmed that it would postpone shareholder distributions until there is greater clarity regarding geopolitical risks affecting its Gulf operations.
No revised timetable for distributions was provided in the supplied update.
For investors, the trading statement highlights the contrast between higher revenue and a growing order backlog on one hand, and disruption-related costs and increased borrowing on the other.
The $616 million backlog provides an indication of contracted future work, although revenue recognition will depend on project schedules and operational delivery.
The decision to defer shareholder distributions also changes the near-term capital return outlook, despite the company maintaining its full-year EBITDA expectations.
Looking ahead, investors will be monitoring vessel utilisation, the financial impact of Gulf-related disruption, developments in war risk insurance costs and progress in reducing leverage.
The timing of any resumption in shareholder distributions and performance against the $105 million to $115 million EBITDA guidance will also remain relevant to the group’s financial outlook.
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