reports
- Daniel Slater
- Daniel Slater
Gulf Marine Services (GMS LN) - New vessel acquisition - Corporate
GMS has announced acquisition of a new mid-size vessel. This is expected to be added to the company’s fleet in the next couple of weeks, with potential contracts already identified, which should allow the new vessel to quickly begin contributing to company revenues. We continue to expect announcement of commencement of shareholder returns in the coming months.
- Daniel Slater
- Daniel Slater
- Daniel Slater
- Daniel Slater
- Daniel Slater
Gulf Marine Services (GMS LN) - Q3 2025 update - Corporate
GMS has released its Q3 2025 update, reporting further positive progress on day rates, recovery in utilisation, and reiteration of full year EBITDA guidance, the ongoing focus on deleveraging, and the company’s shareholder return intentions.
- Daniel Slater
Gulf Marine Services (GMS LN) - H1 2025 results - Corporate
GMS has released its H1 2025 results. These show a solid performance on revenues and EBITDA, though with regional geopolitical volatility having an effect on utilisation, alongside higher costs for CAPEX and leases as the company increases fleet investment post its new debt facilities. We adjust our forecasts to hold revenue and EBITDA, but reflect the higher costs in our earnings and cash numbers. The company remains on track to establish shareholder returns which we expect in 2026, and we awai...
- Daniel Slater
Gulf Marine Services (GMS LN) - Saudi tax dispute update - Corporate
GMS has announced an update on its Saudi Arabia tax dispute. This concerns a bill of US$9.2m (including delay penalties) received from the Saudi tax authorities in 2021 concerning the transfer pricing of an inter-group bareboat agreement in 2017, 2018, and 2019. GMS has been appealing this tax bill via the relevant Saudi channels, and the company understands that this process has now fully concluded (in a judgement on 12 May), unsuccessfully for GMS’s claim. The company is now awaiting the final...
- Daniel Slater
- Daniel Slater
- Daniel Slater
Gulf Marine Services (GMS LN) - Full year 2024 results - Corporate
GMS has released its full year results to the end of December 2024, showing another year of strong cash flows and net debt reduction. We expect this theme to continue going forward through 2025, with the significant order book continuing to support revenues and cash flow, driving further deleveraging and creating the opportunity for growth via more leased vessels, and for potential shareholder returns.
- Daniel Slater
Gulf Marine Services (GMS LN) - New contract win from new, leased vess...
New vessel deployment drives growth. GMS has announced a new contract win. This is with an existing major client in the Middle East, for an initial period of seven months (including options). Importantly, this contract is using a new vessel, which GMS has sourced and leased specifically for this contract, meaning the company will now have 14 vessels deployed (from 13 previously).
- Daniel Slater
Gulf Marine Services (GMS LN) - Significant contract extension - Corp...
GMS has announced a significant contract extension for two of its vessels operating in the Middle East. The vessels are on contract to a major regional NOC with which GMS has a strong existing relationship, and these have both been extended for a further three years, at “enhanced rates”. The statement also highlights “robust and ongoing demand” for the company’s vessels, and how this is contributing to continued high utilisation levels. On the back of the new contract, the company’s order book n...
- Daniel Slater
- Daniel Slater
- Daniel Slater
- Daniel Slater
- Daniel Slater
Gulf Marine Services (GMS LN) - Contract award - Corporate
New contract award supports continued strong order book. GMS has announced a further new contract award. This is for one of the company’s small (K-class vessels), operating in the Middle East, and is for a period of 18 months (including optional extensions). The company’s order book now stands at US$503m (from US$505m as of mid-October), continuing to represent around three years of revenues and giving substantial visibility.
- Daniel Slater
Gulf Marine Services (GMS LN) - Contract award - Corporate
New contract award, again at higher day rates. GMS has announced a further new contract award. This is for one of the company’s small (K-class vessels), operating in the Middle East. The new contract is for a period of 10 months (including optional extensions) and, importantly, is described as being at “improved day rates” compared with the vessel’s previous day rate.
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