Gulf Marine Services keeps outlook despite Q1 profit slump

(Sharecast News) - Gulf Marine Services reported a 24% drop in operating profits over the first quarter after having to evacuate four of its vessels in the Gulf as a result of the Iran war, though the company still maintained its guidance for the full year.

GMS, which provides self-propelled, self-elevating support vessels to support the offshore energy sector, said EBITDA totalled $19.5m over the three months to 31 March, down from $25.6m a year earlier.

Utilisation rates averaged 74% in the first quarter, down from 89% the year before, as a result of the precautionary evacuation of four vessels in one of the Gulf Cooperation Council countries. Utilisation was also affected by the preparation of a vessel ahead of its contract commencing in Europe.

"While we remain in discussions with the client on how to address the situation, no revenue from those evacuated vessels was recognised in March," GMS said. As a result, revenues fell 10% year-on-year to $38.0m.

However, GMS's crew returned on board of all evacuated vessels in early April, with the client joining two of the vessels shortly after.

GMS highlighted the company's increased geographical footprint, which had been primarily concentrated in the Middle East during 2025. Since the period-end, one vessel was redeployed to Europe, a newly acquired vessel is heading to Latin America for a contract, while GMS is managing a third-party vessel in Africa.

"While the war in the Gulf has disrupted and delayed some of our plans, we had anticipated that Q1 would be a transitional quarter, with one of our larger vessels relocating to Europe, another transitioning between contracts, a third undergoing major refurbishment, and the addition of a newly acquired mid-class vessel," said chief financial officer Alex Aclimandos.

The company held on to its adjusted EBITDA guidance of between $105m-115m.

GMS shares were flat at 19.96p by 0923 BST.