RNS Number : 7697E
Gulf Marine Services PLC
28 February 2024


February 28th, 2024




Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')

Contract Extension, New Letter of Award and Revised EBITDA guidance


Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels for the offshore oil, gas, and renewables sectors, announces the signing of a contract extension for one of its vessels currently operational in the Middle East. Additionally, the company has received a Letter of Award for another vessel, also operating in the Middle East. These two awards span a combined period of 5.2 years.


Considering this, the total backlog has now reached US$ 373 million. This represents approximately 2.45 times 2023 revenues and offers an improved visibility moving forward.  Accordingly, GMS is pleased to announce an upward revision of its 2024 adjusted EBITDA guidance, now anticipated to be in the range of US$ 92 million to US$ 100 million, compared to the previous range of US$ 87 million to 95 million.


Mansour Al Alami, GMS Executive Chairman, welcomes these developments, stating:


"We are delighted to make this announcement. It confirms the continuous demand for our vessels and the improvement in day rates and backlog. This is also likely to have a positive impact not only on 2024 results but well beyond. We are hoping to revisit our 2025 EBITDA guidance in the second half of 2024.


Our deleveraging journey continues: We ended 2023 with net debt of US$ 268 million down from US$ 406 million in 2020, a decrease of US$ 138 million of which US$ 107 million were repaid in the last two years."


Alex Aclimandos, GMS Chief Financial Officer, added:


"We welcome the new awards that will help us continue to accelerate deleveraging. We will work hard to achieve the upper end of the adjusted EBITDA guidance, but we remain conscious of the daily operational challenges we will face in the coming ten months."


For further inquiries or information regarding these contract awards or our services, please do not hesitate to contact us.





Gulf Marine Services PLC

Mansour Al Alami

Executive Chairman

Tel: +44 (0)20 7603 1515

Celicourt Communications

Mark Antelme

Philip Dennis

Tel: +44 (0) 208 434 2643



Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and Qatar. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry. The vessels support GMS's clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore oil and gas platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).


The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77



The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.


Cautionary Statement

This announcement includes statements that are forward-looking in nature. All statements other than statements of historical fact are capable of interpretation as forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'will', 'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature these forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific, as they relate to events and depend on circumstances that might occur in the future.

Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest the Company or any other entity and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.

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