Gulf Marine Services PLC, the Abu Dhabi-founded operator of offshore support vessels, said adjusted revenue rose 10% to $151.8 million in the first nine months of 2026, even as the war in the Gulf cost it an estimated $10.1 million in lost revenue.
The war also caused $1.8 million in direct extra costs from higher war-risk insurance premiums, the London-listed company said in a statement to the London Stock Exchange on Tuesday.
Adjusted earnings before interest, taxes, depreciation and amortization were unchanged from a year earlier at $81.5 million.
The revenue gain came mainly from a newly acquired mid-class vessel that worked in Latin America during the third quarter, and from higher day rates. The fleet’s average day rate rose to $39,100 from $36,000.
Average fleet utilization fell to 80% from 88%. GMS attributed the decline to the war and to planned preparation of vessels during the first quarter ahead of new contracts.
Backlog stood at $616 million at the end of September, up 35% from a year earlier and up from $606 million at the end of 2025.
Net bank debt was $175.4 million. The net leverage ratio rose to 1.55 times from 1.39 times at the end of 2025 after the company partly financed the new vessel with a $37.4 million loan, though it remains below the group’s 2.0 times target.
GMS kept its forecast for 2026 adjusted EBITDA at $105 million to $115 million, assuming the geopolitical situation does not materially affect vessel utilization. The board will keep deferring its shareholder distribution policy until there is greater clarity on geopolitical risks in the Gulf.
“GMS had a noticeable improvement in Q3 2026 financial performance, following first-half disruptions from regional Gulf conflict,” Chief Financial Officer Alex Aclimandos said. “We remain vigilant in monitoring military activity in the Gulf to proactively manage any potential utilization risks.”
GMS was founded in Abu Dhabi in 1977. It operates 15 self-propelled, self-elevating support vessels serving offshore oil, gas and renewables clients from offices in the UAE, Saudi Arabia and Qatar.
