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Gulf Marine Services (GMS) investor relations material
Gulf Marine Services Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M 2026 adjusted revenue rose 10% YoY to $151.8m; adjusted EBITDA was unchanged at $81.5m, with Q3 improvement following first-half Gulf conflict disruptions.
A newly acquired mid-class vessel began operating in Latin America in Q3, while average day rates improved; fleet utilization remained affected by Gulf conflict and vessel preparations.
Financial highlights
Adjusted revenue was $151.8m in 9M 2026 vs $138.3m in 9M 2025, up 10%; adjusted figures exclude the impact of finance lease accounting for a leased vessel.
Adjusted EBITDA was $81.5m in 9M 2026, unchanged YoY; net bank debt was $175.4m vs $172.2m, up 2%.
Backlog at 30 September 2026 was $616.0m vs $457.5m a year earlier, up 35%; backlog was $606m at 31 December 2025.
Outlook and guidance
FY 2026 adjusted EBITDA guidance remains $105m–$115m, assuming the geopolitical situation does not materially affect vessel utilization.
Backlog of $616m underscores continuing demand for the vessel fleet.
- Strong backlog, improved margins, and strategic positioning drive growth and value creation.GMS
Investor presentation - Strong revenue growth, reduced leverage, and a $660m backlog drive future expansion.GMS
Investor presentation - A $659m backlog and reaffirmed guidance offset a conflict-hit H1.GMS
H1 2026 - Double-digit revenue and EBITDA growth achieved amid Gulf disruptions; leverage improved.GMS
H2 2025 - Strong backlog, improved margins, and low leverage position the fleet operator for robust growth.GMS
Investor presentation - Strong financial turnaround and robust backlog position the company for sustained growth.GMS
Investor presentation - Strong backlog, high margins, and reduced leverage drive growth in offshore energy markets.GMS
Investor presentation - H1 2025 saw higher revenue, lower debt, and a $474m backlog, with shareholder returns ahead.GMS
Investor update - Revenue up 10%, EBITDA up 15%, net leverage at 2.0x, and strong 2025 outlook.GMS
H2 2024
Next Gulf Marine Services earnings date
Next Gulf Marine Services earnings date
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