Gulf Marine Services (GMS) Investor presentation summary

Business overview and operations

• Operates 15 advanced self-propelled, self-elevating support vessels, with a premium fleet serving oil & gas and offshore renewables in MENA and Western Europe.

• Average fleet age is 13 years, with an expected useful life of over 40 years, offering significant cost and efficiency savings.

• Backlog as of April 2026 stands at $660 million, about 3.5 times 2025 revenue, ensuring strong earnings visibility.

• Revenue in 2025 reached $188.1 million, up 12% from 2024, with adjusted EBITDA margin at 60%.

• Core operations focus on NOC-based opex, EPC-led capex, and windfarm services, with contracts ranging from months to years.

Financial performance and strategy

• Net leverage reduced to 1.39x by end of 2025, down from 8.1x in 2020, reflecting successful deleveraging.

• Operating costs as a percentage of revenue have steadily declined, supporting margin improvement.

• Debt refinancing in 2024 secured more favorable terms, with a five-year term loan and working capital facility.

• Shareholder returns policy (20–30% of net profit for dividends/buybacks) is deferred pending assessment of Gulf conflict.

• Strategic plan targets doubling EBITDA by 2030 from 2024 levels, with annual fleet expansion.

Market dynamics and outlook

• High dayrates and utilization are maintained by strong supply-demand dynamics, though dayrates remain below 2015 peak.

• Offshore energy investment is projected to rise, driven by oil & gas and offshore wind growth.

• Global oil & gas production is expected to increase, with the Middle East and Latin America leading future growth.

• The company’s core geographies are the largest SESV markets globally, with significant opportunities in renewables.

• Geopolitical risks, especially in the Gulf, impact operations and revenue, notably with vessel evacuations in Qatar.