Gulf Marine Services (GMS) Investor presentation summary

Business overview and operations

• Headquartered in Abu Dhabi, operates 13 advanced self-propelled, self-elevating support vessels with an average fleet age of 14 years and a useful life of 40+ years.

• Serves blue-chip clients in oil & gas and offshore renewables, primarily in MENA and Western Europe.

• All vessels are chartered on a time basis, with project execution risk and most operational risks assumed by clients.

• Backlog as of January 2025 stands at $483m, equivalent to 3.2x 2023 revenue, providing strong revenue visibility.

• Equity book value was $352m as of June 30, 2024.

Financial performance and deleveraging

• Adjusted EBITDA for Q3 2024 was $76.1m with a 60% margin; 2024 EBITDA guidance is $98–100m, and 2025 guidance is $100–108m.

• Net debt/EBITDA reduced from 8.1x in 2020 to 2.3x in Q3 2024, reflecting accelerated debt repayment and improved balance sheet health.

• Operating costs as a percentage of revenue have steadily declined, supporting higher margins and profitability.

• Successfully refinanced debt with a five-year term loan, improved pricing, and favorable conditions for growth and shareholder returns.

Market dynamics and growth outlook

• Dayrates have rebounded from lows, with utilization rates above 90%, though dayrates remain below 2015 peaks.

• Offshore energy investment is expected to rise, with offshore wind projected to account for 45% of total offshore energy spending from 2024–27.

• Offshore oil & gas production is forecast to grow 26% globally by 2030, with Middle Eastern offshore production rising 29%.

• Positioned to benefit from both oil & gas recovery and offshore wind market upswing, especially in core geographies.