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Gulf Marine Services Reports Lower First-Quarter Earnings
(MENAFN) Profits at Gulf Marine Services declined by 24% during the first quarter of 2026 after the conflict involving Iran led to the withdrawal of four vessels from an undisclosed GCC nation, the company announced on Friday.
The UAE-headquartered, London-listed offshore energy provider revealed that earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased to $19.5 million in the quarter ending March 31, compared with $25.6 million recorded during the corresponding period last year.
Company turnover also slipped by 10%, reaching $38 million versus $42.3 million a year earlier. In addition, vessel utilization fell to 74%, down from 89% in the same quarter of the previous year.
Gulf Marine Services stated that, in early March, it received instructions to remove four vessels from one of the Gulf Cooperation Council states as a precautionary response to the war in the Gulf.
“These developments halted the group's operations in that country,” the company said, noting that no income from the evacuated vessels was recorded during March.
The firm added that discussions with the client are still ongoing to determine how the matter will be managed moving forward.
In spite of the operational setback, Gulf Marine Services reported that average daily rates climbed 8% year-on-year to $37,000. Its order backlog also expanded by 16%, reaching $660 million by the close of the quarter.
The company further disclosed that it purchased a new mid-class vessel in January, increasing its managed fleet to 15 vessels overall. Part of the acquisition was funded through a $37.4 million bridge loan.
The UAE-headquartered, London-listed offshore energy provider revealed that earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased to $19.5 million in the quarter ending March 31, compared with $25.6 million recorded during the corresponding period last year.
Company turnover also slipped by 10%, reaching $38 million versus $42.3 million a year earlier. In addition, vessel utilization fell to 74%, down from 89% in the same quarter of the previous year.
Gulf Marine Services stated that, in early March, it received instructions to remove four vessels from one of the Gulf Cooperation Council states as a precautionary response to the war in the Gulf.
“These developments halted the group's operations in that country,” the company said, noting that no income from the evacuated vessels was recorded during March.
The firm added that discussions with the client are still ongoing to determine how the matter will be managed moving forward.
In spite of the operational setback, Gulf Marine Services reported that average daily rates climbed 8% year-on-year to $37,000. Its order backlog also expanded by 16%, reaching $660 million by the close of the quarter.
The company further disclosed that it purchased a new mid-class vessel in January, increasing its managed fleet to 15 vessels overall. Part of the acquisition was funded through a $37.4 million bridge loan.
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