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Gulf Marine Services PLC on Tuesday reported a jump in profit during the first half of 2025, and said it remains ‘on track’ to deliver on proposed future shareholder returns. The Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector said pretax profit for the six months that ended June 30 rose 70% to $16.8 million from $9.9 million a year earlier. Revenue grew 7.9% to $87.1 million from $80.7 million the year before, as a result of an 8.3% improvement in fleet average day rates to $35,100 from $32,400, as well as the operation of an additional leased vessel for two months. General and administrative expenses reduced by 17% to $7.5 million from $9.0 million. Adjusted earnings before interest, tax, depreciation and amortisation advanced 6.5% to $50.8 million during the six-month period from $47.7 million the year prior. ‘With leverage at a healthy level, we have strengthened the resilience and agility of the company, while fulfilling our commitment to generating long-term value for our shareholders,’ said Executive Chair Mansour Al Alami. ‘Despite ongoing operational and market challenges, including recent geopolitical tensions, we grew the business and remain confident of stronger performance through the rest of the year. The successful introduction of a new vessel further underscores our readiness to capitalise on emerging market opportunities.’ Looking ahead, the firm upgrades its full-year adjusted Ebitda guidance to between $101 million and $109 million, from its prior forecast for $100 million to $108 million. This would represent 7.6% growth at best from $100.4 million in 2024. Gulf Marine Services continues to target an Ebitda between $105 million and $115 million for 2026. At June 30, the firm’s secured backlog totalled $517.4 million, compared to $426.8 million at June 30, 2024. Gulf Marine Services said, as a result of its strong performance in the first half of the year, it is ‘on track to declare shareholder rewards’ via dividends or share buybacks. The firm declared no interim dividend, unchanged on-year, but in 2024 proposed a future dividend policy allocating 20% to 30% of its annual adjusted net profit for distributions to shareholders, provided other plans permit and loan covenants are fully met. Shares in Gulf Marine Services were down 6.6% at 17.00 pence in London on Tuesday morning. The stock remains up 7.6% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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