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IN BRIEF: Gulf Marine Services set for returns as 9-month earnings up

ALN

Gulf Marine Services PLC - London and Abu Dhabi-based operator of self-propelled self-elevating support vessels for offshore energy industry - Reports revenue of $138.3 million for the nine months to September 30, up 10% from $126.1 million a year earlier, while adjusted earnings before interest, tax, depreciation and amortisation rises 7.1% to $81.5 million from $776.1 million. Net debt is reduced by 22% to $172.2 million, cutting leverage to 1.6 times from 2.3 times. Gulf Marine says it remains on track to meet its 2025 objectives and is ‘highly confident’ of achieving increased adjusted Ebitda guidance of $101 million to $109 million. The company continues to target adjusted Ebitda of up to $115 million for 2026. In 2024, adjusted Ebitda was $100.4 million.

‘The increase in EBITDA enables continued deleveraging of the balance sheet, keeps us on schedule for the execution of the shareholder reward programme in the coming months, and positions the group well for future opportunities,’ Chief Financial Officer Alex Aclimandos says.

Current stock price: 16.41 pence, up 9.9% in London on Tuesday

12-month change: down 14%

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