Gulf Marine puts outlook under review on conflict disruption

Gulf Marine Services PLC on Tuesday reported a rise in 2025 revenue, but said its guidance for the new year is ‘currently being assessed’ due to the Middle East conflict.

Shares in the company fell 6.0% to 18.94 pence each in London on Tuesday morning.

The provider of support vessels to the offshore energy industry said the conflict has ‘increased volatility in oil and gas markets’ and disrupted some of its operations.

Pretax profit last year fell 17% to $35.8 million from $43.2 million. Revenue increased 12% to $188.1 million from $167.5 million in 2024.

GMS said its bottom line was hurt by net impairment charges of $10.1 million, compared to a net reversal of $9.2 million in 2024.

Revenue was boosted by an ‘additional leased large vessel for eight months and improvement in fleet average day rates by 11%’.

Adjusted earnings before interest, tax, depreciation and amortisation climbed 12% to $112.9 million in 2025, from $100.4 million in 2024.

‘The ongoing geopolitical situation in the Gulf region has escalated since early January 2026, resulting in increased volatility in oil and gas markets and some disruptions to the group’s offshore operations, including the contractual declaration of force majeure by one of its customers.

‘As the situation is fast evolving and fluid, the effect of the escalations is subject to significant levels of uncertainty, with the full range of possible effects unknown. Management is closely evaluating the impact of these developments on its operations, liquidity and financial outlook,’ GMS said.

Its previously issued guidance of $105 million to $115 million in adjusted Ebitda for 2026 ‘is currently being assessed due to the ongoing geopolitical situation in the Gulf region’, the company added.

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