Gulf Marine Services (GMS) has agreed to acquire a mid-class self-propelled, self-elevating support vessel, expanding its fleet to 15 units as the offshore services provider looks to capitalise on firm market conditions.
The vessel is expected to join the fleet within two weeks and will be deployed against identified commercial opportunities, the company said. GMS added that it plans to provide an update on backlog as well as revised adjusted EBITDA guidance for 2026 at a later date.
The acquisition has been partially funded through a USD 37.4m 90-day interim loan from a local Middle Eastern bank that is part of GMS’s existing lending syndicate, with the balance financed from internal cash resources. Following completion, net leverage remains below 2.0x, according to the company.
GMS said the transaction supports its strategic objective of doubling adjusted EBITDA from 2024 levels by 2030.
“This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the Company,” executive chairman Mansour Al Alami said.
“Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months,” he added.
Chief financial officer Alex Aclimandos said lender support reflected confidence in both the sector outlook and GMS’s operational performance.
“We are very pleased with the lenders’ response, which reflects our shared view of the industry and their confidence in GMS’s management,” Aclimandos said, adding that the company now expects to return 20% to 30% of adjusted net income to shareholders.
GMS operates a fleet of self-elevating support vessels serving offshore energy markets across the Middle East, Europe, Southeast Asia and West Africa, and said the latest acquisition positions it to benefit from sustained demand across its core regions.
