Gulf Marine Services (LSE: GMS) has confirmed that all vessels temporarily pulled out of one Gulf country amid the recent geopolitical tensions are now back working on the same contracts they left.
The provider of self-propelled, self-elevating support vessels to the offshore energy sector said the return-to-hire has been completed in full. Importantly for investors, GMS is sticking with its 2026 adjusted EBITDA guidance of $105 million to $115 million despite first-quarter revenue falling 10% to $38 million.
EBITDA was down 25% during this period, but the group is clearly confident it can make up for it during the rest of the year.
Gulf Marine Services said it is still working through the final financial impact of the disruption in talks with its clients, and has promised a further update in due course.
For now, though, the swift return of the fleet and the held guidance point to a business that has weathered the interruption without lasting damage to its outlook.
Mansour Al Alami, Executive Chairman of GMS, said: “We are very pleased to confirm that the fourth and final evacuated vessel has now returned to hire. This is a significant milestone, and we are encouraged by the positive momentum we are seeing both operationally and on the geopolitical front. The swift and safe return of all four vessels is a testament to the professionalism of our crews and the strength of our client relationships, which have remained robust throughout this period.”
“Looking ahead, we remain confident in the underlying performance of the business and are maintaining our adjusted EBITDA guidance for 2026 in the range of USD 105 million to USD 115 million. We believe GMS is well-positioned to capitalise on the strong demand environment across the Gulf, and we look forward to updating the market further in due course.”