Gulf Marine Services (GMS) has entered into an agreement to acquire a new liftboat, according to a company announcement released on January 26. The unnamed mid-class vessel is expected by the group to join its current 14-vessel fleet within the next two weeks.
GMS stated that the acquisition is intended to help the company meet a goal of doubling its 2024 adjusted EBITDA by 2030. The transaction was partially financed through a $37.4 million 90-day interim loan.
GMS noted that the funding was provided by a local Middle Eastern bank that is part of the company's existing lending syndicate. The remaining portion of the acquisition cost was funded from the company's own cash resources.
Following the completion of the purchase, GMS reported that its net leverage remains below two times, which does not include any potential earnings contribution from the newly acquired vessel. The company also said the vessel has been designated for several identified commercial opportunities.
Mansour Al Alami, Executive Chairman of GMS, said, "This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the company." He added that the company is focused on supporting growth ambitions while preserving its financial strength and operational flexibility through the addition of the vessel.