Gulf Marine Services, a provider of self-propelled, self-elevating offshore lift boats, has announced highlights of its unaudited results for the nine months ending September 30, 2025.
Revenue increased by ten per cent to $138.3 million compared to $126.1 million in the same period last year. Adjusted EBITDA also rose by seven per cent to $81.5 million from $76.1 million in the first nine months of 2024.
The revenue increase was mainly driven by an improvement in fleet average day rates to $36,000, up from $32,800 in 2024, and the operation of an additional leased vessel for five months.
This was partially offset by a decrease in fleet utilisation to 88 per cent from 92 per cent, attributed to planned maintenance, drydock activities, new contract preparation, and geopolitical disruption in the Gulf during June 2025.
Finance expenses decreased by 35 per cent to $11.6 million, reflecting lower gross debt and interest rates following a successful loan facility refinancing in late 2024.
The company's net debt decreased to $172.2 million from $221.2 million a year prior, leading to a reduction in the net leverage ratio to 1.63x from 2.31x. The secured contract backlog as of September 30 stood at $457.5 million, slightly down from $465.5 million the previous year.
GMS confirmed it remains confident in achieving its increased Adjusted EBITDA guidance for 2025 of $101 to $109 million and its leverage target. The group continues to target Adjusted EBITDA of $105 to $115 million for 2026 and stated it is on track to declare shareholder rewards based on current performance.
Alex Aclimandos, Chief Financial Officer at GMS, said the results keep the company, "on schedule for the execution of the shareholder reward programme in the coming months, and positions the group well for future opportunities."
