Gulf Marine Services clinches new vessel deal and a contract extension

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London-listed liftboat operator Gulf Marine Services (GMS) has signed a contract extension for one of its vessels currently operational in the Middle East and received a letter of award for another vessel operating in the same region.

These two awards span a combined period of 5.2 years and the total company’s backlog has now reached $373m.

According to GMS, this is around 2.45 times larger than 2023 revenues and the company decided on an upward revision of its 2024 adjusted EBITDA guidance, now anticipated to be in the range of $92m to $100m, compared to the previous range of $87m to $95m.

“[This] confirms the continuous demand for our vessels and the improvement in day rates and backlog. This is also likely to have a positive impact not only on 2024 results but well beyond. We are hoping to revisit our 2025 EBITDA guidance in the second half of 2024,” said Mansour Al Alami, GMS executive chairman.

The liftboat operator added that it ended 2023 with net debt of $268m down from $406m in 2020. The decrease of around $107m was repaid in the last two years.

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