Gulf Marine Services (GMS), a leading provider of self-propelled and self-elevating support vessels for the offshore energy sector, is pleased to announce the award of a new long-term contract for one of its vessels in the GCC. The contract spans a total of five years, inclusive of optional extensions, and contributes to further improvement in fleetwide average day rates. This contract takes our backlog to USD 464 million.

The Company is glad to revise its adjusted EBITDA guidance for 2024 to be in the range of USD 95 million to USD 100 million, versus the adjusted EBITDA guidance communicated earlier of USD 92 million to USD 100 million.

Mansour Al Alami, GMS Executive Chairman, commented:

“We are pleased to secure this new long-term contract with one of our key regional clients. This award reinforces the continued high demand for our vessels and reflects the strong utilization of our fleet in the region. We remain committed to supporting our client’s projects and delivering high-quality services across the GCC. The revised EBITDA guidance for 2024 reflects the favourable market conditions.”

Alex Aclimandos, GMS Chief Financial Officer, commented:

“We are delighted to have reached this agreement confirming the favourable fundamentals for our business going forward and allowing us to continue to successfully deleverage. Our net debt today stands at USD 224 million. Supported by the projected lower cost of financing and the continuing demand for our vessels, the business will generate free cashflow that will help us achieve our various objectives to increase our shareholders investment value.  As for our guidance for 2025, we are in the process of revisiting it and shall share it with you in the next couple of months”.