Gulf Marine Services: conflict disruption and impairment drive an H1 loss
Gulf Marine Services reported interim results on 7 September 2026.
| Measure | H1 2026 | H1 2025 |
|---|---|---|
| Adjusted revenue | $84.1m | $87.1m |
| Adjusted EBITDA | $43.8m | $50.8m |
| Reported net profit/(loss) | $(14.8)m | $3.9m |
| Adjusted net profit | $6.9m | $14.1m |
| Fleet utilisation | 75% | 87% |
Main drivers
Four vessels were temporarily evacuated and returned to hire by mid-June. The company estimates $11.6m lost revenue and a $12.8m EBITDA impact from the conflict.
A $22.7m impairment also weighed on reported earnings. Average day rates increased 7% to $37,400.
Outlook and balance sheet
June net bank debt was $185.4m and leverage 1.75 times. Secured backlog reached $659m on 17 August.
The company retains a $105m–$115m FY2026 adjusted EBITDA target, explicitly assuming no return to active military conflict. Shareholder distributions remain deferred.
The next tests are sustained vessel availability, new-market contributions and any recovery of disputed revenue from customers.
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