Gulf Marine Services Lines Up First Fleet Addition in 10 Years

Illustration (Credit: Gulf Marine Services)

Gulf Marine Services (GMS), a provider of jack-up support vessels to the offshore energy industry, has agreed to acquire a new mid-class self-propelled, self-elevating support vessel, marking its first vessel acquisition in a decade.

The vessel is expected to join the company’s fleet of 14 vessels within the next two weeks and is intended to support GMS’ strategy of doubling its 2024 adjusted EBITDA by 2030.

The acquisition was partly financed through a $37.4 million 90-day interim loan provided by a Middle Eastern bank that is part of the company’s existing lending syndicate, pending participation by the remaining lenders. The remainder of the purchase price was funded from the company’s cash resources.

GMS said the cost of funding and covenant terms are consistent with those agreed with lenders in December 2024. Following completion, the group’s net leverage will remain below 2.0 times, excluding any EBITDA contribution from the acquired vessel.

The company said the vessel has been earmarked for a number of identified commercial opportunities, with further announcements on backlog and revised adjusted EBITDA guidance for 2026 to be made in due course.

“We are delighted to announce this acquisition and would like to thank all those involved. This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the company. The addition of this vessel supports our growth ambitions, while preserving our financial strength and operational flexibility. Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months,” said Mansour Al Alami, executive chairman of GMS.