# Gulf Marine Services Revenue Rises 10% Despite Gulf Conflict Disruptions

- URL: https://stocks.freetheai.org/news/gulf-marine-services-revenue-rises-10-despite-gulf-conflict-disruptions-828fe8
- Published: 2026-10-20T06:00:02Z
- Category: earnings; sentiment: mixed; impact: medium
- Symbols: [LSE:GMS](https://stocks.freetheai.org/symbols/LSE-GMS)
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Gulf Marine Services PLC (LSE:GMS) reported a 10% increase in adjusted revenue to $151.8 million for the first nine months of 2026, up from $138.3 million in the same period last year. Revenue growth was driven by higher average fleet day rates of $39.1k, up from $36.0k, and the third-quarter deployment of a newly acquired mid-class vessel in Latin America. However, fleet utilization dropped to 80% from 88%, slowed by military conflict in the Gulf region and scheduled maintenance ahead of new contracts in the first quarter.

Regional conflict in the Gulf resulted in an estimated $10.1 million in lost revenue alongside $1.8 million in extra costs for war risk insurance premiums. To fund its vessel purchase, the offshore service provider added a $37.4 million loan to its existing bank facilities, bringing its net leverage ratio to 1.55x from 1.39x at the end of 2025. Given ongoing geopolitical uncertainty, the company board continues to defer restarting shareholder payouts.

Looking ahead, the company reiterated its full-year 2026 adjusted EBITDA guidance of $105 million to $115 million, contingent on stable vessel utilization. Demand for its support vessels remained firm, pushing its order backlog up to $616 million at the end of September, compared to $606 million at year-end 2025.

## Key points

- Nine-month adjusted revenue rose 10% year over year to $151.8 million, supported by higher day rates and expansion into Latin America.
- Average fleet day rates reached $39.1k, though utilization declined to 80% due to regional conflict and scheduled vessel prep work.
- War in the Gulf generated $10.1 million in estimated lost revenue and $1.8 million in added war risk insurance expenses.
- Full-year 2026 adjusted EBITDA guidance was maintained at $105 million to $115 million as order backlog expanded to $616 million.
- Shareholder payouts remain deferred until geopolitical risks in the Middle East become clearer.

## Questions and answers

### What were Gulf Marine Services 9M 2026 financial results?

Gulf Marine Services reported nine-month adjusted revenue of $151.8 million, up 10% from $138.3 million a year earlier, as higher day rates offset lower fleet utilization.

### How did the Gulf conflict impact Gulf Marine Services?

The war in the Gulf caused an estimated $10.1 million in lost revenue and $1.8 million in direct incremental costs for higher war risk insurance premiums.

### What is Gulf Marine Services EBITDA guidance for 2026?

The company maintained its full-year 2026 adjusted EBITDA guidance range of $105 million to $115 million, assuming no major impact on vessel utilization.