Panmure Liberum's Ashley Kelty reiterates a Buy and 32p price target for Gulf Marine Services, following news of two new contracts that broaden its geographic reach.
Kelty argues the awards, a 170‑day charter for a recently acquired self‑propelled, self‑elevating support vessel (SESV) in Latin America and a one‑year technical and operational management agreement in Africa, add an asset‑light revenue stream to Gulf Marine Services, the offshore SESV owner, operator and manager.
Panmure flags the updated backlog of USD 666m, equivalent to around 3.8x FY26E revenues, as the standout data point that supplies strong earnings visibility through 2027, while noting the firm gave no contract‑level revenue detail.
Panmure says investors should watch for further information on contract economics, option exercises and the regional scope of the awards as the next catalysts.
