Gulf Marine Services (LSE:GMS) has reported adjusted revenue of US$151.8 million for the nine months to 30 September, up 10% from US$138.3 million a year earlier, as a newly deployed vessel in Latin America and stronger day rates offset lower fleet utilisation.
The London-listed offshore support vessel operator, which supplies self-propelled, self-elevating support vessels (SESVs) to the oil, gas and renewables sectors, said adjusted EBITDA held flat at US$81.5 million.
Average fleet utilisation fell to 80% from 88%, which the company attributed to the war in the Gulf and planned vessel preparation ahead of new contracts in the first quarter.
Average day rates rose 9% to US$39.1k from US$36k, with the brand-new mid-class vessel acquired earlier this year beginning operations in Latin America during the third quarter.
GMS now estimates the Gulf conflict has cost US$10.1 million in lost revenue, alongside US$1.8 million in direct incremental costs from higher war risk insurance premiums, as it continues working to recover lost revenue.
Net bank debt rose 2% to US$175.4 million, with net leverage at 1.55x, down from 1.63x a year earlier but up from 1.39x at the end of 2025, after the US$37.4 million bridge loan used to part-finance the vessel acquisition was merged into existing bank facilities in the third quarter on unchanged terms. Leverage remains below the group's 2.0x long-term target.
Backlog reached US$616 million at period end, up from US$606 million at the end of 2025 and up 35% from US$457.5 million in the prior-year period.
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The board continues to defer its shareholder distribution policy pending greater clarity on the geopolitical risks affecting the Gulf.
"GMS had a noticeable improvement in Q3 2026 financial performance, following first-half disruptions from regional Gulf conflict," said Alex Aclimandos, chief financial officer, pointing to the Latin American expansion and strong average day rates while adding that the company "remain[s] vigilant in monitoring military activity in the Gulf to proactively manage any potential utilization risks."
GMS reaffirmed its full-year adjusted EBITDA guidance of US$105 million to US$115 million, assuming the geopolitical situation does not materially affect vessel utilisation.
