Gulf Marine Services (GMS) Investor presentation summary

Business overview and strategy

• Operates 14 advanced self-propelled, self-elevating support vessels, primarily serving oil, gas, and renewables sectors in the Arabian Gulf and North Sea.

• Achieved a successful turnaround with a focus on deleveraging, cost reduction, and backlog growth.

• Backlog as of April 2025 stands at $570 million, providing revenue visibility for the next three years.

• Completed a five-year debt refinancing in December 2024, improving financial flexibility.

• Management team and board bring extensive experience in energy, finance, and operations.

Financial performance and capital structure

• 2024 revenue reached $151.6 million with adjusted EBITDA of $100.4 million and a 60% margin.

• Net debt reduced from $406 million in 2020 to $201 million in 2024; leverage ratio improved from 8.1x to 2.0x.

• Operating costs as a percentage of revenue have steadily declined, supporting margin expansion.

• Dividend policy targets 20–30% of net profit, reflecting commitment to shareholder returns.

Market dynamics and growth outlook

• Offshore energy investment is projected to rise, with offshore wind expected to surpass oil & gas spending post-2025.

• Middle East offshore oil & gas production forecasted to grow 29% by 2030, supporting demand for vessels.

• Supply-demand dynamics are driving a resurgence in dayrates and vessel utilization, with 2024 utilization above 90%.

• Geographic revenue split is balanced between MENA and Western Europe, with exposure to both oil & gas and renewables.