GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce its interim results for the six months period ended 30 June 2025 (H1 2025).

H1 Financial and Operational Highlights:

  • The Group achieved revenue of US$ 87.1 million for the first half of 2025, reflecting an increase of 8% compared to US$ 80.7 million in H1 2024. The increase in revenue was attributed to improvements in fleet average day rates to US$35.1k (H1 2024: US$ 32.4k) as well as operating an additional leased vessel for two months. The increase was partially offset by a decrease in fleet average utilisation from 91% in H1 2024 to 87% in H1 2025. This decrease was largely attributed to planned maintenance and drydocking downtime, mobilisation to prepare the vessels for the next contracts and geopolitical instability in the Middle East.
  • Adjusted EBITDA grew by 6% to US$ 50.8 million (H1 2024: US$ 47.7 million) driven by the increase in revenue. Adjusted EBITDA margin is 58% (H1 2024: 59%).
  • Net leverage ratio1 on 30 June 2025 further improved to 1.73:1 (31 December 2024: 2.0:1) driven by continued improvement in adjusted EBITDA and lower net bank debt1. Net bank debt1 lowered by US$ 21.8 million to US$ 179.4 million (31 December 2024: US$ 201.2 million).
  • Finance expenses decreased by 34% to US$ 8.1 million (H1 2024: US$ 12.3 million), driven by the reduction in gross debt and interest margin. The reduction of interest margin was due to the successful refinancing of the loan facility on 30 December 2024.
  • The Group’s net profit for the first half of 2025 decreased by 47% to US$ 3.9 million (H1 2024: US$ 7.4 million). This is due to higher tax expense, depreciation and amortisation offset by improvement in EBITDA, lower charges on finance costs and fair value of warrants. The increase in tax expenses is primarily due to the one-time impact of the tax ruling received, which was announced on 14 May 2025.
     
  • The basic earnings per share for the period decreased to US$ 0.35, as compared to US$ 0.68 in the first half of 2024. Further, the diluted earnings per share for the period decreased to US$ 0.34 compared to US$ 0.63 in the first half of 2024.

1 This represents an Alternative Performance Measure (APM) as defined in the Glossary which is included in Note 24 to the interim consolidated Financial Statements.

Outlook:

  • GMS expects 2025 adjusted EBITDA to reach USD 101‐109 million, an increase from the previously forecasted EBITDA guidance of USD 100‐108 million.
  • Despite some uncertainty regarding geopolitical issues and some increased supply from new vessels entering the market in the coming months, we continue to target an EBITDA in the range of US$ 105-115 million for 2026.
  • Secured backlog was US$ 517.4 million on 30 June 2025 (30 June 2024: US$ 426.8 million), which reflects the additional contract awards announced over the last 12 months, offset by the revenue recognised. This underscores the ongoing strength in demand for our vessels across the various markets in which we operate.
  • Based on these results and current information we have on hand, the Company is on track to declare shareholder rewards, in line with its shareholder rewarding policy as announced on 01 August 2024.

Mansour Al Alami, Executive Chairman, GMS said:

“With leverage at a healthy level, we have strengthened the resilience and agility of the Company, while fulfilling our commitment to generating long-term value for our shareholders. Despite ongoing operational and market challenges, including recent geopolitical tensions, we grew the business and remain confident of stronger performance through the rest of the year. The successful introduction of a new vessel further underscores our readiness to capitalise on emerging market opportunities.”