Updates

Gulf Marine Services - Average day rates hit US$36k

December 2025

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

As I expected, shares in last month’s front-page write-up, GMS, have firmed after it released Q3 results, which showed revenues grew year-on-year by 10% to US$138.3m, with EBITDA up 7% to US$81.5m. FY25 EBITDA guidance is maintained at US$101-109m. The company continues to perform well with revenue growth boosted by average day rates that rose from US$32.8k to US$36.0k, albeit slightly offset by lower utilisation of 88% due to drydocking and maintenance activity across the fleet with an unplanned disruption for a short period due to geopolitical tensions in the Gulf region. Demand for its SESVs continues to be strong as evidenced by the company backlog of US$458m - equating to 2.5x 2026 forecast revenues. Panmure also note ...

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