Updates

Gulf Marine Services - Backlog grows again after new contract win

March 2026

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.

The hot streak continues with the shares climbing to 23p after Gulf Marine announced another large contract extension on two of its Middle East-based vessels. That’s taken its order backlog to US$700m from just US$457m last September, or around 4x revenues. For good measure, it’s also announced the acquisition of another lift boat, to “capitalise on strong market demand,” taking the portfolio to 15. This acquisition “supports its stated objective to double EBITDA by 2030.” A main write-up only four months ago at 15.5p, the gain to date is 48% but I think the shares will move closer to Zeus’ price target of 32p. Leverage is still falling (notwithstanding the lift boat purchase), day rates have risen from US$33.1k in FY24 t ...

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Marston's

Gulf Marine Services (February 2026)

Gulf Marine Services - Average day rates hit US$36k (December 2025)

Gulf Marine Services - Provider of self-propelled lift boats enjoys soaring rig rates in Persian Gulf (November 2025)

Gulf Marine Services (June 2025)

Gulf Marine Services (May 2025)

Gulf Marine Services - EBITDA guidance raised 5% (February 2025)

Gulf Marine Services - Another upgrade to guidance (December 2024)

Gulf Marine Services - Pull-back provides second bite of the cherry (November 2024)

Gulf Marine Services - January write-up has gained 76% (May 2024)

Gulf Marine Services - Second upgrade in quick succession (April 2024)

Gulf Marine Services - Gain in 2 months: 38% (March 2024)

Gulf Marine Services - New contracts drive chart break-out (February 2024)

Gulf Marine Services - Middle East lift boat provider enjoys two upgrades (January 2024)

Gulf Marine Services - Oil & gas asset leasing group makes encouraging debut (May 2014)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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