Updates

Gulf Marine Services

May 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.

Gulf Marine has announced a contract win for an additional vessel in the Middle East as well as a three year contract extension for a further two vessels. Encouragingly the order backlog has increased from US$483m in January to US$558m, representing over 3x broker Zeus’ forecast 2024 revenues. The broker says Gulf Marine should be trading on an EV/ EBITDA of 6.5x versus its current 4.4x “based on its revenue growth and ongoing strong market for its vessels,” which should translate to higher rig rates for new contracts. Day rates have increased from US$27,500 / day in 2022 to US$30,300 in FY23 and US$32,800 / day in Q1-Q3 24 while utilisation sits at 92% so far this year versus 88% in 2022. With net debt also falling sharply ...

To access our archive of articles and to receive current issues you need to subscribe.

Subscribe now

Already a subscriber? Login

Coats Group - Operating margin hits record 18%

Luceco - Strong Q4 leads to “beat”

Gulf Marine Services (June 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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X