Gulf Marine quarterly revenue, earnings down amid Iran war impact

(Alliance News) - Gulf Marine Services PLC on Friday said that its results reflected "the war in the Gulf" as it posted a fall in first-quarter earnings and revenue.

The provider of support vessels to the offshore energy industry said revenue fell 10% to USD38.0 million in the first quarter of 2026, from USD42.3 million a year prior.

Earnings before interest, tax, depreciation and amortisation dove 24% to USD19.5 million from USD25.6 million.

The backlog as of last day of the period stood at USD660 million, up 16% from USD570 million a year ago.

The company said: "The results reflect the impact of the war in the Gulf, as at 31 March 2026. As announced in early March, we were instructed to evacuate the company's four vessels in one of the GCC countries as a precautionary measure."

Despite the war, Gulf Marine maintained its 2026 adjusted Ebitda guidance of between USD105 million and USD115 million, which would be between 7.0% lower and 1.9% higher than USD112.9 million in 2025.

Chief Financial Officer Alex Aclimandos said: "We are encouraged that the actions taken over the past few years have strengthened our resilience and agility, enabling us to absorb recent shocks and positioning us well to capture the anticipated post-war growth in demand, in the GCC region. While the war in the Gulf has disrupted and delayed some of our plans, we had anticipated that Q1 would be a transitional quarter, with one of our larger vessels relocating to Europe, another transitioning between contracts, a third undergoing major refurbishment, and the addition of a newly acquired mid-class vessel."

Gulf Marine shares edged up 0.1% to 19.98 pence each around noon on Friday in London.

By Tom Budszus, Alliance News slot editor

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