Gulf Marine Services hails entry into Africa and Latin America

(Alliance News) - Gulf Marine Services PLC on Tuesday announced the award of two contracts, which it said marked its entry into the African and Latin American regions.

The provider of support vessels to the offshore energy industry said the first contract relates to the deployment of its newly acquired vessel, which has been secured on a total 170-day firm and options charter at "attractive" day rates.

Under the second contract, Gulf Marine will provide, for a year, full technical and operational management services for an externally owned vessel operating in Africa. Gulf Marine said this contract "represents a strategic milestone for the company, as it enters a new line of business: third-party vessel management."

Executive Chair Mansour Al Alami said: "These two contract awards mark an important step forward in our growth and diversification strategy. Entering Africa and Latin America broadens our global presence, while the third-party vessel management contract highlights our ability to leverage our operational expertise beyond our owned and leased fleet.

"We are particularly pleased to have secured strong rates for our newly acquired vessel, reinforcing the value of our recent investment."

He added that the company maintains its adjusted earnings before interest, tax, depreciation and amortisation guidance for 2026 in the range of USD105 million to USD115 million. It would be between 7.0% lower and 1.9% higher than USD112.9 million in 2025.

Gulf Marine shares rose 3.8% to 20.15 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News slot editor

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