Gulf Marine Services has agreed to acquire a new mid-class self-propelled, self-elevating support vessel to join its 14-vessel fleet within two weeks.
The move will allow the company to capitalise on strong market demand and supports its strategic objective of doubling 2024 adjusted EBITDA by 2030, it said.
The acquisition has been partially financed through a USD 37.4 million 90-day interim loan from a local Middle Eastern bank that is part of the existing lending syndicate, according to the company.
The balance has been funded from GMS’s own cash resources and net leverage remains below 2.0x following completion, it added.
The vessel has been earmarked for identified commercial opportunities with further announcements on backlog and revised adjusted EBITDA guidance for 2026 to follow.
“We are delighted to announce this acquisition and would like to thank all those involved,” said executive chairman Mansour Al Alami.
“This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the Company,” Al Alami added.
“Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months,” he stated.
Chief financial officer Alex Aclimandos commented: “We are very pleased with the lenders’ response, which reflects our shared view of the industry and their confidence in GMS’s management.”
“This support is a strong endorsement of the successful turnaround the Company has delivered over the past few years,” Aclimandos said.
“We now look forward to returning to shareholders 20 to 30 percent of adjusted net income,” he added.