Gulf Marine Services PLC (LON:GMS) has acquired a new mid-class vessel to capitalize on strong market demand, marking its first vessel acquisition in a decade.

The vessel will join GMS’s fleet of 14 vessels within the next two weeks. The acquisition supports the company’s strategic goal of doubling its 2024 adjusted EBITDA by 2030.

The purchase was partially financed through a $37.4 million 90-day interim loan from a Middle Eastern bank that is part of the company’s existing lending syndicate.

The remaining cost was funded from GMS’s cash resources. Following the acquisition, the group’s net leverage remains below 2.0x, excluding any EBITDA contribution from the new vessel.

Mansour Al Alami, Executive Chairman of GMS, said: “This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the Company. The addition of this vessel supports our growth ambitions, while preserving our financial strength and operational flexibility.”

Alex Aclimandos, Chief Financial Officer, added: “We are very pleased with the lenders’ response, which reflects our shared view of the industry and their confidence in GMS’s management. We now look forward to returning to shareholders 20 to 30 percent of adjusted net income.”

GMS plans to use the vessel for several identified commercial opportunities and will make further announcements about backlog and revised adjusted EBITDA guidance for 2026 in due course.

The company is a provider of self-propelled, self-elevating support vessels to the offshore energy industry, with a fleet that will now total 15 vessels.
Source: Investing.com