Gulf Marine Services PLC said in an update on Monday that it has agreed to acquire a new mid-class vessel, marking its first vessel purchase in a decade as it looks to capitalise on strong market demand and advance its long-term growth strategy.
The London-listed firm said the vessel was expected to join its fleet of 14 self-propelled, self-elevating support vessels within the next two weeks.
It said the acquisition was intended to support the group's strategic objective of doubling its 2024 adjusted EBITDA by 2030, while positioning the business to benefit from current conditions in the offshore energy market.
"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.
"The addition of this vessel supports our growth ambitions, while preserving our financial strength and operational flexibility.
"Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months."
The transaction was being partially funded through a $37.4m 90-day interim loan provided by a local Middle Eastern bank that was part of the company's existing lending syndicate, pending participation by the remaining lenders.
It said the cost of funding and covenant package were in line with those agreed with lenders in December 2024, with the balance of the purchase funded from the group's own cash resources.
Following completion, net leverage was expected to remain below 2.0 times, excluding any EBITDA contribution from the acquired vessel.
Gulf Marine Services said the vessel had already been earmarked for a number of identified commercial opportunities, with further updates on backlog and revised adjusted EBITDA guidance for 2026 to be provided in due course.
"We are very pleased with the lenders' response, which reflects our shared view of the industry and their confidence in GMS's management," commented Alex Aclimandos, chief financial officer.
"This support is a strong endorsement of the successful turnaround the company has delivered over the past few years.
"We now look forward to returning to shareholders 20 to 30 percent of adjusted net income."
At 0944 GMT, shares in Gulf Marine Services were down 3.45% at 21p.
Reporting by Josh White for Sharecast.com.