Gulf Marine Services' profit in UAE plummets following vessel evacuation
Gulf Marine Services PLC reported on Friday a 24% drop in its first-quarter profits after being instructed by the UAE-based firm to evacuate four vessels from a Gulf Cooperation Council country in March as a precautionary measure because of the Iran War.
U.S. and Israeli strikes against Iran, which began late in February, have seen Iran launch retaliatory actions across all six GCC countries, effectively closing Strait of Hormuz,?throughwhich about a quarter of global oil supply passes.
Gulf Marine Services, a company that provides offshore marine support services, said in a statement that crews were returned to all evacuated ships by early April and clients resumed operations two days later on two vessels. The company also maintained its profit forecast for 2026.
Below are some details.
* GMS' core profit dropped to $19.5 million from $25.6 in the quarter ended March 31, with revenue down 10% at $38 million
* The evacuation stopped the group's operation in one of GCC countries, and in March no revenue was recognized from these vessels. The country was not named.
* Gulf Marine Services continues to expect a core adjusted profit between $105 and $115 million in 2026.
* The 'company' also deferred its distribution decision until it had a better understanding of the geopolitical environment.
* Gulf Marine Services acquired a mid-class vessel, increasing its fleet from 15 to 17 vessels in January. This was financed partially through a bridge loan of $37,4 million
* A vessel was redeployed from the Middle East to Europe and began operations in April, increasing the company's presence and geographical footprint in the renewables industry. (Reporting and editing by DhanushVigneshBabu in Bengaluru. Nivedita Battacharjee).
(source: Reuters)
