olivLaw · European equity research
Gulf Marine Services PLC GMS.L
United Kingdom · London Stock Exchange · ISIN GB00BJVWTM27 · Vertical: Listed companies from United Kingdom
Gulf Marine Services PLC operates a fleet of self-elevating support vessels (SESVs) serving offshore oil, gas and wind projects, with major operations in the Middle East and Western Europe. The company is focused on reducing debt and keeping its fleet highly utilised, in an uncertain geopolitical context in the Gulf region. Its adjusted EBITDA guidance for 2026 stands between 105 and 115 million USD, and its update depends on how the situation in the Gulf develops.
At the close of 05 Nov 2026, Gulf Marine Services PLC (GMS.L) stock was 0.18 GBP (−2.11% on the day), with beta 0.76, 52-week range 0.15–0.24 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 0.17 – 0.20
- in the lower half of the band · %B 0.30 · band width 15.2%
- SMA 50 / 200
- 0.18 / 0.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.2% | −0.6% | −1.6 pp | — |
| 3 months | −8.0% | −4.2% | −3.9 pp | — |
| 6 months | −11.7% | +4.3% | −16.1 pp | — |
| Year to date | −9.6% | +7.5% | −17.2 pp | — |
| 1 year | +4.1% | +9.9% | −5.8 pp | +5.8% |
| 3 years | +34.5% | +49.8% | −15.3 pp | +26.3% |
| 5 years | +229.3% | +42.8% | +186.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 151.6 m | 167.5 m | 188.1 m |
| Revenue YoY | unavailable | +10.5% | +12.3% |
| Net income | 41.3 m | 38.0 m | 18.9 m |
| Net income YoY | unavailable | −8.1% | −50.2% |
| Diluted EPS | 0.04 | 3.39 | 1.64 |
| Diluted EPS YoY | unavailable | +8,548.0% | −51.6% |
| net % | 27.3% | 22.7% | 10.0% |
| Free cash flow | 90.9 m | 100.8 m | 74.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 27.8 m USD
- Financial debt
- 180.2 m USD
- Net debt
- 152.5 m USD
- Equity
- 422.3 m USD
- Total assets
- 699.9 m USD
- Debt / equity
- 0.43x
- Current ratio
- 0.69x
- ROE
- 4.7%
- ROA
- 2.7%
- FCF margin
- 39.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 151.6 m | 167.5 m | 188.1 m | esef· 12 May 2026verified |
| Cost of revenue | 82.0 m | 85.1 m | 108.3 m | esef· 12 May 2026verified |
| Gross profit | 102.8 m | 89.6 m | 70.1 m | esef· 12 May 2026verified |
| Operating income | 88.2 m | 72.6 m | 54.7 m | esef· 12 May 2026verified |
| Interest expense | 31.4 m | 23.5 m | 15.0 m | esef· 12 May 2026verified |
| Pre-tax income | 44.9 m | 43.2 m | 35.8 m | esef· 12 May 2026verified |
| Income tax | 2.9 m | 4.9 m | 16.3 m | esef· 12 May 2026verified |
| Net income | 41.3 m | 38.0 m | 18.9 m | esef· 12 May 2026verified |
| Diluted EPS | 0.04 | 3.39 | 1.64 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.7 m | 40.0 m | 27.8 m | esef· 12 May 2026verified |
| Receivables | 30.6 m | 25.6 m | 33.9 m | esef· 12 May 2026verified |
| Current assets | 47.4 m | 74.8 m | 79.1 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 606.4 m | 592.2 m | 575.0 m | esef· 12 May 2026verified |
| Total assets | 668.3 m | 683.1 m | 699.9 m | esef· 12 May 2026verified |
| Accounts payable | 35.1 m | 37.8 m | 42.8 m | esef· 12 May 2026verified |
| Short-term debt | 41.5 m | 39.6 m | 38.0 m | esef· 12 May 2026verified |
| Long-term debt | 234.4 m | 196.4 m | 142.2 m | esef· 12 May 2026verified |
| Current liabilities | 99.5 m | 100.5 m | 114.8 m | esef· 12 May 2026verified |
| Total liabilities | 338.1 m | 300.4 m | 277.7 m | esef· 12 May 2026verified |
| Equity | 330.3 m | 382.7 m | 422.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 1.0 bn | 10.5 m | 11.3 m | esef· 12 May 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 94.4 m | 103.6 m | 88.4 m | esef· 12 May 2026verified |
| Capex | 3.5 m | 2.8 m | 14.5 m | esef· 12 May 2026verified |
| Free cash flow | 90.9 m ≈ | 100.8 m ≈ | 74.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -12.8 m | -8.8 m | -25.3 m | esef· 12 May 2026verified |
| Financing cash flow | -85.2 m | -63.5 m | -75.4 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 18.52 – 28.55 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E18.52 – 28.55 (Mid 23.66)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 25 (vs peers) | 31% |
| Net margin · Quality | 10.0% | 46 (vs peers) | 19% |
| FCF conversion · Quality | 391.6% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.7x | 33 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GULF MARINE SERVICES PLC (GMS.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 188.1 m USD in 2025; YoY growth 12.3%; net margin 10.0%; ROE 4.7%.
The estimated value range is 18.52–28.55 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 391.6%
What contradicts it
- ROIC: 5.2%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for GMS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gulf Marine Services PLC operates a fleet of self-elevating support vessels (SESVs) serving offshore oil, gas and wind projects, with major operations in the Middle East and Western Europe. The company is focused on reducing debt and keeping its fleet highly utilised, in an uncertain geopolitical context in the Gulf region. Its adjusted EBITDA guidance for 2026 stands between 105 and 115 million USD, and its update depends on how the situation in the Gulf develops.
SWOT
Strengths
- A diversified fleet across three vessel classes, with harsh-weather capability and dynamic positioning.
- A steady reduction in debt and in the net leverage ratio over recent years.
- A reported safety record with no lost-time injuries over three consecutive years.
Weaknesses
- Reliance on a small number of major customers, which increases exposure to the loss of a contract.
- Banking covenants are sensitive to vessel utilisation, downtime and interest rates.
- Executive pay is below market for comparable companies, which may reflect resource constraints.
Opportunities
- Expected growth in offshore activity in the Middle East, particularly in the UAE, Saudi Arabia and Qatar.
- Geographic diversification and expansion in Europe, where the company has already deployed a second vessel.
- Use of SESV vessels in offshore wind projects alongside oil and gas work.
Threats
- Geopolitical tensions in the Gulf region could interrupt operations and delay projects.
- New vessels entering the market could reduce charter rates and utilisation.
- Local content requirements and rising client standards could add cost.
Risks
- Fleet utilisationhigh
Utilisation could fall because of regional tensions, dependence on major clients and industry cyclicality, with effects on charter rates.
- Liquidity and covenant compliancehigh
Timing gaps between inflows and outflows, or slow client payments, could strain liquidity; a covenant breach could allow lenders to accelerate repayment.
- Operational safetymedium
Environmental or safety incidents, weather and equipment failures could affect activity and reputation, and insurance may not cover every loss.
- Local content and regulationmedium
Failure to meet local content requirements or anti-corruption, tax and reporting rules could limit contracts and lead to penalties.
- Cyber and climate riskslow
System outages and security incidents, along with transition and physical climate risks, could affect operations and demand.
Investment thesis
What would need to be true (bull case)
- If offshore demand in the Middle East keeps growing, the company's diversified fleet could achieve better utilisation and longer-term contracts.
- Continued debt reduction could allow the company to return value to shareholders once the geopolitical outlook becomes clearer.
- Geographic diversification and the new vessel acquisition could support EBITDA growth toward the stated 2030 target.
What would break the thesis
- If tensions in the Gulf intensify, operations could be disrupted and EBITDA guidance could be revised downward.
- New vessels entering the market could reduce rates and utilisation, particularly for the smaller class vessels.
- Dependence on a few clients and on banking covenants could amplify the impact of a lost contract or a weak period.
What to watch
- Update to adjusted EBITDA guidance, which depends on clarity over the Gulf geopolitical situation2026
- Completion of the new mid-class vessel acquisition and its integration into the fleet2026
- Trend in the net leverage ratio and compliance with banking covenantsnext 10-K
- Dividend decision after the geopolitical situation is assessed2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, Gulf Marine Services PLC is an operator of self-elevating (SESV) vessels used for construction and maintenance in the offshore energy sector. The fleet includes three vessel classes, and the company states it operates vessels to the highest safety standards. Its net leverage ratio stood at 2.00 at the end of 2025, down from earlier levels.
In 2025 the company set a target to double its 2024 EBITDA by 2030 and added a leased large vessel, followed by the acquisition of a brand-new mid-class vessel in early 2026, its first acquisition in almost a decade. A bridge loan was obtained in 2026 to fund that purchase. No dividend has been declared while the geopolitical situation is assessed, although the capital allocation policy was reaffirmed.
Management's strategy rests on four priorities: financial management aimed at an optimal leverage level, agility in winning contracts and keeping utilisation high, close client relationships, and operational excellence including safety. The company reports three consecutive years with a Lost Time Injury Rate of zero.
Segments
Small class (K class) fleet
The company operates 6 small class (K Class) vessels, with a maximum water depth of 45 metres and a main crane of 45/75 tonnes, suited to lighter work in shallower water.
Regional operations
The company notes that the Middle East and Western Europe are the largest SESV markets in which it operates, and in 2025 it deployed a second vessel in Europe to extend its presence and fleet utilisation.
Market context
Global energy demand remains the main driver of investment across the oil and gas value chain, supporting demand for SESV vessels. The report notes near-term operational disruptions, such as production curtailments, constraints at export facilities and force majeure declarations, which could lead to deferrals or rescheduling of offshore campaigns.
According to the company, the Middle East market is entering a sustained growth phase driven by shallow-water developments and an expanding development drilling programme. Growth is concentrated in the UAE and Saudi Arabia, while Qatar's offshore gas sector remains a structural growth driver.
Trends
- Geopolitical tensions in the Gulf regionheadwind
Regional conflicts could disrupt offshore operations, restrict access and delay projects, which could reduce fleet utilisation and revenue. The company monitors developments and explores redeployment options for its vessels.
- Rising energy demand and offshore projectstailwind
Global energy demand and shallow-water developments in the Middle East support demand for SESV vessels, and the long-term contract backlog offers some protection against short-term volatility.
- Growing vessel supplyheadwind
The report expects additional tonnage in 2026-2027, which increases competition and could pressure charter rates and utilisation. The company's smaller vessels could become less competitive as larger new builds enter the market.
- Local content requirementsmixed
National oil companies in the Middle East set local content targets, and non-compliance could limit new contracts or force lower margins. The company treats local content as a strategic priority.
Competitive position
The report does not name specific competitors. The company notes that new vessels entering the market will increase competition, and client standards may require fleet upgrades to remain competitive.
The competitive advantages cited include strong client relationships, a track record of safe services, fleet adaptability and the ability to modify assets to meet client requirements, which the company hopes will help it withstand competitive pressure.
- No competitors named in the source
The annual report does not name direct competitors, so no tickers are attributed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Gulf Marine Services PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.