Gulf Marine Services PLC
04 August 2026
August 4th 2026
Gulf Marine Services PLC
'Gulf Marine Services', 'GMS', 'the Company' or 'the Group')
Conversion of Bridge Facility to Long-Term Term Loan and increase the limits of its Working Capital Facility
Gulf Marine Services (GMS), a leading provider of self-propelled self-elevating support vessels to the offshore energy industry, is pleased to announce that it has converted its January 2026 bridge loan used to acquire a new vessel into a long-term term loan and secured an additional AED-equivalent US$7.5 million working capital facility to support its growing operations.
The conversion does not increase the Company's overall indebtedness and simply reflects the transition of short-term acquisition financing into a facility structure more appropriate to the long-term ownership of the vessel.
The bridging facility has been converted within the Company's existing syndicated lending arrangements, with the same syndicate of lenders as its current facility, being HSBC, First Abu Dhabi Bank (FAB) and Commercial Bank of Dubai (CBD), and on the same commercial terms as those originally agreed for both the existing loan and the bridge facility, including margin, covenant package, and security arrangements. No new lenders have joined the syndicate and no amendment to pricing has been made in connection with the conversion.
Key terms of the Facility:
· Original bridge facility amount: The equivalent in AED of US$37.4 million, drawn in January 2026 to fund the acquisition of a new vessel.
· Facility structure now converted into a long-term five-year loan.
· Margin/Interest rate: Unchanged from current facilities.
· Syndicate: HSBC, First Abu Dhabi Bank (FAB) and Commercial Bank of Dubai (CBD).
Increase of the Working Capital Facility:
The equivalent in AED of an additional US$ 7.5 million to its working capital facility was obtained from the Commercial Bank of Dubai to support the expected growing operations in new geographies. Up to 40% of the facility can be drawn in cash. The utilized amount of the facility carries an interest rate of 2.25% + EIBOR, in line with the existing working capital facility in which Commercial Bank of Dubai and the two other lenders participate.
Alex Aclimandos, Chief Financial Officer of GMS, commented:
"The successful conversion of this facility onto a long-term basis reflects the continued support of our banking syndicate and provides the Company with cost-effective financing appropriate to the useful life of the Vessel. As for the working capital facility, while 40% of the increase can be drawn in cash, we expect its use to be limited to the issuance of bonds and other bank guarantees."
This announcement contains inside information and is provided in accordance with the requirements of Article 17 of the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended).
-ENDS-
Enquiries:
Gulf Marine Services PLC Tel: +44 (0)20 7603 1515
Mansour Al Alami
Executive Chairman
Alex Aclimandos
Chief Financial Officer
Celicourt Communications Tel: +44 (0)20 8434 2643
Mark Antelme
Philip Dennis
Kristine Qevani
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world-leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the offshore energy industries from its offices in the United Arab Emirates, Saudi Arabia, Qatar and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, Europe, Southeast Asia, West Africa, North America, the Gulf of Mexico, and South America.
The GMS fleet of 15 SESVs is amongst the youngest in industry. The vessels support GMS's clients in a broad range of offshore platform refurbishment and maintenance activities, well intervention work, and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).
The SESVs are categorized by size - K-Class (Small), S-Class (Mid), and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity, and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.
Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77
Disclaimer
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Cautionary Statement
This announcement includes statements that are forward-looking in nature. All statements other than statements of historical fact are capable of interpretation as forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'will', 'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature these forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific, as they relate to events and depend on circumstances that might occur in the future.
Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.
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