UAE Gulf Marine Services profit falls 24% after Gulf war disrupts vessel operations

The earnings of UAE-based Gulf Marine Services fell 24% in the first quarter of 2026 after the war in Iran forced the evacuation of four vessels from an unnamed GCC country, the company said Friday.

The London-listed offshore energy services firm said earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $19.5 million in the three months ending March 31, down from $25.6 million in the same period last year.

Revenue declined 10% to $38 million from $42.3 million, while the company’s vessel utilization rate dropped to 74% from 89% a year earlier.

Gulf Marine Services said it was instructed in early March to evacuate four vessels from one of the Gulf Cooperation Council countries as a precautionary measure due to the war in the Gulf.

“These developments halted the group's operations in that country,” the company said, adding that no revenue from the evacuated vessels was recognized in March.

The company said it remains in talks with the client on how to address the situation.

Despite the disruption, Gulf Marine Services said average day rates rose 8% year-on-year to $37,000, while its backlog increased 16% to $660 million at the end of the quarter.

The firm also acquired a new mid-class vessel in January, bringing its operated fleet to 15 vessels. The acquisition was partly financed through a $37.4 million bridge loan.

Gulf Marine Services maintained its 2026 adjusted EBITDA guidance at between $105 million and $115 million, while saying its backlog rose further to $666 million as of May 4.

Chief Financial Officer Alex Aclimandos said the war in the Gulf had “disrupted and delayed” some of the company’s plans, but added that it had expected the first quarter to be transitional.

The company said crews started returning to all evacuated vessels in early April, while the client joined two of the vessels a few days later.

Gulf Marine Services, founded in Abu Dhabi in 1977, provides self-propelled, self-elevating support vessels to the offshore oil, gas and renewables industries.