Added to YB: 2026-08-19
Pitch date: 2026-07-07
GMS.L [neutral]
Gulf Marine Services PLC
Author Info
No bio for this author
Company Info
Gulf Marine Services PLC, together with its subsidiaries, operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe.
Market Cap
GBP 302.8M
Pitch Price
N/A
Price Target
0.52
Dividend
N/A
EV/EBITDA
4.71
P/E
16.03
EV/Sales
2.62
Sector
Energy Equipment and Services
Category
value
Gulf Marine Services - Is this still the best risk/reward investment in offshore?
GMS.L (holding update): Leading high-spec SESV operator, held since 2023 at <5p, now 18p. Deleveraged 8.1x→1.81x, $660m backlog (3.5x rev), 60% EBITDA margins. Trades 3.9x 2026E, 2.4x 2027E EV/EBITDA vs 5-7x peers. Catalysts: deferred dividend, Oslo listing, M&A, activist. Peer multiple implies 23-52p. Risks: Gulf geopolitics, 90% NOC concentration, mgmt IR inaction.
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