Gulf Marine Services on Friday reported a 24% fall in first-quarter profit after the UAE-based firm was instructed to evacuate four vessels from a Gulf Cooperation Council country in March as a precautionary measure due to the Iran War.
U.S.-Israeli strikes on Iran, which began in late February, has seen Iran launch retaliatory attacks across all six GCC states, effectively closing the Strait of Hormuz, through which about a fifth of global oil supplies pass.
The offshore marine support company said crews returned to all evacuated vessels in early April and clients rejoined operations on two of them days later, while Gulf Marine Services maintained its full-year 2026 profit forecast.
Here are some details:
• GMS' core profit fell to $19.5 million in the three months ended March 31 from $25.6 million a year earlier, with revenue down 10% to $38 million
• The evacuation halted the group's operations in one of the GCC countries and no revenue from those vessels was recognized in March. It did not name the country.
• Gulf Marine Services still expects 2026 adjusted core profit of $105 million to $115 million.
• The company also deferred a distribution decision pending further assessment of the geopolitical situation.
• Gulf Marine Services had acquired a new mid-class vessel in January, bringing its fleet to 15 vessels, financed partly through a $37.4 million bridge loan
• A vessel was redeployed to Europe and started operations in April, enhancing the company's presence in the renewables sector and diversifying its geographical footprint beyond the Middle East
(Reuters - Reporting by DhanushVignesh Babu in Bengaluru; Editing by Nivedita Bhattacharjee)