GMS reassesses guidance in light of potential effects of war in Iran 

Announcing results for 2025, the company said previously issued adjusted 2026 EBITDA guidance of between US$105M and US$115M is being assessed due to the ongoing situation in the Gulf.

“The ongoing geopolitical situation in the Gulf region has escalated since early January 2026, resulting in increased volatility in oil and gas markets and some disruptions to the group’s offshore operations,” GMS said, “including the contractual declaration of force majeure by one of its customers. 

“As the situation is fast evolving and fluid, the effect of the escalations is subject to significant levels of uncertainty, with the full range of possible effects unknown. Management is closely evaluating the impact of these developments on its operations, liquidity and financial outlook.”

The company said the war “had brought about additional uncertainties in its operating environment, including group operations in the UAE, Qatar and the Kingdom of Saudi Arabia.”

GMS noted that, with respect to its consolidated financial statements for the year ended 31 December 2025, the potential financial reporting effects of the conflict are considered to be non-adjusting in nature, but noted that escalation halted group operations in one of the jurisdictions in the Middle East.

“If the conflict persists for a prolonged period or escalates beyond the current situation, management would reassess the potential implications and implement appropriate mitigating actions, including but not limited to engagement with lenders, if required,” GMS stated.

The company posted strong revenue growth and growth in EBITDA in 2025 as day rates increased, although it said utilisation fell. Revenue increased by 12% to US$188M, compared to US$168M in 2024, mainly driven by the operation of an additional leased large vessel for eight months and an improvement in fleet average day rates by 11%, which offset the impact of lower average fleet utilisation.

The company’s EBITDA increased by 12% to US$113M, compared to US$100M in 2024, driven by the increase in revenue. The group reported a net profit of US$20M compared to US$38M in 2024.