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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gulf Marine Services Plc | LSE:GMS | London | Ordinary Share | GB00BJVWTM27 | ORD 2P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.45 | 2.46% | 18.75 | 1,196,312 | 09:12:05 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 18.70 | 18.80 | 19.25 | 18.50 | 18.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ship Building And Repairing | USD 151.6M | USD 41.34M | USD 0.0386 | 4.86 | 195.8M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 09:38:18 | O | 11,282 | 18.7449 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 19/3/2025 | 07:00 | UK RNS | Gulf Marine Services PLC Contract |
| 13/3/2025 | 11:54 | ALNC |  IN BRIEF: Gulf Marine shares rise on Middle East contract extensions |
| 13/3/2025 | 07:00 | UK RNS | Gulf Marine Services PLC Contract |
| 07/3/2025 | 07:13 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 07/2/2025 | 17:37 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 29/1/2025 | 10:27 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 21/1/2025 | 12:05 | ALNC | Gulf Marine extends offshore mining deal, reflects "continued demand" |
| 21/1/2025 | 07:00 | UK RNS | Gulf Marine Services PLC Contract Extension |
| 10/1/2025 | 11:58 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 06/1/2025 | 15:46 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
Gulf Marine Services (GMS) Share Charts1 Year Gulf Marine Services Chart |
|
1 Month Gulf Marine Services Chart |
Intraday Gulf Marine Services Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/3/2025 | 09:30 | Gulf Marine Services plc | 2,881 |
| 14/10/2016 | 15:51 | gold mines of sardinia | 1 |
| 28/4/2009 | 22:09 | GOLD MINES OF SARDINIA - Agreement Finalised | 19 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 09:38:19 | 18.74 | 11,282 | 2,114.80 | O |
| 09:33:07 | 18.73 | 6,250 | 1,170.81 | O |
| 09:12:05 | 18.75 | 5,000 | 937.50 | AT |
| 09:12:01 | 18.80 | 5,605 | 1,053.74 | AT |
| 09:12:01 | 18.80 | 908 | 170.70 | AT |
| Top Posts |
|---|
Posted at 13/3/2025 12:21 by hpcg catsick - The north sea unit is deployed on windfarms, and a lot of North Sea it too deep, apart from the Southern Gas Basin.Quick Thinker - we have had the FY trading update (17 Dec), it is the actual results that will be released sometime in the next few weeks. We'll see if this gets revised, "For 2025, GMS expects adjusted EBITDA to reach USD 100-108 million". The increased backlog means the company can comfortably start paying out to investors. IMO this should be mostly buybacks and a modest quarterly dividend, something the predictability of the backlog allows. Assuming the gap of the share price to book reduces over time the balance can shift towards dividends. I do realise some people don't invest in shares that don't pay dividends. |
Posted at 07/3/2025 18:38 by premium beeks Whilst we await events, here's how GROK sees GMS.GMS has shown a remarkable recovery since its debt-heavy days in 2020. The company provides vessels for offshore maintenance, well intervention, and wind turbine installation, primarily in the Middle East and Europe. Its financial performance has improved significantly, driven by high demand for SESVs amid a tight supply market. Revenue for 2024 (based on estimates and trailing data) is projected around $164 million, up from $133.2 million in 2022, with adjusted EBITDA likely exceeding $80 million, reflecting strong utilization rates (around 90%) and rising day rates. Net debt has dropped from $406 million in 2020 to an estimated $160 million by year-end 2025, with a net debt-to-EBITDA ratio of about 1.5x—well below covenant thresholds. This deleveraging has restored lender confidence, shifting focus to potential dividends or fleet expansion. The stock price, however, tells a volatile story. Trading at around 15-20p recently (down from a 52-week high of 24.6p), GMS has a market cap of roughly £169-200 million. It’s considered undervalued by some analysts, with Panmure Liberum issuing a 30p target in late 2024, citing a free cash flow yield over 20%. Yet, momentum has stalled—Q3 2024 updates showed softening oil and gas demand, and X posts in early March 2025 highlight a dip after mixed results, with some users calling it a “bargain” The upside case is compelling: a robust backlog (3x FY25 revenue), high vessel demand in the Gulf (unaffected by UK economic woes), and a cleaned-up balance sheet. If oil prices stabilize or OPEC+ ramps up production, GMS could see even higher utilization. The renewables segment, though smaller, adds diversification. However, risks loom—steel price volatility could hit margins, and the fleet’s age (some vessels over 15 years) means replacement capex ($20-25 million annually) could strain cash flows once debt repayment slows. Finance costs ($24 million estimated for 2024) won’t vanish soon, and a global slowdown could dent demand. For a long-term investor, GMS looks promising if bought near current lows—its tangible asset base (book value likely boosted by impairment writebacks in 2024-25) and cash generation suggest upside to 25-30p within 12-18 months, assuming no major downturn. Short-term, it’s riskier: sentiment is shaky, and the stock could test 14p before rebounding. It’s a high-beta play—great if you’re bullish on energy markets, less so if you’re cautious. Is it “good” for you? If you’re risk-tolerant and seeking value, yes—it’s cheap for a reason but has catalysts. If you prefer stability, maybe not—volatility and sector headwinds could bite. Want me to crunch more numbers or compare it to peers? |
Posted at 05/3/2025 17:21 by hpcg The oil price is dropping because Opec+ is increasing production. That means more activity for GMS. Or perhaps I should say it certainly doesn't mean less.UAE adding 15% being most pertinent, as we predominantly work in UAE and Qatar Today there was very little traded at 17.5, with the auction being the most significant. VWAP must be close to 18 I should imagine (not got L2 up to look). Share price is going to do what it does. Finals were 4th April last year, having been gradually accelerated as the financial condition of the company has improved: 14 May 2021, 13 May 2022, 24 April 2023. Be good if they could get them out at the end of March this year. The figures are essentially known from the December release. |
Posted at 10/2/2025 08:17 by rivaldo New 15 page Buy note out today from Panmure Liberum with a 30p target price.They summarise as follows: "Since 2021, the primary focus for GMS has been around deleveraging. This has now largely been accomplished due to favourable markets with the net debt projected to be US$160m (net debt/EBITDA ratio of 1.5x) by December 2025 - it was US$406m and 8.1x in 2020. Accordingly, the narrative has evolved such that GMS, having regained the trust of the banks can consider payment of a dividend, share buybacks or possible expansion in the fleet by way of buying or leasing further vessels. In effect, its recovery story has moved on which has yet to be fully realised in the share price. We maintain our BUY recommendation and target price of 30p. Demand outstrips supply for vessels – FCF yield of over 20% GMS is benefitting from a favourable macro-backdrop of improving demand for its vessels both in the Gulf region and the North Sea coupled with a tight supply of vessels. This has led to a potent combination of increased backlog, day-rates, utilisation and cashflow. We see this positive scenario playing out for, at least, the next three years given the lead time in supplying new vessels and the upbeat outlook for Oil &Gas and Offshore Wind Projects. Capital allocation – what happens now? The priority in 2025 remains deleveraging but options are materialising: 1) pay a dividend 2) engage in share buy-backs, or 3) expand the fleet by buying or leasing another vessel. All three options are feasible and to highlight how attractive a dividend payout of 25% would be – it would imply a dividend yield of c.5% which would be 3.8x covered and cost only US$11m in cash terms in 2026." |
Posted at 04/2/2025 09:50 by hpcg I completely understand the warrants. If as you suggest the outstanding warrant holders are all so keen to sell as soon as they get hold of the shares why are they waiting? They can convert today, they could have converted yesterday. They could have converted every yesterday since a couple of days after the warrants were issued. As you rightly say they could take their profits now, yesterday, 3 months ago, a year ago, whenever, yet they have chosen thus far not to. Crazy. Unless of course they intend to keep the converted shares, in which case converting at the last minute keeps the payment for the shares earning interest.Of course we could get a conversion notice for some or all of the outstanding today, tomorrow or any day up to the deadline. I would not at all be surprised if there had been forward selling, and there could be more forward selling. Your fear that the shares will be converted at the half year and be immediately offered to be sold irrespective of the share price at the time does not bear up to any scrutiny or evidence. The warrants will be converted, I'm pretty sure on that, so anyone doing their own calculations must sensibly be using the fully diluted share count. I suspect those holding out to June to pick up shares at some perceived liquidity release will be in for a rude awakening. |
Posted at 07/1/2025 18:38 by mirabeau Thanks to Pauly Pilot - a great site, joinPaul’s Section: Gulf Marine Services (GMS) - Paul holds 15.4p (pre-market) £164m - Debt Refinance Completed - Paul - GREEN Gulf Marine Services (GMS), a leading provider of self-propelled, self-elevating support vessels for the offshore energy sector… There wasn’t really any doubt over this, but it reassures me that the refinancing is now completed - “...is pleased to announce that it successfully completed the refinance of its debt, on December 30th 2024, as detailed in the Company's previous announcement on August 1st, 2024. Alex Aclimandos, GMS Chief Financial Officer, commented: "As described earlier, we are very happy to have secured this deal as it lowers our costs of borrowing and gives us more flexibility on capital allocation, reflecting the trust of the lenders." Mansour Al Alami, GMS Executive Chairman, added: "This new deal will allow us to proceed with our deleveraging plans and to continue to move value from lenders to shareholders." Paul’s opinion - that last sentence sums up the investment case. As each month goes by, GMS is paying down its debt from prodigious cashflows, so all shareholders need to do is wait, and the company’s finances get stronger. This has not been fully reflected in the share price yet, because there’s a seemingly endless flow of selling from the Seafox overhang. Other bearish points might be that the low oil price could see M.Eastern demand reduce perhaps? Although the order book currently gives very good visibility. I like the fact that GMS has diversified into offshore wind, where its vessels could be redeployed for only modest conversion cost (mgt told me on a call last year). One ship is already in Europe doing that. Last year saw a series of encouraging trading updates, and broker upgrades. Some forecast data seems to show reducing forecasts, this looks like a data anomaly to me, as I’ve been following the detailed updates from Zeus (many thanks) available on Research Tree, and these have not been falling. It’s not always clear what other data goes into consensus numbers, and they can be unreliable for smaller caps if some out-of-date forecasts get jumbled up in the calculations. Hopefully the new bank facilities should allow GMS to start paying divis. I think that’s important, and I would prefer some income from this share, and not hopefully management buying more ships and running up more debt, as this stuff can be horribly cyclical. The last 9 months share price moves have been frustrating for shareholders, but zoom out and the bigger picture remains very positive - |
Posted at 22/12/2024 09:31 by carcosa For any relatively newly interested investors, the phrase "in specie" indicates that the dividend will be paid in the form of assets (in this case, GMS shares) rather than cash. An in specie dividend allows Seafox ( a competitor to GMS) to pass on its GMS shares directly to its shareholders without selling them for cash first.This action reduces Seafox's direct ownership in GMS by the distributed amount. Seafox's shareholders will become direct shareholders in GMS to the extent of the distribution. Many of these new shareholders will prefer to sell their holdings. Hence the depressed share price. Background: Following a period of shareholder acronymous activism, commencing in 2019, Seafox became the Company's largest shareholder. These changes led to the financial restructuring of the Company. In September 2024 Seafox started to exit their holdings, not by selling shares but effectively giving the shares to Seafox shareholders (the in-specie dividend). At it's height Seafox had 29.3% shareholding in GMS. Now that is closer to 5% to be confirmed with a TR1 this week, perhaps. At this rate it will not be too long before Seafox has divested all of its shares however it may take a few months before the individual shareholders have finished selling the bulk of their holdings. As Premium Beeks says in the prior post, for those taking a medium to long term view the coming weeks may be a good time for retail investors to acumulate shares in GMS |
Posted at 17/12/2024 12:02 by rivaldo Bought in here this morning for the first time after the shares dipped. Looks like the overhang is lifting now?Panmure Liberum have reiterated their Buy and 30p target price. They summarise: "Upgraded guidance for 2024 & 2025 GMS has issued revised Adj. EBITDA guidance for 2024 with it trading at the upper end of the previous guidance range of US$98m-100m and has increased its guidance for 2025 from US$92m-100m to US$100m–108m. Against this background the shares have declined 13% over the last month, yet 1) the last disclosed backlog stands at a record level of US$503m (in February it was US$373m), 2) deleveraging has accelerated in 2024, 3) new banking facilities enable options to expand the fleet and engage in share buybacks, 4) GMS has raised the potential of paying a dividend, and 5) new opportunities have emerged in European waters for Offshore Wind Farm maintenance. We re-iterate our BUY recommendation and target price of 30p. GMS continues to deliver The company continues to perform well with revenue growth boosted by higher day rates. The significant reduction in net debt has materially reduced borrowing costs (US$31m in 2023 falling to an expected US$13m in 2026) and the recent re-finance gives the company scope to look at ways to expand the fleet (i.e. leasing). Demand for SESVs continues to be strong as evidenced by the rise in the company backlog which represents c3x FY25E revenues and indicates that the company’s financial performance looks secure in the coming years. Vessel demand remains strong Oil & Gas activity levels in the core MENA region remain high (GMS has no exposure to the UK economy), despite crude prices faltering as demand concerns continue to weigh on markets. We see the recent postponement of OPEC+ production increases having no negative impact on GMS given the high level of backlog with their vessels being utilised for (already) committed work programmes. In the event that OPEC+ does increase production, we see this as a positive with the increased activity driving demand higher." |
Posted at 13/12/2024 17:10 by hpcg You are, for the most part, conversing with people here 2 years before Paul Scott mentioned it. The figures released by the company tell their own story. I am very surprised at the share price today, but I don't control any others in the market. I've been buying more on occasion in this period, though without increasing the proportion of my portfolio allocation. The influence of commentators here and elsewhere in the PI sphere is significantly overstated and diminishing all the time as the active investor base shrinks. Not only that but PS writes on Stockopedia, a product founded on the basis of factor investing. People that work off of tips have at best 5 figure portfolios and are utterly insignificant outside of micro cap stocks.Specifically on the subject of factors, even the interims are well out of date, with net debt having decreased from $238.5mn end H1 to $221mn end Q3 with similar to come this Q. Come the FY report those numbers will be clean(er) with just the distortion from the fair value adjustment of warrants, assuming no more are converted this year distracting from the trading numbers. Probably, as that depends on where the share price ends up on the last trading day of the year. Fed is likely to cut next week, but perhaps not at all in 2025. That's a modest cut to the interest bill in addtion to the lower interest rates on refinancing. Dollar is strong and as I have a sterling basis that adds to the attraction. |
Posted at 25/10/2024 13:25 by zho Panmure have raised their TP from 26p to 30p following a visit to GMS Endeavour.(The GMS website shows a picture of Endeavour installing (?) a wind turbine. It's currently moored at Larne, Northern Ireland. ) Text from note copied from LSE: With offshore wind sector capacity set to more than double by 2030, we see increased demand for GMS vessels in this sector. This offers an implicit counter cyclical hedge to the traditional oil & gas sector, and we see this as offering greater opportunities in the future for GMS The European wind sector is growing exponentially, with commissioned capacity forecast to reach 98GW by 2030 – well above the current commissioned capacity of 35GW. The UK has the greatest commissioned capacity in Europe at present (at 14.7GW), with a further 6.3GW currently under construction.....the growth across the wind sector will present huge opportunities to companies involved in any aspect of the sector. Consequently, it is clear that the demand for vessels to support the installation and maintenance of offshore windfarms is set to remain very strong in the coming years, with availability of vessels – such as GMS E-class vessels - likely to be a limiting factor. We believe that this latent demand increase will deliver higher day rates for vessels operating in Europe. Putting this into context, GMS Endeavour is averaging around five days per maintenance cycle per turbine (i.e. c60 turbines each year). With more than 2000 turbines already in place across the UK and Europe, it is clear that there is vast potential for long term maintenance contracts. ....the renewables market offers material growth upside for GMS. This is due to the sheer amount of demand that will come from new installations and by extension, maintenance required across the European offshore wind sector. We see this as offering greater scope for GMS to secure further contracts with major windfarm operators Target price raised from 26p to 30p |
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