Half-year Report

Summary by AI ^BETAClose X

Gulf Marine Services PLC announced its interim results for the six months ended June 30, 2025. Revenue increased by 8% to US$87.1 million, driven by improved fleet average day rates to US$35.1k, although fleet utilization decreased to 87%. Adjusted EBITDA rose by 6% to US$50.8 million. Net profit decreased by 47% to US$3.9 million due to higher tax expenses and depreciation. The net leverage ratio improved to 1.73:1, and net bank debt lowered by US$21.8 million to US$179.4 million. Finance expenses decreased by 34% to US$8.1 million. The company expects 2025 adjusted EBITDA to reach USD 101‐109 million and secured backlog was US$517.4 million. Basic earnings per share decreased to US$ 0.35.

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Companies

Gulf Marine Services (GMS)

UK 100

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	H1 2023	H1 2024	H1 2025	H1 2025 versus
	US$ m	US$ m	US$ m	H1 2024 change
Revenue	74.3	80.7	87.1	8%
Adjusted EBITDA¹	44.3	47.7	50.8	6%
Net profit	8.7	7.4	3.9	-47%
Net leverage ratio¹	3.75:1	2.62:1	1.73:1	-34%
Net bank debt¹	294.3	238.5	179.4	-25%

·	The Group achieved revenue of US$ 87.1 million for the first half of 2025, reflecting an increase of 8% compared to US$ 80.7 million in H1 2024. The increase in revenue was attributed to improvements in fleet average day rates to US$35.1k (H1 2024: US$ 32.4k) as well as operating an additional leased vessel for two months. The increase was partially offset by a decrease in fleet average utilisation from 91% in H1 2024 to 87% in H1 2025. This decrease was largely attributed to planned maintenance and drydocking downtime, mobilisation to prepare the vessels for the next contracts and geopolitical instability in the Middle East.
·	Adjusted EBITDA grew by 6% to US$ 50.8 million (H1 2024: US$ 47.7 million) driven by the increase in revenue. Adjusted EBITDA margin is 58% (H1 2024: 59%).
·	Net leverage ratio¹ on 30 June 2025 further improved to 1.73:1 (31 December 2024: 2.0:1) driven by continued improvement in adjusted EBITDA and lower net bank debt¹. Net bank debt¹ lowered by US$ 21.8 million to US$ 179.4 million (31 December 2024: US$ 201.2 million).
·	Finance expenses decreased by 34% to US$ 8.1 million (H1 2024: US$ 12.3 million), driven by the reduction in gross debt and interest margin. The reduction of interest margin was due to the successful refinancing of the loan facility on 30 December 2024.
·	The Group's net profit for the first half of 2025 decreased by 47% to US$ 3.9 million (H1 2024: US$ 7.4 million). This is due to higher tax expense, depreciation and amortisation offset by improvement in EBITDA, lower charges on finance costs and fair value of warrants. The increase in tax expenses is primarily due to the one-time impact of the tax ruling received, which was announced on 14 May 2025.
·	The basic earnings per share for the period decreased to US$ 0.35, as compared to US$ 0.68 in the first half of 2024. Further, the diluted earnings per share for the period decreased to US$ 0.34 compared to US$ 0.63 in the first half of 2024.

·	GMS expects 2025 adjusted EBITDA to reach USD 101‐109 million, an increase from the previously forecasted EBITDA guidance of USD 100‐108 million.
·	Despite some uncertainty regarding geopolitical issues and some increased supply from new vessels entering the market in the coming months, we continue to target an EBITDA in the range of US$ 105-115 million for 2026.
·	Secured backlog was US$ 517.4 million on 30 June 2025 (30 June 2024: US$ 426.8 million), which reflects the additional contract awards announced over the last 12 months, offset by the revenue recognised. This underscores the ongoing strength in demand for our vessels across the various markets in which we operate.
·	Based on these results and current information we have on hand, the Company is on track to declare shareholder rewards, in line with its shareholder rewarding policy as announced on 01 August 2024.

	H1 2023	H1 2024	H1 2025	H1 2025 versus
	US$ m	US$ m	US$ m	H1 2024 change
Revenue	74.3	80.7	87.1	8%
Gross profit	34.8	38.8	35.9	-7%
Adjusted EBITDA	44.3	47.7	50.8	6%
Net profit	8.7	7.4	3.9	-47%
Net leverage ratio	3.75:1	2.62:1	1.73:1	-34%
Net bank debt	294.3	238.5	179.4	-25%

(US$'000) Vessel class	Revenue		Gross profit before adjustment for depreciation, amortisation and impairment charges
(US$'000) Vessel class	H1 2025	H1 2024	H1 2025	H1 2024
K-Class vessels	26,109	28,178	14,167	17,383
S-Class vessels	22,755	18,947	16,973	12,951
E-Class vessels	38,202	33,593	26,462	24,231
Total	87,066	80,718	57,602	54,565

·	Utilisation levels might decline due to several key factors: dependent on few major customers; cyclical nature of industry; more tonnage is anticipated to be available in the market this year and in 2026; risk of obsolescence of our K-Class vessels due to large number of new builds currently under construction; and increased standard specifications required by customers which could necessitate costly upgrades to remain compliant.
·	National Oil Companies (NOCs) in the Middle East have local content requirements in their tender processes, favouring suppliers that enhance local investment and spending. This could prevent GMS from securing new contracts or result in financial losses and reduced profit margins on existing contracts, ultimately impacting operating cash flows and net profitability.
·	Geo-political events may disrupt safe operations of vessels due to restricted crew travel. A serious environmental or safety incident involving our employees, visitors, or contractors could severely impact both our commercial interests and our reputation. Inadequate preparation for critical situations, including sudden equipment failure, the inability to meet client requirements and unpredictable weather events, could negatively impact the business. Insufficient insurance coverage may lead to significant financial loss.
·	Exposure to short-term liquidity management risks due to mismatch between cash inflows and outflows, delinquency or slow paying clients and unexpected expenses. All bank covenants are closely monitored due to the Group's performance being very sensitive to many internal and external factors such as utilisation, operational downtime, interest rates and other variables. Breach of covenant will trigger an event of default that would give lenders the right to accelerate loan repayments and ultimately exercise security over the Group's assets.
·	Attracting, retaining, recruiting and developing a skilled workforce. Losing skills or failing to attract new talent to the business has the potential to undermine performance.
·	Political instability in the regions in which Group operates may adversely impact its operations. As the majority of crew for certain key positions come from Eastern Europe and Southeast Asia, political instability may hamper the recruitment, retention and deployment of personnel. High interest rate and inflation will have an impact on the Group's liquidity and profitability.
·	Failure to comply with anti-bribery and corruption regulations could damage stakeholder relationships and result in significant reputational and financial harm. The Group is operating in various jurisdictions, so it is governed by a complex web of international conventions, as well as federal and local laws, regulations, and guidelines related to health, safety, and environmental protection. Compliance with these increasingly stringent requirements is becoming more costly and complex. Failure to identify and adhere to all applicable laws and regulations across various jurisdictions could result in regulatory investigations. Failure to provide timely and accurate financial reports and information to the market, as required by regulators, or to comply with tax regulations (including transfer pricing requirements) in the countries where the Group operates, could result in significant administrative and financial penalties.
·	Phishing attempts result in inappropriate transactions, data leakage and financial loss. The Group is at risk of loss and reputational damage through financial cyber-crime.
·	Climate change presents both transition and physical risks to the Group. Transition risks include the global shift toward decarbonisation, which may alter investor sentiment making new investors harder to find. Physical risks involve rising temperatures affecting working hours and rising sea levels impacting operations. New legislation could require us to increase reporting and possibly substitute our products and vessels for greener alternatives.

		Six months period ended 30 June
		Six months period ended 30 June
		2025	2024
		US$'000	US$'000
	Notes	(Unaudited)	(Unaudited)

Revenue	4,8	87,066	80,718
Cost of sales		(51,548)	(41,667)
Expected credit losses - net of recoveries	4	343	(211)

Gross profit		35,861	38,840


General and administrative expenses		(7,465)	(9,043)


Operating profit		28,396	29,797

Other income		1,423	10
Finance income		7	83
Finance expenses	9	(8,077)	(12,300)
Impact of change in fair value of derivative	18	(4,152)	(7,460)
Foreign exchange loss, net		(795)	(263)

Profit for the period before taxation		16,802	9,867

Taxation charge for the period	6	(12,857)	(2,499)

Profit for the period		3,945	7,368

Other comprehensive income - items that may be reclassified to profit or loss:

Exchange differences on translating foreign operations		472	(44)

Total comprehensive income for the period		4,417	7,324

Profit attributable to:
Owners of the Company		3,849	7,023
Non-controlling interest		96	345

		3,945	7,368
Total comprehensive income attributable to:
Owners of the Company		4,321	6,979
Non-controlling interest		96	345

		4,417	7,324

Earnings per share
Basic (cents per share)	7	0.35	0.68

Diluted (cents per share)	7	0.34	0.63

		30 June	31 December
		2025	2024
		US$'000	US$'000
	Notes	(Unaudited)	(Audited)
ASSETS

Non-current assets
Property and equipment	10	587,451	592,233
Dry docking expenditure	11	14,679	11,867
Right-of-use assets	12	8,900	4,225

Total non-current assets		611,030	608,325

Current assets
Trade receivables	13	24,119	25,575
Prepayments, advances and other receivables	14	19,891	9,229
Cash and cash equivalents		14,964	40,007


Total current assets		58,974	74,811

Total assets		670,004	683,136

EQUITY AND LIABILITIES
Capital and reserves
Share capital - Ordinary	15	33,584	31,472
Capital redemption reserve	16	46,445	46,445
Share premium account	18	129,299	111,995
Group restructuring reserve		(49,710)	(49,710)
Restricted reserve		272	272
Capital contribution		9,177	9,177
Translation reserve		(2,160)	(2,632)
Share based payment reserve	21	88	-
Retained earnings		236,528	232,679

Attributable to the Owners of the Company		403,523	379,698
Non-controlling interest		3,094	2,998

Total equity		406,617	382,696

Current liabilities
Trade and other payables		46,825	37,795
Current tax liability		15,360	10,430
Bank borrowings - scheduled repayments within one year	17	27,652	39,597
Lease liabilities	12	8,685	3,503
Derivative financial instruments	18	-	9,192

Total current liabilities		98,522	100,517

Non-current liabilities
Provision for employees' end of service benefits		2,374	2,640
Bank borrowings - scheduled repayments more than one year	17	162,055	196,425
Lease liabilities	12	436	858

Total non-current liabilities		164,865	199,923

Total liabilities		263,387	300,440

Total equity and liabilities		670,004	683,136

	Share capital - Ordinary	Capital redemption Reserve	Share premium account	Group restructuring reserve	Restricted reserve	Share based payment reserve	Capital contribution	Translation Reserve	Retained earnings	Attributable to the owners of the Company	Non- controlling interest	Total equity
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'0-00	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000

As at 1 January 2025	31,472	46,445	111,995	(49,710)	272	-	9,177	(2,632)	232,679	379,698	2,998	382,696

Profit for the period	-	-	-	-	-	-	-	-	3,849	3,849	96	3,945
Other comprehensive income for the period
Exchange differences on foreign operations	-	-	-	-	-	-	-	472	-	472	-	472
Total comprehensive income for the period	-	-	-	-	-	-	-	472	3,849	4,321	96	4,417
Transactions with owners of the Company
Issue of share capital	2,112	-	17,304*	-	-	-	-	-	-	19,416	-	19,416
Share based payment charge	-	-	-	-	-	88	-	-	-	88	-	88
Total transactions with owners of the Company	2,112	-	17,304	-	-	88	-	-	-	19,504	-	19,504
As at 30 June 2025	33,584	46,445	129,299	(49,710)	272	88	9,177	(2,160)	236,528	403,523	3,094	406,617

As at 1 January 2024	30,117	46,445	99,105	(49,710)	272	-	9,177	(2,542)	194,703	327,567	2,714	330,281

Profit for the period	-	-	-	-	-	-	-	-	7,023	7,023	345	7,368
Other comprehensive income for the period
Exchange differences on foreign operations	-	-	-	-	-	-	-	(44)	-	(44)	-	(44)
Total comprehensive income for the period	-	-	-	-	-	-	-	(44)	7,023	6,979	345	7,324
Transactions with owners of the Company
Issue of share capital	1,355	-	12,973**	-	-	-	-	-	-	14,328	-	14,328
Share issuance cost	-	-	(83)	-	-	-	-	-	-	(83)	-	(83)
Total transactions with owners of the Company	1,355	-	12,890	-	-	-	-	-	-	14,245	-	14,245
As at 30 June 2024	31,472	46,445	111,995	(49,710)	272	-	9,177	(2,586)	201,726	348,791	3,059	351,850

	Six-month period ended 30 June
	2025	2024
	US$'000	US$'000
	(Unaudited)	(Unaudited)

Profit for the period	3,945	7,368
Adjustments for:
Depreciation of property and equipment (Note 10)	13,632	13,018
Amortisation of dry-docking expenditure (Note 11)	3,679	2,568
Depreciation of right-of-use asset	5,068	2,268
Amortisation of borrowing cost	513	-
Income tax expense (Note 6)	12,857	2,499
End of service benefits charge	440	228
Movement in ECL provision during the period	(343)	211
Share based payment charge	88	-
Finance income	(7)	(83)
Finance expenses (Note 9)	7,564	12,300
Impact of change in fair value of warrant (Note 18)	4,152	7,460
Other income	(1,423)	(10)

Cash flow from operating activities before movement in working capital	50,165	47,827
Changes in trade receivables	1,799	(7)
Changes in prepayments, advances and other receivables	(10,176)	(3,926)
Changes in trade and other payables	7,160	3,298

Cash generated from operations	48,948	47,192
Taxation paid	(7,051)	(1,358)
End of service benefits paid	(706)	(216)
Net cash generated from operating activities	41,191	45,618

Investing activities
Payments for additions of property and equipment	(7,366)	(1,236)
Dry docking expenditure paid	(5,572)	(5,115)
Interest received	7	83
Net cash used in investing activities	(12,931)	(6,268)
Financing activities
Repayment of bank borrowings	(46,828)	(30,000)
Principal elements of lease payments	(4,983)	(2,090)
Proceeds from issue of share capital on exercise of warrants	6,072	3,897
Share issuance cost	-	(83)
Interest paid on bank borrowings	(7,264)	(12,048)
Interest paid on leases	(300)	(252)
Net cash used in financing activities	(53,303)	(40,576)

Net decrease in cash and cash equivalents	(25,043)	(1,226)
Cash and cash equivalents at the beginning of the period	40,007	8,666
Cash and cash equivalents at the end of the period	14,964	7,440

New accounting standards or amendments		Effective date
-	Amendments to IAS 21 Lack of Exchangeability	1 January 2025

New accounting standards or amendments		Effective date
-	Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments and power purchase arrangements	1 January 2026
-	Annual Improvements to IFRS Accounting Standards - Volume 11	1 January 2026
-	IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 will replace IAS 1 for reporting periods commencing on or after 1 January 2027. The following key changes will apply; 1. All income and expenses in the statement of profit or loss will be presented under five categories, namely operating, investing, financing, discontinued operations and income tax categories. 2. Operating profit will be defined as a residual capturing all income and expenses not classified as investing or financing items. 3. The operating profit line will be the start of the cash flow statement. 4. Additional disclosures will be included in the accounts on management defined performance measures. 5. Enhanced guidance is provided on how to group items in the primary financial statements and the notes. The Group is still assessing the impact of the new standard with respect to the structure of the income statement and how information is grouped in the financial statements including items labelled as other.	1 January 2027
-	IFRS 19 Subsidiaries without Public Accountability: Disclosures	1 January 2027
-	Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture	Available for optional adoption / effective date deferred indefinitely

	Revenue		Gross profit before adjustments for depreciation, amortisation and impairment charges
	6 months ended 30 June		6 months ended 30 June
	2025	2024	2025	2024
	US$'000	US$'000	US$'000	US$'000

K-Class vessels	26,109	28,178	14,167	17,383
S-Class vessels	22,755	18,947	16,973	12,951
E-Class vessels	38,202	33,593	26,462	24,231
	_______	_______	_______	_______
Total revenue	87,066 _______	80,718 _______	57,602 _______	54,565 _______
Less:
Depreciation charged to cost of sales			(18,404)	(12,946)
Amortisation charged to cost of sales			(3,680)	(2,568)
Expected credit losses - net of recoveries			343	(211)
			_______	_______
Gross profit			35,861	38,840
			_______	_______
General and administrative expenses			(7,465)	(9,043)
Other income			1,423	10
Finance income			7	83
Finance expense (refer Note 9)			(8,077)	(12,300)
Impact of change in fair value of derivatives			(4,152)	(7,460)
Foreign exchange loss, net			(795)	(263)
			_______	_______

Profit before taxation			16,802	9,867

	Period ended 30 June 2025			Period ended 30 June 2024
	Adjusted non-GAAP results	Adjusting items	Statutory total	Adjusted non-GAAP results	Adjusting items	Statutory total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000

Revenue	87,066	-	87,066	80,718	-	80,718
Cost of sales
- Vessel operating expenses before depreciation, amortisation and impairment	(29,464)	-	(29,464)	(26,153)	-	(26,153)
- Depreciation and amortisation	(22,084)	-	(22,084)	(15,514)	-	(15,514)
Expected credit losses	343	-	343	(211)	-	(211)
Gross profit	35,861	-	35,861	38,840	-	38,840

General and administrative
- Amortisation	(250)	-	(250)	(2,268)	-	(2,268)
- Depreciation	(45)	-	(45)	(72)	-	(72)
- Other administrative costs	(7,170)	-	(7,170)	(6,703)	-	(6,703)
Operating profit	28,396	-	28,396	29,797	-	29,797

Other income*	14	1,409*	1,423	10	-	10
Finance income	7	-	7	83	-	83
Finance expense	(8,077)	-	(8,077)	(12,300)	-	(12,300)
Impact of change in fair value of warrants	(4,152)	-	(4,152)	(7,460)	-	(7,460)
Foreign exchange loss, net	(795)	-	(795)	(263)	-	(263)
Profit before taxation	15,393	1,409	16,802	9,867	-	9,867

Taxation charge
- Current year tax charge	(1,313)	-	(1,313)	(2,499)	-	(2,499)
- Change in estimate of tax provisions	-	(11,544)	(11,544)	-	-	-
Profit for the year	14,080	(10,135)	3,945	7,368	-	7,368

Profit attributable to:

Owners of the Company	13,984	(10,135)	3,849	7,023	-	7,023
Non-controlling interest	96	-	96	345	-	345

Earnings per share (basic)	1.26	(0.91)	0.35	0.68	-	0.68
Earnings per share (diluted)	1.23	(0.89)	0.34	0.63	-	0.63

Supplementary non statutory information

Operating profit	28,396	-	28,396	29,797	-	29,797
Add: Depreciation and amortisation	22,379	-	22,379	17,854	-	17,854
Adjusted EBITDA	50,775	-	50,775	47,651	-	47,651

	30 June 2025 US$'000	30 June 2024 US$'000
Profit from operations before tax	16,802	9,867

Tax at the UK corporation tax rate of 25% (2024: 25%)	4,201	2,467
Effect of different tax rates in overseas jurisdictions	(579)	(671)
Expense not deductible for tax purposes	(199)	-
Overseas taxes	400	956
Increase in unrecognised deferred tax	1,484	2,145
Change in estimates of tax provisions	11,528	930
Income not taxable for tax purposes	(3,978)	(3,328)
Total tax charge	12,857	2,499

	30 June 2025 000's	30 June 2024 000's
Weighted average basic number of shares in issue	1,110,462	1,031,709
Weighted average effect of warrants	29,481	84,608
Weighted average effect of Deferred share bonus plan	271	-
Weighted average effect of Long term incentive plan	729	-
Weighted average diluted number of shares in issue	1,140,943	1,116,317

	30 June 2025 US$'000	30 June 2024 US$'000
Charter hire	39,025	40,496
Lease income	34,900	28,666
Messing and accommodation	6,951	6,106
Maintenance service	3,836	3,293
Mobilisation and demobilization	2,212	1,783
Sundry income	142	374
	87,066	80,718

Revenue recognized - over time	86,876	80,344
Revenue recognized - point in time	190	374
	87,066	80,718

	30 June 2025 US$'000	30 June 2024 US$'000
United Arab Emirates	23,392	23,561
Saudi Arabia	24,538	19,931
Qatar	29,950	28,073
Total - Middle East	77,880	71,565

Total - Europe	9,186	9,153

Total - Worldwide	87,066	80,718

	6 months ended 30 June 2025	6 months ended 30 June 2024
Earnings for the purpose of calculating the basic and diluted earnings per share being profit for the period attributable to Owners of the Company (US$'000)	3,849	7,023
Earnings for the purpose of calculating the adjusted basic and diluted profit per share (US$'000) (Note 5)	13,984	7,023

Weighted average number of shares ('000)	1,110,462	1,031,709
Weighted average diluted number of shares ('000)	1,140,943	1,116,317

Basic earnings per share (cents)	0.35	0.68
Diluted earnings per share (cents)	0.34	0.63
Adjusted earnings per share¹ (cents)	1.26	0.68
Adjusted diluted earnings per share¹ (cents)	1.23	0.63

	30 June 2025 US$'000	30 June 2024 US$'000
Interest on bank borrowings	6,805	11,628
Interest on finance leases	300	252
Other finance expenses	459	420
Amortisation of borrowings issue cost	513	-
	8,077	12,300

	Vessels	Vessel spares, fitting and other equipment	Others	Capital work-in-progress	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
Cost
Balance as at 1 January 2025	898,200	64,259	2,250	9,855	974,564
Additions	6,340	1,106	31	1,373	8,850
Transfers	3,189	185	-	(3,374)	-
Balance as at 30 June 2025	907,729	65,550	2,281	7,854	983,414

Accumulated Depreciation and impairment
Balance at 1 January 2025	349,139	28,144	2,203	2,845	382,331
Depreciation expense	11,682	1,905	45	-	13,632
Balance as at 30 June 2025	360,821	30,049	2,248	2,845	395,963

Net Book Value as at 30 June 2025	546,908	35,501	33	5,009	587,451

	Vessels	Vessel spares, fitting and other equipment	Others	Capital work-in-progress	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
Cost
Balance as at 1 January 2024	898,200	60,757	2,250	10,569	971,776
Additions	-	-	-	2,788	2,788
Transfers	-	3,502	-	(3,502)	-
Balance as at 31 December 2024	898,200	64,259	2,250	9,855	974,564

Accumulated Depreciation and impairment
Balance at 1 January 2024	335,987	24,471	2,061	2,845	365,364
Depreciation expense	22,379	3,673	142	-	26,194
Impairment charge	9,394	-	-	-	9,394
Reversal of impairment	(18,621)	-	-	-	(18,621)
Balance as at 31 December 2024	349,139	28,144	2,203	2,845	382,331

Net Book Value as at 31 December 2024	549,061	36,115	47	7,010	592,233

	30 June 2025	31 December 2024
	US$'000	US$'000
At 1 January	11,867	11,204
Expenditure incurred during the period/year	6,491	5,987
Amortised during the period/year	(3,679)	(5,324)

	14,679	11,867

	Number of ordinary shares
	('000)	US$'000

At 1 January 2025	1,069,946	31,472
Issue of share capital (Note 18)	82,220	2,112


As at 30 June 2025	1,152,166	33,584

	30 June 2025 US$'000	31 December 2024 US$'000

Term loans	194,361	241,189
Less: Unamortised issue costs	(4,654)	(5,167)
	189,707	236,022

	30 June 2025 US$'000	31 December 2024 US$'000
Non-current
Bank borrowings	162,055	196,425

Current
Bank borrowings - scheduled repayments within one year	27,652	39,597

	189,707	236,022

·	The facility is denominated in UAE Dirhams (AED) and consist of a term loan of AED 924.0 million (US$ 250.0 million) and revolving credit facility of AED 177.5 million (US$ 50.0 million).
·	The term loan will have a tenor of five years, where 80% of the term loan is payable in 19 equal quarterly instalments and the remaining 20% is payable on maturity.
·	The term loan carries floating rate linked to Emirates Interbank Offered Rate (EIBOR) plus a margin based on a ratchet depending on the Group's leverage level.
·	The facility is secured by mortgage of 13 vessels owned by the Group with a net book value of US$ 546.9 million, including the assignment of trade receivables amounting to US$ 24.1 million, bank balance amounting to US$ 15.0 million and insurance proceeds.
·	The facility is subject to certain financial covenants such as Interest Cover, Debt Service Cover, Gearing Ratio and Senior Net Leverage which are to be tested every six months. The financial covenant related to Security Cover is tested annually. All applicable financial covenants under the Group's debt facility were met as of 30 June 2025 and are expected to be compliant in the next 12 months from the approval of these condensed consolidated interim financial statements.

	30 June 2025	31 December 2024
Granted in the period	6,866,695	-
At the end of the period	6,866,695	-

	LTIP	DSBP


Grant date	11 June 2025	11 June 2025

Share price at grant date	£0.21	£0.21

Exercise price	£0.00	£0.00

Performance measurement period	1 January 2025 to 31 December 2027	-

Vesting date	11 June 2028	1 January 2027

Dividend yield	0.0%	-

Risk-free rate	3.8%	-

Fair value	£1,064,561	£56,316

Half-year Report

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

	30 June 2025 US$'000	30 June 2024 US$'000
Emirates Insurance Company	24	-
Catering services for vessel Pepper from National Catering Company Limited WLL	-	82
Vessel maintenance and overhaul services from Sigma Enterprise Company LLC	-	597
Laboratory services from Aman Integrated Solutions LLC	5	3

	30 June 2025 US$'000	31 December 2024 US$'000
Sigma Enterprise Company LLC	333	500
Aman Integrated Solutions LLC	10	18
Emirates Insurance Company	4	-

	30 June 2025	30 June 2024
	US$'000	US$'000
Statutory cost of sales	51,548	41,667
Less: depreciation and amortisation (Note 5)	(22,084)	(15,514)
	29,464	26,153

Average day rates	we calculate the average day rates by dividing total charter hire revenue per month by total hire days per month throughout the period and then calculating a monthly average.
Backlog	represents firm contracts and extension options held by clients. Backlog equals (charter day rate x remaining days contracted) + ((estimated average Persons On Board x daily messing rate) x remaining days contracted) +contracted remaining unbilled mobilisation and demobilisation fees. Includes extension options.
Borrowing rate	EIBOR plus margin.
Calendar days	takes base days at 365 and only excludes periods of time for construction and delivery time for newly constructed vessels.
Costs capitalised	represent qualifying costs that are capitalised as part of as cost of the vessel rather than being expensed as they meet the recognition criteria of IAS 16 Property, Plant and Equipment.
Day rates	rate per day charge to customers per hire of vessel as agreed in the contract.
Demobilisation	fee paid for the vessel re-delivery at the end of a contract, in which client is allowed to offload equipment and personnel.
DEPS/DLPS	diluted earnings/losses per share.
EIBOR	The Emirates Interbank Offered Rate
Employee retention	percentage of staff who continued to be employed during the period (excluding retirements and redundancies) taken as number of resignations during the period divided by the total number of employees at the period end.
EPC	engineering, procurement and construction.
ESG	environmental, social and governance.
Finance service	the aggregate of a) Net finance charges for that period; and b) All scheduled payments of principal and any other schedule payments in the nature of principal payable by the Group in that period in respect of financing: i) Excluding any amounts falling due in that period under any overdraft, working capital or revolving facility which were available for simultaneous redrawing under the terms of that facility; ii) Excluding any amount of PIK that accretes in that period; iii) Including the amount of the capital element of any amounts payable under any Finance Lease in respect of that period; and iv) Adjusted as a result of any voluntary or mandatory prepayment
Debt Service Cover	represents the ratio of Adjusted EBITDA to debt service.
GCC	Gulf Cooperation Council
GMS core fleet	consists of 14 SESVs
Interest Cover	represents the ratio of Adjusted EBITDA to Net finance charges.
IOC	Independent Oil Company.
KPIs	Key performance indicators.
Lost Time Injuries	any workplace injuries sustained by an employee while on the job that prevents them from being able to perform their job for a period of one or more days.
Lost Time Injury Rate (LTIR)	the lost time injury rate per 200,000 man hours which is a measure of the frequency of injuries requiring employee absence from work for a period of one or more days.
Mobilisation	fee paid for the vessel readiness at the start of a contract, in which client is allowed to load equipment and personnel.
Net finance charges	represents finance charges as defined by the terms of the Group's banking facility for that period less interest income for that period.
Net leverage ratio	represents the ratio of net bank debt to Adjusted EBITDA.
NOC	National Oil Company.
OSW	Offshore Wind.
PIK	Payment In Kind. Under the banking documents dated 31 March 2021, PIK is calculated at 5.0% per annum on the total term facilities outstanding amount and reduces to: a 2.5% per annum when Net Leverage is between 4.0X and 5.0x b Nil when Net Leverage reduces below 4.0x PIK stops accruing at the PIK end date which is the earlier of leverage falling below 4.0X or loans being discharged.
Restricted work day case (RWDC)	any work-related injury other than a fatality or lost work day case which results in a person being unfit for full performance of the regular job on any day after the occupational injury.
Secured day rates	day rates from signed contracts firm plus options held by clients.
Secured utilisation	contracted days of firm plus option periods of charter hire from existing signed contracts.
Security Cover (loan to value)	the ratio (expressed as a percentage) of Total Net Bank Debt at that time to the Market Value of the Secured Vessels.
SESV	Self-Elevating Support Vessels.
SG&A spend	means that the selling, general and administrative expenses calculated on an accruals basis should be no more than the SG&A maximum spend for any relevant period.
SOFR	Secured Overnight Financing Rate
Total Recordable Injury Rate (TRIR)	calculated on the injury rate per 200,000 man hours and includes all our onshore and offshore personnel and subcontracted personnel. Offshore personnel are monitored over a 24-hour period.
Underlying G&A	underlying general and administrative (G&A) expenses excluding depreciation and amortisation, restructuring costs, and exceptional legal costs.
Utilisation	the percentage of calendar days in a relevant period during which an SESV is under contract and in respect of which a customer is paying a day rate for the charter of the SESV.
Vessel operating expense	Cost of sales before depreciation, amortisation and impairment, refer to Note 5.