Gulf Marine Services PLC (AIM:GMS) shares sailed 7% higher after the provider of vessels for the offshore energy industry raised its full-year adjusted EBITDA guidance and said shareholder returns were on their way.
Revenue rose 10% year on year to US$138.3 million for the nine months to 30 September 2025, supported by higher average day rates and the operation of an additional leased vessel.
Vessel utilisation was 88%, slightly below the prior year, reflecting planned drydock activity, contract mobilisation and regional disruption in June.
Adjusted EBITDA was up 7% to US$81.5 million, while net debt reduced to US$172.2 million from US$221.2 million a year earlier.
Chief financial officer Alex Aclimandos said: "As we enter the final quarter of 2025, GMS confirms it remains on track to meet its 2025 objectives, despite absorbing adverse one-time events such as the Saudi tax judgment, the warrants exercise and the operational challenges resulting from the conflict in the Gulf during June".
GMS raised its full-year adjusted EBITDA guidance to US$101-109 million and reiterated its 2026 target range of US$105-115 million.
The company confirmed it remains on track to announce shareholder rewards based on current performance and financial visibility.