Leading self-elevating support vessel (SESV) operator Gulf Marine Services released its FY25A financial results on 14 April 2026, reporting an earnings performance which exceeded both guidance and our expectations. Revenues and adj. EBITDA both increased by 12% year-on-year (to US$188m and US$113m, respectively), with EBITDA margins remaining solid at the 60% level. Ahead of further updates, our forecasts and 29p/share price target remain unchanged for now – noting that the conflict in the Middl ....
