Gulf Marine Services acquires new SESV, citing strong offshore energy demand

(WO) - Gulf Marine Services has agreed to acquire a new mid-class self-propelled, self-elevating support vessel (SESV), marking the company’s first vessel acquisition in a decade as it moves to capitalize on strong offshore market demand. 

The vessel is expected to join GMS’s fleet of 14 SESVs within the next two weeks and has already been earmarked for several identified commercial opportunities. The acquisition supports the company’s longer-term growth strategy, including its stated objective to double adjusted EBITDA from 2024 levels by 2030, while maintaining financial flexibility.

The transaction is partially financed through a $37.4-million, 90-day interim loan from a Middle Eastern bank within GMS’s existing lending syndicate, with the remainder funded from cash on hand. Following completion, the company said net leverage will remain below 2.0x, excluding any EBITDA contribution from the newly acquired vessel. GMS said it plans to provide updated backlog details and revised 2026 adjusted EBITDA guidance in a future announcement.

Executives described the acquisition as a milestone for the company, signaling renewed fleet investment after years of balance sheet repair, and indicated that additional vessel acquisitions and the launch of a shareholder return program could follow, subject to market conditions.