Gulf Marine Services PLC

First-pass take

GMS operates a cyclical offshore vessel-charter business with zero direct AI exposure. Strong operating leverage evident: 15% EBITDA growth on 10% revenue growth, 200bp margin expansion (60% adjusted EBITDA margin), and improving day rates ($33.1k, +9% YoY) with 92% fleet utilization. However, no valuation data disclosed. Improving balance sheet (leverage 2.0x, down from 3.05x) and $570m secured backlog provide near-term support, but concentrated customer base (89% Middle East oil/gas) and cyclical offshore energy exposure limit downside protection.