UAE Gulf Marine Services profit falls 24% after Gulf war disrupts vessel operations

The earnings of UAE-based Gulf Marine Services fell 24% in the first quarter of 2026 after the war in Iran forced the evacuation of four vessels from an unnamed GCC country, the company said Friday, Anadolu Agency reports. The London-listed offshore energy services firm said earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $19.5 million in the three months ending March 31, down from $25.6 million in the same period last year. Revenue declined 10% to $38 million from $42.3 million, while the company’s vessel utilization rate dropped to 74% from 89% a year earlier. Gulf Marine Services said it was instructed in early March to evacuate four vessels from one of the Gulf Cooperation Council countries as a […]