Gulf Marine Services (GMS) on Friday reported a 24 percent fall in the first quarter after the UAE-based firm had to evacuate four vessels from a GCC country in March as a precautionary measure due to the US-Israeli war on Iran, Reuters reports.
Its core profit fell to $19.5m in the months ending on March 31, down from $25.6m a year earlier. The evacuation of vessels halted the group’s operations in one of the GCC countries and no revenue from those vessels was registered in March. The GCC country was not named.
The offshore marine support company said crews returned to all evacuated vessels in early April, more than a month after the start of US-Israeli strikes on Iran and the subsequent closure of the Strait of Hormuz. Clients then rejoined operations on two of them days later, while GMS maintained its full-year 2026 profit forecast.
Source: Al jazeera
