UAE's Gulf Marine Services profit drops after vessel evacuation
UAE-based Gulf Marine Services (GMS) reported a 24 percent decline in first-quarter profit on Friday after the company was forced to evacuate four vessels from a Gulf Cooperation Council (GCC) country in March as a precautionary measure amid the US–Israeli war with Iran, News.Az reports, citing Al Jazeera.
The company’s core profit fell to $19.5 million for the quarter ending March 31, down from $25.6 million a year earlier.
GMS said the evacuation halted operations in one GCC country, and no revenue was recorded from the affected vessels during March. The specific country was not disclosed.
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The offshore marine support firm said its 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 resumed operations on two of the vessels shortly afterward, while GMS confirmed it is maintaining its full-year 2026 profit forecast despite the disruption.
The evacuation and temporary suspension of operations had a direct impact on the company’s quarterly performance, although activities have since largely normalized.
By Nijat Babayev
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