GULF MARINE SERVICES (UK) LIMITED

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

KPMG

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company was in a net current liability position as at 31 December 2024 however, as the GMS Group has committed to provide financial support to the Company for the foreseeable future, the Company's Directors have performed a going concern assessment at the Group level. The Company's Directors have assessed the financial position of GMS Group (the ultimate holding company) for a period of not less than 12 months from the date of approval of the full year results. The GMS Group's forecasts, having taken into consideration the improved financial performance reported during 2024 and the current high levels of utilisation secured, combined with higher day rates, the Group expects the financial performance to continue to improve during the assessment period. Further, in December 2024, the Group completed the refinancing of a US$ 300.0 million loan facility (comprising a US$ 250.0 million term loan amortised over five years and a US$ 50.0 million working capital facility), denominated in United Arab Emirates Dirhams (AED). The three banks, two of which are current lenders, have an equal participation to the term loan and to the working capital facility. Accordingly, with the continued support from GMS Group the financial statements for the Company for the current period have been prepared on the Going Concern basis.”

Significant events

• “Certain governments announced the introduction of increased tariffs on imports which are currently under negotiation and deferment between the governments. The announcement of tariffs is considered a non-adjusting post reporting date event. An estimate of the impact of recently announced tariffs cannot be made currently, these continue to evolve. While we expect that the future demand for SESV's to remain overall unchanged, our plans to increase resilience to secure GMS through a potential downturn of the economy are more than ever crucial. Management is constantly and closely monitoring the developments.”
• “Certain countries escalated a conflict resulting in global instability and uncertainty. While GMS is closely monitoring the situation for the safety of its assets and employees, the conflict currently had no impact on the business and its employees.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.