Gulf Marine Services (GMS) is expanding its fleet with the purchase of a mid-class liftboat, linking the deal to a plan to double adjusted EBITDA, using 2024 as the reference year and 2030 as the target. Following completion of the acquisition, GMS reports that its net leverage ratio remains below two times, a figure that excludes any potential earnings from the new vessel, which has already been earmarked for specific commercial work.

Under the agreement announced on 26 January, GMS is acquiring an as-yet unnamed mid-class liftboat that is scheduled to join its 14-strong fleet in the coming two weeks. The new unit will operate alongside the rest of the company’s self-elevating assets to meet already identified customer requirements.

GMS explains that the purchase price is being met through a mix of debt and existing cash. A Middle East–based lender that already participates in the company’s banking syndicate has provided a $37.4 million short-term facility with a 90-day tenor, while the remaining amount is being paid from the company’s own cash resources.

Executive Chairman Mansour Al Alami described the transaction as the first vessel purchase by GMS in around ten years and a significant milestone for the group. He added that the company aims to support its growth ambitions while maintaining both financial strength and operational flexibility through the addition of the new liftboat.