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"fact-388": {
"value": "1 General information Gulf Marine Services PLC (\u2018GMS\u2019 or \u2018the Company\u2019) is a company which is limited by shares and was registered and incorporated in England and Wales on 24 January 2014. The Company is a public limited company with operations mainly in the Middle East and Europe. The address of the registered office of the Company is 107 Hammersmith Road, London, United Kingdom, W14 0QH. The registered number of the Company is 08860816. The shareholder pattern of the Group is disclosed in the Annual Report. The principal activities of GMS and its subsidiaries (together referred to as \u2018the Group\u2019) are chartering and operating a fleet of specially designed and built vessels. All information in the notes relate to the Group, not the Company unless otherwise stated. The Company and its subsidiaries are engaged in providing self-propelled, self-elevating support vessels, which provide a stable platform for delivery of a wide range of services throughout the total lifecycle of offshore oil, gas and renewable energy activities and which are capable of operations in the Middle East, Europe and other regions",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-454": {
"value": "Gulf Marine Services PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-450": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-457": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-449": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-452": {
"value": "operations mainly in the Middle East and Europe",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-451": {
"value": "107 Hammersmith Road, London, United Kingdom, W14 0QH",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-453": {
"value": "The principal activities of GMS and its subsidiaries (together referred to as \u2018the Group\u2019) are chartering and operating a fleet of specially designed and built vessels. All information in the notes relate to the Group, not the Company unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-389": {
"value": "2 Adoption of new and revised International Financial
Reporting Standards (IFRS)
The accounting policies and methods of computation adopted in the preparation of these consolidated
financial statements are consistent with those followed in the preparation of the Group\u2019s consolidated
annual financial statements for the year ended 31 December 2024, except for the adoption of new
standards and interpretations effective as at 1 January 2025.
New and revised IFRSs
The following new and revised IFRSs have been adopted in these consolidated financial statements.
The application of these new and revised IFRSs has not had any material impact on the amounts reported
for the current and prior years but may affect the accounting for future transactions or arrangements.
Effective for
annual periods
beginning on or after
Amendments to IAS 21 Lack of Exchangeability 1 January 2025
New and revised IFRSs in issue but not yet effective At the date of authorisation of these consolidated financial statements, the following new and revised IFRSs were in issue but not yet effective: Effective for annual periods beginning on or after Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments and Contracts Referencing Nature-dependent Electricity 1 January 2026 Annual improvements to IFRS Accounting Standards \u2013 Volume 11 1 January 2026 IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 for reporting periods commencing on or after 1 January 2027. The following key changes will apply: 1. Operating profit will be defined as a residual capturing all income and expenses not classified as investing or financing items. 2. The operating profit line will be the start of the cash flow statement. 3. Additional disclosures will be included in the accounts on management- defined performance measures. 4. Enhanced guidance is provided on how to group items in the primary financial statements and the notes. The Group is still assessing the impact of the new standard with respect to the structure of the consolidated statement of profit or loss and other comprehensive income and how information is grouped in the consolidated financial statements including items labelled as other. 1 January 2027 IFRS 19 Subsidiaries without Public Accountability Disclosures 1 January 2027 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Optional Management anticipates that these new standards, interpretations and amendments will be adopted in the Group\u2019s consolidated financial statements as and when they are applicable and the impact of adoption of these new standards, interpretations and amendments is currently being assessed on the consolidated financial statements of the Group before the period of initial application",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-420": {
"value": "New and revised IFRSs The following new and revised IFRSs have been adopted in these consolidated financial statements. The application of these new and revised IFRSs has not had any material impact on the amounts reported for the current and prior years but may affect the accounting for future transactions or arrangements. Effective for annual periods beginning on or after Amendments to IAS 21 Lack of Exchangeability 1 January 2025 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-421": {
"value": "true",
"dimensions": {
"concept": "ifrs-full:NewStandardsOrInterpretationsNotApplied",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-423": {
"value": "Statement of compliance
The consolidated financial statements have been prepared in accordance with UK-adopted international
accounting standards in conformity with the requirements of the Companies Act 2006.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-424": {
"value": "Basis of preparation The consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that are measured at fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for assets. For financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and \u2022 Level 3 inputs are unobservable inputs for the asset or liability. The principal accounting policies adopted are set out below",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-422": {
"value": "Going concern The Directors have assessed the Group\u2019s financial position through to June 2027 and hold a reasonable expectation of its ability to continue as a going concern for the foreseeable future. In December 2024, the Group completed the refinancing of a US$ 300.0 million (AED 1,101.5 million) loan facility (comprising a US$ 250.0 million (AED 924.0 million) term loan amortised over five years and a US$ 50.0 million (AED 177.5 million) working capital facility), denominated in United Arab Emirates Dirhams (AED) with a syndicate of three banks. The working capital facility includes a cash commitment of US$ 20.0 million, but if no cash is drawn, the full facility remains available for performance bonds and guarantees. The working capital facility expires alongside the main debt facility in December 2029. The three banks have an equal participation in the term loan and in the working capital facility. The refinancing was secured at a more favourable interest rate, which is based on EIBOR plus a margin. The margin is determined by a ratchet depending on leverage levels. This has lowered the financing costs and will provide the Group with increased flexibility in capital allocation As described in Note 37, the ongoing geopolitical situation in the Gulf region has escalated since early
January 2026, resulting in increased volatility in oil and gas markets and some disruptions to the Group\u2019s
offshore operations, including the contractual declaration of force majeure by one of its customers. As the
situation is fast evolving and fluid, the effect of the escalations is subject to significant levels of uncertainty,
with the full range of possible effects unknown. Recent announcements indicate that a temporary ceasefire
of two weeks has been agreed, however, the extent to which this arrangement will translate into a sustained
de-escalation is uncertain.
Management is actively assessing the potential impact of these developments on personnel safety,
customer engagement, operations, financial position and cash flows. Proactive measures are being
implemented to address any immediate effects, while contingency plans are being developed to respond
to more prolonged scenarios, should the conflict persist. In the event of a sustained or escalating situation,
management will reassess the potential implications and implement appropriate mitigating actions,
including engagement with lenders where necessary.
While elevated oil and gas prices, driven by the ongoing geopolitical situation, are expected over time to
reinforce the focus on production resilience and capacity maintenance, in the near term the operational
disruptions are expected to weigh on activity levels and utilisation. Accordingly, the overall impact remains
dependent on the duration and severity of the ongoing situation.
The forecast used for going concern reflects management\u2019s key assumptions including those around vessel
utilisation and day rates, on a vessel-by-vessel basis in light of the ongoing geopolitical situation in the Gulf
region. Specifically, these assumptions are:
\u2022 Operations in one of the jurisdictions in the Middle East region remain suspended until mid-June 2026,
due to the ongoing geopolitical situation in the Gulf region.
\u2022 The utilisation for the 18-month period to 30 June 2027 is forecast at 87%.
\u2022 Pipeline of tenders and opportunities for new contracts that would commence during the forecast period,
subject to the timing of resolution of the ongoing geopolitical situation.
A downside case was prepared using the following assumptions:
\u2022 The geopolitical situation is assumed to persist for an extended period, resulting in operational disruption
until 31 August 2026 and affecting vessels operating across the Gulf region.
\u2022 The forecast utilisation for the 18-month period to 30 June 2027 falls to 63%, compared to an average of
87% assumed in the base case cash flow forecasts for this period.
Based on the above scenario, the Group would not be in breach of its current term loan facility.
The downside case is considered to be severe, but it would still leave the Group with sufficient liquidity and
in compliance with the covenants under the Group\u2019s banking facilities throughout the assessment period.
In addition to the above downside sensitivity, a reverse stress test is also performed by incorporating
additional stress to the scenario above to demonstrate a scenario to identify how much revenue and
EBITDA would need to be lost to indicate a breach of covenants.
The additional stress assumes a further extension of the offhire period for the Group\u2019s vessels in the
Middle East from 31 August 2026 to 30 September 2026. Under this scenario, the Group would breach its
covenants, as the Debt Service Cover Ratio and Senior Net Leverage Ratio exceed the permitted level at
31 December 2026. Liquidity headroom is expected to reduce significantly in November 2026, followed by
a liquidity shortfall in December 2026.
The results of the reverse stress testing highlight that a prolonged period of geopolitical situation in the Gulf region, resulting in a significant reduction in utilisation levels, constitutes the most severe risk to the Group\u2019s ability to maintain adequate liquidity and comply with its banking covenants. The Directors believe that the reversed stress test scenario is only possible in a severe escalation of the geopolitical situation. The Group acknowledges the uncertainties stemming from the duration and the severity of the geopolitical situation and its impact on the Group\u2019s operations, as described above. Under certain circumstances they could result in the Group being in the above reverse stress tested scenario. After careful consideration of all the factors available to the Group at this time, including information from its clients and their plans, management has concluded that the likelihood of the reverse stress scenario is sufficiently low to not result in a material uncertainty. Should circumstances arise that differ from the Group\u2019s projections, the Directors believe that a number of mitigating actions can be successfully executed in the necessary timeframe to meet debt repayment obligations as they become due and in order to maintain liquidity. Potential mitigating actions include the vessels of hire for prolonged periods be cold stacked to minimise the operating costs on these vessels which has been factored into the downside case. Additional mitigations could be considered including but not limited to reduction in overhead costs, seeking relaxation/waiver from covenant compliance and rescheduling of repayments with lenders. Management is aware of the broader operating context and acknowledges the potential impact of climate change on the Group\u2019s consolidated financial statements. However, it is anticipated that climate change will have limited effect during the going concern assessment period. After considering reasonable risks and potential downsides in light of the ongoing geopolitical situation in the Gulf region, the Group\u2019s forecasts suggest that its bank facilities, combined with secured backlog and a pipeline of near-term opportunities for additional work, subject to the timing of resolution of the geopolitical situation, will provide sufficient liquidity to meet its needs in the foreseeable future. Accordingly, the consolidated financial statements for the Group for the year ended 31 December 2025 have been prepared on a going concern basis",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-425": {
"value": "Basis of consolidation These consolidated financial statements incorporate the financial statements of GMS and subsidiaries controlled by GMS. The Group has assessed the control which GMS has over its subsidiaries in accordance with IFRS 10 Consolidated Financial Statements, which provides that an investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee Details of GMS\u2019s subsidiaries at 31 December 2025 and 2024 are as follows: Proportion of Ownership Interest Name Place of Registration Registered Address 2025 2024 Type of Activity Gulf Marine Services W.L.L. United Arab Emirates Office 403, International Tower, 24th Karama Street, P.O. Box 46046, Abu Dhabi, United Arab Emirates 100% 100% Marine Contractor Gulf Marine Services W.L.L. \u2013 Qatar Branch Qatar 22 Floor, Office 22, Tornado Tower, Majilis Al Tawoon Street, P.O. Box 27774, Doha, Qatar 100% 100% Marine Contractor GMS Global Commercial Invt LLC United Arab Emirates Office 403, International Tower, 24th Karama Street, P.O. Box 46046, Abu Dhabi, United Arab Emirates 100% 100% General Investment Gulf Marine Middle East FZE United Arab Emirates ELOB, Office No. E-16F-04, P.O. Box 53944, Hamriyah Free Zone, Sharjah 100% 100% Operator of offshore barges Gulf Marine Saudi Arabia Co. Limited Saudi Arabia King Fahad Road, Al Khobar, Eastern Province, P.O. Box 31411 Kingdom Saudi Arabia 75% 75% Operator of offshore barges Gulf Marine Services LLC Qatar 41 Floor, Tornado Tower, West Bay, Doha, Qatar, POB 6689 100% 100% Marine Contractor Gulf Marine Services (UK) Limited United Kingdom c/o MacKinnon\u2019s, 14 Carden Place, Aberdeen, AB10 1UR 100% 100% Operator of offshore barges GMS Jersey Holdco. 1* Limited Jersey 12 Castle Street, St. Helier, Jersey, JE2 3RT 100% 100% General Investment GMS Jersey Holdco. 2 Limited Jersey 12 Castle Street, St. Helier, Jersey, JE2 3RT 100% 100% General Investment Offshore Holding Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Holding Company Offshore Logistics Invt SA** Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama N/A 100% Dormant Offshore Accommodation Invt SA** Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama N/A 100% Dormant Offshore Jack-up Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cKamikaze\u201d Offshore Structure Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cKikuyu\u201d Offshore Craft Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cGMS Endeavour\u201d Offshore Maritime Invt SA** Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama N/A 100% Dormant Offshore Tugboat Invt SA** Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama N/A 100% Dormant Offshore Boat Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cKawawa\u201d Offshore Kudeta Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cKudeta\u201d GMS Endurance Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cEndurance\u201d GMS Enterprise Investment SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cEnterprise Proportion of Ownership Interest Name Place of Registration Registered Address 2025 2024 Type of Activity GMS Sharqi Investment SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cSharqi\u201d GMS Scirocco Investment SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cScirocco\u201d GMS Shamal Investment SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cShamal\u201d GMS Keloa Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cKeloa\u201d GMS Pepper Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cPepper\u201d GMS Evolution Invt SA Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% 100% Owner of Barge \u201cEvolution\u201d GMS Phoenix Investment SA** Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama N/A 100% Dormant Gulf Marine Services (Asia) Pte. Limited Singapore 1 Scotts Road, #21-07, Shaw Centre, Singapore, 228208 100% 100% Operator of offshore barges Gulf Marine Services (Asia) Pte. Limited \u2013 Qatar branch Qatar 22 Floor, Office 22, Tornado Tower, Majilis Al Tawoon Street, P.O. Box 27774, Doha, Qatar 100% 100% Operator of offshore barges GMS Overseas FZE*** United Arab Emirates P1-ELOB, Office No. E2-117F-61, Hamriyah Free Zone, Sharjah 100% N/A Operator of offshore barges GMS V15 Investment S.A*** Panama Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama 100% N/A Owner of Barge * Held directly by Gulf Marine Services PLC. ** These dormant subsidiaries wound up on 29 January 2025. *** GMS Overseas FZE formed on 19 August 2025 and GMS V15 Investment S.A formed on 19 December 2025. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of subsidiaries to bring their accounting policies in line with those used by other members of the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non-controlling shareholders are initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non- controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Group. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Fair value is determined as the amount for which an asset could be exchanged, or a liability transferred, between knowledgeable, willing parties in an arm\u2019s length transaction. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 (2008) are recognised at their fair value at the acquisition date When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for (i.e. reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-426": {
"value": "Revenue recognition The Group recognises revenue from contracts with customers as follows: \u2022 Charter revenue; \u2022 Lease income; \u2022 Revenue from messing and accommodation services; \u2022 Manpower income; \u2022 Maintenance income; \u2022 Contract mobilisation revenue; \u2022 Contract demobilisation revenue; and \u2022 Sundry income. Revenue is measured as the fair value of the consideration received or receivable for the provision of services in the ordinary course of business, net of trade discounts, volume rebates and sales taxes excluding amounts collected on behalf of third parties. Revenue is recognised when control of the services is transferred to the customer. Consequently, revenue for the provision of services is recognised either: \u2022 Over time during the period that control incrementally transfers to the customer and the customer simultaneously receives and consumes the benefits. The Group has applied the practical expedient and recognises revenue over time in accordance with IFRS 15, i.e. the amount at which the Group has the right to invoice clients. \u2022 Wholly at a single point in time when GMS has completed its performance obligation Revenue recognised over time
The Group\u2019s activities that require revenue recognition over time include the following performance
obligation:
Performance obligation 1 \u2013 Charter revenue, contract mobilisation revenue, revenue from
messing and accommodation services, and manpower income
Chartering of vessels, mobilisations, messing and accommodation services and manpower income are
considered to be a combined performance obligation as they are not separately identifiable and the Group\u2019s
clients cannot benefit from these services on their own or together with other readily available resources.
This performance obligation, being the service element of client contracts, is separate from the underlying
lease component contained within client contracts which is recognised separately.
Revenue is recognised for certain mobilisation-related reimbursable costs. Each reimbursable item and
amount is stipulated in the Group\u2019s contract with the customer. Reimbursable costs are included in the
performance obligation and are recognised as part of the transaction price, because the Group is the
primary obligor in the arrangement, has discretion in supplier selection and is involved in determining
product or service specifications.
Performance obligation 2 \u2013 Sundry income
Sundry income that relates only specifically to additional billable requirements of charter hire contracts is
recognised over the duration of the contract. For the component of sundry income that is not recognised
over time, the performance obligation is explained below.
Revenue recognised at a point in time
The Group\u2019s activities that require revenue recognition at a point in time include the following performance
obligations.
Performance obligation 1 \u2013 Contract demobilisation revenue
Lump-sum fees received for equipment moves (and related costs) as part of demobilisations are recognised
when the demobilisation has occurred at a point in time.
Performance obligation 2 \u2013 Sundry income
Sundry income includes handling charges, which are applied to costs incurred by the Group and
subsequently billed to the customer. Revenue is recognised when it is billed to the customer, as this is when
the performance obligation is fulfilled, and control has passed to the customer.
Deferred and accrued revenue
Clients are typically billed on the last day of specific periods that are contractually agreed upon. Where there
is a delay in billing, accrued revenue is recognised in trade and other receivables for any services rendered
where clients have not yet been billed (see Note 9).
As noted above, lump sum payments are sometimes received at the outset of a contract for equipment
moves or modifications. These lump sum payments give rise to deferred revenue in trade and other
payables (see Note 20).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-427": {
"value": "Leases
The Group as lessee
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for certain short-term leases (defined as leases with a lease term of 12 months
or less) and leases of low value assets.
Low value assets have a low value purchase price when new, typically $5,000 or less, and include items
such as tablets and personal computers, small items of office furniture and telephones. For these leases,
the Group recognises the lease payments as an operating expense on a straight-line basis over the term
of the lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed. Leases of operating equipment linked to commercial
contracts are recognised to match the length of the contract even where the contract term is less than
12 months.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group\u2019s incremental borrowing rate. This is the rate that would be available on
a loan with similar conditions to obtain an asset of a similar value.
Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;
\u2022 The amount expected to be payable by the lessee under residual value guarantees;
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022 Payments of penalties for terminating the lease if the lease term reflects the exercise of an option to
terminate the lease.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease
payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use
asset) whenever:
\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a
change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured
by discounting the revised lease payments using a revised discount rate.
\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under
a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised
lease payments using an unchanged discount rate (unless the lease payments change is due to a change
in a floating interest rate, in which case a revised discount rate is used).
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which
case the lease liability is remeasured based on the lease term of the modified lease by discounting the
revised lease payments using a revised discount rate at the effective date of the modification.
Refer to Notes 7 and 22 for the remeasurements made during the year (2024: nil).
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day, less any lease incentives received and any
initial direct costs. They are subsequently measured at cost less accumulated depreciation and
impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site
on which it is located or restore the underlying asset to the condition required by the terms and conditions
of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a
right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred
to produce inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects
that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over
the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any
identified impairment loss as described in the \u2018Property and equipment\u2019 policy.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead
account for any lease and associated non-lease components as a single arrangement. The Group has
not used this practical expedient. For a contract that contains a lease component and one or more
additional lease or non-lease components, the Group allocates the consideration in the contract to each
lease component on the basis of the relative standalone price of the lease component and the aggregate
stand-alone price of the non-lease components.
The Group as a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component on the basis of their relative standalone prices.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or
an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially
all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease
is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers
certain indicators such as whether the lease is for the major part of the economic life of the asset.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease
separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising
from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease
to which the Group applies the exemption described above, then it classifies the sub-lease as an
operating lease.
The Group\u2019s contracts with clients contain an underlying lease component separate to the service element.
These leases are classified as operating leases and the income is recognised on a straight-line basis over
the term of the lease.
The Group applies IFRS 15 to allocate consideration under each component based on its standalone
selling price. The standalone selling price of the lease component is estimated using a market assessment
approach by taking the market rate, being the contract day rate and deducting all other identifiable
components, creating a residual amount deemed to be the lease element.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-428": {
"value": "Property and equipment
Property and equipment is stated at cost which includes capitalised borrowing costs less accumulated
depreciation and accumulated impairment losses (if any). The cost of property and equipment is their
purchase cost together with any incidental expenses of acquisition. Subsequent expenditure incurred on
vessels is capitalised where the expenditure gives rise to future economic benefits in excess of the originally
assessed standard of performance of the existing assets.
The costs of contractual equipment modifications or upgrades to vessels that are permanent in nature are
capitalised and depreciated in accordance with the Group\u2019s fixed asset capitalisation policy. The costs of
moving equipment while not under contract are expensed as incurred.
Depreciation is recognised so as to write-off the cost of property and equipment less their estimated
residual values over their useful lives, using the straight-line method. The estimated residual values of
vessels and related equipment are determined taking into consideration the expected scrap value of the
vessel, which is calculated based on the weight and the market rate of steel at the time of asset purchase.
If the price per unit of steel at the consolidated statement of financial position date varies significantly from
that on date of purchase, the residual value is reassessed to reflect changes in market value.
The estimated useful lives used for this purpose are:
Vessels* 35 years
Vessel spares, fittings and other equipment* 3 \u2013 20 years
Others** 3 \u2013 5 years
* Depreciation of these assets is charged to cost of sales.
** Depreciation of these assets is charged to general and administrative expenses.
Taking into consideration independent professional advice, management considers the principal
estimated useful lives of vessels for the purpose of calculating depreciation to be 35 years from the date
of construction of the vessel.
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the
effect of any changes in estimate accounted for on a prospective basis.
The gain or loss arising on the disposal or retirement of an item of property and equipment is determined
as the difference between the sale proceeds and the carrying amount of the asset and is recognised within
administrative expenses in profit or loss. The depreciation charge for the year is allocated between cost of
sales and administrative expenses, depending on the usage of the respective assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-429": {
"value": "Dry docking
Dry docking costs are costs of repairs and maintenance incurred on a vessel to ensure compliance
with applicable regulations and to maintain certification for vessels. The cost incurred for periodical dry
docking or major overhauls of the vessels are identified as a separate inherent component of the vessels.
These costs depreciate on a straight-line basis over the period to the next anticipated dry docking,
being approximately 30 months. Costs incurred outside of the dry docking period which relate to major
works, overhaul/services, that would normally be carried out during the dry docking, as well as surveys,
inspections and third-party maintenance (which are part of the dry docking) of the vessels are initially
treated as capital work-in-progress (CWIP) of the specific vessel. Following the transfer of these balances
to property and equipment, depreciation commences at the date of completion of the survey. Costs
associated with equipment failure are recognised in profit and loss as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-430": {
"value": "Capital work-in-progress Properties and vessels under the course of construction, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use Financial liabilities The Group\u2019s financial liabilities include trade and other payables, derivatives, lease liabilities and bank borrowings. All financial liabilities are classified at amortised cost unless they can be designate as at Fair Value Through Profit or Loss (\u201cFVTPL\u201d). Derivatives are not designated as hedging instruments and they are classified as financial liabilities and are held at FVTPL. Derivatives held at FVTPL are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period with the resulting gain or loss recognised in profit or loss immediately. Trade and other payables, bank borrowings, lease liabilities, amounts due to related parties and contract liabilities are classified at amortised cost and are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the EIR method, with interest expense recognised based on its effective interest rate, except for short-term payables or when the recognition of interest would be immaterial. The EIR method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The EIR is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period The Group\u2019s loan facility is a floating rate financial liability. The Group treats the loan as a floating rate
financial liability and performs periodic estimations to reflect movements in market interest rates and alters
the effective interest rate accordingly.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-431": {
"value": "Impairment of tangible assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss or impairment reversal. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The Group also has separately identifiable equipment (corporate assets) which are typically interchangeable across vessels and where costs can be measured reliably. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash- generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. The discount rate reflects risk-free rates of returns as well as specific adjustments for country risk in the countries the Group operates in, adjusted for a Company-specific risk premium, to determine an appropriate discount rate. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-435": {
"value": "Foreign currencies The Group\u2019s consolidated financial statements are presented in US Dollars (US$), which is also the functional currency of the Company. All amounts have been rounded to the nearest thousand, unless otherwise stated. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise, except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur, which form part of the net investment in a foreign operation, and which are recognised in the foreign currency translation reserve and recognised in profit or loss on disposal of the net investment. For the purpose of presenting consolidated financial information, the assets and liabilities of the Group\u2019s subsidiaries are expressed in US$ using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate). On the disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, loss of joint control over a jointly controlled entity that includes a foreign operation or loss of significant influence over an associate that includes a foreign operation), all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognised, but they are not reclassified to profit or loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-432": {
"value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-433": {
"value": "Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a
past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered
from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will
be received and the amount of the receivable can be measured reliably.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-434": {
"value": "Employees\u2019 end of service benefits
In accordance with Labour Laws of some of the countries in which we operate, the Group is required to
provide for end of service benefits for certain employees.
The only obligation of the Group with respect to end of service benefits is to make the specified lump-sum
payments to employees, which become payable when they leave the Group for reasons other than gross
misconduct but may be paid earlier at the discretion of the Group. The amount payable is calculated as a
multiple of a pre-defined fraction of basic salary based on the number of full years of service.
To meet the requirement of the laws of the countries in which we operate, a provision is made for the full
amount of end of service benefits payable to qualifying employees up to the end of the reporting period.
The provision relating to end of service benefits is disclosed as a non-current liability. The provision has not
been subject to a full actuarial valuation or discounted as the impact would not be material.
The actual payment is typically made in the year of cessation of employment of a qualifying employee
but may be pre-paid. If the payment is made in the year of cessation of employment, the payment for
end of service benefit will be made as a lump sum along with the full and final settlement of liability
to the employee.
The total expense recognised in profit or loss of US$ 0.4 million (2024: US$ 0.5 million) (Note 19) represents
the current period cost for the end of service benefit provision made for employees in accordance with the
Labour laws of companies where we operate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-439": {
"value": "Adjusting items
Adjusting items are significant items of income or expense in cost of sales, general and administrative
expenses, and net finance costs, which individually or, if of a similar type, in aggregate, are relevant to an
understanding of the Group\u2019s underlying financial performance because of their size, nature or incidence.
Adjusting items together with an explanation as to why management consider them appropriate to adjust
are disclosed separately in Note 30. The Group believes that these items are useful to users of the Group\u2019s
consolidated financial statements in helping them to understand the underlying business performance
through Alternative Performance Measures that are used to derive the Group\u2019s principal non-GAAP
measures of adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (\u201cEBITDA\u201d), adjusted
EBITDA margin, adjusted gross profit/(loss), adjusted operating profit/(loss), adjusted net profit/(loss) and
adjusted diluted earnings/(loss) per share, all of which are before the impact of adjusting items and which
are reconciled from operating profit/(loss), profit/(loss) before taxation and diluted earnings/(loss) per
share. Adjusting items include but are not limited to reversal of impairment credits/(impairment charges),
restructuring costs, exceptional legal and tax costs, and non-operational finance-related costs.
",
"dimensions": {
"concept": "gms:DescriptionOfAccountingPolicyForAdjustingItemsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-436": {
"value": "Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for each subsidiary based on the jurisdiction in which it operates. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of the assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered . Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-455": {
"value": "Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of the assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-437": {
"value": "Share-based payments
Long-Term Incentive Plans
The fair value of an equity instrument is determined at the grant date based on market prices if available,
taking into account the terms and conditions upon which those equity instruments were granted. If market
prices are not available for share awards, the fair value of the equity instruments is estimated using a
valuation technique to derive an estimate of what the price of those equity instruments would have been
at the relevant measurement date in an arm\u2019s length transaction between knowledgeable, willing parties.
Equity-settled share-based payments to employees are measured at the fair value of the instruments,
using a binomial model together with Monte-Carlo simulations as at the grant date, and are expensed over
the vesting period. The value of the expense is dependent upon certain key assumptions including the
expected future volatility of the Group\u2019s share price at the date of grant. The fair value measurement reflects
all market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised
in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding
adjustment to equity reserves.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-438": {
"value": "Financial assets Financial assets including derivatives are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. The Group has the following financial assets: cash and cash equivalents and trade and other receivables (excluding prepayments and advances to suppliers). These financial assets are classified at amortised cost. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive income (OCI), it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e. the date that the Group commits to purchase or sell the asset. The Group measures financial assets at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. As the business model of the Group is to hold financial assets to collect contractual cash flows, they are held at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-443": {
"value": "Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of
ownership and continues to control the transferred asset, the Group recognises its retained interest in the
asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks
and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial
asset and also recognises a collateralised borrowing for the proceeds received.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged,
cancelled or they expire. The difference between the carrying amount of the financial liability derecognised
and the consideration paid and payable is recognised in the consolidated statement of profit or loss.
When an existing financial liability is replaced by another from the same lender on substantially different
terms, or the terms of an existing liability are substantially modified, such an exchange or modification is
treated as the derecognition of the original liability and the recognition of a new liability. The difference
between the carrying amount of the financial liability derecognised and the consideration paid is recognised
in the consolidated statement of profit or loss and other comprehensive income.
When an existing financial liability is replaced by another on terms which are not substantially modified,
the exchange is deemed to be a continuation of the existing liability and the financial liability is not
derecognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-440": {
"value": "Cash and cash equivalents Cash and cash equivalents include balances held with banks with original maturities of three months or less and cash on hand",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-441": {
"value": "Trade receivables Trade receivables represent the Group\u2019s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before the payment of the consideration is due)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-442": {
"value": "Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets that are
measured at amortised cost or debt instruments measured at fair value through other comprehensive
income. ECLs are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive, discounted at the EIR.
For trade and other receivables and accrued revenue, the Group applies a simplified approach.
For trade receivables and accrued revenue, the Group recognises loss allowances based on lifetime ECLs
at each reporting date.
The Group has established a provision matrix that is based on its historical credit loss experience, adjusted
for forward-looking factors specific to the debtors and the economic environment.
The provision rates are grouped together based on days due for various customer segments that have
similar loss patterns (geography, customer type and rating and coverage by letters of credit and other
forms of credit insurance).
The Group had an expected credit loss provision of US$ 3.9 million as at 31 December 2025
(31 December 2024: US$ 4.2 million); refer to Note 9 for further details.
The Group considers a financial asset to move into stage 3 and be in default when there is objective
evidence that, as a result of one or more events that occurred after the initial recognition of the financial
asset, the estimated future cash flows of the investment have been affected.
Evidence that a financial asset is credit impaired includes the following observable data: \u2022 significant financial difficulty of the issuer or counterparty; or \u2022 default or delinquency in interest or principal payments; or \u2022 it becoming probable that the borrower will enter bankruptcy or financial reorganisation. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-444": {
"value": "Derivative financial instruments
The Group uses derivative financial instruments, such as interest rate swaps and forward foreign exchange
contract to hedge its interest rate risks and foreign exchange risk, respectively. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. All gains and losses arising from changes in fair value are
recognised immediately in profit or loss. Derivatives are carried as financial assets when the fair value is
positive and as financial liabilities when the fair value is negative for the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-445": {
"value": "Warrants
The Group measures the warrants issued at fair value with changes in fair value recognised in the profit
or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-390": {
"value": "4 Key sources of estimation uncertainty and critical accounting judgements In the application of the Group\u2019s accounting policies, which are described in Note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. In applying the Group\u2019s accounting policies during the year, one critical accounting judgement (i.e. relating to a subsidiary of the Group that received a tax assessment from the Saudi tax authorities (ZATCA) regarding the transfer pricing of our inter-group bareboat agreement) is removed because a final assessment has been made and the amount settled in May 2025 \u2013 refer to Note 8. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key assumptions concerning the future, and other key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year, are outlined below: Impairment and reversal of previous impairment of property and equipment The Group obtained an independent valuation of its vessels as at 31 December 2025 for the purpose of its banking covenant compliance requirements. However, consistent with prior years, management does not consider these valuations to represent a reliable estimate of the fair value for the purpose of assessing the recoverable value of the Group\u2019s vessels, noting that there have been limited, if any, \u201cwilling buyer and willing seller\u201d transactions of similar vessels in the current offshore vessel market on which such values could reliably be based. Due to these inherent limitations, management concluded that recoverable amount should be based on value in use. Management carried out an impairment assessment of property and equipment for the year ended 31 December 2025. Following this assessment, management determined that the recoverable amounts of the cash-generating units to which items of property and equipment were allocated, being vessels and related assets, were most sensitive to future day rates, vessel utilisation and discount rate. It is reasonably possible that changes to these assumptions within the next financial year could require a material adjustment of the carrying amount of the Group\u2019s vessels. Management does not expect an assumption change of more than 10% in aggregate for the entire fleet within the next financial year, and accordingly, believes that a 10% sensitivity to day rates and utilisation is appropriate. Further, for discount rate, management does not expect an assumption change of more than 1% and accordingly, believes that a 1% sensitivity to discount rate is appropriate. As at 31 December 2025, the total carrying amount of the property and equipment, dry docking expenditure, and right-of-use assets subject to estimation uncertainty was US$ 620.8 million (2024: US$ 608.3 million). Refer to Note 5 for further details including sensitivity analysis.Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all financial assets that are
measured at amortised cost or debt instruments measured at fair value through other comprehensive
income. ECLs are based on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive, discounted at the EIR.
Management carried out an impairment assessment of trade receivables and contract assets for the year ended
31 December 2025. Following this assessment, management considered the following criteria for impairment:
Evidence that a financial asset is credit impaired includes the following observable data:
\u2022 significant financial difficulty of the issuer or counterparty; or
\u2022 default or delinquency in interest or principal payments; or
\u2022 it becoming probable that the borrower will enter bankruptcy or financial reorganisation.
A financial asset is written off when there is no reasonable expectation of recovering the contractual
cash flows.
Management concluded that the Group had an expected credit loss reversal of US$ 0.3 million
(2024: net charge of US$ 2.0 million); refer to Note 9 for further details.
Tax provision
In determining the amount of tax provisions recognised, management is required to exercise judgement in
interpreting applicable tax legislation and applying it to the Group\u2019s arrangements. This includes assessing
exposures arising from prior positions taken and determining the appropriate amount to provide based on
management\u2019s best estimate at the reporting date.
The provision recognised reflects management\u2019s assessment of the likely outcome based on the
information available at the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-391": {
"value": "5 Property and equipment
Vessels
US$\u2019000
Capital
work-in-
progress
US$\u2019000
Vessel
spares, fitting
and other
equipment
US$\u2019000
Others
US$\u2019000
Total
US$\u2019000
Cost
At 1 January 2024 898,200 10,569 60,757 2,250 971,776
Additions \u2212 2,788 \u2212 \u2212 2,788
Transfers \u2212 (3,502) 3,502 \u2212 \u2212
At 31 December 2024 898,200 9,855 64,259 2,250 974,564
Additions 11,365 3,149 3,378 222 18,114
Transfers 3,189 (3,817) 628 \u2212 \u2212
Disposals \u2212 \u2212 \u2212 (5) (5)
At 31 December 2025 912,754 9,187 68,265 2,467 992,673
Vessels US$\u2019000 Capital work-in- progress US$\u2019000 Vessel spares, fitting and other equipment US$\u2019000 Others US$\u2019000 Total US$\u2019000 Accumulated depreciation and impairment At 1 January 2024 335,987 2,845 24,471 2,061 365,364 Depreciation expense (Note 35) 22,379 \u2212 3,673 142 26,194 Impairment charge 9,394 \u2212 \u2212 \u2212 9,394 Reversal of impairment (18,621) \u2212 \u2212 \u2212 (18,621) At 31 December 2024 349,139 2,845 28,144 2,203 382,331 Depreciation expense (Note 35) 23,549 \u2212 4,210 78 27,837 Disposals \u2212 \u2212 \u2212 (5) (5) Impairment charge 19,487 \u2212 \u2212 \u2212 19,487 Reversal of impairment (12,009) \u2212 \u2212 \u2212 (12,009) At 31 December 2025 380,166 2,845 32,354 2,276 417,641 Carrying amount At 31 December 2025 532,588 6,342 35,911 191 575,032 At 31 December 2024 549,061 7,010 36,115 47 592,233 Depreciation amounting to US$ 27.8 million (2024: US$ 26.2 million) has been charged to the consolidated statement of profit or loss and other comprehensive income, of which US$ 27.7 million (2024: US$ 26.1 million) was allocated to cost of sales. The remaining balance of the depreciation charge is included in general and administrative expenses. Vessels with a total net book value of US$ 532.6 million (2024: US$ 549.1 million) have been mortgaged as security for the loans extended by the Group\u2019s banking syndicate (Note 21). mpairment In accordance with the requirements of IAS 36 \u2013 Impairment of Assets, the Group assesses at each reporting period if there is any indication an additional impairment would need to be recognised for its vessels and related assets, or if the impairment loss recognised in prior periods no longer exists or had decreased in quantum. Such indicators can be from either internal or external sources. In circumstances in which any indicators of impairment or impairment reversal are identified, the Group performs a formal impairment assessment to evaluate the carrying amounts of the Group\u2019s vessels and their related assets, by comparing against the recoverable amount to identify any impairments or reversals. The recoverable amount is the higher of the vessels\u2019 and related assets\u2019 fair value less costs to sell and value in use. The Group\u2019s fleet was subject to impairment assessments during the fiscal years 2019 to 2024. Based on the impairment assessment reviews conducted in previous years, management recognised impairment losses and partial reversal of those impairment losses. As at 31 December 2025, and in line with IAS 36 requirements, management concluded that a formal impairment assessment was required. Factors considered by management included favourable indicators, such as improvement in utilisation, day rates for some of the Group\u2019s vessels and decrease in interest rate, and unfavourable indicators including the market capitalisation of the Group remaining below the book value of the Group\u2019s equity. The Group obtained an independent valuation of its vessels as at 31 December 2025 for the purpose of its banking covenant compliance requirements. However, consistent with prior years, management does not consider these valuations to represent a reliable estimate of the fair value for the purpose of assessing the recoverable value of the Group\u2019s vessels, noting that there have been limited, if any, \u201cwilling buyer and willing seller\u201d transactions of similar vessels in the current offshore vessel market on which such values could reliably be based. Due to these inherent limitations, management has again concluded that recoverable amount should be based on value in use. The impairment review was performed for each cash-generating unit, by identifying the value in use of each vessel and of spares fittings, capitalised dry docking expenditure, capital work in progress and right-of-use assets relating to operating equipment used on the fleet, based on management\u2019s projections of future utilisation, day rates and associated cash flows. The projection of cash flows related to vessels and their related assets is complex and requires the use of a number of estimates, the primary ones being future day rates, vessel utilisation and discount rate. In estimating the value in use, management estimated the future cash inflows and outflows to be derived from continuing use of each vessel and its related assets for the next four years based on its latest forecasts. The terminal value cash flows (i.e. those beyond the four-year period) were estimated based on historic mid-cycle day rates and utilisation levels calculated by looking back as far as 2014, when the market was at the top of the cycle through to 2022 levels when the industry started to emerge out of the bottom of the cycle, adjusted for anomalies. The terminal value cash flow assumptions are applied until the end of the estimated useful economic life of each vessel, which is consistent with the prior year. Such long-term forecasts also take account of the outlook for each vessel having regard to their specifications relative to expected customer requirements and about broader long-term trends including climate change. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate. The discount rate of 10.85% (2024: 11.98%) is computed on the basis of the Group\u2019s
weighted average cost of capital.
The cost of equity incorporated in the computation of the discount rate is based on the industry sector
average betas, risk-free rate of return as well as Group-specific risk premium reflecting any additional risk
factors relevant to the Group. The cost of debt is based on the Group\u2019s actual cost of debt and the effective
cost of debt reported by the peer group as at 31 December 2025. The weighted average is computed
based on the industry capital structure.
The impairment review led to the recognition of a net impairment of US$ 7.5 million (2024: net impairment
reversal of US$ 9.2 million). The key reason for the net impairment reflects a combination of a decrease in
projected future cash flows, partially offset by improvements in the discount rate from 11.98% to 10.85%
predominantly driven by reductions in the cost of debt and equity of the Group.
In accordance with the Companies Act 2006, section 841(4), the following has been considered:
a) the Directors have considered the value of some/all of the fixed assets of the Group without revaluing
them; and
b) the Directors are satisfied that the aggregate value of those assets are not less than the aggregate
amount at which they were stated in the Group\u2019s accounts.
Details of the impairment/impairment reversal by cash-generating unit, along with the associated
recoverable amount reflecting its value in use, are provided below:
Cash Generating Unit (CGU)
Impairment
reversal/
(Impairment)
2025
US$\u2019000
Recoverable
amount
2025
US$\u2019000
Impairment
reversal/
(Impairment)
2024
US$\u2019000
Recoverable
amount
2024
US$\u2019000
E-Class -1 \u2013 87,135 \u2013 89,296
E-Class -2 9,857 66,622 404 59,257
E-Class -3 \u2013 92,484 \u2013 88,128
E-Class -4 1,567 108,726 14,099 98,435
E-Class 11,424 354,967 14,503 335,116
S-Class -1 \u2013 66,029 \u2013 61,870
S-Class -2 \u2013 71,038 \u2013 64,196
S-Class -3 \u2013 68,340 \u2013 65,065
S-Class \u2013 205,407 \u2013 191,131
K-Class -1 (7,861) 10,969 (1,168) 14,750
K-Class -2 (5,030) 14,434 3,287 18,859
K-Class -3 (3,170) 10,630 (4,402) 14,018
K-Class -4 585 14,694 (1,168) 14,992
K-Class -5 (3,426) 14,671 (2,656) 18,361
K-Class -6 \u2013 50,725 831 50,190
K-Class (18,902) 116,123 (5,276) 131,170
Total (7,478) 676,497 9,227 657,417
Day rates Day rates higher by 10% Day rates lower by 10% Impact (in US$ million) Number of vessels impacted Impact (in US$ million) Number of vessels impacted Vessel class (Impairment)/ impairment reversal of* (Impairment)/ impairment reversal of* E-Class CGUs 24.1 1.0 (8.2) 2.0 S-Class CGUs \u2013 \u2013 (2.6) 1.0 K-Class CGUs 1.8 5.0 (47.9) 6.0 Total fleet 25.9 6.0 (58.7) 9.0 * This reversal of impairment/(impairment charge) is calculated on carrying values before the adjustment for impairment reversals in 2025. There would be incremental impairment reversal of US$ 33.4 million and impairment charge of US$ 51.2 million for the 10% increase and decrease in day rates assumption respectively. There would be no additional effect of impairment charge on corporate assets under the day rates sensitivity. The total recoverable amounts of the Group\u2019s vessels as at 31 December 2025 would have been US$ 797.3 million under the increased day rates sensitivity and US$ 555.7 million for the reduced day rate sensitivity. Utilisation Utilisation higher by 10% Utilisation lower by 10% Vessel class Impact (in US$ million) Number of vessels impacted Impact (in US$ million) Number of vessels impacted (Impairment)/ impairment reversal of* (Impairment)/ impairment reversal of* E-Class CGUs 21.2 1.0 (8.2) 2.0 S-Class CGUs \u2013 \u2013 (2.6) 1.0 K-Class CGUs \u2013 5.0 (47.9) 6.0 Total fleet 21.2 6.0 (58.7) 9.0 * This reversal of impairment/(impairment charge) is calculated on carrying values before the adjustment for impairment reversals in 2025. There would be incremental impairment reversal of US$ 28.6 million and impairment charge of US$ 51.2 million for the 10% increase and decrease in utilisation assumption respectively. There would be no additional effect of impairment charge on corporate assets under the utilisation sensitivity. The total recoverable amounts of the Group\u2019s vessels as at 31 December 2025 would have been US$ 760.4 million under the increased utilisation sensitivity and US$ 555.7 million for the reduced utilisation sensitivity. Management would not expect an assumption change of more than 10% across all vessels within the next financial year, and accordingly, believes that a 10% sensitivity to day rates and utilisation is appropriate he impairment assessment has been conducted without incorporating the impact of the ongoing geopolitical situation in the Gulf region, which has been treated as a non-adjusting subsequent event, as disclosed in Note 37. Given the fast-evolving and fluid nature of the situation, the financial impact remains highly uncertain, with the full range of potential effects unknown. Nevertheless, had the geopolitical developments been reflected in the forecast assumptions used in the going concern base case subsequent to the reporting date, the value in use would have decreased by approximately US$ 28.6 million, resulting in an increase in the impairment loss of approximately US$ 18.2 million. The table below compares the long-term day rate and utilisation assumptions used to project future cash flows from 2030 onwards (the terminal value) with the day rates for 2026: Vessel class Day rate change % on 2026 levels Utilisation change % on 2026 levels E-Class CGUs -3% -8% S-Class CGUs -5% -4% K-Class CGUs -23% -18% The table below compares the long-term day rate and utilisation assumptions used to forecast future cash flows during the year ended 31 December 2025 against the Group\u2019s long-term assumptions in the impairment assessment performed as at 31 December 2024: Vessels class Day rate change % on 2025 levels Utilisation change % on 2025 levels E-Class CGUs 0.0% 0.0% S-Class CGUs 0.0% 0.0% K-Class CGUs 0.0% 0.0% The impairment reversal recognised on E-Class vessels reflect further increases in short-term assumptions on day rates and utilisation relative to the Group\u2019s previous forecasts. The net impairment recognised on the Group\u2019s K-Class vessels primarily reflects the changes in short-term forecast day rates and utilisation. When reviewing the longer-term assumptions, the Group has continued to assume a lower day rate and utilisation for terminal values to reflect higher competition in the market for smaller vessels. Key assumption sensitivities The Group has conducted an analysis of the sensitivity of the impairment test to reasonable possible changes in the key assumptions (long-term day rates, utilisation and pre-tax discount rates) used to determine the recoverable amount for each vessel as follows Discount rate
An additional sensitivity analysis was conducted by adjusting the pre-tax discount rate upwards and
downwards by 100 basis points (1%). Given that the change in the discount rate from the previous year is
less than 100 basis points, such sensitivity was deemed appropriate for this analysis.
Discount rate higher by 1% Discount rate lower by 1%
Impact
(in US$ million)
Number
of vessels
impacted
Impact
(in US$ million)
Number
of vessels
impacted
Vessel class
(Impairment)/
impairment
reversal of*
(Impairment)/
impairment
reversal of*
E-Class CGUs 7.3 1.0 16.0 1.0
S-Class CGUs \u2013 \u2013 \u2013 \u2013
K-Class CGUs (24.5) 6.0 (16.2) 5.0
Total fleet (17.2) 7.0 (0.2) 6.0
* This (impairment charge)/impairment reversal is calculated on carrying values before the adjustment for impairment
reversals in 2025.
There would be an incremental impairment charge of US$ 9.7 million and an impairment reversal of
US$ 7.3 million for the 10% increase and decrease in pre-tax discount rate assumption respectively.
The total recoverable amounts of the vessels as at 31 December 2025 would have been US$ 723.2 million
under the reduced discount rate sensitivity and US$ 635.0 million for the increased discount rate sensitivity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-392": {
"value": "6 Dry docking expenditure
The movement in dry docking expenditure is summarised as follows:
2025
US$\u2019000
2024
US$\u2019000
At 1 January 11,867 11,204
Expenditure incurred during the year 11,859 5,987
Amortised during the year (Note 35) (8,149) (5,324)
At 31 December 15,577 11,867
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-393": {
"value": "7 Right-of-use assets
Buildings
US$\u2019000
Communications
equipment
US$\u2019000
Operating
equipment
US$\u2019000
Total
US$\u2019000
Cost
At 1 January 2024 2,967 1,145 11,747 15,859
Additions 240 1,233 4,046 5,519
Derecognition (2,020) \u2013 (10,885) (12,905)
At 31 December 2024 1,187 2,378 4,908 8,473
Remeasurement \u2013 208 29,132 29,340
Additions 1,353 \u2013 10,418 11,771
Derecognition (19) \u2013 (1,759) (1,778)
At 31 December 2025 2,521 2,586 42,699 47,806
Accumulated depreciation
At 1 January 2024 2,441 357 9,714 12,512
Depreciation for the year 475 721 3,445 4,641
Derecognition (2,020) \u2013 (10,885) (12,905)
At 31 December 2024 896 1,078 2,274 4,248
Depreciation for the year 498 829 10,802 12,129
Derecognition (10) \u2013 (1,391) (1,401)
Impairment charge \u2013 \u2013 2,595 2,595
At 31 December 2025 1,384 1,907 14,280 17,571
Carrying amount
At 31 December 2025 1,137 679 28,419 30,235
At 31 December 2024 291 1,300 2,634 4,225
As disclosed in Note 5, management has undertaken a comprehensive impairment assessment of its
non-financial assets. As a result, an impairment of US$ 2.6 million is recognised on right-of-use assets.
The consolidated statement of profit or loss and other comprehensive income includes the following
amounts relating to leases.
2025
US$\u2019000
2024
US$\u2019000
Depreciation of right-of-use assets (Note 35) 12,129 4,641
Expense relating to short-term leases or leases of low value assets (Note 35) 554 260
Lease charges included in operating activities 12,683 4,901
Interest on lease liabilities (Note 34) 637 461
Lease charges included in profit before tax 13,320 5,362
The total cash outflow for leases amounted to US$ 11.9 million for the year ended 31 December 2025
(2024: US$ 5.2 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-394": {
"value": "8 Taxation charge for the year
Tax is calculated at the rates prevailing in the respective jurisdictions in which the Group operates. The
overall effective rate is the aggregate of taxes paid in jurisdictions where income is subject to tax (being
principally Qatar, the United Kingdom, Saudi Arabia and United Arab Emirates), divided by the Group\u2019s
profit.
2025
US$\u2019000
2024
US$\u2019000
Profit for the year before tax 35,756 43,181
Tax at the UK corporation tax rate of 25% (2024: 25%) 8,939 10,795
Effect of different tax rates in overseas jurisdictions (1,509) (849)
Expense not deductible for tax purposes 25,003 7,323
Overseas taxes 3,166 1,698
Increase in unrecognised deferred tax 1,777 1,764
Change in estimates of tax provisions 11,726 2,236
Income not taxable for tax purposes (32,805) (18,046)
Total tax charge 16,297 4,921
During the year, the tax rates on profits were 10% in Qatar (2024: 10%), 25% in the United Kingdom
(2024: 25%), 20% in Saudi Arabia (2024: 20%) and 9% in United Arab Emirates (2024: 9%), applicable
to the portion of profits generated from the respective jurisdictions. The Group also incurred 2.5% Zakat
tax (an obligatory tax to donate 2.5% of retained earnings each year) on the portion of profits generated
in Saudi Arabia (2024: 2.5%).
The Group incurs 5% withholding tax on remittances from Saudi Arabia (2024: 5%). The withholding tax
included in the current tax charge amounted to US$ 1.7 million (2024: US$ 1.9 million).
The Group expects the overall effective tax rate in the future to vary according to local tax law changes in
jurisdictions which incur taxes, as well as any changes to the share of Group\u2019s profits or losses which arise
in tax-paying jurisdictions.
At the consolidated statement of financial position date, the Group has unused tax losses of
US$ 42.9 million (2024: US$ 38.2 million), arising from UK operations, available for offset against future
profits with an indefinite expiry period. Only one E-Class vessel operates in UK with one more expected
to operate from 2026. Based on the projections, there are insufficient future taxable profits to justify the
recognition of a deferred tax asset. On this basis no deferred tax asset has been recognised in the current
or prior year. The unrecognised deferred tax asset calculated at the substantively enacted rate in the UK of
25% amounts to US$ 10.7 million as at 31 December 2025 (2024: US$ 9.5 million).
Any changes to estimates relating to prior periods are presented in the \u2018Change in estimates of tax
provisions\u2019 above.
actors affecting current and future tax charges United Kingdom (UK) In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25%. Deferred taxes at the balance sheet date have been measured using these enacted tax rates as disclosed in these consolidated financial statements. The future effective tax rate of the Group could be impacted by changes in tax law, primarily increasing corporation tax rates and increasing withholding taxes applicable to the Group. United Arab Emirates (UAE) On 9 December 2022, the UAE Ministry of Finance released Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (Corporate Tax Law or the Law) to enact a Federal Corporate Tax regime in the UAE. This Law has become effective for accounting periods beginning on or after 1 June 2023. The Group\u2019s UAE operations are subject to a 9% corporation tax rate with effect from 1 January 2024 for income exceeding AED 375,000 (US$ 102,000). GMS has considered deferred tax implications in the preparation of these consolidated financial statements in respect of property and equipment and potential timing differences that could give rise to a deferred tax liability. There are currently no UAE tax laws that would result in such a timing difference. Hence, management has concluded that no adjustments to these consolidated financial statements are necessary. Kingdom of Saudi Arabia A subsidiary of the Group received a tax assessment from the Saudi tax authorities (ZATCA) for an amount of US$ 9.2 million (including delay fines) related to the transfer pricing of inter-group bareboat agreement, for the period from 2017 to 2019. On 12 May 2025, the Tax Violations and Disputes Appellate Committee (TVDAC) delivered its unfavourable judgment and, consequently, the Group has paid a total of US$ 5.7 million with respect to this assessment. The Group has obtained a waiver of penalties from ZATCA during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-395": {
"value": "9 Trade receivables
2025
US$\u2019000
2024
US$\u2019000
Trade receivables (gross of allowances) 37,842 29,807
Less: Allowance for expected credit losses (3,913) (4,232)
Trade receivables 33,929 25,575
Gross trade receivables, amounting to US$ 37.8 million (2024: US$ 29.8 million), have been assigned as
security against the loans extended by the Group\u2019s banking syndicate (Note 21).
Trade receivables disclosed above are measured at amortised cost. Credit periods are granted on a
client by client basis. The Group does not hold any collateral or other credit enhancements over any of its
trade receivables nor does it have a legal right of offset against any amounts owed by the Group to the
counterparty. For details of the calculation of expected credit losses, refer to Note 3.
Impairment has been considered for accrued revenue but is not considered material.
The movement in the allowance for ECL and bad and doubtful receivables during the year was as follows: 2025 US$\u2019000 2024 US$\u2019000 At 1 January 4,232 2,226 Net charge of expected credit losses (Note 35) (319) 2,006 At 31 December 3,913 4,232 Trade receivables are considered past due once they have passed their contracted due date. The net reversal of expected credit loss provision during the year was US$ 0.3 million (2024: net charge of US$ 2.0 million). Management carried out an impairment assessment of trade receivables for the year ended 31 December 2025 and concluded that the Group had an expected credit loss provision of US$ 3.9 million as at 31 December 2025 (31 December 2024: US$ 4.2 million). During January 2023, a customer entered administration. The Group traded with this customer in the past and accordingly, recorded an allowance for 100% of the balance receivable in the previous year. During the year, the Group reassessed the recoverability and accordingly, a reversal of US$ 0.6 million has been recognised. Included in the Group\u2019s trade receivables balance are receivables with a gross amount of US$ 5.2 million (2024: US$ 4.4 million) which are past due for 30 days or more at the reporting date. At 31 December, the analysis of trade receivables is as follows: Number of days past due Current US$\u2019000 < 30 days US$\u2019000 31-60 days US$\u2019000 61-90 days US$\u2019000 91-120 days US$\u2019000 > 120 days US$\u2019000 Total US$\u2019000 Trade receivables 29,872 2,810 34 14 69 5,043 37,842 Less: Allowance for expected credit losses (75) (8) \u2013 \u2013 (1) (3,829) (3,913) Net trade receivables 2025 29,797 2,802 34 14 68 1,214 33,929 Trade receivables 23,933 1,513 \u2013 \u2013 \u2013 4,361 29,807 Less: Allowance for expected credit losses (97) (5) \u2013 \u2013 \u2013 (4,130) (4,232) Net trade receivables 2024 23,836 1,508 \u2013 \u2013 \u2013 231 25,575 Seven customers (2024: six) account for 99% (2024: 99%) of the total trade receivables balance (see revenue by segment information in Note 28). When assessing credit risk, ongoing assessments of customer credit and liquidity positions are performed",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-396": {
"value": "10 Prepayments, advances and other receivables 2025 US$\u2019000 2024 US$\u2019000 Accrued revenue 5,919 4,237 Prepayments 4,451 2,073 Deposits* 213 95 Advances to suppliers 6,816 2,824 At 31 December 17,399 9,229 * Deposits include bank guarantee deposits of US$ 182k (2024: US$ 39k).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-397": {
"value": "11 Derivative financial instruments Warrants Under the terms of the Group\u2019s old loan facility, the Group was required to issue warrants to its previous lenders as GMS had not raised US$ 50.0 million of equity by 31 December 2022. On 2 January 2023, as the US$ 50.0 million equity raise did not take place, therefore 87,621,947 warrants were issued to the previous lenders. Based on the final report prepared by a Calculation Agent, the warrants give rights to their holders to acquire 137,075,773 shares at an exercise price of 5.75 pence per share for a total consideration of GBP \u00a37.9 million. Warrant holders had the right to exercise their warrants up to the end of the term of the loan facility, being 30 June 2025. During the year, 52,556,697 (2024: 34,218,700) warrants were exercised by the holders resulting in issuance of 82,219,697 (2024: 53,531,734) new ordinary shares with a nominal value of 2p per share and share premium of 3.75p per share. The fair value of the warrants that were exercised was recalculated at the time of exercise. The fair value of warrants exercised was calculated at US$ 13.3 million (2024: US$ 10.4 million). This fair value is added to the actual cash raised of US$ 6.1 million (2024: US$ 3.9 million), in line with the Companies Act 2006, to give a total increase in share capital and share premium of US$ 19.4 million (2024: US$ 14.3 million). Issue costs of nil (2024: US$83k) have been reduced from the share premium account. Shares issued as a result of the exercise of warrants were ordinary shares with identical rights and privileges as the existing shares of the Group. On the expiry date of the warrants, i.e. 30 June 2025, 846,550 warrants remained unexercised. These were derecognised and the related fair value of US$ 0.1 million was recognised in profit or loss during the year. Interest Rate Swap (IRS) The Group entered into an IRS during the year to partially hedge its variable interest risk exposure. The notional amount under the IRS is AED 120.0 million (US$ 32.7 million) (31 December 2024: nil) reducing over the term of the IRS on a quarterly basis, maturing on 31 December 2027. The fair value of the IRS as at 31 December 2025 was a liability of US$ 0.1 million (31 December 2024: nil). The unrealised loss for the year is US$ 0.1 million (2024: nil) accordingly, recognised in the consolidated statement of profit or loss and other comprehensive income Forward Foreign Exchange Contracts (FX contracts)
The Group entered into FX contracts during the year to hedge its exposure for USD to AED fluctuations for
the repayment of its Dirham-based term loan. The notional amount of FX contracts is AED 681.8 million
(US$ 186.3 million) reducing on a quarterly basis in line with the quarterly principal repayments due on the
term loan, maturing on 31 December 2029. The fair value of the contract as at 31 December 2025 was a
liability of US$ 0.5 million (31 December 2024: nil). The unrealised loss for the year is US$ 0.5 million (2024:
nil) accordingly recognised in the consolidated statement of profit or loss and other comprehensive income.
IFRS 13 fair value hierarchy
The Group has IRS and FX contracts as financial instruments that are classified as Level 2 in the fair value
hierarchy. Their fair values are determined by reference to quoted market prices. There have been no
transfers of assets or liabilities between levels of the fair value hierarchy. There are no non-recurring fair
value measurements.
Derivative financial instruments are made up as follows:
FX contracts
US$\u2019000
IRS
US$\u2019000
Warrants
US$\u2019000
Total
US$\u2019000
At 1 January 2025 \u2013 \u2013 (9,192) (9,192)
Impact of change in fair value of derivatives (510) (131) \u2013 (641)
Impact of change in fair value
of warrants exercised \u2013 \u2013 (4,298) (4,298)
Derecognition of unexercised warrants \u2013 \u2013 146 146
Impact on consolidated profit or loss (510) (131) (4,152) (4,793)
Derecognition of warrants exercised \u2013 \u2013 13,344 13,344
As at 31 December 2025 (510) (131) \u2013 (641)
At 1 January 2024 \u2013 \u2013 (14,275) (14,275)
Derecognition of warrants exercised \u2013 \u2013 10,431 10,431
Impact of change in fair value of warrants \u2013 \u2013 (5,348) (5,348)
As at 31 December 2024 \u2013 \u2013 (9,192) (9,192)
Derivative financial instruments are presented in the consolidated statement of financial position as follows:
2025
US$\u2019000
2024
US$\u2019000
Non-current portion
IRS 131 \u2013
FX contracts 366 \u2013
497
Current portion
FX contracts 144 \u2013
Warrants \u2013 9,192
144 9,192
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-398": {
"value": "12 Cash and cash equivalents
2025
US$\u2019000
2024
US$\u2019000
Interest bearing
Held in UAE banks 3 1,901
Non-interest bearing
Held in UAE banks 22,113 36,486
Held in banks outside UAE 5,639 1,620
Total cash and cash equivalents 27,755 40,007
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-399": {
"value": "13 Share capital and other reserves
Ordinary shares at \u00a30.02 per share
Number
of ordinary
shares
(Thousands)
Ordinary
shares
US$\u2019000
At 1 January 2025 1,069,946 31,472
Issue of share capital (Note 11) 82,220 2,112
As at 31 December 2025 1,152,166 33,584
Number
of ordinary
shares
(Thousands)
Ordinary
shares
US$\u2019000
At 1 January 2024 1,016,415 30,117
Issue of share capital (Note 11) 53,531 1,355
As at 31 December 2024 1,069,946 31,472
Capital redemption reserve
Number
of ordinary
shares
(Thousands)
Capital
redemption
reserve
US$\u2019000
At 1 January 2024, 2025 350,488 46,445
As at 31 December 2024, 2025 350,488 46,445
Share premium account Number of ordinary shares (Thousands) Share premium account US$\u2019000 At 1 January 2025 1,069,946 111,995 Issue of share capital (Note 11) 82,220 17,304 As at 31 December 2025 1,152,166 129,299 Number of ordinary shares (Thousands) Share premium account US$\u2019000 At 1 January 2024 1,016,415 99,105 Issue of share capital (Note 11) 53,531 12,973 Share issue cost \u2013 (83) As at 31 December 2024 1,069,946 111,995 Prior to an equity raise on 28 June 2021 the Group underwent a capital reorganisation where all existing ordinary shares with a nominal value of 10 pence per share were subdivided and re-designated into 1 ordinary share with a nominal value of 2 pence and 1 deferred share with a nominal value of 8 pence each. The previously recognised share capital balance relating to the old 10p ordinary shares was allocated pro rata to the new subdivided 2p ordinary shares and 8p deferred shares. The deferred shares had no voting rights and no right to the profits generated by the Group. On winding-up or other return of capital, the holders of deferred shares had extremely limited rights, if any. The Group had the right but not the obligation to buy back all of the deferred shares for an amount not exceeding \u00a31.00 in aggregate, which with the shareholders approval, was completed on 30 June 2022. Accordingly, 350,487,787 deferred shares were cancelled. Following the cancellation of the deferred shares on 30 June 2022, a transfer of $46.4 million was made from share capital \u2013 deferred to a capital redemption reserve. There was no dilution to the shares ownership as a result of the share reorganisation. Under the Companies Act, a share buy back by a public company can only be financed through distributable reserves or the proceeds of a fresh issue of shares made for the purpose of financing a share buyback. The Company had sufficient reserves to purchase the deferred shares for \u00a31.00. The Group has issued ordinary share capital on the exercise of previously issued warrants to its lenders which has resulted in issuance of ordinary shares of 82,219,697 (2024: 53,531,734) on 3 March 2025 and 25 June 2025 (refer Note 11)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-400": {
"value": "14 Restricted reserve The restricted reserve of US$ 0.3 million (2024: US$ 0.3 million) represents the statutory reserves of certain subsidiaries. As required by the Commercial Companies Law in the countries where those entities are established, 10% of profit for the year is transferred to the statutory reserve until the reserve equals 50% of the share capital. Following a recent change to the Regulations of Companies in Kingdom of Saudi Arabia, apportions can cease when the reserve equals 30% instead of 50% of the share capital, although the subsidiary continues to maintain this at 50%. This reserve is not available for distribution. No amounts were transferred to this reserve during the year ended 31 December 2025 (2024: US$ nil). 15 Group restructuring reserve The Group restructuring reserve arose on consolidation under the pooling of interests (merger accounting) method used for the Group restructuring. Under this method, the Group was treated as a continuation of GMS Global Commercial Investments LLC (the predecessor parent company) and its subsidiaries. At the date the Company became the new parent company of the Group via a share-for-share exchange, the difference between the share capital of GMS Global Commercial Investments LLC and the Company, amounting to US$ 49.7 million (2024: US $49.7 million), was recorded in the books of Gulf Marine Services PLC as a Group restructuring reserve. This reserve is non-distributable. 16 Capital contribution The capital contribution reserve is as follows: 2025 US$\u2019000 2024 US$\u2019000 At 31 December 9,177 9,177 During 2013, US$ 7.8 million was transferred from share appreciation rights payable to capital contribution as, effective 1 January 2013, the shareholders have assumed the obligation to settle the share appreciation rights. An additional charge in respect of this scheme of US$ 1.4 million was made in 2014. The total balance of US$ 9.2 million is not available for distribution. 17 Translation reserve and retained earnings Foreign currency translation reserve represents differences on foreign currency net investments arising from the re-translation of the net investments in overseas subsidiaries. Retained earnings include the accumulated realised and certain unrealised gains and losses made by the Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-401": {
"value": "18 Non-controlling interest
The movement in non-controlling interest is summarised as follows:
2025
US$\u2019000
2024
US$\u2019000
At 1 January 2,998 2,714
Share of profit for the year 564 284
At 31 December 3,562 2,998
The following table summarises the information relating to the subsidiary that has a material non-controlling
interest, before any intra-group eliminations.
2025
US$\u2019000
2024
US$\u2019000
Statement of financial position information:
Non-current assets 342 340
Current assets 19,132 18,750
Non-current liabilities (29) (24)
Current liabilities (20,133) (10,346)
Net (liabilities)/assets (688) 8,720
Net assets attributable to non-controlling interests 3,562 2,998
Statement of profit or loss and other comprehensive income information:
Revenue 53,710 41,900
Loss after tax and zakat (6,481) (842)
Total loss (6,481) (842)
Profit allocated to non-controlling interests 564 284
Statement of cash flow information:
Cash flows from operating activities 2,520 (4,203)
Cash flows from financing activities (dividends: nil) (999) (842)
Net increase/(decrease) in cash and cash equivalents 1,521 (5,045)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-402": {
"value": "19 Provision for employees\u2019 end of service benefits
In accordance with Labour Laws of some of the countries where the Group operates, it is required to
provide for end of service benefits for certain employees. The movement in the provision for employees\u2019
end of service benefits during the year was as follows:
2025
US$\u2019000
2024
US$\u2019000
At 1 January 2,640 2,395
Provided during the year 416 525
Paid during the year (792) (280)
At 31 December 2,264 2,640
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-403": {
"value": "20 Trade and other payables
2025
US$\u2019000
2024
US$\u2019000
Trade payables 19,162 18,767
Due to related parties (Note 23) 788 531
Accrued expenses 16,987 14,916
Deferred revenue 2,547 2,856
VAT payable 478 295
Other payables 2,809 430
42,771 37,795
No interest is payable on the outstanding balances. Trade and other payables are all current liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-404": {
"value": "21 Bank borrowings
Secured borrowings at amortised cost are as follows:
2025
US$\u2019000
2024
US$\u2019000
Term loans 184,351 241,189
Less: Unamortised issue costs (4,130) (5,167)
180,221 236,022
The movement of the bank borrowings during the year are as follows:
2025
US$\u2019000
2024
US$\u2019000
At 1 January 241,189 275,939
Repayment of bank borrowings (56,838) (275,939)
Additional bank borrowings \u2013 241,189
Unamortised issue costs (5,167) (5,173)
Amortisation of issue costs 1,037 6
At 31 December 180,221 236,022
Bank borrowings are presented in the consolidated statement of financial position as follows:
2025
US$\u2019000
2024
US$\u2019000
Non-current portion
Bank borrowings 142,224 196,425
Current portion
Bank borrowings \u2013 scheduled repayments within one year 37,997 39,597
180,221 236,022
On 30 December 2024, the Group completed refinancing of its bank borrowings. The purpose of the
refinancing was primarily to settle in full all the amounts outstanding under the previous debt facility
(which was scheduled to mature on 30 June 2025) as well as to fund the fees and expenses in relation
to this transaction.
The principal terms of the new debt facility are as follows:
\u2022 The facility is denominated in UAE Dirhams (AED) and will consist of a term loan of AED 924.0 million
(US$ 250.0 million) and revolving credit facility of AED 177.5 million (US$ 50.0 million).
\u2022 The term loan will have a tenor of five years, where 80% of the term loan is payable in 19 equal quarterly
instalments and the remaining 20% is payable on maturity.
\u2022 The term loan carries a floating rate linked to Emirates Interbank Offered Rate (EIBOR) plus a margin
based on a ratchet depending on the Group\u2019s leverage level.
\u2022 The facility is secured by a mortgage of 13 vessels owned by the Group with a net book value of
US$ 532.6 million (Note 5), including the assignment of trade receivables amounting to US$ 37.8 million
(Note 9), bank balance amounting to US$ 27.8 million (Note 12) and insurance proceeds.
\u2022 The facility is subject to certain financial covenants such as Interest Cover, Debt Service Cover, Gearing
Ratio and Senior Net Leverage which are to be tested every six months. The financial covenant related to
Security Cover is tested annually. All applicable financial covenants under the Group\u2019s debt facility were
met as of 31 December 2025 and are expected to be compliant in the next 12 months.
Outstanding amount
31 December 2025:
Current
US$\u2019000
Non-current
US$\u2019000
Total
US$\u2019000 Security Maturity
Term loan \u2013 scheduled
repayments within one year 39,032 \u2013 39,032 Secured December 2029
Term loan \u2013 scheduled
repayments within more than
one year \u2013 145,319 145,319 Secured December 2029
Unamortised issue costs (1,035) (3,095) (4,130) Secured December 2029
37,997 142,224 180,221
31 December 2024:
Term loan \u2013 scheduled repayments
within one year 40,632 \u2013 40,632 Secured December 2029
Term loan \u2013 scheduled repayments
within more than one year \u2013 200,557 200,557 Secured December 2029
Unamortised issue costs (1,035) (4,132) (5,167) Secured December 2029
39,597 196,425 236,022
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-405": {
"value": "22 Lease liabilities
2025
US$\u2019000
2024
US$\u2019000
As at 1 January 4,361 3,356
Recognition of new lease liability additions 11,771 5,512
Remeasurement of lease liability 29,340 \u2013
Interest on lease liabilities (Note 34) 637 461
Principal element of lease payments (10,745) (4,478)
Derecognition of lease liability (400) (29)
Interest paid (637) (461)
As at 31 December 34,327 4,361
Maturity analysis:
2025
US$\u2019000
2024
US$\u2019000
Year 1 16,494 3,503
Year 2 15,970 858
Years 3 \u2013 5 1,863 \u2013
34,327 4,361
Split between:
Current 16,494 3,503
Non-current 17,833 858
34,327 4,361
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-406": {
"value": "23 Related party transactions
Related parties comprise the Group\u2019s major shareholders, Directors and entities related to them, companies
under common ownership and/or common management and control, their partners and key management
personnel. Pricing policies and terms of related party transactions are approved by the Group\u2019s Board.
Balances and transactions between the Group and its subsidiaries, which are related parties, have been
eliminated on consolidation and are not disclosed in this note.
Key management personnel:
As at 31 December 2025, there were 2.7 million shares held by Directors (31 December 2024: 2.6 million).
Related parties
The Group\u2019s principal subsidiaries are outlined in Note 3. The related parties comprising the Group\u2019s major
shareholders are outlined in the Directors\u2019 Report. The other related parties during the year were:
Partner in relation to UAE operations Relationship
National Catering Company Limited WLL Affiliate of a significant shareholder of the Company
Sigma Enterprise Company LLC Affiliate of a significant shareholder of the Company
Aman Integrated Solutions LLC Affiliate of a significant shareholder of the Company
Emirates Insurance Company Affiliate of a significant shareholder of the Company
The amount outstanding to National Catering Company Limited WLL as at 31 December 2025 was
US$ 5k (2024: nil) included in trade and other payables (Note 20).
The amount outstanding to Sigma Enterprise Company LLC as at 31 December 2025 was US$ 0.8 million
(2024: US$ 0.5 million) included in trade and other payables (Note 20).
The amount outstanding to Aman Integrated Solutions LLC as at 31 December 2025 was US$ 4k
(2024: US$ 18k) included in trade and other payables (Note 20).
During 2025, there were no transactions with Seafox international or any of its subsidiaries (2024: nil).
Significant transactions with the related party during the year:
2025
US$\u2019000
2024
US$\u2019000
National Catering Company Limited WLL \u2013 Catering services 5 86
Sigma Enterprise Company LLC \u2013 Vessel maintenance and overhaul services 2 440
Aman Integrated Solutions LLC \u2013 Laboratory services 14 15
Emirates Insurance Company 25 \u2013
ompensation of key management personnel The remuneration of Directors and other members of key management personnel during the year was as follows: 2025 US$\u2019000 2024 US$\u2019000 Short-term benefits 1,325 1,192 End of service benefits 29 26 Share-based payment charge (LTIPs) 131 \u2013 Deferred share bonus plan 76 \u2013 1,561 1,218 Compensation of key management personnel represents the charge to the profit or loss in respect of the remuneration of the executive and non-executive Directors. At 31 December 2025, there were five executive and non-executive Directors (2024: four). Further details of remuneration of the Board and key management personnel relating to 2025 are contained in the Directors\u2019 Remuneration Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-407": {
"value": "24 Contingent liabilities
At 31 December 2025, the banks acting for Gulf Marine Middle East FZE, one of the subsidiaries of the
Group, had issued performance bonds amounting to US$ 25.7 million (31 December 2024: US$ 31.1
million), all of which were counter-indemnified by other subsidiaries of the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-408": {
"value": "25 Commitments
2025
US$\u2019000
2024
US$\u2019000
Capital commitments 16,043 6,678
Capital commitments comprise mainly capital expenditure, which has been contractually agreed with
suppliers for future periods for equipment or the upgrade of existing vessels.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-409": {
"value": "26 Financial instruments
Categories of financial instruments
2025
US$\u2019000
2024
US$\u2019000
Financial assets:
Current assets at amortised cost:
Cash and cash equivalents (Note 12) 27,755 40,007
Trade receivables and other receivables (Note 9,10)* 40,061 29,907
Total financial assets 67,816 69,914
* Trade and other receivables exclude prepayments and advances to suppliers.
2025
US$\u2019000
2024
US$\u2019000
Financial liabilities:
Derivatives recorded at FVTPL:
Derivatives (Note 11) 641 9,192
Financial liabilities recorded at amortised cost:
Trade and other payables (Note 20)* 39,746 34,644
Lease liabilities (Note 22) 34,327 4,361
Current bank borrowings \u2013 scheduled repayments within one year (Note 21) 37,997 39,597
Non-current bank borrowings \u2013 scheduled repayments more than one year
(Note 21) 142,224 196,425
Total financial liabilities 254,935 284,219
* Trade and other payables excludes amounts of deferred revenue and VAT payable.
The following table combines information about the following:
\u2022 Fair values of financial instruments (except financial instruments when carrying amount approximates their
fair value); and
\u2022 Fair value hierarchy levels of financial liabilities for which fair value was disclosed.
2025
US$\u2019000
2024
US$\u2019000
Financial liabilities:
Recognised at Level 2 of the fair value hierarchy:
Derivatives (Note 11) 641 \u2013
Recognised at Level 3 of the fair value hierarchy:
Derivatives (Note 11) \u2013 9,192
The following table provides information about the valuation techniques and significant unobservable inputs: Description Valuation technique Significant unobservable inputs Inter-relationship between significant unobservable inputs and fair value measurement Interest rate swaps Swap models: The fair value is calculated as the present value of estimated future cash flows. Estimates of future floating rate cash flows are based on quoted swap rates, future prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. Not applicable Not applicable Forward foreign currency contract Forward pricing: The fair value is determined using quoted foreign exchange rates at the reporting date and present value calculations based on high credit quality yield curves in the respective currencies. Not applicable Not applicable The fair value of financial instruments classified as Level 3 are, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by the prices from observable current market transactions in the same instrument and are not based on observable market data. The fair value of the Group\u2019s derivatives as at 31 December 2025 has been arrived at on the basis of a valuation carried out by independent counterparty banks. Favourable and unfavourable changes in the value of financial instruments are determined on the basis of changes in the value of the instruments as a result of varying the levels of the unobservable parameters, quantification of which is judgemental. There have been no transfers between Level 2 and Level 3 during the years ended 31 December 2025 and 31 December 2024. Capital risk management The Group manages its capital to support its ability to continue as a going concern while maximising the return on equity. The Group does not have a formalised optimal target capital structure or target ratios in connection with its capital risk management objectives. The capital structure of the Group consists of net bank debt and total equity. The Group continues to take measures to de-leverage the Group and intends to continue to do so in the coming years Material accounting policies Details of the material accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. Financial risk management objectives The Group is exposed to the following risks related to financial instruments \u2013 credit risk, liquidity risk, interest rate risk and foreign currency risk. Management actively monitors and manages these financial risks relating to the Group. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group and arises principally from the Group\u2019s trade and other receivables and cash and cash equivalents. The Group has adopted a policy of dealing, when possible, with creditworthy counterparties while keen to maximise utilisation for its vessels. Cash balances held with banks are assessed to have low credit risk of default since these banks are highly regulated by the central banks of the respective countries. At the year end, cash at bank and in hand totalled US$ 27.8 million (2024: US$ 40.0 million), deposited with banks with Fitch short-term ratings of F2 to F1+ (refer to Note 12). Concentration of credit risk arises when a number of counterparties are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentration of credit risk indicates the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry or geographic location. During the year, vessels were chartered to six companies in the Middle East and one company in Europe, including NOCs and engineering, procurement and construction (EPC) contractors. At 31 December 2025, seven companies in specific regions accounted for 99% (2024: six companies in specific regions accounted for 99%) of the outstanding trade receivables. The credit risk on liquid funds is limited because the funds are held by banks with high credit ratings assigned by international agencies. The amount that best represents maximum credit risk exposure on financial assets at the end of the reporting period, in the event of counterparties failing to perform their obligations generally approximates their carrying value. The Group considers cash and cash equivalents and trade and other receivables which are neither past due nor impaired to have a low credit risk and an internal rating of \u2018performing\u2019. Performing is defined as a counterparty that has a stable financial position and which there are no past due amounts Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages
liquidity risk by seeking to maintain sufficient facilities to ensure availability of funds for forecast and actual
cash flow requirements.
The table below summarises the maturity profile of the Group\u2019s financial liabilities. The contractual maturities
of the Group\u2019s financial liabilities have been determined on the basis of the remaining period at the end of
the reporting period to the contractual maturity date. The maturity profile is monitored by management to
assist in ensuring adequate liquidity is maintained. Refer to Going concern in Note 3.
The maturity profile of the assets and liabilities at the end of the reporting period based on contractual
repayment arrangements was as follows:
Contractual cash flows
31 December 2025 Interest rate
Carrying
amount
US$\u2019000
Total
US$\u2019000
1 to 3
months
US$\u2019000
4 to 12
months
US$\u2019000
2 to 5
years
US$\u2019000
Non-interest bearing
financial liabilities
Trade and other payables* 39,746 39,746 39,746 \u2013 \u2013
Interest rate swap 131 131 \u2013 \u2013 131
Forward foreign exchange contracts 510 510 \u2013 \u2013 510
Interest bearing financial liabilities 5.9%-6.8%
Bank borrowings \u2013 principal 180,221 184,351 8,499 30,533 145,319
Interest on bank borrowings \u2013 25,543 2,390 7,339 15,814
Lease liabilities 34,327 36,180 7,678 11,999 16,503
Interest on lease liabilities \u2013 1,853 403 920 530
254,935 288,314 58,716 50,791 178,807
Contractual cash flows
31 December 2024 Interest rate
Carrying
amount
US$\u2019000
Total
US$\u2019000
1 to 3
months
US$\u2019000
4 to 12
months
US$\u2019000
2 to 5
years
US$\u2019000
Non-interest bearing
financial liabilities
Trade and other payables* 34,644 34,644 34,644 \u2013 \u2013
Interest bearing financial liabilities 7.87%-8.6%
Bank borrowings \u2013 principal 236,022 241,189 10,158 30,474 200,557
Interest on bank borrowings \u2013 41,138 4,016 10,548 26,574
Lease liabilities 4,361 4,631 991 2,753 887
Interest on lease liabilities \u2013 221 73 119 29
275,027 321,823 49,882 43,894 228,047
* Trade and other payables excludes amounts of deferred revenue and VAT payable.
In addition to the above table, capital commitments are expected to be settled in the next 12 months.
Interest rate risk management The Group is exposed to cash flow interest rate risk on its bank borrowings. The Group enters into floating interest rate instruments for the same. Further, the Group has entered into an IRS to partially hedge its exposure. The IRS hedges the risk of variability in interest payments by converting a floating rate liability to a fixed rate liability. The fair value of the IRS as at 31 December 2025 was a liability value of US$ 0.1 million (2024: nil), (see Note 11 for more details). A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Profit or loss 100 bp increase US$\u2019000 100 bp decrease US$\u2019000 31 December 2025 Bank borrowings (1,886) 1,886 Interest rate swaps 13 (13) Cash flow sensitivity (net) (1,873) 1,873 31 December 2024 Bank borrowings (2,688) 2,688 Cash flow sensitivity (2,688) 2,688 Foreign currency risk management The majority of the Group\u2019s transactions are denominated in US Dollars, UAE Dirhams, Euros and Pound Sterling. As the UAE Dirham, Saudi Riyal and Qatari Riyal are pegged to the US Dollar, balances in UAE Dirham, Saudi Riyal and Qatari Riyal are not considered to represent significant currency risk. Since the Group\u2019s debt facility is denominated in UAE Dirhams, a significant exchange rate volatility is not expected, however, a potential risk exists if AED\u2019s pegging against USD is discontinued. To mitigate this risk, GMS has entered into forward foreign exchange contracts with banks. These contracts lock in AED amounts to be received in exchange for USD payments on the scheduled repayment dates, effectively hedging the GMS\u2019s foreign exchange exposure. Transactions in other foreign currencies entered into by the Group are short term in nature and therefore management considers that the currency risk associated with these transactions is limited The carrying amounts of the Group\u2019s significant foreign currency denominated monetary assets include cash and cash equivalents and trade receivables and liabilities include trade payables. The amounts at the reporting date are as follows: Assets 31 December Liabilities 31 December 2025 US$\u2019000 2024 US$\u2019000 2025 US$\u2019000 2024 US$\u2019000 US Dollars 45,611 46,218 13,701 9,025 UAE Dirhams 389 9,402 187,568* 239,278* Saudi Riyals 2,245 2,065 1,474 1,037 Pound Sterling 1,239 381 1,072 1,077 Euros 8,326 7,210 \u2013 \u2013 Qatari Riyals 7,774 4,371 486 455 65,584 69,647 204,301 250,872 * Includes bank borrowings. At 31 December 2025, if the exchange rate of the currencies other than the UAE Dirham, Saudi Riyal and Qatari Riyal had increased/decreased by 10% against the US Dollar, with all other variables held constant, the Group\u2019s profit for the year would have been higher/lower by US$ 0.8 million (2024: higher/lower by US$ 0.7 million) mainly as a result of foreign exchange loss or gain on translation of Euro and Pound Sterling denominated balances",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-446": {
"value": "Capital risk management
The Group manages its capital to support its ability to continue as a going concern while maximising the
return on equity. The Group does not have a formalised optimal target capital structure or target ratios in
connection with its capital risk management objectives. The capital structure of the Group consists of net
bank debt and total equity. The Group continues to take measures to de-leverage the Group and intends
to continue to do so in the coming years .
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-456": {
"value": "Capital risk management The Group manages its capital to support its ability to continue as a going concern while maximising the return on equity. The Group does not have a formalised optimal target capital structure or target ratios in connection with its capital risk management objectives. The capital structure of the Group consists of net bank debt and total equity. The Group continues to take measures to de-leverage the Group and intends to continue to do so in the coming years . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-447": {
"value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by seeking to maintain sufficient facilities to ensure availability of funds for forecast and actual cash flow requirements. The table below summarises the maturity profile of the Group\u2019s financial liabilities. The contractual maturities of the Group\u2019s financial liabilities have been determined on the basis of the remaining period at the end of the reporting period to the contractual maturity date. The maturity profile is monitored by management to assist in ensuring adequate liquidity is maintained. Refer to Going concern in Note 3. The maturity profile of the assets and liabilities at the end of the reporting period based on contractual repayment arrangements was as follows: Contractual cash flows 31 December 2025 Interest rate Carrying amount US$\u2019000 Total US$\u2019000 1 to 3 months US$\u2019000 4 to 12 months US$\u2019000 2 to 5 years US$\u2019000 Non-interest bearing financial liabilities Trade and other payables* 39,746 39,746 39,746 \u2013 \u2013 Interest rate swap 131 131 \u2013 \u2013 131 Forward foreign exchange contracts 510 510 \u2013 \u2013 510 Interest bearing financial liabilities 5.9%-6.8% Bank borrowings \u2013 principal 180,221 184,351 8,499 30,533 145,319 Interest on bank borrowings \u2013 25,543 2,390 7,339 15,814 Lease liabilities 34,327 36,180 7,678 11,999 16,503 Interest on lease liabilities \u2013 1,853 403 920 530 254,935 288,314 58,716 50,791 178,807 Contractual cash flows 31 December 2024 Interest rate Carrying amount US$\u2019000 Total US$\u2019000 1 to 3 months US$\u2019000 4 to 12 months US$\u2019000 2 to 5 years US$\u2019000 Non-interest bearing financial liabilities Trade and other payables* 34,644 34,644 34,644 \u2013 \u2013 Interest bearing financial liabilities 7.87%-8.6% Bank borrowings \u2013 principal 236,022 241,189 10,158 30,474 200,557 Interest on bank borrowings \u2013 41,138 4,016 10,548 26,574 Lease liabilities 4,361 4,631 991 2,753 887 Interest on lease liabilities \u2013 221 73 119 29 275,027 321,823 49,882 43,894 228,047 * Trade and other payables excludes amounts of deferred revenue and VAT payable. In addition to the above table, capital commitments are expected to be settled in the next 12 months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-410": {
"value": "27 Dividends
There was no dividend declared or paid in 2025 (2024: nil). No final dividend in respect of the year ended
31 December 2025 is expected to be proposed at the 2025 AGM. Our future dividend policy allocating
20%-30% of the annual adjusted net profit for distributions to shareholders, through a dividend and/or
potential share buybacks, provided other plans permit and that loan covenants are fully met, was
announced during the last year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-411": {
"value": "28 Share-based payment reserve Long-Term Incentive Plans On 11 June 2025, the Group granted an LTIP to Senior Management. The LTIP awards will generally vest three years from the grant date, subject to the achievement of market vesting conditions aligned with shareholder interests. The maximum number of the Company\u2019s shares under this LTIP is 6,595,292. LTIP awards are not subject to a post-vesting holding period, except for those granted to the Executive Chairman, which have a two-year post-vesting holding period Equity-settled share-based payments were measured at fair value at the date of grant. The fair value was
determined, using the Monte Carlo simulation method, at the grant date of equity-settled share-based
payments and is expensed on a straight-line basis over the vesting period, based on an estimate of the
number of shares that will ultimately vest. The fair value of each award was determined by taking into
account the performance conditions, the term of the award, the share price at grant date, the expected
price volatility
of the underlying share, post-vesting period and the risk-free interest rate for the term of the award.
Deferred Share Bonus Plan (DSBP)
On the same day an LTIP was granted to Senior Management, the Group also granted its Executive
Chairman a DSBP award. This award, which is equivalent to 271,403 shares of the Company, pertains to
the relevant proportion of the 2024 annual bonus deferred under the terms of the shareholder-approved
Directors\u2019 Remuneration Policy. These shares will generally vest after two years from 1 January 2025.
The DSBP award is not subject to any market-based performance or service conditions; the fair value of
the award is considered to be the closing share price as at the date of grant.
The number of share awards granted by the Group during the year is given in the table below:
2025 2024
Granted in the period 6,866,695 \u2013
At the end of the year 6,866,695 \u2013
The total expense recognised during the year with respect to LTIPs and DSBP amounted to US$ 337k
(2024: nil).
LTIP DSBP
Grant date 11 June 2025 11 June 2025
Share price at grant date \u00a30.21 \u00a30.21
Exercise price \u00a30.00 \u00a30.00
Performance measurement period 1 January 2025 to
31 December 2027 \u2013
Vesting date 11 June 2028 1 January 2027
Dividend yield 0.0% \u2013
Risk-free rate 3.8% \u2013
Fair value \u00a31,064,561 \u00a356,316
The future share prices of the Company and each of the companies in the peer group were projected by
taking into account (1) the expected volatility of the share prices over the simulation period, (2) expected
correlation of the share prices of each of the companies in the peer group with the share price of the
Company over the simulation period and (3) discount rate of 3.8% based on the three year UK Government
bond yields. A 10% discount for lack of marketability was applied to reflect lower liquidity compared to if
the awards were not subject to a holding period.
",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-412": {
"value": "29 Segment reporting The Group has identified that the Directors and Senior Management team are the chief operating decision- makers in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. Segment performance is assessed based upon adjusted gross profit/(loss), which represents gross profit/(loss) before depreciation and amortisation and loss on impairment of assets. The reportable segments have been identified by Directors and Senior Management based on the size and type of asset in operation. The operating and reportable segments of the Group are six K-Class vessels, three S-Class vessels and five E-Class vessels. All of these operating segments earn revenue related to the hiring of vessels and related services including charter hire income, messing and accommodation services, personnel hire and hire of equipment. The accounting policies of the operating segments are the same as the Group\u2019s accounting policies described in Note 3. Revenue Gross profit before adjustments for depreciation, amortisation and impairment charges 2025 US$\u2019000 2024 US$\u2019000 2025 US$\u2019000 2024 US$\u2019000 E-Class vessels 87,381 71,799 61,973 52,269 S-Class vessels 46,053 42,286 35,325 30,141 K-Class vessels 54,684 53,409 29,218 31,381 188,118 167,494 126,516 113,791 Depreciation charged to cost of sales (38,541) (26,052) Amortisation charged to cost of sales (8,149) (5,324) Expected credit losses 319 (2,006) Adjusted gross profit 80,145 80,409 Impairment loss on non-financial assets (22,082) (9,394) Reversal of impairment on non-financial assets 12,009 18,621 Gross profit 70,072 89,636 Finance expense (14,962) (23,517) Impact of change in fair value of derivatives (4,793) (5,348) Other general and administrative expenses (15,382) (17,028) Foreign exchange loss, net (637) (674) Other income 1,450 23 Finance income 8 89 Profit for the year before taxation 35,756 43,181 Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the years. Segment assets and liabilities, including depreciation, amortisation and additions to non-current assets (other than vessels), are not reported to the key decision-makers on a segmental basis and are therefore, not disclosed Information about major customers
During the year, five customers (2024: five) individually accounted for more than 10% of the Group\u2019s
revenues. The related revenue figures for these major customers, the identity of which may vary by
year, was US$ 53.7 million, US$ 46.6 million, US$ 34.1 million, US$ 25.3 million and 19.3 US$ million
(2024: US$ 41.9 million, US$ 39.1 million, US$ 36.4 million, US$ 26.1 million and US$ 18.4 million).
Geographical segments
Revenue by geographical segment is based on the geographical location of the customer as shown below.
2025
US$\u2019000
2024
US$\u2019000
United Arab Emirates 46,556 44,684
Saudi Arabia 53,710 41,900
Qatar 68,567 62,492
Total \u2013 Middle East 168,833 149,076
Total \u2013 Europe 19,285 18,418
Worldwide Total 188,118 167,494
Type of work
The Group operates in both the oil and gas and renewables sector. Revenues are driven from both client\u2019s
operating and capital expenditure. Details are shown below.
2025
US$\u2019000
2024
US$\u2019000
Oil and gas 168,833 149,076
Renewables 19,285 18,418
Total 188,118 167,494
Reversal of impairment of US$ 11.4 million and impairment charge of US$ 18.9 million was recognised in respect of property and equipment (Note 5) (2024: reversal of impairment of US$ 14.5 million and impairment charge of US $ 5.3 million) and impairment charge of US$ 2.5 million was recognised in respect of right-of-use asset (Note 7) (2024: nil) attributable to the following reportable segments: 2025 US$\u2019000 2024 US$\u2019000 E-Class vessels (11,424) (14,503) K-Class vessels 18,902 5,276 Right-of-use asset 2,595 \u2013 10,073 (9,227) E-Class vessels US$\u2019000 S-Class vessels US$\u2019000 K-Class vessels US$\u2019000 Total US$\u2019000 2025 Depreciation charged to cost of sales 23,298 6,582 8,808 38,688 Amortisation charged to cost of sales 2,672 2,954 2,523 8,149 (Reversal of impairment charge)/impairment charge \u2013 net (11,424) \u2013 18,902 7,478 Right-of-use asset 2,595 \u2013 \u2013 2,595 2024 Depreciation charged to cost of sales 13,881 5,834 6,337 26,052 Amortisation charged to cost of sales 1,848 1,810 1,666 5,324 (Reversal of impairment charge)/impairment charge \u2013 net (14,503) \u2013 5,276 (9,227",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-448": {
"value": "30 Presentation of adjusted non-GAAP results
The following table provides a reconciliation between the Group\u2019s adjusted non-GAAP and statutory
financial results:
Year ended 31 December 2025 Year ended 31 December 2024
Adjusted
non-GAAP
results
US$\u2019000
Adjusting
items
US$\u2019000
Statutory
total
US$\u2019000
Adjusted
non-GAAP
results
US$\u2019000
Adjusting
items
US$\u2019000
Statutory
total
US$\u2019000
Revenue 188,118 \u2013 188,118 167,494 \u2013 167,494
Cost of sales
\u2013 Vessel operating expenses
before depreciation, amortisation
and impairment (61,602) \u2013 (61,602) (53,703) \u2013 (53,703)
\u2013 Depreciation and amortisation (46,690) \u2013 (46,690) (31,376) \u2013 (31,376)
Expected credit losses 319 \u2013 319 (2,006) \u2013 (2,006)
Net (impairment)/reversal of
impairment* \u2013 (10,073) (10,073) \u2013 9,227 9,227
Gross profit 80,145 (10,073) 70,072 80,409 9,227 89,636
General and administrative
\u2013 Amortisation (1,348) \u2013 (1,348) (4,641) \u2013 (4,641)
\u2013 Depreciation (79) \u2013 (79) (145) \u2013 (145)
\u2013 Other administrative costs (13,955) \u2013 (13,955) (11,366) \u2013 (11,366)
\u2013 Exceptional items/legal costs** \u2013 \u2013 \u2013 \u2013 (876) (876)
Operating profit 64,763 (10,073) 54,690 64,257 8,351 72,608
Finance income 8 \u2013 8 89 \u2013 89
Finance expense (14,962) \u2013 (14,962) (23,517) \u2013 (23,517)
Impact of change in fair value of
derivatives (4,793) \u2013 (4,793) (5,348) \u2013 (5,348)
Other income 41 1,409** 1,450 23 \u2013 23
Foreign exchange loss, net (637) \u2013 (637) (674) \u2013 (674)
Profit before taxation 44,420 (8,664) 35,756 34,830 8,351 43,181
Taxation charge
\u2013 Taxation charge (2,665) \u2013 (2,665) (2,613) \u2013 (2,613)
\u2013 Exceptional tax expense*** \u2013 (13,632) (13,632) \u2013 (2,308) (2,308)
Profit for the year 41,755 (22,296) 19,459 32,217 6,043 38,260
Profit attributable to:
Owners of the Company 41,191 (22,296) 18,895 31,933 6,043 37,976
Non-controlling interests 564 \u2013 564 284 \u2013 284
Earnings per share (basic) 3.64 (1.97) 1.67 3.04 0.58 3.61
Earnings per share (diluted) 3.58 (1.94) 1.64 2.85 0.54 3.39
",
"dimensions": {
"concept": "gms:PresentationOfAdjustedNonGAAPResults",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-413": {
"value": "31 Earnings per share
2025 2024
Profit for the purpose of basic and diluted earnings per share being profit
for the year attributable to owners of the Company (US$\u2019000) 18,895 37,976
Profit for the purpose of adjusted basic and
diluted earnings per share (US$\u2019000) (Note 30) 41,191 31,933
Weighted average number of shares (\u2018000) 1,131,485 1,050,932
Weighted average diluted number of shares in issue (\u2018000) 1,150,061 1,120,919
Basic earnings per share (cents) 1.67 3.61
Diluted earnings per share (cents) 1.64 3.39
Adjusted earnings per share (cents) 3.64 3.04
Adjusted diluted earnings per share (cents) 3.58 2.85
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company
(as disclosed in the statement of comprehensive income) by the weighted average number of ordinary
shares in issue during the year.
Adjusted earnings per share is calculated on the same basis but uses the profit for the purpose of basic
earnings per share (shown above) adjusted by adding back the non-operational items, which were
recognised in the consolidated statement of profit or loss and other comprehensive income (Note 30).
The adjusted earnings per share is presented as the Directors consider it provides an additional indication
of the underlying performance of the Group.
Diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Company
by the weighted average number of ordinary shares in issue during the year, adjusted for the weighted
average effect of outstanding warrants, Long-Term Incentive Plan and Deferred Share Bonus Plan
outstanding during the period.
Adjusted diluted earnings per share is calculated on the same basis but uses adjusted profit (Note 30)
attributable to equity holders of the Group.
The following table shows a reconciliation between the basic and diluted weighted average number
of shares:
2025
\u2019000s
2024
\u2019000s
Weighted average basic number of shares in issue 1,131,485 1,050,932
Weighted average effect of warrants 14,619 69,987
Weighted average effect of DSBP 271 \u2013
Weighted average effect of LTIP 3,686 \u2013
Weighted average diluted number of shares in issue 1,150,061 1,120,919
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-414": {
"value": "32 Revenue All revenue in the above below is in scope of IFRS 15 with the exception of lease income which is in scope of IFRS 16. 2025 US$\u2019000 2024 US$\u2019000 Charter hire 84,892 75,902 Lease income 73,924 67,857 Messing and accommodation 16,922 12,755 Manpower income 7,763 6,673 Mobilisation and demobilisation 4,186 3,712 Sundry income 431 595 188,118 167,494 Revenue recognised \u2013 over time 187,539 166,816 Revenue recognised \u2013 point in time 579 678 188,118 167,494 Included in mobilisation and demobilisation income is an amount of US$ 2.9 million (2024: US$ 3.5 million) that was included as deferred revenue at the beginning of the financial year. Lease income: The table below represents the minimum lease receivables over the next five years: 2025 US$\u2019000 2024 US$\u2019000 Maturity analysis: Year 1 96,899 87,739 Year 2 49,186 61,892 Year 3 25,697 54,545 Year 4 2,195 34,650 Year 5 630 11,693 174,607 250,519 Further descriptions on the above types of revenue have been provided in Note 3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-415": {
"value": "33 Finance income
2025
US$\u2019000
2024
US$\u2019000
Bank interest 8 89
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-416": {
"value": "34 Finance expense
2025
US$\u2019000
2024
US$\u2019000
Interest on bank borrowings 12,604 21,612
Interest on lease liabilities (Note 22) 637 461
Other finance expenses 684 1,438
Amortisation of borrowings issue cost 1,037 6
14,962 23,517
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-417": {
"value": "35 Profit for the year
The profit for the year is stated after charging/(crediting):
2025
US$\u2019000
2024
US$\u2019000
Total staff costs (see below) 38,794 33,643
Depreciation of property and equipment (Note 5) 27,837 26,194
Amortisation of dry-docking expenditure (Note 6) 8,149 5,324
Depreciation of right-of-use assets (Note 7) 12,129 4,641
Net charge of expected credit losses (Note 9) (319) 2,006
Auditor\u2019s remuneration (see below) 980 960
Foreign exchange loss \u2013 net 637 674
Other income (1,450) (23)
Expense relating to short-term leases or leases of low value assets (Note 7) 554 260
Impairment/(reversal of impairment) loss \u2013 net (Note 5,7) 10,073 (9,227)
The average number of full-time equivalent employees (excluding non-executive Directors) by geographic
area was:
2025
Number
2024
Number
Middle East 716 659
Rest of the world 29 30
745 689
The total number of full-time equivalent employees (including executive Directors) as at 31 December 2025
was 746 (31 December 2024: 727). The number of full-time employees increased in the year due to an
increase in offshore headcount from the second half of the year.
Their aggregate remuneration comprised:
2025
US$\u2019000
2024
US$\u2019000
Wages and salaries 37,790 33,071
End of service benefit (Note 19) 416 525
Share-based payment charge 337 \u2013
Employment taxes* 251 47
38,794 33,643
The analysis of the auditor\u2019s remuneration is as follows:
2025
US$\u2019000
2024
US$\u2019000
Group audit fees 730 710
Subsidiary audit fees 100 100
Total audit fees 830 810
Audit-related assurance services 150 150
Total fees 980 960
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-418": {
"value": "36 Changes in liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash
and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or
future cash flows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from
financing activities.
Derivatives
(Note 11)
US$\u2019000
Lease
liabilities
(Note 22)
US$\u2019000
Bank
borrowings
(Note 21)
US$\u2019000
At 1 January 2024 14,275 3,356 275,939
Financing cash flows
Repayment of bank borrowings \u2013 \u2013 (275,939)
Proceeds from bank borrowings \u2013 \u2013 241,189
Payment of borrowings issue costs \u2013 \u2013 (5,173)
Principal elements of lease payments \u2013 (4,478) \u2013
Interest paid \u2013 (461) (21,612)
Total financing cash flows \u2013 (4,939) (61,535)
Non-cash changes:
Recognition of new lease liability additions \u2013 5,512 \u2013
Derecognition of lease liability \u2013 (29) \u2013
Interest on lease liabilities (Note 34) \u2013 461 \u2013
Interest on bank borrowings (Note 34) \u2013 \u2013 21,612
Amortisation of borrowings issue costs \u2013 \u2013 6
Derecognition of warrants exercised (Note 11) (10,431) \u2013 \u2013
Impact of change in fair value of warrants (Note 11) 5,348 \u2013 \u2013
Total non-cash changes (5,083) 5,944 21,618
At 31 December 2024 9,192 4,361 236,022
Derivatives
(Note 11)
US$\u2019000
Lease
liabilities
(Note 22)
US$\u2019000
Bank
borrowings
(Note 21)
US$\u2019000
At 1 January 2025
Financing cash flows
Repayment of bank borrowings \u2013 \u2013 (56,838)
Principal elements of lease payments \u2013 (10,745) \u2013
Interest paid \u2013 (637) (12,604)
Total financing cash flows \u2013 (11,382) (69,442)
Non-cash changes:
Recognition of new lease liability additions \u2013 41,111 \u2013
Derecognition of lease liability \u2013 (400) \u2013
Interest on lease liabilities (Note 34) \u2013 637 \u2013
Interest on bank borrowings (Note 34) \u2013 \u2013 12,604
Amortisation of borrowings issue costs \u2013 \u2013 1,037
Impact of change in fair value of warrants exercised 4,298 \u2013 \u2013
Derecognition of unexercised warrants (146) \u2013 \u2013
Derecognition of warrants exercised (Note 11) (13,344) \u2013 \u2013
Impact of change in fair value of derivatives (Note 11) 641 \u2013 \u2013
Total non-cash changes (8,551) 41,348 13,641
At 31 December 2025 641 34,327 180,221
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact-419": {
"value": "37 Events after the reporting period Subsequent to the end of the period, the Group: \u2022 Has acquired a new mid-class vessel. \u2022 For the acquisition of the above mentioned vessel, has obtained a bridge loan of US$ 37.4 million. \u2022 Has also entered into a derivative agreement with banks to further hedge its interest rate risk. \u2022 The recent regional military escalations have triggered a high-risk conflict environment across the Gulf. The situation is still very fluid, and scenarios can shift very quickly. The escalations have brought about additional uncertainties in the Group\u2019s operating environment, including the Group\u2019s operations in United Arab Emirates, Qatar and Kingdom of Saudi Arabia. With respect to the consolidated financial statements for the year ended 31 December 2025, the potential financial reporting effects of the conflict are considered to be non-adjusting in nature. The Group is closely monitoring the impact of the developments on the Group\u2019s businesses. As far as the Group\u2019s businesses are concerned, these escalations majorly halted the Group\u2019s operations in one of the jurisdictions in the Middle East. As the situation is fast-evolving and fluid, the effect of the escalations is subject to significant levels of uncertainty, with the full range of possible effects unknown. Management continues to monitor developments closely. In the event that the conflict persists for a prolonged period or escalates beyond the current situation, management would reassess the potential implications and implement appropriate mitigating actions, including but not limited to engagement with lenders, if required",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800IGS2QE89SAJF77",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}