Gulf Marine Services about the break upwards to a New High? Setting a new Target Price of 29p

Mark Watson-Mitchell - 06.02.2026

On Thursday 29th January the shares of Gulf Marine Services (LON:GMS) hit a New High at 23.50p, since when they eased back to 21.40p yesterday on the back of a very heavy dealing volume at 4,460,502 traded.

However, this morning as I write, some 912,183 shares have been transacted and they currently stand at 23.47p - a fraction off the previous High.

The group is a world‐leading provider of advanced self‐propelled self‐elevating support vessels.

The 15-vessel fleet, which serves the offshore energy industries from its offices in the United Arab Emirates, Saudi Arabia, and Qatar, is capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico, and Europe.

Last week the company announced that it had secured a contract extension from a Middle Eastern National Oil Company for two of its vessels, potentially adding up to six years of duration across both contracts.

That development reinforces the company's strong client relationship and commitment to regional offshore energy operations, increasing its backlog to $0.7bn.

The Executive Chairman highlighted the continued demand for GMS vessels and the enhanced visibility into future performance provided by this strengthened backlog, positioning the company for growth and shareholder value delivery.

Analyst Daniel Slater, at Zeus Capital, has a 32p a share valuation out on the stock.

He recently noted that:

"In anticipation of more new contract wins, potential further guidance upgrades, and periodic financial results to highlight all this to the market, we have a positive outlook for the shares and value them at 32p."

My View

The good news keeps on coming from GMS and I remain a big fan of this £269m capitalised group.

It has mega-clients and massive prospects in an ever-expanding market, in which it is a leader.

The shares, now at 23.45p, continue to offer an attractive upside, which is why I am today setting a new Target Price at 29p.

A new Target Price of 29p

(Profile 30.11.23 @ 13p set a Target Price of 16p*)

(Profile 22.01.24 @ 15.95p set a Target Price of 19.50p*)

(Profile 30.12.25 @ 18.8p set a Target Price of 23p*)

(Profile 06.02.26 @ 23.45p set a Target Price of 29p)