Primary Recommendations

Gulf Marine Services - Middle East lift boat provider enjoys two upgrades

January 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Over the month I met with the management of Gulf Marine Services (GMS), which owns a fleet of 13 self-propelled support vessels or lift boats, which it leases to clients primarily in the Middle East. The vessels provide a stable platform for both offshore oil and for field maintenance and to assist with EPC projects. In the softest of stock market conditions, these shares almost tripled in 2023, from a low of 4.5p in January to the current 12.8p, with the company having upgraded guidance twice since August and I think there’s much more to come with GMS’ market cap. still just £130m. In similar vein to last month’s write-up, Hunting (HTG; 257p), the GMS team are extremely bullish on the macro outlook and fleet utilisation has soare ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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