Grant of Director Share Awards

Gulf Marine Services PLC ("the Company")

Grant of Director Share Awards

Gulf Marine Services announces that Executive Chairman, Mansour Al Alami, was today granted share awards in the form of nil-cost options over ordinary shares of £0.02 each in the Company ("Shares") under the Company's Long Term Incentive Plan (the "Plan").

These awards are as summarised in the Company's Director's Remuneration Report (the "DRR") contained in its annual report for the year ended 31 December 2024. The DRR and Plan were approved by shareholders at the Company's Annual General Meeting held on 29 May 2025.

The share awards are as follows:

1.      Long-term incentive Awards ("LTIP Awards") as set out below:

These LTIP Awards will generally vest three years from the grant date, subject to the achievement of performance conditions aligned with shareholder interests as follows:-

-     vesting of 50% of each LTIP Award is based on the total shareholder return ("TSR")* for a Share of the Company measured over the three calendar years ending 31 December 2027 relative to the TSR of the constituent companies of the FTSE SmallCap Index of which the Company is a member; and

-     vesting of 50% of each LTIP Award is based on the TSR for a Share of the Company measured over the three calendar years ending 31 December 2027 relative to the TSR of a group of comparative companies selected with the input of the Company's brokers.

*As a measure of overall return, TSR takes into account both movements in share price and any dividends paid.

The LTIP Awards are also subject to a subsequent two-year post-vesting holding period.

2.      Deferred Share Bonus Plan Awards ("DSBP Awards") under Schedule 2 of the Plan as set out below:-

The number of Shares granted is equivalent to the relevant proportion of the 2024 annual bonus deferred under the terms of the shareholder-approved Directors' Remuneration Policy.

Subject to and in terms of the Plan, these Shares will generally vest after two years from 1 January 2025.

Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world‐leading provider of advanced self‐propelled self‐elevating support vessels (SESVs). The fleet serves the offshore energy industries from its offices in the United Arab Emirates, Saudi Arabia, Qatar and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, Europe, South East Asia, West Africa, North and South America, and the Gulf of Mexico.

The GMS fleet of 14 SESVs is amongst the youngest in the industry. The vessels support GMS's clients in a broad range of offshore platform refurbishment and maintenance activities, well intervention work, and offshore wind turbine maintenance work (which are opex‐led activities), as well as offshore platform installation and decommissioning and offshore wind turbine installation (which are capex‐led activities).

The SESVs are categorised by size ‐ K‐Class (Small), S‐Class (Mid), and E‐Class (Large) ‐ with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four‐legged and are self‐propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost‐effective and time‐efficient than conventional offshore support vessels without self‐propulsion. They have a large deck space, crane capacity, and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsplc.com

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