Najm Capital
Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
Najm/Portfolio/Gulf Marine Services
All positionsGulf Marine Services logo

Gulf Marine Services

On thesis
Offshore Energy Services·Take-Privates & Control Platforms·Control Buyout·Invested 2022·38% stake
Position
Mark1.44x
Gross IRR15%
Invested$50M
LatestNo recent touchpoints recorded.
Next board:2026-05-13
Ownership + team
38% stake · 2 board seatsCommon equity · control buyout
Offshore support vessel operator · 1.44x mark · ADNOC and Aramco long-term contracts · day rates recovering with oil capex cycle
Ask about Gulf Marine Services · pulls from SharePoint memos + Snowflake fund DB + firm memory
Try
Financial profileLatest as of 2026-03-31
Revenue$195MLTM Q1 2026 · +22% YoY
EBITDA margin42%Infrastructure-like contracted base
MOIC1.44x$0.4B entry → $0.58B mark
Average day rate$82k/dayUp from $55k at trough 2020
Three-way benchmark
Revenuemeasured in $M
Actual
Thesis target
VCP plan
Peer median
Thesis 225VCP 210Peer 155195$MQ4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Q3-25
Performance update
Revenue $195M LTM · +22% YoY · ADNOC MSA renewed and extended through 2028
SESV day rates $82k/day in Q1 2026 · recovering towards $90k/day thesis case
2 new-build SESV orders placed H2 2025 · delivery 2027 · pre-contracted at $88k/day
ADX listing price up 28% since buyout · Najm mark reflects secondary market re-rating