UAE-based offshore marine support company Gulf Marine Services (GMS) reported a 24 percent decline in profit for the first quarter of the year, following the withdrawal of four vessels from a Gulf Cooperation Council (GCC) country. The company said the move was a precautionary measure amid the ongoing conflict involving the United States, Israel, and Iran. According to Reuters, GMS’s core profit for the three months ending March 31 fell to 19.5 million dollars, compared with 25.6 million dollars during the same period last year.

The company stated that operations in the unnamed GCC country were halted in March, resulting in no revenue from those vessels during that month. GMS did not disclose the country’s name for security reasons. The company added that crew members returned to all vessels in early April, about a month after the Strait of Hormuz was closed following U.S. and Israeli attacks on Iran in February. Customers resumed operations on two vessels shortly afterward.

Despite the temporary losses, GMS maintained its full-year profit target for 2026, signaling confidence in recovery as operations gradually resume.