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Gulf Marine Services awarded Middle East contracts for 2 vessels

Jan 06, 2020
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Abu Dhabi’s Gulf Marine Services (GMS) said it was awarded two contracts for its vessels for a Middle East National Oil Company.

The awards include a 7-month contract (firm period plus options to extend) for a K-Class (Small) vessel, while the second is a 12-month contract (firm period) for an S-Class (Mid-sized) vessel. 

London Stock Exchange-listed GMS said it will provide support for offshore activities on behalf of a Middle East National Oil Company.

Secured utilisation of the entire GMS fleet for 2020 now stands at 73 per cent, which is at higher levels of utilisation than experienced for the full calendar year 2019, GMS said in a statement, adding that in total, more than $74 million of new contract backlog has been added since August 2019.

"Momentum is building.  These are important contract awards for GMS, continuing to add to our order book for 2020,” said Tim Summers, executive chairman, of GMS. “Secured day-rates for these contracts are firm and are consistent with existing contracts in the region.”

Founded in Abu Dhabi in 1977, GMS has a fleet of 13 advanced self-propelled self-elevating support vessels (SESVs).  The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom.

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