Gulf Marine Services is close to putting its new cantilever system on its GMS Evolution self propelled jackup barge into system.
The cantilever system will enable the firm to compete for well workover and intervention work that was previously only able to be carried out from jackup drilling rigs. The system is scheduled to be ready for operations in June 2017 following the completion of sea trials.
Meanwhile, the firm says it continues to focus on maximizing vessel utilization. Utilization was 56% in Q1 2017, up from 46% in Q4 2016. The secured backlog (comprising firm and extension options) as at 1 May 2017 has increased to US$251.3 million (31 December 2016 $174.8 million).
GMS recently started a 36-month contract (including options) in the MENA region to support well intervention activities for a national oil company. Two new long-term contracts for large class vessels in Europe were also recently won by the company, to support wind farm projects for an international energy company. These contracts are due to start in Q2 2018. One has a charter period of 26 months (including options) and the other 15 months (including options).