GMS, the UAE-based operator of self-elevating support vessels (SESV), has been awarded a five-year contract in the Middle East.
The company announced Tuesday the 5-year award for maintenance services "as an enhanced extension to an existing vessel contract."
GMS said the contract was with a National Oil Company based in the Middle East. It did not say who the client was. GMS said the work would will be undertaken by a new Maintenance Services Division, recently established by GMS to expand its service offering.
For the new contract, the GMS team will include onshore personnel to manage planning and logistics, together with traditional fabrication and support services based offshore on the GMS vessel.
Work to be performed will include scope definition and scheduling, detailed work preparation and execution including the management of the material supply chain, as well as mechanical fabrication.
The SESV operator recently provided guidance for 2020 EBITDA in the range of $57 million - $62 million, an increase to an expected 2019 outturn at the higher end of the previously disclosed $48 million - $50 million range.
London-listed GMS which provides SESVs used by offshore oil & gas and renewables companies said its expected 2020 performance would reflect the impact of further cost savings, together with success in winning new business.
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