Gulf Marine Services, a provider of jack-up service vessels for the offshore energy industry, has secured contract extensions for two of its units.
GMS said Monday the contract extensions, totalling 13 months, were for two K-Class vessels, "at day rates in line with expectations."
"These contract extensions will further increase secured fleet utilization for 2021 to 75%. This compares to a level of 66% for 2020 at the same time last year," GMS said.
GMS said the contract extensions were with a leading oil and gas EPC Contractor in the UAE, without sharing the identity of the client.
Commenting, Mansour Al Alami, Executive Chairman of GMS, said: "We enter 2021 with a significant improvement to the secured utilisation position than we did last year, which is encouraging and gives us added comfort for the year ahead. It is equally encouraging to have contracts extended by our clients as it demonstrates the strong relationship we have with them and their willingness to work with GMS going forward."