GMS Bags Two Deals for E-Class Jack-ups

Tuesday, December 21, 2021

GMS, a provider of jack-up service vessels for the offshore energy industry, has secured two new contracts for its E Class vessels.

One E Class (Large Class) award includes a 6-month contract including options, for an unnamed renewables client in northwest Europe, starting in the summer of 2022, where the vessel in question is currently stationed in the North Sea.

The second contract is a shorter-term 5-month contract including options, with an unnamed NOC client in MENA, also where that vessel is based, starting imminently before the end of 2021.  

GMS said it is expected to end 2021 with vessel utilization at 85%.

Mansour Al Alami GMS Executive Chairman said: 2GMS has had a solid year, delivering on expectations, including reporting a profit for the first time since 2016. 

"Our markets continue to improve with day rates on recent contract awards showing healthy increases from legacy contracts, which positions the company well for 2022 and beyond. Given the strong pipeline of opportunities, combined with limited capacity in the market, we fully expect day rates and utilization to improve further throughout next year."

Categories: Energy Middle East Industry News Activity Europe Rigs Shallow Water

Related Stories

Probe Launched after Valve Block Strikes Worker on OKEA's Brage Platform

Oil Spill at TotalEnergies' Field Off Nigeria Under Control, Agency Says

Full Output Returns to Affected LNG Train at Chevron's Gorgon Facility in Australia

Current News

Gensets: New Fuels but Perennial Goals

RWE and Masdar to Co-develop Giant British Offshore Wind Project

JIP to Advance Offshore Wind Concrete Floater Standards

Malaysia Banks 1 Billion+ BOE Discoveries in 2023

Subscribe for OE Digital E‑News