GMS, a UAE-based owner of self‐propelled, self‐elevating support vessels serving the offshore oil, gas, and renewables industries, said Thursday it had secured a new contract.
The company said Thursday that the contract was at improved rates, with a total duration of 72 months.
Under the contract, GMS will supply an unnamed National Oil Company in MENA both an E-Class and K-Class vessel.
The contract will come into force in October 2022. Financial details were not disclosed.
Mansour Al Alami, GMS Executive Chairman, said:"This award cements the trust placed in GMS by its clients and supports its presence in the MENA region. The higher rates are a strong indication of increasing demand in the region and demonstrate GMS's ability to capitalize on the changing market conditions."
Earlier this week, GMS announced a 22-month contract is for an E-Class vessel with an unnamed EPC client in the MENA region. This contract is due to start in Q2 2023.
GMS on Monday reported 1H 2022 revenue of $66,4 million, an increase compared to the same period of 2021 when it reported revenue of $51,4 million. Gross profit grew to $27,4 million, compared to $16,4 million in the first half of 2021.
Profit after tax came in at $13,1 million, up from $2 million a year ago.