GMS Wins Contracts for Three Jack-ups at 'Improved' Day Rates

Thursday, November 3, 2022

GMS, a UAE-based owner of self-propelled, self-elevating support vessels serving the offshore oil, gas, and renewables industries, has secured two new contracts and a contract extension. 

One of the new contracts is for a large-class vessel, while the other is for a small-class vessel, GMS said. The contract extension is for a mid-tier vessel. The company did not say who the clients were, which vessels exactly would be deployed for the projects, nor where.

"These contract awards, with improved day rates, equate to seventy-eight months of utilization, significantly increasing the overall fleet backlog and secured revenue," GMS said, without going into details on the exact dayrates.

Mansour Al Alami, GMS Executive Chairman said: "These contract awards solidify our financial position going into 2023 and again reflects positively on the already favourable market conditions."

Categories: Energy Middle East Industry News Activity Construction

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