Gulf Marine Services (GMS), a provider of jack-up support vessels to the offshore energy industry, has received a variation order from a major national oil company in the Middle East extending an existing contract for two of its jack-up support vessels.
The variation provides for up to an additional six years of contract duration across the two vessels, including optional periods, strengthening the company’s long-term visibility in the region.
GMS said the extension reinforces its partnership with the client and its continued role in supporting offshore energy operations in the Middle East.
Following the award, the company’s backlog stands at $0.7 billion.
“We are very pleased with this contract extension. It shows continued demand for our vessels in the Middle East. With this strengthened backlog, investors can see clear visibility into our performance for the coming years. It also positions us well to grow and deliver value to our shareholders,” said Mansour Al Alami, GMS Executive Chairman.