Gulf Marine Services Wins Two Contracts

Gulf Marine Services PLC,  the operator of self-propelled and self-elevating support vessels (SESVs) said it has been awarded two contracts, with secured utilization of its fleet for 2020 now exceeding the year before.

The UAE-headquartered company said in a release that it has secured a 7-month contract for one of its small K-Class vessels and a 12-month contract for a mid-sized S-Class vessel. The value of these contracts was not disclosed.

Under the 7-month contract, which includes the initial contract period plus extension options, GMS will provide support for offshore activities on behalf of an undisclosed "Middle East national oil company".

For the 12-month contract, Gulf Maine also will provide offshore activities, again on behalf of a "Middle East national oil company".

Secured utilization of the entire GMS fleet for 2020 now stands at 73%, which is at higher levels of utilization than experienced for the full calendar year 2019.

In total, more than $74m of new contract backlog has been added since August 2019.

Tim Summers, Executive Chairman, said: "Momentum is building.  These are important contract awards for GMS, continuing to add to our order book for 2020.  Secured day-rates for these contracts are firm and are consistent with existing contracts in the region."

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