Improved Dayrates: GMS Scores Extensions for Two Jack-ups

November 12, 2021

A GMS S-class jack-up - Credit: GMS (file photo)
A GMS S-class jack-up - Credit: GMS (file photo)

GMS, a provider of self‐propelled, self‐elevating support vessels for the offshore energy industry, has won two contract extensions for its jack-ups.

GMS said Thursday the contracts were for a K and S Class vessel and on improved dayrates.

"The extension period on both vessels will commence 1 January 2022, in direct continuance  and run for 12 months on the K Class and 24 months for the S Class vessel. Both vessels are currently carrying out work for an NOC client in MENA," GMS said, without sharing the identity of the client nor the exact contract values.

Mansour Al Alami GMS Executive Chairman said: "The two contract extensions, on improved rates, signal that the market for our vessels, particularly in MENA continues to tighten and that clients are taking action to ensure they have vessel availability to support their ongoing operations. These awards further increase our confidence that the financial performance of the Company will continue to improve in 2022 and beyond."



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