GMS Bags Two Deals for E-Class Jack-ups

GMS, a provider of jack-up service vessels for the offshore energy industry, has secured two new contracts for its E Class vessels.

One E Class (Large Class) award includes a 6-month contract including options, for an unnamed renewables client in northwest Europe, starting in the summer of 2022, where the vessel in question is currently stationed in the North Sea.

The second contract is a shorter-term 5-month contract including options, with an unnamed NOC client in MENA, also where that vessel is based, starting imminently before the end of 2021.  

GMS said it is expected to end 2021 with vessel utilization at 85%.

Mansour Al Alami GMS Executive Chairman said: 2GMS has had a solid year, delivering on expectations, including reporting a profit for the first time since 2016. 

"Our markets continue to improve with day rates on recent contract awards showing healthy increases from legacy contracts, which positions the company well for 2022 and beyond. Given the strong pipeline of opportunities, combined with limited capacity in the market, we fully expect day rates and utilization to improve further throughout next year."