GMS Secures Work for Two Self Propelled Jack-ups

September 29, 2022

Credit; GMS UAE
Credit; GMS UAE

GMS, a UAE-based owner of self‐propelled, self‐elevating support vessels serving the offshore oil, gas, and renewables industries, said Thursday it had secured a new contract.

The company said Thursday that the contract was at improved rates, with a total duration of 72 months.

Under the contract, GMS will supply an unnamed National Oil Company in MENA both an E-Class and K-Class vessel. 

The contract will come into force in October 2022. Financial details were not disclosed.

Mansour Al Alami, GMS Executive Chairman, said:"This award cements the trust placed in GMS by its clients and supports its presence in the MENA region.  The higher rates are a strong indication of increasing demand in the region and demonstrate GMS's ability to capitalize on the changing market conditions."

Earlier this week, GMS announced a 22-month contract is for an E-Class vessel with an unnamed EPC client in the MENA region. This contract is due to start in Q2 2023. 

GMS on Monday reported 1H 2022 revenue of $66,4 million, an increase compared to the same period of 2021 when it reported revenue of $51,4 million. Gross profit grew to $27,4 million, compared to $16,4 million in the first half of 2021.

Profit after tax came in at $13,1 million, up from $2 million a year ago.



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