GMS Announces New Contract for SESV Vessel
Gulf Marine Services (LSE:GMS), the leading provider of self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors, today announces a new contract award for one of its Small Class vessels.
The vessel, a K-Class SESV, will commence the new 12-month charter (six months firm and options for up to six months) in mid-Q3 2014, with the contract towards the top end of current day rates across the Small Class vessels. The vessel will be supporting maintenance work for an international oil company in the MENA region.
Duncan Anderson, Chief Executive Officer of GMS, said:
“This new contract, which will directly follow on from completion of the vessel’s existing work with another client, is one of a number of current opportunities in the pipeline, reinforcing our view that there continues to be a very strong demand for our assets in brownfield oil and gas recovery, well services and maintenance in the MENA region.”
For further information please contact:
Gulf Marine Services PLC
Tel: +971 (2) 5028888
Tel: +44 (0)20 7861 3800
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become one of the largest providers of self-propelled self-elevating support vessels (SESV) in the world. The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom. GMS is working worldwide, with its assets capable of serving clients’ requirements in the Middle East, South East Asia, West Africa and Europe.
The Group’s SESVs are four-legged vessels that move independently, with no requirement for anchor handling or tug support. They have a large deck space, crane capacity and accommodation facilities that can be adapted to the requirements of the Group’s clients. These vessels support GMS’ clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are Opex-led activities) and offshore oil and gas platform installation and offshore wind turbine installation (which are Capex-led activities).
GMS’ current fleet of nine SESVs is technically advanced and amongst the youngest in the industry, with an average age of nine years. The fleet is categorised by size into Large Class vessels and Small Class vessels with a third class, the Mid-Size Class vessels, to be added in 2015. GMS plans to add up to six more vessels to its fleet over the next three years as the Group responds to anticipated strong customer demand and a growing market in the foreseeable future.
Demand for GMS’ vessels is predominantly driven by their premium capabilities as well as market growth underpinned by the need to maintain ageing oil and gas infrastructure and increasing use of enhanced oil recovery techniques to offset declining production profiles.