Press Release

Gulf Marine Services (LSE:GMS), the leading provider of advanced self­propelled self­elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, is pleased to announce that the newly­built GMS Scirocco has been completed ahead of schedule and under budget and has been awarded its first contract. The vessel will commence a four­month contract (three months firm with a one­month option) in October for an engineering, procurement and construction contractor working for a MENA­based national oil company, with day rates in line with those previously indicated for the region.

GMS Scirocco is the second of a new SESV design, the Mid­Size Class, to be added to the Group’s fleet and a third, GMS Sharqi, will be delivered in Q1 2016. A further Large Class, GMS Evolution, will join the fleet in Q4 2016.

GMS constructs its SESVs, also known as jackup barges, at its quayside facility in Abu Dhabi. The current new build programme, which commenced in 2014, will increase the fleet from nine to 15 vessels by the end of next year.

The Group’s existing vessels are all currently employed on contracts to support brownfield oil and gas production, well services and maintenance work in the MENA region, and oil, gas and renewable energy­related operations in North West Europe.

Duncan Anderson, Chief Executive Officer of GMS, said:

“GMS Scirocco is our fourth new build SESV to be completed since Q3 2014 and we are very pleased that this latest addition to the fleet, like those before it, will proceed directly to its first charter following delivery. Demand for our vessels remains strong and is testament to our ability to invest capital to successfully grow our fleet and generate strong returns for shareholders.

“We are looking forward to introducing another two SESVs to the fleet next year. We are already seeing interest in this new tonnage from clients who understand the cost­effectiveness and operational efficiency we offer as both builders and operators, with the flexibility of our offshore support solutions particularly helpful in the current low oil price environment.”