GULF MARINE SERVICES PLC - New LongTerm Contract Reflects Improving Market
Gulf Marine Services (LSE: GMS), the leading provider of advanced self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, is pleased to announce a new long-term contract award for one of its Mid-Size Class vessels.
The new charter is for three years (including options) and is scheduled to commence in early Q1 2017. The vessel will be supporting well-intervention activities for a national oil company (NOC) in the MENA region.
Duncan Anderson, Chief Executive Officer of GMS, said:
“As we recently reported, we are seeing an increase in tender opportunities in the Middle East and our strategy to provide flexible and cost-effective offshore support solutions has proved pivotal in winning this longterm contract. The new charter,which together with other recent contract wins has increased our total backlog by approximately two-thirds since 1 November2016, demonstrates that the market is showing clear signs of recovery. This contract win has also further strengthened our business relationship with a strategic NOC client and improved our current geographic diversity. We are delighted our client has again recognised the value our modern four legged vessels bring to intensive well intervention campaigns across multiple locations.”