skip to content

Contract Wins and Joint Ventures

GMS contract win

03 January 2017 13:48

Gulf Marine Services, a leading provider of advanced self-propelled self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, has won 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 in the Middle East and North Africa region.

Chief executive Duncan Anderson 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 long-term contract.

"The new charter, which together with other recent contract wins has increased our total backlog by approximately two-thirds since 1 November 2016, 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."

At 1:48pm: (LON:GMS) Gulf Marine Services PLC share price was +7.25p at 56.25p

Story provided by StockMarketWire.com

Related Company: GMS

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

Bluezest Aviva Aberdeen

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.