Gulf Marine Services secures six-month contract extension

(Sharecast News) - Lift boats operator Gulf Marine Services said on Monday that it had secured a contract extension for one of its small‑class vessels operating in the GCC region. The extension, awarded by a major Middle Eastern national oil company under an existing agreement, added 183 days to the current term and includes two additional three‑month options.

GMS said the vessel will continue supporting the client's offshore maintenance work without interruption.

The London-listed group added that the deal underlined sustained demand for its fleet in the region, with its current backlog standing at $659m.

Executive chairman Mansour Al Alami said: "We are delighted to have secured this extension, which reflects the confidence our clients continue to place in GMS to deliver safe and reliable support for their offshore operations. This extension further strengthen fleet utilization, which remains central to delivery of our objectives."

As of 1000 BST, Gulf Marine shares were up 5.15% at 20.40p.



Reporting by Iain Gilbert at Sharecast.com

See latest RNS on Investegate