Photo: GMS Shamal (for illustration purposes); Source: Gulf Marine Services (GMS)

As more vessel jobs with higher day rates come in, UAE player solidifies its financial position

UAE-headquartered Gulf Marine Services (GMS), a provider of self-propelled, self-elevating support vessels for the offshore oil, gas and renewables industries, has secured two new deals and a contract extension for its vessels with increased day rates.

GMS announced the award of two new contracts and one contract extension on Thursday, explaining that one of the new contracts is for a large-class (E Class) vessel, while the other one is for a small-class (K Class) vessel. On the other hand, the contract extension is for a mid-tier (S Class) vessel.  

Commenting on this, Mansour Al Alami, GMS Executive Chairman, remarked: “These contract awards solidify our financial position going into 2023 and again reflect positively on the already favourable market conditions.”

No financial details about these contracts have been disclosed, however, the UAE player did inform that these contract awards come with improved day rates and equate to seventy-eight months of utilisation, “significantly increasing the overall fleet backlog and secured revenue.”

These deals come a little over a month after GMS won a contract with an increased day rate for large and small-size class vessels.

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Prior to this, another deal was inked in September with an EPC client in the MENA region.