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

GMS capitalises on increasing vessel demand and higher rates with another MENA deal

UAE-headquartered Gulf Marine Services (GMS), a provider of self-propelled, self-elevating support vessels for the offshore oil, gas and renewables industries, has won a new contract with an increased day rate for one of its large-size class vessels and one of its small-size class vessels.

GMS disclosed the award of a contract at improved rates, with a total duration of 72 months, for both an E Class and K-Class vessel on Thursday. This was awarded by a National Oil Company (NOC) in the Middle East and North Africa (MENA) region. While no financial details about this contract have been revealed, the UAE player did confirm that the contract will come into effect in October 2022.

Mansour Al Alami, GMS Executive Chairman, commented: “This award cements the trust placed in GMS by its clients and supports its presence in the MENA region. The higher rates are a strong indication of increasing demand in the region and demonstrates GMS’ ability to capitalise on the changing market conditions.”

This deal comes on the heels of the one announced earlier this week for another E Class vessel, which was inked with an EPC client in the MENA region.

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Several deals secured during the previous year and over the first half of 2022 have fuelled GMS’ hopes of even higher rates in the future along with a further rise in fleet utilisation. Prior to the deal from earlier this week, the most recent contract award was secured in May 2022.