GMS confirms European contract

UAE’s Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels, has completed the documentation needed for the charter of one of its vessels in Europe.

The documentation is related to a letter of intent received by the company on August 30.

Under the contract, the company would lease a Large Class SESV to support maintenance work in the oil and gas sector and is expected to begin work in the second quarter of 2017 with a duration of 18 months including options.

The Large Class vessel which will be used for the contract is currently operating in Europe. The vessel is expected to come off charter in early 2017 and after minor modifications will begin work for the new client.

GMS did not say who the client was, nor did it disclose the potential value of the contract.

Duncan Anderson, Chief Executive Officer of GMS, said: “GMS is very well-positioned to capitalize on our clients’ desire for less expensive and yet more capable offshore support solutions as our self-propelled vessels are significantly more economical and time-efficient than conventional support vessels without self-propulsion.”