GMS picks up new deal and two extensions for its vessels

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 one new contract and two extension deals for the vessels in its fleet.

According to Gulf Marine Services, these awards have been secured within the region encompassed by the Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council (GCC).

The total duration for the two contract extensions is four years while the new contract is agreed for a period of two years. GMS explains that two contracts are slated to end in December 2025 and one ends in April 2026. Together these contracts increase the firm’s overall contracted backlog revenue to $326.2 million.

While welcoming these contract awards, Mansour Al Alami, GMS Executive Chairman, remarked: “These new contracts on improved day rates reflect positively in a market where GMS remains well positioned to capitalize on increasing regional demand for Liftboats.”

This comes after Gulf Marine Services got two contract extensions for a small-size and a large-size class vessel in June 2023. Recently, Ocean Oilfield Integrated Solutions began the maintenance and upgrade work on GMS’ jack-up barge, after GMS Shamal arrived at the Hamriyah Freezone shipyard in Sharjah, the UAE.