Gulf Marine confirms new contracts in MENA region
- Business & Finance
UAE-based Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs), has confirmed that the legal documentation for the charter of two of its vessels in the Middle East and North Africa (MENA) region has now been completed.
The discussions regarding these two contracts were previously announced in early August. The talks have now been finalized, according to GMS’ update on Tuesday.
The new contracts, which are currently expected to start at the end of the first quarter of 2018, are for a large class vessel with a charter period of eight months, including options, and a mid-size class vessel with a charter period of eight months, also including options. The vessels will be supporting an engineering, procurement and construction contractor (EPC) in offshore brownfield projects.
GMS has also agreed a contract extension for a small class vessel in the MENA region at the end of 1Q 2018. This is in addition to the contract extension for another small class vessel that was previously announced in August.
Duncan Anderson, Chief Executive Officer for GMS, commented: “The award of these two new contracts for a large class and mid-size class SESV, and confirmation of another contract extension for a small class SESV, is testament to the flexibility of the GMS fleet, with our vessels providing highly efficient and cost-effective support across a broad spectrum of operational requirements for our clients in the MENA region.”