Gulf Marine Services inks 15-month deal in Middle East

  • Business & Finance

Offshore oilfield contractor Gulf Marine Services (GMS) has won a firm 15-month contract plus options for one of its E-Class (Large) vessels.

One of GMS’ E-class units; Source: GMS

GMS said on Thursday that its new customer was “an international supermajor” for which the company would provide support for offshore well-work activities.

According to the company, the work will be undertaken in the Middle East and begin in January 2020.

This latest contract has secured utilization of the entire GMS fleet at 61 percent for 2020.

Tim Summers, executive chairman of GMS, said: “This is the third new contract award for GMS in two months. It brings a valuable diversification of our customer base and further strengthens our order book for 2020 and beyond.”

The previous two contracts were for K-Class (Small) vessels, one of which was awarded earlier this month and the other one was awarded in October.

Namely, the previous contract was awarded by a Middle East national oil company for a four-year firm period while the one in October was for a 6.5-month firm period plus options awarded by an international EPC contractor.

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