Gulf Marine Services wins two new contracts

  • Business & Finance

Offshore oilfield contractor Gulf Marine Services has been awarded two new contracts in the Middle East. 

GMS’ K-Class vessel; Source: GMS

In a statement on Friday, GMS said it had won a seven-month contract – firm period plus options to extend – for a K-Class (Small) vessel. Under this contract, GMS will provide support for offshore activities on behalf of a Middle East National Oil Company.

Furthermore, GMS has won a 12-month contract (firm period) for an S-Class (Mid-sized) vessel. GMS will provide support for offshore activities on behalf of a Middle East National Oil Company.

Secured utilization of the entire GMS fleet for 2020 now stands at 73%, which is at higher levels of utilisation than experienced for the full calendar year 2019.

In total, more than $74 million of new contract backlog has been added since August 2019.

Tim Summers, Executive Chairman, commented: “Momentum is building. These are important contract awards for GMS, continuing to add to our order book for 2020. Secured dayrates for these contracts are firm and are consistent with existing contracts in the region.”


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