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GMS Announces New 4-Year Contract for Large Class Vessel

Source: 1/28/2015, Location: Middle East

Gulf Marine Services, the leading provider of advanced self-propelled self-elevating support vessels (SESV) serving the offshore oil, gas and renewable energy sectors, is pleased to announce a major new long-term contract award for one of its Large Class vessels.

The vessel will commence a four-year charter (three years firm with a one-year option) at the end of Q1 2015 on completion of its current assignment in the MENA region. The new charter is for a MENA-based national oil company (NOC) with a day rate in line with that previously indicated for the region for this class of vessel. The vessel will be supporting the client's opex work in the area.

GMS has strong visibility on future earnings. This new charter award, taken together with the other contracts in place as at 1 January 2015, gives a secured backlog of $739 million as shown below.The Group's entire fleet of SESVs is currently chartered, supporting brownfield oil and gas recovery, well services and maintenance work in the MENA region and in North West Europe.

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