Gulf Marine Services PLC announces new contract wins

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GMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce two new contracts both for E Class vessels.

The E Class (Large Class) awards include a 6-month contract including options, for a renewables client in North West Europe, commencing in the summer of 2022, where the vessel in question is currently stationed in the North Sea, and a shorter term 5-month contract including options, with a NOC client in MENA, also where that vessel is based, commencing imminently before the end of 2021.

GMS expects to end 2021 with vessel utilisation at 85% and confirm previous EBITDA guidance remains unchanged.

Mansour Al Alami GMS Executive Chairman said: “GMS has had a solid year, delivering on expectations, including reporting a profit for the first time since 2016. Our markets continue to improve with day rates on recent contract awards showing healthy increases from legacy contracts, which positions the company well for 2022 and beyond. Given the strong pipeline of opportunities, combined with limited capacity in the market, we fully expect day rates and utilisation to improve further throughout next year.”