Gulf Marine Services PLC Contract (7859J)
29 April 2022 - 04:01PM
UK Regulatory
TIDMGMS
RNS Number : 7859J
Gulf Marine Services PLC
29 April 2022
29 April 2022
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', 'the Company' or 'the
Group')
Contract Award and 2021 Financial Results Release Date
Gulf Marine Services (LSE: GMS), the leading provider of
advanced self--propelled self--elevating support vessels (SESVs)
serving the offshore oil, gas and renewable energy sectors, is
pleased to announce the award of a 2-year contract for one of its K
Class (smaller) vessels, with a National Oil Company (NOC) client
in the MENA region. The contract will commence in May 2022 and
brings total secured utilization for the year to 88%.
The Company expects to announce its 2021 Final Results during
the second week of May 2022.
Mansour Al Alami GMS, Executive Chairman, said:
"This contract award further reflects an increase in day rate
and utilization levels across the entire fleet, confirming our
expectations on a tightening market. GMS continues to strengthen
its position, with higher levels of utilization locked in for the
year and increasingly into 2023."
Enquiries:
Gulf Marine Services PLC Tel: +44 (0)20 7603 1515
Mansour Al Alami
Executive Chairman
Celicourt Communications Tel: +44 (0) 20 8434 2754
Mark Antelme / Philip Dennis
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock
Exchange, was founded in Abu Dhabi in 1977 and has become a world
leading provider of advanced self-propelled self-elevating support
vessels (SESVs). The fleet serves the oil, gas and renewable energy
industries from its offices in the United Arab Emirates, Saudi
Arabia and Qatar. The Group's assets are capable of serving
clients' requirements across the globe, including those in the
Middle East, South East Asia, West Africa, North America, the Gulf
of Mexico and Europe.
The GMS fleet of 13 SESVs is amongst the youngest in the
industry, with an average age of eight years. The vessels support
GMS's clients in a broad range of offshore oil and gas platform
refurbishment and maintenance activities, well intervention work
and offshore wind turbine maintenance work (which are opex-led
activities), as well as offshore oil and gas platform installation
and decommissioning and offshore wind turbine installation (which
are capex-led activities).
The SESVs are categorised by size - K-Class (Small), S-Class
(Mid) and E-Class (Large) - with these capable of operating in
water depths of 45m to 80m depending on leg length. The vessels are
four-legged and are self-propelled, which means they do not require
tugs or similar support vessels for moves between locations in the
field; this makes them significantly more cost-effective and
time-efficient than conventional offshore support vessels without
self-propulsion. They have a large deck space, crane capacity and
accommodation facilities (for up to 300 people) that can be adapted
to the requirements of the Group's clients.
Gulf Marine Services PLC's Legal Entity Identifier is
213800IGS2QE89SAJF77
www.gmsplc.com
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END
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