GMS scores two contract extensions

London-listed liftboat operator Gulf Marine Services (GMS) has won two contract extensions in the Gulf Cooperation Council (GCC) region.

GMS said that the first contract award was an extension of a large class vessel until the end of November 2023 while the second was for a small class vessel until the end of March 2024.

The UAE-based firm added that these two contract extensions support higher utilisation and day rates like the three other contracts won in the first half of this year. GMS won two contracts for one of its vessels in late March while the third was won in late January.

“These awards reflect continued market strength and the quality of GMS’s client offering and give us a reason for further optimism for the remainder of 2023. GMS remains committed to delivering exceptional service and maintaining its position as a preferred provider of offshore vessel solutions,” said Mansour Al Alami, GMS executive chairman.