GMS secures new long-term contract

UAE-based liftboat specialist GMS has been awarded a long-term contract with an NOC client in the MENA region for the 2016-built liftboat GMS Evolution.

The contract follows the successful trial of the vessel’s new cantilever workover system, which GMS says has been designed to enable heavier work over scopes

The GMS Evolution will replace a K‐class vessel, currently on contract with the same client, from January 2021 through to the fourth quarter of 2022.

Mansour Al Alami, executive chairman of GMS, said: “This contract win is a further reflection of the new board’s efforts, across multiple fronts, to improve the outlook for the company. Backlog, revenues and operations are all part and parcel of our primary objectives. As recently announced, discussions with the banks have been positive, around improvements to the terms of the debt structure, and we continue to seek to put in place a workable solution that protects all stakeholders.

“Our client has seen first‐hand the unique operational time and cost benefits of utilising the Cantilever System on the GMS Evolution, when carrying out well workover activities. The system is capable of carrying out all aspects of well workover activity, normally carried out by a drilling rig, however, its real strength comes when frequent moves within the field are required. Being self‐propelled, unlike a drilling rig, the Evolution does not rely on tug support, so can move between locations in a fraction of the time.”