Gulf Marine Services awarded new vessel contracts

Dubai-based liftboat operator Gulf Marine Services (GMS) has won three new contracts, taking its orderbook, including options, to $215m.

The company said it has secured a 23-month contract at significantly higher rates for an E-class vessel to support offshore activities in Qatar. The vessel will be mobilised in early 2022.

In addition, GMS secured two K-class vessel contracts totalling 8 months, commencing in August this year.

The new contracts, with a combined duration of 31 months, will increase the company’s total fleet utilisation to 86% for 2021 and 50% for 2022.

“These contract awards mean that all 13 vessels in our fleet are all under contract which is something we haven’t seen since 2016 and is a very good indicator of an improving market,” said Mansour Al Alami, GMS executive chairman.